New Fiduciary Organizations
Are you interested in offering Individual Development Accounts to your clients? You can either partner with an existing “Fiduciary Organization,” or, if you meet the requirements, you may be eligible to become a “Fiduciary Organization”. Answer these questions to find out if you’re a good fit!
- Are you a non-profit organization or federally recognized Indian tribe or band in Oregon?
- Is your organization already working with individuals who would benefit from a savings incentive?
- Can you or a partner organization offer financial education, support participant success, and offer asset specific training?
- Do you have or can you create systems to track and manage individual data and reporting requirements?
- If you answered yes to the above questions, your organization might qualify to offer an IDA program directly. Find out more about some of the requirements and responsibilities below.
Your organization will need to:
- Develop an applicant recruitment plan, including ages and demographics of target populations.
- Develop or provide financial and asset literacy plans, coaching and other supports for participants.
- Define area(s) of emphasis for account use (i.e., Homeownership, Secondary Education, Small Business Development, Home Repair, or Equipment or Technology in support of an employment plan).
- Develop a plan to support participants as they set and achieve personal financial and savings goals.
There is an application process for organizations to become Fiduciary Organizations and offer Individual Development Accounts. This process occurs in the fall. If you have questions, are interested in finding out more or want to apply, please contact Joy Garlin Hunt, (503) 226-3001, x102.
