Individual development account means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder, and the deposit of matching funds into the financial institution by the fiduciary organization, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization.
Individual development account means a contract between an account holder and a
Individual development account or “IDA” means an investment account which has the characteristics described in Iowa Code section 541A.2 and is operated by the operating organization.
Examples of Individual development account in a sentence
The total of all sources of principal in an individual development account may not exceed $30,000.[ARC 6101C, IAB 12/29/21, effective 2/2/22] 421—25.3(541A) Individual development account state match fund.
More Definitions of Individual development account
Individual development account means a trust account funded through periodic contributions by a recipient and matched by or through a not-for-profit organization organized under Section 501(c)(3), Internal Revenue Code.
Individual development account or "account" means an account established by contract between a low-income individual and a sponsoring organization for the benefit of the low-income individual and funded through periodic contributions by the low-income individual that are matched with contributions by or through the sponsoring organization.
Individual development account or “IDA” means “individual development account” as defined in section 31-51ww of the Connecticut General Statutes;
Individual development account means a matched savings account opened by a household participating in the North Dakota individual development account program.
Individual development account means an account established and maintained in an authorized financial institution by an eligible individual participating in an individual development account program pursuant to the provisions of the Individual Development Account Act;
Individual development account means a savings account, maintained in a program that is established pursuant to section 2 of this act that is held in a financial institution, for the sole purpose of holding the funds of the account holder for one of the purposes described in subsection (a) of section 2 of this act;
Individual development account means a trust created or organized in the United States that is funded through periodic contributions by the establishing individual in accordance with this section and that may be matched by or through a qualified entity for a qualified purpose described in subsection (3).