OAR 813-300-0100: Fiduciary Organization Records and Reporting Requirements

(1) Fiduciary organizations shall prepare and maintain appropriate, accurate and complete program plan record-keeping systems and records satisfactory to the Department and its designee. Such record-keeping systems also must cover and include records generated by third-party contractors and other program plan partners. (2) A fiduciary organization must maintain separate files for each account holder that, at a minimum, includes the following records: (a) Documentation of income eligibility; (b) The personal development plan; (c) The account information for the IDA; (d) Documentation of Oregon state residency; (e) Records of the account holder’s IDA savings account balance at the time of each matched withdrawal, and other financial information necessary for the determination of eligibility for matching IDA funds; (f) Evidence of training received; (g) Documentation of any determination with respect to the eligibility status of the account holder or any beneficiaries; (h) Documentation of any exit interviews; and (i) Any other information required by the Department or its designee. (3) Fiduciary organizations shall maintain such program plan record-keeping systems as required by the Department or its designee. (4) Fiduciary organizations shall maintain program plan records for a period of six (6) years from the date of completion or revocation of each account holder's or designated beneficiary's personal development plan and the expiration of the IDA. The Department and its designee may require fiduciary organizations to maintain records for longer periods including, without limit, for unresolved audit matters. (5) The Department or its designee, the Office of the Secretary of State and the Department of Justice shall be permitted to inspect, copy and audit any and all program plan records and take other action that to them seems appropriate in the conduct of such inspections or audits. (6) Fiduciary organizations shall file quarterly reports with the Department or its designee in form, substance and timing acceptable to the Department or its designee. (7) Fiduciary organizations shall deliver quarterly reports to the Department or its designee no later than 5:00 p.m. on the date determined by the Department or its designee. Quarterly reporting periods end on March 31, June 30, September 30, and December 31 of each calendar year. Reports shall be in a format approved by the Department and its designee. (8) Fiduciary organizations shall participate in data collection and reporting as required by the Department and its designee. (9) Quarterly and/or annual reports submitted by the designee to the Department shall include, but are not limited to, the following: (a) Summary demographic data and cumulative totals regarding current account holders; (b) New account and graduate reports regarding account holders entering and exiting program; and (c) A funds tracking report accounting for funds allocated to account holders, dispersed as match, for program delivery, for administration, and for funds held in reserve, in a format agreed upon with the Department and its designee