65-7102. Same; definitions.
65-7102
65-7102. Same; definitions.As used in this act:
(a) "Account holder" means a person who is the owner of an individualdevelopmentaccount.
(b) "Assistive technology" means any item, piece of equipment or productsystem, whether acquired commercially, off the shelf, modified or customized,that is used to increase, maintain or improve functional capabilities ofindividuals with disabilities.
(c) "Community-based organization" means any nonprofit orcharitableassociationthat is approved by the instituteto implement the individual development account reserve fund.
(d) "Institute" means the Schiefelbusch institute for life span studies ofthe university of Kansas.
(e) "Federal poverty level" means the most recent poverty income guidelinespublished in the calendar year by the United States department of health andhuman services.
(f) "Financial institution" means any bank, trust company, savings bank,credit union or savings and loan associationor any otherfinancial institutionregulated by the state of Kansas, any agency of the United States or otherstate with an office in Kansas which is approved by the institute to create andmanage the necessary financial instruments setting up individual developmentaccounts for eligible families or individuals to implement this program.
(g) "Individual development account" means a financial instrument establishedinK.S.A. 65-7103, and amendments thereto.
(h) "Individual development account reserve fund" means the fund created byanapproved community-based organization for the purposes of funding the costsincurred in the administration of the program by the financial institutions andthe community-based organizations and for providing matching fundsfor moneys in individual development accounts.Such fund may includefederal grantmoneys.
(i) "Matching funds" means the moneys designated for contribution from anindividualdevelopmentaccount reserve fund to an individual development account by a community-basedorganization at a one-to-one ratio up to a three-to-one match.
(j) "Program" means the Kansas individual development account programestablishedin K.S.A. 65-7101 through 65-7107, and amendments thereto.
(k) "Program contributor" means a person or entitywho makes a contributionto an individual development account reserve fund.
History: L. 2001, ch. 176, § 2; July 1.