(a) No more than 20% of the funds in the opportunity account reserve fund account shall be used for administrative costs of the opportunity account program during either of the first 2 years of an opportunity account program. No more than 15% of the funds in the opportunity account reserve fund account may be used for administrative costs during any subsequent year.
(b) Funds deposited by account holders shall not be used for administrative costs.
(Apr. 3, 2001, D.C. Law 13-266, § 12, 48 DCR 1240.)
Structure District of Columbia Code
Title 1 - Government Organization
Chapter 3 - Specified Governmental Authority
Subchapter IV - Special Programs
§ 1–307.62. Establishment of Opportunity Account Office
§ 1–307.64. Responsibilities of administering organization
§ 1–307.65. Financial institution establishment of opportunity accounts
§ 1–307.66. Eligibility to open an opportunity account; account limit
§ 1–307.67. Matching funds and return of matching funds; tax exemption
§ 1–307.68. Use of opportunity account funds
§ 1–307.69. Emergency withdrawal
§ 1–307.70. Disposition upon death
§ 1–307.71. Use of reserve funds for administrative expenses
§ 1–307.72. Exclusion of opportunity account funds from public assistance program calculations