*NOTE: This section includes amendments by emergency legislation that will expire on January 15, 2023. To view the text of this section after the expiration of all emergency and temporary legislation affecting this section, click this link: Permanent Version.*
(a) There is established as a special fund, the Child Trust Fund ("Fund"), which shall be administered by the Chief Financial Officer in accordance with subsection (d) of this section.
(b) There shall be deposited into the Fund:
(1) Earnings from investments of the money in the Fund; and
(2) Other monies that may be appropriated for the purposes of this chapter.
(c) Repealed.
(d) The money in the Fund, which shall consist of all the amounts paid into the Fund pursuant to subsection (b) of this section, increased by the net earnings from investments of amounts held in the Fund or reduced by the net losses from investments of amounts held in the Fund, and less total payments, including distributions and administrative expenses, shall be used to:
(1) Make distributions pursuant to § 4-681.06, and in accordance with the rules issued pursuant to this chapter;
(2) Pay the cost of administering the Fund; provided, that no more than 2% of the balance in any fiscal year shall be used for this purpose; and
(3) Pay the cost to contract with, if appropriate and necessary, an independent fiduciary to manage the investment of the money in the Fund, including the cost of insurance to cover the potential liability, with respect to the management of the Fund, of the fiduciary; and
(e) The money in the Fund shall not be used for any purpose other than the purposes specified in subsection (d) of this section.
(f)(1) The money deposited into the Fund, but not expended in a fiscal year, shall not revert to the unassigned fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.
(2) Subject to authorization in an approved budget and financial plan, any money appropriated in the Fund shall be continually available without regard to fiscal year limitation.
(g)(1) All the money in the Fund shall belong to the District government until an amount is dispersed to make a payment pursuant to subsection (d)(2) or (3) of this section or a distribution pursuant to § 4-681.06.
(2) Prior to distribution pursuant § 4-681.06, and not withstanding any other law, money in the Fund designated for an eligible child enrolled in in the CFT program may not be considered:
(A) Gross income of the eligible child or the parent; or
(B) For the purpose of determining eligibility of the eligible child or the parent for financial aid, local or federal, including the Temporary Assistance for Needy Families Program, the federal Low Income Home Energy Assistance Program or Weatherization Assistance Program, an educational aid or grant, or any other need-based aid or grant.
(Feb. 18, 2022, D.C. Law 24-53, § 3, 68 DCR 013227; Oct. 17, 2022, D.C. Act 24-560, § 2(b), 0 DCR 0.)
For temporary (90 days) amendment of this section, see § 2(b) of Child Wealth Building Emergency Amendment Act of 2022 (D.C. Act 24-560, Oct. 17, 2022, 0 DCR 0).
For temporary (90 days) creation of this section, see § 3 of Child Wealth Building Congressional Review Emergency Act of 2021 (D.C. Act 24-239, Dec. 13, 2021, 68 DCR 013489).
For temporary (90 days) creation of this section, see § 3 of Child Wealth Building Emergency Act of 2021 (D.C. Act 24-196, Oct. 1, 2021, 68 DCR 011607).