.01 Individual Development Account (IDA) - Renewals
 
(01/01/21 - 12/31/21)
At each renewal, the participant must provide all Individual Development Account (IDA) financial institution statements received between the last statement in the case file(g) and the current application. Verification must include:
 
All IDA deposits, including amounts, interest, and the source of the deposited funds.
All IDA withdrawals, including the manner and reason for the withdrawals.
 
The FAA worker completes the following:
 
Discusses the anticipated use of the IDA with the participant in order to project future circumstances that may affect the budget.
Reviews the history of deposits and withdrawals that have occurred since the last renewal.
Resolves any discrepancies between the participant’s statements and the financial account statements.
Reviews for status changes.
Verifies and documents the following:
The amounts that are not countable as a resource and the reason not countable.
The amounts that are countable as a resource and the reason countable.
The total accumulative deposits made throughout the lifetime of the IDA.
Make any necessary budgeting changes based on projection of the future circumstances of the participants in the case.
 
Key the IDA amount that is not countable on FIAC using the IX financial account Code in the ACCT TYPE field.
 
Key the IDA amount that is countable on FIAC using the IC Financial Account Code in the ACCT TYPE field on FIAC.
 
Treat the IDA as a regular savings account when one of the following applies:
 
There is a break of one full month in CA or NA benefits
The IDA holder has been convicted of program fraud or an Intentional Program Violation
 
Key the SV Financial Account Code in the ACCT TYPE field on FIAC.
 
Refer allegations of fraud or abuse involving an IDA to the Office of Special Investigations (OSI).