The District of Columbia Department of Insurance, Securities and Banking (DISB) administers a matched savings program known as the Opportunity Accounts Program, which aims to increase the ability of low-income individuals and families residing in the District to save and expend money for education, job training, the purchase or major repairs of a primary residence, business start-up costs, and other purposes established by the Opportunity Accounts Act by providing District matching funds for each dollar saved by Account Holders enrolled in the Program. Specifically, eligible program participants open bank accounts at a financial institution in the District and deposit funds regularly until they meet their savings goals. Upon reaching their goals, participants are provided with matching funds provided by the District Government. Matching funds were also provided by private organizations at the inception of the Program in 2018. DISB is seeking a vendor to conduct a financial and compliance audit of the program to determine if all funds belonging the District of Columbia government and the program participants under the control of the previous program administrator are accounted for, to ensure that all of the program participants were properly vetted by the previous program administrator to determine their eligibility to participate in the program, and to make recommendations to improve DISB’s oversight over the program to ensure compliance by the new program administrator.
