TERMS AND CONDITIONS FOR FITFUTURE MATCHING ACCOUNTS
FitMoney, Inc., a not-for-profit 501(c)(3) organization located in Newton, Massachusetts, offers $50 in matching funds to eligible persons who open a Utah Educational Savings Plan (UESP) individual account (“Family Account”) that:
a) names as its beneficiary a public school student who was offered this opportunity through the FitMoney curriculum at his or her school; and
b) attains an account balance of at least $50 by the end of the school year (June 30th) in which the FitFuture Matching Account was offered to the eligible person.
$50 in FitMoney matching funds will be deposited for the benefit of the account beneficiary (student) in a FitFuture Matching Account held at UESP, subject to the additional terms and conditions below. This Matching Account will be linked to the Family Account to give the owner and the student the ability to view FitMoney’s contribution and the FitFuture Matching Account balance online.
1) A FitFuture Matching Account will be opened for an eligible student beneficiary and funded with $50 when the balance of an eligible Family Account for that student reaches $50; this may be either the initial deposit when the Family Account is opened or a series of deposits into the Family Account totaling $50; provided that the Family Account balance must reach $50 by the end of the school year (June 30) in which the FitFuture Matching Account was offered.
2) Only one FitFuture Matching Account will be created and one $50 match will be made on behalf of any individual student beneficiary regardless of how many separate UESP accounts may be opened for the benefit of that student. In the event that more than one UESP Family Account is opened for the same student beneficiary, FitMoney will track only the first account opened for purposes of matching funds eligibility.
3) By opening a UESP Family Account, the individual account owner agrees that for purposes such as allowing FitMoney to administer its $50 matching program, and to evaluate, improve, and report on program results, UESP may provide FitMoney with limited information about the Family Account. Such information may include owner and beneficiary names and contact information as well as account activity and balances. UESP may provide FitMoney access to account numbers through its password-protected portal but will not share social security numbers or passwords.
4) FitMoney will remain the sole and exclusive owner of all funds, investments and earnings in a FitFuture Matching Account until the withdrawal of the account holdings to pay for qualified higher education expenses of the account beneficiary.
5) FitMoney will have the sole and exclusive discretion and authority regarding the investment of the holdings in a FitFuture Matching Account. Neither the owner of a Family Account for the same student nor the student beneficiary may direct the investment of a FitFuture Matching Account. FitMoney assumes no responsibility or obligation to any FitFuture Matching Account beneficiary or to any owner of a Family Account for the same beneficiary with respect to the investment or financial performance of any FitFuture Matching Account.
6) Funds in a FitFuture Matching Account may only be used to pay for qualified higher education expenses of the beneficiary and will only be paid to an eligible educational institution of higher education as provided under the laws governing 529 Plans at the time of application of the funds. Eligible Educational Institution generally means any accredited college, university, or technical school in the United States or abroad that participates in federal financial aid programs for students.
If requested by FitMoney, a Family Account owner must certify that funds in a FitFuture Matching Account are being used to pay for qualified higher education expenses of the beneficiary at an eligible institution of higher education.
7) Following a request by a beneficiary or Family Account owner to withdraw funds from a Family Account to pay for a qualified higher education expense of the beneficiary, all funds in the linked FitFuture Matching Account for the same beneficiary will be transferred to the Family Account for the beneficiary.
8) A FitFuture Matching Account for a beneficiary will be closed, all funds in the account will be forfeited, and any link to a Family Account for the same beneficiary will be removed in the event that:
i. The owner of a Family Account transfers ownership of the account to anyone other than the initial account beneficiary or that beneficiary’s parent or legal guardian;
ii. The Family Account owner changes the beneficiary;
iii. The beneficiary dies;
iv. The beneficiary reaches the age of 28 and the FitFuture Matching Account has not been used;
v. There was any fraud or misrepresentation with respect to any Family Account for the beneficiary;
vi. A Family Account is closed for any reason, including but not limited to, a rollover of funds to another college savings plan.
9) Nothing contained in FitMoney’s printed materials or representations including but not limited to electronic materials on its website, its curriculum, or any FitMoney presentation is intended to be or shall be construed as investment or tax advice or as recommendations or opinions regarding the suitability or tax consequences of any investment, financial plan, strategy, or account, and may not be relied upon by any person as such. All investment decisions and federal and state tax consequences with respect to a Family Account that may be opened for a student beneficiary, including whether or not to open such account, are the sole responsibility of the account owner and shall be based solely on the account owner’s evaluation and decisions regarding the merits of particular investment and its tax consequences in light of his, her, or the beneficiary’s particular financial circumstances and objectives. Accordingly, you should consult your tax or other financial advisor regarding your particular tax or financial situation if you have questions about opening a UESP account.