13 C.F.R. § 107.520 Management Expenses of a Licensee.
Title 13 - Business Credit and Assistance
SBA must approve any increases in your Management Expenses if you have outstanding Leverage or Earmarked Assets. (a) Definition of Management Expenses. Management Expenses include: (1) Salaries; (2) Office expenses; (3) Travel; (4) Business development; (5) Office and equipment rental; (6) Bookkeeping; and (7) Expenses related to developing, investigating and monitoring investments. (b) Management Expenses do not include services provided by specialized outside consultants, outside lawyers and independent public accountants, if they perform services not generally performed by a venture capital company. (c) If your Management Expenses have not already been approved by SBA, you must submit such expenses for approval with your SBA Form 468 for your first fiscal year ending after January 31, 1996.
Title 13: Business Credit and Assistance
PART 107—SMALL BUSINESS INVESTMENT COMPANIES
Subpart E—Managing the Operations of a Licensee
Management and Compensation
§ 107.520 Management Expenses of a Licensee.
