13 C.F.R. § 307.14 Revolving Loan Fund semi-annual and annual reports.
Title 13 - Business Credit and Assistance
(a) Frequency of reports. All RLF Recipients, including those receiving Recapitalization Grants for existing RLFs, must submit semi-annual reports. EDA may approve the substitution of annual reports for semi-annual reports upon written request by the Recipient if the following conditions have been met: (1) At least one (1) year has passed from the date that the RLF has loaned an aggregate amount equal to its initial RLF Capital base; (2) The RLF Recipient has timely submitted accurate semi-annual reports for the preceding two (2) years; (3) The RLF Recipient has ensured completion and submission to EDA of required periodic audits for the most recent audit period within the preceding two (2) years; and (4) EDA determines that the RLF is in compliance with all applicable RLF requirements. (b) Report contents. RLF Recipients must certify as part of the semi-annual or annual report to EDA that the RLF is operating in accordance with the applicable RLF Plan. RLF Recipients must also describe (and propose pursuant to §307.9) any modifications to the RLF Plan to ensure effective use of the RLF as a strategic financing tool. (c) RLF Income and Expense Statement. (1) An RLF Recipient using either fifty (50) percent or more (or more than $100,000) of RLF Income for administrative costs in the twelve-month (12) reporting period must submit a completed Income and Expense Statement annually to the appropriate regional office within ninety (90) days of the end of its fiscal year. An RLF Recipient using less than fifty (50) percent and less than $100,000 of RLF Income for administrative costs in the twelve-month (12) reporting period must prepare and retain for four (4) years a completed Income and Expense Statement for the applicable fiscal year, which shall be made available to EDA upon request. (2) Performance measures. As part of the semi-annual or annual report, RLF Recipients shall submit to EDA the information identified as the “Core Performance Measures” in the special award conditions of the Grant documents. EDA will advise RLF Recipients within a reasonable time of any required modifications to the information submitted.
Title 13: Business Credit and Assistance
PART 307—ECONOMIC ADJUSTMENT ASSISTANCE INVESTMENTS
Subpart B—Special Requirements for Revolving Loan Funds and Use of Grant Funds
§ 307.14 Revolving Loan Fund semi-annual and annual reports.
