[Federal Register: August 31, 2006 (Volume 71, Number 169)]
[Notices]
[Page 51887-51888]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr31au06-115]
[[Page 51887]]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Proposed Collection; Comment Request: Community Development
Financial Institutions Fund: Comment Request on Continuing Collection
of Information From Community Development Financial Institutions
Program Awardees, Native American CDFI Assistance Program Awardees,
Native American Technical Assistance Program Awardees, Native American
CDFI Development Program Awardees, and New Markets Tax Credit Program
Allocatees
ACTION: Notice and request for comments.
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SUMMARY: The Community Development Financial Institutions Fund (the
Fund), a government corporation within the Department of the Treasury,
as part of its continuing effort to reduce paperwork and respondent
burden, is soliciting comments on continuing information collections,
as required by the Paperwork Reduction Act of 1995, Public Law No. 104-
13 (44 U.S.C. 3506(c)(2)(A)): (i) Community Development Financial
Institutions Program Awardee Annual Report (OMB Number 1559-0006)
(hereafter, the Annual Report), and (ii) Annual Survey: Institution
Level Report; Transaction Level Report; IRS Compliance Questions (OMB
Number 1559-0027) (the Annual Survey). The two documents comprise
certain reporting requirements for participants in the Fund's Community
Development Financial Institutions (CDFI) Program, Native American CDFI
Assistance (NACA) Program, Native American Technical Assistance (NATA)
Program, Native American CDFI Development (NACD) Program, and New
Markets Tax Credits (NMTC) Program. This notice further serves to
consolidate the Annual Report and the Annual Survey. The combined
reports shall be referred to as the Annual Report. The Annual Report
forms (and related documents, including the CDFI Program assistance
agreement, the NACA/NATA/NACD Program assistance agreement, and the
NMTC Program allocation agreement) may be found at the Fund's Web site
at http://www.cdfifund.gov.
DATES: Written comments must be received on or before October 30, 2006
to be assured of consideration.
ADDRESSES: Comments on the Annual Report must be submitted in writing
and sent to Donna Fabiani, Manager for Financial Strategies and
Research, as follows: (i) by mail to: Community Development Financial
Institutions Fund, U.S. Department of the Treasury, 601 13th Street,
NW., Suite 200 South, Washington, DC 20005; (ii) by e-mail to:
annualrptcomments@cdfi.treas.gov; or (iii) by fax to: 202/622-7754.
Comments on the IRS Compliance Questions section of the Annual Report
must be submitted in writing and sent to: Debbie Patel, Team Manager,
LMSB: PQA: Post-Filing Team B, Internal Revenue Service, 801 9th St.,
NW., The Mint Building, M3-312, Washington, DC 20001.
FOR FURTHER INFORMATION CONTACT: Yoo Jin Na, Manager for Compliance
Monitoring and Evaluation, as follows: (i) By mail to: Community
Development Financial Institutions Fund, U.S. Department of the
Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005;
(ii) by e-mail to: annualrptcomments@cdfi.treas.gov; or (iii) by fax
to: 202/622-7754.
SUPPLEMENTARY INFORMATION:
Title: Comment Request on Continuing Collection of Information from
Community Development Financial Institutions Program Awardees, Native
American CDFI Assistance Program Awardees, Native American Technical
Assistance Program Awardees, Native American CDFI Development Program
Awardees, and New Markets Tax Credit Program Allocatees.
OMB Number: 1559-0006; OMB Number 1559-0027.
Abstract: The Fund's mission is to expand the capacity of financial
institutions to provide credit, capital and financial services to
underserved populations and communities in the United States. The
Fund's strategic goal is to improve the economic conditions of
underserved communities by providing capital and technical assistance
to Community Development Financial Institutions (CDFIs), capital to
insured depository institutions, and NMTC allocations to Community
Development Entities (CDEs), which provide credit, capital, financial
services, and development services to these markets. The Fund certifies
entities as CDFIs and/or CDEs.
Annual Reporting Requirements: The Annual Report consists of
quantitative information at the institution and transaction levels and
is used to assess: (1) The awardee's activities in support of its
Comprehensive Business Plan; (2) the awardee's approved use of the
Fund's assistance; (3) the awardee's financial condition; (4) the
socio-economic characteristics of awardee's borrowers/investees, loan
and investment terms, repayment status, and community development
impacts; and (4) overall compliance with the terms and conditions of
the assistance agreement entered into by the Fund and the awardee.
A CDFI Program awardee or a NACA/NATA/NACD Program awardee must
submit an Annual Report that comprises several sections, depending on
the program and the type of award. The specific components that
comprise an awardee's Annual Report are set forth in the assistance
agreement that the awardee enters into with the Fund in order to
receive a CDFI Program or a NACA/NATA/NACD Program award. In summary:
1. A CDFI Program or NACA/NATA Program awardee that is a non-
regulated entity and that receives Financial Assistance (FA) only must
submit an Annual Report that comprises: (i) A Financial Report
(Financial Statement) reviewed or audited by an independent certified
public accountant; (ii) Single Audit A-133 (if applicable); (iii) an
Institution Level Report (ILR) and a Transaction Level Report (TLR)
(which include, among others, questions that measure the awardee's
achievement of the Performance Goals and Measures set forth in its
assistance agreement); (iv) a Uses of Financial Assistance and Matching
Funds Report; and (v) if applicable, an Explanation of Noncompliance.
2. A CDFI Program or NACA/NATA Program awardee that is a regulated
entity and that receives FA only must submit an Annual Report that
comprises: (i) An ILR and a TLR; (ii) a Uses of Financial Assistance
and Matching Funds Report; (iii) if applicable, an Explanation of
Noncompliance; and (iv) if applicable, a Single Audit A-133.
3. A CDFI Program or NACA/NATA/NACD Program awardee that receives
an award from the Fund that is in the form of an equity investment must
also submit a Shareholder Report.
4. A CDFI Program or NACA/NATA/NACD Program awardee that receives
Technical Assistance (TA) must submit an Annual Report that comprises:
(i) The documents set forth in either (1) or (2) above, as applicable,
if the awardee also receives FA; (ii) Uses of Technical Assistance
Report; and (iii) OMB form 269A (Financial Status Report), which can be
found on the Fund's Web site at http://www.cdfifund.gov.
A NMTC Program allocatee must submit an Annual Report that
comprises: (i) A financial statement that has been audited by an
independent certified public accountant; (ii) an ILR (including the IRS
Compliance
[[Page 51888]]
Questions section), if the allocatee has issued any Qualified Equity
Investments; and (iii) a TLR if the allocatee has issued any Qualified
Low-Income Community Investments in the form of loans or investments.
The components that comprise an allocatee's Annual Report are set forth
in the allocation agreement that the allocatee enters into with the
Fund in order to receive a NMTC Program allocation.
Current Action: N/A.
Type of review: Renewal (combining Annual Report, OMB 1559-0006,
with Annual Survey, OMB 1559-0027).
Affected Public: Not-for-profit institutions, businesses or other
for-profit institutions and tribal entities.
Burden: Estimated Number of Respondents: 423.
CDFI Annual Report: 233.
NMTC Annual Report: 190.
Estimated Annual Time Per Respondent: 50.
CDFI Program TA awardees: 22 hours.
CDFI Program FA awardees: 62 hours.
NMTC Program allocatees: 65 hours.
Estimated Total Annual Burden Hours: 14,184.
CDFI Program TA reports: 3,300 hours.
CDFI Program FA reports: 9,300 hours.
NMTC Program reports: 1,584 hours.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record. Comments are invited on
all aspects of the information collections, but commentators may wish
to focus particular attention on: (a) The portion of the requested
information that CDFIs and CDEs currently collect and track
electronically; (b) the effort and cost for CDFIs and CDEs to begin
collecting and electronically tracking any required information not
currently collected and tracked electronically (e.g., enhancing
systems, purchasing new systems); (c) the cost for CDFIs and CDEs to
operate and maintain the services/systems required to provide the
required information; (d) ways to enhance the quality, utility, and
clarity of the information to be collected; (e) whether the collection
of information is necessary for the proper evaluation of the
effectiveness and impact of the Fund's programs, including whether the
information shall have practical utility; (f) ways to minimize the
burden of the collection of information; and (g) the accuracy of the
Fund's estimate of the burden of the collection of information.
Authority: 12 U.S.C. 4703, 4703 note, 4707, 4710, 4714, 4717; 26
U.S.C. 45D; 31 U.S.C. 321; and 12 CFR part 1805.
Dated: August 22, 2006.
Arthur A. Garcia,
Director, Community Development Financial Institutions Fund.
[FR Doc. E6-14491 Filed 8-30-06; 8:45 am]
BILLING CODE 4810-70-P