[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR308.14]

[Page 568-569]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
CHAPTER III--ECONOMIC DEVELOPMENT ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 308--REQUIREMENTS FOR ECONOMIC ADJUSTMENT GRANTS--Table of Contents
 
  Subpart B--Special Requirements for Revolving Loan Fund Projects and 
                           Uses of Grant Funds
 
Sec. 308.14  Revolving Loan Fund semi-annual and annual reports.

    (a) Frequency of reports. All RLF recipients, including existing 
RLFs that receive recapitalization grants, must submit semi-annual 
reports until they qualify or requalify for ``Annual Report'' status. 
RLF recipients may apply for ``Annual Report'' status if:
    (1) All grant funds have been disbursed for at least one year;
    (2) Accurate semi-annual reports have been submitted on-time for the 
preceding two years;
    (3) Required periodic audits have been completed and submitted to 
EDA for the most recent audit period within the last two 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 being operated in 
accordance with the Plan referenced in Sec. 308.9 of this part. RLF 
recipients must request EDA approval of modifications to the Plan at any 
time there is evidence that such modifications are needed to ensure 
effective use of the RLF as a strategic financing tool.
    (c) RLF income statement. (1) RLF recipients using RLF income 
equivalent to 50 percent or more or at least $100,000 of RLF income for 
RLF administrative expenses during the selected twelve month period, 
must submit a completed RLF Income and Expense Statement per 
Sec. 308.12(e) to the appropriate EDA Regional Office within 90

[[Page 569]]

days of either September 30 or the RLF recipient's fiscal year end, 
whichever period is selected by the RLF recipient. RLF recipients using 
less than 50 percent and less than $100,000 of RLF income for 
administrative expenses in the twelve-month period will retain the RLF 
Income and Expense Statement for three years. RLF recipients are 
required to make this statement available to EDA personnel upon request.
    (2) Performance Measures. RLF recipients will submit to EDA as part 
of the semi-annual or annual report, the information identified as the 
Core Performance Measures in the special conditions accompanying the 
grant award. EDA will advise RLF recipients in writing, within a 
reasonable time for submission, in the event there are any modifications 
in the information required to be submitted.