[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR307.14]

[Page 627-628]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
CHAPTER III--ECONOMIC DEVELOPMENT ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 307_ECONOMIC ADJUSTMENT ASSISTANCE INVESTMENTS--Table of Contents
 
Subpart B_Special Requirements for Revolving Loan Funds and Use of Grant 
                                  Funds
 
Sec.  307.14  Revolving Loan Fund semi-annual and annual reports.

    (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 Sec.  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.

[[Page 628]]

    (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.