Compilation of Rules and Regulations of the State of Georgia
Department 110 - RULES OF GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS
Chapter 110-35 - GEORGIA AGRIBUSINESS AND RURAL JOBS ACT PROGRAM
Subject 110-35-1 - GEORGIA AGRIBUSINESS AND RURAL JOBS ACT
Rule 110-35-1-.09 - Reporting requirements
Universal Citation: GA Rules and Regs r 110-35-1-.09
Current through Rules and Regulations filed through September 23, 2024
(1) Rural funds shall submit a report to the Department within the first 15 business days after the second anniversary of the initial credit allowance date. This report shall include documentation as to the investment of 100 percent of the investments made under the Georgia Agribusiness and Rural Jobs Act. Such report shall include:
(a) The county of each eligible business receiving a qualified investment;
(b) Bank statements of such rural fund evidencing each qualified investment;
(c) Certification form promulgated by the Department verifying receipt of each qualified investment by the eligible recipient business;
(d) If requested of the Department, a copy of the written opinion of the Department that such business was an eligible business at the time of such qualified investment, or evidence that the Department failed to respond to a request for eligibility within 20 days of such request (as evidenced by a signed certification of the fund manager of such request and the Department's failure to respond), as applicable;
(e) The number of jobs created as a result of each qualified investment;
(f) The number of jobs retained as a result of each qualified investment;
(g) The average annual salary of jobs created as a result of each qualified investment;
(h) The average annual salary of jobs retained as a result of each qualified investment;
(i) The median salary of jobs created as a result of each qualified investment;
(j) The median salary of jobs retained as a result of each qualified investment;
(k) The salary range of jobs created as a result of each qualified investment;
(l) The salary range of jobs retained as a result of each qualified investment;
(m) Documentation of all distributions during the rural fund's first two years related to the reasonable costs and expenses of forming, syndicating, managing, and operating the rural investor or the rural fund. Such distributions may include reasonable and necessary fees paid for professional services, including legal and accounting services, related to the formation and operation of the rural fund and an annual management fee that shall not exceed 2 percent of the rural fund's qualified capital investment authority; and
(n) Any additional information requested by the Department.
(2) Thereafter, rural funds shall submit an annual report to the Department within 45 days of the beginning of each calendar year during the compliance period. The report shall include, but is not limited to:
(a) All elements contained in the rural fund's initial report;
(b) Documentation of all subsequent investments made by the rural fund; and
(c) Documentation of all distributions related to the formation, oversight, and management of the rural fund.
O.C.G.A. § 33-1-25.
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