Code of Maine Rules
95 - INDEPENDENT AGENCIES
592 - SMALL ENTERPRISE GROWTH BOARD
Chapter 701 - SMALL ENTERPRISE GROWTH PROGRAM
Section 592-701-3A - SIDE FUND ADMINISTRATION

Universal Citation: 95 ME Code Rules ยง 592-701-3A

Current through 2024-13, March 27, 2024

A. The Board may enter into agreements or contracts with third parties to create and fund Side Funds. Ownership interests in Side Funds may be allocated or issued by the Board in accordance with such agreements, and monies in the Side Funds, whether principal, interest, investment income, investment repayment, or profit, may be distributed by the Board to third parties in accordance w ith such agreements. Such agreements may also provide that the Board be entitled to receive and retain profits or other returns on investments by the Side Fund. Any amounts definitively earned by the Board in a Side Fund shall be transferred to the SEGF at such time as the Board may direct, but in no event later than the closing of such Side Fund.

B. Monies for the creation or funding of Side Funds may come from any lawful source, including public entities and private individuals or entities, and may be structured as revolving or non-revolving funds, and all or a portion of such monies may be returned to the contributor or investor in accordance with the terms of the agreements governing the creation of such Side Funds.

C. Interest on investments of Side Fund monies, interest on investments by Side Funds into Recipients, principal repayments, grants, endowments and gifts will be added to such Side Fund as directed by the Board. Such Side Funds may be used to make investments to Recipients and to pay costs and expenses associated with maintaining, servicing and administering the Side Funds and the program.

D. The Board may charge and accept management fees, or carried interest for management, from the Side Funds, or from third parties, for management and administration of monies in the Side Funds, provided that in no event shall any such management fees be charged to or paid from monies appropriated by the state to the SEGF.

E. The Authority shall maintain and invest any and all Side Funds for which it is given direction to do so by the Board and shall report regularly to the Board regarding the balance of such Side Funds.

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