Current through September 16, 2024
1. On or before
October 31 of each year, each nonprofit corporation formed by the Executive
Director pursuant to
NRS
231.0545 must submit to the Office a report of
the activities of the nonprofit corporation during its immediately preceding
fiscal year. The report must include:
(a) A
summary of the policies and procedures of the nonprofit corporation for keeping
confidential any record or other document of a client that is in the possession
of the nonprofit corporation and required to be kept confidential pursuant to
subsection 10 of
NRS
231.0545;
(b) A summary of the policies and procedures of
the nonprofit corporation for the performance of due diligence before making a
loan guarantee or an investment or loan of money to a business;
(c) A summary of an annual audit of the
financial records of the nonprofit corporation;
(d) A summary of the policies and procedures of
the nonprofit corporation for the avoidance of conflicts of interest;
(e) Evidence satisfactory to the Office that
each member of the board of directors of the nonprofit corporation, each member
of any advisory committee to the board of directors, each member of the staff of
the nonprofit corporation and any consultants of the nonprofit corporation do not
have a personal financial interest in any:
(1)
External asset manager or venture capital or private equity investment firm
contracting with the nonprofit corporation; or
(2) Business to which the nonprofit corporation
makes a loan guarantee or an investment or loan of money; and
(f) A review of the progress reports
provided by any business to which the nonprofit corporation makes a loan
guarantee or an investment or loan of money.
2. The Executive Director shall evaluate the
information in the report submitted by the nonprofit corporation pursuant to
subsection 1 and may create an assessment of the overall performance of the
nonprofit corporation. The assessment may include, without limitation:
(a) An evaluation of the return on investment
from any loan guarantee or investment or loan of money made by the nonprofit
corporation;
(b) The number of jobs
created or retained as a result of loan guarantees or investments or loans of
money made by the nonprofit corporation;
(c) A projection of the increase in tax revenue
as a result of the creation, retention or expansion of businesses because of loan
guarantees or investments or loans of money made by the nonprofit
corporation;
(d) The number of
businesses created, retained or expanded because of loan guarantees or
investments or loans of money made by the nonprofit corporation; and
(e) Any other information relevant to the
economic development of this State as determined by the Executive
Director.
3. Based on his
or her evaluation of the information in the report submitted by the nonprofit
corporation pursuant to subsection 1, the Executive Director must, on or before
December 1 of each year, verify whether the nonprofit corporation formed pursuant
to
NRS
231.0545 furthers the public interest in
economic development.
4. Information
in a report submitted pursuant to subsection 1 may be deemed confidential
pursuant to
NRS
231.069.
5. Except as otherwise provided in subsection
4, the Office will post on its Internet website any report or assessment received
or created pursuant to this section.
Added to NAC
by Office of Economic Dev. by
R113-16AP,
eff. 6/26/2018
NRS
231.0545,
231.152
