New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 47 - NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
Subchapter 7 - CONTRACTING; MONITORING
Section 5:47-7.1 - Contract; reporting requirements; monitoring authority of Commissioner

Universal Citation: NJ Admin Code 5:47-7.1

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The Department shall enter into a contract with each nonprofit organization that has received approval of a project and for which funds have been committed pursuant to a certificate issued by the Department to one or more business entities. The contract shall set forth the timetable and conditions by which the nonprofit organization may draw down the tax credit funds, shall set forth the reports and other information that the nonprofit organization shall provide the Department, and shall include such other provisions not inconsistent with the statute and these rules as may be appropriate.

(b) The nonprofit organization shall post bond and security in the amount and in such form as established by the Department.

(c) The nonprofit organization shall provide the Department with a quarterly tracking report as well as an annual report on all activities set forth in the project. The nonprofit organization shall also submit the annual report to the business or businesses providing assistance to the organization. Each report shall include:

1. A description of actions taken and funds expended with respect to each activity set forth in the project;

2. A description of progress toward the goals and objectives of each activity, including, to the extent feasible and appropriate, quantifiable measurement of progress and results;

3. Identification of difficulties and obstacles experienced in implementing the activities in the project; and

4. Identification of any changes in the scope, direction or structure of any activity in the project, and the reasons for changes.

(d) The nonprofit organization shall provide the Department with an annual audit report of the organization conducted by a qualified and independent CPA within nine months after the close of the organization's fiscal year. The audit shall provide for a separate accounting of tax credit funds received by the nonprofit organization pursuant to these regulations.

(e) The nonprofit organization shall maintain separate records for all activities contained within any project approved by the Department, which shall be available for inspection by the Department upon written request during the customary business hours of the nonprofit organization.

(f) The nonprofit organization shall, upon request and reasonable advance notice, permit representatives of the Department to inspect activities being carried out in furtherance of a project approved by the Department, whether located in the premises of the nonprofit organization or any other premises.

(g) In the event that the Commissioner determines that corrective action pursuant to 5:47-7.2 may be required, or that it is necessary in order to obtain further information with respect to any project approved by the Department, the Commissioner may schedule one or more evidentiary hearings, to be located at such time and place as the Commissioner may determine, and may issue subpoenas and administer oaths, pursuant to the provisions of 52:27D-3.

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