Section 26-C2923. REPORTING REQUIREMENTS – INNOVATION FINANCE PROGRAM

 

2923.1Each Eligible Recipient under the Innovation Finance Program shall annually submit the following information to DISB within sixty (60) days after the year-end and at any other time DISB reasonably requests:

 

(a) The Eligible Recipient’s annual revenues, if any, in the prior fiscal year;

 

(b) The number of the Eligible Recipient’s full-time and part-time equivalent employees, including those who are District residents by ward, and the number of jobs created and retained as a result of the investment for the Eligible Recipient; and

 

(c) Any additional documentation and information DISB reasonably requires.

 

2923.2Failure to file a complete annual report may result in a fine of twenty-five dollars ($25.00) per day for each violation.  This fine shall not exceed one percent (1%) of the Enrolled Investment for each violation.  It shall be payable by the Eligible Recipient and any owner of the Eligible Recipient, that has at least a twenty percent (20%) interest in the Eligible Recipient.

 

2923.3Failure to comply with any required covenants under §§ 2920.1 – 2923 of this chapter may result in a fine not to exceed the amount invested by DISB in the Eligible Recipient.  This fine shall be payable by the Eligible Recipient and any owner of the Eligible Recipient, who has at least twenty percent (20%) interest in the Eligible Recipient.

 

 

authority

Section 105(c) of the 21st Century Financial Modernization Act of 2000, effective June 9, 2001 (D.C. Law 13-308; D.C. Official Code § 26-551.05(c) (2012 Repl. and 2016 Supp. )).

source

Final Rulemaking published at 61 DCR 9181 (September 5, 2014); as amended by Final Rulemaking published at 63 DCR 11535 (September 16, 2016).