§ 6-521. Reports and audited financial statement

   (a) Report on investments. -- Not later than March 31 of each year, each venture firm and the Financing Authority shall report to the Department:

   (1) the amount of designated capital remaining uninvested at the end of the preceding calendar year;

   (2) all qualified investments made during the preceding calendar year, including the number of employees of each business at the time the qualified investment was made and as of December 31 of that year;

   (3) for any qualified investment in which the venture firm or the Financing Authority no longer has a position as of the end of the calendar year, the number of employees of the business as of the date the investment was terminated; and

   (4) any other information the Department requires to ascertain the impact of the Program on the economy of the State.

(b) Audited financial statement. -- Not later than 180 days after the end of its fiscal year, each venture firm shall provide to the Department an audited financial statement that includes the opinion of an independent certified public accountant.

(c) Report on sale of qualified investment. -- Not later than 60 days after the sale or other disposition of a qualified investment, the selling venture firm or the Financing Authority shall provide to the Department a report on the amount of the interest sold or disposed of and the consideration received for the sale or disposition.

HISTORY: 2011, ch. 65, § 5; ch. 409; 2013, ch. 175.