Page 1 of 2 154.20-264 Annual report by investment fund manager -- Status report by authority -- Confidentiality -- Fee. (1) Each investment fund manager shall file an annual report with the commissioner of the Department of Revenue and with the authority, on or before February 15 of each <br>year during which it manages an investment fund. This report shall include <br>information that the authority prescribes from time to time, including but not <br>limited to the following: <br>(a) For each small business in which qualified investments are made by the investment fund during the reporting period, the name and address of the <br>small business, the amount of qualified investments made by the investment <br>fund, the job creation anticipated and achieved by the small business, and new <br>products and technologies being developed by the small business; (b) An affidavit prepared by the investment fund manager or, if the investment fund is an entity, by an authorized officer, partner, trustee, member, or <br>manager of the investment fund management firm that states: <br>1. At the time of each qualified investment, each small business qualifies <br>as a small business under the provisions of KRS 154.20-250 to 154.20-<br>284; 2. The name and address of each investor, and the amount of cash <br>contribution to the investment fund of each investor who is entitled to <br>the credits; and 3. The continued compliance by the investment fund and the investment <br>fund manager with all applicable state and federal securities laws and <br>regulations. (2) The authority shall provide an annual written status report to the standing Appropriations and Revenue Committee of each house or to the Interim Joint <br>Committee on Appropriations and Revenue, as appropriate, concerning the <br>activities of the Kentucky investment fund for each fiscal year beginning with the <br>fiscal year ended July 30, 2003. On or before November 1 of each year, the <br>authority shall make an annual report for the preceding fiscal year to the Governor, <br>the Legislative Research Commission, and the Kentucky Innovation Commission. <br>The annual report shall include but not be limited to the following information: <br>(a) The total number of investors and the aggregate amount of committed cash contributions to all investment funds, categorized by the types of business <br>entities through which investors conduct business and the geographical <br>distribution of investors, including the area development districts; (b) The total number and amounts of qualified investments made by each investment fund to qualified small businesses, categorized by type of <br>businesses, amount of investment, job creation anticipated and achieved, <br>geographical distribution, including area development districts, and new <br>products and technologies developed; and (c) The total amount of credits granted to investors. Page 2 of 2 (3) The contents of the annual reports from investment fund managers to the authority described in subsection (1) of this section shall be treated by the authority as <br>confidential, and shall not be considered a public record under the Kentucky Open <br>Records Act, KRS 61.870 to 61.884. (4) The authority may charge a fee in connection with the administration and processing of an annual report made by an investment fund manager. Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 85, sec. 574, effective June 20, 2005. -- Created 2002 Ky. Acts ch. 230, sec. 23, effective July 15, 2002.
Page 1 of 2 154.20-264 Annual report by investment fund manager -- Status report by authority -- Confidentiality -- Fee. (1) Each investment fund manager shall file an annual report with the commissioner of the Department of Revenue and with the authority, on or before February 15 of each <br>year during which it manages an investment fund. This report shall include <br>information that the authority prescribes from time to time, including but not <br>limited to the following: <br>(a) For each small business in which qualified investments are made by the investment fund during the reporting period, the name and address of the <br>small business, the amount of qualified investments made by the investment <br>fund, the job creation anticipated and achieved by the small business, and new <br>products and technologies being developed by the small business; (b) An affidavit prepared by the investment fund manager or, if the investment fund is an entity, by an authorized officer, partner, trustee, member, or <br>manager of the investment fund management firm that states: <br>1. At the time of each qualified investment, each small business qualifies <br>as a small business under the provisions of KRS 154.20-250 to 154.20-<br>284; 2. The name and address of each investor, and the amount of cash <br>contribution to the investment fund of each investor who is entitled to <br>the credits; and 3. The continued compliance by the investment fund and the investment <br>fund manager with all applicable state and federal securities laws and <br>regulations. (2) The authority shall provide an annual written status report to the standing Appropriations and Revenue Committee of each house or to the Interim Joint <br>Committee on Appropriations and Revenue, as appropriate, concerning the <br>activities of the Kentucky investment fund for each fiscal year beginning with the <br>fiscal year ended July 30, 2003. On or before November 1 of each year, the <br>authority shall make an annual report for the preceding fiscal year to the Governor, <br>the Legislative Research Commission, and the Kentucky Innovation Commission. <br>The annual report shall include but not be limited to the following information: <br>(a) The total number of investors and the aggregate amount of committed cash contributions to all investment funds, categorized by the types of business <br>entities through which investors conduct business and the geographical <br>distribution of investors, including the area development districts; (b) The total number and amounts of qualified investments made by each investment fund to qualified small businesses, categorized by type of <br>businesses, amount of investment, job creation anticipated and achieved, <br>geographical distribution, including area development districts, and new <br>products and technologies developed; and (c) The total amount of credits granted to investors. Page 2 of 2 (3) The contents of the annual reports from investment fund managers to the authority described in subsection (1) of this section shall be treated by the authority as <br>confidential, and shall not be considered a public record under the Kentucky Open <br>Records Act, KRS 61.870 to 61.884. (4) The authority may charge a fee in connection with the administration and processing of an annual report made by an investment fund manager. Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 85, sec. 574, effective June 20, 2005. -- Created 2002 Ky. Acts ch. 230, sec. 23, effective July 15, 2002.
Page 1 of 2 154.20-264 Annual report by investment fund manager -- Status report by authority -- Confidentiality -- Fee. (1) Each investment fund manager shall file an annual report with the commissioner of the Department of Revenue and with the authority, on or before February 15 of each <br>year during which it manages an investment fund. This report shall include <br>information that the authority prescribes from time to time, including but not <br>limited to the following: <br>(a) For each small business in which qualified investments are made by the investment fund during the reporting period, the name and address of the <br>small business, the amount of qualified investments made by the investment <br>fund, the job creation anticipated and achieved by the small business, and new <br>products and technologies being developed by the small business; (b) An affidavit prepared by the investment fund manager or, if the investment fund is an entity, by an authorized officer, partner, trustee, member, or <br>manager of the investment fund management firm that states: <br>1. At the time of each qualified investment, each small business qualifies <br>as a small business under the provisions of KRS 154.20-250 to 154.20-<br>284; 2. The name and address of each investor, and the amount of cash <br>contribution to the investment fund of each investor who is entitled to <br>the credits; and 3. The continued compliance by the investment fund and the investment <br>fund manager with all applicable state and federal securities laws and <br>regulations. (2) The authority shall provide an annual written status report to the standing Appropriations and Revenue Committee of each house or to the Interim Joint <br>Committee on Appropriations and Revenue, as appropriate, concerning the <br>activities of the Kentucky investment fund for each fiscal year beginning with the <br>fiscal year ended July 30, 2003. On or before November 1 of each year, the <br>authority shall make an annual report for the preceding fiscal year to the Governor, <br>the Legislative Research Commission, and the Kentucky Innovation Commission. <br>The annual report shall include but not be limited to the following information: <br>(a) The total number of investors and the aggregate amount of committed cash contributions to all investment funds, categorized by the types of business <br>entities through which investors conduct business and the geographical <br>distribution of investors, including the area development districts; (b) The total number and amounts of qualified investments made by each investment fund to qualified small businesses, categorized by type of <br>businesses, amount of investment, job creation anticipated and achieved, <br>geographical distribution, including area development districts, and new <br>products and technologies developed; and (c) The total amount of credits granted to investors. Page 2 of 2 (3) The contents of the annual reports from investment fund managers to the authority described in subsection (1) of this section shall be treated by the authority as <br>confidential, and shall not be considered a public record under the Kentucky Open <br>Records Act, KRS 61.870 to 61.884. (4) The authority may charge a fee in connection with the administration and processing of an annual report made by an investment fund manager. Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 85, sec. 574, effective June 20, 2005. -- Created 2002 Ky. Acts ch. 230, sec. 23, effective July 15, 2002.
