Section 40-9H-6 - Growth fund reporting requirements(a) Each growth fund shall submit a report to the department on or before the fifth business day after the first anniversary of the closing date prior to program exit and include all of the following:(1) A bank statement evidencing each growth investment.(2) The name, location, and industry of each growth business receiving a growth investment, including the written opinion if provided by the department pursuant to subsection (b) of Section 40-9H-4.(3) The number of high wage employment positions at each growth business on the date of the growth fund's initial growth investment as evidenced on a payroll report certified by the growth business.(b) Thereafter, if not previously provided pursuant to subsection (a), each growth fund shall submit a report to the department on or before April 15 of each year prior to program exit and include all of the following unless previously provided:(1) A bank statement evidencing each growth investment.(2) The name, location, and industry of each growth business receiving a growth investment, including the written opinion if provided by the department pursuant to subsection (b) of Section 40-9H-4.(3) The number of high wage employment positions at each growth business on the date of the growth fund's initial growth investment as evidenced on a payroll report certified by the growth business.(4) The number of new annual jobs and jobs retained at each growth business as of December 31 of the prior calendar year as evidenced on a payroll report certified by the growth business.(5) The average annual salary of the positions described in subdivisions (3) and (4).(6) The cumulative amount of growth investments made in growth businesses.(7) Financial statements for the preceding calendar year audited by an independent certified public accounting firm, which shall include an opinion of, or an agreed upon procedures letter issued by, the independent certified public accounting firm as to the growth fund's compliance with the requirements of this chapter.(8) The amount of follow-on capital attracted by the growth business as certified by the growth business.(9) Any other information required by the department.(10) A five thousand dollar ($5,000) annual fee.(c) The growth fund shall use best efforts to obtain and provide information with respect to growth investments that have been redeemed or repaid as part of the annual report set forth in subsection (b) and shall provide the information if available.Ala. Code § 40-9H-6 (1975)
Added by Act 2021-492,§ 6, eff. 8/1/2021.