Reports a CDC must submit.

CFR · 2024-01-01 · US · Title 13

A CDC must submit the following reports to SBA: (a) An Annual Report within one hundred-eighty days after the end of the CDC's fiscal year (to include Federal tax returns for that year). A CDC that is certified by SBA within 6 months of the CDC's fiscal year-end is not required to submit an Annual Report for that year. The Annual Report (1) Audited or Reviewed Financial Statements as required in § 120.826(c) and (d) for the CDC and any affiliates or subsidiaries of the CDC. (i) Audited financial statements must, at a minimum, include the following: (A) Audited balance sheet; (B) Audited statement of income (or receipts) and expenses; (C) Audited statement of source and application of funds; (D) Such footnotes as are necessary to an understanding of the financial statements; (E) Auditor's letter to management on internal control weaknesses; and (F) The auditor's report; and (ii) Reviewed financial statements must, at a minimum, include the following: (A) Balance sheet; (B) Statement of income (or receipts) and expenses; (C) Statement of source and application of funds; (D) Such footnotes as are necessary to an understanding of the financial statements; (E) The accountant's review report; and (2) Report on compensation: CDCs are required to provide detailed information on total compensation (including salary, bonuses and expenses) paid within the CDC's most recent tax year for current and former officers and directors, and for current and former employees and independent contra

official document · source cfr-2024 · id 13:§ 120.830