CFR > Title 13 - Business Credit and Assistance > CHAPTER I—SMALL BUSINESS ADMINISTRATION > PART 120—BUSINESS LOANS > SUBPART H—Development Company Loan Program (504) (§120.800 to §120.991) > 120.830—Reports a CDC must submit.

120.830—Reports a CDC must submit.

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 audited or reviewed financial statements of the CDC, as applicable, and any affiliates or subsidiaries of the CDC prepared in accordance with § 120.826(c) and (d) ), and such interim reports as SBA may require.
(1) The audited financial statements must, at a minimum, include the following:
(i) Audited balance sheet;
(ii) Audited statement of income (or receipts) and expense;
(iii) Audited statement of source and application of funds;
(iv) Such footnotes as are necessary to an understanding of the financial statements;
(v) Auditor's letter to management on internal control weaknesses; and
(vi) The auditor's report.
(2) The reviewed financial statements must, at a minimum, include the following:
(i) Balance sheet;
(ii) Statement of income (or receipts) and expense;
(iii) Statement of source and application of funds;
(iv) Such footnotes as are necessary to an understanding of the financial statements; and
(v) The accountant's review report.
(b) For each new associate and staff, a Statement of Personal History (for use by non-bank lenders and CDCs) and other information required by SBA;
(c) Reports of involvement in any legal proceeding;
(d) Changes in organizational status;
(e) Changes in any condition that affects its eligibility to continue to participate in the 504 program; and
(f) Quarterly service reports on each loan in its portfolio which is 60 days or more past due (and interim reports upon request by SBA).
(g) Other reports as required by SBA.

Code of Federal Regulations

[61 FR 3235, Jan. 31, 1996, as amended at 68 FR 57981, Oct. 7, 2003; 73 FR 75518, Dec. 11, 2008]