Iowa Administrative Code › Agency 261 - Economic Development Authority › Part V - Innovation and Commercialization Activities › Chapter 116 - Tax Credits for Investments in Certified Innovation Funds › Rule 261-116.4 - Maintenance, Reporting, and Revocation of Certification

Current through Register Vol. 47, No. 3, July 24, 2024
(1) In order to maintain certification, an
				innovation fund must demonstrate compliance with the eligibility criteria set
				forth in subrule 116.3(3) at all times during participation in the program. A
				failure to comply with the eligibility criteria on an ongoing basis may result
				in revocation of certification. The authority will notify an innovation fund if
				the authority finds that the fund is not in compliance and will allow the
				innovation fund a period of not more than 120 days in which to address such
				noncompliance. If after 120 days the innovation fund remains in noncompliance,
				the board may revoke the fund's certification. The authority will not issue tax
				credit certificates to investors in an innovation fund if such equity
				investments are made at any point after the innovation fund has been found to
				be in noncompliance or if the innovation fund's certification has been
				revoked.
(2) On or before December
				31 of each year, each certified innovation fund shall collect and provide to
				the board, in the manner and form prescribed by the authority, the following
				information:
a. The amount of equity
				investments made in the innovation fund, both on an annual and a cumulative
				basis.
b. For each investment by an
				innovation fund in a business:
(1) The amount
				and date of the investment.
(2) The
				name and industry of the business.
(3) The location or locations from which the
				business operates.
(4) The number
				of employees of the business located in Iowa and the number of employees of the
				business located outside Iowa on the date of the initial investment by the
				innovation fund in the business.
(5) The number of employees of the business
				located in Iowa and the number of employees of the business located outside
				Iowa at the close of the fiscal year which is the subject of the
				report.
c. In order to
				establish that an innovation fund has met the criterion found in subparagraph
				116.3(3)
"b"
(5), the innovation fund shall provide
				documentation and information in the manner and form required by the authority.
				Such documentation and information may include, without limitation, contracts,
				memoranda of understanding, letters of support, affidavits, joint press
				releases, or a list and summary description of the dates and locations for
				meetings held between the innovation fund and the other entities which allowed
				for collaboration and coordination between the innovation fund and those
				entities in an effort to achieve policy consistency.
d. In order to establish that an innovation
				fund has met the criterion found in subparagraph
				116.3(3)
"b"
(6), the innovation fund shall provide
				documentation and information in the manner and form required by the authority.
				Such documentation and information may include, without limitation, contracts,
				memoranda of understanding, letters of support, affidavits, joint press
				releases, or a list and summary description of the dates and locations for
				meetings held between the innovation fund and regents institutions, the names
				of representatives of regents institutions with whom the innovation fund has
				met, and a brief summary of the discussions at those meetings. The innovation
				fund shall also indicate if any business in which it has invested is
				commercializing research developed at one of the regents
				institutions.