New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31X - EVERGREEN › Subchapter 1 - EVERGREEN › Section 19:31X-1.9 - Qualified venture firm annual report

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A qualified venture firm shall submit an
				  annual report to the Authority with respect to a qualified investment within
				  120 days following the conclusion of the qualified venture firm's tax privilege
				  period. The annual report shall include, but not be limited to, the following:
1. The amount of the qualified investment, if
				  any, uninvested at the end of the preceding calendar year;
2. All qualified investments made during the
				  preceding calendar year;
3. For
				  each qualified business with shares of stock held by an Evergreen special
				  purpose vehicle managed by the qualified venture firm or an affiliate of the
				  qualified venture firm, a list of all full-time employees as of the end of the
				  preceding calendar year, including, but not limited to, employee residency,
				  payroll records, a copy of New Jersey WR-30 and Federal Form 941 for all
				  quarters, and offer letters for any new full-time employee hired after the
				  filing of such forms. For any qualified investment in which the qualified
				  venture firm no longer has a position as of the end of the calendar year, the
				  information must be provided as of the date the investment was
				  terminated;
4. Certification by the
				  chief executive officer, or equivalent officer for North America, of any
				  qualified business with shares of stock held by an Evergreen special purpose
				  vehicle managed by the qualified venture firm or an affiliate of the qualified
				  venture firm, that all factual information provided by the qualified business
				  is true and accurate under the penalty of perjury;
5. Financial statements, audited by a
				  certified public accountant, who is licensed in accordance with the Accountancy
				  Act of 1997,
				  P.L.
				  1997, c. 259
				  (N.J.S.A.
				  45:2B-42 et seq.), or licensed in accordance
				  with the laws of another state, of each qualified venture firm active fund, if
				  any, and each Evergreen special purpose vehicle, if any. For the Evergreen
				  special purpose vehicle, the financial statement shall include a consolidated
				  summary of the performance, specifying the total value to paid-in capital
				  ratio, and distribution to paid-in capital ratio. Any information about the
				  performance of an individual business, including the qualified business, shall
				  be considered confidential and not subject to the requirements at P.L. 1963, c.
				  73 (N.J.S.A. 47:1A-1 et
				  seq.);
6. Certification by the
				  qualified venture firm managing individual as to the qualified venture firm's
				  reserve policy as it relates to each qualified investment, if any;
7. If applicable, evidence that the qualified
				  venture firm has made best efforts to comply with its commitment to dedicate a
				  greater portion of qualified investments into qualified businesses located
				  within incentive areas;
8. Any
				  updates to the policies or plans submitted pursuant to N.J.A.C. 19:31X-1.7(b)8
				  and evidence that the qualified venture firm has made best efforts to comply
				  with its current policies or plans;
9. Any update to the information provided as
				  part of the venture firm's application for certification pursuant to N.J.A.C.
				  19:31X-1.7(b) pertaining to the criteria at N.J.A.C. 19:31X-1.7(d), and a
				  certification by the qualified venture firm managing individual that all other
				  information pertaining to that criteria remains true and accurate under the
				  penalty of perjury;
10.
				  Certification by the qualified venture firm managing individual that all
				  factual information provided to the Authority pertaining to the qualified
				  venture firm is true and accurate under the penalty of perjury, including, but
				  not limited to, information contained in the application for certification, the
				  qualified venture firm agreement, any amendment to that agreement, and any
				  other information submitted by the qualified venture firm to the Authority
				  pursuant to the Act, this subchapter, and the qualified venture firm
				  agreement;
11. Any other
				  information the Authority requires to evaluate compliance with the program by
				  the qualified venture firm and by any qualified business with shares of stock
				  held by an Evergreen special purpose vehicle managed by the qualified venture
				  firm; and
12. Any other information
				  the Authority requires to ascertain the impact of the program on the economy of
				  the State.