Nev. Admin. Code § 231.140 - Annual report of activities; evaluation of information by Executive Director; verification that nonprofit corporation furthers public interest; confidentiality; posting reports on Internet website of Office

1. On or before October 31 of each year, each nonprofit corporation formed by the Executive Director pursuant to NRS 231.0545 must submit to the Office a report of the activities of the nonprofit corporation during its immediately preceding fiscal year. The report must include:

(a) A summary of the policies and procedures of the nonprofit corporation for keeping confidential any record or other document of a client that is in the possession of the nonprofit corporation and required to be kept confidential pursuant to subsection 10 of NRS 231.0545;

(b) A summary of the policies and procedures of the nonprofit corporation for the performance of due diligence before making a loan guarantee or an investment or loan of money to a business;

(c) A summary of an annual audit of the financial records of the nonprofit corporation;

(d) A summary of the policies and procedures of the nonprofit corporation for the avoidance of conflicts of interest;

(e) Evidence satisfactory to the Office that each member of the board of directors of the nonprofit corporation, each member of any advisory committee to the board of directors, each member of the staff of the nonprofit corporation and any consultants of the nonprofit corporation do not have a personal financial interest in any:

(1) External asset manager or venture capital or private equity investment firm contracting with the nonprofit corporation; or

(2) Business to which the nonprofit corporation makes a loan guarantee or an investment or loan of money; and

(f) A review of the progress reports provided by any business to which the nonprofit corporation makes a loan guarantee or an investment or loan of money.

2. The Executive Director shall evaluate the information in the report submitted by the nonprofit corporation pursuant to subsection 1 and may create an assessment of the overall performance of the nonprofit corporation. The assessment may include, without limitation:

(a) An evaluation of the return on investment from any loan guarantee or investment or loan of money made by the nonprofit corporation;

(b) The number of jobs created or retained as a result of loan guarantees or investments or loans of money made by the nonprofit corporation;

(c) A projection of the increase in tax revenue as a result of the creation, retention or expansion of businesses because of loan guarantees or investments or loans of money made by the nonprofit corporation;

(d) The number of businesses created, retained or expanded because of loan guarantees or investments or loans of money made by the nonprofit corporation; and

(e) Any other information relevant to the economic development of this State as determined by the Executive Director.

3. Based on his or her evaluation of the information in the report submitted by the nonprofit corporation pursuant to subsection 1, the Executive Director must, on or before December 1 of each year, verify whether the nonprofit corporation formed pursuant to NRS 231.0545 furthers the public interest in economic development.

4. Information in a report submitted pursuant to subsection 1 may be deemed confidential pursuant to NRS 231.069.

5. Except as otherwise provided in subsection 4, the Office will post on its Internet website any report or assessment received or created pursuant to this section.

Notes

Nev. Admin. Code § 231.140

Added to NAC by Office of Economic Dev. by R113-16AP, eff. 6/26/2018

NRS 231.0545, 231.152