NMTC Recovery Act Allocatee Quarterly Report

CY 2009 Recovery Act Allocatee Quarterly New Markets Report Instructions

 

CY 2009

American Recovery and Reinvestment Act Quarterly New Markets Tax Credit Program Report Instructions

October 1, 2009

CY 2009 Recovery Act

Quarterly New Markets Tax Credit Report Instructions

GenERAL INFORMATION

Quarterly Reporting Period

Quarterly New Markets Reports (QNMR): Recipients of CY 2009 New Market Tax Credit Program allocation awards (Allocatees) through the American Recovery and Reinvestment Act (Recovery Act) are required to submit QNMRs to the Community Development Financial Institutions Fund (CDFI Fund) no later than ten (10) days after the end of each calendar quarter beginning September 30, 2009 and continuing every calendar quarter for the term of their assistance agreements (December 31, March 31, June 30, and September 30).

The QNMR must be submitted electronically through the CDFI Fund’s Community Investment Impact System (CIIS), which the Allocatee will access through its myCDFIFund account.

After the QNMR is submitted to the CDFI Fund, the CDFI Fund’s CIIS Help Desk will review the data and send any questions to the Allocatee. If the Allocatee fails to respond to such questions within the CDFI Fund’s required timeframe, the QNMR will be rejected as incomplete.

QNMR Submission Deadlines: The Allocatee must submit the required QNMR by the dates set forth below:

QNMR Deadlines
For every quarter ending on:	Due date:
September 30	October 10
December 31	January 10
March 31	April 10
June 30	July 10

CIIS Requires Responses to All Questions

Your Organization must provide a response in every “active” data field in order to submit the QNMR.  Data fields that are not required are “grayed out” on the screen. When a User leaves a page, CIIS provides a notice identifying required responses that are missing. CIIS also provides a summary Status Page to verify the completion of each QNMR section.  

When appropriate, CIIS will allow “Don’t Know” and/or “Not Applicable” as valid responses.  If applicable, these options will appear in a drop-down menu or radio button.

Don’t Know:  Use “Don’t Know” when the question is valid for the Organization, but the answer is unknown or unavailable.  For example, if the Organization provides technical assistance but does not track the number of clients, “Don’t Know” is the appropriate response.

• Not Applicable:  Use “Not Applicable” when the question is not valid or not applicable to the Organization.  Please do not use “Not Applicable” for a “$0” or “0” response.  For example, if the Organization purchases loans, but did not purchase any loans during the reporting period, the number of loans purchased is “0.”  However, if the Organization does not purchase loans at all, then the number of loans purchased is “Not Applicable.”  Furthermore, “Not Applicable” does NOT mean data is unavailable. (Use “Don’t Know” for unavailable data.)

Completing Tables

Tables are used for questions where the number of responses may differ for each Organization. General Table functionality is described here.  

Add Row: Click the "Add Row" button to add a new row to the Table.  For each row, CIIS will provide a pop-up data dialog box.  After completing the data dialog box for the specific row, click the "Add" button within the data dialog box to add the new responses to the Table OR click the "Cancel" button to delete the responses.

Modify Row:  Select the row to be modified by clicking the radio button in the left column of the Table.  You may only modify one row at a time.  Click the "Update Row" button to re-open the data dialog box.  Enter any changes in the data dialog box and click the "Update" button to update the Table with the new responses OR click the "Cancel" button to leave the data unmodified.

Delete Row(s):  Select the row(s) to be deleted by clicking the radio buttons in the left column of the Table.  Click the "Delete Row" or “Delete Rows” button to remove the row(s) from the Table.

Complete Table:  CIIS determines that a Table is complete when the User clicks the “Please Check Here to Confirm that the Table is Complete” check box that accompanies each Table.  If your Organization does not have any information to enter into a Table, click the check box and skip to the next question.

Users Must Complete Tables: The Fund will not consider the QNMR to be complete if the check box is clicked on an empty Table when the Organization has information that should have been included in the table. During the cleansing process, the Fund will re-open the QNMR and ask the Organization to complete the Table and re-submit the QNMR.  The Fund will not consider the QNMR submitted until all applicable Tables are complete.

Managing Pop-Ups: The pop-up data dialog boxes open as new windows.  If you “lose” the data dialog box on your screen prior to clicking “Add,” “Update,” or “Cancel,” please check whether the window is “hidden” behind other windows or programs.

Use Notes:  CIIS provides a Notes field for each QNMR question.  Users may enter and edit notes by clicking the Notes icon ( ) next to the appropriate field.  Please use the Notes field to explain financial entries that are not clearly identified in the Organization’s Financial Statements and related notes. Also use the Notes field to explain other responses that you believe the Fund may question.  The Notes are a great help to both the Fund and the Organization during the cleansing process.

Certify the QNMR

The User must Certify the QNMR upon completion.  

CIIS has a single Certification process for the QNMR and TLR.  Users will be able to Certify the QNMR when:

• The QNMR is complete. (On the CIIS Home Page, select “QNMR” menu “QNMR Status” to check for completion.)

In order to certify and submit the QNMR, all “active” questions must be complete.  Users may review the QNMR completeness by selecting “QNMR Status” from the “QNMR” Tab on the CIIS Home Page.  

On the certification page, the CDFI Fund will request permission to release your Organization’s data publicly as follows:

The CDFI Fund plans to release certain CIIS QNMR data to the public in an aggregated format. Except as may be permitted pursuant to the Freedom of Information Act (FOIA) or as otherwise required by law, the Fund will not release: (i) data that is collected only for Compliance purposes, or (ii) the identities of your borrowers/investees.

The Fund seeks your Organization's permission to release your Organization name (and/or other relevant identifying data) with QNMR data in a format that is aggregated with other organization's data. If you do not provide such consent, the Fund will release your Organization's QNMR, but will not release your Organization’s name or any other data that can be used to identify your organization. Please note, however, that such identifying data may be released pursuant to a FOIA request or as otherwise required by law.

• Do you give the CDFI Fund permission to release your Organization’s identity when it releases your Organization’s QNMR data for this and previous reporting periods? (YES/ NO)

When the QNMR is complete:

• Select the “Certify” tab on the CIIS Home Page.  

• Confirm that the QNMR and TLR (if applicable) are marked as complete.

• Respond to the QNMR and TLR Release questions.

• Select “Next” button

• Read Certification Statement and select appropriate checkbox to agree with the statement.

• Select “Certify CIIS Reports” button.

CIIS Help Desk

Phone Number: (703) 373-1516

Fax Number: (703) 236-2399

E-Mail: [email protected]

 

Organization Confirmation

Allocation Profile Confirmation

Award Control Number / QEI Confirmation: In order to enter the QNMR, Users must confirm the Allocatee’s Award Control Number(s) and all Qualified Equity Investment Identifiers (QEI IDs) for QEIs that were issued by the Allocatee and any Sub-Allocatee(s) prior to the end of the current Reporting Period.  

The accuracy of this information is critical for completing the QNMR. If any inaccuracies exist, please LOG OFF CIIS immediately and remedy the errors before continuing.

Correcting Fiscal Year End Date in myCDFIFund:

• Log on to myCDFIFund Organization Account.

• Select “Help” tab.

• Select “How do I update my Organization FYE” link.

• Download and complete the Organization FYE change form.

• Fax the completed form per instructions.

• The Organization will be notified when the request is complete.

Adding QEIs:

• If a QEI that the Allocatee or Sub-Allocatee issued prior to the reporting period end date is not listed under the corresponding Allocation, add the additional QEIs in the Allocation Tracking System (ATS).

Correcting Award Control Number:

• If any errors exist in the Award Control Number(s) or QEI information listed, contact the CDFI Fund at [email protected].  Please reference the ATS Instructions Manual for details on requesting changes to finalized QEIs from the Fund.  

Updates to myCDFIFund should appear in CIIS on the following business day. You may continue the QNMR only AFTER the updated information appears in CIIS.  If you proceed before then, your QNMR may be invalid.

Confirmation of MyCDFIFund Organization Profile

In order to enter the QNMR, Users must confirm the following data fields provided from their Organization’s myCDFIFund Profile.  Any errors must be corrected in myCDFIFund prior to entering the QNMR.

(1) Date of Organization’s Fiscal Year End

(2) Organization's Type of Financial Institution

(3) Organizational Structure

(4) Year of Organization’s Incorporation

(5) Year Organization Began Financing Activities

** If the information is INCORRECT or BLANK, the data must be corrected prior to entering CIIS.

Correcting Organization Profile data in myCDFIFund (except INCORRECT Fiscal Year End Date – See Below):

• Log on to Organization’s myCDFIFund account.

• Select “Organization Profile” from left menu and sub-menu.

• Select the information from the dropdown menus.  

• Changes to myCDFIFund will appear in CIIS on the next business day.

Correcting Fiscal Year End (FYE) Date in myCDFIFund:

• Log on to myCDFIFund Organization Account.

• Select “Help” tab.

• Select “How do I update my Organization FYE” link.

• Download and complete the Organization FYE change form.

• Fax the completed form per instructions.

• The Organization will be notified when the request is complete.

I. Organizational Information

A. Basic Information

This section displays information that the CDFI Fund currently has on file for the Allocatee in the myCDFIFund organization profile.  

• Street Address

• City

• State

• Zip

• Website Address (if available)

** If the information is INCORRECT or BLANK, please correct the data in myCDFIFund.  You may continue to complete the QNMR PRIOR to the updates appearing in CIIS.

1) Person Responsible for Completing the QNMR

Enter the name of the person from the Organization who is primarily responsible for completing the QNMR. This individual will be contacted if the Fund requires clarification or explanations during the data cleansing process.

2) Telephone Number (including Extension if applicable)

Enter the telephone number of the person entered in Q.1.

3) Email Address

Enter the email address of the person entered in Q.1.  Use all lower case letters, unless the address is case sensitive.

• CIIS may pre-fill the response.  If the pre-filled information is incorrect, enter the correct information.

4) Organization’s Web Address (if available)

Enter organization’s web address, which is useful for identifying alternate contacts within the organization and is sometimes required to verify certain data fields in case of questions or errors in data entry.

B. Human Resources Dedicated to the Allocatee's NMTC Program

For each category, enter the Organization's full-time equivalent (FTE) resource allocation at the reporting period end.  

• Include the resources of the Allocatee, the Parent, any Sub-Allocatees, and any other organizations that support the Allocatee’s NMTC strategy.  

• Include all full- and part-time employees.

• Include contractors, consultants, and volunteers that perform ongoing operations.

• Exclude temporary employees.

• Exclude professional services conducted outside of the office by third parties such as accounting, bookkeeping, and legal counsel.

One FTE is a 35-hour or more work-week.  In calculating the number of FTEs, part-time employees should be combined.  

Example (1): Two part-time employees that each work 17.5 hours per week should be combined to count as one FTE. (17.5 hours X 2 = 35 hours)

Example (2):  If a full-time loan officer spends 28 hours per week on lending activities and 7 hours per week providing training, this person would count as .80 (=28/35 or 80%) FTEs Dedicated to Lending/Investing activities and .20 (=7/35 or 20%) FTEs Dedicated to Development Services.

5) Number of new FTEs hired by Allocatee due to Recovery Act Allocation

Enter the total number of FTEs hired by the Allocatee to manage the additional workload related to Recovery Act activities. This should include the Organization's total FTEs dedicated to loan/investment underwriting and outreach, loan administration, servicing, and collections, financial counseling and other services (FCOS), and any other activities not covered in the categories above, including finance, compliance management, human resources, fundraising, policy, administration, and other overall management at the reporting period end.

6) Number of Consultant/Contractor FTEs

Enter the number of consultant/contractor FTEs (if any) included in Q. 5 Total FTEs.

Review the FTE numbers for accuracy.  

Review the FTE numbers for accuracy.  The Fund will determine the Organization’s Total Employee FTEs by subtracting the Consultant/Contractor (Q.6) FTEs from Total FTEs (Q.5).  

CIIS will calculate and display the Total FTEs.

C. Qualified Equity Investments

7) Has your organization issued any Qualified Equity Investments (QEIs) in the current reporting period relating to its NMTC Recovery Act allocation award?

If yes, complete the tables in parts II and III below.

II. Financial REPORT

For venture capital funds, all financial questions pertain to the investing entity(ies), not the managing entity, unless otherwise noted.

8) Loans/Investments Originated Table

• Loans to and investments in Qualified Active Low-Income Community Businesses (QALICBs); and

• Advance Purchase Commitments (categorized and reported as “QALICBs” in the TLR).

If the Allocatee is providing a loan to or an investment in another CDE, report the details of both the loan to/or investment in the CDE as well as the details of the resulting funding to the QALICB(s). In other words, for each investment in a CDE, the Allocatee must report a minimum of two transactions: (1) The investment in the CDE and (2) the resulting loan or investment in the QALICB(s). The two transactions may occur during different reporting periods.

All data must be reported as of the reporting period end date unless otherwise noted.

Excluded from QNMR (the following are reported in the Annual Institution Level Report (ILR)):

• Loan purchases (except Advance Purchase Commitments);

• Financial Counseling and Other Services (FCOS); and

• Transfers of Allocation to Sub-Allocatee(s).

A. Project Number

Assign a unique identifier to each Project. Project Number is used to link a Financial Note(s) to a distinct Project and to track Projects across reporting periods. The Project level data will only need to be entered one time in CIIS for each Project, regardless of the number of associated Financial Notes.

• Each Project Number may only be used for one Project per reporting period.

• Allocatees MUST use the same Project Number for each reporting period that a particular Project is submitted.

B. Date Closed

Provide closing date of Organization’s actual QLICI investments as of the end of the reporting period.  

C. Purpose

Identify the primary purpose of the Financial Note.  If there are multiple purposes (for example, a loan funding both the purchase of a fixed asset and a facility improvement), select the purpose with the largest percent of the transaction.  Classify loans/investments in CDFIs as "Other".

BUSINESS	Business Financing to for-profit and nonprofit businesses with more than five employees or in an amount greater than $35,000 for the purpose of expansion, working capital, equipment purchase or rental, or commercial real estate development or improvement.
MICRO	Microenterprise Financing to for-profit or non-profit enterprise that has five or fewer employees (including the proprietor) and in an amount no more than $35,000 for the purpose of expansion, working capital, equipment purchase or rental, or commercial real estate development or improvement.
RECOCOM	Real Estate - Construction/Permanent/Acquisition without Rehabilitation - Commercial Financial Note is for 1) predevelopment financing; 2) construction or permanent financing; or 3) acquisition without rehabilitation of office, retail, manufacturing, or community facility space.   Include mixed-use real estate that combines both commercial and residential use.
RECOMULTI	Real Estate - Construction - Housing - Multi Family Financial Note is for predevelopment financing, or construction of multifamily housing.
RECOSINGLE	Real Estate - Construction - Housing - Single Family Financial Note is for predevelopment financing, or construction of single family housing.
RERHCOM	Real Estate - Rehabilitation - Commercial Financial Note is to rehabilitate office, retail, manufacturing, or community facility space.  Financial Note may include acquisition costs. Include mixed-use real estate that combines both commercial and residential uses. Exclude acquisitions without rehabilitation.
RERHMULTI	Real Estate - Rehabilitation-Housing - Multi Family Financial Note is to rehabilitate or acquire multifamily housing.
RERHSINGLE	Real Estate - Rehabilitation - Housing - Single Family Financial Note is to rehabilitate or acquire single family housing.
OTHER	Other Financial Note purpose does not match any of the purposes defined above.

D. Original QLICI Amount

The amount the User enters in this field should be the sum of the amounts of actual QLICIs the Organization made by the end of the reporting period, including QALICB Loans and Investments, Loans and Investments in Other CDEs, Loan Purchases from Other CDEs.

Do not include Advance Commitment Loan Purchases as Loan Purchase QLICIs.  Advance Commitment Loan Purchases should be treated as QALICBs.

Data Point	Explanation
QALICB Loans and Investments	For each QEI, enter the dollar amount of the proceeds that were used to make loans and investments in QALICBs as of the reporting period end (include advance commitment loan purchases) Include loans and investments made to both real estate and non-real estate QALICBs.  If the Organization did not use the QEI to make QALICB loans or investments, enter zero.
Loans and Investments in Other CDEs	For each QEI, enter the dollar amount of the proceeds that were used to make loans and investments in other CDEs as of the reporting period end. If the Organization did not use the QEI to make loans or investments to other CDEs, enter zero.
Loan Purchases from Other CDEs	For each QEI, enter the dollar amount of the proceeds that were used to purchase loans from other CDEs, as of the reporting period end. If the Organization did not use the QEI to purchase loans from other CDEs, enter zero.

E. Total Project Costs

Report the total cost of the Project being financed.  

• Include all sources of financing

• Include the CDE's portion of the financing.

F. Total Project Cost - Public Sources

Report the portion (in dollars) of the Total Project Cost provided by public sources.  

• Include federal, state, and local government funds.  

• Exclude foundation grants.

• Exclude NMTC funds

G. Total Project Cost - Affiliates & Related Programs

Report the portion (in dollars) of the Total Project Cost provided by the CDE’s affiliates and related programs.  

H. Project Street Address

Report the project’s street address

I. Project City

Report the project's city.

J. Project State

Report the project's two letter state abbreviation.

K. Project Zip Code

Report the project's five digit zip code.

L. Project FIPS Code

FIPS Code refers to the 11-digit Federal Information Processing Standards codes that indicate state (first 2 digits), county (next 3 digits), and census tract (last 6 digits).  FIPS codes must be provided if CIIS is unable to geocode an address.  For additional information about FIPS codes, visit www.census.gov/geo/www/fips/fips.html.

CIIS collects an 11-digit FIPS:

• State: The first two digits of the FIPS represent the state.

- A list of state codes is available at: www.census.gov/geo/www/cenpop/statecenters.txt

• County: The next three digits of the FIPS represent the county.

- A list of county codes available at:  www.census.gov/geo/www/cenpop/county/ctyctrpg.html

• Tract: The last six digits of the FIPS represent the census tract.

- The directions below provide one option for identifying the census tract using the U.S. Census Bureau's website.

- If only four digits are provided for the census tract code, add two zeros after the tract number.

- If only three digits are provided for the census tract code, add one zero before the tract number and two zeros after.

- If only two digits are provided for the census tract code, add two zeros before the tract number and two zeros after the tract number.

How to Obtain a Census Tract for the FIPS Code

The Fund offers the following suggestion for obtaining a FIPS for addresses that cannot be geocoded in CIIS:

• Visit the U.S. Census Bureau's website at www.census.gov.

• Select "American Fact Finder" from the left column of the Census Bureau's Homepage.

• Select the "street address" hyperlink from the left column under "Address Search..."

• Enter the specific address and click the "Go" button.

- If the census is unable to geocode the address, you will need to enter the address of a nearby site.

- Continue to enter nearby addresses until the Census website is able to geocode the address.

• Select "Census Tract" from the list of geographic options and click the "Map It" button.

• Use the map provided to "eyeball" the desired location and census tract.

• Please print out a copy of the map for future reference.

M. Project Type

Report whether the QLICI is an investment in another CDE or a QALICB. Report non-profit businesses (except CDEs) as QALICBs. Report advance purchases as QALICBs.

• Exclude Loan purchases (except Advance Purchases) from the QNMR.

• Exclude Financial Counseling and Other Services (FCOS) from the QNMR.

N. NAICS

If applicable, report the 6-digit North American Industry Classifications (NAICS) Code. The NAICS code replaced the former Standard Industrial Classification (SIC) system and is used to report business revenue on the federal tax return. For additional information, see IRS Schedule C Form, question B or www.census.gov/epcd/www/naics.html.

2007 NAICS

11	Agriculture, Forestry, Fishing and Hunting	53	Real Estate and Rental and Leasing
21	Mining, Quarrying, and Oil and Gas Extraction	54	Professional, Scientific, and Technical Services
22	Utilities	55	Management of Companies and Enterprises
23	Construction	56	Administrative and Support and Waste Management and Remediation Services
31-33	Manufacturing	61	Educational Services
42	Wholesale Trade	62	Health Care and Social Assistance
44-45	Retail Trade	71	Arts, Entertainment, and Recreation
48-49	Transportation and Warehousing	72	Accommodation and Food Services
51	Information	81	Other Services (except Public Administration)
52	Finance and Insurance	92	Public Administration

III. COMMUNITY DEVELOPMENT BENEFITS

9) The Community Development Benefits Table

This table should include the following data points:

A. Business Description

If applicable, select a brief description of the business financed.

• Restaurants, hotels, food services, or other retail space

• Financial, professional, scientific, management, business, or other office space

• Industrial, manufacturing, transportation logistics, or warehousing space

• Housing

• Health, and human and social service facilities

• Educational and community facilities

• Facilities or space for the performing arts, cultural, entertainment, or other amenities

• Other

B. Projected Jobs to Be Created at Businesses Financed

For business Projects, report the number of full-time equivalent (FTE) jobs projected to be created in the business due to this financing. One FTE is a 35-hour or more work week. In calculating FTEs, part-time employees should be combined.

Example: 2 part-time employees that each work 17.5 hours equals one FTE (2 employees x 17.5 hours = 35 hours).

Exclude construction jobs.

Enter the number of FTEs, “Don’t Know”, or “Not Applicable”.

C. Jobs Retained at Reporting Period End

For business Projects, enter the total FTE employees that are retained in businesses as a result of business loan originations or investments associated with Recovery Act funding during the current reporting period. One FTE is a 35-hour or more work week. In calculating FTEs, part-time employees should be combined.  

Example: 2 part-time employees that each work 17.5 hours equals one FTE (2 employees x 17.5 hours = 35 hours).

• Exclude construction jobs.

• If the QALICB is a single-purpose entity (SPE) created by an operating business to lease back property to that parent business, report jobs for the parent business.

Enter the number of FTEs, “Don’t Know”, or “Not Applicable”.

D. Projected Jobs to Be Created - Construction

For real estate Projects, report the number of construction jobs projected to be created in the due to this financing.   

Enter the number of FTEs, “Don’t Know”, or “Not Applicable”.

E. Square Feet of Facility Development and Rehabilitation - Total

For Real Estate, Manufacturing, Office and Retail Projects, report the total number of square feet that are expected to be constructed or rehabilitated with funding from the transaction.

Enter the number of square feet, “Don’t Know”, or “Not Applicable”.

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