Request for Public Comment: Quarterly New Markets Report
Request for Public Comment: Quarterly Institution Level Report for Recovery Act Awardees
Overview of the American Recovery and Reinvestment Act of 2009
- The American Recovery and Reinvestment Act of 2009 (Recovery Act) was signed into law by President Obama on February 17th, 2009. It is an unprecedented effort to jumpstart our economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Act is an extraordinary response to a crisis unlike any since the Great Depression, and includes measures to modernize our nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need.
Implementing the American Recovery and Reinvestment Act of 2009
- The American Recovery and Reinvestment Act of 2009 provides the CDFI Fund with $3 billion of New Markets Tax Credit allocation authority, divided equally between fiscal year 2008 and fiscal year 2009. In addition to the Fund’s annual appropriation for fiscal year 2009, the legislation appropriates an additional $100 million, of which $90 million will apply to the CDFI Program, $8 million for Native Initiatives, and $2 million to cover administrative expenses.
Reporting Guidance for Recovery Act Awardees
CDFI Program & NACA Program Awardees
Quarterly Recovery Act Reports: Section 1512 (f) of the Recovery Act requires that awardee reporting must begin 180 days after enactment and that Recovery Act quarterly reports must be submitted by awardees no later than 10 days after the end of each calendar quarter through the Recovery Act federal reporting portal, www.FederalReporting.gov. For CDFI and NACA awardees, the initial Recovery Act reporting deadline was October 10, 2009 and quarterly reports are due no later than 10 days after the end of each calendar quarter thereafter. For additional information on FederalReporting.gov reporting requirements please visit www.FederalReporting.gov and review Sections 1-4 of OMB Guidance M-09-21 and Section 5 of OMB Guidance M-10-08 (links provided below). Additionally, a mock-up of the Prime Recipient Tab of the Grants and Loans template, which CDFI and NACA Awardees must complete, is provided below as an example. Awardees should download the template directly from www.FederalReporting.gov. Do not modify the mock-up template for submission.
Quarterly Institution Level Reports: As set forth in the assistance agreement, the CDFI Fund requires Recovery Act awardees to complete, on a quarterly basis, a much shorter version of the CDFI Fund’s standard Institution Level Report (ILR), which awardees currently report through the Community Investment Impact System (CIIS). Data from the Quarterly Institution Level Report (QILR) will help the CDFI Fund meet its own Recovery Act agency reporting requirements per OMB guidance. QILRs will also enable the CDFI Fund to standardize the data that Recovery Act awardees report separately to the CDFI Fund and FederalReporting.gov. As a result, the CDFI Fund will be able to assure the quality of information that Awardees provide. In addition, by cross checking the data received through the QILR and FederalReporting.gov, the CDFI Fund will be able to monitor compliance with Recovery Act requirements.
In order to comply with the CDFI Fund reporting requirements, please complete the QILR Excel workbook provided below. Once you have completed the QILR, save it with the following naming format: “OrganizationName” and email it as an attachment to QILRSubmissions@cdfi.treas.gov no later than 11:59pm EST on the deadline listed below.
Unaudited Financial Statements: In addition to submitting required annual audited financial statements to the CDFI Fund, awardees must submit quarterly Unaudited Financial Statements via email to CCME@cdfi.treas.gov with a subject line reading “Recovery Act Unaudited Financial Statements”. Awardees that are Insured Credit Unions, Insured Depository Institutions, or Depository Institution Holding Companies are not required to submit Unaudited Financial Statements; instead, the CDFI Fund will obtain the necessary financial information from publicly available sources. Deadlines for the submission of Unaudited Financial Statements will be one quarter after the reporting deadline.
A-133 Single Audit: Awardees that are non-Depository Institutions and non-profit Depository Institutions are required to submit A-133 Single Audit, if applicable. Awardees must submit the A-133 Single Audit as described in the Assistance Agreement and Section 7 of OMB Guidance M-10-14 (http://www.whitehouse.gov/omb/assets/memoranda_2010/m10-14.pdf).
Compliance with Quarterly Reporting Requirements and Other Recovery Act Terms and Conditions: Failure to comply with any provision of the Recovery Act, quarterly reporting requirements, or any other award term may be considered an event of default pursuant to Schedule 1, Section 6.1 of the Assistance Agreement and will become a part of the recipient’s performance record. Awardees that demonstrate systemic or chronic reporting problems and/or otherwise fail to correct such problems as identified by the CDFI Fund are non-compliant.
Except as expressly articulated in Reporting Outreach for Awardees provided above, the Assistance Agreement, by and between the Awardee and the CDFI Fund, remains in full force and effect in accordance with its terms.
New Markets Tax Credit (NMTC) Program Allocatees
In order to ensure that the accountability and transparency requirements of the American Recovery and Reinvestment Act (Recovery Act) are being met, New Markets Tax Credit (NMTC) allocatees that are recipients of an allocation authority under the Recovery Act are required to report to the CDFI Fund on a quarterly basis. NMTC allocatees are not required to report to the FederalReporting.gov website, but will complete a Quarterly New Markets Report (QNMR).
Information reported in the QNMR will enable the CDFI Fund to identify how Recovery Act allocatees are putting their NMTC investments to use in low-income communities and will help the CDFI Fund to meet its own Recovery Act agency reporting requirements. The QNMR, which is a much shorter version of the CDFI Fund’s Transactional Level Report (TLR), also provides qualitative and quantitative information on the allocatee's compliance with its performance goals as outlined in its allocation agreement with the CDFI Fund.
In order to comply with the CDFI Fund reporting requirements, please complete the QNMR Excel workbook. Once you have completed the QNMR, please save the file with the following naming format: "OrganizationName" and email it as an attachment to QNMRSubmissions@cdfi.treas.gov no later than 11:59pm PST on the deadline listed below.
Instructions for completing the QNMR and related FAQs are provided below:
- Quarterly Reporting Deadlines
Required quarterly reports described above must be submitted no later than 10 days after the end of each calendar quarter.
|QUARTERLY REPORTING DEADLINES|
| For every quarter ending on:|| Deadline:|
| December 31|| January 10|
| March 31|| April 10|
| June 30|| July 10|
| September 30|| October 10|
Recovery Act Staff Contact Information
Please contact the following staff regarding CDFI, NACA and NMTC Recovery Act-related questions:
Agency Plans and Reports
Learn More About Our Programs
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