(a) The authority shall adopt guidelines for annual reporting by grantees that do all of the following:

(1) Provide a description of the grantee’s overall activities during the report period, including how the grant specifically contributed to these activities.

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(2) Require a grantee to provide an annual financial statement and meet record retention and audit requirements for the duration of the grant to ensure compliance with the limitations and requirements of this article.

(3) Align the time period covered by the annual report required by this subdivision with the reporting period covered by the federal CDFI Program administered by the United States Department of the Treasury.

(4) For the purpose of tracking the impact of individual grant awards, establish that the performance period shall start no earlier than the date the grant award agreement entered into pursuant to Section 44558.3 is signed and the funding is under the control of the grantee.

(5) Unless otherwise prohibited by law, as a condition of receiving the grant, all grantees shall request businesses directly served by the grantee with grant funds to self-identify their gender, race, and ethnicity. Grantees shall annually report to the authority the information provided to them by the businesses.

(b) By March 1, 2024, and annually thereafter, the authority shall post a report on the authority’s internet website that describes the results of the program, including, but not limited to, the total number of grants awarded, the amount of previously awarded grants that have been reported as spent by the grantees, an aggregation of any data provided by grantees, and a descriptive summary of the information provided by grantees pursuant to subdivision (a) in the most recent reporting period. The authority shall also include in the report any recommendations for improving the effectiveness, transparency, and accountability of public funds deployed to community development financial entities to serve the unmet needs of, and build inclusive economic prosperity in, California’s lower income neighborhoods and undercapitalized small businesses.

(Added by Stats. 2022, Ch. 68, Sec. 30. (SB 193) Effective June 30, 2022.)