Florida Regulations 5H-21.009: Repayment and Reporting Procedures
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(1) All financially and non-financially assisted agribusinesses shall repay the AED Program a predetermined percentage of their annual profits, if applicable, as defined in Fl. Admin. Code R. 5H-21.002, until repayment is complete. The percentage will be determined by the Department as part of the approval process prior to any disbursement of funds.
(2) Payments by the assisted agribusinesses are due to the Department annually, within ninety days of the close of its fiscal year, are to be made to the Agricultural Economic Development Trust Fund and shall be accompanied by annual financial statements by a Certified Public Accountant showing the financially assisted agribusiness’ profits and net worth.
(3) A periodic update, either annually or as agreed to by the applicant and the Department, is required. The reports must contain:
(a) A narrative description of the work completed.
(b) Annual production, total sales, jobs created and results to date.
(c) All applicant-pledged expeditures along with all AED Program funded expenditures, with copies of estimates and receipts.
(d) A current list of principals of the agribusiness.
(4) Upon utilization of approved AED Program funds, an audit or a notarized attestation statement is to be sent by the president or chairman of the agribusiness; or, in the case of government entities and educational institutions, a departmental director to the Department. This is to certify that the agribusiness, agency or institution has expended said funds only on the predetermined eligible expenses pursuant to Florida Statutes § 216.349
(5) All approved AED Program funds are to be deposited upon receipt into a separate interest bearing account as required by Section 216.181(14)(b), F.S., to preserve the integrity of said funds. All accrued interest on said account must be returned to the Department within thirty days of the close of the months of June and December along with copies of the account’s bank statements, regardless of the month in which funds were received.
(6) Failure to submit timely and accurate information can be grounds for refusal for further assistance through the AED Program.
Rulemaking Authority 570.247 FS. Law Implemented 570.247, 216.349, 216.181(14)(b) FS. History-New 12-31-91, Amended 7-5-95.
Terms Used In Florida Regulations 5H-21.009
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(3) A periodic update, either annually or as agreed to by the applicant and the Department, is required. The reports must contain:
(a) A narrative description of the work completed.
(b) Annual production, total sales, jobs created and results to date.
(c) All applicant-pledged expeditures along with all AED Program funded expenditures, with copies of estimates and receipts.
(d) A current list of principals of the agribusiness.
(4) Upon utilization of approved AED Program funds, an audit or a notarized attestation statement is to be sent by the president or chairman of the agribusiness; or, in the case of government entities and educational institutions, a departmental director to the Department. This is to certify that the agribusiness, agency or institution has expended said funds only on the predetermined eligible expenses pursuant to Florida Statutes § 216.349
(5) All approved AED Program funds are to be deposited upon receipt into a separate interest bearing account as required by Section 216.181(14)(b), F.S., to preserve the integrity of said funds. All accrued interest on said account must be returned to the Department within thirty days of the close of the months of June and December along with copies of the account’s bank statements, regardless of the month in which funds were received.
(6) Failure to submit timely and accurate information can be grounds for refusal for further assistance through the AED Program.
Rulemaking Authority 570.247 FS. Law Implemented 570.247, 216.349, 216.181(14)(b) FS. History-New 12-31-91, Amended 7-5-95.