Each designated investor group shall provide an annual report to the authority with that information as may be required by the authority, and which shall:
(1) include an annual audit of the activities conducted by the designated investor group;
(2) document and review the progress of the designated investor group in implementing its investment plan;
(3) list any use, redemption, or transfer of tax credits allowed under this chapter;
(4) include a schedule of the rates of return, net of total investment expense, on assets held by the designated investor group pursuant to this chapter overall and on those assets aggregated by category over the most recent one-year, three-year, five-year, and ten-year periods, to the extent available; and
(5) include a schedule of the sum of total investment expense and total general administrative expense for the fiscal year incurred and expressed as a percentage of the fair value of assets of the designated investor group held pursuant to this chapter on the last day of the fiscal year, and an equivalent percentage for the preceding five fiscal years, if applicable.
HISTORY: 2004 Act No. 187, Section 5; 2005 Act No. 125, Section 1.
Structure South Carolina Code of Laws
Chapter 45 - Venture Capital Investment Act Of South Carolina
Section 11-45-10. Short title.
Section 11-45-20. Legislative intent.
Section 11-45-30. Definitions.
Section 11-45-55. Tax credit certificates.
Section 11-45-60. Selection of investment plans.
Section 11-45-70. Venture capital investment requirements.
Section 11-45-80. South Carolina Technology Innovation Fund established; purposes.
Section 11-45-90. Reports by investor groups to Venture Capital Authority; contents.
Section 11-45-95. Reports by authority; contents.
Section 11-45-100. Power of authority to implement chapter; employment of persons.