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Can I collect financial information from participants in Indiana? What are the requirements?

Here are the requirements for collecting financial information from participants in Indiana:

Disclosure of financial information

Indiana law requires providers to maintain financial records in accordance with generally accepted accounting and bookkeeping practices. Providers must also be audited according to state board of accounts requirements and procedures for the services contracted [1.1][2.1].

Loan application; requirements

Local boards may apply for a loan from the fund, but the application must include the total amount of the loan requested from the fund, the total amount of matching funds to be provided from the local pool operated by the local board and the sources of those matching funds, a detailed description of the local pool, including its investment criteria, the impact of the proposed loan on job production in the area served by the local pool, and any other information requested by the corporation [5.2].

Loan conditions

A loan from the fund to a local board is subject to several conditions, including that the local board may use the loan from the fund only to make and service grants, equity investments, loans, and loan guarantees to persons who are establishing or operating businesses in Indiana. The local board must also provide matching funds in an amount determined by the corporation, and the total of the loan plus the matching funds must be at least one million dollars ($1,000,000) for a local investment pool established under section 12 of this chapter or five hundred thousand dollars ($500,000) for a local opportunity pool established under section 13 of this chapter. The loan agreement must require the local board to provide training in business and financial management techniques, oversee the fiscal operations of the recipients of financial assistance for at least one (1) year following the receipt of that assistance, and provide fiscal management assistance to recipients of financial assistance when necessary for at least one (1) year following the receipt of the assistance, including assistance in the preparation and filing of federal and state tax returns. The local board must also make a report concerning the local pool to the corporation before September 1 of each year [5.4].

Based on the available documents, it is unclear what type of participants you are referring to and what specific financial information you want to collect. If the above information does not answer your question, please provide more details so that I can assist you better.

Source(s):
Jurisdiction

Indiana