Wyoming made $770 million from investments of its $14.4 billion in trust funds during the 2010-11 fiscal year and finished repaying losses from the 2008 economic bust.
“We’ve had two really good years,” State Treasurer Joe Meyer told the Select Committee on Capital Financing and Investments, which met in Casper earlier this month. “So we live happily ever after until the next crisis comes.”
Meyer presented his investment report to the legislators to bring them up to speed on the state’s major permanent trust funds before the budget session begins.
“For the fiscal year ending June 30 … we made $770 million on this $14 billion portfolio, and we distributed out $622 million [to various state agencies],” said Chief Investment Officer Michael Walden-Newman, from the treasurer’s office.
The treasurer also put $91 million back into the permanent trust funds, completing repayment of some $200 million that was lost through unfavorable business decisions in the 2008 economic downturn ($110 million was repaid in 2010).
“This past year we paid off the remaining $91 million, so that came out of the $770 million,” Walden-Newman said. “We also had some losses that we carried on the books from the crisis … they were about $35 million that we paid off and then we paid the investment managers [$42.4 million]. So what we distributed was $620 million for the fiscal year, which was actually very good considering how horrible it had been a couple of years prior.”
Meyer, meanwhile, was still mad at the losses from the downturn, which he attributed largely to decisions by some of the private investment managers who no longer work for the state.
“I can accept an investment manager losing money with their style, that’s to be expected; you can’t tell markets that much,” Meyer said. “But when they get stupid enough to sell at the bottom of the market, without telling us, I lose my temper and I get mad. They have since apologized to us; I said well it’s a little bit late to apologize to us now.”
The treasurer’s office, in conjunction with the State Land and Investment Board (composed of the state’s top five elected officials, including Meyer), oversee management of the state’s $14.4 billion in established funds, which include the Permanent Wyoming Mineral Trust Fund ($5.3 billion); Hathaway Scholarship Fund ($502.8 million); Higher Education Endowment Fund ($111.5 million); Workers’ Compensation Fund ($1.36 billion); and the Tobacco Settlement Fund ($67.5 million). There’s also the Permanent Land Fund, which is actually three separate funds: the Common School Land Fund ($2.24 billion); University Permanent Land Fund ($18 million); and the Remaining Permanent Land Funds ($122.8 million). In addition, there are a myriad of smaller funding sources in the state (such as the Wildlife Trust Fund) which are combined into what’s called the State Agency Pool, and totals some $4.7 billion.
Some of the funds, such as the Permanent Mineral Trust Fund, the Hathaway Scholarship Fund and the Higher Education Endowment Fund, are “inviolate,” which means once the money is in, it can never come out, the fund, or corpus, can never be allocated. The interest from investment of that money, however, can be spent and pays for programs tied specifically to the fund, such as Hathaway scholarships.
To ensure their inviolability, there are specific guidelines and risk limits for these permanent funds, with the primary objective being to protect the money.
“We just don’t have that many risky investments,” Meyer told the committee. “Actually, when the bottom dropped out in 2007-2008, this very, very conservative portfolio … dropped 11 percent in value. Our retirement system lost 35 percent, and most state and public funds across the United States lost in excess of 30 percent in value. That doesn’t mean that we’re geniuses, it means the type of portfolio that we built has been stretched … I prefer a diversified portfolio.”
Meyer said while there’s caution, there’s also alertness to the market.
“We’ve got some flexibility in there to see what’s really happening in the real world,” Meyer said. “That’s when Mike [Walden-Newman] and R.V. Kuhns [the state’s private investment management firm] get their heads together, and they call the managers, and they say, ‘What do you think is going on?’ It’s a very interactive, very alive process. You know we’re damn fortunate to have money …”
“We’re very conscious in the treasurer’s office that the primary investment portfolio is the protection of the corpus of the funds,” Walden-Newman said. “And secondly, to provide liquidity to meet the state’s needs. And then after those is to provide the highest possible rate of return within the risk parameters … And the risk parameters are set in the asset allocation, and for us the risk parameters are mostly set by the cap placed on equity exposure of 55 percent of the permanent funds, so that we have less volatility in the stock market, and a more reliable and predictable income in the bond market.”
The investment income isn’t only interest or revenues, but also the value of the asset itself, i.e., capital gains (or losses). Meyer said that while the value of many of the stocks, bonds and other assets went up substantially this year, he cautioned that the values go can go down as quickly as they go up. Because of the volatility, “You’ll see a $450 million shift in market value in just one month,” Meyer said as an example. “September was a miserable month, October was a really hot month, so if you ask how much capital gains we can get, I would never expect $450 million in one month, and capital appreciation, but that’s what happened.”
Meyer said they only count capital gains as income in July at the end of the fiscal year, if they cash in. Capital gains also aren’t counted as income for budgeting purposes in the important Consensus Revenue Estimating Group (CREG) report, which is the main benchmark used in developing the state budget.
“Those capital gains haven’t ever been, and won’t be, profiled in the CREG report, but they’ll come to the state …” Meyer said, noting the current policy of the treasurer’s office.
State budgeters, however, are aware it might be there at the end of the fiscal year ($275 million of the $622 million that was distributed to the agencies this past fiscal year came from capital gains).
“Now that can become a serious sum of money come July,” noted Rep. Steve Harshman, R-Natrona, who’s a member of the legislature’s Joint Appropriations Committee.
Another issue that arose in the meeting concerned what are called “reserve accounts,” which are less restricted than the fixed funds, but designated for the same purpose. For instance, if investments from the Hathaway Scholarship Fund come up short to finance all the qualifying students, the reserve account is there to make up the difference.
The reserve accounts generate investment interest as well, which in recent years has gone directly into the state’s General Fund. The committee, however, voted to introduce bills that would have that interest stay with the reserve account in the case of the Hathaway Fund and the Common School Fund.
While the state apparently isn’t projecting a significant increase in investment income this current fiscal year, the funds are still expected to grow.
“I tell people it took Wyoming 113 years to get its first $5 billion in this portfolio,” Walden-Newman said, commenting that was around 2003. “It took five years to get the next $5 billion, so in 2008 we were at $10 billion. And we’re going to be at $15 billion in this portfolio, based on our projections, about this time next year … and on out.”
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2012年1月2日星期一
John Hancock Hedged Equity & Income Fund Required Notice to Shareholders – Sources of Distribution Under Section 19(a)
BOSTON , Dec. 30, 2011 /PRNewswire/ – John Hancock Hedged Equity & Income Fund (NYSE: HEQ – News) (the “Fund”), a closed-end fund managed by John Hancock Advisers, LLC (the “Adviser”), and subadvised by Wellington Management Company, LLP (the “Subadviser”), announced today sources of its quarterly distribution of $0.3079 per share payable today to all shareholders of record as of December 12, 2011 . This press release is issued as required by the exemptive order received from the U.S. Securities and Exchange Commission.
This notice provides shareholders of the Fund with important information concerning the distribution declared in December 2011 and payable on December 30, 2011 . No action is required on your part.
The following table sets forth the estimated sources of the current distribution, payable December 30, 2011 , and the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared this distribution pursuant to the Fund’s managed distribution plan (the “Plan”). Under the Plan, the Fund makes quarterly distributions of an amount equal to 1.8125% of the Fund’s NAV as of each measuring date, based upon an annual rate of 7.25% as of such measuring dates. The amount of each quarterly distribution is determined based on the NAV of the Fund at the close of the New York Stock Exchange on the last business day of the month ending two months prior to each quarterly declaration date.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Funds Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time .
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.
Wellington Management Company, LLP is an independent and unaffiliated investment sub-adviser to John Hancock Funds.
About John Hancock Funds
The Boston -based mutual fund business unit of John Hancock Financial, John Hancock Funds, manages more than $62.3 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at September 30, 2011 .
About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia , and primarily as John Hancock in the United States , Manulife Financial Corporation offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$492 billion ( US$473 billion ) at September 30, 2011 .
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ’945′ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States . John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at http://www.johnhancock.com/.
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This notice provides shareholders of the Fund with important information concerning the distribution declared in December 2011 and payable on December 30, 2011 . No action is required on your part.
| Distribution Period: | December 2011 |
| Distribution Amount Per Common Share: | $0.3079 |
| Source | Current Distribution ($) | % Breakdown of the Current Distribution | Total Cumulative Distributions for the Fiscal Year to Date ($)(1) | % Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date | ||||
| Net Investment Income | 0.0308 | 10% | 0.0308 | 10% | ||||
| Net Realized Short Term Capital Gains | 0.0585 | 19% | 0.0585 | 19% | ||||
| Net Realized Long Term Capital Gains | 0.0000 | 0% | 0.0000 | 0% | ||||
| Return of Capital or Other Capital Source | 0.2186 | 71% | 0.2186 | 71% | ||||
| Total per common share | 0.3079 | 100% | 0.3079 | 100% | ||||
| Average annual total return (in relation to NAV) for the period commencing on May 26, 2011 and ending on November 30, 2011 | (7.91%) | |||||||
| Annualized current distribution rate expressed as a percentage of NAV as of November 30, 2011 | 7.16% | |||||||
| Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2011 | 1.18% | |||||||
| Cumulative fiscal year to date distribution rate expressed as a percentage of NAV as of November 30, 2011 | 1.79% | |||||||
| (1) The Fund’s current fiscal year began on November 1, 2011. | ||||||||
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared this distribution pursuant to the Fund’s managed distribution plan (the “Plan”). Under the Plan, the Fund makes quarterly distributions of an amount equal to 1.8125% of the Fund’s NAV as of each measuring date, based upon an annual rate of 7.25% as of such measuring dates. The amount of each quarterly distribution is determined based on the NAV of the Fund at the close of the New York Stock Exchange on the last business day of the month ending two months prior to each quarterly declaration date.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Funds Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time .
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.
Wellington Management Company, LLP is an independent and unaffiliated investment sub-adviser to John Hancock Funds.
About John Hancock Funds
The Boston -based mutual fund business unit of John Hancock Financial, John Hancock Funds, manages more than $62.3 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at September 30, 2011 .
About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia , and primarily as John Hancock in the United States , Manulife Financial Corporation offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$492 billion ( US$473 billion ) at September 30, 2011 .
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ’945′ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States . John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at http://www.johnhancock.com/.
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Questions and Answers: Form I-924A
Background
8 CFR 204.6(m)(6) provides that regional centers must continue to meet the requirements of Section 610(a) of the Appropriations Act by continuing to promote economic growth, improved regional productivity, job creation or increased domestic capital investment in the approved geographic area.
Form I-924A, Supplement to Form I-924 (“I-924A”) is used to demonstrate a regional center’s continued eligibility for the regional center designation and must be filed with USCIS on an annual basis for each fiscal year (October 1 through September 30) within 90 days after the end of the fiscal year (on or before December 29th).
Form I-924A may be obtained on the USCIS website.
Below you will find questions and answers regarding the regional center Form I-924A filing and reporting requirements.
Part I. Questions and Answers
Q. Form I-924A asks in Part 1 for the provision of the USCIS-assigned number for the designated regional center. My regional center has had several case numbers assigned to its regional center filings. Which USCIS-assigned number should I provide?
A. USCIS assigned a unique identifier to every approved or prospective regional center in August of 2011. Unlike a receipt number which changes with every filing, this unique identifier is permanently assigned to each approved regional center, and will be associated with all Form I-924 applications that are filed by the regional center. The regional center unique identifier’s naming convention is as follows:
IDxxxxxxxxxx
Please provide the regional center’s unique identifier (if known) and a copy of the regional center’s most recently issued approval notice.
Q. Form I-924A asks in Part 2 for the regional center to check box a. or b. Part 2.a. appears to be the box to check for a filing for a specific fiscal year. Part 2.b. appears to be the box to check for a filing for a range of fiscal years. Under what circumstances is Part 2.b. to be used?
A. 8 CFR 204.6(m)(6) requires regional centers to provide information demonstrating continued eligibility for the regional center designation on an annual basis, on a cumulative basis, and/or as otherwise requested by USCIS. In some instances USCIS may request that a regional center submit information covering a succession of fiscal years on Form I-924A. Part 2.b. should be checked by the regional center in those instances to specifically identify the period of time covered by the Form I-924A information submission.
Q. In Part 3, does “capital investment” refer only to the investments made by EB-5 capital investors, or should it include other financing that is part of the EB-5 capital investment project?
A. “Capital investment” in Part 3 of Form I-924A refers solely to investments made by EB-5 investors. A regional center has the option to supplement the required information in Form I-924A, such as other financing that is part of an EB-5 capital investment project.
Q. At what point is capital considered “invested” for purposes of inclusion in Part 3 of Form I-924A; Form I-526 filing, I-526 approval, release from escrow (if any), or expenditure in a project?
A. Capital investment occurs when the EB-5 investor’s capital is actually transferred into the new commercial enterprise. Funds held in escrow should not be counted as capital invested for the purposes of completing Form I-924A, Part 3, as these funds have yet to be actually transferred into the new commercial enterprise.
Q. At what point are jobs considered to be created for purposes of inclusion in Part 3 of Form I-924A; I-526 approval – the time of the expenditure of the capital in the capital investment project or the accomplishment of other milestones in the business plan for the project?
A. In reporting statistics, USCIS estimates job creation (10 jobs per investor) based upon the number of Form I-829 petitions that were approved within the period of time under study. Regional centers may opt to adopt this timing approach to simplify the record keeping and data analysis required to be responsive to Part 3 of Form I-924A.
If a regional center chooses to adopt a job creation reporting methodology using economic impact modeling for the job-creating business activities that occurred within its capital investment projects during the fiscal year, then a detailed narrative and analysis should be provided with the Form I-924A that identifies the jobs that were created during the fiscal year and the methodology used to estimate the job creation. Further, regional centers should consistently use the same methodology from year-to-year to avoid erroneous or duplicative job creation estimates.
Q. Should capital investment and job creation numbers be reported strictly within the fiscal year in which they were respectively accomplished?
A. Yes, the amount of capital invested and jobs created through the regional center’s capital investment projects should be reported strictly within the fiscal year in which they were respectively accomplished. For Form I-924A filings for fiscal year 2011, the capital investment and job creation in Part 3 should only include events that occurred between October 1, 2010 and September 30, 2011.
Q. Where should a regional center account for jobs that were maintained in a “troubled business” during the fiscal year?
A. The number of jobs that were maintained in a “troubled business” should be identified in the section entitled “Aggregate Jobs Maintained” in Part 3.2 of the Form I-924A.
Q. What level of detail must a regional center use to identify the NAICS code for the Industry Category in Part 3.2 of Form I-924A?
A. The purpose of collecting North American Industry Classification System (“NAICS code”) information regarding the industries in which EB-5 capital is invested and jobs are created is to enable USCIS to provide information to internal and external stakeholders about the industries that are participating in EB-5 capital investment projects.
According to the U.S. Census Bureau’s FAQs regarding the NAICS codes , NAICS is a two- through six-digit hierarchical classification system, offering five levels of detail. Each digit in the code is part of a series of progressively narrower categories, and the more digits in the code signify greater classification detail. The first two digits designate the economic sector, the third digit designates the subsector, the fourth digit designates the industry group, the fifth digit designates the NAICS industry, and the sixth digit designates the national industry.
The NAICS code identified in Part 3.2 of Form I-924A should have sufficient detail to identify the industry for the primary business activity of the capital investment project. In general a NAICS code with four-digits, which identifies the industry group of a given economic activity would be an appropriate entry. For example, if the capital investment project involved Fruit and Nut then the appropriate NAICS code to use would be 1113.
Q. If a regional center creates jobs in numerous industry categories, should the regional center identify multiple industry categories, or indicate only the largest industry category in Part 3.3 of Form I-924A?
A. All of the industry category titles relating to the primary business activities conducted by the commercial enterprise should be identified in the event that the commercial enterprise engages in investments in multiple capital investment projects that span industries. Form I-924A indicates on page 2 of the form that if extra space is needed to complete any item, that the regional center should attach a continuation sheet, indicate the item number, and provide the response.
Last updated:12/06/2011
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8 CFR 204.6(m)(6) provides that regional centers must continue to meet the requirements of Section 610(a) of the Appropriations Act by continuing to promote economic growth, improved regional productivity, job creation or increased domestic capital investment in the approved geographic area.
Form I-924A, Supplement to Form I-924 (“I-924A”) is used to demonstrate a regional center’s continued eligibility for the regional center designation and must be filed with USCIS on an annual basis for each fiscal year (October 1 through September 30) within 90 days after the end of the fiscal year (on or before December 29th).
Form I-924A may be obtained on the USCIS website.
Below you will find questions and answers regarding the regional center Form I-924A filing and reporting requirements.
Part I. Questions and Answers
Q. Form I-924A asks in Part 1 for the provision of the USCIS-assigned number for the designated regional center. My regional center has had several case numbers assigned to its regional center filings. Which USCIS-assigned number should I provide?
A. USCIS assigned a unique identifier to every approved or prospective regional center in August of 2011. Unlike a receipt number which changes with every filing, this unique identifier is permanently assigned to each approved regional center, and will be associated with all Form I-924 applications that are filed by the regional center. The regional center unique identifier’s naming convention is as follows:
IDxxxxxxxxxx
Please provide the regional center’s unique identifier (if known) and a copy of the regional center’s most recently issued approval notice.
Q. Form I-924A asks in Part 2 for the regional center to check box a. or b. Part 2.a. appears to be the box to check for a filing for a specific fiscal year. Part 2.b. appears to be the box to check for a filing for a range of fiscal years. Under what circumstances is Part 2.b. to be used?
A. 8 CFR 204.6(m)(6) requires regional centers to provide information demonstrating continued eligibility for the regional center designation on an annual basis, on a cumulative basis, and/or as otherwise requested by USCIS. In some instances USCIS may request that a regional center submit information covering a succession of fiscal years on Form I-924A. Part 2.b. should be checked by the regional center in those instances to specifically identify the period of time covered by the Form I-924A information submission.
Q. In Part 3, does “capital investment” refer only to the investments made by EB-5 capital investors, or should it include other financing that is part of the EB-5 capital investment project?
A. “Capital investment” in Part 3 of Form I-924A refers solely to investments made by EB-5 investors. A regional center has the option to supplement the required information in Form I-924A, such as other financing that is part of an EB-5 capital investment project.
Q. At what point is capital considered “invested” for purposes of inclusion in Part 3 of Form I-924A; Form I-526 filing, I-526 approval, release from escrow (if any), or expenditure in a project?
A. Capital investment occurs when the EB-5 investor’s capital is actually transferred into the new commercial enterprise. Funds held in escrow should not be counted as capital invested for the purposes of completing Form I-924A, Part 3, as these funds have yet to be actually transferred into the new commercial enterprise.
Q. At what point are jobs considered to be created for purposes of inclusion in Part 3 of Form I-924A; I-526 approval – the time of the expenditure of the capital in the capital investment project or the accomplishment of other milestones in the business plan for the project?
A. In reporting statistics, USCIS estimates job creation (10 jobs per investor) based upon the number of Form I-829 petitions that were approved within the period of time under study. Regional centers may opt to adopt this timing approach to simplify the record keeping and data analysis required to be responsive to Part 3 of Form I-924A.
If a regional center chooses to adopt a job creation reporting methodology using economic impact modeling for the job-creating business activities that occurred within its capital investment projects during the fiscal year, then a detailed narrative and analysis should be provided with the Form I-924A that identifies the jobs that were created during the fiscal year and the methodology used to estimate the job creation. Further, regional centers should consistently use the same methodology from year-to-year to avoid erroneous or duplicative job creation estimates.
Q. Should capital investment and job creation numbers be reported strictly within the fiscal year in which they were respectively accomplished?
A. Yes, the amount of capital invested and jobs created through the regional center’s capital investment projects should be reported strictly within the fiscal year in which they were respectively accomplished. For Form I-924A filings for fiscal year 2011, the capital investment and job creation in Part 3 should only include events that occurred between October 1, 2010 and September 30, 2011.
Q. Where should a regional center account for jobs that were maintained in a “troubled business” during the fiscal year?
A. The number of jobs that were maintained in a “troubled business” should be identified in the section entitled “Aggregate Jobs Maintained” in Part 3.2 of the Form I-924A.
Q. What level of detail must a regional center use to identify the NAICS code for the Industry Category in Part 3.2 of Form I-924A?
A. The purpose of collecting North American Industry Classification System (“NAICS code”) information regarding the industries in which EB-5 capital is invested and jobs are created is to enable USCIS to provide information to internal and external stakeholders about the industries that are participating in EB-5 capital investment projects.
According to the U.S. Census Bureau’s FAQs regarding the NAICS codes , NAICS is a two- through six-digit hierarchical classification system, offering five levels of detail. Each digit in the code is part of a series of progressively narrower categories, and the more digits in the code signify greater classification detail. The first two digits designate the economic sector, the third digit designates the subsector, the fourth digit designates the industry group, the fifth digit designates the NAICS industry, and the sixth digit designates the national industry.
The NAICS code identified in Part 3.2 of Form I-924A should have sufficient detail to identify the industry for the primary business activity of the capital investment project. In general a NAICS code with four-digits, which identifies the industry group of a given economic activity would be an appropriate entry. For example, if the capital investment project involved Fruit and Nut then the appropriate NAICS code to use would be 1113.
Q. If a regional center creates jobs in numerous industry categories, should the regional center identify multiple industry categories, or indicate only the largest industry category in Part 3.3 of Form I-924A?
A. All of the industry category titles relating to the primary business activities conducted by the commercial enterprise should be identified in the event that the commercial enterprise engages in investments in multiple capital investment projects that span industries. Form I-924A indicates on page 2 of the form that if extra space is needed to complete any item, that the regional center should attach a continuation sheet, indicate the item number, and provide the response.
Last updated:12/06/2011
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