R357-10-10. Reporting

  (1) The initial annual report required by Utah Code Section 63M-1-3510(1) shall include:

  (a) Reporting of Transaction Costs: A qualified community development entity shall report on the transactional costs of all qualified low-income community investments made utilizing this program. The report shall contain the same information and be in the same format as required by the Transactional Level Report under the Federal New Market Tax Credit Program and shall contain the same information and format.

  (2) Any report required by Utah Code Section 63M-1-3510 shall include, if applicable:

  (a) Reinvestment Reporting: If an initial investment is sold or repaid, and the qualified community development entity reinvests an amount equal to the amount of capital returned or recovered by the qualified community development entity from the original investment, the qualified community development entity shall provide sufficient documentation such as bank statements and mapping to show it is in compliance with Utah Code Section 63M-1-3504(1)(c):