Attach 2 SAMPLE-ExamReport.docx

DOCX document 81 KB Posted Aug 12, 2022

Attached to: SBA OII Examinations and Related Services Federal contract opportunity
Solicitation number: 73351022R0019
Issued by: Small Business Administration

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[NOTE: THIS SAMPLE REPORT IS FOR ILLUSTRATION PURPOSES ONLY AND IS, THEREFORE IN BRIEF FORM. ACTUAL EXAMINATION REPORTS MAY BE CONSIDERABLY MORE COMPLEX, AND WILL BE REFLECTIVE OF THE ACTUAL ISSUES RAISED DURING THE EXAMINATION] U.S. Small Business Administration Office of Investment and Innovation Office of SBIC Examinations

Report of Examination ABCD Financial, LP Richmond, Virginia (License: 0X/0X-XXXX) June 30, 201X

.The findings included in this report are the conclusions of the Office of SBIC Examinations and are subject to review by management officials in the Office of Investment and Innovation. The findings should not be considered violations of the Small Business Investment Act of 1958 or the regulatory requirements of 13 CFR Part 107 until such time as the Office of SBIC Operations makes a determination. This report may contain proprietary information subject to the provisions of 18 USC 1905. Do not release to the public or another agency without permission of the Office of SBIC Examinations

Table of Contents Page

Summary	1
Introduction	2
Background	2
Objectives and Scope	2
Status of Prior Findings	3
Findings	4
Inactivity (Unresolved and Repeat issue)	4
Exhibit 1: Unaudited Comparative Balance Sheet	5
Exhibit 2: Schedule of Officers, Directors and Partners	6

Summary We conducted an examination of ABCD Financial, LP, a Small Business Investment Company (SBIC). The purpose of our examination was to determine whether the Licensee complied with the laws, rules and regulations, and established policies governing the SBIC program. Our examination covered financings made by the Licensee, as well as specific administrative and internal controls.

Our examination disclosed that the Licensee was inactive for this examination period. We reported this issue in our prior examination report, and the finding remains unresolved.

We addressed this issue and the results of our examination with the Licensee during the course of the examination. The Licensee’s response is included in our report where appropriate.

Introduction Background ABCD Financial, LP (Licensee) was formed as a limited partnership under the laws of the State of Delaware on December 25, 200X. The SBIC license application was approved by SBA on October 1, 200X.

The Licensee is located at 1000 East Park Street, Suite 100, Richmond, Virginia. The Licensee is managed by ABCD Financial, LLC (“Investment Advisor/Manager”) which also manages ABCD Financial Parent, LP (“Parent Fund”). All management fees are paid by the Parent Fund.

An unaudited comparative balance sheet for March 31, 201X and September 30, 201X is included in this report as Exhibit 1. A schedule of the Licensee’s ownership is included in this report as Exhibit 2.

As of March 31, 201X, the Licensee had partners paid in capital of $5,000,000, undistributed net realized earnings of ($100,000), and had no outstanding SBA leverage or leverage commitments.

Objectives and Scope The purpose of our examination was to determine whether the Licensee complied with the laws, rules and regulations, and established policies governing the SBIC program. Although we reviewed selected general ledger accounts, we did not perform a financial audit and, therefore, do not have an opinion on the Licensee’s financial statements.

ABCD Financial, LP was examined for the 18-month period ending March 31, 201X. During this period, the Licensee made no new financings. We completed the on-site phase of our review on June 16, 201X.

Our examination included reviews of cash on deposit, wire transfers, supporting documentation for disbursements, and other financial records.

We reviewed the Licensee’s valuation procedures and reports as of December 31, 201X.

Status of Prior Findings

The prior examination, which covered the 18-month period ending September 30, 201X, disclosed that the licensee was inactive per the SBIC regulations. This finding remains unresolved, and is reported as a repeat issue in this report.

Findings Inactivity (Unresolved and Repeat issue) Section 107.590 and 107.50

The licensee was previously inactive pursuant to SBA regulations, for fiscal years 201X, 201X, and 201X.

Section 107.590(a) of the regulations states, in part, that the Licensee must maintain active operations. To be considered active: (1) the Licensee must make financings totaling at least 20 percent of its regulatory capital, during the 18-month period preceding its most recent fiscal year end; or (2) the Licensee’s idle funds cannot exceed 20 percent of its assets (at cost) at its most recent fiscal year end.

Section 107.50 of the regulations defines a financing as financial assistance provided to a small business by a Licensee, whether through: (1) loans; (2) debt securities; (3) equity securities; (4) guarantees; (5) purchases of securities of a small business through or from an underwriter.

Review of the licensee’s annual SBA Form 468 as of December 31, 201X disclosed that the Licensee made no financings and met neither test under Section 107.590(a). Thus, the Licensee continues to fail the activity requirements of SBA regulations for fiscal year 201X.

Licensee’s Comments In response to this Finding, A. Smith, Managing Partner, provided copies of the Licensee’s most recent written updates to SBA dated June 16, 201X and December 18, 201X. The updates indicate that the Licensee still has not made any new financings, although it noted that it had reviewed a number of potential investments.

Analysis of Licensee’s Comments

Notwithstanding reported ongoing efforts to become active, the Licensee continues to fail the activity requirements, and the issue remains unresolved.

Exhibit 1: Unaudited Comparative Balance Sheet ABCD Financial, LP

Note: Prepared from trial balance provided by licensee.

Exhibit 2: Schedule of Officers, Directors and Partners ABCD Financial, LP March 31, 201X image2.emf

Microsoft_Excel_97-2003_Worksheet1.xls Balance Sheet

As of

Assets 3/31/201X 9/30/201X

Loans and Investments

Loans $ $

Debt securities

Equity interests

Receivable from sale of assets acquired

Unrealized appreciation (net of depr.)

Total $ 0 $ 0

Cash $ $

Invested idle funds

Receivables and accrued items

Other assets

Total Assets $ 0 $ 0

Liabilities and Capital

Liabilities

Debentures payable to or guaranteed by SBA $ $

Notes and debentures payable to others

Accounts payable and accrued items

Distributions payable

Due to parent

Other liabilities

Total Liabilities $ 0 $ 0

Capital

Capital stock and paid-in surplus $ $

Partners' contributed capital

Unrealized gain (loss) on securities held

Undistributed net realized earnings (Deficit)

Non-cash gains on sale of securities

Total Capital $ 0 $ 0

Total Liabilities and Capital $ 0 $ 0

Single-Column

As of

Assets DATE

Loans and Investments

Loans $

Debt securities

Equity interests

Receivable from sale of assets acquired

Assets acquired

Operating concerns acquired

Notes and other securities

Unrealized appreciation (net of depr.)

Total $ 0

Cash $

Invested idle funds

Receivables and accrued items

Receivables from parent or other associates

Deferred compensation plan

SBA user fees

Other assets

Total Assets $ 0

Liabilities and Capital

Liabilities

Debentures payable to or guaranteed by SBA $

Notes and debentures payable to others

Accounts payable and accrued items

Distributions payable

Deferred credits

Due to parent or other associations

Deferred credits

Other liabilities

Total Liabilities $ 0

Capital

Capital stock and paid-in surplus $

Partners' contributed capital

SBA preferred limited partner capital

Unrealized gain (loss) on securities held

Undistributed realized earnings

Non-cash gains on sale of securities

Total Capital $ 0

Total Liabilities and Capital $ 0 image3.emf

Microsoft_Excel_97-2003_Worksheet2.xls Corp

Totals 0

Capital Contribution Percent of Ownership

General Partner

Click HERE and type NAME. $ 1 100.0%

Click HERE and type NAME. - 0.0%

Limited Partners

Click HERE and type NAME. - 0.0%

Totals $ 1 100.0%

Capital Contribution Percent of Ownership

General Partner

Click HERE and type NAME. $ 1 100.0%

Click HERE and type NAME. - 0.0%

Limited Partners

Click HERE and type NAME. - 0.0%

Totals $ 1 100.0%

LP-Corp

Capital Contribution Percent of Ownership

General Partner

Click HERE and type NAME. $ 1 100.00%

Limited Partners

Click HERE and type NAME. 0.00%

Totals $ 1 100.00%

Common Stock

Shares Percent

Click HERE and type COMPANY NAME.

Click HERE and type NAME & TITLE. 1 100.00%

Click HERE and type NAME & TITLE. 0.00%

Totals 1 100.00%

LP-2Corp

Capital Contribution Percent of Ownership

General Partner

Click HERE and type NAME. $ 1 100.0%

Limited Partners

Click HERE and type NAME. 0.0%

Totals $ 1 100.0%

Common Stock

Shares Percent

Click HERE and type COMPANY NAME.

Click HERE and type NAME & TITLE. 1 100.0%

Click HERE and type NAME & TITLE. 0.0%

Totals 1 100.0%

Common Stock

Shares Percent

Click HERE and type COMPANY NAME.

Click HERE and type NAME & TITLE. 1 100.0%

Click HERE and type NAME & TITLE. 0.0%

Totals 1 100.0%

LP-Corp-LP

Capital Contribution Percent of Ownership

General Partner

Click HERE and type NAME. $ 1 100.0%

Limited Partners 0.0%

Click HERE and type NAME. 0.0%

Totals $ 1 100.0%

Common Stock

Shares Percent

Click HERE and type COMPANY NAME.

Click HERE and type NAME & TITLE. 1 100.0%

Click HERE and type NAME & TITLE. 0.0%

Totals 1 100.0%

Capital Contribution Percent of Ownership

Click HERE and type COMPANY NAME.

Click HERE and type NAME & TITLE. $ 1 100.0%

Click HERE and type NAME & TITLE. 0.0%

Totals $ 1 100.0%

2LP-Corp

Capital Contribution Percent of Ownership

General Partner

Click HERE and type NAME. $ 1 100.0%

Limited Partners 0.0%

Click HERE and type NAME. 0.0%

Totals $ 1 100.0%

Capital Contribution Percent of Ownership

Click HERE and type COMPANY NAME. $ 1 100.0%

Click HERE and type NAME & TITLE. 0.0%

Totals $ 1 100.0%

Common Stock

Shares Percent

Click HERE and type COMPANY NAME.

Click HERE and type NAME & TITLE. 1 100.0%

Click HERE and type NAME & TITLE. 0.0%

Totals 1 100.0% image1.png

File details come from the government source that posted it. Updated Aug 12, 2022.