81-1231. Nonprofit development organization; annual report; contents; final report; failure to file; civil penalty.

286 words·~1 min read·/ne/chapter-81/81-1231

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Each nonprofit development organization shall submit an annual report to the director to be included as a part of the department's annual status report required under section 81-1201.11 . The report shall certify that the nonprofit development organization meets the requirements of the Rural Workforce Housing Investment Act and shall include a breakdown of program activities.

(2)The annual report shall include, but not necessarily be limited to:

(a)The name and geographical location of the reporting nonprofit development organization;

(b)The number, amount, and type of workforce housing investment funds invested in qualified activities;

(c)The number, geographical location, type, and amount of investments made;

(d)A summary of matching funds and where such matching funds were generated; and

(e)The results of the annual review of all financial records required under subsection

(5)of section 81-1229 .

(3)If a nonprofit development organization ceases administration of a workforce housing investment fund, it shall file a final report with the director in a form and manner required by the director. Before July 1, 2032, any unallocated grant funds shall be returned to the department for credit to the Rural Workforce Housing Investment Fund. On and after July 1, 2032, any unallocated grant funds shall be returned to the department for transfer to the General Fund.

(4)If a nonprofit development organization fails to file a complete annual report by February 15, the director may, in his or her discretion, impose a civil penalty of not more than five thousand dollars for such violation. All money collected by the department pursuant to this subsection shall be remitted to the State Treasurer for distribution in accordance with Article VII, section 5, of the Constitution of Nebraska.