Appendix c

Key Definitions

Award Programs
Direct Financial Assistance Programs:	Tax Credit Programs:
BRN.............. Brownfield Redevelopment Program CEBA............ Community Economic Betterment Account EDSA............ Economic Development Set-Aside EVA.............. Entrepreneurial Ventures Assistance Program LCGF............ Loan and Credit Guarantee Fund PIAP............ Physical Infrastructure Assistance Program VAAPFAP.... Value-Added Agricultural Products & Processes Financial Assistance Program IVF(FES) ..Iowa Values Fund (2003 program, federal funds) Until June 16, 2004, IVF(FES) was both a program that provided direct financial assistance awards for projects and a funding source used to fund other IDED programs (CEBA, VAAPFAP, PIAP, EVA).	NCIP................ New Capital Investment Program NJIP................ New Jobs and Income Program EZ................. ..Enterprise Zone Program HQJC............ ..High Quality Job Creation Program

Program Funding Sources
“IVF(FES)” refers to the 1st Grow Iowa Values Fund established in 2003. It was funded with Federal Economic Stimulus (FES) monies. Direct awards were made from this source in 2003 and 2004. The Grow Iowa Values Board, the state board that governed these funds until June 16, 2004, also allocated a portion of the fund to some of the Department’s direct financial assistance programs (CEBA, VAAPFAP, PIAP, EVA).	“IVF(2005)” refers to the 2nd Grow Iowa Values Fund established in 2005. It is funded with a $50M appropriation from the general fund. The 2nd version of the Grow Iowa Values fund is a funding source for programs administered by the Department. This fund is not a separate program like IVF(FES). This fund does not provide direct awards for a project. It provides funds to existing IDED programs (CEBA, VAAPFAP, PIAP, EVA). Awards to businesses are then made through these programs.
“Old money” refers to direct financial programs that received funding through annual appropriations from the State legislature.	“EDSA” means the federal Economic Development Set-Aside (EDSA) Program. EDSA is a component of the federal Community Development Block Grant Program.

Guide to
Project Status Categories (8)

Project Status

Projects in Contract Negotiations
This status category means that an award has been made, but no contract has been signed. This designation means that the Department and the business had not completed contract negotiations as of June 30, 2007.

Projects Too New to Report ( April, May, June 2007 awards)
Awards made during the last 3 months of Fiscal Year 2007 are not required to submit an annual project status report because they are too new to have activity to report.

Projects Under Contract – In Performance
Projects assigned to this status category have signed contracts with the Department for the funded Project. It means that one or more of the Funding Agreements associated with the Project is active and the Project Completion Date(s) are later than June 30, 2007. A Project’s Master Contract remains in this category as long as there are open Funding Agreements.

Projects Under Contract – In Maintenance
Projects in this status category have one or more Funding Agreements that have reached their Project Completion Date(s). Because some programs require that the jobs are maintained for a period of time beyond the Project Completion Date, the contract remains in effect until the End of the Maintenance Period.

Closed Contracts (Completed)
Projects in this status category have reached their Project Completion Dates for all the Funding Agreements and, if required, maintained the jobs through the End of Maintenance Period.

Projects Declined or Rescinded
Not all awards result in final contracts. Sometimes awards are voluntarily declined by the business, sometimes the Department or the Board rescinds an award and in some situations, contracts have been signed and the parties mutually agree to terminate the contract. Projects that fall into one of these are listed under this status category.

Projects in Default
The Department has determined that the project performance does not meet the contractual obligations and the Department issued a written Notice of Default as of 6/30/07. The Notice allows a period of time, as stated in the contract, to correct the default. If not corrected, collection activities are initiated.

Projects in Collections
The Department has determined that the project performance does not meet the contractual obligations and the Department has initiated collection activities to recapture state funding.

Abbreviations and Other Definitions

C = Created Job. A“Created job” means new permanent full–time equivalent (FTE) positions added to a business’s payroll, over and above the business’s base employment at the time of application for assistance.

R = Retained Job. A “Retained job” means existing full–time equivalent permanent positions, at the time of application, kept in continuous employment by the business that are at risk of being eliminated if the project does not proceed as planned.

QW = Qualifying Wage. For each financial assistance and tax credit program administered by the Department, there are minimum wage threshold requirements that must be met in order for the project to be considered to receive an award. The Qualifying Wage threshold varies from program to program and according to funding source. See Appendix G for details about programs and their corresponding Qualifying Wage threshold requirements.

O = Other Job. Other Jobs are those jobs created or retained by the business that do not qualify for funding and do not meet Qualifying Wage threshold requirements, but will not be created or retained if the project does not move forward. An Other Job can be either an Other Created Job or and Other Retained Job.

OC = Other Created Job. An “Other Created Job” means a job that the business creates which does not meet the Qualifying Wage threshold requirements, but will not be created if the project does not move forward.

OR = Other Retained Job. An “Other Retained Job” means a job existing at the time of application which does not meet the Qualifying Wage threshold requirements.

TJ = Total Jobs. Total Jobs include Created, Retained, Other Created and Other Retained.

Business’s base employment. “Business’s base employment” means the number of jobs that the business and the Department have established as the job base for a project. The number of jobs the business has pledged to create and retain shall be in addition to the business’s employment base.

L = Loan. “Loan” means an award of assistance with the requirement that the award be repaid with term, interest rate, and other conditions specified as part of the award. A “deferred loan” is one for which the payment for principal, interest, or both, is not required for some specified period. "Float Loan" means a short-term loan (maximum of 30 months) from obligated, but unexpended CEBA funds.

FL = Forgivable Loan. A “forgivable loan” is one for which repayment is eliminated in part or entirely if the borrower satisfies specified conditions.

Grant. A “Grant” means an award of assistance with the expectation that, with the fulfillment of the conditions of the award, repayment of funds is not required.

FTE = Full-time equivalent. “Full–time equivalent job” or “full–time” means the employment of one person:
1. For 8 hours per day for a 5–day, 40–hour workweek for 52 weeks per year, including paid holidays, vacations and other paid leave; or
2. The number of hours or days per week, including paid holidays, vacations and other paid leave, currently established by schedule, custom, or otherwise, as constituting a week of full–time work for the kind of service an individual performs for an employing unit.

AW = Average Wage. the average hourly wage of the Created and Retained Jobs (this calculation does not include Other Jobs).

HEADINGS
Project Description	This is a short description of the funded Project.
Project Location	The city where the Project activity is occurring.
Project County	The county in which the Project is located.
Program	The acronym of the program(s) that is(are) providing assistance to the Project.
Lead Funding Source	If more than one funding source is involved with the Project, the reported numbers are for the Lead Funding Source. The Lead Funding Source is the funding source (tax credit or direct) with the highest Qualifying Wage Threshold.
Tax Credit Assistance	When a business receives a “tax credit award” it means that the business is authorized to claim certain specific tax credit benefits (e.g., sales and use tax refund, investment tax credit, research activities credit). The credits offset income tax liability and a refund returns taxes paid that are associated with a funded Project. The acronym for the program(s) providing assistance to the Project is listed in this section.
Direct Funding Sources	When a business receives a “direct financial assistance” it means that the award is in the form of a loan, forgivable loan, grant or royalty agreement. The acronym for the program(s) providing assistance to the Project is listed in this section.
Estimated Amount	This number is the estimated amount of the tax credit assistance that is awarded.
Award Date	This is the date the Iowa Economic Development and/or the Director of the Department of Economic Development approved an award to the business for the Project.
Amount Released to Project	This is the amount disbursed to the business under this funding agreement as of 6/30/07.
Project Completion Date	The date by which all project activities (i.e. jobs created/retained, wages, benefits, etc.) shall be satisfactorily completed. Each Funding Agreement has a Project Completion Date and some may have a Project Maintenance Date.
Project Maintenance Date	Begins after the Project Completion Date and is the date through which the project must maintain the created/retained/other jobs. Each Funding Agreement has a Project Completion Date and some may have a Project Maintenance Date.
Status	Each funding agreement has a status. One of the 8 status categories listed above is listed here to identify the status of the funding agreement.
Awarded Job Projections	These are the job numbers and average hourly wage that, at the time of award, is anticipated to be in place by the Project Completion Date.
Lead Contract Job Obligations (program name)	These are the job creation and retention obligations of the lead funding source that the business in contractually obligated to meet by the Project Completion Date and, if applicable, through the Project Maintenance Date.
Job Performance (6/30/07)	This section is the progress report as of 6/30/07 for the Project. It is based on information submitted by the business as part of its annual project status report. Payroll records are required to be included with the annual project status report to verity the numbers reported by the business.
Above Contract Obligations ("Extra Jobs")	These are the number of jobs, the “extra jobs,” in excess of the jobs needed to meet contractual obligations.
Total Project Cost ( Contract)	The total expenditures from all funding sources involved with the Project as stated in the contract between IDED and the business.
Capital Investment	For purposes of the Contract, capital investment” includes purchase price of land and buildings, site preparation, improvements to real property, building construction, and depreciable assets (including computers).
Local Government Amount Spent to Date	This is the total amount spent from this source on the Project as 6/30/07.
IDED Amount Spent to Date	Total amount of disbursements to the business under all funding sources for the award as of 6/30/07.
Private Amount Spent to Date	This is the total amount spent from this source on the Project as of 6/30/07.
Total Amount Spent to Date	This is the total amount spent on the Project as 6/30/07, as reported by the business.
Total Amount Spent on Research and Development Activities in the Last Year	This is the total amount spent on this activity, as reported by the business.
Job Performance (Final)	When a project reaches its Project Completion Date actual, final contract performance numbers are available. This section reports on the final job and wage numbers at the time of Project Completion.
Jobs Maintained	Some programs have a job maintenance requirement. This section reports on the number of jobs that have been maintained since the Project Completion Date.
Amount Owed	For projects that did not meet contract obligations, repayment is required. Details about the amount owed, the amount received and the amount outstanding is listed in this section.
Negotiated Settlement	This is the amount that is owed by the business as a result of negotiations with IDED and the Board. The negotiated settlement may also include repayment over a period of time.
Amount Received to Date	This figure is the amount that IDED received as of 6/30/07.
Amount Outstanding	This figure is the amount that IDED has not yet received as of 6/30/07.
Projected Numbers	These are the job, wage and project expenditure numbers released each month at the time of award. By the Project Completion Date, it is projected that the business will create/retain the listed number of jobs with the average wage specified and expend funds for the Project in the dollar amount shown.
Contacted Numbers	These are the required job, wage and expenditure obligations that are in the contract between the Department and the business for the Project.
Reported Numbers	These are the job, wage and Project expenditure numbers as of June 30, 2007, as reported by the business.