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Virginia Small Business Financing Authority: Transfer of Moneys Between Funds, December 30, 2020

Summary

A letter dated December 30, 2020 on Virginia Small Business Financing Authority letterhead to Janet D. Howell, Chairman of the Senate Finance and Appropriations Committee, and Luke E. Torian, Chairman of the House Appropriations Committee. It states that it fulfills a requirement that the Executive Director of the Authority report, by fund, any transfers of moneys between the funds the Authority manages. The letter states that in Fiscal Year 2020 VSBFA made no transfers to or from the Insurance or Guarantee Fund, the Virginia Small Business Growth Fund or the Virginia Export Fund. It copies Tracey G. Wiley, Director of the Department of Small Business and Supplier Diversity, and John Hopper, Board Chairman.

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“Virginia Small Business Financing Authority: Transfer of Moneys Between Funds, December 30, 2020.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-rd710-b811e699ae/, SHA-256 5063d875460b70495847dfe00ee1fb2789e5972121c090e11a1f94b238ffd1a9.

Full text

VSBFA                                                                                                      P.O. Box 446
                                                                                             Richmond, VA 23218-0446
                                                                                        804-371-8254 / f 804-225-3384
Virginia Small Business
 Financing Authority                                                                                   sbsd.virginia.gov


December 30, 2020

The Honorable Janet D. Howell
Chairman, Senate Finance and Appropriations Committee
900 East Main Street
Room E509, Pocahontas Building
Richmond, Virginia 23219

The Honorable Luke E. Torian
Chairman, House Appropriations Committee
900 East Main Street
Room WI304, Pocahontas Building
Richmond, Virginia 23219

Dear Chairman Howell and Chainnan Torian:

Pursuant to Appropriation Act - Item 120 E.2. Special Session I, 2019, the Executive Director of the Virginia Small
Business Financing Authority (VSBF A) " ... with the approval of the Director of the Department of Small Business and
Supplier Diversity may transfer moneys between funds managed by the Authority. These include the Virginia Small
Business Growth Fund (§2.2-2310, Code of Virginia); the Virginia Export Fund(§ 2.2-2309, Code of Virginia); and the
Insurance or Guarantee Fund (§2.2-2290, Code of Virginia). The Executive Director of the Virginia Small Business
Financing Authority shall report, by fund, the transfers made by January 1'' of each year to the Chairmen of the Senate
Finance and House Appropriations Committees." The correspondence is in fulfillment of that requirement.

In Fiscal Year 2020, the Virginia Small Business Financing Authority (VSBFA) made no transfers to or from the Insurance
or Guarantee Fund. In Fiscal Year 2020, VSBFA made no transfers to or from the Virginia Small Business Gro\\th Fund
This fi.md was closed in Fiscal Year 2018 as all funds had been expended.

In Fiscal Year 2020, VSBFA also made no transfers to or from the Virginia Export Fund (§ 2.2-2309, Code of Virginia).
The Code reference to the Virginia Export Fund is inactive given that the program was discontinued in 2002 at which time
all general fi.mds were v.ithdrawn and returned to the state treasury.

You may also note that our report for Fiscal Year 2020 does not include certain activity listed on the Authority's reports
prior to Fiscal Year 2017. After consultation with our representative from the Office of the Attorney General, it was
determined that the foregoing items arc 111c only items which specifically fall within the scope of the referenced section of
the Appropriation Act.

         Please feel free to contact me should have any questions.




Cc:      Ms. Tracey G. Wiley, Director, Department of Small Business and Supplier Diversity
         Mr. John Hopper, Board Chairman, Virginia Small Business Financing Authority

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