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Virginia Small Business Financing Authority (VSBFA): Transfer Moneys Between Funds (December 30, 2021)

Summary

A letter dated December 30, 2021 from Howard F. Pisons, Executive Director of the Virginia Small Business Financing Authority (VSBFA), addressed 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 is sent pursuant to the Appropriation Act and reports transfers between funds managed by the Authority. The letter states that in Fiscal Year 2021 VSBFA made no transfers to or from the Insurance or Guarantee Fund, the Virginia Small Business Growth Fund or the Virginia Export Fund. It states that the Growth Fund was closed in Fiscal Year 2018 and that the Export Fund program was discontinued in 2002.

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“Virginia Small Business Financing Authority (VSBFA): Transfer Moneys Between Funds (December 30, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-rd2-16caf3e446/, SHA-256 ecfa2caa10fb660bc46aecce8ae51e35599f9aca4616d48fd6b9e06c10222b7f.

Full text

                                                                                                              P.O. Box 446
                                                                                                 Richmond, VA 23218-0446
                                                                                            804-371-8254 / f 804-225-3384
                                                                                                           sbsd.virginia.gov



December 30, 2021

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 W1304, Pocahontas Building
Richmond, Virginia 23219

Dear Chairman Howell and Chairman Torian:

Pursuant to Appropriation Act - Item 128 E.2. Regular Session, 2020, the Executive Director of the Virginia Small
Business Financing Authority (VSBFA) " ... 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 1st of each year to the Chairmen of the Senate
Finance and House Appropriations Committees." This correspondence is in fulfillment of that requirement.

In Fiscal Year 2021, the Virginia Small Business Financing Authority (VSBFA) made no transfers to or from the
Insurance or Guarantee Fund. In Fiscal Year 2021, VSBFA made no transfers to or from the Virginia Small Business
Growth Fund. This fund was closed in Fiscal Year 2018 as all funds had been expended.

In Fiscal Year 2021, 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 funds were withdrawn and returned to the state treasury.

You may also note that our report for Fiscal Year 2021 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 are the 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.

                                           Respectfully,



                                           Howard F. Pisons
                                           Executive Director

Cc:   Mr. Matthew James, Director, Department of Small Business and Supplier Diversity
      Mr. Corey Holeman, Board Chairman, Virginia Small Business Financing Authority

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