Accreditation: Reporting Requirements
SI2003/96 Regulation 13
Accredited Community Development Finance Institutions (CDFIs) must make annual reports to the Department for Business, Energy & Industrial Strategy (BEIS) (CITM2010) from whom annual report forms are available - see Annex C of the Material Concerning the Accreditation of Community Development Finance Institutions at www.beis.gov.uk.
The first such report is due no later than 18 months after the date accreditation was granted.
For accreditations first granted on or after 1 April 2013 the reporting requirements change. The first report is due no later than 18 months after the date the first investment was made into the CDFI.
Subsequent reports are due within three months of each anniversary of the date accreditation was granted, or on some other date based on the CDFI’s reporting cycle and as agreed with the BIS.
For CDFIs accredited on or after 1 April 2013 subsequent reports are due within three months of each anniversary of the date the first investment into the CDFI was made.
Where the CDFI fails to make a report within three months of the date on which becomes due it becomes liable to a fine of £500. If the failure continues and the report is not made within 12 months of the due date the accreditation will be withdrawn. But neither the fine nor the withdrawal of accreditation will be imposed if there is a reasonable excuse for the failure.