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Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Rules and Regulations an independent certified public accountant. An acceptable audit will be performed in accordance with Generally Accepted Government Auditing Standards GAAP and include such tests of the accounting records as the auditor considers necessary in order to express an opinion on the financial condition of the intermediary.
Compilations or reviews do not satisfy the audit requirement.
B It is not intended that audits required by this subpart be separate and apart from audits performed in accordance with State and local laws or for other purposes. To the extent feasible, the audit work should be done in connection with these audits.
Intermediaries covered by 2 CFR part 200, subpart F, as codified in 2 CFR
400.1, should submit audits conducted in accordance with that regulation.
ii Quarterly or semiannual reports due 30 days after the end of the period;
A Reports will be required quarterly during the first year after loan closing and, if all loan funds are not utilized during the first year, quarterly reports will be continued until at least 90
percent of the Agency IRP loan funds have been loaned out to ultimate recipients. Thereafter, reports will be required semiannually. Also, the Agency may require quarterly reports if the intermediary becomes delinquent in repayment of its loan or otherwise fails to fully comply with the provisions of its work plan or loan agreement, or the Agency determines that the intermediarys IRP revolving loan fund is not adequately protected by the current sound worth and paying capacity of the ultimate recipients.
B These reports must contain information only on the IRP revolving loan fund. Information required to be included in these reports as well as detailed reporting instructions will be provided by the Agency through a revolving loan fund user manual available on the USDA Rural Development Intermediary Relending Program website or similar documentation, which may be amended from time to time;
iii Annual proposed budget for the following year that meets the requirements of 4274.360b2; and iv Other reports as the Agency may require from time to time;
5 Before the initial lending of Agency IRP loan funds to an ultimate recipient, to obtain written Agency approval of all forms to be used for relending purposes, including application forms, loan agreements, promissory notes, and security instruments. If the intermediary plans to sell participations in its loans made to
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ultimate recipients, the loan participation agreement and any planned interest rate spread or associated fees must be submitted to the Agency for review and concurrence;
6 To obtain written approval of the Agency before making any significant changes in forms, security policy, or the work plan. The servicing officer may approve changes in forms, security policy, IRP revolving loan fund plan, or work plans at any time upon a written request from the intermediary and determination by the Agency that the change will not jeopardize repayment of the loan or violate any requirement of this subpart or other Agency regulations. The intermediary must comply with the work plan approved by the Agency so long as any portion of the intermediarys IRP loan is outstanding.
7 To secure the indebtedness by pledging the IRP revolving loan fund, including all of its loans derived from the proceeds of the Agency loan award, and pledging its real and personal property and other rights and interests as the Agency may require;
8 In the event the intermediarys financial condition deteriorates or the intermediary takes action detrimental to prudent fund operation or fails to take action required of a prudent lender, to provide additional security, execute any additional documents, and undertake any reasonable acts the Agency may request, to protect the agencys interest or to perfect a security interest in any assets, including physical delivery of assets and specific assignments; and 9 Funds not disbursed to the intermediary by the end of the 36th month of the IRP loan from the Agency will be deobligated and not available for disbursement to the intermediary.
10 For revolved funds, the intermediary is responsible for continuing compliance with the terms and conditions of the loan agreement until the Agency loan is fully satisfied and repaid.
4274.334 4274.339
4274.340
submittal.

Reserved
Application content and
Intermediaries seeking to participate in the IRP program must submit an application in accordance with paragraph a of this section.
Intermediaries applying for a subsequent Agency IRP loan may instead submit a streamlined application in accordance with paragraph b of this section. All intermediaries must submit their applications as provided in paragraph c of this section.
a Intermediary application content.
A complete application will include
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forms as requested in the intermediary application checklist guide available on the USDA Rural Development Intermediary Relending Program website plus information identified in paragraphs a1 through 12 of this section.
1 A work plan/narrative that demonstrates the feasibility of the intermediarys program to meet the objectives of this program. The work plan must include, at a minimum:
i A copy of the intermediarys policy and/or procedural manuals to assure the Agency that its mission and goals align with that of the Agency i.e., economic development, promoting rural America, regional and community development.
ii Document the intermediary staffs ability in administering an IRP
revolving loan fund. This includes but is not limited to providing a complete listing of all personnel responsible for administering this program along with a statement of their qualifications and experience. Their qualifications should detail their experience in loan making, loan monitoring, and loan servicing including liquidations. The personnel may be either members or employees of the intermediarys organization or on an as-needed basis and as allowed by this regulation, contracted personnel.
A Contract personnel may be used to train, develop, or supervise the intermediarys members or employees or to provide interim expertise while the intermediary develops relevant in-house experience. The intermediary may contract for general services, such as clerical, administrative, and accounting services, and loan packaging.
B The intermediary cannot use contract personnel for the primary functions of its lending program, such as credit analysis and loan underwriting. The intermediary is expected to make an independent lending decision for each ultimate recipient loan request.
1 The contract between the intermediary and the person or entity providing such service must be submitted for Agency review.
2 The terms of the contract and its duration must be sufficient to develop in-house expertise and to ensure the Agency loan is adequately serviced throughout its term. The contract must provide for termination at the request of the Agency whether or not for cause.
C If the Agency determines the intermediarys personnel lack the necessary expertise to administer the program, the loan request will not be approved;
iii Demonstrate a need for loan funds. At a minimum, the intermediary must either positively identify a
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