Definition of Economic Development Announced - View It Here NADCO | 25 March 2015 As announced on yesterday’s Winter Board Meeting briefing call to the membership, the NADCO Board of Directors voted, on March 13, to approve a definition of “other local economic development activity.” Please find below the NADCO Board approved definition and process for "other local economic development activity" that is being submitted to the SBA for their consideration:
i. Adopt a definition of “other local economic development activity” as follows:
“Other local economic development activity” as used in 13 CFR §120.825 shall mean CDC activity in its area of operations, either directly or through support of an affiliate, other than SBA 504 lending, which creates the conditions for economic growth and improved quality of life by expanding the capacity of individuals, firms, and communities to maximize the use of their talents and skills to support innovation, jobs creation, and responsibly produce and trade valuable goods and services.
ii. Adopt a policy which provides that Board approval of “other local economic development activity” be required and that such approval be accompanied by a specific Board finding that the activity complies with the definition suggested above; and
iii. Agree that a Board of Director’s characterization that an activity is “other local economic development activity” be conclusive absent manifest error.
Fair Value Accounting Explanation by Ph. D. Economist The Hill, 17 March 2015 In an article titled "The fairness of fair value accounting," Ann B. Schnare, who holds a Ph.D. in economics from Harvard University, compares the current Federal Credit Reform Act accounting rules to the proposed Fair Value Accounting Rules: Full article.