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Tennessee Secretary of State Tre Hargett
Records Management Division
RDA
RDA Management System
RDA Details
RDA
RDA: 3088
Database ID: 1277
Record Series Title: TNINVESTCO
Record Series Abstract: DOCUMENTS INCLUDE INVESTMENT AND DISBURSEMENT INFORMAITON, APPROVAL LETTERS, CONFIDENTIAL CORRESPONDENCE, TAX CREDIT INFORMATION, TNINVESTCO ENTERPRISE DATABASE, CONFIDENTIAL TNINVESTCO APPLICATIONS
Record Series Active: Yes
Cut Off at End of: Other
If Other, Explain: When all securities are sold at end of program.
Total Retention: 5 Years 0 Months
Retention End Action: Permanent
Disposition Notes: When securities are sold, then maintain in agency 5 years and transfer to TN State Library and Archives. Program ends 12/31/2019. Maintaining docs 5 years in agency after the securities are sold allows the dept. to monitor post programmatic activities, perform analysis on the use of the funds, and document long term benefits of the program to the state. After five years the records will be transferred to TN State Library and Archives for permanent retention.
View Signed Form: Form Not Received
Worksheet
Worksheet ID: 1277
Record Location: 312 Rosa L Parks Avenue, TN Tower 26th Floor Nashville, TN
File Arrangement: By category of document
Media Format Generated: Paper
Media Format Stored: Paper: Sheet
Date Range: 2009 to current
Annual Accumulation: .5 cu ft
Current Volume: 1.5 cu ft
Record Value: Administrative, Fiscal, Historic
Audit Requirements: State
Reference Frequency:
Current Year per Month: 300
Past Year: 250
2 - 5 Years: 150
Over 5 Years: 60
Data Update Frequency: Daily
Information Shared Outside of State: No
If Shared, List Agencies:
Essential Record: Yes - Original
Essential Record Stored: 312 Rosa L Parks Avenue, 26th Floor, TN Tower, Nashville, TN 37243
Essential Record Media Type: Paper
Confidential: Yes
Confidential Legal Citation:
Media Recommendation: Current Format
Media Recommendation Other:
Agency Retention: 5 years after all securities are sold
Agency Retention - Years Active: 5 years
Agency Retention - Years Inactive:
Records Center Retention Period: 0
Final Disposition after Retention Expires: Transfer to TSLA
Legal Citation:
Record Sample: No Sample
Legal Documentation: No Legal Documentation
Electronic Records Plan Inventory
System Name:
IT-ABC Number:
Hardware Description:
Software Description:
System Location:
Backup Procedures:
Disaster Recovery:
Data Migration Description:
Metadata Description:
Contact Information
Contact Name: Kathy Diane Jenkins
Job Title: Records Officer
Address 1: 312 Rosa L Parks Avenue
Address 2: 23rd floor, TN Tower
City: Nashville
Zip: TN
Phone: 615/532-1712
Email: kathy.jenkins@tn.gov
Agency: Dept. of Economic and Community Development
Agency Head: Bill Hagerty
Director: Lamont Price
Allotment Code: 33001
Status
Action Requested: New RDA
Comments
  Date Comments
Records Management Division (RMD): 05-15-2013 Do not see a change and satisfied with current retention status.
Tennessee State Libary and Archives: 05-09-2013 RDA 3088 satisfactory as written.
Comptroller Audit Review: 2013-07-17 We have reviewed RDA 3088 from an audit standpoint. We would like it to be clear and change the Cut Off to state that it is "When ALL securities are sold at the end of the Program, then maintain in agency 5 years and destroy."
Agency: 05-29-2013
RMD Director Recomendations: 09-12-2013 Approve with the change to Cut Off: "When all securities are sold at end of program, then maintian in agency 5 years and destroy." Response from Agency on PRC request for more information on "Securities" definition. “Program ends 12/31/2019. Maintaining docs 5 years after the securities are sold allows the dept. to monitor post programmatic activities, perform analysis on the use of the funds, and document long term benefits of the program to the state.” The term securities refers to the portfolio company investments that are sold or liquidated by the TNInvestco entities. The term does not refer to the insurance premium tax credits that funded the program. Please note, the selling (monetization) of the tax credits by the TNInvestco entities to the insurance companies was a one-time event performed at the beginning of the program and is not an ongoing process. However, according to statute (see below), the claiming of the tax credits by the insurance companies began January 1, 2012 and will continue until 2019. The tracking of the tax credits is performed by the department of Commerce & Insurance. According 4-28-103(a)(1) states the following below: (a) A participating investor shall earn an investment tax credit against its state premium tax liability equal to one hundred percent (100%) of the investment tax credit allocated to the participating investor under § 4-28-105. The participating investor's investment tax credit shall be earned and vested upon making its investment in the qualified TNInvestco. Beginning January 1, 2012, a participating investor may claim the investment tax credit as follows: (1) In tax years 2012, 2013, 2014, and 2015, an amount equal to fifteen percent (15%) of the investment tax credit allocated to the participating investor; and (2) In tax years 2016, 2017, 2018 and 2019, an amount equal to ten percent (10%) of the investment tax credit allocated to the participating investor.
Signed Form Received: 2013-07-08
PRC Meeting Date: 02-20-2014
PRC Comments: Approved with the following Changes: Cut Off: When all securities are sold at end of program Retention End Action: Permanent Disposition Notes: When securities are sold, then maintain in agency 5 years and transfer to TN State Library and Archives. Program ends 12/31/2019. Maintaining docs 5 years in agency after the securities are sold allows the dept. to monitor post programmatic activities, perform analysis on the use of the funds, and document long term benefits of the program to the state. After five years the records will be transferred to TN State Library and Archives for permanent retention. Record Value: add Historic End Action: Transfer to TSLA
PRC Action: Approved with Changes
RDA History
ID RDA PRC Reviewed PRC Action
1277 3088 2014-02-20 Approved with Changes