About the Report

Key Facts

Reporting by Project and by Program
IDED continues to report data by Project because it allows a quick look at all the IDED funding sources that are involved with each individual Project. Awards are also listed by program and by funding source (i.e., IVF(FES), IVF(2005), “old money” and federal money).

Project Status Categories
The eight categories that describe the overall status of a project are:

1. Projects in Contract Negotiations
2. Projects Too New to Report (April, May, June 2009 awards)
3. Projects Under Contract – In Performance
4. Projects Under Contract – In Maintenance
5. Closed Contracts (Completed)
6. Projects Declined or Rescinded
7. Projects in Default
8. Projects in Collections

Individual Projects – Detail View
This interactive report provides additional information about the assistance provided to a Project. It includes details such as the programs providing assistance, the forms of the assistance (e.g., loan, forgivable loan, royalty and guarantee), the award amount, the details of each Funding Agreement (the Award Date, the Project Completion Date and the Maintenance Date) and the status of each Funding Agreement (e.g. in performance, in maintenance, closed, default and in collections).

Detailed Financials - Listing by Program and by Funding Source
This Report has detailed financials prepared by IDED’s Accounting staff. Awards are listed by program and by funding source (IVF(FES), IVF(2005), “old money” and federal money). (Refer to Appendix A and B for these new detailed financials.)

Terms Defined and Used Consistently
Reporting on activity associated with 10 programs with four different Qualifying Wage Thresholds and varying Project Completion period and Maintenance period requirements is challenging. Standardized terminology makes it easier. On June 15, 2007, IDED adopted consolidated administrative rules for these programs and established standardized terms that apply to all programs in this Report. (See Appendix C for the key definitions used throughout this Report.)

Report Assumptions and Protocols
This Report includes detailed description of the reporting process and protocols used to arrive at the numbers. For example, because a Project usually has more than one program funding source, it is necessary to choose one of the programs as a lead source for purposes of reporting job and wage numbers. The job and wage numbers reported for a Project are the numbers for the direct financial assistance program. If there are two direct financial assistance programs, the numbers are from the program that has the higher Qualifying Wage Threshold. (See Appendix E for a description of how this Report was prepared.)

Counting and Tracking Jobs
IDED tracks a company’s overall employment growth during the contract period. Rather than try to track thousands of jobs by individual employee and job title over a 5-17 year contract period, the tracking process looks at the characteristics of the business’s workforce at the time of the award and compares it to annually reported numbers. This method collects data about the total number of full-time employees and the average wage of that base, the number of full-time employees that meet or exceed the Qualifying Wage Thresholds (QWTs) for IDED programs and the average wage of that group. (See Appendix G for more information about QWTs for each program and average county wage calculations.)

Instead of reporting averages, this method reports the number of created and retained jobs that pay at or above the QWTs for a contract. This change ensures that only those created and retained jobs that meet or exceed the QWTs are counted for purposes of contract compliance. (See Appendix D for more information about the job counting and tracking method and why it was implemented.)

Report Results - Compare Contract Obligations To Contract Performance
In an effort to more clearly communicate whether companies are meeting or not meeting their contract job, wage and total project cost obligations, the Report compares contract obligations to contract performance. This allows the public to determine how each individual contract is performing and if the State is on target to reach the number of jobs for which it contracted. (See Appendix E for a description of the Report Methodology.)

Extra Jobs Reported
Extra jobs reported that are in excess of contract requirements are listed separately in this Report. These extra jobs are not used to meet contractual obligations, but are part of the overall employment at the Project location.