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EDA votes to hold investment funds amid possible VDACS 'claw back'
Summary
The EDA approved retaining investment funds previously held for a COF grant match in case VDACS seeks repayment related to the Premier Tech AFID grant; the motion passed unanimously and was recorded in the treasurer’s report.
During the Sept. 5 meeting, Treasurer Tina Ammons presented the July financial report and said she had worked with Fulcrum’s new director of finance to resolve lease-payment issues; she said the catch-up payment will appear in the next financial report.
Following that report, Plunard Robinson moved and Joseph McGuire seconded a motion to retain investment funds that had been held as a COF grant match in case the Virginia Department of Agriculture and Consumer Services (VDACS) pursues a 'claw back' related to the Premier Tech AFID grant. The motion passed unanimously.
The action leaves the funds available to meet any potential repayment demand; the minutes do not specify the amount or account details and contain no further discussion about when the funds would be released or what criteria would govern a release. The EDA recorded the unanimous vote to hold the funds and did not take other financial actions at the meeting.
