in whole or in part, with RBS assistance. When the project is in operation, field visits will be made and customary financial statements provided as determined by the guaranteed lender and RBS. Audits: Independent accountant audited financial statements prepared in accordance with Generally Accepted Accounting Principles are required annually for direct loans. Independent accountant compiled or reviewed financial statements prepared in accordance with Generally Accepted Accounting Principles are required annually for guaranteed loans. RBS may require audited statements for guaranteed loans in excess of $3 million. Records: Records and accounts must be maintained to reflect the operations of the project. FINANCIAL INFORMATION: Account Identification: 12-4155-0-3-452; 12-1902-0-1-452; 12- 0400-0-1-452. Obligations: (Direct Loans) FY 99 $26,150,000; FY 00 est $50,000,000; and FY 01 est $50,000. (Guaranteed Loans) FY 99 $1,180,303,000; FY 00 est $869,000,000; and FY 01 est $1,250,000. Range and Average of Financial Assistance: $35,000 to $10 million for direct loans; $35,000 to $25 million for guaranteed loans $435,829 (average size) for B&I direct loans; $1,570,313 (average size) for B&I guaranteed loans. PROGAM ACCOMPLISHMENTS: There were 603 direct loans made in fiscal year 1999. It is estimated that 130 direct loans will be made in fiscal year 2000. There were 792 guarantees made in fiscal year 1999. It is estimated that there will be
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