Audit of the Georgia Regional Development Fund

Recommendations

Recommendation 1

Recommendation 1: We recommend that the Millennium Challenge Corporation's vice president, Department of Compact Implementation, define development impact and reasonable financial return and develop specific measures and targets for use in evaluating the Georgia Regional Development Fund's performance against its primary objective.

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Recommendation 2

Justify the Fund Manager's existing compensation arrangement (see page 9)

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Recommendation 3

Require that the Fund Manager develop policy and procedures for conducting character due diligence for each investee and for documenting the results of the character due diligence (see page 11)

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Recommendation 4

We recommend that the Millennium Challenge Corporation's vice president, Department of Compact Implementation, provide the Fund Manager with current Millennium Challenge Corporation guidance on vetting of individuals and organizations receiving United States taxpayer funding.

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Recommendation 5

We recommend that the Millennium Challenge Corporation's vice president, Department of Compact Implementation, require that the Fund Manager identify and document the environmental laws, regulations, and requirements relevant to the investments.

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Recommendation 6

We recommend that the Millennium Challenge Corporation's vice president, Department of Compact Implementation, require that the Fund Manager review its loan agreements with investees and specify actions in the agreements with regard to the asbestos.

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Recommendation 7

We recommend that the Millennium Challenge Corporation's vice president, Department of Compact Implementation, require periodic environmental reviews by Millennium Challenge Georgia of the Georgia Regional Development Fund's investments and ensure that environmental audits are done when required.

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Recommendation 8

We recommend that the Millennium Challenge Corporation's vice president, Department of Compact Implementation, revise the Fund Management Agreement Investment Policy Guidelines to include guidelines preventing investments in investees with resources to fund their own projects.

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