{"id":1978,"date":"2020-02-05T16:33:10","date_gmt":"2020-02-05T16:33:10","guid":{"rendered":"https:\/\/albanknews.com\/?p=1978"},"modified":"2020-02-05T16:33:10","modified_gmt":"2020-02-05T16:33:10","slug":"compliance-qa-cra-reporting","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=1978","title":{"rendered":"Compliance Q&A: CRA Reporting"},"content":{"rendered":"

Question:<\/strong><\/p>\n

Our bank has a question for CRA reporting.\u00a0 When we have start-up businesses, do we report the revenue as “unknown” since there is no real revenue information (only projections)?<\/p>\n

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Answer:<\/strong><\/p>\n

For start-ups, the bank should use $0 if the business is pre-revenue. The bank will not use any pro-forma or projected revenue figures.<\/p>\n

For a start-up business, the institution should use the actual gross annual revenue to date (including $0 if a new business has had no revenue to date). Although start-up businesses will provide the institution with pro forma projected revenue figures, these figures may not accurately reflect actual gross revenue and therefore should not be used.<\/p>\n

A Guide to CRA Data Collection and Reporting (Page 14 of 2015 version):https:\/\/www.ffiec.gov\/cra\/pdf\/2015_CRA_Guide.pdf<\/a><\/p>\n

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