E N T E R P R I S E F L O R I D A ’ S

Board Executive Committee Meeting

J A N U A R Y 2 1 , 2 0 1 5

 

 

Enterprise Florida Board Executive Committee Meeting January 21, 2015

DOCUMENTS LIST  

The following documents are being provided for your review prior to discussion and/or action

Tab 1

Executive Committee Agenda ................................................................................................... 1

Draft Board Agenda for January 22, 2015 ................................................................................. 2

 

Tab 2

Draft Minutes of December 11, 2014 Conference Call .............................................................. 3

Tab 3

Consent Agenda for January 21, 2015 Meeting ........................................................................ 8

Renewal of Existing Investors ........................................................................................... 9

Financial Statements ....................................................................................................... 10

VISITFLORIDA Board Recommendations ...................................................................... 16

New Company Representatives ...................................................................................... 17

Legislative Agenda (Pending) ........................................................................................ 19

Enterprise Florida FY14-15 Operations Plan .................................................................. 20

Advanced Manufacturing HIPI Designation .................................................................... 38

Tab 4 – Appendix

Executive Committee Charter.................................................................................................. 39

Executive Committee Members............................................................................................... 41

 

Enterprise Florida Executive Committee Meeting | January 21, 2015

EFI Executive Committee Agenda January 21, 2015 11:45 a.m. – 1:00 p.m.

Enterprise Florida, Inc. Board of Directors Executive Committee Meeting Date: January 21, 2015 Time: 11:45 a.m. – 1:00 p.m. Location: Governor’s Club 202½ South Adams Street Tallahassee, FL 32301 Dress: Business Attire Presiding Officer: Brett Couch, Vice Chair

1. Welcome and leadership transition…………………………………………..Brett Couch (I) 2. New Vice Chair accepts the gavel……………………………………………Alan Becker

Statement of Public Notice Al Latimer

3. Approve Minutes………………………………………………………….……Alan Becker (A) Draft Minutes of December 11, 2014 Conference Call

4. Charter Update…...…………………………………………………………….Louis Laubscher 5. Proposed Consent Agenda Items…...………………………………………Alan Becker (D)

Financial Statements Marlin Hutchens Renewal of Existing Investors Al Latimer New Company Representatives Al Latimer

o Darden o Wells Fargo

VISITFLORIDA board member approval…...………………………….Danny Gaekwad o William (Bill) Waichulis

Legislative Agenda…...……………………………………………………Fred Leonhardt Enterprise Florida FY14-15 Operations Plan…...……………………...Griff Salmon Advanced Manufacturing HIPI Designation….…………………………Crystal Sircy

6. Public Comment.…………………………………………………….….....…..Alan Becker (I)

7. Vote on Consent Agenda.……………………..……………..……………….Alan Becker (A)

8. New Business.………………….………………………………….….…..…...Alan Becker (D)

CEO Succession

9. Reminders.……………………….………………………….………………….Alan Becker (I) 2015 Exe Committee Conference Call Dates:

April 15, 2015 11:00 a.m. July 9, 2015 10:00 a.m. September 16, 2015 10:00 a.m.

2015 Board Meeting Dates: May 27 – 28, 2015 Tampa August 19 – 20, 2015 Ponte Vedra October 21 – 22, 2015 Orlando

10. Adjourn…………………………………………………………..…..………….Alan Becker (A)

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Welcome and Call to Order A quorum being present, Alan Becker called the meeting to order at 10:03 a.m. Statement of Public Notice Noreen Levitt read the statement of public notice indicating that the meeting had been advertised according to Florida Sunshine Law requirements, and announced that a quorum was present. Approval of Minutes Alan Becker called for a motion to approve the September 29, 2014, Executive Committee Meeting minutes. Danny Gaekwad made the motion, Julius Davis seconded and it was approved unanimously. Investor Update Levitt read the list of board members renewing their annual investment in Enterprise Florida for this quarter. They were:

AT&T Becker & Poliakoff Kaplan, Inc. Odebrecht Construction, Inc. PNC Bank

Marketing Partnership Report Stuart Rogel reported that there is strong support among the Team Florida partners for aggressively marketing Florida as a great business location. The group has raised approximately $990,000 from its 11 member organizations, and continues to add new ones. The most recent additions are:

Indian River Chamber of Commerce Osceola County Economic Development Department Seminole County Government

Rogel expressed that recruitment efforts are ongoing, and any help executive committee members can offer will be greatly appreciated. Rogel reported that the marketing campaign is in its second year and a new theme will be released soon. He added that the Governor’s budget recommendations to the Florida Legislature will include a request for an additional $20 million to market the state as a business friendly place. Finance & Compensation Committee Report Alan Becker announced that there would not be a financial report, as the quarter has not ended yet.

Page 4 of 41

3

Leader Liaison Reports Business Development Luis Orbegoso gave a report reflecting Business Development activity from July 1, 2014 to present:

278 active projects have been created 182 of which were new projects 77 established projects 17,105 jobs created by established projects, which is 48% of the annual

goal Of the 17,105 jobs that were created,12,099 were new jobs 5,006 were retained jobs The capital investment resulting from these jobs is $1.25 billion, which is

57% of the annual goal The jobs breakout by sector is as follows: 6,642 in financial/professional services 3,299 in corporate/regional headquarters 2,242 in information technology Orbegoso reported that during the period, EFI engaged in lead generating activities including:

SpeedNews Aviation Industry Suppliers Show in Toulouse, France CoreNet Global Summit in Washington, D.C. Medica Trade Fair in Dusseldorf, Germany TSensors Summit in San Diego, California 2014 Florida Rural Economic Development Summit in Saint Augustine Area Development Consultants Forum in Fort Lauderdale

Orbegoso also reported the business development team was growing to meet client needs and better handle the increasing portfolio of projects. Minority & Small Business Entrepreneurial & Capital (MaSBEC) Julius Davis reported that the team closed over $2 million in loan transactions this quarter. The Florida Opportunity Fund had two follow-on and one new investment totally over $2.1 million. The Department of Economic Opportunity has received the last $32 million tranche for the State Small Business Credit Initiative (SSBCI) program. The Bonding Assistance Program currently has two scheduled trainings for subcontractors and two trainings have been completed, with nine people attending in Orlando. Louis Laubscher provided a bond program overview and expressed that they are continuing outreach for the program. Tourism Development Danny Gaekwad reported that VISITFLORIDA is continuing its year round in-market presence through ad placements and social media networks, and that the

Page 5 of 41

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winter advertising campaign kicked off on December 8, 2014. On November 20, 2014, the organization released its 3rd quarter preliminary estimates on visitor activity which included:

23.7 million visitors came to Florida between July and September 2014 This is an increase of 3.5% over same time period in 2013 Through the first three quarters, Florida has welcomed 73.9 million visitors

Gaekwad also reported that as of September, tourism-related employment has grown year-over-year for the 55th straight month. Gaekwad provided dates and information members should be aware of:

VISITFLORIDA Board of Directors meeting will be held Jan. 15 at the Hyatt Regency Pier Sixty Six in Ft. Lauderdale

The Florida Huddle travel trade event that connects travel suppliers with domestic and international buyers will be held at the Greater Ft. Lauderdale Broward County Convention Center immediately following board meeting

Information on tourism happenings can be found at SunshineMatters.org, VISITFLORIDA’s corporate blog

Sports Development Scott Williams reported that the Florida Sports Foundation has awarded 70 grants statewide, and that Florida is hosting 9 bowl games this year. International Trade & Development Mark Bensabat reported that in spite of the fact that exports to Venezuela and Brazil are down, Latin America is still Florida’s largest trade partner. Exports are expected to take an upward swing in 2016. The International Trade & Development team is currently completing research, looking at trends, and developing plans so that Florida is in the best position to capitalize on opportunities arising from the resurgence. Enterprise Florida has several upcoming foreign trade missions and shows in Australia, China, Japan, and other countries. The next trade mission is scheduled for Lima, Peru in March 2015, which the Governor will lead. Manny Mencia commented that exports have started to strengthen in the past few months and that Indian markets may open because of its new administration. Legislative Committee Fred Leonhardt reported that he was in Tallahassee earlier in the week. The Governor has added new team members, and Frank Collins is the EFI Liaison now. Mike Preston reported that the team will be briefing the Governor on EFI’s legislative priorities which will include the Team Florida Marketing budget and incentives. Committee assignments have been made and EFI has been asked to make a presentation the first week of January committee meetings.

Page 6 of 41

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Space Business Development Jesse Biter reported that the space coast is attracting big businesses, which are in turn supporting local businesses. Space Florida is currently in the final stages of negotiating a long term usage agreement for use and lease of a commercial landing pad, which would open it for commercial space flight traffic. This is the original building used for the preparation of shuttles. The final decision is anticipated in January, and will likely go to Boeing Space Operations Company, Inc. Space Florida is working on two additional projects that would lease property or buildings from the organization. VISITFLORIDA Board Recommendations Alan Becker announced that Enterprise Florida had received a recommendation from VISITFLORIDA to appoint William (Bill) S. Waichulis to the VISITFLORIDA Board. Noreen Levitt read Bill Waichulis’ biography. Becker asked for comments or questions, first from members then from the public and there were none. Jesse Biter made the motion to add this item to the consent agenda for the January meeting and Danny Gaekwad seconded the motion, which was approved unanimously. Reminders

2015 Executive Committee Conference Call Dates: Wednesday, April 15, 2015 11:00 a.m. – 12:00 p.m. Thursday, July 9, 2015 10:00 a.m. – 11:00 a.m. Wednesday, September 16, 2015 10:00 a.m. – 11:00 a.m.

2015 Board Meeting Dates:

January 21 – 22, 2015 Tallahassee May 27 – 28, 2015 Tampa August 19 – 20, 2015 Ponte Vedra October 21 – 22, 2015 Orlando

Fred Leonhardt motioned to adjourn and Mark Bensabat seconded the motion. The meeting was adjourned at 10:51 a.m.

Page 7 of 41

 

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Statement of The Statemenand 2013, andby category oOpportunity. Aactivity and theFlorida DefenStrategic Mark

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Page 10 of 41

Enterprise Florida and Florida Sports Foundation Combined Statement of Financial Position, Unaudited

Attachment A-1 ($ in Thousands)

Enterprise Florida Finance and Compensation Committee Meeting | January 15, 2015

$ %2014 2013 Change Change

Assets1 Cash and Cash Equivalents - unrestricted 11,856$ 17,524$ (5,668)$ -32.34% (A)

2 Cash and Cash Equivalents - restricted 31,658 25,183 6,475 25.71% (B)

3 Cash and Cash Equivalents - escrow 86,291 49,891 36,400 72.96% (C)

4 Accounts Receivable 12,671 10,779 1,892 17.55% (D)

5 Loans Receivable-SSBCI 26,265 11,900 14,365 100.00% (E)

6 Loans Receivable-FSBTGF 450 150 300 100.00% (F)

7 Investments-FSBTGF 600 - 600 100.00% (G)

8 Other Assets 543 655 (112) -17.10% (H)

9 Total Assets 170,334$ 116,082$ 54,252$ 46.74%

Liabilities and Net Assets10 Accounts Payable and Other Liabilities 1,425$ 1,048$ 377$ 35.97% (I)

11 Deferred Revenue 2,976 3,083 (107) -3.47% (J)

12 Escrow Payable 86,236 49,872 36,364 72.91% (C)

13 Grants Payable 2,359 766 1,593 207.96% (Z)

14 Total Liabilities 92,996 54,769 38,227 69.80%

Net Assets15 Temporarily Restricted 64,099 42,321 21,778 51.46% (B)

16 Unrestricted 13,239 18,992 (5,753) -30.29% (K)

17 Total Net Assets 77,338 61,313 16,025 26.14%

18 Total Liabilities and Net Assets 170,334$ 116,082$ 54,252$ 46.74%

(A)

(B)

(C) Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met.

The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis.(D)(E)(F)(G)

(H)

(I)

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(L)

(M)

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Major grants awarded by FL Sports. Grants are funded by revenues received in the current and previous fiscal years.

Loan receivables administed under the Florida Small Business Technology Growth Fund Program.Investments made under the Florida Small Business Technology Growth Fund Program.

Legislative appropriated grants administered by EFI.

Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis.

Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FL Defense Support Task Force and State Small Business Credit Support Initiative, accounting for the majority of the increase.

Advertising & marketing is on track to spend based on their marketing plan.

International offices higher than last year at this point in time, but on track with the budget for the year.

Professional Fees are in line with the budget.

The travel budget was increased for FY 2014/15 to support the needs of the organization.

Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the year based on when funds are received from the State, as well as, when payments are made to the grantees.

Unrestricted net assets to be used for operations and administered programs.

State operating funds for Florida Sports Foundation.

State operating funds for Enterprise Florida.

Program expenses related to the FL Sports Foundation.

Accounts receivable includes the second quarter appropriation and trade accounts receivable.

Other assets include fixed assets and prepaid expenses.

Accounts payable increased related to general operations.

Unrestricted funds for operations and administered programs.

Loan receivables administed under the State Small Business Credit Support Initiative Program.

December 31

Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase.

Revenue related to events directly offset event expenses.Other revenues from administrative fees, interest, and sponsorships.

Payroll and benefits is comparable to last year but under budget for the year.Operating, general and administrative costs are slightly under budget for the year.Program expenses and events are offset by event related revenue.

Page 11 of 41

Enterprise Florida and Florida Sports Foundation Combined Statement of Financial Position, Unaudited

Attachment A-2 ($ in Thousands)

Enterprise Florida Finance and Compensation Committee Meeting | January 15, 2015

Operations Administered Corporate Restricted TotalAssets

19 Cash and Cash Equivalents - unrestricted 7,938$ 2,647$ 1,271$ -$ 11,856$ 20 Cash and Cash Equivalents - restricted - - - 31,658 31,658 21 Cash and Cash Equivalents - escrow 86,291 - - - 86,291 22 Accounts Receivable 6,707 - - 5,964 12,671 23 Loans Receivable-SSBCI - - - 26,265 26,265 24 Loans Receivable-FSBTGF - - - 450 450 25 Investments-FSBTGF - - - 600 600 26 Other Assets 529 - - 14 543 27 Total Assets 101,465$ 2,647$ 1,271$ 64,951$ 170,334$

Liabilities and Net Assets28 Accounts Payable and Other Liabilities 902$ 3$ -$ 520$ 1,425$ 29 Deferred Revenue - 2,644 - 332 2,976 30 Escrow Payable 86,236 - - - 86,236 31 Grants Payable 2,359 - - - 2,359 32 Total Liabilities 89,497 2,647 - 852 92,996

Net Assets33 Temporarily Restricted - - - 64,099 64,099 34 Unrestricted 11,968 - 1,271 - 13,239 35 Total Net Assets 11,968 - 1,271 64,099 77,338

36 Total Liabilities and Net Assets 101,465$ 2,647$ 1,271$ 64,951$ 170,334$

Operations Administered Corporate Restricted TotalAssets

37 Cash and Cash Equivalents - unrestricted 12,640$ 2,916$ 1,968$ -$ 17,524$ 38 Cash and Cash Equivalents - restricted - - - 25,183 25,183 39 Cash and Cash Equivalents - escrow 49,891 - - - 49,891 40 Accounts Receivable 5,401 - - 5,378 10,779 41 Loans Receivable-SSBCI - - - 11,900 11,900 42 Loans Receivable-FSBTGF 150 - - - 150 43 Other Assets 655 - - - 655 44 Total Assets 68,737$ 2,916$ 1,968$ 42,461$ 116,082$

Liabilities and Net Assets45 Accounts Payable and Other Liabilities 908$ -$ -$ 140$ 1,048$ 46 Deferred Revenue 167 2,916 - - 3,083 47 Escrow Payable 49,872 - - - 49,872 48 Grants Payable 766 - - - 766 49 Total Liabilities 51,713 2,916 - 140 54,769

Net Assets50 Temporarily Restricted - - - 42,321 42,321 51 Unrestricted 17,024 - 1,968 - 18,992 52 Total Net Assets 17,024 - 1,968 42,321 61,313 53 Total Liabilities and Net Assets 68,737$ 2,916$ 1,968$ 42,461$ 116,082$

December 31, 2013

December 31, 2014

Page 12 of 41

Enterprise Florida and Florida Sports Foundation Combined Statement of Activities - Unaudited

Attachment B-1 ($ in Thousands)

Enterprise Florida Finance and Compensation Committee Meeting | January 15, 2015

Actual Budget Difference Actual Budget Difference

Revenues:54 State Appropriations - EFI 7,675$ 7,675$ -$ (L) 7,100$ 7,100$ -$ 55 State Appropriations - FSF 1,954 1,975 (21) (M) 1,107 1,200 (93) 56 Private Cash Contributions 613 800 (187) (N) 625 700 (75) 57 Registration and Participation Fees 708 713 (5) (O) 798 996 (198) 58 Other Revenues 1,020 923 97 (P) 662 1,346 (684) 59 Total Revenues 11,970 12,086 (116) 10,292 11,342 (1,050)

Expenses:60 Payroll and Related Costs 4,536$ 4,895$ (359)$ (Q) 3,944$ 4,791$ (847)$ 61 Operating, General and Administrative 1,108 1,406 (298) (R) 1,382 1,713 (331) 62 Program Expenses and Events - EFI 1,065 1,181 (116) (S) 897 1,830 (933) 63 Program Expenses and Events - FSF 1,133 1,399 (266) (T) 508 938 (430) 64 International Offices 1,026 1,062 (36) (U) 815 1,032 (217) 65 Professional Fees 469 792 (323) (V) 333 475 (142) 66 Advertising & Marketing 315 886 (571) (W) 509 500 9 67 Travel 471 465 6 (X) 261 320 (59) 68 Total Expenses 10,123 12,086 (1,963) 8,649 11,599 (2,950)

69 Change in net assets - operations 1,847 - 1,847 1,643 (257) 1,900 70 Change in net assets - temp restricted 5,047 - 5,047 (Y) 8,598 - 8,598 71 Change in net assets - committed grants (265) - (265) (Z) (473) - (473) 72 Net assets, beginning of period 70,709 - 70,709 51,545 - 51,545 73 Net assets, end of period 77,338$ -$ 77,338$ 61,313$ (257)$ 61,570$

74 Revenue - Pass Throughs & Grants 868 - 868 (AA) 1,014 - 1,014 75 Expenses - Grants to Other Organizations 868 - 868 (AA) 1,014 - 1,014

76 Revenue - Temporarily Restricted 9,607 - 9,607 (Y) 11,391 - 11,391 77 Expenses -Temporary Restricted 4,560 - 4,560 (Y) 2,793 - 2,793

78 FSF Grants - Committed 265 - 265 (Z) 473 - 473

(A)

(B)

(C) Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met.

The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis.(D)(E)(F)(G)

(H)

(I)

(J)

(K)

(L)

(M)(N)

(O)

(P)

(Q)(R)(S)

(T)

(U)

(V)

(W)(X)

(Y)

(Z)

(AA)

Major grants awarded by FL Sports. Grants are funded by revenues received in the current and previous fiscal years.

Legislative appropriated grants administered by EFI.

Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FL Defense Support Task Force and State Small Business Credit Support Initiative, accounting for the majority of the increase.

Unrestricted funds for operations and administered programs.

Accounts receivable includes the second quarter appropriation and trade accounts receivable.Loan receivables administed under the State Small Business Credit Support Initiative Program.Loan receivables administed under the Florida Small Business Technology Growth Fund Program.

Advertising & marketing is on track to spend based on their marketing plan.

Operating, general and administrative costs are slightly under budget for the year.Program expenses and events are offset by event related revenue.

Program expenses related to the FL Sports Foundation.

International offices higher than last year at this point in time, but on track with the budget for the year.

Other assets include fixed assets and prepaid expenses.

Accounts payable increased related to general operations.

Unrestricted net assets to be used for operations and administered programs.

State operating funds for Enterprise Florida.

Investments made under the Florida Small Business Technology Growth Fund Program.

State operating funds for Florida Sports Foundation.

Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis. Revenue related to events directly offset event expenses.

Other revenues from administrative fees, interest, and sponsorships.

Payroll and benefits is comparable to last year but under budget for the year.

Professional Fees are in line with the budget.

The travel budget was increased for FY 2014/15 to support the needs of the organization.Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase.

Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the year based on when funds are received from the State, as well as, when payments are made to the grantees.

December 31, 2014 December 31, 2013

Page 13 of 41

Enterprise Florida and Florida Sports Foundation Combined Statement of Activities - Unaudited

Attachment B-2 ($ in Thousands)

Enterprise Florida Finance and Compensation Committee Meeting | January 15, 2015

Operations Administered Corporate Restricted Total

Revenues:79 State Appropriations-EFI 7,675$ -$ -$ -$ 7,675$ 80 State Appropriations-FSF 1,954 - - - 1,954 81 Private Cash Contributions - - 613 - 613 82 Registration and Participation Fees 708 - - - 708 83 Other Revenues 1,020 - - - 1,020 84 Total Revenues 11,357 - 613 - 11,970

Expenses:85 Payroll and Related Costs 4,536$ -$ -$ -$ 4,536$ 86 Operating, General and Administrative 984 - 124 - 1,108 87 Program Expenses and Events-EFI 1,065 - - - 1,065 88 Program Expenses and Events-FSF 1,133 - - - 1,133 89 International Offices 1,026 - - - 1,026 90 Professional Fees 469 - - - 469 91 Advertising & Marketing 315 - - - 315 92 Travel 471 - - - 471 93 Total Expenses 9,999 - 124 - 10,123

94 Change in net assets - operations 1,358 - 489 - 1,847 95 Change in net assets - temp restricted - - - 5,047 5,047 96 Change in net assets - committed grants (265) - - - (265) 97 Net assets, beginning of period 10,875 - 782 59,052 70,709 98 Net assets, end of period 11,968$ -$ 1,271$ 64,099$ 77,338$

99 Revenue - Pass Throughs & Grants - 868 - - 868 100 Expenses - Grants to Other Organizations - 868 - - 868

101 Revenue - Temporarily Restricted - - - 9,607 9,607 102 Expenses -Temporary Restricted - - - 4,560 4,560

103 FSF Grants - Committed 265 - - - 265

Operations Administered Corporate Restricted Total

Revenues:104 State Appropriations-EFI 7,100$ -$ -$ -$ 7,100$ 105 State Appropriations-FSF 1,107 - - - 1,107 106 Private Cash Contributions - - 625 - 625 107 Registration and Participation Fees 798 - - - 798 108 Other Revenues 662 - - - 662 109 Total Revenues 9,667 - 625 - 10,292

Expenses:110 Payroll and Related Costs 3,944$ -$ -$ -$ 3,944$ 111 Operating, General and Administrative 1,322 - 60 - 1,382 112 Program Expenses and Events-EFI 897 - - - 897

Program Expenses and Events-FSF 508 - - - 508 113 International Offices 815 - - - 815 114 Professional Fees 333 - - - 333 115 Advertising & Marketing 509 - - - 509 116 Travel 261 - - - 261 117 Total Expenses 8,589 - 60 - 8,649

118 Change in net assets - operations 1,078 - 565 - 1,643 119 Change in net assets - temp restricted - - - 8,598 8,598 120 Change in net assets - committed grants (473) - - - (473) 121 Net assets, beginning of period 16,419 - 1,403 33,723 51,545 122 Net assets, end of period 17,024$ -$ 1,968$ 42,321$ 61,313$

123 Revenue - Pass Throughs & Grants - 1,014 - - 1,014 124 Expenses - Grants to Other Organizations - 1,014 - - 1,014

125 Revenue - Temporarily Restricted - - - 11,391 11,391 126 Expenses -Temporary Restricted - - - 2,793 2,793

127 FSF Grants - Committed 473 - - - 473

December 31, 2013

December 31, 2014

Page 14 of 41

Enterprise Florida and Florida Sports Foundation Detail of Administered Activities by Program

Enterprise Florida Finance and Compensation Committee Meeting | January 15, 2015

Funds FundsReceived Funds In

Contract From Paid To HouseAwarded State Recipients 12/31/2014

Base Protection:128 Awarded in 12/13 8,580 8,580 6,181 2,399 129 Awarded in 11/12 18,950 18,950 18,701 249

Defense Infrastructure:130 Awarded in 14/15 1,600,000 - - - 131 Awarded in 13/14 1,600,000 - - - 132 Awarded in 12/13 1,581,245 581,245 331,858 249,387 133 Awarded in 11/12 1,581,245 1,025,321 593,555 431,766 134 Awarded in 10/11 5,000,000 4,702,583 3,926,682 775,901 135 Awarded in 09/10 1,367,325 1,385,457 1,250,466 134,991 136 Awarded in 08/09 10,600,000 10,600,000 10,599,925 75 137 Awarded in 07/08 2,782,000 2,113,344 2,112,414 930 138 Awarded in 06/07 5,314,500 3,635,718 3,582,756 52,962 139 Awarded in 05/06 3,498,165 3,203,404 3,203,404 - 140 Awarded in 04/05 3,550,000 3,020,000 2,568,697 451,303

Defense Reinvestment:141 Awarded in 14/15 850,000 - - - 142 Awarded in 13/14 850,000 850,000 451,531 398,469 143 Awarded in 12/13 850,000 850,000 817,162 32,838 144 Awarded in 11/12 850,000 850,000 810,232 39,768 145 Awarded in 10/11 850,000 850,000 774,809 75,191

Interest (payable to the State of Florida)146 Received 14/15 - - - 3,137

147 Ending Balance 42,752,010 33,694,602 31,048,373 2,649,366

Page 15 of 41

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Page 18 of 41

 

 

LEGISLATIVE 

AGENDA 

(PENDING) 

Page 19 of 41

 

1  

OPERATIONS (“OPS”) PLAN

FY 2014-15 ENTERPRISE FLORIDA, INC.

Mission of Enterprise Florida the state’s lead economic development agency

An EFI internal plan for setting performance measures for management and staff

Facilitate job growth for Florida’s businesses and citizens leading to a vibrant statewide economy

Page 20 of 41

 

2  

January 21, 2015 Table of Contents Enterprise Florida Operations (OPS) Plan FY 2014-15

Introduction ................................................................................................................................................... 3

Background ............................................................................................................................................... 3 Funding ..................................................................................................................................................... 3 Governance ............................................................................................................................................... 3

Guiding Principles ......................................................................................................................................... 4

Mission ...................................................................................................................................................... 4 Vision ........................................................................................................................................................ 4 Operations (OPS) Plan ............................................................................................................................. 4

Leadershship Structure ................................................................................................................................ 5

Leadership Accountabilities ...................................................................................................................... 6

Measures of Success ................................................................................................................................... 7

OPS Plan Strategies ................................................................................................................................. 8 OPS Plan: Customers, Outreach methods, Services provided, and Results ............................................ 9 OPS Plan Processes for customer services............................................................................................ 10

Measures FY 2014-15 DEO/SBD Contract ................................................................................................ 12 EFI Measures per Operations (OPS) Plan strategies ................................................................................ 14

EFI Business Units for OPS Plan execution ........................................................................................... 15

FY 2014-15 Measures EFI OPS Plan ......................................................................................................... 16

Measures with Standards per unit ........................................................................................................... 17

Page 21 of 41

 

3  

Enterprise Florida, Inc. FY 2014-15

INTRODUCTION

BACKGROUND

Enterprise Florida, Inc. (“EFI”) has served as the lead economic development organization for the state of Florida since 1996. Established as a public-private partnership led by a Board of Directors, it uses the resources and leadership of both government and business for guidance. The organization was restructured in 2011, in order to coordinate all state-funded offices and agents that supported job creation:

The Florida Sports Foundation and the Minority Business Development Board (formerly Black Business Investment Board) were consolidated into the EFI;

EFI’s appointed Board members were given the additional assignment of serving on the Space Florida Board;

VISIT FLORIDA was linked to EFI as the Division of Tourism Marketing; and, Five program divisions were defined in law with additional reporting requirements.

The 2011 changes established a new state agency, the Department of Economic Opportunity (“DEO”) to coordinate state services and resources that support economic development: business, workforce and land use. DEO has the responsibility of developing and writing a statewide Strategic Plan for Economic Development (“SPED”) that guides and measures the DEO services.

FUNDING

EFI is funded by state appropriation, investments from private sector companies, sponsorships, and fees for services. The state funds are received through a contract with DEO and its division of Strategic Business Development (“SBD”). SBD supports DEO by administering the public private partnerships and most of the business development incentives.

GOVERNANCE

EFI is governed by a Board of Directors as laid out in legislation. The Board of composed of public and private sector leaders. Twelve private sector members are appointed by the Speaker of the House, President of the Senate and the Governor. Other private sector leaders are investors in EFI. The Governor is the Chairman of the Board and a business leader is the Vice-chair.

GUIG

Page 22 of 41

 

4  

GUIDING PRINCIPLES

MISSION

Facilitate job growth for Florida’s businesses and citizens leading to a vibrant

statewide economy

VISION

Enterprise Florida serves its customers by stimulating job growth through aggressive marketing to recruit, retain and expand businesses and investment in Florida and by diversifying the economy.

(More kinds of jobs for more Floridians)

OPERATIONS (“OPS”) PLAN

EFI has operated with a Board approved OPS plan since 2003. The purpose has remained to establish business operation and administration metrics for EFI in addition to the metrics in the DEO/SBD contract. The performance measures are used measure staff performance, evaluate the organization’s leadership and, when appropriate, to award incentives for performance at all levels.

. Per F.S. 288.923 (5) Section 288.905 does not apply to the Florida Tourism Industry

Marketing Corporation for the award of bonus payments and is not in the OPS Plan. The 2015 OPS Plan focuses on the primary mission: the creation and expansion of jobs in

Florida. The plan includes the development and use of programs and resources to support jobs development through the economic development process. Support resources are linked to the roles of the business units: national and international business recruitment; expansion of international trade for Florida businesses; global marketing of Florida’s business brand; capital resources for minority or small business financing; private sector investment for EFI; retention of the Federal defense investment; development of the sports industry; and administration of the EFI business.

The driver of success for each unit is customer service. Each unit has measures that are achieved with a “customer” as the focus of the services provided.

Page 23 of 41

 

5  

LEADERSHSHIP STRUCTURE

Organization Chart FY 2014-15

Page 24 of 41

 

6  

LEADERSHIP ACCOUNTABILITIES

Leadership Accountabilities reflect the key focus of each unit. The leaders of EFI are chosen to focus on job creation. Units that do not directly work on job development projects work on strengthening the organization in order to facilitate job creation activities.

EFI Board of Directors Leadership and guidance Commitment to resource development for EFI and economic development Policy review and recommendation President and Chief Executive Officer (CEO) Serve the Governor as Secretary of Commerce Leadership and coordination of EFI Board and programs Promote Enterprise Florida to legislative, business, and industry leaders Work to ensure that EFI has the financial and human resources to accomplish its mission Executive Vice President and Chief Operating Officer (COO) Develop a competitive sales team with a commitment to customer service Oversee day to day operations that support core mission Organizational and tactical support for the CEO Senior Vice President, Marketing and Communication, Chief Marketing Officer (CMO) Identify and market Florida to decision makers and influencers through media, events,

and relationships to increase deal flow Develop, coordinate and implement a statewide marketing plan for Florida brand

recognition that creates awareness of state’s pro-business proposition Develop and direct a statewide partnership program that supports cooperative marketing

of the state for business Direct media, key partner, and public relations as well as other strategic communications

activities Support the Secretary of Commerce in key communications to government leaders Senior Vice President, Business Development Leadership and coordination of national and international business recruitment Manage national and international investment projects to increase capital investment and

jobs Facilitate the most effective use of business incentives Assist existing businesses to expand jobs and capital investment Senior Vice President, International Development Manage international trade programs to expand number of Florida companies exporting

Florida products and services. Coordinate Team Florida events for marketing and promotion of Florida trade and

investment Manage key international relationships to improve Florida’s international business and

global reputation

Page 25 of 41

 

7  

Oversee EFI’s International Representation network Senior Vice President, Florida Sports Development & CEO Florida Sports Foundation Strengthen the economic impact of sports events through grants Identify business expansion or development opportunities linked to Sports development Develop, foster, and coordinate services and programs for amateur sports for the people

of Florida Develop and promote Florida’s participatory sports industry, including, but not limited to,

the fishing, boating, and golf industries Senior Vice President, Strategic Partnerships Retain and maximize opportunities to enhance Dept. of Defense investment in Florida

through management of Defense grants programs, the Florida Defense Alliance and the Florida Defense Support Task Force activities

Maintain and enhance relationships with primary partners and stakeholders to strengthen support of economic development initiatives and increase job growth

Maintain and expand investor support and Board participation Senior Vice President, Administration, and Minority and Small Business,

Entrepreneurship, Capital (MaSBEC) Manage effective accounting, reporting, contracts management, and internal audit

programs Administer EFI operation’s support services, i.e. HR, MIS, Offices, and Equipment Leadership and coordination of capital programs, i.e. FL Opportunity Fund, FDFC and

SSBCI Support programs for Minority Business growth and access to capital and markets

MEASURES OF SUCCESS

EFI has two standards for its measures of success. 1. State contract. Contract Measures are set in the contract that EFI executes with DEO

through the SBD at the start of each fiscal year. The measures are linked with the economic development priorities in the State of Florida Job Creation Plan , State Strategic Plan for Economic Development i.e. SPED). These measures are written for the EFI Divisions defined in FS §288.92 (1). They are referred to as Corporate Measures in the EFI Operations (OPS) Plan.

2. Operations (OPS) Plan. These measures are set by the Board of Directors with their

annual approval of the OPS Plan. The measures of the OPS Plan address the business performance goals and management requirements of the organization. The OPS Plan includes the Contract i.e. Corporate Measures and the complementary unit measures from EFI management that are approved by the Board. These are the performance measures for EFI leadership.

Page 26 of 41

 

8  

Each organizational Department or Division (“Unit”) and the Executive Office (“Executive”) have 2-4 metrics that focus on their contribution to success of the OPS Plan. The incentive payments for all staff performance are based on achieved results of the Corporate Measures, their Unit’s measures, and their personal performance measures.

The OPS Plan recognizes that success is achieved through effective customer service and

that EFI has many customers and Stakeholders, to include Consultants, Clients, Partners, Staff, and Investors. Stakeholders have a stake in the success of EFI and include economic development organizations (EDO), military and defense-dependent communities and investors, Board members, government leaders and legislators, and ultimately the citizens of Florida. Each unit focuses on success with their customers and Stakeholders to ensure success of the organization.

OPS PLAN STRATEGIES

1. Position the state to retain jobs and aggressively compete for recruitment and expansion of private and public investment1 and job-generating projects.

2. Partner with Stakeholders to promote initiatives that positively impact all types of job

growth. 3. Aggressively market the state to target business decision makers and influencers to

increase deal flow. 4. Secure adequate, sustainable public and private-sector investment and participation to

promote Florida and create jobs. 5. Create a culture of customer service for professional economic development staff and

maintain business resources necessary to support the organization’s mission.

1 public investment includes Federal grants and state funds

Page 27 of 41

  9 

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Page 28 of 41

 

 

10  

OPS PLAN PROCESSES FOR CUSTOMER SERVICES

Competitive project customers. EFI competes with other states and countries to recruit national and international businesses. Their decisions to open offices in Florida increases the tax base, creates jobs for Florida citizens, and supports the development of new Florida businesses and the diversification of skills and wages for jobs. In developing good customer service, EFI markets to business decision makers or influencers. More than just placing an advertisement, this involves as many contacts as possible until a project is opened. Once a project is opened, a team of project managers works with the project leaders to demonstrate the value of a Florida location. This includes coordination with EFI’s local partners (communities) for business requirements and state agencies (Department of Economic Opportunity, Workforce Florida, Department of Transportation, etc.) When successful this leads to an announcement of the business’ decision to locate or expand in Florida (Ex.1).

Exhibit 1.

Page 29 of 41

 

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Page 30 of 41

 

12  

MEASURES FY 2014-15 DEO/SBD CONTRACT

DEO’s Division of Strategic Business Development (SBD) manages the contract between EFI and the state of Florida. With the development of the Statewide Strategic Plan for Economic Development (SPED), DEO established measures that link the Contract Measures and the SPED measures. They reflect measures for the Divisions of EFI as defined in FS §288.92 (1). The Contract/Corporate measures are designed to direct EFI’s program outcomes in five (5) areas and measure the use of the state’s investment. At the same time EFI has the responsibility and authority to develop its resources to achieve these measures. The standards for FY 14-15 are linked to the priorities of the state’s strategic plan for economic development. Measures below with an asterisk are continued from previous state contract measures.

EFI Measures FY 2014-15 Standards (projected)

1. BUSINESS DEVELOPMENT – Proposed Job Creation

a. Total number of proposed jobs to be created by businesses assisted by Enterprise Florida 27,500

b. Number of proposed jobs to be created by businesses assisted by Enterprise Florida in rural communities (partial subset of a.)

800

c. Number of proposed jobs to be created by businesses assisted by Enterprise Florida in distressed urban communities (partial subset of a.)

2,300

d. Number of proposed jobs to be created by businesses assisted by Enterprise Florida by international businesses (partial subset of a.)

1,400

e. Number of proposed jobs to be created by businesses assisted by Enterprise Florida by small and/or minority businesses (partial subset of a.)

12,000

f. Number of proposed jobs to be created by businesses assisted by Enterprise Florida with incentives (partial subset of 1.a.) Incentives: QTI, CLOSE, HIPI, IIF, CITC, BROWN and RIF

18,000

2. INTERNATIONAL TRADE – International Trade Assistance

a. Number of Florida based businesses assisted by Enterprise Florida for international trade2 2,250

b. Number of companies with export sales attributable to activities conducted by Enterprise Florida (partial subset of 2.a.)1

215

c. Amount (US dollar value in millions) of projected export sales attributable to the activities conducted by Enterprises Florida*

$ 675

1Unique businesses in each quarter. Final eliminates some duplicate businesses since they were assisted in multiple quarters.

Page 31 of 41

 

13  

EFI Measures FY 2014-15 Standards (projected)

3. MARKETING FLORIDA

The number of projects opened, the key measure of response to pro-business marketing efforts by those who can make or influence the decision to place or expand a business in Florida

405

4. MINORITY and/or SMALL BUSINESS, ENTREPRENEURSHIP, CAPITAL (MaSBEC)

Investment in Small and/or Minority Business3 through financial assistance, venture capital and grants. a. Number of businesses that received financial assistance

45

b. Amount (US dollar value) of funds invested (in millions) $ 17.0

5. FLORIDA SPORTS (Division of Sports Industry Development, Enterprise Florida)

Florida Senior Games and Florida Sunshine State Games (In-State) a. Economic impact to communities as a result of Florida Sports Foundation hosting of Florida

Senior Games and Florida Sunshine State Games (in millions) $ 7.00

b. Number of participants (athletes and families) at the Florida Senior Games and Florida Sunshine State Games

40,000

Regional and Major Sporting Event Grants (Out-of-State) a. Economic impact to communities as a result of Florida Sports Foundation’s funding of

Regional and Major Grant Events (in millions) $ 200.0

b. Number of attendees at the Regional and Major Grant Events 300,000

6. ENTERPRISE FLORIDA – GENERAL

Satisfaction of businesses served with investment or trade assistance provided by EFI.4 95%

Number of strategies in the Florida Statewide Strategic Plan for Economic Development being implemented by EFI.5

11

3Satisfaction Surveys conducted at end of 4th quarter 4 Number of unique strategies, including VISIT FLORIDA work. Based on DEO PLAN STRATEGIES of the State Strategic Plan for Economic Development (SPED)

Page 32 of 41

 

14  

EFI MEASURES PER OPERATIONS (OPS) PLAN STRATEGIES

The OPS Plan measures are designed to complement the corporate measures and provide metrics for all units of the organization. The EFI measures are accomplished at the Executive and Unit level. At the levels they are set so that staff understands that their personal measures link to their Unit measures. The measures linked to the strategies are:

1 Position the state to retain jobs and aggressively compete for recruitment and

expansion of investment and job-generating projects. Facilitate the establishment of 36,000 jobs Establish 85 businesses from out of state Provide 110 project leads to EDO partners Capture $1.98 billion in capital investment related to projects Facilitate exports of $474 million in high value cluster products and services

2 Partner with appropriate stakeholders to promote EFI's mission and support economic development initiatives that positively impact all types of job growth. Support and advocate for legislation that supports business growth Finalize drawdown of funds for State Small Business Capital Initiative Support the Defense Task Force with administration and logistics assistance. Promote Florida as host for national and International amateur sports competitions. Establish new international trade clients in target industry clusters Assist FL regions to recruit and host sports events Contract-required reports and communications are on time and accurate

3 Aggressively market the state to target individuals and groups to: create awareness of

the Florida's pro-business proposition; drive lead generation; and increase deal flow.

Increase number of positive messages about Florida across all media. Increase response from targeted sectors of business owners and consultants that make or

influence business decisions for relocation and/or expansion Develop a competitive sales team with a commitment to customer service

4 Secure adequate, sustainable public and private-sector participation to advance the

mission of the organization. Secure private investor funds by Board investors of $1.6 million Secure public sector funding in excess of FY 2014-15: $19,900,000 Support and advocate for legislation that improves Florida’s business climate and

competitiveness 5 Create a culture of customer service for professional economic development staff and

maintain resources necessary to support the organization’s mission. Develop an Economic Development sales team focused on recruitment and expansion of

businesses in Florida Ensure that information and communication tools and networks are flexible and cost

efficient. Satisfaction by EFI staff for admin support in MIS, HR, Payroll, equipment/ facilities

management

Page 33 of 41

 

15  

EFI BUSINESS UNITS FOR OPS PLAN EXECUTION

For purposes of executing this Plan, EFI has nine business units including the Department of Tourism Marketing which is managed and staffed by VISIT FLORIDA and is not eligible for bonuses per F.S .

The units’ names and abbreviations are;

EXEC - Executive (includes Pres/CEO, EVP/COO and Government Relations) BD – Business Development ITD – International Trade & Development

MC – Marketing and Communications MaSBEC – Minority and Small Business, Entrepreneurship, Capital FS – Florida Sports Development

SP - Strategic Partnerships

ADM - Administration Tourism Marketing - VISIT FLORIDA (metrics not included here)

The entire organization is responsible for the achievement of the SBD contract goals and

deliverables. The OPS Plan is designed to complement and support the requirements of the Contract and encourage staff to stretch beyond the Contract measures.

Page 34 of 41

 

16 

  FY

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Page 35 of 41

 

 

17  

MEASURES WITH STANDARDS PER UNIT

EFI OPS Plan Measures FY 2014-15 Unit FY 2013-14 standards

FY 2013-14 results

FY 2014-15

standardsAchieve 95% of 52 Contract Measures and Deliverables, including 18 performance measures 6 CORP 95% 102%7 95%

Facilitate job growth8 EXEC9 28,000 36,321 36,000 Secure public funding to match FY appropriation (in millions) EXEC $18.05 $19.9 $19.9 Support and advocate for legislation that improves Florida’s business climate EXEC 100% 100% 100%

Staff satisfaction survey for: IT services and resources; HR services; Office services ADM 95% In-progress 95% Deadlines achieved x% of the time for reports and financial obligations ADM 95% 98% 98%

Announced Projects BD 155 161 160

Project leads referred to Partners BD 100 101 110

Project-related capital investment (in $ millions) BD $1,800 $1,985.58 $1,980

Client consultations in target industry sectors ITD 3,500 4,325 1,80010

70% of all new clients are in Target Sectors ITD 70% 70% 70%

Contracted and expected export sales from target sectors over the FY (in $ millions) ITD $474.0 $803.54 $495.0 Positive messages across all news & trade media as a direct result of EFI efforts. MC 125 711 250 Number of responses to Perfect Business Climate marketing outreach11 MC N/A N/A 45,000 Implement Bonding Assistance Program with at least 6 Training Seminars MaSBEC N/A12 N/A 6 Commit at least $17 million to loan support programs MaSBEC $15 million $22.2 million $17 million

6 Contract revised in FY 14-15. New measures and language to start FY 2013-14 (Amendment executed 10/23/14) 7 EFI achieved 97% of contract deliverables or 102% of its goal. 8 Jobs number includes announced jobs and facilitated jobs. Facilitated jobs are based on private sector investment using established formulas for jobs. e.g. Florida Sports impact of 1 job per state visitor, or exports impact of 6 jobs per million in sales (E&Y 2011 ROI for EFI)

9 All EXEC measures used for Pres/CEO evaluation with Personal goals 10 This goal now reflects only UNIQUE consultations. In the past the number reflected all consultations rather than unique consultations. This number has been revised to be consistent with EFI’s contractual reporting obligation to the Department of Economic Opportunity. 11 New measure developed for 2014-15. No prior year Data available. 12 New measure developed for 2014-15. No prior year Data available.

Page 36 of 41

 

18  

EFI OPS Plan Measures FY 2014-15 Unit FY 2013-14 standards

FY 2013-14 results

FY 2014-15

standardsInvest (Follow-on or New Investment) at least $6 million in VC-type funding MaSBEC N/A13 N/A $6 million Assist in Florida regions with bidding on and hosting 15 new projects/events per quarter that produce economic impact for the State of Florida FS 60 116 60 Produce ROI from three grant programs of at least $150:$1 in economic impact to the State of Florida.14 FS $250:1 $457:1 $150:1 Produce Sports Tourism jobs from Grant related and Amateur Sports events based on the State of Florida’s standard of 1 job per every 85 visitors. FS 4,000 5,657 4,000 Board member retention 85% of August 2014 members SP 95% 97% 85% Funds invested in EFI $1.6 (in millions) SP $1.6

$1.74 received ($1.85committed) $1.6

Administer Defense Support Task Force: facilitate compliance with EFI policies and legislative guidelines SP 100% 100% 100%

This Operations and Performance Plan was prepared for management of EFI by the

Executive Vice President and Chief Operating Officer with assistance from the Administration department.

Recommended by: __________________________________

Gray Swoope, President & CEO Enterprise Florida, Inc.

Approved by Enterprise Florida Board of Directors on _________________ 2014 ___________________________, Vice Chair Brett Couch

13 New measure developed for 2014-15. No prior year Data available. 14 Major sports grants in FY 13-14 will cause less growth in these standards since funds will be used for fewer events.

Page 37 of 41

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January 21, 2

dvanced ManHigh Impact

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pital Investments meeting the

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tor and addrespport these fin’s manufacturmpirical  data partners. 

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a critical role fon manufactuetitiveness.    Wntinue this mon is intended toher advance th

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nt Tax Credit (Ce eligibility requ

projects, this diences,  Informsuccessfully useyers Squibb, 

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Page 41 of 41