The documents necessary for the I-829 petitions differ depending on the “inputs” for the economic report that was attached to the I-526 petition. The I-829 filing must document the foundation facts that were contained in the economic report. Depending upon the economic methodology used, the investor may need to prove some or all of the following:
- Expenditures
- Revenues
- Direct employees
- Occupancy rates
- Square footage
- Number of tenants
- Other facts depending upon the bases of the economist’s projections
The below list is intended to give guidance on what documents should be collected based on the particular “input” used in typical economic reports. We suggest that this information be compiled or reviewed at least quarterly.
Expenditures
1. Invoices for expenditures (construction, renovations, etc.) with copies of corresponding wire transfers or cancelled checks to show payment of costs
2. Auditor’s report on expenditures (if available)
3. Detailed spreadsheets of expenditures by type, summarizing expenditures
4. Audited financial statements of the job-creating entity for each year
5. US income tax returns of the job-creating entity
Revenues
1. Audited financial statements of the job creating entity for each year
2. Detailed statements of cash flows of the job creating entity for each year
3. Independent auditor’s report for the job creating entity for each year
4. US income tax returns of the job-creating entity
Direct Employees at the Job Creating Entity
1. Payroll records for employees at the job creating entity
2. Employer’s IRS Form 941 for each quarter during conditional permanent residence
3. W-2s for employees of the job creating entity, if possible
4. US income tax returns of the job-creating entity
5. If the job-creating entity and the new commercial enterprise are the same, or if direct employees of the new commercial enterprise were included in the job count, proof of U.S. citizenship or permanent residence of each direct employee is required
Salary Expenditures
1. Payroll expense records from job creating entity
2. Employer’s IRS Form 941 from job creating entity for each quarter during conditional permanent residence
3. W-2s for employees of the job creating entity, if possible
4. Audited financial statements of the job creating entity for each year
5. US income tax returns of the job-creating entity
Occupancy Rates/Tenancy
1. Detailed occupancy reports per quarter along with audited financial statements and US tax returns for the job creating entity
2. If new commercial enterprise leases space to tenants who then create jobs, copies of leases for tenants
3. Employer’s IRS Form 941 for each quarter from tenants with leases
Square Footage
1. Documents showing total square footage of the space constructed
2. Floor plans
3. Permits showing square footage
Other Documents for I-829 Purposes
1. CPR green card copies for each family member (it is important to monitor each family member because they could have different I-829 filing windows)
2. ITIN numbers/Social security card copies for investors
3. US income tax returns for the new commercial enterprise
4. Schedule K-1s for each investor for each tax year
5. Bank account statements for the new commercial enterprise
6. Any updates distributed to investors during the CPR period to show active involvement
7. If investors have voted on any issues, copies of votes received
8. If investors have access to any investor databases, show log-ins