New semi-autonomous agency to oversee millions in small biz funding

Pago Pago, AMERICAN SAMOA — Through an Apr. 03 Executive Order, Gov. Lemanu P. S. Mauga established within the Executive Branch a new entity, the American Samoa Innovation Authority (ASIA), a semi-autonomous agency of ASG, to be governed by a five-member board.

ASIA will oversee the implementation and administration of programs that will be funded with American Samoa’s share of millions of dollars from the federal government under the State Small Business Credit Initiative (SSBCI) program, which is reauthorized and funded through the federal American Rescue Plan Act.

The Executive Order says the new SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic.

Additionally, these funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities.

“American Samoa will potentially receive more than $50 million in SSBCI funding,” the order said, noting that ASG’s Commerce Department plans to oversee the implementation of the SSBCI program through funds that will be established as a series of wholly-owned subsidiaries of a semi-autonomous agency of ASG.

Furthermore, there is a need for a semi-autonomous agency that can oversee the implementation and administration of the SSBCI programs on behalf of DOC, with the ability to act at the speed of business to ensure timely transactions and meet industry expectations.

The governor also identified the five ASIA board members, with the Commerce director as a member and board chairperson. Additional members of the board are the ASG Treasurer; ASG Director of Planning and Budget; and two members from the private sector with specialized knowledge and skill in the areas of finance, investing, or economic development appointed by the Governor or Governor's designee for two-year terms.

The governor’s order outlined the duties and responsibilities of the board:

•           appoint an Assistant Director or Deputy Director of the Department of Commerce as Executive Director who shall be directly responsible to the Board for the proper and efficient oversight of the management of any entity established for the purposes of the ASG SSBCI Program.

•           create and establish any legal entities, policies, or procedures for the purposes of carrying out programs under the purview of ASIA.

•           review and approve procurement actions necessary to carry out the SSBCI Program or any other programs under the purview of ASIA.

•           review and approve accounting and financial management policies and procedures adopted by the fund managers to ensure compliance with U.S. Treasury accounting and auditing requirements for the SSBCI Program.

•           review, approve, and submit Quarterly Performance and Financial reports of any fund overseen by ASIA to the Governor no later than 60 days after the end of the Quarter.

•           review, approve and submit an Annual Financial Report to the Governor no later than 180 days after the end of the fiscal year.

•           hold regular meetings at least once every three months and hold special meetings when necessary. The ASIA Board shall record and keep minutes of all such meetings and make said minutes available for public inspection.

•           review and approve all other matters properly within ASIA’s authority which are included on the agenda of the ASIA Board.

•           advise the manager of any funds overseen by ASIA as to any opportunity presented and priority use of the funds.

EXECUTIVE DIRECTOR

According to the executive order, the Executive Director shall be the Chief Executive Officer of ASIA, report directly to the ASIA Board. And perform the following duties:

•           Assist the Board in the development of policies and programs for the administration, management and operation of ASIA;

•           Review investment and credit recommendations presented by fund managers regarding use of SSBCI funds;

•           Approve appropriate transactions recommended by fund managers and submit recommendation for final sign-off to the Chairperson of the Board; and

•           Prepare the agenda for ASIA Board meetings.

INDEPENDENT AUDIT

The order allows ASIA to employ a firm of independent certified public accountants with federal program experience to examine and report on the condition of financial records and accounts no less than once a year. The report shall be submitted to the Governor by the ASIA Board.

PROCUREMENT

ASIA may contract for the procurement of supplies, equipment, materials, personal services other than by employees, with any public or private entity upon terms and conditions as it finds necessary to the full and convenient exercise of its purposes and powers, subject to all applicable procurement laws and rules of American Samoa.

ASIA shall receive and account for its inventory of property, materials, supplies, and equipment.