---
kind: "section"
citation: "13 C.F.R. § 108.520"
title: "13"
number: "108.520"
heading: "Management Expenses of a NMVC Company."
url: "https://uscodex.org/cfr/13/108.520"
---

# §108.520. Management Expenses of a NMVC Company.


SBA must approve your initial Management Expenses and any increases in your Management Expenses.

- (a) **Definition of Management Expenses.** Management Expenses include:
  - (1) Salaries;
  - (2) Office expenses;
  - (3) Travel;
  - (4) Business development;
  - (5) Office and equipment rental;
  - (6) Bookkeeping; and
  - (7) **Expenses related to developing, investigating and monitoring investments.**
- (b) Management Expenses do not include services provided by specialized outside consultants, outside lawyers and independent public accountants, if they perform services not generally performed by a venture capital company.

## Notes

### Authority

Authority: 15 U.S.C. 689-689q.

### Source

Source: 66 FR 28609, May 23, 2001, unless otherwise noted.