June 30, 1999

Note 21 Related Organizations

Related organizations are legally separate organizations, which are not financially accountable to the State. However, these organizations are still related to the State as discussed next.

The State appoints a voting majority of the following organizations' governing boards, the Community Economic Development Fund and the Connecticut Student Loan Foundation. The State's accountability for these organizations does not extend beyond making the appointments. As of June 30, 1999, the Connecticut Student Loan Foundation owed the State $43.1 million under a revolving loan agreement.

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