The PIF Due Diligence Fund was established to support due diligence related to angel-type investments. The terms under which these funds could be used are as follows:

1. There must be at least three investors committed to a deal, one of whom must be a PIF member.
2. The PIF member must intend to invest a minimum of $25,000 in the deal.
3. Target company should have a minimum pre-money valuation of $2,000,000.00 with the requesting investors putting up a minimum of $150,000.00.
4. An agreed upon term sheet must be in place. Commitment should be demonstrated by a written confirmation that subject to due diligence and documentation, the investor intends to participate in the deal.
5. PIF will match 50% of documented expenses which are not covered by any other party, up to a maximum of $7,500.00 per deal; e.g. if $15,000.00 is spent on due diligence, PIF will reimburse $7,500.00.
6. Reimbursement is subject to PIF Board approval or its designated Due Diligence Award Committee (consisting of three PIF board members).
7. Notification of due diligence activity must be filed with PIF in order to be approved as a qualified investment. (See “notice of application”). Approval of a qualified investment does not guarantee reimbursement. Reimbursement on any specific activity is at the sole discretion of PIF.
8. Upon completion of due diligence, documentation of due diligence expenses must be submitted to PIF within 60 days of completion. (See “application for reimbursement”).

• PIF Due Diligence Reimbursement Application
• PIF Due Diligence Notice of Application

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