Answers to Your Most Frequently Asked Questions

The Reform and Integrity Act of 2022 (RIA) is a federal law that updates the EB-5 Immigrant Investor Program. One of its main rules is that projects linked to a Regional Center must either hire an independent fund administrator or undergo annual third-party financial audits for every new commercial enterprise (NCE).

The fund administrator tracks how investor money is used, ensures capital flow alignment in sync with the offering documents, and keeps detailed records. This helps protect investors and maintain the integrity and transparency of the EB-5 program.

A fund administrator helps EB-5 issuers and Regional Centers:

• Follow the RIA rules
• Protect investors by ensuring that funds are used as promised
• Make reporting easier for USCIS filings (like I-956G and I-829)
• Build trust with investors during fundraising

Using a third-party administrator also lowers the risk of mistakes or fraud and creates a clear record when USCIS reviews or audits your project.

Fund administrators (like PRXY) are responsible for:

• Serving as co-signatory on the NCE’s bank account(s) and it must approve releases of EB-5 funds to the Job Creating Entity (or “JCE”).
• Together with the fund’s project management, making and preserving records of these transactions.
• Producing an audit trail of all funds released into a project, to ensure they’ve been spent on job creating categories, directly or indirectly.
• Easing the burden of immigration paperwork (I-956F, I-956G, I-829)

There are several key documents required for engaging a fund administrator:

• A Final private placement memorandum

• A Final EB-5 Business Plan

• A Final EB-5 Economic Report

• An I-956F

• If your offering is a loan model, please provide the EB-5 Loan Agreement.

• If your offering is an equity model, please provide the JCE (Job Creating Entity) Operating Agreement

The fund administrator cannot have any financial interest in the NCE, JCE, or Regional Center. Internal teams or related companies don’t qualify. The administrator must be a separate, outside company that acts fairly.

See the RIA in the 2022 Consolidated Appropriations Act (Division BB, Title II, Subtitle A)

(Tip: Use “Ctrl+F” and search for “Division BB, Title II, Subtitle A” to find the relevant section.)

Project leaders should hire a fund administrator before any investor money is accepted as the fund administrator must be identified on the I-956F filing. Fund administrators start monitoring as soon as funds arrive—whether in escrow or directly into the New Commercial Enterprise—and stay involved throughout the project.

Yes. Fund administrators must check that escrow release conditions are satisfied with every escrow disbursement. The best fund administrators also ensure project goals and job creation targets are met when investor money is then later released to the JCE.

Standard reports include:

• Capital account tracking for each investor
• Ledgers of all money received and disbursed
• Tracking fund usage consistency with the PPM, business plan and economic report
• Data to help with annual USCIS filings and the eventual investor I-829 filings

These reports help fund operators track their investors, capital flows and support USCIS paperwork.

It’s possible. Oversight can continue throughout the whole investment, including:

• Monitoring if funds need to be redeployed
• Tracking when investors get their money back
• Helping with I-829 paperwork
• Supporting final investor exits

Some administrators offer investor portals or regular updates. PRXY provides customizable dashboards to keep both project sponsors and investors informed without extra work.

Fund administrators like PRXY can quickly provide the following:

• Transaction histories
• Compliance reports
• Detailed cash flow audit trails

This makes audits easier and shows the Regional Center’s commitment to following the rules.