FAQs
FAQs
Important Announcements from WGIF
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There are two options for electronic funds transfer available to WGIF Participants:
Same Day Wire Transfer – Funds can be transferred by wire to or from a WGIF account. For incoming transfers, you must instruct your financial institution to send the funds to WGIF. For outgoing transfers, the WGIF Client Services Team will initiate the transfer. In either case, WGIF must be notified by 11:00 a.m. Mountain Time in order for the funds to transfer/credit the same day. WGIF has no service charge or fee for this service.
Next Day Transfer – Next Day Transfer utilizes the Federal Reserve’s Automated Clearing House (ACH) system. Funds are transferred overnight and are available in the designated account the next business day. Requests to transfer funds must be received by WGIF via phone, fax, or online account access by 2:00 p.m. Mountain Time. The Next Day Transfer Form must be completed in advance and takes approximately ten (10) business days to process.
A: In order to qualify for exemption from rebate under the 6-month spending exception, all gross proceeds and investment earnings thereon must be spent within 6 months of the issue date.
The 18-month exception requires that all proceeds and investment earnings thereon be spent as follows:
- 15% within 6 months of the issue date
- 60% within 12 months of the issue date
- 100% (less "reasonable retainage") within 18 months of the issue date
The 24-month exception applies only to construction issues, and requires that all available construction proceeds be spent as follows:
- 10% within 6 months of issue date
- 45% within 12 months of issue date
- 75% within 18 months of issue date
- 100% (less "reasonable retainage") within 24 months of issue date
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