CA SB54

Requires venture capital companies meeting specified criteria (headquartered in California, operating in California, or receiving California investors) to report annually to the Civil Rights Department beginning March 1, 2025, on demographic information of founding team members of businesses they funded.

Mandates covered entities survey founding team members about gender identity, race, ethnicity, disability status, LGBTQ+ status, veteran status, and California residency, with survey responses collected and reported in anonymized aggregate form only.

Requires reporting of the number and dollar amount of investments in businesses primarily founded by diverse founding team members as a percentage of total investments made.

Authorizes the Civil Rights Department to charge fees to cover administration costs, collect fees and penalties for non-compliance, and file court petitions to compel reporting and impose penalties determined by the court.

Deposits collected fees and penalties into the Civil Rights Enforcement and Litigation Fund, with legislative intent that funds be appropriated in the Budget Act for administration of these reporting requirements.