Section 140.03. Balance sheet information.

 

(1)  If required by the department, licensees or applicants shall submit a balance sheet dated not more than 90 days prior to the date of submission, that is prepared in accordance with generally accepted accounting principles. A small business as defined in s. 227.114 , Stats., which does no interim financial reporting may submit a balance sheet from the close of the business' most recent fiscal year. The balance sheet shall contain the following:

(a) Assets.

(b) Liabilities.

(c) Net worth.

(d) The signature of one of the corporate officers, partners, or owners.

(e) The name of any financial institution used by the applicant.

(f) A schedule of securities owned, if any.

(g) A schedule of real property held, its fair market value, book value and the amount and terms of any indebtedness.

(2)  Pro-forma statements shall not be accepted.

(3)  If the department determines that there has been a misstatement on a financial statement, the misstatement shall be grounds for denial or revocation of the license.

History: Cr. Register, March, 1985, No. 351 , eff. 4-1-85; am. (1) (intro.), (e) and (g), Register, February, 1996, No. 482 , eff. 3-1-96.

Note

Form MVD-2195 Financial Statement. Microsoft Windows NT 6.1.7601 Service Pack 1