1. (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:

   1. (a) Assets.
   2. (b) Liabilities.
   3. (c) Net worth.
   4. (d) The signature of one of the corporate officers, partners, or owners.
   5. (e) The name of any financial institution used by the applicant.
   6. (f) A schedule of securities owned, if any.
   7. (g) A schedule of real property held, its fair market value, book value and the amount and terms of any indebtedness.
2. (2) Pro-forma statements shall not be accepted.

3. (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.

   Note: Form MVD-2195 Financial Statement.

History

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.