Financial Statements

In order to obtain a bonded warehouse license, the applicant shall submit a current financial statement that has been prepared not more than ninety (90) days prior to the date of application and conform to the applicable requirements of Title 69, Chapter 2, Idaho Code, as to annual financial statements. (3-15-22) 01. Statement Compliance. Each licensed warehouseman shall submit to the Department an annual financial statement that has been audited or reviewed by an independent certified public accountant or independent licensed public accountant and be submitted to the Department no later than ninety (90) days after the end of the warehouseman’s fiscal year. (7-1-25) a. The Department may grant an extension of no more than sixty (60) days, provided sufficient cause of an exceptional nature is provided, in writing, to the Department by a certified public accountant or a licensed public accountant and made prior to the date the financial statement is due. (3-15-22) b. The director may make exceptions to the financial statement requirements provided sufficient cause is provided and to do so would be in the best interest of the State. (3-15-22) 02. Statement Content. The acceptable statement includes: (3-15-22) a. A balance sheet. (3-15-22) b. An income statement that includes annual gross sales of commodities purchased from producers IDAHO ADMINISTRATIVE CODE IDAPA 02.12.12 Department of Agriculture Bonded Warehouse Rules Section 330 Page 10 covered under the act. (3-15-22) c. A statement of cash flows. (3-15-22) d. All accompanying notes to the financial statement. (3-15-22) 301. – 329. (RESERVED)