Balance sheet information

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.