Trans 140.028(2)(2) Failure to provide the financial information required under sub. (1) shall be grounds for denial or revocation of the license. Trans 140.028 HistoryHistory: Cr. Register, February, 1996, No. 482, eff. 3-1-96; correction in (1) (c) made under s. 13.92 (4) (b) 7., Stats., Register March 2012 No. 675. Trans 140.03(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: Trans 140.03(1)(d)(d) The signature of one of the corporate officers, partners, or owners. Trans 140.03(1)(g)(g) A schedule of real property held, its fair market value, book value and the amount and terms of any indebtedness. Trans 140.03(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. Trans 140.03 NoteNote: Form MVD-2195 Financial Statement.
Trans 140.03 HistoryHistory: 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. Trans 140.04(1)(1) Valuation. The financial statement shall present assets in terms of historical cost or book value of assets. In lieu of a statement presented with historical cost of fixed assets or book value of assets, the department shall consider a statement presenting fair market value information of fixed assets if clearly labeled and accompanied by an appraisal report of a certified appraiser or tax appraisal. Trans 140.04(2)(2) Cash. Whenever a substantial portion of the assets of an entity is in the form of cash, confirmation of the amount is required from the financial institution holding the cash. Trans 140.04(3)(3) Receivables. When a substantial portion of the assets of an entity are in the form of receivables from another individual, partnership or corporation, all or part of the receivables shall be discounted in considering the net worth of the applicant. In order to evaluate the quality of a receivable, a financial statement from the individual, partnership or corporation may be required. In no case will the department discount factory receivables. Trans 140.04(4)(4) Inventory. The financial statement shall include the number of units in inventory and the number of units floor planned or used for loan collateral. A GAAP presentation of inventory values would not allow for the use of a reserve account for balance sheet information compiled for external purposes. As an exception to a GAAP presentation, the department will allow the use of a reserve account to accurately assess the value of inventory. Trans 140.04(5)(5) Certain assets not to be considered. The department shall not consider the following assets in evaluating the financial statement of an applicant: Trans 140.04(5)(e)(e) All other assets subject to prior liens, security agreements, or other pledges.