Florida Regulations 61G7-10.0011: Annual Financial Statements
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(1) Each employee leasing company shall submit, not later than 120 days after their fiscal year end, a copy of their current fiscal year end financial statements, prepared in accordance with generally accepted accounting principles, which shall include statement of income and retained earnings, balance sheet, statement of changes in financial position (cash flows), and applicable footnotes. This information may be submitted on the Board Form DBPR EL-4506, Standard Financial Statement, effective 5/2011, incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-09036, or in equivalent format. The financial statements are to reflect positive working capital and positive accounting net worth, as required in Florida Statutes § 468.525(3) Quarterly financial statements must be accompanied by a completed Board Form DBPR EL-4503, as required by Fl. Admin. Code R. 61G7-5.003
(2) If an employee leasing company’s annual financial report or quarterly report fails to evidence positive working capital or accounting net worth as required by Section 468.525(3)(d), F.S., the deficiencies shall be deemed to be cured if, at the time that the annual or quarterly reports are due, the licensee files additional information evidencing action taken subsequent to the period covered by the required reports which shows that the licensee’s current financial status is in compliance with the provisions of the statute.
(3) In the case of audited or reviewed annual financial statements, the information must take the form of a subsequent events note to the audit or review report issued by the independent CPA which shows that the licensee has corrected any statutory financial deficiencies that existed in the financial statements as of the audit or review date.
(4) In the case of quarterly reports, the licensee may:
(a) Submit a guaranty or letter of credit as provided by Fl. Admin. Code R. 61G7-5.005, which shows that licensee has access to sufficient funds to offset any statutory financial deficiencies that existed in the quarterly statements, or
(b) Submit a financial statement for the licensee reflecting the re-mediation accompanied by a narrative signed by a controlling person of the licensee outlining the reasons for the deficiencies and setting forth the licensee’s plan to prevent such deficiencies in the future.
Rulemaking Authority 468.522 FS. Law Implemented Florida Statutes § 468.525. History-New 5-8-94, Amended 6-23-99, 5-21-00, 3-1-05, 1-24-18.
Terms Used In Florida Regulations 61G7-10.0011
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Statute: A law passed by a legislature.
(3) In the case of audited or reviewed annual financial statements, the information must take the form of a subsequent events note to the audit or review report issued by the independent CPA which shows that the licensee has corrected any statutory financial deficiencies that existed in the financial statements as of the audit or review date.
(4) In the case of quarterly reports, the licensee may:
(a) Submit a guaranty or letter of credit as provided by Fl. Admin. Code R. 61G7-5.005, which shows that licensee has access to sufficient funds to offset any statutory financial deficiencies that existed in the quarterly statements, or
(b) Submit a financial statement for the licensee reflecting the re-mediation accompanied by a narrative signed by a controlling person of the licensee outlining the reasons for the deficiencies and setting forth the licensee’s plan to prevent such deficiencies in the future.
Rulemaking Authority 468.522 FS. Law Implemented Florida Statutes § 468.525. History-New 5-8-94, Amended 6-23-99, 5-21-00, 3-1-05, 1-24-18.