Fla. Admin. Code Ann. R. 61G7-10.0011 - Annual Financial Statements

(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 Section 468.525(3), F.S. Quarterly financial statements must be accompanied by a completed Board Form DBPR EL-4503, as required by Rule 61G7-5.003, F.A.C.

(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 Rule 61G7-5.005, F.A.C., 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.

Notes

Fla. Admin. Code Ann. R. 61G7-10.0011

Rulemaking Authority 468.522 FS. Law Implemented 468.525 FS.

New 5-8-94, Amended 6-23-99, 5-21-00, 3-1-05, Amended by Florida Register Volume 44, Number 006, January 9, 2018 effective 1/24/2018.

New 5-8-94, Amended 6-23-99, 5-21-00, 3-1-05, 1-24-18.