Section 824IAC2-4-7. Financial statement

   (a) When, in the director's sole discretion, the director determines that it would create a financial or other hardship for a licensee or applicant to submit the required reviewed level financial statement, the agency may consider the following:

(1) Organization type (corporation, partnership, individual, limited liability company).

(2) Current and potential risk exposure to the producers.

(3) Other information that may be made available to the director.

  (b) Upon waiver of a reviewed financial statement, the director may require any or all of the following:

(1) A financial compilation prepared by an independent accountant certified under IC 25-2.1-1.

(2) Copies of both state and federal tax returns containing both personal and business income of the individual or partner. In the case of a partnership, all partners shall submit copies of both state and federal tax returns. These tax returns shall be received not more than ninety (90) days following the tax year end.

(3) Listings of all payables and receivables of the business.

(4) A business plan prepared by the owners for the next one (1) to five (5) years.

(5) The business enters into an agreement with the agency to use risk management practices to reduce the risk of losses in the futures and or options market.

  (c) The waiver of the reviewed financial statement shall be reviewed by the director annually to see if the conditions that required this waiver still exist. If the conditions causing the waiver no longer exist, the agency will notify the licensee of the change and require a reviewed financial statement for the next licensing year.

  (d) A financial profile form shall be sent to licensees by the agency with annual renewal notices requesting the following:

(1) Name, address, and telephone number.

(2) Form of business organization, including the following:

(A) Proprietorship.

(B) Partnership.

(C) Corporation.

(D) Cooperative.

(E) Other.

(3) Principal business activities, including the following:

(A) Grain bank.

(B) Warehouse.

(C) Grain buyer.

(D) Buyer-warehouse.

(4) Owner's name and address and other ownership information as required by the director.

(5) Applicant's verification.

(6) Signature.

(Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-4-7; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1655; readopted filed Nov 16, 2007, 2:00 p.m.: 20071212-IR-824070667RFA; readopted filed Nov 27, 2013, 1:30 p.m.: 20131225-IR-824130492RFA; filed Nov 16, 2016, 3:34 p.m.: 20161214-IR-824150331FRA)