SB55-ASA1-AA1,864,87
(b) The nature, coverage, or material terms of the grain warehouse keeper's
8insurance policy.
SB55-ASA1-AA1,864,13
9126.28 Grain warehouse keepers; financial statements. (1) R
equired
10annual financial statement. (a) A grain warehouse keeper shall file an annual
11financial statement with the department before the department first licenses the
12warehouse keeper under s. 126.26 (1), if the warehouse keeper operates grain
13warehouses with a combined capacity of more than 300,000 bushels.
SB55-ASA1-AA1,864,2214
(b) A grain warehouse keeper licensed under s. 126.26 (1) shall file an annual
15financial statement with the department during each license year if the grain
16warehouse keeper operates warehouses with a combined capacity of more than
17300,000 bushels. The grain warehouse keeper shall file the annual financial
18statement by the 15th day of the 4th month following the close of the grain warehouse
19keeper's fiscal year, except that the department may extend the annual filing
20deadline for up to 30 days if the grain warehouse keeper, or the accountant reviewing
21or auditing the financial statement, files a written extension request at least 10 days
22before the filing deadline.
SB55-ASA1-AA1,865,2
23(2) V
oluntary annual financial statement. A contributing grain warehouse
24keeper who is not required to file an annual financial statement under sub. (1) may
1file an annual financial statement with the department in order to qualify for a lower
2fund assessment under s. 126.30.
SB55-ASA1-AA1,865,6
3(3) R
eviewed or audited financial statement. (a) A grain warehouse keeper
4filing an annual financial statement under sub. (1) or (2) shall file an audited
5financial statement if the warehouse keeper operates grain warehouses with a
6combined capacity of more than 500,000 bushels.
SB55-ASA1-AA1,865,97
(b) If par. (a) does not apply, a grain warehouse keeper filing an annual financial
8statement under sub. (1) or (2) shall file either a reviewed financial statement or an
9audited financial statement.
SB55-ASA1-AA1,865,13
10(4) A
ccounting period. A grain warehouse keeper filing an annual financial
11statement under sub. (1) or (2) shall file a financial statement that covers the grain
12warehouse keeper's last completed fiscal year unless the grain warehouse keeper has
13been in business for less than one year.
SB55-ASA1-AA1,865,19
14(4m) I
nterim financial statement. The department may, at any time, require
15a grain warehouse keeper licensed under s. 126.26 (1) to file an interim financial
16statement with the department. The grain warehouse keeper shall provide, with the
17interim financial statement, the warehouse keeper's sworn and notarized statement
18that the financial statement is correct. An interim financial statement need not be
19a reviewed financial statement or an audited financial statement.
SB55-ASA1-AA1,865,23
20(5) G
enerally accepted accounting principles. (a) Except as provided in par.
21(b), a grain warehouse keeper filing an annual financial statement under this section
22shall file a financial statement that is prepared according to generally accepted
23accounting principles.
SB55-ASA1-AA1,866,3
1(b) If a grain warehouse keeper is a sole proprietor and the grain warehouse
2keeper's financial statement is not audited, the grain warehouse keeper shall file a
3financial statement that is prepared on a historical cost basis.
SB55-ASA1-AA1,866,9
4(6) F
inancial statement contents. (a) Except as provided in par. (b), a grain
5warehouse keeper filing a financial statement under this section shall file a financial
6statement that consists of a balance sheet, income statement, equity statement,
7statement of cash flows, notes to those statements, and any other information
8required by the department. A grain warehouse keeper who is a sole proprietor shall
9file his or her business and personal financial statements.
SB55-ASA1-AA1,866,1210
(b) If a grain warehouse keeper has been in business for less than one year, the
11grain warehouse keeper may file an annual financial statement under sub. (1) or (2)
12that consists of a balance sheet and notes.
SB55-ASA1-AA1,866,1513
(c) A grain warehouse keeper filing a financial statement under this section
14shall include in the financial statement, or in an attachment to the financial
15statement, calculations of all of the following:
SB55-ASA1-AA1,866,1716
1. The grain warehouse keeper's current ratio, excluding any assets required
17to be excluded under sub. (7).
SB55-ASA1-AA1,866,1918
2. The grain warehouse keeper's debt to equity ratio, excluding any assets
19required to be excluded under sub. (7).
SB55-ASA1-AA1,866,22
20(7) A
ssets excluded. A grain warehouse keeper may not include any of the
21following assets in calculating the ratios under sub. (6) (c), unless the department
22specifically approves their inclusion:
SB55-ASA1-AA1,867,223
(a) A nontrade note or account receivable from an officer, director, employee,
24partner, or stockholder, or from a member of the family of any of those individuals,
1unless the note or account receivable is secured by a first priority security interest
2in real or personal property.
SB55-ASA1-AA1,867,43
(b) A note or account receivable from a parent organization, a subsidiary, or an
4affiliate other than an employee.
SB55-ASA1-AA1,867,75
(c) A note or account that has been receivable for more than one year, unless
6the grain warehouse keeper has established an equal offsetting reserve for
7uncollectible notes and accounts receivable.
SB55-ASA1-AA1,867,10
8(9) E
ntity covered. A person filing a financial statement under this section
9may not file, in lieu of that person's financial statement, the financial statement of
10the person's parent organization, subsidiary, predecessor, or successor.
SB55-ASA1-AA1,867,13
11(10) D
epartment review. The department may analyze a financial statement
12submitted under this section and may reject a financial statement that fails to
13comply with this section.
SB55-ASA1-AA1,867,17
14126.29 Contributing grain warehouse keepers; disqualification. (1) 15C
ontribution required. A grain warehouse keeper licensed under s. 126.26 (1) shall
16pay fund assessments under s. 126.30 unless the grain warehouse keeper is
17disqualified under sub. (2).
SB55-ASA1-AA1,867,20
18(2) D
isqualified warehouse keeper. (a) A grain warehouse keeper who is
19required to file security under s. 126.31 (1) is disqualified from the fund until the
20department releases that security under s. 126.31 (8) (a).
SB55-ASA1-AA1,867,2221
(b) A grain warehouse keeper is disqualified from the fund if the department
22denies, suspends, or revokes the grain warehouse keeper's license.
SB55-ASA1-AA1,867,25
23(3) Payments by disqualified grain warehouse keeper. (a) The department
24may not return, to a disqualified grain warehouse keeper, any fund assessments that
25the warehouse keeper paid as a contributing grain warehouse keeper.
SB55-ASA1-AA1,868,5
1(b) A disqualified grain warehouse keeper remains liable for any unpaid fund
2installment under s. 126.30 that became due while the grain warehouse keeper was
3a contributing grain warehouse keeper. A disqualified grain warehouse keeper is not
4liable for any fund installment that becomes due after the grain warehouse keeper
5is disqualified under sub. (2).
SB55-ASA1-AA1,868,9
6126.30 Grain warehouse keepers; fund assessments. (1) General. A
7contributing grain warehouse keeper shall pay an annual fund assessment for each
8license year. The assessment equals $20 or the sum of the following, whichever is
9greater, unless the department by rule specifies a different assessment:
SB55-ASA1-AA1,868,1410
(a) The grain warehouse keeper's current ratio assessment. The current ratio
11assessment for a license year is the amount, expressed as dollars, equal to the grain
12warehouse keeper's current ratio assessment rate under sub. (2) multiplied by the
13number of bushels that the grain warehouse keeper reports under s. 126.26 (2) (e)
14or (10).
SB55-ASA1-AA1,868,1915
(b) The warehouse keeper's debt to equity ratio assessment. The debt to equity
16ratio assessment for each license year is the amount, expressed as dollars, equal to
17the grain warehouse keeper's debt to equity ratio assessment rate under sub. (4)
18multiplied by the number of bushels that the warehouse keeper reports under s.
19126.26 (2) (e) or (10).
SB55-ASA1-AA1,868,21
20(2) C
urrent ratio assessment rate. A grain warehouse keeper's current ratio
21assessment rate is calculated, at the beginning of the license year, as follows:
SB55-ASA1-AA1,869,222
(a) If the grain warehouse keeper has filed an annual financial statement
23under s. 126.28 and that financial statement shows a current ratio of at least 1.25
24to 1.0, the grain warehouse keeper's current ratio assessment rate equals the greater
1of zero or the current ratio assessment factor in sub. (3) (a) multiplied by an amount
2determined as follows:
SB55-ASA1-AA1,869,33
1. Subtract one from the current ratio.
SB55-ASA1-AA1,869,44
2. Divide the amount determined under subd. 1. by 3.
SB55-ASA1-AA1,869,55
3. Multiply the amount determined under subd. 2. by negative one.
SB55-ASA1-AA1,869,66
4. Raise the amount determined under subd. 3. to the 3rd power.
SB55-ASA1-AA1,869,77
5. Subtract 0.75 from the current ratio.
SB55-ASA1-AA1,869,88
6. Divide 0.65 by the amount determined under subd. 5.
SB55-ASA1-AA1,869,99
7. Raise the amount determined under subd. 6. to the 5th power.
SB55-ASA1-AA1,869,1110
8. Add the amount determined under subd. 4. to the amount determined under
11subd. 7.
SB55-ASA1-AA1,869,1212
9. Add 2 to the amount determined under subd. 8.
SB55-ASA1-AA1,869,1713
(b) If the grain warehouse keeper has filed an annual financial statement
14under s. 126.28 and that financial statement shows a current ratio of less than 1.25
15to 1.0, but greater than 1.0 to 1.0, the grain warehouse keeper's current ratio
16assessment rate equals the current ratio assessment factor in sub. (3) (b) multiplied
17by the following amount:
SB55-ASA1-AA1,869,1818
1. Subtract one from the current ratio.
SB55-ASA1-AA1,869,1919
2. Divide the amount determined under subd. 1. by 3.
SB55-ASA1-AA1,869,2020
3. Multiply the amount determined under subd. 2. by negative one.
SB55-ASA1-AA1,869,2121
4. Raise the amount determined under subd. 3. to the 3rd power.
SB55-ASA1-AA1,869,2222
5. Subtract 0.75 from the current ratio.
SB55-ASA1-AA1,869,2323
6. Divide 0.65 by the amount determined under subd. 5.
SB55-ASA1-AA1,869,2424
7. Raise the amount determined under subd. 6. to the 5th power.
SB55-ASA1-AA1,870,2
18. Add the amount determined under subd. 4. to the amount determined under
2subd. 7.
SB55-ASA1-AA1,870,33
9. Add 2 to the amount determined under subd. 8.
SB55-ASA1-AA1,870,74
(c) If the grain warehouse keeper has filed an annual financial statement under
5s. 126.28 and that financial statement shows a current ratio of less than or equal to
61.0 to 1.0, the warehouse keeper's current ratio assessment rate equals the current
7ratio assessment factor in sub. (3) (b) multiplied by 120.81376.
SB55-ASA1-AA1,870,108
(d) If the grain warehouse keeper has not filed an annual financial statement
9under s. 126.28, the warehouse keeper's current ratio assessment rate equals the
10current ratio assessment factor in sub. (3) (b) multiplied by 5.71235.
SB55-ASA1-AA1,870,15
11(3) C
urrent ratio assessment factor. (a) A grain warehouse keeper's current
12ratio assessment factor under sub. (2) (a) is 0.00003 except that, for the grain
13warehouse keeper's 5th or higher consecutive full license year as a contributing grain
14warehouse keeper, the grain warehouse keeper's current ratio assessment factor is
15zero.
SB55-ASA1-AA1,870,1916
(b) A grain warehouse keeper's current ratio assessment factor under sub. (2)
17(b) to (d) is 0.000045 except that, for the grain warehouse keeper's 5th or higher
18consecutive full license year as a contributing grain warehouse keeper, the grain
19warehouse keeper's current ratio assessment factor is 0.000036.
SB55-ASA1-AA1,870,22
20(4) D
ebt to equity ratio assessment rate. A grain warehouse keeper's debt to
21equity ratio assessment rate is calculated, at the beginning of the license year, as
22follows:
SB55-ASA1-AA1,871,223
(a) If the grain warehouse keeper has filed an annual financial statement
24under s. 126.28 and that financial statement shows positive equity and a debt to
25equity ratio of not more than 4.0 to 1.0, the grain warehouse keeper's debt to equity
1ratio assessment rate equals the greater of zero or the debt to equity ratio assessment
2factor in sub. (5) (a) multiplied by the following amount:
SB55-ASA1-AA1,871,33
1. Subtract 4 from the debt to equity ratio.
SB55-ASA1-AA1,871,44
2. Divide the amount determined under subd. 1. by 3.
SB55-ASA1-AA1,871,55
3. Raise the amount determined under subd. 2. to the 3rd power.
SB55-ASA1-AA1,871,66
4. Subtract 1.7 from the debt to equity ratio.
SB55-ASA1-AA1,871,77
5. Divide the amount determined under subd. 4. by 1.75.
SB55-ASA1-AA1,871,88
6. Raise the amount determined under subd. 5. to the 7th power.
SB55-ASA1-AA1,871,109
7. Add the amount determined under subd. 3. to the amount determined under
10subd. 6.
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8. Add 2 to the amount determined under subd. 7.
SB55-ASA1-AA1,871,1612
(b) If the grain warehouse keeper has filed an annual financial statement
13under s. 126.28 and that financial statement shows a debt to equity ratio of greater
14than 4.0 to 1.0 but less than 5.0 to 1.0, the grain warehouse keeper's debt to equity
15ratio assessment rate equals the debt to equity ratio assessment factor in sub. (5) (b)
16multiplied by the following amount:
SB55-ASA1-AA1,871,1717
1. Subtract 4 from the debt to equity ratio.
SB55-ASA1-AA1,871,1818
2. Divide the amount determined under subd. 1. by 3.
SB55-ASA1-AA1,871,1919
3. Raise the amount determined under subd. 2. to the 3rd power.
SB55-ASA1-AA1,871,2020
4. Subtract 1.7 from the debt to equity ratio.
SB55-ASA1-AA1,871,2121
5. Divide the amount determined under subd. 4. by 1.75.
SB55-ASA1-AA1,871,2222
6. Raise the amount determined under subd. 5. to the 7th power.
SB55-ASA1-AA1,871,2423
7. Add the amount determined under subd. 3. to the amount determined under
24subd. 6.
SB55-ASA1-AA1,871,2525
8. Add 2 to the amount determined under subd. 7.
SB55-ASA1-AA1,872,5
1(c) If the grain warehouse keeper has filed an annual financial statement under
2s. 126.28 and that financial statement shows negative equity or a debt to equity ratio
3of at least 5.0 to 1.0, the grain warehouse keeper's debt to equity ratio assessment
4rate equals the debt to equity ratio assessment factor in sub. (5) (b) multiplied by
586.8244.
SB55-ASA1-AA1,872,86
(d) If the grain warehouse keeper has not filed an annual financial statement
7under s. 126.28, the grain warehouse keeper's debt to equity ratio assessment rate
8equals the debt to equity ratio assessment factor in sub. (5) (b) multiplied by 8.77374.
SB55-ASA1-AA1,872,12
9(5) D
ebt to equity ratio assessment factor. (a) A grain warehouse keeper's
10debt to equity ratio assessment factor under sub. (4) (a) is 0.0000125, except that it
11is zero for the grain warehouse keeper's 5th or higher consecutive full license year
12as a contributing grain warehouse keeper.
SB55-ASA1-AA1,872,1613
(b) A grain warehouse keeper's debt to equity ratio assessment factor under
14sub. (4) (b) to (d) is 0.00001875, except that it is 0.000015 for the grain warehouse
15keeper's 5th or higher consecutive full license year as a contributing grain warehouse
16keeper.
SB55-ASA1-AA1,872,19
17(6) Q
uarterly installments. (a) A contributing grain warehouse keeper shall
18pay the grain warehouse keeper's annual fund assessment in equal quarterly
19installments that are due as follows:
SB55-ASA1-AA1,872,2020
1. The first installment is due on October 1 of the license year.
SB55-ASA1-AA1,872,2121
2. The 2nd installment is due on January 1 of the license year.
SB55-ASA1-AA1,872,2222
3. The 3rd installment is due on April 1 of the license year.
SB55-ASA1-AA1,872,2323
4. The 4th installment is due on July 1 of the license year.
SB55-ASA1-AA1,872,2524
(b) A contributing grain warehouse keeper may prepay any of the quarterly
25installments under par. (a).
SB55-ASA1-AA1,873,5
1(c) A contributing grain warehouse keeper who applies for an annual license
2after the beginning of a license year shall pay the full annual fund assessment
3required under this section. The grain warehouse keeper shall pay, with the first
4quarterly installment that becomes due after the day on which the department
5issues the license, all of the quarterly installments that were due before that day.
SB55-ASA1-AA1,873,96
(d) A contributing grain warehouse keeper who fails to pay the full amount of
7any quarterly installment when due shall pay, in addition to that installment, a late
8payment penalty of $50 or 10% of the overdue installment amount, whichever is
9greater.
SB55-ASA1-AA1,873,12
10(7) N
otice of annual assessment and quarterly installments. When the
11department issues an annual license to a contributing grain warehouse keeper, the
12department shall notify the grain warehouse keeper of all of the following:
SB55-ASA1-AA1,873,1413
(a) The amount of the grain warehouse keeper's annual fund assessment under
14this section.
SB55-ASA1-AA1,873,1615
(b) The amount of each required quarterly installment under sub. (6), and the
16date by which the grain warehouse keeper must pay each installment.
SB55-ASA1-AA1,873,1817
(c) The penalty that applies under sub. (6) (d) if the grain warehouse keeper
18fails to pay any quarterly installment when due.