Amendment CA1-SSA1-SB55

SB55-SSA1-CA1,587,8 (2) Voluntary annual financial statement. A contributing grain warehouse keeper who is not required to file an annual financial statement under sub. (1) may file an annual financial statement with the department in order to qualify for a lower fund assessment under s. 126.30.

SB55-SSA1-CA1,587,12 (3) Reviewed or audited financial statement. (a) A grain warehouse keeper filing an annual financial statement under sub. (1) or (2) shall file an audited financial statement if the warehouse keeper operates grain warehouses with a combined capacity of more than 500,000 bushels.

SB55-SSA1-CA1,587,15 (b) If par. (a) does not apply, a grain warehouse keeper filing an annual financial statement under sub. (1) or (2) shall file either a reviewed financial statement or an audited financial statement.

SB55-SSA1-CA1,587,19 (4) Accounting period. A grain warehouse keeper filing an annual financial statement under sub. (1) or (2) shall file a financial statement that covers the grain warehouse keeper's last completed fiscal year unless the grain warehouse keeper has been in business for less than one year.

SB55-SSA1-CA1,587,25 (4m) Interim financial statement. The department may, at any time, require a grain warehouse keeper licensed under s. 126.26 (1) to file an interim financial statement with the department. The grain warehouse keeper shall provide, with the interim financial statement, the warehouse keeper's sworn and notarized statement that the financial statement is correct. An interim financial statement need not be a reviewed financial statement or an audited financial statement.

SB55-SSA1-CA1,588,4 (5) Generally accepted accounting principles. (a) Except as provided in par. (b), a grain warehouse keeper filing an annual financial statement under this section shall file a financial statement that is prepared according to generally accepted accounting principles.

SB55-SSA1-CA1,588,7 (b) If a grain warehouse keeper is a sole proprietor and the grain warehouse keeper's financial statement is not audited, the grain warehouse keeper shall file a financial statement that is prepared on a historical cost basis.

SB55-SSA1-CA1,588,13 (6) Financial statement contents. (a) Except as provided in par. (b), a grain warehouse keeper filing a financial statement under this section shall file a financial statement that consists of a balance sheet, income statement, equity statement, statement of cash flows, notes to those statements, and any other information required by the department. A grain warehouse keeper who is a sole proprietor shall file his or her business and personal financial statements.

SB55-SSA1-CA1,588,16 (b) If a grain warehouse keeper has been in business for less than one year, the grain warehouse keeper may file an annual financial statement under sub. (1) or (2) that consists of a balance sheet and notes.

SB55-SSA1-CA1,588,19 (c) A grain warehouse keeper filing a financial statement under this section shall include in the financial statement, or in an attachment to the financial statement, calculations of all of the following:

SB55-SSA1-CA1,588,21 1. The grain warehouse keeper's current ratio, excluding any assets required to be excluded under sub. (7).

SB55-SSA1-CA1,588,23 2. The grain warehouse keeper's debt to equity ratio, excluding any assets required to be excluded under sub. (7).

SB55-SSA1-CA1,589,3 (7) Assets excluded. A grain warehouse keeper may not include any of the following assets in calculating the ratios under sub. (6) (c), unless the department specifically approves their inclusion:

SB55-SSA1-CA1,589,7 (a) A nontrade note or account receivable from an officer, director, employee, partner, or stockholder, or from a member of the family of any of those individuals, unless the note or account receivable is secured by a first priority security interest in real or personal property.

SB55-SSA1-CA1,589,9 (b) A note or account receivable from a parent organization, a subsidiary, or an affiliate other than an employee.

SB55-SSA1-CA1,589,12 (c) A note or account that has been receivable for more than one year, unless the grain warehouse keeper has established an equal offsetting reserve for uncollectible notes and accounts receivable.

SB55-SSA1-CA1,589,15 (9) Entity covered. A person filing a financial statement under this section may not file, in lieu of that person's financial statement, the financial statement of the person's parent organization, subsidiary, predecessor, or successor.

SB55-SSA1-CA1,589,18 (10) Department review. The department may analyze a financial statement submitted under this section and may reject a financial statement that fails to comply with this section.

SB55-SSA1-CA1,589,22 126.29 Contributing grain warehouse keepers; disqualification. (1) Contribution required. A grain warehouse keeper licensed under s. 126.26 (1) shall pay fund assessments under s. 126.30 unless the grain warehouse keeper is disqualified under sub. (2).

SB55-SSA1-CA1,589,25 (2) Disqualified warehouse keeper. (a) A grain warehouse keeper who is required to file security under s. 126.31 (1) is disqualified from the fund until the department releases that security under s. 126.31 (8) (a).

SB55-SSA1-CA1,590,2 (b) A grain warehouse keeper is disqualified from the fund if the department denies, suspends, or revokes the grain warehouse keeper's license.

SB55-SSA1-CA1,590,5 (3) Payments by disqualified grain warehouse keeper. (a) The department may not return, to a disqualified grain warehouse keeper, any fund assessments that the warehouse keeper paid as a contributing grain warehouse keeper.

SB55-SSA1-CA1,590,10 (b) A disqualified grain warehouse keeper remains liable for any unpaid fund installment under s. 126.30 that became due while the grain warehouse keeper was a contributing grain warehouse keeper. A disqualified grain warehouse keeper is not liable for any fund installment that becomes due after the grain warehouse keeper is disqualified under sub. (2).

SB55-SSA1-CA1,590,14 126.30 Grain warehouse keepers; fund assessments. (1) General. A contributing grain warehouse keeper shall pay an annual fund assessment for each license year. The assessment equals $20 or the sum of the following, whichever is greater, unless the department by rule specifies a different assessment:

SB55-SSA1-CA1,590,19 (a) The grain warehouse keeper's current ratio assessment. The current ratio assessment for a license year is the amount, expressed as dollars, equal to the grain warehouse keeper's current ratio assessment rate under sub. (2) multiplied by the number of bushels that the grain warehouse keeper reports under s. 126.26 (2) (e) or (10).

SB55-SSA1-CA1,590,24 (b) The warehouse keeper's debt to equity ratio assessment. The debt to equity ratio assessment for each license year is the amount, expressed as dollars, equal to the grain warehouse keeper's debt to equity ratio assessment rate under sub. (4) multiplied by the number of bushels that the warehouse keeper reports under s. 126.26 (2) (e) or (10).

SB55-SSA1-CA1,591,2 (2) Current ratio assessment rate. A grain warehouse keeper's current ratio assessment rate is calculated, at the beginning of the license year, as follows:

SB55-SSA1-CA1,591,7 (a) If the grain warehouse keeper has filed an annual financial statement under s. 126.28 and that financial statement shows a current ratio of at least 1.25 to 1.0, the grain warehouse keeper's current ratio assessment rate equals the greater of zero or the current ratio assessment factor in sub. (3) (a) multiplied by an amount determined as follows:

SB55-SSA1-CA1,591,8 1. Subtract one from the current ratio.

SB55-SSA1-CA1,591,9 2. Divide the amount determined under subd. 1. by 3.

SB55-SSA1-CA1,591,10 3. Multiply the amount determined under subd. 2. by negative one.

SB55-SSA1-CA1,591,11 4. Raise the amount determined under subd. 3. to the 3rd power.

SB55-SSA1-CA1,591,12 5. Subtract 0.75 from the current ratio.

SB55-SSA1-CA1,591,13 6. Divide 0.65 by the amount determined under subd. 5.

SB55-SSA1-CA1,591,14 7. Raise the amount determined under subd. 6. to the 5th power.

SB55-SSA1-CA1,591,16 8. Add the amount determined under subd. 4. to the amount determined under subd. 7.

SB55-SSA1-CA1,591,17 9. Add 2 to the amount determined under subd. 8.

SB55-SSA1-CA1,591,22 (b) If the grain warehouse keeper has filed an annual financial statement under s. 126.28 and that financial statement shows a current ratio of less than 1.25 to 1.0, but greater than 1.0 to 1.0, the grain warehouse keeper's current ratio assessment rate equals the current ratio assessment factor in sub. (3) (b) multiplied by the following amount:

SB55-SSA1-CA1,591,23 1. Subtract one from the current ratio.

SB55-SSA1-CA1,591,24 2. Divide the amount determined under subd. 1. by 3.

SB55-SSA1-CA1,591,25 3. Multiply the amount determined under subd. 2. by negative one.

SB55-SSA1-CA1,592,1 4. Raise the amount determined under subd. 3. to the 3rd power.

SB55-SSA1-CA1,592,2 5. Subtract 0.75 from the current ratio.

SB55-SSA1-CA1,592,3 6. Divide 0.65 by the amount determined under subd. 5.

SB55-SSA1-CA1,592,4 7. Raise the amount determined under subd. 6. to the 5th power.

SB55-SSA1-CA1,592,6 8. Add the amount determined under subd. 4. to the amount determined under subd. 7.

SB55-SSA1-CA1,592,7 9. Add 2 to the amount determined under subd. 8.

SB55-SSA1-CA1,592,11 (c) If the grain warehouse keeper has filed an annual financial statement under s. 126.28 and that financial statement shows a current ratio of less than or equal to 1.0 to 1.0, the warehouse keeper's current ratio assessment rate equals the current ratio assessment factor in sub. (3) (b) multiplied by 120.81376.

SB55-SSA1-CA1,592,14 (d) If the grain warehouse keeper has not filed an annual financial statement under s. 126.28, the warehouse keeper's current ratio assessment rate equals the current ratio assessment factor in sub. (3) (b) multiplied by 5.71235.

SB55-SSA1-CA1,592,19 (3) Current ratio assessment factor. (a) A grain warehouse keeper's current ratio assessment factor under sub. (2) (a) is 0.00003 except that, for the grain warehouse keeper's 5th or higher consecutive full license year as a contributing grain warehouse keeper, the grain warehouse keeper's current ratio assessment factor is zero.

SB55-SSA1-CA1,592,23 (b) A grain warehouse keeper's current ratio assessment factor under sub. (2) (b) to (d) is 0.000045 except that, for the grain warehouse keeper's 5th or higher consecutive full license year as a contributing grain warehouse keeper, the grain warehouse keeper's current ratio assessment factor is 0.000036.

SB55-SSA1-CA1,593,3 (4) Debt to equity ratio assessment rate. A grain warehouse keeper's debt to equity ratio assessment rate is calculated, at the beginning of the license year, as follows:

SB55-SSA1-CA1,593,8 (a) If the grain warehouse keeper has filed an annual financial statement under s. 126.28 and that financial statement shows positive equity and a debt to equity ratio of not more than 4.0 to 1.0, the grain warehouse keeper's debt to equity ratio assessment rate equals the greater of zero or the debt to equity ratio assessment factor in sub. (5) (a) multiplied by the following amount:

SB55-SSA1-CA1,593,9 1. Subtract 4 from the debt to equity ratio.

SB55-SSA1-CA1,593,10 2. Divide the amount determined under subd. 1. by 3.

SB55-SSA1-CA1,593,11 3. Raise the amount determined under subd. 2. to the 3rd power.

SB55-SSA1-CA1,593,12 4. Subtract 1.7 from the debt to equity ratio.

SB55-SSA1-CA1,593,13 5. Divide the amount determined under subd. 4. by 1.75.

SB55-SSA1-CA1,593,14 6. Raise the amount determined under subd. 5. to the 7th power.

SB55-SSA1-CA1,593,16 7. Add the amount determined under subd. 3. to the amount determined under subd. 6.

SB55-SSA1-CA1,593,17 8. Add 2 to the amount determined under subd. 7.

SB55-SSA1-CA1,593,22 (b) If the grain warehouse keeper has filed an annual financial statement under s. 126.28 and that financial statement shows a debt to equity ratio of greater than 4.0 to 1.0 but less than 5.0 to 1.0, the grain warehouse keeper's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in sub. (5) (b) multiplied by the following amount:

SB55-SSA1-CA1,593,23 1. Subtract 4 from the debt to equity ratio.

SB55-SSA1-CA1,593,24 2. Divide the amount determined under subd. 1. by 3.

SB55-SSA1-CA1,593,25 3. Raise the amount determined under subd. 2. to the 3rd power.

SB55-SSA1-CA1,594,1 4. Subtract 1.7 from the debt to equity ratio.

SB55-SSA1-CA1,594,2 5. Divide the amount determined under subd. 4. by 1.75.

SB55-SSA1-CA1,594,3 6. Raise the amount determined under subd. 5. to the 7th power.

SB55-SSA1-CA1,594,5 7. Add the amount determined under subd. 3. to the amount determined under subd. 6.

SB55-SSA1-CA1,594,6 8. Add 2 to the amount determined under subd. 7.

SB55-SSA1-CA1,594,11 (c) If the grain warehouse keeper has filed an annual financial statement under s. 126.28 and that financial statement shows negative equity or a debt to equity ratio of at least 5.0 to 1.0, the grain warehouse keeper's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in sub. (5) (b) multiplied by 86.8244.

SB55-SSA1-CA1,594,14 (d) If the grain warehouse keeper has not filed an annual financial statement under s. 126.28, the grain warehouse keeper's debt to equity ratio assessment rate equals the debt to equity ratio assessment factor in sub. (5) (b) multiplied by 8.77374.

SB55-SSA1-CA1,594,18 (5) Debt to equity ratio assessment factor. (a) A grain warehouse keeper's debt to equity ratio assessment factor under sub. (4) (a) is 0.0000125, except that it is zero for the grain warehouse keeper's 5th or higher consecutive full license year as a contributing grain warehouse keeper.

SB55-SSA1-CA1,594,22 (b) A grain warehouse keeper's debt to equity ratio assessment factor under sub. (4) (b) to (d) is 0.00001875, except that it is 0.000015 for the grain warehouse keeper's 5th or higher consecutive full license year as a contributing grain warehouse keeper.

SB55-SSA1-CA1,594,25 (6) Quarterly installments. (a) A contributing grain warehouse keeper shall pay the grain warehouse keeper's annual fund assessment in equal quarterly installments that are due as follows:

SB55-SSA1-CA1,595,1 1. The first installment is due on October 1 of the license year.

SB55-SSA1-CA1,595,2 2. The 2nd installment is due on January 1 of the license year.

SB55-SSA1-CA1,595,3 3. The 3rd installment is due on April 1 of the license year.

SB55-SSA1-CA1,595,4 4. The 4th installment is due on July 1 of the license year.

SB55-SSA1-CA1,595,6 (b) A contributing grain warehouse keeper may prepay any of the quarterly installments under par. (a).

SB55-SSA1-CA1,595,11 (c) A contributing grain warehouse keeper who applies for an annual license after the beginning of a license year shall pay the full annual fund assessment required under this section. The grain warehouse keeper shall pay, with the first quarterly installment that becomes due after the day on which the department issues the license, all of the quarterly installments that were due before that day.

SB55-SSA1-CA1,595,15 (d) A contributing grain warehouse keeper who fails to pay the full amount of any quarterly installment when due shall pay, in addition to that installment, a late payment penalty of $50 or 10% of the overdue installment amount, whichever is greater.

SB55-SSA1-CA1,595,18 (7) Notice of annual assessment and quarterly installments. When the department issues an annual license to a contributing grain warehouse keeper, the department shall notify the grain warehouse keeper of all of the following:

SB55-SSA1-CA1,595,20 (a) The amount of the grain warehouse keeper's annual fund assessment under this section.

SB55-SSA1-CA1,595,22 (b) The amount of each required quarterly installment under sub. (6), and the date by which the grain warehouse keeper must pay each installment.

SB55-SSA1-CA1,595,24 (c) The penalty that applies under sub. (6) (d) if the grain warehouse keeper fails to pay any quarterly installment when due.

SB55-SSA1-CA1,596,4 126.31 Grain warehouse keepers; security. (1) Security required. A grain warehouse keeper shall file security with the department, and maintain that security until the department releases it under sub. (8), if all of the following apply when the department first licenses the grain warehouse keeper under s. 126.26 (1):

SB55-SSA1-CA1,596,6 (a) The grain warehouse keeper operates grain warehouses with a combined capacity of more than 300,000 bushels.

SB55-SSA1-CA1,596,8 (b) The grain warehouse keeper's annual financial statement under s. 126.28 (1) (a) shows negative equity.