126.27(4)
(4) Insurance disclosures. A grain warehouse keeper licensed under
s. 126.26 (1) shall disclose all of the following to a depositor if the depositor requests that information:
126.27(4)(a)
(a) The material terms of the grain warehouse keeper's fire and extended coverage insurance policy under
sub. (1).
126.27(4)(b)
(b) Whether the grain warehouse keeper has liability insurance covering the grain warehouse keeper's grain operations, and the material terms of that liability insurance policy.
126.27(5)
(5) Insurance coverage; misrepresentation. No grain warehouse keeper may misrepresent any of the following to the department or a depositor:
126.27(5)(a)
(a) That the grain warehouse keeper is insured.
126.27(5)(b)
(b) The nature, coverage, or material terms of the grain warehouse keeper's insurance policy.
126.27 History
History: 2001 a. 16.
126.28
126.28
Grain warehouse keepers; financial statements. 126.28(1)(1)
Required annual financial statement. 126.28(1)(a)(a) A grain warehouse keeper shall file an annual financial statement with the department before the department first licenses the warehouse keeper under
s. 126.26 (1), if the warehouse keeper operates grain warehouses with a combined capacity of more than 300,000 bushels.
126.28(1)(b)
(b) A grain warehouse keeper licensed under
s. 126.26 (1) shall file an annual financial statement with the department during each license year if the grain warehouse keeper operates warehouses with a combined capacity of more than 300,000 bushels. The grain warehouse keeper shall file the annual financial statement by the 15th day of the 4th month following the close of the grain warehouse keeper's fiscal year, except that the department may extend the annual filing deadline for up to 30 days if the grain warehouse keeper, or the accountant reviewing or auditing the financial statement, files a written extension request at least 10 days before the filing deadline.
126.28(2)
(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.
126.28(3)
(3) Reviewed or audited financial statement. A grain warehouse keeper filing a financial statement under
sub. (1) or
(2) may file either a reviewed financial statement or an audited financial statement, except that if the grain warehouse keeper operates grain warehouses with a combined capacity of more than 1,500,000 bushels, the grain warehouse keeper shall file an audited financial statement.
126.28(4)
(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.
126.28(4m)
(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.
126.28(5)
(5) Generally accepted accounting principles. 126.28(5)(a)(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.
126.28(5)(b)
(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.
126.28(6)(a)(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.
126.28(6)(b)
(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.
126.28(6)(c)
(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:
126.28(6)(c)1.
1. The grain warehouse keeper's current ratio, excluding any assets required to be excluded under
sub. (7).
126.28(6)(c)2.
2. The grain warehouse keeper's debt to equity ratio, excluding any assets required to be excluded under
sub. (7).
126.28(7)
(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:
126.28(7)(a)
(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.
126.28(7)(b)
(b) A note or account receivable from a parent organization, a subsidiary, or an affiliate other than an employee.
126.28(7)(c)
(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.
126.28(9)
(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.
126.28(10)
(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.
126.28 History
History: 2001 a. 16;
2009 a. 296.
126.29
126.29
Contributing grain warehouse keepers; disqualification. 126.29(1)(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).
126.29(2)(b)
(b) A grain warehouse keeper is disqualified from the fund if the department denies, suspends, or revokes the grain warehouse keeper's license.
126.29(3)
(3) Payments by disqualified grain warehouse keeper. 126.29(3)(a)(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.
126.29(3)(b)
(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).
126.29 History
History: 2001 a. 16;
2003 a. 38.
126.30
126.30
Grain warehouse keepers; fund assessments. 126.30(1)(1)
General. A contributing grain warehouse keeper shall pay an annual fund assessment for each license year. Except as provided in
sub. (5m), the assessment equals $20 or the sum of the following, whichever is greater, unless the department by rule specifies a different assessment:
126.30(1)(a)
(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).
126.30(1)(b)
(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).
126.30(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:
126.30(2)(a)
(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:
126.30(2)(a)3.
3. Multiply the amount determined under
subd. 2. by negative one.
126.30(2)(a)8.
8. Add the amount determined under
subd. 4. to the amount determined under
subd. 7.
126.30(2)(b)
(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:
126.30(2)(b)3.
3. Multiply the amount determined under
subd. 2. by negative one.
126.30(2)(b)8.
8. Add the amount determined under
subd. 4. to the amount determined under
subd. 7.
126.30(2)(c)
(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.
126.30(2)(d)
(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.
126.30(3)
(3) Current ratio assessment factor. 126.30(3)(a)(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.
126.30(3)(b)
(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.
126.30(4)
(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:
126.30(4)(a)
(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:
126.30(4)(a)7.
7. Add the amount determined under
subd. 3. to the amount determined under
subd. 6.
126.30(4)(b)
(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:
126.30(4)(b)7.
7. Add the amount determined under
subd. 3. to the amount determined under
subd. 6.
