Any annual financial statement or report required under § 58-29D-22 must be audited. The applicant is presumed to be solvent if the applicant has a positive net worth.

If the applicant has been in existence for less than two fiscal years, the applicant shall include in the application all financial statements or reports, certified by an officer of the applicant and prepared in accordance with generally accepted accounting principles, for any completed fiscal year and for any month during the current fiscal year for which the financial statements or reports have been completed. If information provided pursuant to this section is prepared on a consolidated or combined basis, the applicant shall include a columnar consolidating or combining worksheet with the report or renewal and shall include in the worksheet the following:

Terms Used In South Dakota Codified Laws 58-29D-22.1

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

(1) Amounts shown on the consolidated audited financial report or renewal;

(2) Amounts for each entity stated separately; and

(3) Explanations of consolidating and eliminating entries.

Source: SL 2020, ch 211, § 1.

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