Get the free PERSONAL FINANCIAL STATEMENT - Virginia Bankers Association

VIRGINIA SMALL BUSINESS FINANCING AUTHORITY PERSONAL FINANCIAL STATEMENT As of PERSONAL INFORMATION APPLICANT Home Address (City, State, Zip) Rent Home Phone Date of Birth Social Security # Employer/Business

How to fill out personal financial statement

How to fill out a personal financial statement?

1. Gather all your financial documents and information, including bank statements, investment statements, tax returns, pay stubs, and any other relevant financial records.
2. Start by filling out your personal information, including your name, contact information, and social security number. You may also need to provide information about your spouse, if applicable.
3. Include details about your assets, such as real estate properties, vehicles, investments, savings accounts, and retirement accounts. Be sure to include the current market value for each asset.
4. List your liabilities, such as mortgages, credit card debt, student loans, auto loans, and any other outstanding loans or debts. Indicate the current outstanding balance for each liability.
5. Provide information about your income, including your annual salary, bonuses, commissions, rental income, and any other sources of income. Be sure to include supporting documentation for your income sources.
6. Document your monthly expenses, such as rent or mortgage payments, utilities, insurance premiums, transportation costs, groceries, entertainment, and any other regular expenses. It is essential to be thorough and accurate in detailing your expenses.
7. Calculate your net worth by subtracting your liabilities from your assets. This will give you an overall picture of your financial standing.
8. Review and double-check all the information you have provided to ensure accuracy and completeness. Any errors or omissions could impact the validity of your personal financial statement.

Who needs a personal financial statement?

1. Individuals applying for a loan from a financial institution typically need to submit a personal financial statement. This could include individuals seeking mortgages, business loans, or personal lines of credit.
2. Business owners or entrepreneurs seeking financing for their business may be required to provide a personal financial statement, especially if they are relying on personal assets or guarantees to secure the loan.
3. Investors or partners in a business venture may request personal financial statements from other stakeholders to assess their financial stability and commitment to the venture.
4. Professionals, such as doctors or lawyers, who are applying for professional liability insurance may need to submit a personal financial statement as part of the application process. This helps insurers evaluate the applicant's risk profile.
5. Individuals going through divorce proceedings may be required to submit a personal financial statement to determine the division of assets and to assess financial support obligations.
6. As part of estate planning, individuals may prepare personal financial statements to understand their current financial situation and to assist in the development of an effective estate plan.
7. Individuals who simply want to gain a comprehensive understanding of their own finances can benefit from creating a personal financial statement. It provides a complete overview of assets, liabilities, and net worth.

For pdfFiller’s FAQs

What is personal financial statement?

A personal financial statement is a document that presents an individual's financial health by disclosing their assets, liabilities, income, and expenses.

Who is required to file personal financial statement?

Individuals who hold public office, government officials, and certain employees are usually required to file personal financial statements to disclose their financial interests and potential conflicts of interest.

How to fill out personal financial statement?

To fill out a personal financial statement, individuals typically list their assets, such as bank accounts and real estate, their liabilities, such as debts, and their income and expenses. They may also need to provide additional information based on the specific requirements of the form.

What is the purpose of personal financial statement?

The purpose of a personal financial statement is to provide transparency and accountability by disclosing an individual's financial situation, helping to prevent conflicts of interest and unethical behavior.

What information must be reported on personal financial statement?

Information reported on a personal financial statement typically includes assets, liabilities, income sources, and details on any potential financial interests or holdings that could create conflicts of interest.

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