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DEPARTMENT OF REVENUE Statement of Financial Condition for Businesses If additional space is needed, attach separate sheet. REV-484 FO (06-13) Start 1. Name and address of business 2. Business phone

How to fill out statement of financial condition

How to fill out a statement of financial condition:

1. Gather all relevant financial information: Before starting to fill out the statement of financial condition, gather all the necessary financial information. This may include bank statements, investment account statements, tax returns, income statements, and any other relevant documents.
2. Provide detailed personal information: Begin by providing detailed personal information on the statement of financial condition. This typically includes your name, address, contact information, social security number, and any other required personal details.
3. List your assets: On the statement of financial condition, list all your assets. This can include real estate properties, vehicles, investments, bank accounts, retirement accounts, valuable personal belongings, and any other assets that hold significant value. Be sure to include accurate information such as the current market value of each asset.
4. Detail your liabilities: Next, list all your liabilities or debts on the statement of financial condition. This may include mortgage loans, car loans, student loans, credit card debts, outstanding bills, and any other financial obligations. Include the outstanding balance or amount owed for each liability.
5. Provide income and expense information: In this section, provide accurate information about your income and expenses. Include your monthly or annual income from various sources such as employment, investments, rental properties, or any other sources of income. Also, list your monthly or annual expenses, including rent or mortgage payments, utilities, insurance, transportation costs, groceries, and any other regular expenses.
6. Calculate your net worth: Using the information provided in the assets and liabilities sections, calculate your net worth. Subtract your total liabilities from your total assets to determine your net worth. This will give a clear picture of your financial position.

Who needs a statement of financial condition:

1. Individuals applying for loans: Banks and financial institutions often require a statement of financial condition from individuals who are applying for loans. This helps them assess the borrower's financial health and ability to repay the loan.
2. Divorcing couples: During divorce proceedings, both parties may need to provide a statement of financial condition to determine the division of assets and financial responsibilities.
3. Business owners: Business owners may need a statement of financial condition when applying for business financing, seeking investors, or during mergers and acquisitions. This helps interested parties evaluate the financial stability and potential of the business.
4. Individuals applying for certain licenses or certifications: Some professions or industries require individuals to provide a statement of financial condition as part of the licensing or certification process. This helps ensure that the individuals have a stable financial background, especially if the profession involves managing large amounts of money or investments.
5. Estate planning: When creating an estate plan, individuals may need to prepare a statement of financial condition to assess their current financial situation and plan for the distribution of assets after their passing.
6. Personal financial assessment: Some individuals may choose to create a statement of financial condition as a personal financial assessment tool. This allows them to have a comprehensive view of their assets, liabilities, and overall net worth. It can help with setting financial goals, budgeting, and future planning.

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