126.26 (1) to file an interim financial statement with the department. An interim financial statement need not be a reviewed financial statement or an audited financial statement. (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. (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. (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. (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.
May 22, 2026, are designated by NOTES. (Published 5-22-26)
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Updated 23-24 Wis. Stats.
(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: 1. The grain warehouse keeper’s current ratio, excluding any assets required to be excluded under sub. (7). 2. The grain warehouse keeper’s debt to equity ratio, excluding any assets required to be excluded under sub. (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: (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. (b) A note or account receivable from a parent organization, a subsidiary, or an affiliate other than an employee. (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. (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. (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. History: 2001 a. 16; 2009 a. 296; 2017 a. 155.
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). (2) DISQUALIFIED WAREHOUSE KEEPER. (a) A grain warehouse keeper who is required to file security under s. 126.31 (1) (a) is disqualified from the fund until the department releases that security under s. 126.31 (8) (a). (b) A grain warehouse keeper is disqualified from the fund if the department denies, suspends, or revokes the grain warehouse keeper’s license. (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. (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). History: 2001 a. 16; 2003 a. 38.