Florida Administrative Code › 61 - DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION › 61G7 - Board of Employee Leasing Companies › Chapter 61G7-5 - APPLICATION PROCEDURE › Section 61G7-5.0033 - Consolidated and Combined Financial Statements

Current through Reg. 50, No. 138; July 16, 2024
(1) All reviewed or audited financial
				statements submitted to the Department by Florida licensed employee leasing
				companies shall be presented in accordance with accounting principles generally
				accepted in the United States of America (Formerly referred to as (GAAP)), as
				required by Section 468.525(3)(d),
				F.S.
(2) An employee leasing
				company or an employee leasing company group that is a subsidiary or a member
				of another entity that may otherwise be included in the consolidated financial
				statements of a parent or a controlling entity, may submit individual reviewed
				or audited financial statements to satisfy the filing requirements of Section
				468.525(3)(e),
				F.S.
(3) An employee leasing
				company or an employee leasing company group may be included in the
				consolidated financial statements of a licensed or non-licensed parent or
				controlling entity to meet the requirements of Section
				468.525(3)(e),
				F.S., as applicable, so long as there are Board-approved cross guarantees
				between the parent or controlling entity and all Florida-licensed employee
				leasing companies included in such statements.
(4) A Florida-licensed employee leasing
				company, employee leasing company group, employee leasing company groups, or
				any combination thereof, may submit combined audited or reviewed financial
				statements to meet the requirements of Section
				468.525(3)(e),
				F.S. as applicable, so long as the combined financial statements are prepared
				in accordance with GAAP, as referenced above, there is accounting net worth and
				positive working capital demonstrated in the combined financial statements, and
				there are Board-approved cross-guarantees among all entities covered in the
				combined financial statements. Non-Florida licensed employee leasing companies
				and other entities may be included in the combined financial statements as long
				they are under common control and their operations are integral to the
				operations of the Florida-licensed employee leasing company, companies, group
				or groups, or are integral to the operations of a Non-Florida employee leasing
				company, companies, group, or groups. Other entities may not be included in
				combined financial statements. The notes to the combined financial statements
				must describe the ownership or management control relationships, and the nature
				and scope of the operations of each entity included in the combined financial
				statements, to clearly demonstrate that the operations of all included entities
				are integral to the operations of employee leasing business.
(5) Cross guarantees must be submitted,
				either at the time of initial application for licensure on a form prescribed by
				the Department in Rule
				61-35.013, F.A.C., or as part of
				any consolidated or combined financial statement submissions by using Board
				Form DBPR EL-4518, Board Approved Cross Guarantee Form, incorporated by Rule
				61G7-10.002,
				F.A.C.
Rulemaking Authority
					 468.522 FS. Law Implemented
					 468.525(2)(c),
					 (3)(e),
					 468.526
					 FS.
New 5-26-96, Amended 9-5-04, 11-9-06, 8-1-11, 2-8-16,
					 2-28-18, 7-4-22.