Compilation of Rules and Regulations of the State of Georgia › Department 672 - STATE DEPARTMENT OF TRANSPORTATION › Chapter 672-5 - GOVERNING THE PREQUALIFICATION OF PROSPECTIVE BIDDERS › Rule 672-5-.02 - Definitions

Current through Rules and Regulations filed through June 27, 2024
The following terms, as used in this Chapter, shall have the
				following meanings unless the context thereof indicates to the contrary:
(a) "Audited Financial Statement": A
			 Financial Statement as herein defined prepared by an independent Certified
			 Public Accountant. The Audited Financial Statement must contain an Accountant's
			 Certificate by the independent Certified Public Accountant who prepared the
			 statement. If signed by the firm of the Certified Public Accountant, the firm
			 must be registered with the State Board of Accountancy, State of Georgia, or in
			 the State where the company headquarters is located.
(b) "Board of Review": A board consisting of
			 not less than three (3) members, all of whom shall be employees of the
			 Department. All members shall be appointed by order of the
			 Commissioner.
(c) "Certified Public
			 Accountant": A person duly registered with the State Board of Accountancy,
			 State of Georgia, or equivalent registration with another state in the United
			 States.
(d) "Contractor": A Person
			 prequalified pursuant to these rules to bid on a Department contract in excess
			 of Two Million Dollars ($2,000,000).
(e) "Commissioner": The Commissioner of the
			 Georgia Department of Transportation.
(f) "Compiled Financial Statement": A
			 Financial Statement as herein defined prepared by an independent Registered
			 Public Accountant or an independent Certified Public Accountant. The Complied
			 Financial Statement must contain an Accountant's Certificate executed by the
			 independent Certified Public Accountant or Registered Public Accountant who
			 prepared the statement. If signed by the firm of the Certified Public
			 Accountant, the firm must be registered with the State Board of Accountancy,
			 State of Georgia, or in the State where the company headquarters is
			 located.
(g) "Current Capacity":
			 The difference between a Contractor's or Subcontractor's Maximum Capacity
			 Rating and the dollar value of its current uncompleted work, regardless of its
			 location and with whom it has contracted.
(h) "Department": The Georgia Department of
			 Transportation.
(i) "Engineer": The
			 Chief Engineer, acting directly or through a duly authorized representative,
			 such representative acting within the scope of the particular duties assigned
			 to him or her and within the authority given him or her.
(j) "Financial Statement": Completed on
			 Department approved forms, shows all assets and liabilities which support the
			 assets and liabilities reported on the application and covering a period ending
			 not more than twelve (12) months prior to the date of the application. The
			 Financial Statement cannot be prepared by a Certified Public Accountant or
			 Registered Public Accountant who is directly or indirectly interested in the
			 business of the Prospective Contractor submitting the Financial Statement.
			 There are three (3) types of Financial Statements:
(1) Compiled Financial Statements;
(2) Reviewed Financial Statements;
			 and
(3) Audited Financial
			 Statements, as are further defined herein.