Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 7 - Agriculture |
Subtitle B - Regulations of the Department of Agriculture |
Chapter XLII - Rural Business-Cooperative Service and Rural Utilities Service, Department of Agriculture |
Part 4279 - Guaranteed Loanmaking |
Subpart B - Business and Industry Loans |
§ 4279.137 - Financial statements.
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§ 4279.137 Financial statements.
Except for audited financial statements required by § 4279.71, the lender will determine the type and frequency of submission of financial statements by the borrower and any guarantors. At a minimum, annual financial statements prepared by an accountant in accordance with GAAP are required, except for personal financial statements and cooperative stock purchase loans in accordance with § 4279.115(a) that do not have to be prepared in accordance with GAAP. However, if the loan amount exceeds $10 million or if circumstances warrant, the Agency may require annual audited financial statements.