Section 230-3-4 - Financial StatementThe financial statement provided by the professional employer organization or professional employer organization group ("the applicant"), as part of the registration process, shall consist of the following:
A. At the time of initial registration, the applicant shall submit the most recent audited financial statement of the applicant. "Most recent," as used herein, means an audited financial statement whose date of issuance is not more than thirteen months from the time of submission.B. After the initial registration process has been successfully completed, the applicant shall submit an audited financial statement on an annual basis. "Annual," as used herein, means within one hundred eighty (180) days after the end of the professional employer organization's fiscal year.C. An applicant may apply with the Department for an extension of time for submission of the audited financial statement, but any such request shall be accompanied by a letter from the auditor stating the reasons for the delay and the anticipated completion date of the audited financial statement.D. The financial statement shall be prepared in accordance with generally accepted accounting principles and audited by an independent certified public accountant licensed to practice in the jurisdiction in which such accountant is located.E. The audited financial statement shall be issued without qualification as to the going concern status of the professional employer organization.F. A professional employer organization group may submit combined or consolidated financial statements to meet the requirements of this section.G. A professional employer organization that has not had sufficient operating history to have audited financial statements based upon at least twelve months of operating history shall meet the financial responsibility requirements of section 48-2705 of the Act, and present financial statements that have been reviewed by a certified public accountant.230 Neb. Admin. Code, ch. 3, § 4
Amended effective 6/7/2017.