Regulations last checked for updates: Oct 18, 2024

Title 7 - Agriculture last revised: Oct 11, 2024
§ 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.

authority: 5 U.S.C. 301; 7 U.S.C. 1989: 7 U.S.C. 1932(a); and Public Law 116-136, Division B, Title I
source: 61 FR 67633, Dec. 23, 1996, unless otherwise noted.
cite as: 7 CFR 4279.137