boardhome
Today's Date:
Board Meetings
          Calendar
          Agendas
          Minutes
          Board Members
Licensure
          Licensee Lookup
          Licensure with the Board
          Applications and Forms
          Fees
          Education
          FAQ
          Renew Your License
          Change Your Address
          Application status
          Print copy of your license
Information
          Laws and Policies
          Publications / News
          FOIA Requests
          Related Links
Complaints / Board Orders
          File a Complaint
          Board Orders
          What can I expect when a complaint
          is filed against me?
Contact Us
        Board Email:Contact.CLB@llr.sc.gov
        Board Phone:(803) 896-4686
        Administrator:Roger K. Lowe
        Board Staff:Rhonda Jackson
        Board Staff:Faith Howell
        Board Staff:Chanda Davis
        Board Staff:Lee English
        Board Staff:Carol Paquet
        Advice Counsel:   Georgia Lewis   **
        Directions:110 Centerview Dr, Columbia SC

**The Office of Advice Counsel is responsible for
providing legal advice to all Boards, Commissions
and Panels. These attorneys do not provide legal
advice to parties outside LLR.

South Carolina Contractor's Licensing Board

Financial Statement Requirements

(SECTION 40-11-260. Financial statements)

FINANCIAL STATEMENTS MUST BE SUBMITTED WITH EACH OF THE FOLLOWING:

You must submit a financial statement with a balance sheet date no more than twelve (12) months prior to the date of the relevant application or renewal. The financials must reflect the appropriate type and net worth / total equity for the group number you are applying for, upgrading to, or renewing (see chart below). The financial statement must be in the same name as the DBA (doing business as) name. The board may accept personal financial statements of an entity's principals for an entity with less than two year's operating experience, per 40-11-260(C)(4); after two years of operations, financials in the DBA name are required. A financial statement from a parent company may be accepted if it’s noted in the financial statement “notes” or accompanied by a letter from the parent company stating the entity is a wholly-owned subsidiary.

Financial statement requirements for initial applications and renewal applications are different. See License Renewal and Reinstatement Requirements for additional information.

FINANCIAL STATEMENT REQUIREMENTS FOR: INITIAL APPLICATIONS AND UPGRADES:

Groups 1 and 2 - a “self-prepared” notarized financial statement. Download Document #172 from our website, generate a balance sheet from your accounting software (i.e. QuickBooks), or obtain a form from your bank. All forms must be signed and notarized.

Groups 3 and 4 - a "compiled" financial statement prepared by a licensed certified public accountant or a licensed public accountant in accordance with Generally Accepted Accounting Principles (GAAP); include the accountants' report, and all notes and disclosures required by GAAP.

Group 5 - an "audited" financial statement prepared by a licensed certified public accountant or a licensed public accountant in accordance with Generally Accepted Accounting Principles (GAAP); include the accountants' report, and all notes and disclosures required by GAAP.

FINANCIAL STATEMENT REQUIREMENTS FOR: RENEWALS:

Groups 1, 2, 3 and 4 - a “self-prepared” notarized financial statement. Download Document #172 from our website, generate a balance sheet from your accounting software (i.e. QuickBooks), or obtain a form from your bank. All forms must be signed and notarized.

Group 5 - Submit a "reviewed" (or audited) financial statement prepared by a licensed certified public accountant or a licensed public accountant in accordance with Generally Accepted Accounting Principles (GAAP); include the accountants' report and all notes and disclosures required by GAAP.

Download Requirements

GENERAL CONTRACTORS

Group Number Job Contract
Limit
Financial Stmt
Net Worth/Total
Equity Required
Financial Stmt Type
for Initial Licenses &
Upgrades
Financial Stmt Type
for Renewals
Group # 1

$50,000

$10,000

Self-prepared/Doc#172

Self-prepared/Doc#172

Group # 2

$200,000

$40,000

Self-prepared/Doc#172

Self-prepared/Doc#172

Group # 3

$500,000

$100,000

Compilation by CPA or PA

Self-prepared/Doc#172

Group # 4

$1,500,000

$175,000

Compilation by CPA or PA

Self-prepared/Doc#172

Group # 5

$Unlimited

$250,000

Audit by CPA or PA

Review by CPA or PA



MECHANICAL CONTRACTORS

Group Number Job Contract
Limit
Financial Stmt
Net Worth/Total
Equity Required
Financial Stmt Type
for Initial Licenses &
Upgrades
Financial Stmt Type
for Renewals
Group # 1

$17,500

$3,500

Self-prepared/Doc#172

Self-prepared/Doc#172

Group # 2

$50,000

$10,000

Self-prepared/Doc#172

Self-prepared/Doc#172

Group # 3

$100,000

$20,000

Compilation by CPA or PA

Self-prepared/Doc#172

Group # 4

$200,000

$40,000

Compilation by CPA or PA

Self-prepared/Doc#172

Group # 5

$Unlimited

$200,000

Audit by CPA or PA

Review by CPA or PA

“Compilation” and “Audited” financial statements must be prepared by a licensed certified public accountant or a licensed public accountant. Financial statements must include the accountants’ report, balance sheet, and all “notes” and disclosures prepared in accordance with GAAP (generally acceptable accounting principles). Financials prepared on an “income tax basis” are not acceptable by statute. See SECTION 40-11-260. Financial statements.

Synergy Business Park; Kingstree Building
110 Centerview Dr.
Columbia, S.C. 29210
(803) 896-4300 | Office Hours: 8:30 a.m.- 5:00 p.m.
Privacy | Disclaimer | Other Languages | Report State Agency Fraud (Office of the Inspector General)