WI WBA 127 2013-2024 free printable template
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Financial Link W. B. A. 127 5/13 11031 2013 Wisconsin Bankers Association/Distributed by FIPCO INDIVIDUAL FINANCIAL STATEMENT IMPORTANT Date and sign statement For Wisconsin residents only Date of Financial Statement Name Address To Lender For the purpose of obtaining credit from Lender and any future credit granted by Lender or to support the extension of credit already given I make the following statement to Lender of my financial condition on. Only the applicant must sign on page 2. For...
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How to fill out individual financial statement 2013-2024
How to fill out an individual financial statement:
01
Gather all necessary financial documents, including bank statements, investment statements, credit card statements, and any loan documents.
02
Create a list of all your assets, such as cash, real estate, vehicles, and investments. Include the current market value of each asset.
03
Make a list of all your liabilities, such as mortgages, car loans, student loans, and credit card debt. Include the outstanding balance of each liability.
04
Calculate your net worth by subtracting your total liabilities from your total assets.
05
Document your income sources, including wages, salaries, investments, rental income, and any other sources.
06
Itemize your monthly expenses, such as housing, utilities, transportation, groceries, debt payments, and entertainment.
07
Calculate your monthly cash flow by subtracting your total expenses from your total income.
08
Review and verify all the information provided in the financial statement to ensure accuracy.
09
Sign and date the financial statement to indicate its authenticity.
Who needs an individual financial statement:
01
Individuals who are applying for a loan or mortgage may need to provide a financial statement to the lender.
02
Business owners or entrepreneurs may need to complete an individual financial statement when seeking funding from investors or financial institutions.
03
Professionals, such as lawyers or accountants, may be required to submit an individual financial statement when applying for a license or registration.
04
Individuals going through divorce proceedings may need to prepare an individual financial statement as part of the property division process.
05
High-net-worth individuals may create an individual financial statement for personal financial planning purposes and to assess their overall financial health.
Video instructions and help with filling out and completing individual financial statement
Instructions and Help about wba personal financial statement form
The question I'm not going to answer the question that I'm going to answer today is how to complete the personal financial statement correctly this is a common question because the personal financial statement is often completed incorrectly causing delays and even loan declines, so I'm going to answer this in two videos first video is going to show you how to complete the personal financial statement correctly which will save you time and headache the second video is going to show you how the bank will interpret your personal financial statement which will help you identify the strengths and weaknesses of your personal financial statement, and you'll be able to make some adjustments hopefully prior to submission of your personal financial statement personal financial statements also called the PFS just the acronym for it okay so couple quick things you only have one time to give your first impression so let's do it right, so the personal financial statement is a personal document to reflect you and your spouse's financial situation not your businesses not any third parties your uncle's financial information any money they're going to give you etcetera it is to reflect you and your spouse the form that we're going to go over today is called the SBA form 4:13 this is issued by the SBA, and it is required if you are completing an SBA loan and if you're not doing an SBA loan it's a good form to know most banks use it anyway and if you have one of their personal financial statements you can typically just sign their form and then use this one instead okay so let's get started up in the top right here you are going to see expiration date the first thing you want to make sure is that the form is current this one expires September 2014 below that you're going to see an as of date this is where you are going to put the date as all this information is based on I suggest let's pretend today is July 15th, so I would have you print off all of your documents your bank statements your credit card statements your mortgage statements your car loans every financial doubt your stock certain stock information all of those documents as of 6:30, so you want to do go back to the previous month and print off all your documents ending with the last day of the month, so I would put 6:30 up here if it was 7:15 today okay down towards the first third of the second third of the page you're going to see name this is for you and your spouse's name the rule is this if you file a tax return joint then both of those names are to be listed on the personal financial statement just because your spouse is listed does not mean that he or she is a guarantor on the loan, but it does represent that you two own assets together okay residents address is below that I recommend putting wherever you live currently that's usually your personal or primary residence however it could be an apartment, or you could be wherever you're living currently below that is business name and applicant name...
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What is individual financial statement?
An individual financial statement is a document that outlines an individual’s financial position at a certain point in time. It includes details of the individual’s assets, liabilities, income, and expenses. It is an important tool for tracking personal finances and making sound financial decisions.
What is the purpose of individual financial statement?
The purpose of an individual financial statement is to provide financial information about an individual's assets, liabilities, and net worth to a potential lender, investor, or other interested party. It serves as a snapshot of an individual's financial health at a given point in time and can be used to evaluate an individual's ability to repay a loan, make informed investment decisions, or serve as the basis for other financial decisions.
What information must be reported on individual financial statement?
1. Assets: Cash, investments, real estate, vehicles, retirement accounts, and other personal property.
2. Liabilities: Credit card debt, loans, mortgages, and other obligations.
3. Income: Salaries, wages, rental income, dividends, interest, capital gains, and other sources of income.
4. Expenses: Housing costs, taxes, utilities, food, transportation, insurance, and other expenses.
5. Net Worth: Assets minus liabilities.
What is the penalty for the late filing of individual financial statement?
The penalty for the late filing of individual financial statement depends on the specific situation. Generally, a late filing could result in a hefty financial penalty and may also include a criminal penalty. The exact amount of the penalty will depend on the specific laws of the jurisdiction in question.
Who is required to file individual financial statement?
Individuals who are self-employed or have a high net worth may be required to file individual financial statements for various reasons, such as:
1. Self-employed individuals: People who work for themselves, such as freelancers, independent contractors, or business owners, may need to file individual financial statements for tax purposes or when applying for loans or credit.
2. High net worth individuals: Individuals with significant assets or income may be required to file individual financial statements when applying for loans, mortgages, or insurance policies. Lenders and insurers often require a thorough understanding of the individual's financial situation to assess risk and make informed decisions.
3. Professionals: Certain professionals, such as doctors, lawyers, or accountants, may be required to file individual financial statements when applying for licenses or professional certifications. These statements help regulatory bodies or professional organizations evaluate the individual's financial integrity and ability to fulfill their professional responsibilities.
4. Investors or shareholders: Individuals who hold significant ownership in a company, either through direct investment or equity compensation, may be required to file individual financial statements. These statements provide transparency regarding their financial stake in the company and help investors or shareholders make informed decisions.
It's important to note that the specific requirements for filing individual financial statements can vary by country, jurisdiction, and individual circumstances. Consulting with a financial advisor or tax professional is recommended to ensure compliance and understand the specific obligations in a given situation.
How to fill out individual financial statement?
To fill out an individual financial statement, follow these steps:
1. Gather necessary documents: Collect all relevant financial documents, such as statements for bank accounts, investment accounts, loans, credit cards, mortgage, and any other assets or debts you have.
2. List your assets: Begin by listing all your assets, including cash, bank accounts, investments, real estate, vehicles, and valuable possessions. Specify the current market value for each asset.
3. Determine your liabilities: Make a list of all your liabilities, such as outstanding loans, credit card debt, mortgages, or any other debts you owe. Include the total amount owed for each liability.
4. Calculate your net worth: Subtract the total liabilities from the total assets to calculate your net worth. This represents your financial worth at a specific point in time.
5. Include income information: Detail your sources of income, such as salary, business income, rental income, dividends, or any other regular income streams. Be sure to state the gross income for each source.
6. List your expenses: Enumerate your monthly expenses, including rent or mortgage payments, utilities, insurance, groceries, transportation costs, loan repayments, childcare expenses, and any other recurring expenses.
7. Provide supporting documentation: Attach any relevant documents, such as recent pay stubs, tax returns, bank statements, investment statements, loan statements, or any other documentation that verifies the information provided.
8. Review and sign: Go through the financial statement again for accuracy and completeness. Once satisfied, sign and date the document to acknowledge the accuracy and truthfulness of the information provided.
Remember to update your individual financial statement regularly to reflect any changes in your financial situation.
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