Personal Net Worthstatement for Dbe / Acdbe Program Eligibility Form - Michigan

Personal Net Worthstatement for Dbe/Acdbe Program Eligibility Form is a legal document that was released by the Michigan Department of Transportation - a government authority operating within Michigan.

FAQ

Q: What is a Personal Net Worth statement?A: A Personal Net Worth statement is a document that outlines an individual's financial standing by calculating their assets and liabilities.

Q: Why is a Personal Net Worth statement required for Dbe/Acdbe Program Eligibility?A: A Personal Net Worth statement is required for Dbe/Acdbe Program Eligibility to determine if an individual meets the net worth requirements set by the program.

Q: Who needs to submit a Personal Net Worth statement for the Dbe/Acdbe Program?A: Individuals who are applying for the Dbe/Acdbe Program need to submit a Personal Net Worth statement.

Q: How is Personal Net Worth calculated?A: Personal Net Worth is calculated by subtracting an individual's liabilities (debts) from their assets (savings, investments, properties, etc.).

Q: What assets should be included in a Personal Net Worth statement?A: Assets that should be included in a Personal Net Worth statement are cash, savings, investments, real estate properties, vehicles, and any other valuable possessions.

Q: What liabilities should be included in a Personal Net Worth statement?A: Liabilities that should be included in a Personal Net Worth statement are mortgages, loans, credit card debts, and any other outstanding debts.

Q: What is the purpose of the Dbe/Acdbe Program?A: The Dbe/Acdbe Program is designed to promote the participation of disadvantaged business enterprises (DBEs) and airport concession disadvantaged business enterprises (ACDBEs) in contracting opportunities funded by the Federal Aviation Administration (FAA).

Q: What are the eligibility criteria for the Dbe/Acdbe Program?A: The eligibility criteria for the Dbe/Acdbe Program include being a small business that is at least 51% owned and controlled by socially and economically disadvantaged individuals, as well as meeting the program's net worth requirements.