Form 009-0598 "Application for Iowa Grain Dealer License" - Iowa

What Is Form 009-0598?

This is a legal form that was released by the Iowa Department of Agriculture and Land Stewardship - a government authority operating within Iowa. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on September 1, 2011;
  • The latest edition provided by the Iowa Department of Agriculture and Land Stewardship;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form 009-0598 by clicking the link below or browse more documents and templates provided by the Iowa Department of Agriculture and Land Stewardship.

ADVERTISEMENT
ADVERTISEMENT

Download Form 009-0598 "Application for Iowa Grain Dealer License" - Iowa

Download PDF

Fill PDF online

Rate (4.3 / 5) 14 votes
D
D
D
D
D
D
D
D
D
D
D
BEFORE THE IOWA DEPARTMENT OF AGRICULTURE AND LAND STEWARDSHIP
APPLICATION FOR IOWA GRAIN DEALER LICENSE
License No. GD-
The undersigned hereby makes application to participate in the Iowa Grain Depositors and Sellers Indemnity Fund in conformity with the
provisions of Iowa Code Chapter 203D and to obtain a Grain Dealer License in conformity with the provisions of Iowa Code Chapter
203 and the Rules of the Department of Agriculture and Land Stewardship, and in support thereof, submits the following information:
Full and correct name of applicant
Corporate Office
Mail Address
City
State
Zip Code
Location of Business
Street Address
City
County
State
Zip Code
Mailing Address
Street No. or P.O. Box
City
State
Zip Code
Name of Manager
Business Phone
Fax No.
Applicant is a/an
doing business under the name of
(Corporation, Individual, Partnership or Limited Liability Company)
Fiscal Year End of applicant is
INDICATE THE CLASS OF LICENSE WHICH YOU ARE MAKING APPLICATION FOR:
CLASS 1
CLASS 2
Class 1 license is required if the grain dealer will purchase any grain by credit-sale contract, or if the value of grain purchases by the grain
dealer from producers during the grain dealer's fiscal year will exceed $500,000.00.
Class 2 license is required for any grain dealer not holding a class 1 license.
DO YOU WISH TO BE AUTHORIZED FOR CREDIT-SALE CONTRACTS?
YES
NO
Credit-sale contract means a contract for the sale of grain pursuant to which the sale price is to be paid more than thirty (30) days after the
delivery of the grain to the buyer, and includes but is not limited to those contracts commonly referred to as deferred payment, deferred pricing,
price-later, basis, and minimum price contracts.
FEES:
A. In Box A, list the estimated total bushels of grain to be purchased from any source in the next twelve month period:
A)
Bushels
B. Multiply the amount in Box A by $0.00014. Enter this amount in Box B.
B)$
C. In box C, enter the greater of the amount in Box B or $50.00. This is your grain indemnity fund participation fee.
C)$
D. For the amount listed in Box A, find the correct license fee in the chart D below:
Chart D
PURCHASE AMOUNT
LICENSE FEE
PURCHASE AMOUNT
LICENSE FEE
35,000 bu. or less
$66
1,000,001 to 1,850,000 bu.
$498
35,001 to 250,000 bu.
$116
1,850,001 to 3,200,000 bu.
$706
250,001 to 500,000 bu.
$166
3,200,001 bu. or more
$955
500,001 to 1,000,000 bu.
$291
Divide the fee amount determined in Chart D by 12 and multiply by the number of months from the current
D) $
month to three months past your company's fiscal year end. Enter this in Box D. This is your pro-rated license fee.
E. Enter the total of the amounts in Box C and Box D. This is the total amount due. PAY THIS AMOUNT
E) $
The applicant, if a corporation or a limited liability company, was organized under the laws of the state of
and is
authorized to do business in the State of Iowa , and that the names and addresses of the officers are as follows:
President
Address
Secretary
Address
Treasurer
Address
009-0598 (09/11)
(CONTINUED ON REVERSE)
D
D
D
D
D
D
D
D
D
D
D
BEFORE THE IOWA DEPARTMENT OF AGRICULTURE AND LAND STEWARDSHIP
APPLICATION FOR IOWA GRAIN DEALER LICENSE
License No. GD-
The undersigned hereby makes application to participate in the Iowa Grain Depositors and Sellers Indemnity Fund in conformity with the
provisions of Iowa Code Chapter 203D and to obtain a Grain Dealer License in conformity with the provisions of Iowa Code Chapter
203 and the Rules of the Department of Agriculture and Land Stewardship, and in support thereof, submits the following information:
Full and correct name of applicant
Corporate Office
Mail Address
City
State
Zip Code
Location of Business
Street Address
City
County
State
Zip Code
Mailing Address
Street No. or P.O. Box
City
State
Zip Code
Name of Manager
Business Phone
Fax No.
Applicant is a/an
doing business under the name of
(Corporation, Individual, Partnership or Limited Liability Company)
Fiscal Year End of applicant is
INDICATE THE CLASS OF LICENSE WHICH YOU ARE MAKING APPLICATION FOR:
CLASS 1
CLASS 2
Class 1 license is required if the grain dealer will purchase any grain by credit-sale contract, or if the value of grain purchases by the grain
dealer from producers during the grain dealer's fiscal year will exceed $500,000.00.
Class 2 license is required for any grain dealer not holding a class 1 license.
DO YOU WISH TO BE AUTHORIZED FOR CREDIT-SALE CONTRACTS?
YES
NO
Credit-sale contract means a contract for the sale of grain pursuant to which the sale price is to be paid more than thirty (30) days after the
delivery of the grain to the buyer, and includes but is not limited to those contracts commonly referred to as deferred payment, deferred pricing,
price-later, basis, and minimum price contracts.
FEES:
A. In Box A, list the estimated total bushels of grain to be purchased from any source in the next twelve month period:
A)
Bushels
B. Multiply the amount in Box A by $0.00014. Enter this amount in Box B.
B)$
C. In box C, enter the greater of the amount in Box B or $50.00. This is your grain indemnity fund participation fee.
C)$
D. For the amount listed in Box A, find the correct license fee in the chart D below:
Chart D
PURCHASE AMOUNT
LICENSE FEE
PURCHASE AMOUNT
LICENSE FEE
35,000 bu. or less
$66
1,000,001 to 1,850,000 bu.
$498
35,001 to 250,000 bu.
$116
1,850,001 to 3,200,000 bu.
$706
250,001 to 500,000 bu.
$166
3,200,001 bu. or more
$955
500,001 to 1,000,000 bu.
$291
Divide the fee amount determined in Chart D by 12 and multiply by the number of months from the current
D) $
month to three months past your company's fiscal year end. Enter this in Box D. This is your pro-rated license fee.
E. Enter the total of the amounts in Box C and Box D. This is the total amount due. PAY THIS AMOUNT
E) $
The applicant, if a corporation or a limited liability company, was organized under the laws of the state of
and is
authorized to do business in the State of Iowa , and that the names and addresses of the officers are as follows:
President
Address
Secretary
Address
Treasurer
Address
009-0598 (09/11)
(CONTINUED ON REVERSE)
_ _ _
}
If applicant is a partnership the partners are as follows:
Name
Address
Name
Address
Name
Address
LOCATION OF ALL BRANCH OFFICES TO BE OPERATED UNDER THIS LICENSE :
Applicant will submit such further evidence in support of statements made in the application as required by the Department of Agriculture and
Land Stewardship. As a condition to the granting of this application, applicant agrees to comply with and abide by all the terms of Iowa Code
Chapters 203 and 203D and such rules as are, or may be, prescribed thereunder by the Department of Agriculture and Land Stewardship.
Dated this
day of
,
By
Signature and Title
OATH
State of
ss.
County of
I,
being first duly sworn on oath, depose and say that I am the
Title
of
, that I have read the foregoing application, know its purpose,
Business Name
am familiar with the facts therein set forth and the same is true and correct.
Signature
Subscribed and sworn to before me, a Notary Public in and for the State and County above named, this
day of
,
.
Notary Public
Application must be signed and sworn to by applicant, if an individual; by a member of the partnership, if applicant is a partnership; by a corporate officer
if the applicant is incorporated; or by an authorized manager if the applicant is a limited liability company.
For Office Use Only :
n/w
c / r
f /s s
csc
whse#
fye
Fees:
master gd#
Effective :
Approved by :
009-0598 (09/11)
INSTRUCTIONS FOR PREPARATION OF GRAIN DEALER APPLICATION
1.
A Class 1 license is required if the grain dealer is to purchase any grain by credit-sale
contract, or if the value of the grain to be purchased from producers during the dealer's fiscal
year will exceed five hundred thousand dollars ($500,000.00).
An applicant who desires to be authorized to issue credit-sale contracts shall indicate such on the
application form. Be aware that additional requirements are imposed upon dealers who are
authorized to issue credit-sale contracts.
A Class 2 license is required for any grain dealer who expects to purchase 1,000 bushels or more
from producers in any month and who does not hold a class 1 license.
2.
FEES: The term of the license runs for one year beginning three (3) calendar months
after the dealer's fiscal year end (this is also the date the dealer's annual financial statement is
due). The license fee will be prorated on a month-to-month basis for new licenses issued for a
period less than a year. A license fee is due based upon the amount of grain purchased. For a
new license, the applicant may pay the lowest fee amount and make adjustments at any time the
dealer exceeds the maximum purchase amount for each fee bracket. Or the applicant may elect
to make an estimate of the amount of purchases to be made and pay the fee for that amount (to
avoid having to make one or more adjustments later).
EXAMPLE:
An applicant with a June 30 fiscal year end applies for a license in August. The applicant
estimates purchases of 550,000 Bushels for their first fiscal year of operations.
The license period for that firm will be October 1 through September 30. The applicant shall
submit the license fee for two months (August and September) along with the application. The
amount due for this applicant is $48.50 ($291.00 divided by 12 multiplied by 2).
Refer to the fee schedule listed on the application form to find the fee due for your firm. Prorate
the fee on a month-to-month basis as shown in this example.
An indemnity fund participation fee is due based upon the amount of grain to be purchased in the
applicant’s first fiscal year. This fee is not prorated. The fee amount is fourteen thousandths of a
cent ($0.00014) per bushel of grain purchased and an adjustment to actual amounts is made at
the end of the applicant’s first complete fiscal year. There is a $50.00 minimum. Call for
assistance on this.
Make your check payable to the Iowa Department of Agriculture & Land Stewardship (made be
abbreviated as IDALS).
3.
Corporations, limited liability companies and limited partnerships shall be registered with
the Iowa Secretary of State. Department will verify such registration prior to issuance of license.
Similar verification or documentation may be required of general partnerships.
4.
FINANCIAL REQUIREMENTS:
A.
The applicant shall file a current financial statement with the application. The
financial statement shall be for the applying entity and not another party such as a parent entity.
See the rule excerpt on the following page regarding applicant financial statements.
The
statement shall be prepared in accordance with generally accepted accounting principles and
shall have been reviewed or audited by a Certified Public Account licensed by the state of
Iowa and shall be accompanied by the accountant's unqualified opinion or review report. If you
wish to be authorized to issue credit-sale contracts, be aware that you must either file an audited
financial statement or post a bond or irrevocable letter of credit in the amount of one hundred
thousand dollars ($100,000.00).
B.
A Class 1 dealer shall maintain a net worth of $75,000.00.
financial statement or post a bond or irrevocable letter of credit in the amount of one hundred
thousand dollars ($100,000.00).
B.
A Class 1 dealer shall maintain a net worth of $75,000.00.
C.
A Class 2 dealer shall maintain a net worth of $37,500.00.
D.
All dealers shall maintain a current ratio of 1:1
(current assets shall equal or exceed the current liabilities).
E.
Applicant's or dealers who do not meet these minimums may post a bond under
certain situations to cover their deficiency.
F.
A dealer's authorization to issue credit-sale contracts may be denied any time
the dealer's current ratio is below 1:1 or any time the dealer's debt to asset ratio
exceeds .75:1 or any time the dealer's net worth does not equal at least fifty cents
($.50) per bushel of grain on credit-sale contract.
Additional requirements apply to the financial statements submitted by sole proprietors.
5.
All applications shall be signed by the owner if an individual, a partner if a partnership,
or an officer if a corporate entity. All applications shall be fully completed and notarized.
Applications shall be accompanied by a completed GD-2A (GD-2B for sole proprietors), the
financial statement and the fees.
6.
Applications shall be accompanied by a completed Disclosure of Company Ownership,
Control and Management form.
7.
File applications with:
Grain Warehouse Bureau
Iowa Department of Agriculture & Land Stewardship
Henry Wallace Building
Des Moines, IA 50319
Phone: 515-281-5987
FAX: 515-281-6800
21—91.2(203) Definitions. For this chapter, the following definitions apply: …
“Generally accepted accounting principles” means accounting principles generally accepted in
the United States of America, in accordance with the U.S. Financial Accounting Standards Board, or
international financial reporting standards, in accordance with the International Accounting
Standards Board…
21—91.8(203) Financial statements.
91.8(1) New license applicants. To obtain a grain dealer license, an applicant shall submit a financial
statement that shall:
a. Be prepared within three months from the date of filing and comply with subrule 91.8(2),
paragraph “a” or “b”; or
b. Be prepared as of the applicant’s usual fiscal year and comply with subrule 91.8(2), paragraph
“a” or “b,” and the applicant has continuously been in business for one year or more and the
applicant has submitted any additional financial information required by the bureau; or
c. Be a forecasted financial statement prepared by a certified public accountant licensed in this
state and the applicant is a new business entity that is in the process of transferring funds into the
business entity. An applicant who files a forecasted financial statement pursuant to this paragraph
shall file a financial statement which complies with subrule 91.8(2), paragraph “a” or “b,” within one
month after the date the license is issued by the bureau.
91.8(2) Financial statement requirements. Financial statements filed pursuant to subrules 91.8(1),
91.8(3), 91.8(4) and 91.8(11) shall be prepared in accordance with generally accepted accounting
principles and shall comply with either of the following:
a. Be accompanied by an unqualified opinion based upon an audit performed by a certified public
accountant licensed in this state. The bureau may accept a qualification in an opinion that is
unavoidable by any audit procedure. Opinions that are qualified because of the limited audit
procedure or because the scope of an audit is limited shall not be accepted by the bureau; or
b. Be accompanied by the report of a certified public accountant licensed in this state that is based
upon a review performed by the certified public accountant.
91.8(3) Sole proprietorship financial statements. An individual licensed as a sole proprietorship
shall file a financial statement which conforms with the provisions of subrules 91.8(2) and 91.8(4) on
the proprietorship business. The individual shall also file a personal statement of financial condition
upon a review performed by the certified public accountant.
91.8(3) Sole proprietorship financial statements. An individual licensed as a sole proprietorship
shall file a financial statement which conforms with the provisions of subrules 91.8(2) and 91.8(4) on
the proprietorship business. The individual shall also file a personal statement of financial condition
which conforms with the provisions of subrules 91.8(2) and 91.8(4). The personal statement of
financial condition shall also disclose the historical cost basis for assets as provided in Iowa Code
section 203.3.
Page of 5