Minimum Financial Requirement Worksheet {DFPI-260.237.2}

DFPI-260.237.2, MINIMUM FINANCIAL REQUIREMENTS WORKSHEET, You are subject to minimum financial requirements if you (1) have custody of client funds or securities, (2) have discretionary authority over client funds or securities or (3) accept as prepayment of more than $500 per client and six or more months in advance. (1) If you have custody of client funds or securities, you must maintain at all times a minimum net worth of $35,000. (2) If you have discretionary authority over client funds or securities but do not have custody of client funds or securities, you must maintain at all times a minimum net worth of $10,000. (3) If you accept prepayment of more than $500 per client and six or more months in advance, you must maintain at all times a positive net worth. You must maintain a record of the proof of money balances of all ledger accounts in the form of trial balances and a record of the computations of minimum net worth as required under CCR § 260.237.2 (as of the trial balance date). The trial balances and computations must be prepared currently at least once a month. [CCR § 260.241.3(j)] (Rev. 11-20). www.FormsWorkflow.com