2017 Wisconsin Statutes & Annotations
Chapter 126. Agricultural producer security.
126.01 General definitions.

Universal Citation: WI Stat § 126.01 (2017)

126.01 General definitions. In this chapter:

(1) “Affiliate" means any of the following persons:

(a) An owner, major stockholder, partner, officer, director, member, employee, or agent of a contractor.

(b) A person owned, controlled, or operated by a person under par. (a).

(2) “Asset" means anything of value owned by a person.

(3) “Audited financial statement" means a financial statement on which an independent certified public accountant licensed or certified under ch. 442 has done all of the following:

(a) Stated that the financial statement presents fairly, in all material respects, the financial position of a contractor as of a specific date or for a specific period, according to one of the following:

1. Generally accepted accounting principles.

2. The historical cost basis method of accounting, if the financial statement is a sole proprietor's personal financial statement and the financial statement is prepared on a historical cost basis.

(b) Conducted an audit according to generally accepted auditing standards.

(4) “Balance sheet" means a statement of assets, liabilities, and equity on a specific date.

(5) “Contractor," unless otherwise qualified, means any of the following:

(a) A grain dealer, as defined in s. 126.10 (9).

(b) A grain warehouse keeper, as defined in s. 126.25 (9).

(c) A milk contractor, as defined in s. 126.40 (8).

(d) A vegetable contractor, as defined in s. 126.55 (14).

(6) “Current assets" means cash and other assets, including trade or investment items, that may be readily converted into cash in the ordinary course of business within one year after the date as of which the value of those assets is determined.

(7) “Current liabilities" means those liabilities that are due within one year after the date as of which the value of those liabilities is determined.

(8) “Department" means the department of agriculture, trade and consumer protection.

(9) “Equity" means the value of assets less the value of liabilities.

(10) “Equity statement" means a report of the change in equity from the beginning to the end of the accounting period covered by the report.

(11) “Fund" means the agricultural producer security fund established under s. 25.463.

(12) “Generally accepted accounting principles" means the accounting standards adopted by the Financial Accounting Standards Board, except that for a business entity organized and operating outside the United States “generally accepted accounting principles" includes generally accepted foreign accounting standards that are substantially equivalent to standards adopted by the Financial Accounting Standards Board.

(13) “Grain" means corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, and mixed grain, as defined in 7 CFR 810.801, except that “grain" does not include any of the following:

(a) Sweet corn or other canning crops for processing.

(b) Seed corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, or mixed grain used or intended for use solely for planting purposes.

(c) Corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, or mixed grain that has been rolled, cracked, roasted, or otherwise processed.

(14) “Income statement" means a report of the financial results of business operations for a specific period.

(15) “Individual" means a natural person.

(16) “Interim financial statement" means a statement of financial condition prepared for a period shorter than a fiscal year.

(17) “Milk" has the meaning given in s. 97.01 (10) (a).

(18) “Person," notwithstanding s. 990.01 (26), means an individual, a corporation, a cooperative, an unincorporated cooperative association, a partnership, a limited liability company, a trust, a state agency, as defined in s. 20.001 (1), a local governmental unit, as defined in s. 66.0131 (1) (a), or other legal entity.

(19) “Producer," unless otherwise qualified, means a grain producer, as defined in s. 126.10 (10), milk producer, as defined in s. 126.40 (10), or vegetable producer, as defined in s. 126.55 (16).

(20) “Reviewed financial statement" means a contractor's financial statement, other than an audited financial statement, if all of the following apply:

(a) The contractor attests in writing, under oath, that the financial statement is complete and accurate.

(b) The financial statement is reviewed by an independent certified public accountant licensed or certified under ch. 442.

(21) “Security" means security filed or maintained under s. 126.16, 126.31, 126.47, or 126.61.

(22) “Sole proprietor" means a contractor who is an individual.

(23) “Statement of cash flows" means a report of cash receipts and cash disbursements from operating, investing, and financing activities, including an explanation of changes in cash and cash equivalents for the accounting period covered by the report.

(24) “Vegetable" means any vegetable that is grown or sold for use in food processing, whether or not the vegetable is actually processed as food. “Vegetable" includes green beans, kidney beans, lima beans, romano beans, wax beans, beets, cabbage, carrots, celery, cucumbers, onions, peas, potatoes, spinach, squash, and sweet corn, but does not include grain.

History: 2001 a. 16; 2005 a. 441; 2015 a. 242.

Disclaimer: These codes may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.