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Nevada State Contractors Board (Revised 12/2021)
New License Application
r
egardless of current or previous licensure.**
SECTION 10 – MONETARY LIMIT
• The Monetary Limit is the maximum contract a licensed contractor may undertake on one or more construction contracts on a
single construction site or subdivision site for a single client. It is determined by consideration of the factors set forth in NRS
624.260, 624.262, 624.263, and 624.265. Please note: Staff references these statutes to assess your financial responsibility with
regard to the monetary limit you are requesting.
State the specific Monetary Limit desired (value ranges are not acceptable): $_______________________
The financial statement requirements for your requested limit are listed below and must be included with your application.
SECTION 11 – REQUIRED FINANCIAL DOCUMENTS
NOTE: A financial statement IS REQUIRED regardless of the size/amount of the monetary limit.
1.
FINANCIAL STATEMENT REQUIREMENTS: Your financial statement will need to be prepared based on the Monetary Limit you
are requesting. It is important that you read through the specific requirements below, and seek the assistance of a Certified Public
Accountant (CPA) when necessary. All financial statements must meet the following criteria:
o
Financial statements must be for the applying entity. Sole proprietors and each general partner of a general
partnership must submit personal statements.
o
All statements must be in U.S. dollars.
o
Business statements must include a classified balance sheet.
o
It is highly recommended that personal statements include a supplemental schedule disclosing working capital.
• MONETARY LIMITS OF $250,000 OR MORE:
o
A financial statement that is prepared and reviewed or audited by an independent certified public accountant,
current within 1 year from the date the application is received.
• MONETARY LIMITS OF $50,000 OR MORE, BUT LESS THAN $250,000:
o
A compiled financial statement with full disclosures, prepared by an independent certified public accountant, current
within 6 months from the date the application is received; or
• MONETARY LIMITS OF MORE THAN $10,000, BUT LESS THAN $50,000:
o
A compiled financial statement prepared by an independent CPA, current within 6 months from the date the
application is received; or
• MONETARY LIMITS OF $10,000 OR LESS:
Self-prepared or compiled statements must be current to within 6 months from the date the application is received.
o
A current financial statement prepared by an independent CPA; or
o
A current financial statement submitted using the Board’s form online. If you are not familiar with the financial terms,
documents, or general small business requirements, please visit the Nevada Business Development Center online at:
http://nsbdc.org/ or call (800) 240-7094. This site contains important information for small business owners and allows
you to request individual counseling services, which may be helpful in completing the requested information within this
licensing application.
SECTION 12 – RESIDENTIAL RECOVERY FUND
• The State of Nevada has established a Residential Recovery Fund for the benefit of Nevada homeowners who contract
with a licensed contractor and, under certain conditions, are harmed by the failure of that contractor to properly perform
qualified services. The fund is created from assessments from contractors who participate in the construction, remodeling,
repair or improvement of residential housing. Assessments are based on the monetary limit placed on the license.
• WHO MUST REGISTER: Each residential contractor who will be providing “Qualified Services” must register with the Fund.
o
Qualified services are defined in NRS 624.440 as “any construction, remodeling, repair or improvement performed
by a residential contractor on a single-family residence occupied by the owner of the residence.”
o
A residential contractor is defined in NRS 624.450 as a contractor who contracts with the owner of a single-
family residence to perform qualified services.
1.
Will you be acting as a “residential contractor” performing “qualified services” as defined in NRS 624.440 and NRS 624.450?
NO YES
2.
Does the applicant, any officer, director, partner, proprietor, shareholder (unless publicly traded), member, owner,
qualified employee, or manager associated with or employed by the applicant have any prior recovery fund claims
paid or claims pending with Nevada or any other state?
NO YES - Please provide Claim #