DBE Personal Net Worth Statement

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Understanding the Personal Net Worth Statement

The personal net worth statement is typically used by lending institutions in assessing creditworthiness. It is a breakdown of your assets (what you own) and your liabilities (what you owe) to determine your net worth (assets minus liabilities). It reflects your fiscal conditions and can be a practical tool for tracking your financial progress or discussing it with a potential lender.

Purpose of the DBE personal net worth statement

As part of the DBE program, the net worth of all persons looking to qualify as disadvantaged individuals need to be evaluated before certification. This is where DBE's personal net worth statement plays an integral role. This form helps in determining whether an individual falls within the regulatory limit for economic disadvantage. In simpler terms, an individual's net worth, excluding their primary residence and the interest in the applicant firm, must not exceed $1.32 million.

How to Fill Out DBE Personal Net Worth Statement

Here, let's go through how to fill out this DBE form properly. It involves a few simple steps:

  1. Enter your personal details, which contain your name, business phone number, residence address, city, state, zip code, residence phone, and business name of your applicant firm. 
  2. Input your spouse’s full name (if applicable) and make a selection regarding your marital status.
  3. For the section titled 'Assets (Omit Cents)', input the current value of your assets.
  4. Similarly, under 'Liabilities (Omit Cents)', input the current value of your liabilities.
  5. Compute and input your total assets and total liabilities.
  6. Provide the details of 'Notes Payable to Banks and Others'. This includes the name of noteholder(s), original balance, current balance, payment amount, frequency, how the loan is secured or endorsed, and the type of collateral used.
  7. In the section regarding brokerage accounts, stocks, bonds, and retirement accounts, provide the name of the security/account, cost, market value quotation/exchange, date of quotation/exchange, and total value.
  8. In the 'Real Estate Owned' section, provide the type of property owned, address, date acquired and method of acquisition, names on the deed, purchase price, present market value, source of market valuation, name of all mortgage holders, mortgage account number and balance, equity line of credit balance, amount of payment per month/year.
  9. Fill out the 'Life Insurance Held' section, including insurance company, face value, cash surrender amount, beneficiaries, loan on policy information.
  10. In "Other Personal Property and Assets", list details of your automobiles, vehicles, household goods, jewelry and any other assets. Include type of property or asset, total present value, amount of liabilities (balance), insurance information, lien or note amount, and payment terms.
  11. Enter the value of your other business investments and list any other businesses you own (excluding the applicant firm).
  12. In 'Other Liabilities and Unpaid Taxes', describe any other liabilities or unpaid taxes you may have.
  13. Answer whether, within the last two years, you have transferred assets to a spouse, domestic partner, relative, or entity in which you have an ownership or beneficial interest, including a trust. If you have, provide details of the transfers. 
  14. Finally, sign and date the statement form to confirm that all information provided is true and correct.

Power of the statement of personal net worth

Why does a personal net worth statement matter so greatly? Having an accurate measure of your financial position not only reveals your creditworthiness and economic status to creditors but also presents an opportunity for introspection.

Specifically, understanding your net worth can be pivotal for Disadvantaged Business Enterprises. Your net worth is crucial in determining your eligibility for the DBE status. Thus, filling out this form accurately can help you qualify for these special programs designed to support disadvantaged businesses.

Fillable online DBE Personal Net Worth Statement
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