Serving TN, AL, MS & NC Contractors
Contractor Financial Statements
for Your State License
Reviewed and compiled financial statements prepared by an independent CPA to get your monetary limit approved the first time.
How to Get Your Contractor's License
Follow these steps to apply for a license to perform projects of $25,000 or more:
- Pass the Business and Law exam (plus a trade exam for some classifications)
- Get a reviewed financial statement from a licensed, independent CPA (or a surety bond of at least 50% of your requested limit)
- Provide a reference letter, proof of insurance and a notarized affidavit
- Register your business entity, then apply online through CORE
Reviewed vs. Compiled Financial Statements
What the Tennessee Board requires depends on whether you're applying, raising your limit or renewing.
| Your situation | What the Board requires |
|---|---|
| New license, limit up to $3,000,000 | Reviewed financial statement by a licensed CPA, or a surety bond of at least 50% of the limit |
| Raising your monetary limit, up to $3,000,000 | Reviewed financial statement, or a surety bond of at least 50% of the new limit |
| Renewal, limit over $1,500,000 | Compiled financial statement by a licensed CPA, or a surety bond |
| Renewal, limit $1,500,000 or less | A self-prepared balance sheet, or a surety bond |
| Limits above $3,000,000 | Different Board requirements apply. Call me and I'll point you in the right direction. |
Compiled and tax-basis statements are not accepted for new licenses or limit increases. Statements must follow GAAP and be less than 12 months old. Sources: TN Board for Licensing Contractors, Increase Monetary Limit form, Renewal requirements, Public Chapter 1039 (2026).
Financial Statement Services for Contractors
My specialty is helping contractors prepare correct financials to obtain the monetary limit they need.
New applicants must submit a reviewed financial statement.
I help contractors understand and prepare for the financial statement review process to prepare their financial statements.
Reviewed Financial Statements
Analytical procedures and inquiries providing limited assurance your statements are free of material misstatement — required for most license applications.
Compiled Financial Statements
A CPA-prepared statement presenting your financials in proper form, required for renewals over $1.5 million.
Serving contractors in four states
The examples here are for TN contractors, but each state's licensing board has its own financial statement rules. I'll confirm yours on the first call.
- TennesseeBoard for Licensing ContractorsOfficial board site ↗
- AlabamaLicensing Board for General ContractorsOfficial board site ↗
- MississippiState Board of ContractorsOfficial board site ↗
- North CarolinaLicensing Board for General ContractorsOfficial board site ↗
Get a Free Consultation
Call today, or send your info and I'll reach out to discuss your financial statement needs — no obligation.
Call: (865) 748-1976Email: Andy@tnfscpa.com
How It Works
No in-office visit required. 100% remote: phone, text, and email.
- We discuss the items needed for the financial statement
- We work out the monetary limit your numbers support
- 3-business-day turnaround once I receive your documents
- Work directly with me from start to license approval
2026 Meeting Deadlines
Application deadlines for upcoming board meetings — plan your financial statement review early to avoid missing a cycle.
| Month of Meeting | Application Deadline |
|---|---|
| January | December 20 |
| March | February 20 |
| May | April 20 |
| July | June 20 |
| September | August 20 |
| November | October 20 |
Options to Support Your Monetary Limit
If your financial statement comes in short of the limit you need, the Board accepts these. Tap an option to see the Board's form.
Not the same as the new surety bond option (July 1, 2026), which replaces the financial statement entirely.
Call me today for a free consultation: (865) 748-1976
Or email: andy@tnfscpa.com