How to Fill Out the Virginia DPOR Financial Statement Form for Contractors

The Virginia DPOR financial statement form for contractors is a one-page balance sheet that Class A and Class B license applicants use to prove they meet the Board for Contractors’ net worth requirement. You download it from the Board for Contractors page on the DPOR website, enter your business’s assets and liabilities, attach supporting documents, sign it, and mail the packet to the board’s Richmond office with the rest of your application.¹

Who Has To File One

Only Class A and Class B applicants need to verify financial responsibility, and the financial statement is one of two ways to do it. The other is a $50,000 surety bond on the board’s prescribed form, which both classes use interchangeably with the statement.² Pick one, not both. Class C contractors are exempt from financial verification entirely.¹

Net Worth You Need To Show

Your net worth, meaning total assets minus total liabilities, has to clear the floor the board sets for your class:

Property you hold as tenants by the entirety (a form of joint ownership between spouses) is excluded from the calculation and should not appear in the asset totals you report.

If your business cannot reach the threshold on paper, the surety bond route is your fallback. The bond must come from a corporate surety licensed in Virginia and approved by the Attorney General.⁵

Filling Out the Form

The form is a single-page balance sheet divided into assets on top and liabilities and net worth on the bottom. Pull your figures from your most recent accounting records. Round to the nearest dollar if you want, but the math has to reconcile; if assets minus liabilities does not match the net worth line, the board returns the form.

Assets

Lines 2 through 6 cover current assets: cash and investments, accounts receivable (net of any allowance for bad debts), inventories, prepaid expenses, and any other current assets. Line 7 totals those entries.⁴

Line 8 is for long-term assets, meaning land, buildings, and equipment reported at net value after depreciation. Lines 7 and 8 together give you total assets on line 9. Any entry marked with a double asterisk on the form, including cash and investments and land, buildings, and equipment, needs independent verification documents attached: bank statements, titles, deeds. The exception is if you are submitting a CPA review or audit, which replaces the line-item documentation.

Liabilities and Net Worth

The bottom half mirrors the top. Enter current liabilities (debts due within a year), long-term liabilities such as mortgages and equipment loans, and any other liabilities. The form totals those, then subtracts the total from your assets to produce net worth on the final line. That final number is what the board compares to the $45,000 or $15,000 minimum.

Business Name

Enter the legal business name exactly as it appears on your Virginia State Corporation Commission registration. A mismatch between your DPOR application and your SCC filing is one of the most common reasons applications stall. Verify the entity name, entity type, and any trade name before you sign.

The CPA Review or Audit Alternative

Any applicant can skip the board’s form and submit a CPA-reviewed balance sheet or a full CPA audit instead. The board accepts either without requiring the line-item documentation that goes with a self-prepared statement.⁴ The review has to come from a CPA licensed under Virginia’s accountancy statutes.²

If your books are clean and your net worth clearly exceeds the threshold, the self-prepared form with bank statements and titles attached is the cheaper path. A CPA review or audit tends to make more sense when net worth is borderline, your records are complicated, or you want to avoid the board coming back with verification requests on individual line items.

Where To Send It

Mail the completed, signed form with all supporting documentation to the Board for Contractors at 9960 Mayland Drive, Suite 400, Richmond, Virginia 23233-1485.⁴ The financial statement goes in the same packet as your license application and any other required documents. Use a tracked shipping method; the envelope contains originals and sensitive financial records.

DPOR does run an online portal for some license transactions, but not every service is available online for every board, so check the Board for Contractors page under Online Services before assuming you can upload the packet.⁶

Applications are processed first in, first out. Average turnaround is around 30 days, longer if the office is backed up or your submission is incomplete.⁷

If the Board Finds a Problem

When something is off, you get a deficiency notice spelling out what needs fixing. The usual triggers are missing supporting documents on a self-prepared statement, an entity name that does not match your SCC registration, and arithmetic errors on the net worth line.⁴

Reviewers can also ask for verification on specific line items even when the form looks complete; the regulations give them discretion to dig in when something raises a question.² Respond quickly. Letting a deficiency notice sit can stall or ultimately kill the application, and the application fee is not refundable.

Once the board accepts your financial statement, your file moves on to the remaining licensing steps, including any required trade examinations. You will not need to submit another financial statement unless the board asks for one during review, or you later apply to upgrade to a higher class.

1
Virginia Department of Professional and Occupational Regulation. Board for Contractors
2
Virginia Code Commission. Virginia Code 54.1-1106 – Application for Class A License; Fees
3
Virginia Code Commission. 18VAC50-22-60 – Requirements for a Class A License
4
Department of Professional and Occupational Regulation. DPOR Financial Statement Form
5
Virginia Code Commission. Virginia Code 54.1-1108 – Application for Class B License; Fees; Examination
6
Virginia Department of Professional and Occupational Regulation. DPOR Online License Services
7
Department of Professional and Occupational Regulation. Board for Contractors License Application