When must the annual financial report be submitted to Licensing?

• A. Within 30 days of year-end.
• B. Within 60 days of end of your agency's fiscal year.
• C. On the agency's anniversary date.
• D. Whenever requested by Licensing.

Answer: (B)

The main idea here is understanding the fixed deadline tied to your fiscal year for regulatory reporting. The annual financial report must be submitted within 60 days after the end of your agency’s fiscal year. This window gives time to close the books, prepare complete financial statements, and, if required, incorporate any audit work, while still ensuring Licensing receives a timely, complete picture of the agency’s finances.

Submitting within 30 days is usually not enough time to compile full statements; submitting on the anniversary date doesn’t reflect the actual end of the financial period; and submitting only when requested wouldn’t provide a regular, predictable reporting schedule required by oversight.