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Definition & Meaning
A Personal Financial Statement is a comprehensive document that provides a detailed overview of an individual's financial status. It is used by Enterprise National Bank to assess the creditworthiness of an applicant. This form captures the financial information of the applicant and a co-applicant, if applicable, including income, expenses, assets, and liabilities. It serves as a foundational tool for evaluating an individual's financial health and ability to meet credit obligations. By understanding the applicant's financial position, the bank can make informed decisions about lending and credit extension.
How to Use the Personal Financial Statement - Enterprise National Bank
Using the Personal Financial Statement requires gathering accurate and current financial information. Applicants should ensure they have all necessary documents and records, such as pay stubs, bank statements, and tax returns, to provide a complete financial picture. The form should be filled out systematically, starting with personal details and progressing through sections dedicated to various financial data like income statements and asset declarations. It is important to review the completed form for accuracy before submission to prevent delays in the credit evaluation process.
Steps to Complete the Personal Financial Statement - Enterprise National Bank
- Gather Financial Information: Collect all relevant financial documents, including proof of income, asset valuations, and liabilities.
- Provide Personal Details: Fill in personal information for both the applicant and any co-applicants.
- Detail Income and Expenses: Include information from pay stubs, tax returns, and any other sources of income.
- List Assets and Liabilities: Provide a complete list of assets such as property and securities, and disclose all liabilities like loans and mortgages.
- Review and Confirm: Carefully review the form for accuracy and completeness before submitting it to Enterprise National Bank.
Key Elements of the Personal Financial Statement - Enterprise National Bank
- Personal Information: Includes full name, address, and social security numbers.
- Income and Expenditure Statements: Require documentation and estimation of income streams and regular expenses.
- Assets: Encompass real estate, securities, cash, and other significant holdings.
- Liabilities: Include debts, mortgages, and other financial obligations.
- Schedules: Supplementary sections for detailed information on securities, insurance, and real estate investments.
Examples of Using the Personal Financial Statement - Enterprise National Bank
An example scenario where an individual might use this statement involves applying for a mortgage. The bank uses the information provided to assess the applicant's ability to manage mortgage repayments alongside existing financial commitments. Another situation could involve a business owner seeking a loan to expand their operations. The statement helps the bank evaluate the personal financial backing that supports the business enterprise.
Steps to Obtain the Personal Financial Statement - Enterprise National Bank
- Visit the Bank's Website: Access the official Enterprise National Bank website to find the form.
- Contact a Bank Representative: Inquire about obtaining the form through direct contact with a representative.
- Physical Branch Visit: Acquire the form by visiting a local branch of Enterprise National Bank.
- Online Download: Download the form in a compatible format from the bank's online resources.
Required Documents for the Personal Financial Statement - Enterprise National Bank
- Identification: Government-issued ID for identification purposes.
- Income Verification: Recent pay stubs, tax returns, and additional income statements.
- Asset Documentation: Proof of ownership and valuation for assets such as property deeds or stock certificates.
- Liability Records: Documentation of existing debts including loan agreements and credit card statements.
Who Issues the Form
The Personal Financial Statement is officially issued by Enterprise National Bank. The document is provided to potential borrowers who must complete it as part of the bank's credit assessment and application process. It is crucial for maintaining consistency in the bank's evaluation process, helping to align applicants' financial self-reports with the bank's lending standards.
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How to make your personal financial statement?
List your assets: Identify and value all your assets using current market values for investments and real estate. List your liabilities: Include all your debts, noting the remaining balances and interest rates. Calculate your net worth: Subtract your total liabilities from your assets to determine your net worth.
Can I prepare my own financial statements?
Yes, a non-CPA can prepare financial statements using a few financial frameworks, including FRF (Financial Reporting Framework), tax, cash, and generally accepted accounting principles (GAAP) bases of accounting.
How do I get a financial statement from my bank?
If you do not have access to online banking, you can call your banks customer service line. They can help you get a paper copy of your statement. You can find the number for customer service on the back of your debit card or in the contact section of the banks website.
What is a personal financial statement for a bank?
This statement is a tool that can be used to analyze your current financial status, enabling you to track net worth and set financial goals. These statements are often reviewed by lenders when a client applies for credit or a loan, including a mortgage.
How can I write a financial statement?
How to prepare an income statement Choose your reporting period. First, choose the length of your reporting period. Determine your trial balance. Determine revenue. Calculate the cost of goods sold. Determine gross profit. Determine expenses. Calculate total income. Determine taxes and interest.
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People also ask
How do I create a personal financial statement?
How To Create A Personal Finance Balance Sheet Gather Financial Documents. Getting all your financial documents ensures you have accurate information. Make Or Use A Free Personal Financial Statement Template. List Your Assets. List Your Liabilities. Categorize The Information And Add Up The Values. Determine Your Net Worth.
What are the financial statements of an enterprise?
The three main types of financial statements are the balance sheet, the income statement, and the cash flow statement. These three statements together show the assets and liabilities of a business, revenues, and costs, as well as its cash flows from operating, investing, and financing activities.