Section 247.48. Current asset accounts.

The following current asset accounts will be used by the prequalification committee in determining the net working capital of a bidder:

(a)  ) Cash.

(b)     Readily marketable securities; that is, securities that are verified by the certified public accountant and that represent investments of cash that are available for current operations, excluding investments in affiliated companies.

(c)   The following receivables:

(i)    Billed or accrued trade accounts receivable less allowance for doubtful accounts. Receivables due from joint venture affiliates, officers, employees, affiliated companies  and any related parties are also excluded from receivables.

(ii)    Notes receivable, that is, notes due within 1 year,  excluding  notes due from officers, employees, affiliated companies, and any related parties.

(iii)    Interest and dividends receivable, excluding interest    or   dividends due from affiliated companies, officers, employees, and any related parties.

(d)  Cost of uncompleted contracts in excess of related billings.

(e)    Inventories of construction materials and supplies on hand at cost    or market value, whichever is less.

(f)  Other allowable current assets such as any of the following:

(i)   Bid deposits including bid deposits on joint bidding ventures.

(ii)   Prepayments such as insurance, interest, taxes.

(iii)   Cash surrender value of life insurance.

(iv)   Other assets realizable within 1 year and a description.

History: 1979 AC; 2002 AACS; 2009 AACS.