The following applications will allow you to apply for a Permanent Raise in Limit or Single Project Limit Increase.

If you wish to lower your license limit, you will be required to complete the Permanent Raise in Limit Application, submit a written and signed request indicating you’d like to lower the limit and pay the required $250 application fee.

Note: Any changes made to your license limit will require you to provide a financial statement that meets the Board’s financial responsibility requirements.

R048-23 amends NAC 624.593 related to the financial statement requirements. These changes were approved by the Legislative Commission and became effective as of April 19, 2024. Please see the latest financial statement requirements below.

FINANCIAL STATEMENT REQUIREMENTS

A financial statement IS REQUIRED regardless of the size/amount of the monetary limit requested.

Your financial statement will need to be prepared based on the Monetary Limit you are requesting. The Monetary Limit is the maximum contract a licensed contractor may undertake on one or more construction contracts on a single construction site or subdivision site for a single client. It is determined by consideration of the factors set forth in NRS 624.260, 624.262, 624.263, and 624.265. Please note: Staff references these statutes to assess your financial responsibility with regard to the monetary limit you are requesting.

Your financial statement will need to be prepared based on the Monetary Limit you are requesting. It is important that you read through the specific requirements below, and seek the assistance of a Certified Public Accountant (CPA) when necessary.

You must submit a current financial statement with the application that meets the following criteria.

  • Financial statements must be for the applying entity. Sole proprietorships and each general partner of a general partnership must submit their personal statement.
  • All statements must be in U.S. dollars.
  • Business statements must include a classified balance sheet.
  • Personal statements that have been prepared by a Certified Public Accountant must include a supplemental schedule disclosing working capital and net worth.
For License Monetary Limits of $25,000 or less you must provide one of the following:
  • A current financial statement prepared by an independent certified public accountant; or
  • A current business financial statement or personal financial statement submitted on a form prescribed by the Board; or
  • A current financial statement (Balance Sheet) prepared using accounting software in accordance with generally accepted accounting principles and accompanied by an affidavit that verifies the accuracy of the financial statement.

*To prevent a delay in the processing of your application, if you are unfamiliar with preparing your own financial statement, you are encouraged to seek the advice of an Accountant.

Note: Self-prepared or compiled statements must be current to within six months from the date the application is received.

For License Monetary Limits more than $25,000 but less than $500,000 you must provide one of the following:
  • A compiled financial statement prepared by an independent certified public accountant, current within 6 months from the date the application is received; or
  • A reviewed or audited by an independent certified public accountant, current within one (1) year from the date the application is received.
For License Monetary Limits of $500,000 or more but less than $1,000,000 you must provide one of the following:
  • A compiled financial statement with full disclosures, prepared by an independent certified public accountant, current within 6 months from the date the application is received; or
  • A reviewed or audited by an independent certified public accountant, current within one (1) year from the date the application is received.
For License Monetary Limits of $1,000,000 or more:

You must provide a financial statement that is prepared and reviewed or audited by an independent certified public accountant, current within one (1) year from the date the application is received.

In addition to the financial statement, a Bank Verification Form must be completed by your bank and submitted with your application.

Indemnification Option:

Indemnification allows the Board to consider the financial strength of an individual or entity in addition to the applicant. The indemnification is not required, however, provides an option to an applicant who may not otherwise qualify. The agreement must be on a form prescribed by the Board, and accompanied by a financial statement and bank verification form. Financial statements must meet the same criteria as set forth above. Indemnification forms are available on the Board’s website.