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EPA seeks proof that companies have financial resources covering closure and post-closure costs, including trust fund, surety, and standby letter of credit mechanisms, plus an alternative qualification based on net worth, liabilities-to-net-worth ratio, and net working capital thresholds. It details timing, reporting obligations, and where to obtain the full 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bank.",{"name":120,"@type":111,"acceptedAnswer":121},"What key thresholds qualify an owner or operator under the alternative financial characteristics option?",{"text":122,"@type":114},"The document states the owner or operator must have at least $10 million net worth in the United States, a total liabilities-to-net-worth ratio no more than three, and net working capital in the United States at least twice the adjusted closure cost estimate.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},322402,1790153758,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":34,"category_name":35,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":81,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":39},3848291630094,"https://eur-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","PUBLISHED BY FINANCIAL EXECUTIVES INSTITUTE,633 THIRD AVENUE,NEW YORK,NY 10017SEPTEMBER 19,1980NO.292  \n# EPA PROPOSES FINANCIAL REQUIREMENTS FOR OWNERSAND OPERATORS OF HAZARDOUS WASTE FACILITIES\n\nThe FEI Committee on Government Liaison(CGL)has expressed concern that manyFEI members whose companies could be affected by the Environmental ProtectionAgency's(EPA)proposed regulation for operation of hazardous waste facilities,are not aware that it specifies financial requirements.  \nThe EPA seeks assurances that companies have financial resources sufficient tocover costs related to closure and post closure of each hazardous waste manage-ment facility.Financial assurance may be demonstrated through one or more ofthe following options:  \n1.Closure Trust Fund -The trustee must be a bank or other financialinstitution.The beneficiary must be the EPA.There follows six-teen additional requirements with respect to payments to the trustfund,period of amortizations,method of calculating value of thetrust fund(including inflation factors),changing to another typeof financial assurance and others.  \n2.Sescri be the reqaremient s erforotn thefocneruoperatogh tnd thersuretycompany.  \n3.Stat be lrercof IC;editesuringaFvondof the Resuonal Administrator,EPA;for a period of at least one year;issued by a bank which is amember of the Federal Reserve System;and for at least the amount ofthe adjusted closure cost estimate.  \nA more immediate concern for the financial executive are the requi rements relatedto a fourth option under which an owner or operator may satisfy the requirementswith all the following financial characteristics:  \na)  At least $10 million in net worth in the United States;  \nb)  A total liabilities-to-net-worth ratio of not more than three;and  \nc)  Net working capital in the United States of at least twice the ad-justed closure cost estimate.  \n\n| Manager—Design and Production  \u003Cbr>Director of Communications  \u003Cbr>Editor  \u003Cbr>KEITH B.PERJATEL  \u003Cbr>RICHARD J.RILEY  \u003Cbr>CARL CERMINARO   |\n| --- |\n\nThe proposal states that these characteristics must be demonstrated in afinancial statement which has been audited by an independent certified publicaccountant and which contains unconsolidated balance sheets no more than 140days prior to the current date.  \nOn July 28,1980 representatives of the Committee on Government Liaison met withthree representatives from EPA who are responsible for the financial requirementssection.  It was a productive meeting.We questioned the need for quarterlystatements,cited the additional cost associated with quarterly audits,andexplained the nature of consolidated vs.unconsolidated statements.We made astrong case for not requiring quarterly statements,and suggested that,if theyare required,the EPA should use the 10-Q statements submitted to the SEC.Wefurther suggested that,if additional assurance is required,a management letterof representation should be considered.That could solve most of the problemsposed by the financial statements requirements as present1y proposed,except forhels comanis that sn ro choosrt ne the see of the fr rst mthnrie options,tatherthan incur the expense or potential loss of privacy related to the preparation ofquarterly financial statements.  \nCertain reporting and notification dates started August 18,1980.By November  \n19,1980 companies must have filed for and received an identification number orcease active operation of hazardous waste facilities.  By March 1,1981 the firstannual reports are due to be filed with the EPA regional office.  If your companycould be affected and you have not already done so,we suggest you discuss thiswith your technical people.  If no one in your company has seen the publishedregulations,we urge you to obtain a copy by calling or writing:  \nSuperintendent of DocumentsU.s.Government Printing OfficeWashing ton,D.C.20402(202)275-3000  \nThe entire publication(500 pages)is in Parts ll through XI of the FederalRegister of May 19,1980.The financial requirement","cbCaioeAZVAzOQCm","https://ap.wps.com/l/cbCaioeAZVAzOQCm","pdf",521061,"English","# EPA proposes financial requirements\n## Financial assurance options\n## Immediate financial executive focus\n## Financial statement and audit timing\n## Reporting and notification deadlines\n## Where to obtain the publication","[{\"question\":\"What financial requirements does the EPA propose for hazardous waste facility owners and operators?\",\"answer\":\"The EPA proposes that companies demonstrate financial resources sufficient to cover closure and post-closure costs for each hazardous waste management facility.\"},{\"question\":\"What assurance options does the document list for meeting the financial requirements?\",\"answer\":\"The document lists options including a closure trust fund, a surety requirement option, and a standby letter of credit issued by a qualifying bank.\"},{\"question\":\"What key thresholds qualify an owner or operator under the alternative financial characteristics option?\",\"answer\":\"The document states the owner or operator must have at least $10 million net worth in the United States, a total liabilities-to-net-worth ratio no more than three, and net working capital in the United States at least twice the adjusted closure cost estimate.\"}]","EPA PROPOSES FINANCIAL REQUIREMENTS FOR OWNERSAND OPERATORS OF HAZARDOUS WASTE FACILITIES | PDF",1789962621]