Five Tips for Responding to MMFL Financial Deficiencies
Applicants for a Medical Marihuana Facility License (MMFL) in Michigan will need to overcome several hurdles in the application process. After submitting and receiving feedback on the application, the last thing an applicant wants to hear is that they have deficiencies or additional information that is being requested by the licensing review staff. However, this is often the case.
First, provide well thought out and complete responses to deficiencies. After all, this is just another step in the process.
Here are 5 more tips for responding to financial deficiencies:
- Do not place blame or make excuses in your response. The applicant is responsible for keeping appropriate financial records. A good rule of thumb is to keep records for seven years. A deposit in 2015 should still have the record keeping behind it to support what it is.
- Present the facts and refer to all income reported. If the applicant is confident that they have reported all income on their tax returns, they should say so in their response. Refer to the exact tax returns and schedules where questioned income is reported.
- Do not respond “I don’t know”. It is your responsibility to know your financial history.
- Make things easy and avoid frustration. Receiving a deficiency can put an applicant on their guard. Take the time to patiently respond in a manner that is logical and easy to understand for the reviewer.
- Fess up. If you subsequently determine you have unreported income, disclose this in your response. Even if you have Caregiver income. Take the steps necessary to claim on your taxes by working with a CPA or tax preparer.
Copyright LC Solutions Michigan PLLC June 2018