# HAZARD & SIEGEL, INC. X-17A-5 (2026-03-06) — Broker-dealer annual report - Company: HAZARD & SIEGEL, INC. - Form: X-17A-5 - Filed: 2026-03-06 - Period: 2025-12-31 - Accession: 0000046374-26-000003 - CIK: 46374 - File #: 8-13942 - Type: Broker-dealer - Material weakness: No - Auditor: Evans and Bennett, LLC - Auditor location: SYRACUSE, NY - Contact: David Mullen - Phone: 315-414-01722 - Signed by: David Mullen (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/46374/000004637426000003/hssfc.pdf --- {0}------------------------------------------------ DEWITT, NEW YORK ### AUDITED STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 PUBLIC DOCUMENT {1}------------------------------------------------ # CONTENTS | | Pages | |-----------------------------------------------------------|-------| | ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill (Facing Page) | 1 | | OATH OR AFFIRMATION | 2 | | INDEPENDENT AUDITORS' REPORT | 3 | | FINANCIAL STATEMENTS: | | | Statement of Financial Condition | 4 | | Notes to Financial Statement | 5 | {2}------------------------------------------------ | | UNITED STATES | OMB APPROVAL | |-------------------------------------------------------------------|---------------------------------------------------------------------------|--------------------------------| | | SECURITIES AND EXCHANGE COMMISSION | OMB Number : 3235-0123 | | PUBLIC | Washington, D.C. 20549 | Expires: November 30, 2026 | | DOCUMENT | | Estimated average burden | | | ANNUAL AUDITED REPORT | hours per response 12.00 | | | FORM X-17A-5 | | | | PART III | SEC FILE NUMBER | | | | 8- 13942 | | | FACING PAGE | | | | Information Required of Brokers and Dealers Pursuant to Section 17 of the | | | | Securities Exchange Act of 1934 and Rule 17a-5 Thereunder | | | | REPORT FOR THE PERIOD BEGINNING 01/01/25 AND ENDING 12/31/25 | | | | MM/DD/YY | MM/DD/YY | | | | | | | A. REGISTRANT IDENTIFICATION | | | NAME OF BROKER-DEALER: | HAZARD & SIEGEL, INC. | | | | | Official Use Only | | | | FIRM LD. NO. | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | | | | | | 5793 WIDEWATERS PARKWAY | | | | | (No. and Street) | | | | | 13214 | | DEWITT | NEW YORK | | | (City) | (State) | (Zip Code) | | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THE REFORT | | | | | | | DAVID M. MULLEN, PRESIDENT | | (315) 414-0722 | | | | (Arca Code - Telephone Number) | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* | | | | | | | EVANS AND BENNETT, LLP | | | | | 2112 ERIE BLVD. E., STE. 100 SYRACUSE | NEW YORK
13224 | | (Address) | (City) | (Zip Code)
(State) | | | | | | | | | | & Certified Public Accountant | | | | Public Accountant | L Accountant not resident in United States or any of its possessions | | | | | | | | FOR OFFICIAL USE ONLY | | | CHECK ONE: | | | SEC 1410 (06-02) to respond unless the form displays a currently valid OMB control number. {3}------------------------------------------------ #### OATH OR AFFIRMATION I, DAVID M. MULLEN, swear (or affirm) that to the best of my knowledge and belief the accompanying financial stalement and supporting schedules pertaining to the firm of HAZARD & SIEGEL, INC., as of DECEMBER 31, 2025, are Irue and correct. I further swear (or affirm) that neither the company nor any partner, principal officer or director has any proprietary interest in any account classified solely as that of a customer, except as follows: > THOMAS M. WALSH Notary Public, State of New York No. 01WA5071178 Qualified in Onondaga County Commission Expires Jan. 6, 200 N/A DAVID M. MULLEN Notary Public Signature PRESIDENT/CFO Tiffe This report ' \* contains (check all applicable boxes); 8 (a) Facing page 8 (b) Statement of Financial Condition. O (c) Statement of Income (Loss). □ (d) Statement of Cash Flows 0 (e) Statement of Changes in Stockholder's Equity or Partners' or So!e Proprietors' Capital. [ (f) Statement of Changes in Liabilities Subordinated to Clains of Creditors. [g) Computation of Net Capital for brokers and dealers Pursuant to Rule 15c3-1. O (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3. O (i) Information Relating to the Possession or control Requirements Under Rule 15c3-3. □ (j) A Reconciliation, including appropriate explanation, of the Compulation of Net Capital Under Rule 15c3-1, □ (k) A Reconciliation between the audited and unaudited Statements of Financial Contrition and Net Capital. 因 (I) An Oath or Affirmation. O (m) A copy of the Securities Investor Protection Corporation Supplemental Report. (Bound Separately) [] (n) A report describing any malerial inadequacies found to have existed since the date of the previous audi. [0] Independent auditors' report on internal accounting control. \* For conditions of confidential freatment of certain portions of this filing, see section 240.17a-5(e)(3). {4}------------------------------------------------ CERTIFIED PUBLIC ACCOUNTANTS 373 Spencer Street; Suite 101 Syracuse, New York 13204 (315) 474.3955 FAX# {315) 474-0716 ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders Hazard & Siegel, Inc. Dewitt, New York ### **Opinion** on **the Financial Statement** We have audited the accompanying statement of financial condition of Hazard & Siegel, Inc. as of December 31, 2025, and the related notes (collectively referred to as the financial statement). In our opinion, the financial statement presents fairly, in all material rer:;.pects, the financial position of Hazard & Siegel, Inc. as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. ### **Basis for** Opinion This financial statement is the responsiblllty of Hazard & Siegel, lnc.'s management. Our responsibility is to express an opinion on Hazard & Siegel, lnc.'s financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board {United States) (PCAOB) and are required to be independent with respect to Hazard & Siegel, Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures Included examining on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. Certified Public Accountants We have served as Hazard & Siegel, lnc.'s auditor since 1999. Syracuse, New York February 27, 2026 {5}------------------------------------------------ ### STATEMENT OF FINANCIAL CONDITION # DECEMl3I::F~ 31, 2025 # ASSETS | Cash | \$
177,172 | |--------------------------------------------|----------------| | Comrnissrons Receivable | 284,372 | | Account Receivable -
Licensing and Fees | 19,667 | | Prepaid expenses | 1 ·1,039 | | Operating Lease right of use assets | 192,357 | | Property and equipment -
net | 26,591 | | Total assets | \$
711,'198 | | | | ### LIABILITIES AND STOCKHOLDER'S EQUITY | Uabilities: | | |--------------------------------------------|---------------| | Accrued expenses | \$
341,497 | | Long-term debt | 9,242 | | Operating lease liability | 194,679 | | Total liabilities | \$
545,418 | | Stockholder's equity | 165,780 | | Total liabilities and stockholder's equity | \$
711,198 | A copy of our most recent Annual Audited Report, Form X-17a-5 Part Ill, is available fm examination and copying at the principal office of the firm in Dewitt, New York, as well as the office of the Securities and Exchange Commission in New York, New York. {6}------------------------------------------------ ## NOTES TO FINANCIAL STATEMENTS # DECEMGF:R 31, 2025 # Note 1. Organization and Nature of Business Hazard & Siegel, Inc. (the Company) is a regional securities broker-dealer, registered with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The Company is an introducing broker, and limits its business to the sales and service of investment company products, insurance company variable insurance products, group annuities within retirement plans, public non-trade REITS, and public non=traded BDCs. ### Note 2. Summary of Significant Accounting Policies ### Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect H1e reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ### Cash - Concentration of Credit Risk The Company maintains its cash in bank deposit accounts, whict1, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash. ### Property, Equipment and Depreciation Property and equipment are recorded at cost. Renewals and betterments of property are accounted for as additions to asset accounts. Hepairs and maintenance charges are expensed as incurred. Depreciation is computed using accelerated methods for financial reporting and income tax purposes. Estimated useful lives vary from 5 to 7 years for office equipment. #### Brokerage Commissions The Company arranges for the purchase and sale of securities for its customers. Each time a customer enters into a buy transaction, the Cornpany generally recevies a commission. Commissions are recorded on the trade date (the clc1te that the Company fills the trade order by contracting with a counterparty and confirms the trade with the custome1"). The Company believes that the performance obligation is satisfied on the trade date becasue that is when 1.) the underlying financial instrument or purchaser is identified, 2.) the pricing is agreed upon, and 3.) the risks and rewards of ownership have been transferred to the customer. {7}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS ## DECEMf3EI~ 31, 202!S #### Distribution fees The Company enters into arrangements with pooled investment vehicles (funds) to distribute shares to investors. The Company may receive distribution fees paid by the fund up front (trade date), over time, of as a combination thereof. The Company believes that its performance obligation is the sale of securities to investors and as such t11is is fulfilled on the trade date. Any fixed amounts are recognized on the trade date as a commission, as outlined in the previous note. For variable amounts paid over time, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company's influence, the Company does not believe that it can overcome this constraint until tt1e market value of the fund and the investor activities are known, wt1ich is usually monthly or quarterly. Distribution fees recognized into he current period are primarily related to performance obligations t11at have been satisfied in prior periods. #### Practical expedients As part of the adoption of the ASU, the Cornpany elected to use the following practical expedients: the Company states its accounts receivable at their transaction price and does not adjust for financing components; costs incurred to obtain a contract are expensed as incurred when the amortization period is less than a year. #### Contract Balances Contract asset and liability balances as of December 31,: | | 2025 | 2024 | |----------------------------------------------------------------|---------------|---------------| | Accounts Receivable
Contract Assets
Contract Liabilities | \$
284,372 | \$
249,887 | #### Income Taxes The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. The Company believes that its income tax filing positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded. In addition, the Company did not record a cumulative effect adjustment related to this adoption. The Company's policy for recording interest and penalties associated with audits is to record such items as a component of income before taxes. Tt1ere were no such items during the periods covered in this report. {8}------------------------------------------------ ## NOTES TO FINANCIJ\L STATEMENTS ## DECEMBER 3-1, 2025 # Note 2. Summary of Significant Accounting Policies (continued) The Company has elected to be treated as a Subchapter "S" Corporation under the Internal Revenue Code and the New York State Corporation Tax Law. Under these elections, the income, generally, is taxed directly to the stockholder. New York State has a minimum tax on corporations, which resulled in a corporate level tax of \$1,000 and is reflected in these financial statements. The Company also accrued \$1,000 for anticipated state income tax payments to other states. ### Compensated Absences The Company has not accrued for compensated absences. The Company recognizes compensation expense when it is paid to the employees. ### Events Occurring After Reporting Date Management has evaluated subsequent events through February 27, 2026, which is the date the financial statements were available to be issued. #### Note 3. Commissions Receivable and Concentration of Credit Risk The Company is engaged in various trading and brokerage activities whose counterparties include financial institutions. In the event the coLmterparties do not fulfill their obligations, the Company may be exposed to risk The risk of default depends on the creditworthiness of the counterparty. The Company has not experienced any credit risk related to loss and there has been no bad debt related expense frorn these transactions during the reporting period. It is the Company's policy to review, as necessary, the credit standing of each counterparty. The Company uses the direct writeoff method in recognizing bad deb!. There was no bad debt expense incurred during the year ended December 31, 2025 ### Note 4. Off-Balance-Sheet Credit Risk Tl1e Company does not handle either customer cash or securities In the event the customer fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at prevailing market prices to fulfill the customer's obligations. Settlement of these transactions is not expected to have a significant effect upon the Company's financial position. The Company cloes not engage in proprietary trading of volatile securities such as short options and futures. {9}------------------------------------------------ # NOTES TO FINANCIAL STATEMENTS ## DECEMl3E:R 31, 2025 ## **Note 5. Property and Equipment** - **Net** A schedule of property and equipment is as follows: | Office equipment | \$
97,'123 | |---------------------------------|---------------| | Leasehold improvements | 27,874 | | | 124,997 | | Accumulated depreciation | (98,406) | | Property and equipment -
net | \$
26,591 | Depreciation expense was \$8,559 for the year ended December 3·1, **2025.** #### **Note 6. Commitments and Contingencies** #### Operating Leases The Company has a five year lease on its office in Dewitt, New York with 5793 Widewaters Parkway, LLC commencing August i, 2024 through July 31, 2029. Total amortization of right of use expense of \$57,630 for the year ended December 31, 2025. The minimum annual rental commitments over the next five years are as follows: | | | Real Estate
operating lease | |------------------------------|------------------------------|--------------------------------------| | | 2026
2027
2027
2029 | 57,070
58,030
58,991
34,738 | | Total | | \$
208,829 | | Less effects of discounting | | \$
(14,150) | | Lease liabilities recognized | | \$
'194,679 | {10}------------------------------------------------ # NOTES TO FINANCIAL STATEMENTS # DECEMBER 31, 2025 ## Note 7. Net Capital Requirements As a registered broker-dealer, Hazard & Siegel, Inc. is subject to the requirements of Rule 15c3-1 ("The Net Capital Rule") under the Securities Exchange Act of 1934. The basic concept of the rule is liquidity, its object being to require a broker-dealer to have, at all times, sufficient liquid assets to cover its current indebtedness. Specifically, the rule prohibits a broker-dealer from permitting its "aggregate indebtedness" from exceeding fifteen times its "net capital" as those terms are defined and the rule also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 1 0 **to** 1. On December 3 L 2025, Hazard & Siegel, lnc.'s aggregate indebtedness and net capital were \$353,061 and \$85,288 respectively, a ratio of 4.13 to 1 and net capital exceeded the minimum capital requirement of \$23,537 by \$61,751. ### **Note 8. Related Party Transactions** The Company shares the expense of the cost of its Spectrum cable and Northlancls Communications internet service bill. The annual expense was \$5,176 for the year ended December 31, 2025. Tt1e Company shares the expense of its errors and omission insurance coverage. The annual expense paid to the related pariy for the year ended December 31, 2025 was \$57,138. The Company pays payroll expenses for a related entity. The related entity reimbursed the company for the payroll expenses in the amount of \$162,931 for the year ended December 31, 2025. The company shares the expense of a consulting agreement with a retired representative to the firm. The annual expense paid to the related paIty was \$24,000 for the year ended December 31, 2025. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.