# KIMELMAN & BAIRD, LLC X-17A-5 (2024-04-15) — Broker-dealer annual report - Company: KIMELMAN & BAIRD, LLC - Form: X-17A-5 - Filed: 2024-04-15 - Period: 2023-12-31 - Accession: 0000055798-24-000001 - CIK: 55798 - File #: 8-13028 - Type: Broker-dealer - Material weakness: No - Auditor: LMHS, PC - Auditor location: Norwell, MA - Contact: Sheila Baird - Phone: 2126860021 - Email: pkimelman@kimelmanbaird.com - Website: kimelmanbaird.com - Signed by: Sheila Baird (Member) Original filing: https://www.sec.gov/Archives/edgar/data/55798/000005579824000001/annualauditkb23.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden ### ANNUAL REPORTS FORM X-17A-5 PART III | hours per response;
12 | | |---------------------------|--| | | | | SEC FILE NUMBER | | | 8-13028 | | FACING PAGE | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|------------|-----------------|--------------------------------------------| | filing for the period beginning 01/01/2023 | | AND ENDING | | 12/31/2023 | | | MM/DD/YY | | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM: Kimelman & Baird, LLC | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
L Check here if respondent is also an OTC derivatives dealer | [ Security-based swap dealer | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 800 Third Avenue, Suite 2300 | | | | | | | (No. and Street) | | | | | New York | NY | | | 10022 | | (City) | (State) | | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Sheila Baird | 212-686-0021 | | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filling* | | | | | | LMHS, PC | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | 80 Washington Street | Norwell | | MA | 02061 | | (Address) | (City) | | (State) | (Zip Code) | | 02/24/2009 | | 3373 | | | | (Date of Registration with PCAOB)(if applicable) | | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | | * Claims for exemption from the requirement that the annual reports of an independent public
accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17
CFR 240.17a-5(e)(1)(ii), if applicable. | | | | | Persons who are to respond to the collection of information contained in this form are not required to respond uniess the form displays a currently valid OMB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION | Sheila Baird | swear (or affirm) that, to the best of my knowledge and belief, the | |------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Kimelman & Baird, LLC | as of | | 12/31 | 2 023 is true and correct. I further swear (or affirm) that neither the company nor any | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | as that of a customer. | | | | | Signature: Title: #### PATRICIA KIMELMAS mber NOTARY PUBLIC-STATE OF NEW YORK No. 01KI4617649 Notary Public ## Qualified in New York County ### This filing\*\* contains (check all applicable boxqq); Commission Expires 10-31-2025 - (a) Statement of financial condition. - = (b) Notes to consolidated statement of financial condition. - | (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - = (d) Statement of cash flows. - = (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - = (g) Notes to consolidated financial statements. - (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - | (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - [ ] {k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [ (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - = (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - | {o} Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - [ {p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - | | Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [ {r} Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [s] Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | (t) Independent public accountant's report based on an examination of the statement of financial condition. - | | | |ndependent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ {v} Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | {w} Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | {x} Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - [] {y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - [ (z) Other: - \*\* To request confidential treatment of chis filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) # REPORT PURSUANT TO SEC RULE 17a-5 # For the year ended December 31, 2023 # KIMELMAN & BAIRD, LLC FINANCIAL STATEMENTS AND ACCOMPANYING SUPPLEMENTAL INFORMATON {3}------------------------------------------------ #### Table of Contents PAGE | | Report of Independent Registered Public Accounting Firm | 1 | |----------------------------------|------------------------------------------------------------------------|---------| | Statement of Financial Condition | | 2 | | Statement of Income | | 3 | | | Statement of Changes in Members' Equity | 4 | | Statement of Cash Flows | | 5 | | Notes to Financial Statements | | 6 - 9 | | Schedule I | Statement of Net Capital | 10 | | | Schedule II | 11 | | | Schedule III Information Relating to Possession or Control | 11 | | Commission | Exemption Report Pursuant to Rule 17a-5 of the Securities and Exchange | 12 | | | Report of Independent Registered Public Accounting Firm | 13 | | | Independent Accountants' Report on Applying Agreed-Upon | | | | Procedures Related to an Entity's SIPC Assessment Reconciliation | 14 - 15 | | Ended 12-31-2023 | SIPC 7 General Assessment Reconciliation for the fiscal year | 16 - 17 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) Report of Independent Registered Public Accounting Firm To The Members Kimelman & Baird, LLC New York, New York #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Kimelman & Baird, LLC, as of December 31, 2023, and the related statements of income, changes in members' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present the financial position of Kimelman & Baird, LLC as of December 31, 2023, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. #### Basis for Opinion These financial statements are the responsibility of the entity's management. Our responsibility is to express an opinion on these financial statements 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 Kimelman & Baird, LLC 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 require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatements, 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. #### Supplemental Information The supplemental information appearing on pages 10 and 11 has been subjected to audit procedures performed in conjunction with the audit of Kimelman & Baird, LLC's financial statements. The supplemental information is the responsibility of Kimelman & Baird, LLC management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures and accuracy of the information presented information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with C.F.R. §240.17a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. LMHS, P.C. LMHS, P.C. We have served as Kimelman & Baird, LLC's auditor since 2020. Norwell, Massachusetts April 15, 2024 ![](_page_4_Picture_15.jpeg) {5}------------------------------------------------ ### KIMELMAN & BAIRD, LLC Statement of Financial Condition December 31, 2023 #### ASSETS Current Assets | Cash and cash equivalents | ಲ್ಲಿ | 1,414,064 | |---------------------------------------|------|-----------| | Clearing firm deposit | | 50,000 | | Commissions receivable | | 20,703 | | Advisory fees receivable | | 1,358 | | Securities owned | | 104,762 | | Prepaid expenses | | 56,354 | | Total Current Assets | | 1,647,241 | | Other Assets | | | | Security deposit | | 76,648 | | Right of use of operating lease | | 483,894 | | Other assets | | 35,692 | | Total Other Assets | | 596,234 | | Total Assets | ಕಾ | 2,243,475 | | LIABILITIES AND MEMBERS' EQUITY | | | | Liabilites: | | | | Accounts payable | S | 24,309 | | Clearing charge payable | | તે, 615 | | Accrued expenses | | 131,286 | | Lease liability | | 483,894 | | Total Liabilities | | 649,104 | | Members' Equity | | 1,594,371 | | Total Liabilities and Members' Equity | S | 2,243,475 | {6}------------------------------------------------ ### KIMELMAN & BAIRD, LLC Statement of Income For the Year Ended December 31, 2023 #### REVENUE | Commission
Investment advisory fees
Other income | S
98,332
6,197,653
31,492 | |--------------------------------------------------------|------------------------------------| | Total revenue | 6,327,477 | | EXPENSES: | | | Portfolio management expenses | 80,158 | | Employee compensation | 833,088 | | Guaranteed payments | 705,000 | | Retired member payments | 905,643 | | Custodian fees | 213,595 | | Retirement plan | 42,562 | | Quotes | 120,391 | | Rent expense | 296,392 | | Insurance | 87,897 | | Professional fees | 185,137 | | Auto expense | 42,559 | | Clearing fees | 27,586 | | Computer expense | 70,447 | | Contributions | 108,570 | | Travel and entertainment | 70,002 | | Marketing/Promotional expense | 83,151 | | Research expense | 65,618 | | Other expenses | 173,304 | | | | | Total expenses | 4,111,100 | | NET INCOME BEFORE INCOME TAXES | 2,216,377 | | Unincorporated business tax | 186,209 | | NET INCOME | S
2,030,168 | {7}------------------------------------------------ ### Statement of Changes in Members' Equity For the Year Ended December 31, 2023 | | Total
Members'
Equity | | |-----------------------------------|-----------------------------|-------------| | Beginning balance January 1, 2023 | S | 1,273,382 | | Net Income | | 2,030,168 | | Distributions to members | | (1,709,179) | | Ending balance December 31, 2023 | S | 1,594,371 | The accompanying notes are an integral part of these financial statements {8}------------------------------------------------ ### Statement of Cash Flows For the Year Ended December 31, 2023 #### CASH FLOWS FROM OPERATING ACTIVITIES: | Net Income | S | 2,030,168 | |---------------------------------------------------|--------|-------------| | Adjustments to reconcile net income to net cash | | | | used in operating activities: | | | | (Increase) decrease in assets | | | | Commissions Receivable | | 8,750 | | Advisory Fees Receivable | | 55,742 | | Securities Owned | | 5,776 | | Prepaid Expenses | | (1,552) | | Other Assets | | (3,556) | | Increase (decrease) in liabilities | | | | Accounts Payable | | (9,413) | | Clearing Charges Payable | | (12,647) | | Accrued Expenses | | 17,460 | | Total adjustments | | 60,560 | | Net cash provided by operating activities | | 2,090,728 | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | Distributions to Members | | (1,709,179) | | Net cash used in financing activities | | (1,709,179) | | Net Increase in cash | | 381,549 | | Cash at beginning of year | | 1,032,515 | | Cash at end of year | ക | 1,414,064 | | Supplemental Disclosures of Cash Flow Information | | | | Cash Paid During the Year For: | | | | State income taxes | સ્ત્રે | 181,399 | {9}------------------------------------------------ #### Note 1: Organization and Nature of Business Kimelman & Baird, LLC (the "Company") is a Limited Liability Company organized under the laws of the State of New York. The Company is a broker-dealer and investment advisor registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). The Company operates under the exemptive provision of SEC Rule 15c3-3(k)(2)(ii), which provides an exemption for broker dealers whose customer transactions are cleared through another broker-dealer on a fully disclosed basis. #### Note 2: Summarv of Significant Accounting Policies #### Basis of Presentation The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The Company uses accrual method of accounting. #### Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. #### Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents. Amounts maintained with the bank are insured by the Federal Deposit Insurance Corporation (FDIC). The Company has, on occasion, exceeded the insured balance during the year. #### Due from Broker The Company maintains a clearing deposit account with its clearing broker National Financial Services, LLC. As of December 31, 2023 the Company had a deposit of \$50,000 with National Financial Services, LLC. {10}------------------------------------------------ #### Note 2: Summarv of Significant Accounting Policies (continued) #### Accounts Receivable Management considers all amounts recorded as accounts receivables to be fully collectible; accordingly no allowance for doubtful accounts is required. All amounts are due from various entities and financial institutions. Investment advisory fees receivable are collected quarterly in advance and no allowance is provided based for cancellation of advisory agreements. If accounts become uncollectable, they will be charged to operations when that determination is made. #### Property and Improvements Property and improvements are stated at cost, net of accumulated depreciation. Assets are depreciated using the Accelerated and Modified Accelerated Cost Recovery System over the estimated useful life of the assets. Application of these methods does not differ materially from generally accepted accounting principles. #### Revenue Recognition Securities transactions are recorded on a trade date basis with related commission income also recorded on a trade date basis. The Company recognizes commissions at the end of each month, after receiving confirmation from the clearing firm of the amount due to the Company. Investment advisory fees are realized quarterly and are recognized on a pro-rata basis. #### Accounting Standards Adopted in 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No.2016-02, "Leases (Topic 842)," which supersedes previous leasing guidance in Topic 840. Under the new guidance, lessees are required to recognize lease right-of use assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The FASB has since issued additional related ASU amendments to clarify and improve certain aspects of the guidance and implementation of Topic 842. In accordance with the guidance as amended, the Company has elected to apply the new standard effective as of January 1, 2019. After implementing this ASU, the statement of financial condition reflects both lease liabilities and right-of-use assets. In addition, the Company recognizes lease expense on a straight-line basis within the expense section of the statement of income. See "Note 7, Lease Commitments" for additional disclosure regarding the Company's leases. #### Note 3: Securities Owned As of December 31, 2023, the Company owns securities which are stated in the statement of financial condition at fair market value of \$104,762. {11}------------------------------------------------ #### Note 4: Income Taxes and Limited Liability Company Fees Under current law, no federal or state income taxes are paid directly by limited liability companies. All items of income and expense of the Company are allocable to and reportable by its members on their respective income tax returns. Accordingly, no provision is made in the accompanying financial statements for federal or state income taxes. The Company is subject to New York City Unincorporated Business Tax. For the year ended December 31, 2023, the provision for New York City Unincorporated business tax was \$186,209. #### Note 5: Profit Sharing Plan (Keogh) The Company's Profit-sharing plan covers all eligible employees. Contributions to the plan are determined by the Company and subject to IRS guidelines. Actual contribution to the plan amounting to \$42,562 for the year 2022 was made during 2023. Accruals made in 2023 towards the contribution were \$42,562 and were reflected in the financial statement as of December 31, 2023. #### Note 6: Net Capital Requirements Pursuant to the Basic Uniform Net Capital provisions of the Securities and Exchange Commission, the Company is required to maintain a minimum net capital, as defined, in such provision. Further, the provisions require that the ratio of aggregate indebtedness, as defined, to net capital shall not exceed 15 to 1. Net capital and the related net capital ratio may fluctuate on a daily basis. At December 31, 2023 the Company had net capital and net capital requirements of \$1,409,979 and \$11,050 respectively. The Company's net capital ratio was .12:1 which is less than 15:1. #### Lease Commitments Note 7: The Company leases office space under an operating lease agreement that commenced on February 1, 2017. During 2021, the Company extended this lease agreement until August of 2025. The lease agreement extension includes an annual rental rate of \$306,592 with annual increases based on real estate tax adjustments. A security deposit of \$76,648 and the first month's lease of \$28,816 were recorded on December 30, 2016. The following represents the expected future remaining lease payments under the current agreement: | 2024 | ಕೆ | 285,067 | |-------|----|---------| | 2025 | | 198.827 | | Total | | 483.894 | {12}------------------------------------------------ #### Note 7: Lease Commitments (Continued) Rent expense is recorded on a straight-line basis over the lease, with the difference to the actual amount paid recorded as deferred rent. Rent expense pursuant to this lease charged to operations for the year ended December 31, 2023 amounted to \$273,351. Beginning on January 1, 2019, the Company has recorded right-of-use assets and lease liabilities in accordance with ASU 2016-02. The Company is using the term of the current lease agreements in its right-of-use asset calculations. As the interest rate implicit in the lease was not readily available, the Company used its estimate of its incremental borrowing rates to determine the discount rates used in the asset calculations. #### Note 8: Fair Value The Company adopted Financial Accounting Standards ("SFAS") ASC 820 for financial instruments measured at fair value on a recurring basis. The Company held an equity position valued at Level 1, whose valuation was based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. An amount of \$104,762 was recorded in its financial statements. #### Note 9: Revenue Recognition from Contracts with Customers The following disclosures discuss the Company's revenue recognition accounting policies as governed by Topic 606, Revenue from Contracts with Customers. Most of the Company's revenue arises from contracts with customers. That revenue can be separated into two main categories. Transactional revenue is recognized at the settlement date of the product sale, which is when performance obligations have been satisfied. Asset under management (AUM) revenue, is recognized periodically over the life of the contract or relationship based on a fee rate that is applied to the average balance of managed assets over that period. Advisory fees are generally recognized over time as services are rendered and based either on a percentage of the market value of the assets under management (AUM revenue) or fixed based on the services provided to the client. The Company's execution of these services represents its related performance obligations. Quarterly fees are collected at the beginning of the period from the client's account and recognized ratably over the related billing period as the performance obligation is fulfilled. For fees that are fixed based on services provided to the client, the Company recognizes revenue when its performance obligations are satisfied. #### Note 10: Subsequent Events The Company has evaluated all material subsequent events through the date at which the financial statements were available to be issued on April 15, 2024, and determined that there are no events which took place that would have a material impact on its financial statements. {13}------------------------------------------------ #### - - #### - !"! |

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Y5%\$3%.K.2/.\$3H,KK3\$/5--.ZZ5953%5'85/L553/152&-./5-Z.323%.2K'/2/5753/'23-/15Z\$%&' | {14}------------------------------------------------ ### December 31, 2023 ### Schedule II Determination of Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission The Company is exempt from the Reserve Requirement of computation according to the provision of Rule 15c3-3(k)(2)(ii) ### Schedule III Information Relating to Possession or Control Requirements Under Rule 15c3-3 The Company is exempt from the Rule 15c3-3 as it relates to Possession and Control requirements under the (k)(2)(ii) exemptive provision. {15}------------------------------------------------ 800 Third Avenue - Suite 2300, New York, NY 10022 #### Assertions Regarding Exemption Provisions #### Gentlemen: We, as members of management of Kimelman & Baird, LLC ("the Company"), are responsible for compliance with the annual reporting requirements under Rule 17a-5 of the Securities Exchange Act of 1934. Those requirements compel a broker or dealer to file annuals reports with the Securities Exchange Commission (SEC) and the broker or dealer's designated examining authority (DEA). One of the reports to be included in the annual filing is an exemption report prepared by an independent public accountant based upon a review of assertions provided by the broker or dealer. Pursuant to that requirement, the management of the Company hereby makes the following assertions: #### Identified Exemption Provision: The Company claims exemption from the custody and reserve provisions of Rule 15c3-3 by operating under the exemption provided by Rule 15c3-3, Paragraph (k)(2)(ii). #### Statement Regarding Meeting Exemption Provision: The Company met the identified exemption without exception throughout the period covering January 1, 2023, through December 31, 2023. KIMELMAN & BAIRD, LLC By: Sheila Baird, Member/CCO (Name and Title) {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) ### ()\*+,-+./01)\*)01)0-()234-),)1567839:99+60-302;3,< =>=?@A@BC@DE FGB@HBIJKLIGDMNOOP Q@RS>DTNQ@RS>DT U@?IV@D@VG@R@MBIJIW@B@JXYEEXIX@B@JXENGJZH[M@MGJX?@IZZ>B\IJ]GJW@^@B\XG>JD@\>DXNGJR?GZ?\_`aFGB@HBIJKLIGDMN OOPGM@JXGbG@MX?@b>HH>RGJW\D>VGEG>JE>b`cPdedfdg`hZiji\_Ta[JM@DR?GZ?FGB@HBIJKLIGDMNOOPZHIGB@MIJ@^@B\XG>J bD>B`cPdedfdgklmd`hZiji\_Ta\_ka\_GGa\_X?@n@^@B\XG>J\D>VGEG>JEnaIJM\_kaFGB@HBIJKLIGDMNOOPEXIX@MX?IXFGB@HBIJK LIGDMNOOPB@XX?@GM@JXGbG@M@^@B\XG>J\D>VGEG>JEX?D>[W?>[XX?@B>EXD@Z@JX]@IDRGX?>[X@^Z@\XG>JdFGB@HBIJKLIGDMN OOPYEBIJIW@B@JXGED@E\>JEGCH@b>DZ>B\HGIJZ@RGX?X?@@^@B\XG>J\D>VGEG>JEIJMGXEEXIX@B@JXEd o[DD@VG@RRIEZ>JM[ZX@MGJIZZ>DMIJZ@RGX?X?@EXIJMIDME>bX?@p[CHGZP>B\IJ]qZZ>[JXGJWoV@DEGW?XL>IDM\_rJGX@M sXIX@EaIJMNIZZ>DMGJWH]NGJZH[M@MGJt[GDG@EIJM>X?@DD@t[GD@M\D>Z@M[D@EX>>CXIGJ@VGM@JZ@IC>[XFGB@HBIJKLIGDMNOOPYE Z>B\HGIJZ@RGX?X?@@^@B\XG>J\D>VGEG>JEdqD@VG@RGEE[CEXIJXGIHH]H@EEGJEZ>\@X?IJIJ@^IBGJIXG>JNX?@>Cu@ZXGV@>bR?GZ? GEX?@@^\D@EEG>J>bIJ>\GJG>J>JBIJIW@B@JXYEEXIX@B@JXEdqZZ>DMGJWH]NR@M>J>X@^\D@EEE[Z?IJ>\GJG>Jd LIE@M>J>[DD@VG@RNR@ID@J>XIRID@>bIJ]BIX@DGIHB>MGbGZIXG>JEX?IXE?>[HMC@BIM@X>BIJIW@B@JXYEEXIX@B@JXED@b@DD@M X>IC>V@b>DX?@BX>C@bIGDH]EXIX@MNGJIHHBIX@DGIHD@E\@ZXENCIE@M>JX?@\D>VGEG>JEE@Xb>DX?GJ\IDIWDI\?\_Ta\_ka\_GGa>bf[H@ `hZiji[JM@DX?@s@Z[DGXG@Ev^Z?IJW@qZX>b`wild OAxsNpdPd U@?IV@E@DV@MIEFGB@HBIJKLIGDMNOOPYEI[MGX>DEGJZ@kmkmd Q>DR@HHNAIEEIZ?[E@XXE q\DGH`hNkmkl ![](_page_16_Picture_11.jpeg) {17}------------------------------------------------ ![](_page_17_Picture_0.jpeg) #### ()\*+,-+./01)\*)01)0-()234-),)1567839:99+60-302;3,< =>=?@A@BC@DE FGB@HBIJKLIGDMNOOP Q@RS>DTNQ@RS>DT U@?IV@W@DX>DB@MY?@WD>Z@M[D@EGJZH[M@MGJ\[H@]^I\_`a@bacb[JM@DY?@d@Z[DGYG@EefZ?IJg@hZY>X]ijcIJMGJY?@d@Z[DGYG@E kJV@EY>DlD>Y@ZYG>JP>DW>DIYG>JadklPbd@DG@Emnn\[H@ENR?GZ?ID@@J[B@DIY@MC@H>R>JY?@IZZ>BWIJoGJgp@J@DIH hEE@EEB@JY\@Z>JZGHGIYG>Jaq>DBdklP\_^bX>DY?@o@ID@JM@Mr@Z@BC@Dj]NsnsjtAIJIg@B@JY>XFGB@HBIJKLIGDMNOOP aP>BWIJobGED@EW>JEGCH@X>DGYEq>DBdklP\_^IJMX>DGYEZ>BWHGIJZ@RGY?Y?@IWWHGZICH@GJEYD[ZYG>JE>Jq>DBdklP\_^t AIJIg@B@JY>XY?@P>BWIJo?IEIgD@@MY>IJMIZTJ>RH@Mg@MY?IYY?@WD>Z@M[D@EW@DX>DB@MID@IWWD>WDGIY@Y>B@@YY?@ GJY@JM@MW[DW>E@>XIEEGEYGJgo>[IJMdklPGJ@VIH[IYGJgY?@P>BWIJouEZ>BWHGIJZ@RGY?Y?@IWWHGZICH@GJEYD[ZYG>JE>Jq>DB dklP\_^X>DY?@o@ID@JM@Mr@Z@BC@Dj]NsnsjthMMGYG>JIHHoNdklP?IEIgD@@MY>IJMIZTJ>RH@Mg@MY?IYY?@WD>Z@M[D@E W@DX>DB@MID@IWWD>WDGIY@X>DY?@GDGJY@JM@MW[DW>E@t=?GED@W>DYBIoJ>YC@E[GYICH@X>DIJo>Y?@DW[DW>E@t=?@WD>Z@M[D@E W@DX>DB@MBIoJ>YIMMD@EEIHHY?@GY@BE>XGJY@D@EYY>I[E@D>XY?GED@W>DYIJMBIoJ>YB@@YY?@J@@ME>XIHH[E@DE>XY?GED@W>DY IJMNIEE[Z?N[E@DEID@D@EW>JEGCH@X>DM@Y@DBGJGJgR?@Y?@DY?@WD>Z@M[D@EW@DX>DB@MID@IWWD>WDGIY@X>DY?@GDW[DW>E@Et=?@ E[XXGZG@JZo>XY?@E@WD>Z@M[D@EGEE>H@HoY?@D@EW>JEGCGHGYo>XY?>E@WIDYG@EEW@ZGXG@MGJY?GED@W>DYtP>JE@v[@JYHoNR@BIT@J> D@WD@E@JYIYG>JD@gIDMGJgY?@E[XXGZG@JZo>XY?@WD>Z@M[D@EM@EZDGC@MC@H>R@GY?@DX>DY?@W[DW>E@X>DR?GZ?Y?GED@W>DY?IEC@@J D@v[@EY@M>DX>DIJo>Y?@DW[DW>E@t =?@WD>Z@M[D@ER@W@DX>DB@MIJMY?@IEE>ZGIY@MXGJMGJgEID@IEX>HH>REw - ]t P>BWID@MY?@HGEY@MIEE@EEB@JYWIoB@JYEGJq>DBdklP\_^RGY?D@EW@ZYGV@ZIE?MGEC[DE@B@JYD@Z>DME@JYDG@E J>YGJgJ>MGXX@D@JZ@Ex - st P>BWID@MY?@=>YIH\@V@J[@IB>[JYED@W>DY@M>JY?@hJJ[IHh[MGY@M\@W>DYq>DBy\_]^h\_`lIDYkkkX>DY?@o@ID @JM@Mr@Z@BC@Dj]NsnsjNRGY?Y?@=>YIH\@V@J[@IB>[JYED@W>DY@MGJq>DBdklP\_^X>DY?@o@ID@JM@M r@Z@BC@Dj]NsnsjJ>YGJgJ>MGXX@D@JZ@Ex - jt P>BWID@MIJoIMz[EYB@JYED@W>DY@MGJq>DBdklP\_^RGY?E[WW>DYGJgEZ?@M[H@EIJMR>DTGJgWIW@DEJ>YGJgJ> MGXX@D@JZ@Ex - ct \@ZIHZ[HIY@MY?@IDGY?B@YGZIHIZZ[DIZo>XY?@ZIHZ[HIYG>JED@XH@ZY@MGJq>DBdklP\_^IJMGJY?@D@HIY@MEZ?@M[H@E IJMR>DTGJgWIW@DEE[WW>DYGJgY?@IMz[EYB@JYEJ>YGJgJ>MGXX@D@JZ@ExIJM - `t P>BWID@MY?@IB>[JY>XIJo>V@DWIoB@JYIWWHG@MY>Y?@Z[DD@JYIEE@EEB@JYRGY?Y?@q>DBdklP\_^>JR?GZ?GY RIE>DGgGJIHHoZ>BW[Y@MJ>YGJgJ>MGXX@D@JZ@Et !"# \$%&'% & U@R@D@@JgIg@MCoY?@P>BWIJoY>W@DX>DBY?GEIgD@@M\_[W>JWD>Z@M[D@E@JgIg@B@JYIJMZ>JM[ZY@M>[D@JgIg@B@JYGJ IZZ>DMIJZ@RGY?IYY@EYIYG>JEYIJMIDME@EYICHGE?@MCoY?@hkPlhIJMGJIZZ>DMIJZ@RGY?Y?@EYIJMIDME>XY?@l[CHGZP>BWIJo hZZ>[JYGJg{V@DEGg?YL>IDMa|JGY@MdYIY@EbtU@R@D@J>Y@JgIg@MY>NIJMMGMJ>YZ>JM[ZYIJ@fIBGJIYG>J>DID@VG@R @JgIg@B@JYNY?@>Cz@ZYGV@>XR?GZ?R>[HMC@Y?@@fWD@EEG>J>XIJ>WGJG>J>DZ>JZH[EG>JND@EW@ZYGV@HoN>JY?@P>BWIJouEq>DB dklP\_^IJMX>DGYEZ>BWHGIJZ@RGY?Y?@IWWHGZICH@GJEYD[ZYG>JE>Jq>DBdklP\_^X>DY?@o@ID@JM@Mr@Z@BC@Dj]Nsnsjt hZZ>DMGJgHoNR@M>J>Y@fWD@EEE[Z?IJ>WGJG>J>DZ>JZH[EG>Jt}IMR@W@DX>DB@MIMMGYG>JIHWD>Z@M[D@EN>Y?@DBIYY@DEBGg?Y ?IV@Z>B@Y>>[DIYY@JYG>JY?IYR>[HM?IV@C@@JD@W>DY@MY>o>[t ![](_page_17_Picture_12.jpeg) {18}------------------------------------------------ We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the Company and SIPC and is not intended to be, and should not be, used by anyone other than these specified parties. ### LMHS, P.C. LMHS, P.C. We have served as Kimelman & Baird, LLC's auditor since 2020. Norwell, Massachusetts April 15, 2024 ![](_page_18_Picture_8.jpeg) {19}------------------------------------------------ #### GENERAL ASSESSMENT FORM For the fiscal year ended 12/31/2023 | | Determination of "SIPC NET Operating Revenues" and General Assessment for:
MEMBER NAME
KIMELMAN & BAIRD LLC | SEC No.
8-13028 | | |---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-----------------| | | and ending
1/1/2023
For the fiscal period beginning | 12/31/2023 | | | l | Total Revenue (FOCUS Report - Statement of Income (Loss) - Code 4030) | | \$ 6,212,836.00 | | 2 | Additions: | | | | | a Total revenues from the securities business of subsidiaries (except foreign
subsidiaries) and predecessors not included above. | | | | | b Net loss from principal transactions in securities in trading accounts. | | | | | c Net loss from principal transactions in commodities in trading accounts. | | | | | d Interest and dividend expense deducted in determining item 1. | | | | | e Net loss from management of or participation in the underwriting or
distribution of securities. | | | | | f Expenses other than advertising, printing, registration fees and legal fees
deducted in determining net profit management of or participation in
underwriting or distribution of securities. | | | | | g Net loss from securities in investment accounts. | \$ 5,778.00 | | | | h Add lines 2a through 2g. This is your total additions. | | \$ 5,778.00 | | 3 | Add lines 1 and 2h | | \$ 6,218,614.00 | | 4 | Deductions: | | | | | a Revenues from the distribution of shares of a registered open end investment
company or unit investment trust, from the sale of variable annuities, from the
business of insurance, from investment advisory services rendered to
registered investment companies or insurance company separate accounts
and from transactions in security futures products. | \$ 6,467.00 | | | | b Revenues from commodity transactions. | | | | | c Commissions, floor brokerage and clearance paid to other SIPC members
in connection with securities transactions. | \$ 27,585.00 | | | | d Reimbursements for postage in connection with proxy solicitations. | | | | | e Net gain from securities in investment accounts. | | | | | f 100% commissions and markups earned from transactions in (1) certificates
of deposit and (ii) Treasury bills, bankers acceptances or commercial paper
that mature nine months or fess from issuance date. | | | | | g Direct expenses of printing, advertising, and legal fees incurred in connection
with other revenue related to the securities business (revenue defined by
Section 16(9)(L) of the Act). | | | | | h Other revenue not related either directly or indirectly to the securities business. ___
Deductions in excess of \$100,000 require documentation | | | | | 5 a Total interest and dividend expense (FOCUS Report - Statement
of Income (Loss) - Code 4075 plus line 2d above) but
not in excess of total interest and dividend income | | | | | b 40% of margin interest earned on customers securities accounts
(40% of FOCUS Report - Statement of Income (Loss) -
Code 3960) | | | | | c Enter the greater of line 5a or 5b | \$ 0.00 | | | | 6 Add lines 4a through 4h and 5c. This is your total deductions. | | \$ 34,052.00 | {20}------------------------------------------------ #### GENERAL ASSESSMENT FORM For the fiscal year ended \_12/31/2023 | 8
9 | Multiply line 7 by .0015. This is your General Assessment. | | \$ 9,276.00 | |-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|-------------| | | | | | | | Current overpayment/credit balance, if any | | \$ 226.03 | | 10 | General assessment from last filed 2023 SIPC-6 or 6A | \$ 4,457.75 | | | | 11 a Overpayment(s) applied on all 2023 SIPC-6 and 6A(s)
b Any other overpayments applied
c All payments applied for 2023 SIPC-6 and 6A(s)
d Add lines 11a through 11c | \$ 226.03
\$ 0.00
\$ 4,231.72
\$ 4,457.75 | | | 12 | LESSER of line 10 or 11d. | | \$ 4,457.75 | | ને રે | a Amount from line 8
b Amount from line 9
c Amount from line 12 | \$ 9,276.00
\$ 226.03
\$ 4,457.75 | | | | d Subtract lines 13b and 13c from 13a. This is your assessment balance due. | | \$ 4,592.22 | | | 14 Interest (see instructions) for 0 days late at 20% per annum | | \$ 0.00 | | 15 | IAmount you owe SIPC. Add lines 13d and 14. | | \$ 4,592.22 | | 16 | Overpayment/credit carried forward (if applicable) | | \$ 0.00 | | SEC No.
8-13028
MEMBER NAME | Designated Examining Authority
DEA: FINRA
KIMELMAN & BAIRD LLC
MAILING ADDRESS 800 THIRD AVENUE STE: 2300
NEW YORK, NY 10022 | Month
FYE
Dec
2023 | | | | Subsidiaries (S) and predecessors (P) included in the form (give name and SEC number)
By checking this box, you certify that you have the authority of the SIPC member to sign this
form; that all information in this form is true and complete; and that on behalf of the SIPC
member, you are authorized, and do hereby consent, to the storage and handling by SIPC of
the data in accordance with SIPC's Privacy Policy | | | | | KIMELMAN & BAIRD LLC | SHEILA MAUREEN BAIRD | | | | (Name of SIPC Member) | (Authorized Signatory) | | | | 2/28/2024 | pkimelman@kimelmanbaird.com | | | | (Date) | (e-mail address) | | This form and the assessment payment are due 60 days after the end of the fiscal year. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.