# PLANNED FINANCIAL PROGRAMS, INC. X-17A-5 (2025-03-31) — Broker-dealer annual report

- Company: PLANNED FINANCIAL PROGRAMS, INC.
- Form: X-17A-5
- Filed: 2025-03-31
- Period: 2024-12-31
- Accession: 0000078981-25-000001
- CIK: 78981
- File #: 8-05727
- Type: Broker-dealer
- Material weakness: No
- Auditor: Jennifer Wray CPA  LLC
- Auditor location: Sugar Land, TX
- Contact: Jeffrey Eisman
- Phone: 6314238800
- Signed by: Jeffrey Eisman (President)

Original filing: https://www.sec.gov/Archives/edgar/data/78981/000007898125000001/pfp2024publicreport1.pdf

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**PLANNED FINANCIAL PROGRAMS INC. (S.E.C.** I.D. **No. 8-05727) DECEMBER 31, 2024** 

**PUBLIC** 

FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2024

AND REPORT OF

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

# **ANNUAL REPORTS FORM X-17A-S**

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SEC FILE NUMBER

# **PART** Ill FACING PAGE 8-05727 Information Required Pursuantto Rules 17a--5, 17a-12, and lBa-7 under the securities Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING **O 1/01/2024**  MM/DD/VY AND ENDING **12/31/2024**  MM/DD/VY **A. REGISTRANT IDENTIFICATION**  □ Major security-based swap participant ADDRESS OF PRINCIPAL PIACE OF BUSINESS: (Do not use a P.O. box no.)

# 734 Walt Whitman Road Ste 301

|          |        | (No. and Street) |           |
|----------|--------|------------------|-----------|
| Melville |        | NY               | 11747     |
|          | (City) | (State)          | (ZipCOde) |

PERSON TO CONTACT WITH REGARD TO THIS FILING

# Jeffrey S. Eisman **631-423-8800**

# (Name) (Area Code - Telephone Number) (Email Address)

**B. ACCOUNTANT IDENTIFICATION** 

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\*

# Jennifer Wray CPA PLLC

|                                                 | (Name-if individual, state last, first, and middle name) |         |                                              |
|-------------------------------------------------|----------------------------------------------------------|---------|----------------------------------------------|
| 800 Bonaventure Way Ste 168                     | Sugarland                                                | TX      | 77479                                        |
| (Address)                                       | (CTty)                                                   | (State) | (Zip Code}                                   |
| 11-30-2016                                      |                                                          | 6328    |                                              |
| (rt• of Registration with PCAOB)(if applicable) | FOR OFFICIAL USE ONLY                                    |         | (PCAOB Registration Number, if applicable) I |
|                                                 |                                                          |         |                                              |
|                                                 |                                                          |         |                                              |

• Claims for exemption from the requirement that the annual reports be covered by the 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)(l)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form dlsplays a currentlyvalld 0MB control number.

NAME OF FIRM: Planned Financial Programs, Inc.

lYPE OF REGISTRANT (check all applicable boxes):

i.J Broker-dealer □ Security-based swap dealer D Check here If respondent is also an OTC derivatives dealer

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### OATH **OR AFFIRMATION**

| 1,    | Jeffreys. Eisman |  |  |                                                                |            |  | swear (or affirm that, to the best of my knowledge and belief, the                |
|-------|------------------|--|--|----------------------------------------------------------------|------------|--|-----------------------------------------------------------------------------------|
|       |                  |  |  | financial report pertaining to the firm of Planned Financial P | rams, Inc. |  | as of                                                                             |
| 12/31 |                  |  |  | 2~                                                             |            |  | 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.

COUEEN KOVACS Notary Pubffe, Slam of **NN** York No. OiK05036849, Suffolk Counly **Commission Expires Dec. 12, 'ZJ 2k** 

| M          |  |
|------------|--|
| Signature: |  |
|            |  |
| Title:     |  |

### **This filing•• contains (check all applicable boxes):**

- Iii [a) Statement of financial condition.
- **Iii (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.
- D **(e} Statement of changes in stockholders' or partners' or sole proprietor's equity.**
- □ **(f) Statement of changes in liabilities subordinated to claims of creditors.**
- D **{g} Notes to consolidated financial statements.**
- □ (h) Computation of net capital under 17 CFR 240.1Sc3-1 or 17 CFR 240.18a-l, as applicable.
- □ (i) Computation of tangible net worth under 17 CFR 240.lSa-2.
- □ G) 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.lSa-4, as applicable.
- D (I) Computation for Determination of **PAB** Requirements under Exhibit A to§ 240.15c3-3.
- **D (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.**
- D **(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.lSa-4, as applicable.
- **D (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-1, or 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.**
- **D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.**
- Iii (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.lSa-7, as applicable.
- D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.lSa-7, as applicable.
- D **(t) Independent public accountant's report based on an examination of the statement of financial condition.**
- ~ **(u] Independent public accountant's report based on an examination of the financial report or financial statements under 17**  CFR 240,17a-5, 17 CFR 240.lSa-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.
- **D (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17**  CFR 240,lSa-7, as applicable.
- **D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-1e or 17 CFR 240.17a-12,**  as applicable.
- D **(y) Report describing any material inadequacies found to exist or 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).**  D (z)Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_
- 
- .. To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.

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## **Planned Financial Programs, Inc.**

**Table of Contents December 31, 2024** 

|                                                       | Page(s) |
|-------------------------------------------------------|---------|
| Report of Independent Registered Public Accounting  1 |         |
|                                                       |         |
| Financial Statements                                  |         |
| Statement of Financial Condition  _ __  2             |         |
| Notes to Financial Statements  ____  ___  ___  3-7    |         |

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## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To Shareholders of Planned Financial Programs, Inc.,

### **Opinion on the Financial Statements**

We have audited the accompanying statement of the financial condition of Planned Financial Programs, Inc. as of December 31, 2024, and the related notes (collectively referred to as the "financial statement''). In our opinion, the financial statement presents fairly, in all material respects, the financial postlion of Planned Financial Programs, Inc. as of December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

### **Basis for Opinion**

This financial statement is the responsibility of Planned Financial Programs, lnc.'s management. Our responsibility is to express an opinion on Planned Financial Programs, 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 Planned Financial Programs, Inc. in accordance with Iha U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and thePCAOB.

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.

Jennifer Wray CPA PLLC

We have served as Planned Financial Programs, lnc.'s auditor since 2024. Sugar Land, Texas March 28, 2025

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## **Planned Financial Programs Inc.**

## Statement of Financial Condition As of December 31, 2024

## ASSETS

| Current Assets         |              |
|------------------------|--------------|
| Cash and equivalents   | \$<br>16,885 |
| Commissions receivable | 36,351       |
| Total Current Assets   | 53,236       |
| Total Assets           | \$<br>53,236 |

## LIABILITIES AND MEMBERS' EQUITY

| Current Liabilities                               |              |
|---------------------------------------------------|--------------|
| Accounts Payable                                  | \$<br>1,393  |
| Commissions Payable                               | 41,748       |
|                                                   | 43,141       |
| Total Liabilities                                 | \$<br>43,141 |
| Members' Equity                                   |              |
| Common stock no par value, 200 shares authorized, |              |
| 1 00 shares issued and outstanding                | 5,000        |
| Additional paid in capital                        | 15,000       |
| Retained Earnings                                 | (9,905)      |
| Total Stockholders' Equity                        | 10,095       |
| Total Liabilities and Stockholders' Equity        | \$<br>53,236 |

See accompanying notes to financial statements.

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# **Planned Financial Programs Inc. Notes to Financial Statements December 31, 2024**

#### **NOTE1. ORGANIZATION AND NATURE OF BUSINESS**

PPP, Inc. (the "Company") was incorporated in 1991 in the state of NY. The Company is registered with the Securities and Exchange Commission (the 11SEC11 ) and is also a member of the Financial Industry Regulatory Authority, Inc. (the "1-'INRA")-

#### **NOTE2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

#### Cash and cash equivalents

For financial reporting pm.poses, management considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

#### Liabilities

The Company had total liabilities of \$46,092 as of December 31, 2024.

#### Revenue recognition

Commission income and securities transactions are recorded on a trade-date basis. Mutual fund and annuity commissions are recognized as earned.

### Revenue Recognition Standard ASC-606

The Company adopted FASB ASC 606, Revenue from contracts with customers. The revenue recognition guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The guidance requires an entity to follow a five-step model to (a) identify the contracts(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate obligations in the contract, and recognize revenue when (or as) the entity satisfies a performance obligation. Tn determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated '.Vlth the variable consideration is resolved. The revenue recognition guidance docs not apply to revenue associated '.Vlth financial instruments, interest income and expense, leasing and insurance contracts.

#### Allowance for Credit Losses

Effective January 1, 2020, the Company adopted ASC Topic 326, Financial Instruments-Credit Losses ("ASC 326")- ASC 326 impacts the impainnents model for certain financial assets measured at amortized cost by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial assets, recorded at inception or purchase. Under the accounting update, the Company has the ability to determine there are no expected credit losses in certain circumstances.

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## **NOTE2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED**

### Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requtres 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, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

#### lnc01ne taxes

The Company recognizes and measures its unrecognized tax benefits in accordance with Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") 740, *Income Taxes.* Under that guidance, the Company assesses the likelihood, based on their technical merit, that tax positions will be sustained upon examination based on the facts, circrunstances and information available at the end of each period. The measurement of unrecognized tax benefits is adjusted when new information is available, or when an event occurs that requires a change.

The Company has elected to be treated as a Subchapter S Corporation under the Internal Revenue Code. As an S corporation, the Company is not liable for federal and New York State income taxes. The shareholders are liable for individual taxes on their respective shares of the Company's taxable income.

#### Fair value measurements

'lbe Company follows the guidance in FASB ASC 820, *Fair Value Mearurement.* Using that guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach, as specified by FASB ASC 820, are used to measure fair value.

In May 2011, the FASB issued Accounting Standards Update ("J\SU") *2011-04,Amendmentr lo Achieve Common Fair Value Measunment and Disc!osun R.equirements in U.S. GAAP and IFRSs.* ASU 2011-04 amends FJ\SB ASC 820, providing a consistent definition and measurement of fair value, as well as s:imilar disclosure requirements betwern U.S. GAAP and International Financial Reporting Standards. ASU 2011-04 changes certain fair value measurement principles, clarifies the application of existing fair value measurement and expands the FASB ASC 820 disclosure requirements, particularly for Level 3 fair value measurements. ASU 2011-04 was effective for fiscal years beginning after December 1, 2011. The adoption of ASU 2011-04 did not have a material effect on the Company's financial statements, but did require certain additional disclosures.

Using the provisions within F ASB ASC 820, the Company has characterized its investments in securities, based on the order of liquidity of the inputs used to value the investments, into a three-level fair value hierarchy. The fair value hierarchy gives the highest order of liquidity to quoted prices in active markets for identical assets or habilities [Level 1 ], and the lowest order of lignidity to unobservable inputs [Level 3]. If the inputs used to measure the investments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the investment.

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#### **NOTE2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**

Investments recorded in the statement of financial position are categorized based on the inputs to valuation techniques as follows:

*Level 1.* These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access. These investments are exchange-traded equity securities.

*Level 2.* Level 2 inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and, inputs that are derived principally from or corroborated by observable market data by correlation or other means.

*Level 3.* These are investments where values are based on prices or valuation techniques that require inputs that arc both unobservable and significant to the overall fair value measurement. These inputs reflect assumptions of management about the assumptions that market participants would use in pricing the investments. These investments would be comprised of certain private equity investments.

#### **NOTE3. SUBSEQUENT EVENTS**

The Company evaluates events occurring after the <late of the statement of financial condition for potential recognition or disclosure in its financial statements. The Company did not identify any material subsequent events requiring adjustment to or disclosure in its financial statements. The Company has evaluated all events or transactions that occurred after December 31, 2024 and there were no material subsequent events rec1uiring disclosure.

#### **NOTE4. NET CAPITAL REQUIREMENTS**

The Company is subject to the SEC's Uniform Net Capital Rule ("SEC 15c3-1"), which requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, not exceed 15 to 1. Net capital and aggregate indebtedness changes from day to day. At December 31, 2024, the Company's net capital was \$10,095 with a minimum net capital requirement of\$5,000. The Company had excess net capital of \$5,095.

As of December 31, 2024, the percentage of aggregate indebtedness to net capital was a ratio of 4.2739 to 1.0.

#### **NOTES. CONCENTRATIONS**

The Company receives approximately 47% of its commissions from Invesco.

The Company maintains its cash and cash equivalents at a commercial bank. From rime to time, the amount held at its commercial bank will exceed the federal insurance limit.

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#### **NOTE6. LEASE AGREEMENT**

The Company and the landlord (757 Berendo LLC) have a lease ending June 30, 2025.

The fiASB issued (ASU) 2016-2, "Leases (Topic 842). This update includes a lease accounting model that recognizes two types of leases - finance leases and operating leases. The standard requires that a lessee recognize on the balance sheet assets and liabilities relating to leases with terms of more than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease, and is effective for the Company beginning in January 2019. The Company does not have any direct leases, and any expenses related to leases is through the expense sharing agreement with the Parent.

#### **NOTE7. SINGLE REPORTABLE SEGMENT**

According to the guidance in FASB ASC 280, Segment Reporting, as amended by the FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires the companies, including those with a single reportable segment, to disclose additional information about a reportable segment's expenses in interim and annual periods, among other requirements.

The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of one class of services, sales of investment company shares and variable annuities. The Company has identified its President Jeffrey S. Eisman, as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital, which is not a measure of profit and loss, to 1nake operational decisions while maintaining capital adequacy, such as whether to reinvest profits or make member distributions. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. The company derived 47 percent of its total revenue from one investment company, Invesco in 2024.

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# **Planned Financial Programs Inc. Notes to Financial Statements December 31, 2024**

**The folluwing table presents the segment revenue and significant expenses for the year ended December 31,**  2024.

|                                                  | 2024      |
|--------------------------------------------------|-----------|
| Revenue                                          | \$407,735 |
| Less                                             |           |
| Emolovee comoensation and benefits               | \$265,118 |
| Floor brokera!!e, exchan!!e, and clearance fees  | \$5,555   |
| Technoloav and communications                    | \$7,906   |
| Interest and dividends                           | \$0       |
| Occuoancv and eauioment                          | \$15,369  |
| Management fees and allocated coroorate overhead | \$0       |
| Other exnense                                    | \$119,240 |
| Provision for income taxes                       | \$175     |
| Net income~ ass                                  | r\$S,568l |
|                                                  |           |

The following table presents the other required segment disclosures for the year ended December 31, 2024.

| 2024<br>\$407,735<br>\$0 |
|--------------------------|
|                          |
|                          |
|                          |
| \$14                     |
| \$0                      |
| \$0                      |
| \$407,749                |
| \$0                      |
| \$0                      |
| \$0                      |
|                          |
| \$0                      |
| \$0                      |
| \$0                      |
|                          |


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.