# ALLIANT SECURITIES, INC. TURNER, NORD, KIENBAUM X-17A-5 (2021-02-18) — Broker-dealer annual report - Company: ALLIANT SECURITIES, INC. TURNER, NORD, KIENBAUM - Form: X-17A-5 - Filed: 2021-02-18 - Period: 2020-12-31 - Accession: 0000277570-21-000001 - CIK: 277570 - File #: 8-23305 - Material weakness: No - Auditor: EIDE BAILLY LLP - Auditor location: SPOKANE, WA - Contact: SALLY MANN - Phone: 5097479144 - Signed by: MICHAEL O NORD (PRESIDENT) Original filing: https://www.sec.gov/Archives/edgar/data/277570/000027757021000001/x17a5a.pdf --- {0}------------------------------------------------ FINANCIAL STATEMENTS *for the year ending December 31,2020* {1}------------------------------------------------ **UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION Wiishington, D.C. 20549** # **ANNUAL AUDITED REPORT FORM X-17 A-5 PART Ill** 0MB APPROVAL 0MB Number: 3235-0123 Expires: October 31, 2023 Estimated average burden hours per resoonse ... ... 12.00 | | R | SE
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51 | | *The accompanying notes are an intergra/ part ofthefinanical statements* {10}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS #### **1. The Company and Significant Accounting Policies:** The Company was incorporated under the laws of the State of Washington on October 10, 1978 to operate as a broker/dealer in investment securities. The Company is a member of the Securities and Exchange Commission (SEC) and also a member of the Financial Industry Regulato1y Authority (FINRJ\). The Company's office is located in Liberty Lake, Washington. The Company is engaged in various trading and brokerage activities with counterparties that primarily include broker/dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of all eounterparties. In the normal course of business, the Company's customer activities involve the execution of various customer securities transactions. These activities may expose the Company to offbalance-sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and the Company has to purchase or sell the financial instrument underlying the contract at a loss. *Use of Estimates i11 the Preparation of Financial Statements* -The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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. *Trade Settleme11t-Customer's* securities transactions are recorded on a trade date basis and the related commission revenues and expenses are also recorded on a trade date basis. *Co11ce11tratio11 of Credit Risk* - The Company maintains its cash with high quality financial institutions. At times, the amount may be in excess of the FDIC insured limits, however the Company does not consider this to be a significant credit risk. *Receivable from Clearing Broker-* The Company's accounts receivable consist of commissions due from our clearing broker/dealer, Wells Fargo, under contractual agreement. The Company has not experienced any losses related to this receivable and does not consider these amounts to be a significant risk. Page 7 {11}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS *Deposits* - The Company has an agreement with First Clearing Corporation (FCC), whereby FCC clears all security transactions, carries all customer accounts, finances and holds the Company's trading inventmy, and performs certain other services. The Company is subject to a termination fee if termination is within a specified time frame stated in the agreement. As part of this agreement, the Company is required to, and does maintain a deposit in the amount of\$250,000 held at FCC as of December 31, 2020. *Concession Receivable/Payable* - *Concessions* receivable consists of an average of 12B-1 fees due over a three-month period to the Company from various Mutual Fund Families. The Company's concession receivable as of December 31, 2020 was \$23,413. The concession is then payable upon receipt to the Company's Registered Representatives. The Company's concession payable as of December 31, 2020 was \$23,413. *Advertising- The* Company's policy is to expense advertising costs when incurred. Advertising expense as of December 31, 2020 was \$0. *Property and Equipment* - Property and equipment are recorded at cost. Depreciation is computed using straight-line methods over estimated useful lives for equipment and the term of the related lease for leasehold improvements, which range from five to ten years. {12}------------------------------------------------ #### NOTES TO FINANCIAL ST A TEMENTS #### **2. Revenue from Contracts with Customers** #### **Commissions** *Brokerage commissions.* The Company facilitates the execution of buy and sell transactions on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related clearing expenses are recorded on the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. #### **Concessions** *Concessions.* Concessions consist of 12b-l fees managed by the Company. 12b-l fees are earned on the Company's client assets under management. The fees are based on contractual rates applied to the average daily net asset value of eligible shares of a respective mutual fund held by the Company's clients. 12b-1 fees are earned over time and collected from the funds on a monthly or quarterly basis. #### **Asset Management** *Premier Fees.* The Company provides investment advisory services on a daily basis. The Company believes the performance obligation for providing advisory services is satisfied over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fee arrangements are based on a percentage applied to the customer's assets under management. Fees are received quarterly and are recognized as revenue at that time as they related specifically to the services provided in that period, which are distinct from the services provided in other periods. #### **Miscellaneous and Interest** *Afiscel/aneous.* The Company charges miscellaneous fees, including postage fees, special handling fees, and others each time a customer enters into a buy or sell transaction. Miscellaneous fees arc recorded on the trade date (the date the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer of which the miscellaneous fees are related. {13}------------------------------------------------ ### NOTES TO FINANCIAL ST A TEMENTS *Interest.* The Company charges interest on a daily basis on customer assets under management which is covered by various other areas of GAAP. Interest income is outside of the scope of ASC 606, but is included in the table below to reconcile the total revenues to the statement of income. ### **Disaggregated Revenue from Contracts with Customers** The following table presents revenue by major source. | R
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0 | #### **4. Net Capital Requirements:** The Company is subject to the SEC Uniform Net Capital Rule (SEC Rule **l** 5c3-l ), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to I. Net capital and the related net capital ratio will fluctuate on a daily basis. At December 31, 2020 the Company had net capital of \$322,099 which was \$222,099 in excess of its required net capital of \$100,000. The Company's net capital ratio was 0.48 to I. {14}------------------------------------------------ ### NOTES TO FINANCIAL STATEMENTS ### **5. Operating Linc of Credit:** The Company has a \$250,000 unsecured line of credit with U.S. Bank of Washington guaranteed by the stockholders due on demand. Interest is due monthly at the bank's prime rate plus 0.5%. There were no balances due under the line of credit agreement at December 31, 2020. ### **6. Paycheck Protection Program (PPP) Forgiveness:** On May 5, 2020 the Company received a \$174,470 loan under the PPP established as pait of the Coronavirus Aid, Relief and Economic Security Act (CARES) and administered by the Small Business Administration (SBA) approved partner. The loan was uncollatcralized and is fully guaranteed by the Federal government. The Company initially recorded a note payable and subsequently recorded forgiveness when the obligation was legally released by the SBA for meeting the forgiveness conditions of the loan. The company recognized \$174,470 of loan forgiveness income for the year ended December 31, 2020. ### **7. Profit Sharing Plan:** The Company has established a profit-sharing plan with 40 I (k) features available to all eligible employees. Contributions to the plan are determined annually by the Company. Profit sharing plan contributions for the years ended December 31, 2020 were \$76,388. #### **8. Lease Commitments:** The Company leases its offices in a building which is owned 27% by two of the stockholders of the Company and the lease expires September 2023 and the Company classifies this lease as an operating lease and included with that is two renewal options. Because the Company is reasonably cettain to exercise the renewal options, the optional periods are included in determining the lease term. The Company's leases do not include termination options for either party to the lease or restrictive financial or other covenants. Total rent to related parties was \$95,113 for the year ended December 31, 2020. The components of lease costs for the year ended December 31, 2020 are as follows: Operating lease cost \$95,113 {15}------------------------------------------------ ### NOTES TO FINANCIAL ST A TEMENTS | A
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% | | | | Maturities oflease liabilities under noncancelable operating leases as of December 31, 2020, are as follows: Years ending December 31, 2021 2022 2023 90,345 94,379 73,327 \$258,051 ### **9. Federal Income Taxes:** Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between financial and income tax reporting. The amount of current and deferred taxes payable or refundable is recognized as of the date of the financial statements, utilizing currently enacted tax laws and rates. At the end of the year management reviews the Company's income and accrues bonuses in order to minimize taxable income. Deferred tax expenses or benefits, if material, are recognized in the financial statements for the changes in deferred tax liabilities or assets between years. As of December 31, 2020, \$36,600 was accrued for the benefit of deferred federal taxes. The provision for tax benefit, net of tax expense, was \$35,449 for December 31, 2020. {16}------------------------------------------------ ### **ALLIANT SECURITIES, INC, TURNER NORD KIENBAUM** #### NOTES TO FINANCIAL ST A TEMENTS The Company has an unused operating loss carryforward of approximately\$ I 70,000 at December 31, 2020. The carry forward may be applied against future taxable income and expires in 2041. The deferred tax asset represents the future tax return consequences of the net operating loss, which can be used to decrease tax liabilities in the future. The deferred tax asset can be reduced by a valuation allowance if management deems it more likely than not that some or all of the deferred tax asset will not be realized. The Company has not recorded a valuation allowance for deferred tax asset, as it is management's opinion the deferred tax asset will be fully realized. There was no change in the valuation allowance during the year. | D
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39 | Page 17 {21}------------------------------------------------ # **ALLIANT SECUIUTIES, INC. TURNER NORD KIENBAUM** ### SCHEDULE4 INFORMATION RELATING TO POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION *December 31, 2020* Alliant Securities, Inc. Turner Nord Kienbaum acts strictly as an introducing brokcrdealer, clearing all transaction with and for customers on a fully disclosed basis with the clearing broker, which carries all of the accounts of such customers and maintains and preserves such books and records pertaining thereto. Therefore, Alliant Securities, Inc. Turner Nord Kienbaum is exempt under Rule 15c3-3(k)(2)(ii). {22}------------------------------------------------ ![](_page_22_Picture_0.jpeg) CPA, & BUSINESS ADVISORS #### **Report of Independent Registered Public Accounting Firm on Applying Agreed-Upon Procedures** Board of Directors Alliant Securities, Inc. Turner, Nord, Kienbaum Liberty Lake, Washington In accordance with Rule 17a-S(e)(4) under the Securities Exchange Act of 1934 and with the Securities Investor Protection Corporation (SIPC) Series 600 Rules, we have performed the procedures enumerated below, which were agreed to by Alliant Securities, Inc. Turner, Nord, Kienbaum (Company) and SIPC, with respect to the accompanying General Assessment Reconciliation (Form SIPC-7) of the Company for the year ended December 31, 2020 solely to assist you and the SIPC in evaluating the Company's compliance with the applicable instructions of the General Assessment Reconciliation Form SIPC-7. Management of the Company is responsible for its Form SIPC-7 and for its compliance with those requirements. This agreed-upon procedures engagement was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures we performed and our findings are as follows: - 1) Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries noting no differences; - 2) Compared the Total Revenue amounts reported on the Annual Audited Report Form X-17A-5 Part Ill for the year ended December 31, 2020, with the Total Revenue amounts reported in Form SIPC-7 for the year ended December 31, 2020 noting no differences; - 3) Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, noting no differences; - 4) Proved the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related schedules and working papers supporting the adjustments noting no differences. We were not engaged to, and did not conduct an examination or a review, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's compliance with the applicable instructions of the Form SIPC-7 for the year ended December 31, 2020. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. #### Whnt inspires you, inspires us. I eidehnilly.<0m {23}------------------------------------------------ This report is intended solely for the information and use of the Company and the SIPC and is not intended to be and should not be used by anyone other than these specified parties. Spokane, Washington February 16, 2021 {24}------------------------------------------------ | S
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en | |----------------------------------------------|----------------------------------------|----------------------------|-----------------------------| |----------------------------------------------|----------------------------------------|----------------------------|-----------------------------| - (9) (ii Total inlerest and dividend expense (FOCUS Line 22/PART IIA Line 13, Code 4075 plus iine 2b(4) above) but nol in excess of total inleresl and dividend income. \$ \_\_\_\_\_\_\_\_\_\_ \_ - (ii) 40% ol margin inleresl earned on customers securilies accounls (40% of FOCUS line 5, Code 3960). \$. \_\_\_\_\_\_\_\_\_ \_ Enler the greater of line (i) or (ii) - Total deductions - '-SIPC Net Operaling Revenues - l. General Assessmenl@ .0015 {26}------------------------------------------------ ![](_page_26_Picture_0.jpeg) CPAs & BUIIHESS ADVISORS #### **Report of Independent Registered Public Accounting Firm** To the Board of Directors and Shareholders of Alliant Securities, Inc. Turner, Nord, Kienbaum We have reviewed management's statements, included in the accompanying Management Statement Regarding Compliance with Exemption Provisions Under Rule 15c3-3 of the Securities Exchange of 1934, in which (1) Alliant Securities, Inc. Turner, Nord, Kienbaum identified the following provisions of 17 C.F.R. §15c3-3(k) under which Alliant Securities, Inc. Turner, Nord, Kienbaum claimed an exemption from 17 C.F.R. §240.15c3-3: (k)(2)(ii) and (2) Alliant Securities, Inc. Turner, Nord, Kienbaum stated that Alliant Securities, Inc. Turner, Nord, Kienbaum met the identified exemption provisions throughout the most recent fiscal year without exception. Alliant Securities, Inc. Turner, Nord, Kienbaum's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Alliant Securities, Inc. Turner, Nord, Kienbaum's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(ii) of Rule 15c3-3 under the Securities Exchange Act of 1934. Spokane, Washington February 16, 2021 {27}------------------------------------------------ # MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH EXEMPTION PROVISIONS UNDER RULE 15c3-3 OF THE SECURITIES EXCAHNGE OF 1934 We, as members of management of Alliant Securities Inc. Turner Nord Kienbaum,(Company) are responsible for complying with the requirements of 17 C.F.R. §240.15c3-3, "The Customer Protection Rule", of the Securities Exchange Act of 1934 (Act). We have performed an evaluation of the Company's compliance with the Customer Protection Rule as of December 31. 2020, and during the period from January 1, 2020, through December 31, 2020. Based on this evaluation we assert that the Company was in compliance with the Act as described below: - 1) The Company is exempt from the Customer Protection Rule under Paragraph (k)(2)(ii) as the Company is an introducing broker dealer who clears all transactions with and for customers on a fully disclosed basis with another clearing broker. The Company promptly transmits all customer funds and securities to the clearing broker which carries all of the accounts of such customers. - 2) The Company met the identified exemption provisions throughout the most recent year without exception. Alliant Securities Inc. Turner Nord Kienbaum ·s Date *;fispu;2/* Date I*/Jc;* /;; JI Date {28}------------------------------------------------ #### Exhibit H customer Protection Rule Custody of Customer Assets Exemption Report Rl1le 15c3-3(k)(2)(11) Alllant Securities Inc. who acts as an Introducing broker or dealer, clears all transactions with and for customers on a fully disclose basis with a clearing broker or dealer, and who promptly transmits all customer funds and securities to the clearing broker or dealer which carries all the of the accounts of such customers and maintains and preserves such books and records pertaining thereto pursuant to the requirements made and kept by a clearing broker or dealer. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.