# MUTUAL FUNDS ASSOCIATES INC. X-17A-5 (2026-01-26) — Broker-dealer annual report - Company: MUTUAL FUNDS ASSOCIATES INC. - Form: X-17A-5 - Filed: 2026-01-26 - Period: 2025-10-31 - Accession: 0000722078-26-000003 - CIK: 722078 - File #: 8-13026 - Type: Broker-dealer - Material weakness: No - Auditor: Flaherty Salmin LLP - Auditor location: Rochester, NY - Contact: Scott J Zollo - Phone: 585-235-3600 - Signed by: Scott J Zollo (President) Original filing: https://www.sec.gov/Archives/edgar/data/722078/000072207826000003/edgar2025.pdf --- {0}------------------------------------------------ ### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 32350123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # ANNUAL REPORTS FORM X-17A-5 PART III | SE
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es | | 'm | | Signature: Title: i€9- \_ \_ \_\_ \_ Principal Notary Public #### This filing\*\* contains (check all applicable boxes): - E (a) Statement offinancial condition. - D (b) Notes to consolidated statement offinancial condition. - E (c) Statement of income (loss) or, ifthere is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in §210.1-02 of Regulation SX). - E (d) Statement of cash flows. - E (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - l] (f) Statement of changes in liabilities subordinated to claims of creditors. - E (g) Notes to consolidated financial statements. - E (h) Computation of net capital under 17 CFR 240.15c31 or 17 CFR 240.18a-1, as applicable. - CI (i) Computation oftangible net worth under 17 CFR 240.18a2. - E (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - El (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 240.18a4, as applicable. - Cl (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c33. - E (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - O (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a4, as applicable. - I] (o) Reconciliations, including appropriate explanations, ofthe FOCUS Report with computation ofnet capital or tangible net worth under 17 CFR 240.15c31, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c33 or 17 CFR 240.18a4, as applicable, if material differences exist, or a statement that no material differences exist. - 1:1 (p) Summary offinancial data for subsidiaries not consolidated in the statement offinancial condition. - E (q) Oath or affirmation in accordance with 17 CFR 240.17a5, 17 CFR 240.17a12, or 17 CFR 240.18a7, as applicable. - I:I (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a7, as applicable. - E (s) Exemption report in accordance with 17 CFR 240.17a5 or 17 CFR 240.18a-7, as applicable. - El (t) Independent public accountant's report based on an examination of the statement offinancial condition. - E (u) Independent public accountant's report based on an examination ofthe financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a7, or 17 CFR 240.17312, as applicable. - El (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.173-5 or 17 CFR 240.18a-7, as applicable. - E (w) Independent public accountant's report based on a review ofthe exemption report under 17 CFR 240.17a5 or 17 CFR 240.18a-7, as applicable. - El (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c31e or 17 CFR 240.17a12, as applicable. - [I (v) Report describing any material inadequacies found to exist or found to have existed since the date ofthe previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a12(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 240.18a7(d)(2), as applicable. {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) Flaherty Salmin LLP Certified Public Accountants 2300 Buffalo Road, Building 200. Rochester, NY 146241365 office 585 2790120 fax 585 2790166 1 V 5PrimeGlobal | MWWmwm # RliE'O\_RI OFINDEPE.NQE.NT .REQlSTl3.RE.D PU.BL.E AQCOUNTINQ FIRM To the Board ofDirectors and Shareholder Mutual Funds Associates, Inc. ### Opinion on the Financial Statements We have audited the accompanying statements offinancial condition of Mutual Funds Associates, Inc. as ofOctober 3 l , 2025 and 2024, the related statements ofincome, changes in shareholder's equity, and cash flows for the years then ended, and the related notes (collectively referred toas the "financial statements"). In ouropinion, the financial statements present fairly, in all material respects, the financial position of Mutual Funds Associates, Inc. as of October 3 l , 2025 and 2024, and the results ofits operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States ofAmerica. #### Basis for Opinion These financial statements are the responsibility of Mutual Funds Associates, lnc.'s management. Our responsibility is to express an opinion on Mutual Funds Associates, Inc.'s financial statements based on our audits. 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 Mutual Funds Associates, Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations ofthe Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards ofthe PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement ofthe financial statements, 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 audits 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 audits provide a reasonable basis for our opinion. #### Auditor's Report on Supplemental Information The supplemental information contained in Schedule I - Computation ofNet Capital Under SEC Rule l 5c3-l, Schedule II - Computation for Determination ofReserve Requirements Under SEC Rule l 5c3-3 (exemption) and Schedule III - Information Relating tothe Possession orControl Requirements Under SEC Rule l 5c3-3 (exemption) has been subjected to audit procedures performed in conjunction with the audit ofMutual Funds Associates, Inc.'s financial statements. The supplemental information is the responsibility of Mutual Funds Associates, Inc.'s 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 to test the completeness and accuracy ofthe information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its fonn and content, is presented in conformity with 17 C.F.R. §240.l7a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole. \-P~°m 50=Qud~\ L We have served as Mutual Funds Associates, Inc.'s auditor since 2005. Flaherty Sal min LLP Rochester, New York December 30, 2025 {3}------------------------------------------------ # MUTUAL FUNDS ASSOCIATES, INC. STATEMENTS OF FINANCIAL CONDITION OCTOBER 31, 2025 AND 2024 # ASSETS | | 20
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0 | See accompanying notes to financial statements 5 {7}------------------------------------------------ # 1. THE COMPANY Mutual Funds Associates, Inc. (Company) is a commission-based representative forseveral mutual fund companies, insurance companies and an investment management company. The Company receives a commission for placing clients funds with these companies. The Company does not take possession ofclient funds as they are placed directly with the companies. The client funds are then managed solely by those companies. The Company is strictly a representative and its client base is mostly from the Western New York area. # 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis ofAccounting - The Company reports on the accrual basis ofaccounting which recognizes revenues when earned and expenses when incurred. 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 ofassets and liabilities and disclosure ofcontingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ him those estimates. Cash and Cash Equivalents - The Company considers all cash on hand, cash in banks and shortterm investments with an original maturity ofthree months or less tobe cash and cash equivalents for financial reporting purposes. Marketable Securities - Marketable securities are recorded at fair value in accordance with Financial Accounting Standards Board Accounting Standards Codification (ASC) regarding Fair Value Measurements and Disclosures. The resulting difference between cost and fair value is included in revenue. The Company's marketable securities consist ofan investment in a mutual fund, which is mostly invested in debt securities ofU.S. and foreign goveents and companies. Qommissions Receivable mutual fund compares. The Company has receivables that arise from placing clients with Allowance for Credit Losses - In accordance with the Current Expected Credit Loss (CECL) model, the allowance for credit losses is based on a forward-looking approach that considers historical credit loss experience, current economic conditions, and reasonable and supportable forecasts. The Company assesses the adequacy of the allowance for credit losses and makes adjustments as necessary. Management has determined that its allowance for credit losses should be zero as ofOctober 31, 2025 and 2024. Revenue - Revenue from sale ofinvestment company shares and insurance based products consists of sales-based and trailing commission income. Sales-based commission income is recorded as client funds are placed with the mutual fund company or the insurance company. Trailing commission income is generally based on a percentage ofthe current market value of clients' investment holdings in trail-eligible assets. Fees for Account Supervision and Investment Advisory - Fees for account supervision and investment advisory revenue are recorded over the period in which services are provided based upon average net assets under management in accordance with the respective investment management agreements. {8}------------------------------------------------ # 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued Leases - At contract inception, the Company determines ifthe contractual arrangement is a lease or contains a leasing arrangement. Ifa contract contains a lease, the Company evaluates whether it should be classified as an operating lease or a finance lease. Currently, the Company's lease is classified as an operating lease. Upon modification ofthe contract, the Company will reassess to determine ifa contract is or contains a leasing arrangement. The Company elected to apply the short-tenn lease exemption to the following class ofunderlying assets: land and building. In 2025 and 2024, the Company's lease foroffice space qualifies for the exemption (See Note 8). Property and Eq.uipment - Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful life ofthe assets, which is five years. When depreciable property is retired orotherwise disposed of, the cost and the related accumulated depreciation are cleared from the respective accounts and any resulting gain or loss is reflected in the statement ofincome. Risks and Uncertainties - Cash is maintained inbank deposit accounts which, at times, may exceed federally insured limits. The Company is also subject to credit risk through its receivable. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash or its receivable. Marketable securities are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values ofinvestment securities will occur in the near term and those changes could materially affect the amounts reported in these financial statements. Income Taxes - The Company accounts for income taxes in accordance with the ASC regarding Accounting for Income Taxes. This standard requires, among other things, recognition offuture tax liability and benefits, measured by applying enacted tax rates attributable to future deductible and taxable temporary differences between financial statement and income tax basis ofassets and liabilities, and tax credit cany forwards to the extent that realization ofsuch benefits is more likely than not. The Company has insignificant differences between financial statement and income tax basis ofassets and liabilities and, therefore, has not recorded any deferred tax asset or liability as ofOctober 3 l , 2025 and 2024. # 3. REVENUE RECOGNITION Revenues are recognized when control ofthe promised services is transferred to customers, in an amount that reflects the consideration the Company expects tobe entitled to in exchange for those services. Revenues are analyzed to determine whether the Company is the principal (i.e., reports revenues on a gross basis) or agent (i.e., reports revenues on a net basis) in the contract. Principal or agent designations depend primarily on the control an entity has over the product Ol service before control is transferred to a customer. The Company's revenue from sale ofinvestment company shares and insurance based roducts represents commissions generated by advisors for their client's purchases of various financial instruments. The Company views the selling, distribution and marketing, or any combination thereof ofinvestment or insurance products to such clients as a single performance obligation to the product sponsors. The Company is the principal for commission revenue as it is responsible for the execution of the client's purchase and maintaining the relationship with the product sponsors. Advisors assist the Company in performing its obligations. Accordingly, total commission revenues are reported on a gross basis. {9}------------------------------------------------ ## 3. REVENUE RECOGNITION, Continued The Company generates two types ofcommission revenue: sales-based commission revenue that is recognized at the point ofsale, and trailing commission revenue that is recognized over time as earned. Sales-based commission revenue varies by the investment or insurance product and is based on the amount purchased and the commission schedule for the particular product. Trailing commission revenue is generally based on a percentage ofthe current market value ofthe client's investment holdings in trail-eligible assets and is recognized over the period during which services are performed. The Company's fees for account supervision and investment advisory are earned over the period in which such services are provided. The related performance obligations are generally satisfied daily or monthly based on assets under management. The fees are calculated based upon average monthly or quarterly net assets under management in accordance with the respective investment management agreements. Investment advisory fees are recorded gross of any subadvisoiy payments and are included in revenue based on managelnent's determination that the Company is acting in the capacity ofprincipal service provider with respect to its relationship with the funds. Any corresponding fees paid are included in expenses. The following is a summary ofthe timing ofrevenue recognition: | 20
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B | | | Depreciation expense totaled \$-0- for each ofthe years ended October 3 l , 2025 and 2024. #### 6. NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC Rule 15c3-l), which requires the maintenance ofminimum net capital and requires that the ratio ofaggregate indebtedness tonet capital, both as defined, shall not exceed 15 to l. At October 3 l , 2025, the Company had net capital of\$99,332 which was \$94,332 in excess ofits required net capital of\$5,000, and a ratio ofaggregate indebtedness to net capital of.1734 to l. #### 7. INCOME TAXES The provision for income taxes consists ofthe following: | | 2 | 0
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0 | The actual income tax provision for the years ended October 31, 2025 and 2024 differs from the expected tax provision computed by applying the U.S. Federal Corporate rate primarily due to state taxes and the effect ofthe unrealized gains and losses on marketable securities. {11}------------------------------------------------ # RELATED PARTY TRANSACTIONs The Company receives fees for account supervision and investment advisory from Core Alpha, Inc., an entity wholly owned by the President ofthe Company, who is also a relative of the shareholder, for placing clients with mutual fund companies. Commission income totaled \$502,283 and \$422,059 for the years ended October 31, 2025 and 2024, respectively. The Company has a twelve-month lease agreement with the shareholder for office space, beginning each November. The short-term lease cost totaled \$24,000 for each ofthe years ended October 31, 2025 and 2024. The Company pays management fees to Accu-Vest Planning, Inc., an entity wholly owned by the shareholder, for general management. Management fee expense totaled \$36,000 for each ofthe years ended October 31 , 2025 and 2024. The Company pays consulting fees on a monthly basis to the shareholder under an informal agreement. Consulting fees totaled \$12,000 for each ofthe years ended October 31, 2025 and 2024. #### 9. SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of the report of independent registered public accounting firm, which is the date the financial statements were available to be issued. {12}------------------------------------------------ # MUTUAL FUNDS ASSOCIATES, INC. SCHEDULE I - COMPUTATION OF NET CAPITAL UNDER SEC RULE 1503-1 OCTOBER 31, 2025 | 1. | T
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2 | | {14}------------------------------------------------ # MUTUAL FUNDS ASSOCIATES, INC. SCHEDULE II - COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER SEC RULE l 5c3-3 (EXEMPTION) OCTOBER 31, 2025 Computation for determination ofreserve requirements under SEC Rule 1503-3 is inapplicable since the Company is exempt from such rule pursuant to paragraph (k)(l). {15}------------------------------------------------ # MUTUAL FUNDS ASSOCIATES, INC. SCHEDULE III - INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER SEC RULE 1503-3 (EXEMPTION) OCTOBER 31, 2025 Information relating to the possession or control requirements under SEC Rule l5c3-3 is inapplicable since the Company is exempt from such rule pursuant to paragraph (k)(1). {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) Flaherty Salmin LLP Certified Public Accountants 2300 Buffalo Road, Building 200. Rochester, NY 146241365 office 585 2790120 fax 585 2790166 .\ K". . M ! Z PrimeGIobaI | mum' .MW # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board ofDirectors and Shareholder Mutual Funds Associates, Inc. We have reviewed management's statements, included in the accompanying Rule l5c3-3 Exemption Report, in which (a) Mutual Funds Associates, Inc. identified the following provision of17 C.F.R. §l5c3- 3(k) under which Mutual Funds Associates, Inc. claimed an exemption from 17 C.F.R. §240.l5c3-3: (1) (exemption provision) and (b) Mutual Funds Associates, Inc. stated that Mutual Funds Associates, Inc. net the identified exemption provision throughout the most recent fiscal year without exception. Mutual Funds Associates, Inc.'s management is responsible for compliance with the exemption provision and its statements. Our review was conducted in accordance with the standards ofthe Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Mutual Funds Associates, Inc.'s compliance with the exemption provision. A review is substantially less in scope than an examination, the objective ofwhich is the expression ofan 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 tomanagement's statements referred to above for them to be fairly stated, in all material respects, based on the provision set forth in paragraph (k)(l) ofRule l 5c3-3 under the Securities Exchange Act of 1934. Fa LL? FIahertylSalmin LLP Rochester, New York December 30, 2025 {17}------------------------------------------------ ![](_page_17_Picture_0.jpeg) # Rule 15c3-3 Exemption Report Mutual Funds Associates, Inc. is a broker/dealer registered with the SEC and FINRA. Mutual Funds Associates, Inc. claimed an exemption under paragraph (k)(l) ofRule l5c3-3 for the fiscal year ended October 31, 2025 . Mutual Funds Associates, Inc. is exempt from the provisions ofRule l5c3-3 because it meets the conditions set Forth in paragraph (k)(I) ofthe rule, ofwhich, the identity ofthe specific conditions are as follows . The provisions ofthe Customer Protection Rule shall not be applicable to a broker or dealer whose transactions are limited to the .sale and redemption ofredeemable securities ofregistered investment companies or ofinterests orparticipation in an insurance conqaanv separate account, whether or riot registeredas as jIIyesjmenf compaiiv. Mutual Funds Associates, Inc. has met the identified exemption provisions in paragraph (k)(l) ofRule l'5c3 -3 throughout the fiscal year ended October 31, 2025, without exception. The above statements are true and correct to the best ofmy knowledge and belief. JO O Scott J. Zollo, Principal Mutual Funds Associates. Inc. Monday, December 29, 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.