# HANS, CHRISTIAN, ANDERSON, INC. X-17A-5 (2020-03-02) — Broker-dealer annual report - Company: HANS, CHRISTIAN, ANDERSON, INC. - Form: X-17A-5 - Filed: 2020-03-02 - Period: 2019-12-31 - Accession: 0000859155-20-000002 - CIK: 859155 - File #: 8-42130 - Material weakness: No - Auditor: MRPR Group - Auditor location: Southfield, MI - Contact: Andrew C. Hans - Phone: 734-994-4100 - Signed by: Andrew C. Hans (President) Original filing: https://www.sec.gov/Archives/edgar/data/859155/000085915520000002/HCAFSYE123119TEXT.pdf --- {0}------------------------------------------------ UNITED Sf ATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235·0123 Expires: August 31, 2020 Estimated average burden hours per response .. .. .. 12.00 SEC FILE NUMBER 8-42130 # **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** FACING PAGE Information Required of Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of **J** 934 and Rule l 7a-5 Thereunder REPORT FOR THE PERIOD BEGINNING 01/01/19 AN DENDING 12/31/19 ~~ ~~~~ MMIDD/YY MM/DDIYY A. REGISTRANT IDENTIFICATION NAME OF BROKER-DEALER: Northbridge Financial Services f/kla Hans, Christian, Anderson, Inc. OFFICIAL USE ONLY ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) FIRM 1.0. NO. 3650 W. Liberty Road (No and Street) Ann Arbor Ml 48103 (City) (State) (Zip Code) NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT Andrew C Hans B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report• MRPR (734) 994·4100 | | (Name - ifi11dividual. state last. first. middle name) | | | |---------------------------------|----------------------------------------------------------------------|---------|------------| | | 28411 Northwestern Hwy, Suite 800 Southfield | Ml | 48034-5538 | | (Address) | (City) | (State) | (Zip Code) | | CHECK ONE: | | | | | l/lcertified Publi c Accountant | | | | | D
Public Accountant | | | | | O | Accountant not resident in United States or any of its possess ions. | | | | | FOR OFFICIAL USE ONLY | | | *\*Claims for exemption from the requirement that tlte annual report be covered by the opinion of an independent public accountant must be supported by a statement of fac ts and circumstances relied on as the basis for the exemption. See Section 240. l 7a-5(e)(2)* > Potential persons who are to respond to the collection of information contained In this form are not required to respond unless the form di splays a currently valid OMB control number. SEC 1410 (11 -05) | | | | (Arca Code - Telephone Number) | | | |--|--|--|--------------------------------|--|--| | | | | | | | {1}------------------------------------------------ #### **OATH OR AFFlRMA TION** | I, Andrew Chirstian Hans | , swear (or affirm) that, to the best of | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------| | my knowledge and be lief the accompanying financial statement and supporting schedules pertaining to the firm of
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December 31 | ___
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_. arc true and correct. I further swear (or affirm) that | | | neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account | | c lassified solely as that of a customer, except as follows: | | | | | | | | | | | | | | | | | | | | | | Signature | | | President | | | Title | | | | | | - · -· --·· -----
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Tod(sT prcsenteT~1Ciii thcp | | of Comprehensive Jncomc (as defined in §2 I0. 1-02 of Regulation S-X). | | | , (d) Statement of Changes in Fi
na ncial Condition. | | | (e) Statement of Changes in Stoekholv
(f) Statement of Changes in Liabilities Subordinated to Claims of Creditors. | | | (g) Computation of Net Capital. | · | | (h) Computation for Determination of Reserve Requirements Pursuant to Rule I 5c3-3. | | | (i) Information Re lating to the Possession or Control Requirements Under Rule I 5c3-3.
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D U) A Reconciliation, including appropriate exp | lanation of the Computation of Net Capital Unde r Rule I 5c3-I and the | | Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3. | | | D (k) A Reconci | liation between the audited and unaudited Statements of Financial Conditio n with respect to methods of | | consolidation. | | | (l) An Oath or Affirmation.
(m) A copy of the SIPC Supplemental Report.
~ | | | D (n) A report describing any material inadequacies found to exist or found to have existed since the da | te of the previous audit. | | | | *\*\*For co11dilio11s of confldrmtial treatmenl of certain por1io11s of this filing, see seuion 240. I 7a-5(e)(3).* {2}------------------------------------------------ ### **FOR THE VEAR ENDED DECMBER 31, 2019** #### **TABLE OF CONTENTS** | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM -AUDIT REPORT | | |-----------------------------------------------------------------------------------------------------------------------------------------|-------| | FINANCIAL STATEMENTS:
Statement of Financial Condition | 3 | | Statement of Operations | 4 | | Statement of Changes in Shareholder's Equity | 5 | | Statement of Cash Flows | 6 | | Notes to Fi nancial Statements | 7-9 | | SUPPLEMENTAL INFORMATION:
Schedule of Computation of Net Capital Under Ru
le 1 Sc3-1 of the
Securities and Exchange Commission | 10-11 | | Schedule of Computation of Determination of Reserve Requirements
II
For Broker/Dealer Under Ru le 1 Sc3-3 (Exemption) | 12 | | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM - EXEMPTION REPORT REVIEW | 13 | | EXEMPTION REPORT | 14 | | | | {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of Northbridge Financial Services f/k/a Hans, Christian, Anderson, Inc. ## **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Northbridge Financial Services f/k/a Hans, Christian, Anderson, Inc. as of December 31, 2019, and the related statements of operations, changes in stockholder's equity and its cash flows for the year then ended, and the related notes and schedules (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly , in all material respects, the financial position of Northbridge Financial Services as of December 31, 2019, and the results of its operations and 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 Northbridge Financial Services' management. Our responsibility is to express an opinion on Northbridge Financial Services' 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 Northbridge Financial Services in accordance with the U.S. Federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are 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 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 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. 1 One Northwestern Plaza • 2841 1 Northweste rn Highway Suite 800 • Southfield Michigan 48034-5538 • www.mrpr.com ![](_page_3_Picture_11.jpeg) {4}------------------------------------------------ ## **Auditor's Report on Supplemental Information** The supplemental schedules (Schedule I " Schedule of Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission" and Schedule 11 "Schedule of Computation for Determination of Reserve Requirements for Broker/Dealer Under Rule 15c3-3 (exemption)") have been subjected to audit procedures performed in conjunction with the audit of Northbridge Financial Services' financial statements. The supplemental information is the responsibility of Northbridge Financial Services' 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 of the information presented in the supplemental 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 17 C.F.R. §240.1 ?a-5. In our opinion, the supplemental schedules (Schedule I "Schedule of Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission" and Schedule II "Schedule of Computation for Determination of Reserve Requirements for Broker/Dealer Under Rule 15c3-3 (exemption)") are fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as Northbridge Financial Services' auditor since 1990. Southfield, Michigan February 28, 2020 {5}------------------------------------------------ ## **STATEMENT OF FINANCIAL CONDITION DECEMBER 31. 2019** #### **ASSETS** | Cash and cash equivalents
Marketable security | \$
6,444
5,985 | |----------------------------------------------------|----------------------| | Total Assets | \$
12,429 | | SHAREHOLDER'S EQUITY | | | | | | Shareholder's equity: | | | Common Stock, \$1 stated value; authorized, 50,000 | | | shares; issued and outstanding, 100 shares | \$
100 | | Add itional paid-in capita l | 32,560 | | Reta ined earnings (deficit) | (20,231) | | Total Shareholders equity | \$
12,429 | See notes to financial statements. {6}------------------------------------------------ ## **STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31. 2019** | REVENUES: | | |----------------------------------------|---------------| | Dividend Income | \$
126 | | Interest Income | | | Unrea lized Gain - Marketable Security | 1,292 | | Total revenues | \$
1,419 | | OPERATING EXPENSE: | | | Bank Fees | \$
126 | | Insurance | \$
472 | | Pena lites | \$
205 | | Professional service fees | \$
7,805 | | Regulatory fees | \$
1,423 | | Other | \$
30 | | | | | Total operating expense | \$
10,061 | | NET LOSS | \$
(8,642) | See notes to financial statements. {7}------------------------------------------------ ## STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY FOR THE VEAR ENDED DECEMBER 31. 2019 | | Common Stock | | Additional | Retained | | | |--------------------------------------------|--------------|--------|--------------------|-----------------------|----------|--| | | Shares | Amount | Paid-in
Capital | Earnings
(Deficit) | Total | | | BALANCE (DEFICIT), AT
JANAURV 1, 2019 | 100 | \$100 | \$26,005 | (11,589) | \$14,516 | | | CONTRIBUTION | | | \$6,555 | | \$6,555 | | | NET LOSS | | | | {8,642) | (8,642) | | | BALANCE (DEFICIT), AT
DECEMBER 31, 2019 | .1illl | 1100 | \$32 560 | (\$2Q 23J) | \$J2 429 | | See notes to financial statements. {8}------------------------------------------------ ### **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31. 2019** | CASH FLOWS FROM OPERATING ACTIVITIES: | | |----------------------------------------------------------------------------------------------------------------------------|----------| | Net Income | (8,642) | | Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized gain - marketable security | (1 ,292) | | Net cash used by operating activities | (9,934) | | CASH FLOWS FROM FINANCING ACTIVITES:
Co ntributions | 6,555 | | Net cash provided by fina ncing activates | 6,555 | | CASH AND CASH EQUILALENTS AT BEGINNING OF YEAR | | | CASH AND CASH EQUIVALENTS AT END OF YEAR | 6,444 | See notes on financial statements {9}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS DECEMBER 31.2019** #### **NOTE 1 -Nature of Operations** **Organization** - Northbridge Financial SeNices f/k/a/ Hans, Christian, Anderson, Inc. was incorporated February 2, 1990 for the purpose of doing business as a broker-dealer. The Company is a member of the National Association of Securities Dealers and monitored by Financial Industries Regulatory Authority (FINRA). The Company is a securities broker-dealer that introduces transactions and accounts on a fully disclosed basis and does not carry customer accounts or holds customers securities. #### **NOTE 2 - Summary of Significant Accounting Policies** **Use of estimates in the preparation of financial statements** - The preparation of financial statements in conformity with generally accepted accounting principles 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 expense during the reporting period. Actual results could offer from those estimates. **Revenue and expense recognition** - Revenues consisted generally of fees for administrative seNices as they are earned. Expense are recorded as they accrue. **Computation of customer reserve** - The Company is exempt from reseNe requirements and providing information relating to possessions or control of securities pursuant to Rule 1 Sc3-3 of the Securities and Exchange Act of 1934. The Company meets the exempting provisions of Paragraph (k)(2)(i) **Income taxes** - The Company and its shareholders has elected under Subchapter S of the Internal Revenue Code to have the Company's taxable income or loss reported by the shareholder. Because of this election, Federal income taxes are not provided for the accompanying financial statements. **Cash and cash equivalents** - The Company considers any investment with a maturity of three months or less at date of purchase to be cash or cash equivalent. At December 31, 2019, cash consists of cash in bank accounts and in E\*TRADE Securities. **Marketable security and fair value measurements** - Marketable security is considered as a trading security and is carried at market value. The Company has established a framework for measuring fair value. The framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are described as follows: {10}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS DECEMBER 31 ,2019** #### **NOTE** 2 - **Summary of Significant Accounting Policies (Continued)** Level 1 - Inputs use to quoted prices in active markets for identical assets or liabi lities that the Company has ability to access. Level 2 - Inputs use quoted prices in active markets for identical assets or liabilities that the Company has the abi lity to access. Level 3 - Inputs are unobservable and significant to the fair value measurement, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. At December 31, 2019, the Company's marketable security has been determined as Level 1. **Events occurring after reporting date** - The Company has evaluated events and transactions that occurred between December 31, 2019 and February 28, 2020, which is the date the financial statements were available to be issued, for possible recognition or disclosure in the financial statements. #### **NOTE** 3 - **Marketable Security** At December 31 , 2019, the marketable security consists of the following: | | Number | Original | Market | | | |-------------|-----------|-------------|-------------|--|--| | | of Shares | Cost | Value | | | | Intel Corp. | 100 | \$
2,696 | \$
5,985 | | | #### **NOTE 4 - Net Capital Requirements** The Company is subject to the Securities and Exchange Commission "Uniform Net Capital Rule" (Rule 15c3-1 ), which requires the maintenance of minimum net capital at an amount equal to the greater of \$5,000 or 6 2/3% of aggregate indebtedness and requires that the ratio of aggregate indebtedness to net capital not exceed 15 to 1. In accordance with the "Uniform Net Capital Rule" investments held at the broker dealers are considered as non-allowable assets unless the broker dealer provides a letter allowing the Company to use the investments as part of net capital (PAIB accounts). At December 31, 2019, the Company has permission to include cash and equities held at E\*Trade Securities with a market value of \$5,011 (net of haircut of \$97 4), as avai lable for the net capital purposes. {11}------------------------------------------------ ## **NOTES TO FINANCIAL STATEMENTS DECEMBER 31.2019** #### **NOTE 4 - Net Capital Requirements (Continued)** At December 31, 2019, the Company had net capital of \$11 ,455 which was \$6,455 in excess of the required capital of \$5,000. There are no differences between the Computation of Net Capital as reported in the 2019 FOCUS reports and the amount reported in the audited financial statements. #### **NOTE 5 - Transactions with Related Company** The Company received no fees for administrative services rendered to a related Company. The stockholder/owner of Northbridge also owns the related Company. The fees related to reimbursements of some of Northbridge's expense. In January 1, 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The ASU and all subsequently issued clarifying ASUs replaced most existing revenue recognition guidance in U.S. GAAP. The ASU also required expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted the new standard effective January 1, 2019, the first day of the Company's year. There was no revenue from contracts with customers in 2019. {12}------------------------------------------------ #### DECEMBER 31, 2019 ## SUPPORTING SCHEDULES PURSUANT TO RULE 17A-5 OF THE SECURITIES AND EXCHANGE COMMISSION {13}------------------------------------------------ ## SCHEDULE 1, SCHEDULE OF COMPUTATION OF NET CAPITAL UNDER RULE 15C3-1 DECEMBER 31, 2019 | | Broker or Dealer; Northbridge Financial Services | | | as of December 31 , 2019 | | | |----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|----|----------------------------------|--------------------------------------|--| | 1.
3.
9. | Total ownership equity from Statement of Financial Condition
Total ownership equity qualified Net Capital
Haircuts on securities (computed, where applicable, pursuant to 1 Sc-3-1 (f}) | | \$ | 12,429
12,429 | {3480} | | | | A. Contractual securities commitments
B. Subordinated securities borrowings
C. Trading and investment securities:
1. Exempted securities
2. Debt securities
3, Options
4. Other securities
974
D. Undue concentrations | {3660}
{3670)
{3735}
{3733)
{3730}
{3734}
{3650) | | | | | | | E. Other (list)
10. Net Capital | {3736) | \$ | 974
11,455 | {3740)
{3740) | | | Part A | | | | | | | | | 11 . Minimum net capital required (6 2/3% of line 18)
12. Minimum dollar net capital requirement of reporting broker or dealer and minimum | | \$ | 5,000 | {3756) | | | | net capital requirement o subsidiary computed in accordance with Note (A)
13. Net capita l requirement (greater of line 11 or 12)
14. Excess net capital (line 10 less line 13)
15. Net capital less greater of 10% of line 19 of 120% of line 12 | | \$ | 5,000
5,000
6,455
5,455 | {3758}
(3760}
(3770}
(3780} | | | | COMPUTATION OF AGGREGATE INDEBETDNESS | | | | | | | | 16. Total A. I. liabilities from Statement of Financial Condition
18. Total aggregate indebtedness
19. Percentage of aggregate indebtedness to net capital (line 18 divided by line 10)
20. Percentage of debt to debt-equity total computed in accordance with rule 1 Sc3-1 d | | \$ | | (3790
(3840}
(3850}
(3860} | | {14}------------------------------------------------ ## SCHEDULE 1, SCHEDULE OF COMPUTATION OF NET CAPITAL UNDER RULE 1SC3-1 DECEMBER 31 , 2019 Broker or Dealer; Northbridge Financial Services as of December 31 , 2019 ## **STATEMENT PURSUANT TO PARAGRAPH (d)(4) OF Rule 17a-5** Statement Pursuant to Rule 17a-S(d)(4) - A reconcil iation of the Company's computation of net capital as reported in the unaudited Part llA of Form X-17 A-5 was not prepared as there are no material differences between the Company's computation of net capital and the computation contained herein. ## **NOTES:** - (A) The minimum net capital requirement should be computed by adding th e minimum dollar net capital requirement of the reporting broker-dealer and for each subsidiary to be consolidated, the greater of: - 1. Minimum dollar net capital requirement, or - 2. 6-2/3% of aggregate indebtedness of 4% of aggregate debits, if the alternative method is used. - (B) Do not deduct the value of securities borrowed under subordination agreements or secured demand notes covered by subordination agreements not in satisfactory from and the market values of memberships in exchanges contributed for use of Company (contra to item 1740) and partners securities which were included in nonallowable assets. - (C) For reports filed pursuant to paragraph (d) of Rule 17a-5, respondent should provide a list of material nonallowable assets. - (D) There are not material differences between th e amount reported herein and the Form X-17-A-S Part llA Filing {15}------------------------------------------------ # **SCHEDULE II, SCHEDULE OF COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 1 SC3-3 {EXEMPTION) AS OF DECEMBER 31. 2019** Exemption from filing Compliance Report Required by SEC Ru le 1 Sc3-3 Northbridge Financial Services is exempt from the Computation for Determination of Reserve Requirement for Broker/ Dealer under Rule 1 Sc3-3 of the Securities and Exchange Commission because of the exemption provided under Rule 15c3-3(k)(2)(i), as a broker/dealer, "who does not carry securities accounts for customers or perform custodial functions relating to customer securiti es, and as such a review of the practices and procedures over safeguarding securities was not performed." {16}------------------------------------------------ ![](_page_16_Picture_0.jpeg) # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of Northbridge Financial Services f/k/a/ Hans, Christian, Anderson, Inc. We have reviewed management's statements, included in the accompanying Northbridge Financial Services Exemption Report, in which (1) Northbridge Financial Services identified the following provisions of 17 C.F.R. §15c3-3{k) under which Northbridge Financial Services claimed an exemption from 17 C.F.R. §240.15c3-3(k)(2)(i) (exemption provisions) and (2) Northbridge Financial Services stated that Northbridge Financial Services met the identified exemption provisions throughout the most recent fiscal year without exception. Northbridge Financial Services 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 Northbridge Financial Services 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)(i) of Rule 15c3-3 under the Securities Exchange Act of 1934. Southfield, Michigan February 28, 2020 One Northweste rn Plaza • 28411 Northwestern Highway Suite 800 • Southfield Michigan 48034-5538 • www.mrpr.com ![](_page_16_Picture_10.jpeg) {17}------------------------------------------------ ## **EXEMPTION REPORT Year Ended December 31, 2019** Northbridge Financial Services, (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (the "SEC') (1 7 C.°F.R. 240, 17a-5), "reports to be made by certain Brokers and Dealers." The Exemption was prepared as required by 17 C.F.R. 240. 17a-5(d)(1) and (4). Th the best of its knowledge and belief, the Company state the following: - a) The Company claimed an exemption from SEC Rule C.F.R. 240. 1 Sc3-3 under the provisions of 17 C.F.R. 1 Sc3(k){2)(i). - b) The Company does not handle cash or securities on behalf of customers and therefore, met the identified exemption provisions in 17 C.F.R. 240. 1 Sc3-3(k) throughout the year ended December 31 , 2018, without exception. Andrew C. Hans President Northbridge Financial Services February 25, 2020 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.