# JAMES T. BORELLO & CO. X-17A-5 (2022-11-21) — Broker-dealer annual report
- Company: JAMES T. BORELLO & CO.
- Form: X-17A-5
- Filed: 2022-11-21
- Period: 2022-09-30
- Accession: 0000871185-22-000001
- CIK: 871185
- File #: 8-43398
- Type: Broker-dealer
- Material weakness: No
- Auditor: Bryan Morrissey
- Auditor location: Norwell, ME
- Contact: Daniel J. Borello
- Phone: 847-426-0200
- Email: dantel@borellos.com
- Website: borellos.com
- Signed by: Daniel J. Borello (VP)
Original filing: https://www.sec.gov/Archives/edgar/data/871185/000087118522000001/Short.pdf
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### JAMES T. BORELLO & CO.
FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT RECISTERED PUBLIC ACCOUNTING FIRM PURSUANTTO RULE l7a-5
SEPTEMBER30,2022
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FACING PAGE lnformation Requlred Pursuant to Rules l7a-5,77a-12, and 18a-7 under the Securltles Exchange Act of 1934 UNlTED STATES SECURITIES AND EXCHANGE COMMISSION Washlngton, D.C.20549 ANNUAL REPORTS FORM X-17A-5 PART III AND ENDING MM/DD/YY OMB APPROVAL OMg Number:3215"0123 txpires: Oct. 31, 2023 Istimatcd avera8c burden hours per response: l2 SEC FILE NUMI][R MM/DD/YY FTLTNG FoR rHE pERroD BEGTNNTNG 1010112021 0913012022 A. REGISTRANT I DENTIFICATION NAME OF FIRM JAMES T. BORELLO & CO ryPE OF REGISTRANT (check all applicable boxes): El Broker-dealer fl Security-based swap dealer I Check here if respondent is also an OTC derivatives dealer [J Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 151 DUNDEE AVENUE EAST DUNDEE (No. and Street) IL 60118 (uty) (state) PERSON TO CONTACT WITH REGARD TO THIS FILING DANIEL J. BORELLO 847-426.0200 (Zip Code) DANTEL@BORELLOS.COM (Name) (Area Code - Telephone Number) (Email Address) B. ACCOU NTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* LMHS, P.C. Certified Public Accountants and Advisors (Name - if lndivldual, state last, first, and middle name) 80Washington Street, Bldg S Norwell MA 02061 (Address) 0212412009 (city) (State) (zip Code) 3373 (Date of nwlth B atlorr Nurnber, if a licabl \* Claims for exemption from the requirement that the annual reports be covered by the reports of an lndependent public FOR OFFICIAL USE ONLY
accountantmustbesupportedbyastatementoffactsandcircumstancesreliedonasthebaslsoftheexemptlon. See17 CFR 240.174-5(eXlXii), if applicable.
Persons who are to respond to the coll€ctlon ol lnformatlon contalned ln thls form are not requlred to respond unless the form dlsplays a currently valld OMB control number.
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{3}------------------------------------------------
# UrMEs T. BORELLO A g.O,
## CONTENTS
# REPORT OF TNDEPENDENT REGISTBRED PUBLIC ACCOI.JNTINC FIRM
FINANCIAL STATEMENTS STA'|EMENT OF FINANCIAL CONDITION
NOTES TO FINANCTAI- STATEMENTS
3-7
I
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{4}------------------------------------------------
### Report of Independent Registered Public Accounting Firm
To Shareholders of James T. Borello & Co East Dundee, IL
#### Opinion on the Financial Statements
We have audited the accompanying statement of condition of James T. Borello & Co. (the "Company") as of September 30, 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2022, in conformity with accounting principles generally accepted in the United States of America.
### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's 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 the Company 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. James T. Borello & Co is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control over financial reporting. Accordingly, we express no such opinion.
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.
LMHS, P.C.
LMHS, P.C. We have served as James T. Borello & Co's auditor since 2022. Norwell, Massachusetts November 14, 2022
{5}------------------------------------------------
# JAMES T. BORELLO & CO.
# STATEMENT OF FINANCIAL CONDITION
## SEPTEMBER 30, 2022
#### ASSETS
| Cash | 5 | 180,733 |
|------------------------------------------|------|-----------|
| Commissions and concessions receivable | | 912,268 |
| Furniture and equipment, at cost, net of | | 41,176 |
| \$332,708 accumulated depreciation | | |
| Automobile, at cost, net of | | 164,653 |
| \$228,019 accumulated depreciation | | |
| | | |
| TOTAL ASSETS | ട് - | 1,298,830 |
## LIABILITIES AND SHAREHOLDER'S EQUITY
| \$
12,748 |
|--------------|
| 60,990 |
| 73,739 |
| |
SHAREHOLDER'S EQUITY
Common stock, no par value
authorized 10,000 shares; issued
| and outstanding 1,000 shares | 1,000 |
|-----------------------------------------------|----------------|
| Additional paid-in capital | 160,379 |
| Retained earnings | 1,063,712 |
| Total Shareholder's Equity | 1,225,091 |
| TOTAL LIABILITIES AND SHAREHOLDER'S
EQUITY | 1,298,830
S |
The accomying notes are an integral part of these financial statements.
{6}------------------------------------------------
# JAMES T. BORELLO & Cq Notes to Financial Statements YEAR ENDED SEPTEMBER 30,2022
## NOTE I - ORGANZA'I'ION AND SIGNtrICANT ACCOUNTING POLICIES
Organization - James T. Borello & Co. (the "Company") was incorporated in the state of lllinois on February 14, 1990. The Company is registered as a broker/dealer with the Securities and Exchange Commission (SEC) and is a member of the Financial lndustry Regulatory Authority (FINRA). The Company is also registered with the SEC as an investment advisor. The Company's principal business activities are the sale of securities and providing investment advice.
Basis of hesentation - The financial statements have been prepared in conformity with acconnting principles generally accepted in the United States of America ("GAAP").
### Bevenue Recoguition:
Effective October l, 2018, the Company adopted ASC Topic 606, Reventte from Contracts with Custorners ("ASC Topic 606"). The new revenue recognition gr.ridance requircs 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 or services. The guidance requires an entity to follow a five step model to (a) identify the contmct(s) with a customer, (b) identify the performance obligations in the contract, (c) detemrine the transactiorr price, (d) allocate the transaction price to the performance obligations in lhe contract, and (e) recognize levenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a sigrtificant revemal in the amount of cumulative revenue rccognized would not occlu when the unceilainty associated with the variable consideration is rcsolved. The Company applied the rnodified retrospective method of adoption which resulted in no adjustnlent to rctained earniugs as of October 1, 2018. The new revenne lecognition guidance does not apply to rcvenue associated with financial instrunents, interest income and expense, leasing and insurance corttlacts.
Securities Transactions - Commission revenue and related expense arising fronr securities transactions arc recorded on the trade date basis, which is the sanre bnsiness day as the transaction date.
{7}------------------------------------------------
## JAMES T. BORELLO & CO. Notes to Financial Statements YEAR ENDED SEPTEMtsER 30, 2022
## NOTE I - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICTES - (continued)
Accounting and Tax Preparation Fees - The Company tecords revenue for accounting and tax preparation fees when the services are paid'
Advisury Fees - Advisory fees are rccognizcd bascd on thc avcragc daily balance of the previours quarter and are paid in arears.
Allowance for Doubtful Accounts - T'he allowance for doubtftrl accounts is determined on a specific identification basis ns a result of a case-by-case review of receivables. As of September 3O,2022, there was no allowance for doubtful accounts recorded for commissions' receivable as the Company's management believes all amounts are fully collectible.
Depreciation - Depreciation of furnitue, e.quiptne.nt and atttotnohile is provided for using various accelerated and straight-line methods over five and seven year periods.
Concentration of Risk - The Cornpany's cash is on deposit at one financial ilstitution nnd tho balancs ot times may exceed the federally iusured limit. Dtte to the strong credit rating of this financial institution, the Company believes it is not exposed to any significant credit risk to cash.
Estimates - I'he preparation of financial statements iu conformity with GAAP requires rnanagetnent 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 reventtes and expenses during the reporting period. Actual results could differ froltt those estimates.
#### NOTE2-INCOMETAXES
The Cornpany has elected S Corporation status fot' ittconre tax purposes. Income taxes ale therefore the responsibility of the Company's sole shareholder. The Company is subject to certain lllinois income taxes'
The Company accorutts for any potential interest or penalties related to possible fnturc liabilities for unrecognized incorne tax benefits as other expense. The Cornpany is no longer subject to examination by tax authorities for federal, state or local incorne taxes for periods before 2018.
{8}------------------------------------------------
# JAMES T. BORELLO & CO. Notes to Financial Statements YEAR ENDED SEPTEMBER 30,2022
### NOTE3-RETIREMENTPLAN
The Company sponsors a 401(k) plofit sharing plan for all employees that have attained the age of 2l and completed 1,000 hours of service during a l2-month period. The Company will make an annual Safe Harbor Non-elective 3Vo contribution that is 1007o vested immediately. All other discretionary profit sharing contributions made by the Company vest over a six-year period based on yeal's of eligible service. Contributions to the plan for the year ended September 30, 2A22 were \$ 1 80,06 1.55.
#### NOTE,4 - CASH BALANCE PENSION PLAN
The Company sponsors a cash balance pelrsion plan. The Plan is a noncontributory defined benefit plan and a tax-qualified retirement plan subject to the Ernployee Retirement Income Security Act of 1974, as amended (ERISA). The Cornparty funds retirunent costs through a trust and cornplies with the applicable minimum funding requircments specified by ERISA. Participants' accrued benefits vest 10070 after three years of eligible service and are based on accumulation acconnt balarrces, which arc maintained for each individual. Participants receive an amual pay credit up to 807o of their compensation and a monthly interest credit at a fixed rate of 57o compounded aruttrally. The Company expensed \$140,845.92 of contributions to the plan for the year ended Septernber 30,2022.
#### NOTE 5 - NET CAPITAL REQUIREMENTS
As a registered broker/dealer and menrber of FINRA, the Contpany is subject to the Unifonn Net Capital Rule, l5c3-1, which requires the maintenance of minitnum net capital and rcquires that the ratio of aggrcgate indebtedness to net capital, both as defined, shall not exceed lSOTVo- At September 30,2022, the Company's net capital and requircd net capital were \$106,994 and \$25,000, tespectively. The ratio of aggregate indebtedness to net capital was 697o.
#### NOTE6-RELATEDPARTY
During the year ended Septernber' 30,2022, the Cornparry paid \$78,000 irt rent for occupancy of its prernises to an entity owtred by the Company's sole shareholder and other related parties. No written lease agreement exists between the Conrpany and this eutity.
{9}------------------------------------------------
## JAMEI},T. BORELLO & CO. Notes to Financial Statements YEAR ENDED SEPTEMBER 30,2022
In addition, this shareholder is a registered representative of the Company and is responsible for a significant portion of the Company's revenue. The shareholcler is not compensated based on a Percentage of the levenue produced' but receives a salary and distributions
### NOTE 7 - CASH SEGREGA'I'ED UNDER FEDERAL AND OTTMR REGULATIONS
The Company has a bank account designated as a Special Bank Account for the Exclusive Benefit of Customers pursuant to Rule l5c3-3 of the SEC. At September 30, 2022, this special bank account had a zero balance.
#### NOTE 8 - FURNITURE AND EQUtrMENT
Furniture and equipment at September 30,2022 consists of:
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## NOTE 9 - RTSK TO OPERATIONS
The United States is presently in the midst of a national health emetgency related to a virus, commonly known as Novel Coronavirus (COVID-I9). The overall consequences of COVID -19 on a national, regional and local level ale unkttown, but it has the potential to result irr a significant economic irnpact. The inrpact of this situation on the compalry and its future results arrd financial position arc not prcsently detenninable.
{10}------------------------------------------------
# JAMEST. BORELLO & CO. Notes to Financial Statements YEAR ENDED SEPTEMBDR 30, 2022
### NOTE IO. COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company is subject to inquiries from certain regulators. There are no pending regulatory inquiries to which the Company is a party for which management believes the ultimate outcome would have a material adverse effet on its financial position.
The Company had no significant contingent liabilities requiring disclosure in the financial statements.
## NOTTE I 1 - SUBSEQI.JENT EVENTS
Management has evaluated subsequent that havg occurred as of November 14, 2022,the date the financial statements were available to be issued.
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.