# HAMILTON CAVANAUGH INVESTMENT BROKERS, INC. X-17A-5 (2026-04-02) — Broker-dealer annual report - Company: HAMILTON CAVANAUGH INVESTMENT BROKERS, INC. - Form: X-17A-5 - Filed: 2026-04-02 - Period: 2025-12-31 - Accession: 0000920063-26-000003 - CIK: 920063 - File #: 8-46982 - Type: Broker-dealer - Material weakness: No - Auditor: Goldman & Company CPAs - Auditor location: Marietta, GA - Contact: Lindsay Hamilton - Phone: 914-761-6110 - Email: lindsayh@hamcav.com - Website: hamcav.com - Signed by: Lindsay Hamilton (Chief Compliance Officer & General Counsel) Original filing: https://www.sec.gov/Archives/edgar/data/920063/000092006326000003/hcapublicreport.pdf --- {0}------------------------------------------------ Hamilton, Cavanaugh & Associates, Inc. ANNUAL AUDITED REPORT FORM X-17 A-5 PART Ill SEC FILE NO. 8-46982 FOR THE YEAR ENDED DECEMBER 31, 2025 (with Report of Registered Independent Public Accounting Firm) {1}------------------------------------------------ | SECURITIES AND EXCHANGE COMMISSION | OMB Number: 3235-0123
Expires: Nov. 30, 2026
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hours per response: 12 | | | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|-----------------|--------------------------------------------|--|--|--|--| | | ANNUAL REPORTS | | SEC FILE NUMBER | | | | | | FORM X-17A-5 | | 8-046982 | | | | | | | PART Ill | | | | | | | | | FACING PAGE
Information Required Pursuant to Rules 17a-S, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | | | | | FILING FOR THE PERIOD BEGINNING 01/01 /2025 | | | AND ENDING 12/31 /2025 | | | | | | | MM/DD/YY | | MM/DD/YY | | | | | | A. REGISTRANT IDENTIFICATION | | | | | | | | | NAME oF FIRM: Hamilton Cavanaugh and Associates, Inc. | | | | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
[!] Broker-dealer
0 Security-based swap dealer
0 Major security-based swap participant
0 Check here if respondent is also an OTC derivatives dealer | | | | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: {Do not use a P.O. box no.) | | | | | | | | | 661 North Broadway | | | | | | | | | | {No. and Street) | | | | | | | | North White Plains | NY | | 10603 | | | | | | (City) | (State) | | (Zip Code) | | | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | | | Lindsay Hamilton | (914) 761-6110 | | lindsayh@hamcav.com | | | | | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Goldman & Company, CPAs, PC | {Name - if individual, state last, first, and middle name) | | | | | | | | 3535 Roswell Road, Ste 32 Marietta | | | 30062
GA | | | | | | (Address) | (City) | {State) | (Zip Code) | | | | | | 06/25/2009 | | 1952 | | | | | | | (Date of Re11:istration with PCAOB)(if applicable) | | | {PCAOB Registration Number, if applicable) | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | | | • 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-S(e}(l)(ii), if applicable. Persons who 11re to respond to the collection of information contained in this form 11re not required to respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION I, Lindsay Hamilton swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Hamilton, Cavanaugh and Associates, Inc. as of December 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. S•gnatu••,L\_~~--- This filing\*\* contains (check all applicable boxes): - Iii {a) Statement of financial condition. - ii (b) Notes to consolidated statement of financial condition. - D (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 5-X). - D (d) Statement of cash flows. - D (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - 0 (g) Notes to consolidated financial statements. - D (h) Computation of net capita'I under 17 CFR 240.15c3-1or17 CfR 240.18a-1, as applicable. - 0 (i) Computation of tangible net worth under 17 CFR 240.18a-2. - D (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.1Sc3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D {I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - 0 (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - 0 (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3{p)(2) or 17 CFR 240.18a-4, as applicable. - 0 {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. - 0 (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 240.18a-7, as applicable. - 0 (r) Compliance report in accordance with 17 CFR 240.17a-5or17 CFR 240.18a-7, as applicable. - 0 (s) Exemption report in accordance with 17 CFR 240.17a-5or17 CFR 240.18a-7, as applicable. - iii (t) Independent public accountant's report based on an examination of the statement of financial condition. - 0 {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 240.18a-7, or 17 CFR 240.17a-12, as applicable. - 0 {v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5or17 CFR 240.18a-7, as applicable. - 0 (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - 0 (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - 0 (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: \_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - inro 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. {3}------------------------------------------------ ### TABLE OF CONTENTS | | Page No. | |---------------------------------------------------------|----------| | Report of Registered Independent Public Accounting Finn | 1 | | Financial Statements | | | Statement of Financial Condition | 2 | | Notes to Financial Statements | 3 | {4}------------------------------------------------ ### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholder of Hamilton Cavanaugh & Associates, Inc. #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Hamilton Cavanaugh & Associates, Inc., as of December 31, 2025, and the related footnotes ( colJectively referred to as the "financial statement"). CL In our opinion, the financial statement presents fairly, in all material respects, the fmancial position ~ 2 Hamilton Cavanaugh & Associates, Inc. as of December 31, 2025 in confonnity with accounting principles O generally accepted in the Unjted States of America. ## Basis for Opinion ; C This financial statement is the responsibility of Hamilton Cavanaugh & Associates, rnc. 's management. Our responsibility is to express an opinion on Hamilton Cavanaugh & Associates, Inc. 's fmancial statement based on our audit. We are a public accounting finn registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Hamilton Cavanaugh & Associates, Inc. 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 perfonn 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 perfonning 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 welJ as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2022. Goldman & Company, CPA's, P.C. Marietta, Georgia March 24, 2026 {5}------------------------------------------------ # Hamilton, Cavanaugh & Associates, Inc. STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025 | ASSETS
Cash and cash equivalents
Receivable from broker-dealers and plan sponsors
Other assets | \$
190,497
19,350
5164 | |---------------------------------------------------------------------------------------------------------|---------------------------------| | TOTAL ASSETS | \$215,011 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | LIABILITIES
Accounts payable and accrued expenses | 40.659 | | TOTAL LIABILITIES | 40,659 | | STOCKHOLDER'S EQUITY
Common stock, no par value
200 shares authorized,
Issued and outstanding | 16,000 | | Additional paid-in capital
Retained earnings | 150,000
8,352 | | TOTAL STOCKHOLDER'S EQUITY | 174,352 | | TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | \$
2:15,Ql:l | The accompanying notes are an integral part of this statement. {6}------------------------------------------------ # **Hamilton, Cavanaugh & Associates, Inc. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** ## **NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** ### **NATURE OF BUSINESS** Hamilton, Cavanaugh & Associates, Inc. (the "Company"), a New York State corporation, is a registered broker-dealer in securities under the Securities Act of 1934 and is a member of the Financial Industry Regulatory Authority and Securities Investor Protection Corporation. The Company is engaged in the sale of variable annuities and mutual funds, primarily in New York and New Jersey. #### **INCOME TAXES** The Company is organized as an S corporation under the applicable provisions of the Internal Revenue Code. In lieu of corporate income taxes, the shareholders of an S corporation are taxed on their proportionate share of the Company's taxable income. Therefore, no provision or liability for federal income taxes has been included in the financial statements. The Company has determined that there are no material uncertain tax positions that require recognition or disclosure in its financial statements. Taxable years ended from December 31, 2020, through the present are subject to examination by the taxing authorities. ### **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 of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. ### **REVENUE FROM CONTRACTS WITH CUSTOMERS** The Company follows ASC Topic 606, "Revenue from Contracts with Customers." Revenue from contracts with customers is recognized when, or as, the Company satisfies performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized when it is determined the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration the Company expects to be entitled to in exchange for those promised goods or services (i.e., the "transaction price"). In determining the transaction price, the Company considers multiple factors. including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, the Company considers the range of possible outcomes, the predictive value of past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of the Company's influence, such as market volatility or the judgment and actions of third parties. {7}------------------------------------------------ # NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED The following provides detailed information on the recognition of the Company's revenue from contracts with customers: ### Significant Judgements Revenue from contracts with customers includes comm1ss1on income. The recognition and measurement of revenue is based on the assessment of individual contract terms. Significant judgement is required to determine whether performance obligations are satisfied at a point in time or over time, how to allocate transaction prices where multiple performance obligations are identified, when to recognize revenue based on the appropriate measure the Company's progress under the contract, and whether constraints on variable consideration should be applied due to uncertain future events. ### Broker Dealer Distribution Fees The Company acts as a distributor for certain mutual funds and insurance companies. The Company earns distribution fees from front-end sales that occur at the point of sale as well as trailing fees for which the Company provides ongoing support and education to its clients. Front-end sales fees are based on a percentage of the share price and are recognized as revenue on a trade-date basis, which is when the Company's performance obligations in generating the fees have been satisfied. Distribution fees include mutual fund, and fixed and variable product trailing fees, which are recurring in nature. These trailing fees and 128-1 fees are earned by the Company based on a percentage, as defined in the mutual fund prospectus or contract with the insurance company, of the current market value of clients' investment holdings in trail-eligible assets and recognized over the period during which services are performed. Accounts receivable from broker-dealers was \$19,350 at December 31, 2025. Management has determined no allowance for credit losses is necessary at December 31 , 2025. ### Disaggregated Revenue | Variable Annuities Fees | 93,573
\$ | |-------------------------|---------------| | Service Fees | 23,317 | | Mutual Funds Fees | 17,919 | | 12b-1 Fees | 5475 | | | 140.284
\$ | ### Service Fees Revenue Service fees are asset-based fees for services provided to retirement plans such as assisting plan participants with plan questions, providing plan education, or other administrative services. Service fees are calculated based on a percentage of assets in retirement plans serviced by the Company. These fees are paid by the recordkeeper monthly and are recognized when received. {8}------------------------------------------------ # **NOTE 2: PROPERTY AND EQUIPMENT** Depreciation is calculated by the straight-line method for financial reporting purposes at rates based on the following estimated useful lives. | Equipment | YEARS
5-7 | | |-------------------------------------------------------|--------------|-------------------| | Fixtures | 7 | | | Autos | 5 | | | At December 31 , 2025: | | | | Equipment | | \$
471
,826 | | Fixtures | | 120,886 | | Autos | | 262,957 | | Subtotal | | 855,669 | | Accumulated depreciation | | (855,669) | | Property and equipment, less accumulated depreciation | | \$
0 | ## **NOTE 3: CREDIT AND MARKET RISK** The Company maintains its cash balances at one financial institution. The Federal Deposit Insurance Company (FDIC) insures up to \$250,000 of deposits maintained in non-interest-bearing transaction accounts at any member financial institution. At December 31, 2025, the Company had no uninsured balance at a financial institution. ## **NOTE 4: CONCENTRATION OF CUSTOMER REVENUES AND RECEIVABLES** For the year ended December 31 , 2025, Four customers accounted for 94% of the Company's accounts receivable. Five customers accounted for 76% of the Company's revenue. # **NOTE 5: RELATED PARTY TRANSACTIONS** All related parties are controlled by the stockholder of the Company. Related party transactions for the year ended December 31, 2025, are as follows: The Company is party to an Expense Sharing Agreement (ESA) with Aspire Advisors, Inc. ("Aspire"}, a related company, initially effective December 2015, amended May 2023 and updated in 2025 to revise allocations effective August 1, 2025. Under the ESA, Aspire allocates certain expenses and services to the Company. Company policy is to record the allocations from Aspire as to the appropriate expense account. The expenses allocated to the Company under the ESA by Aspire totaled \$48,266 which is included in expenses on the accompanying Statement of Income. In addition, the Company paid operating expenses on behalf of Aspire totaling \$149,523 and has a payable balance of \$25,862 associated with 2024 reimbursements from Aspire and 2025 ESA allocations, which is included in accounts payable and accrued expenses on the accompanying Statement of Financial Condition. {9}------------------------------------------------ # **Hamilton, Cavanaugh & Associates, Inc. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2025** ## **NOTE 6: NET CAPITAL REQUIREMENTS** The Company is subject to the SEC's Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital, as defined, and requires that the ratio of aggregate indebtedness, as defined, to net capital, shall not exceed 15 to 1. At December 31, 2025 the Company had net capital of \$168,821 which was \$163,821 above its required net capital of \$5,000. The Company's ratio of aggregate indebtedness to net capital was .24 to 1. Capital withdrawals are subject to certain notification and other provisions of the net capital rules of the SEC. ### **NOTE 7: SUBSEQUENT EVENTS** The Company has performed an evaluation of events that have occurred subsequent to December 31 , 2025, and through March 24, 2026, the date the financial statements were available to be issued. There have been no material subsequent events that have occurred during such period that would require disclosure in this report or be required to be recognized in the financial statements as of December 31, 2025. #### **NOTE 8: ACCOUNTS RECEIVABLE** The Company has evaluated its receivables from affiliates and broker dealers and plan sponsors and has determined that no valuation allowance is needed. The accounts receivable at January 1, 2025 was \$21,734. ### **NOTE 9: BASIS OF ACCOUNTING** The Company maintains its books and records on the accrual basis of accounting as required by FINRA and the SEC. The Company is evaluating new accounting standards and will implement as required. ### **NOTE 10: CASH AND CASH EQUIVALENTS** The Company defines cash equivalents as highly liquid investments with original maturity dates of less than 90 days. #### **NOTE 11: SINGLE REPORTABLE SEGMENT** The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of a single class of services, including agency transactions in mutual funds, 529 plans, and variable life and annuities. The Company has identified its President/CEO 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 (see Note 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. 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 11 percent of its total revenues from a single external customer in 2025. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.