# GREAT PLAINS FINANCIAL SERVICES, LLP X-17A-5 (2026-02-09) — Broker-dealer annual report - Company: GREAT PLAINS FINANCIAL SERVICES, LLP - Form: X-17A-5 - Filed: 2026-02-09 - Period: 2025-12-31 - Accession: 0001026100-26-000003 - CIK: 1026100 - File #: 8-49718 - Type: Broker-dealer - Material weakness: No - Auditor: Sanville $ Company LLC - Auditor location: Dallas, TX - Contact: Richard William Engen - Phone: 7012711590 - Signed by: Richard William Engen (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1026100/000102610026000003/PUBLIC.pdf --- {0}------------------------------------------------ # **GREAT PLAINS FINANCIAL SERVICES, LLP** *FINANCIAL STATEMENTS DECEMBER 31, 2025* {1}------------------------------------------------ #### **GREAT PLAINS FINANCIAL SERVICES, LLP** Table of Contents | | Page | |----------------------------------------------------------------------|------| | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 1-2 | | FINANCIAL STATEMENTS | | | Financial Condition | 3 | | Operations | 4 | | Partners' Equity | 5 | | Cash Flows | 6 | | Notes to Financial Statements | 7 | | SUPPLEMENTARY INFORMATION REQUIRED BY | | | RULE 17a-5 OF THE SECURITIES AND EXCHANGE COMMISSION | | | Schedule I | | | Computation of Net Capital Under Rule 15c3-1 | | | of the Securities and Exchange Commission | 11 | | Schedule II | | | Computation for Determination of Reserve Requirements Under | | | Rule 15c3-3 of the Securities and Exchange Commission | 12 | | Schedule III | | | Information Relating to the Possession or Control Requirements Under | | | Rule 15c3-3 of the Securities and Exchange Commission | 12 | | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | | ON REVIEW OF EXEMPTION REPORT | 13 | | EXEMPTION REPORT PURSUANT TO RULE 17a-5 | 14 | | | | {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Partners and Those Charged With Governance Great Plains Financial Services, LLP #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Great Plains Financial Services, LLP (the Company) as of December 31, 2025, the related statements of operations, changes in partner's equity, and cash flows for the year then ended, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its 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 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 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. The Company 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 Company'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. #### **Supplemental Information** The supplementary information contained in Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the > 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {3}------------------------------------------------ responsibility of the Company'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 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. § 240.17a-5. In our opinion, the supplementary information contained in Schedule I, Computation of Net Capital Under SEC Rule 15c3-1, Schedule II, Computation for Determination of Reserve Requirements Under SEC Rule 15c3-3, and Schedule III, Information Relating to the Possession or Control Requirements Under SEC Rule 15c3-3 is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2024. Sanville & Company, LLC Dallas, Texas January 27, 2026 {4}------------------------------------------------ # **GREAT PLAINS FINANCIAL SERVICES, LLP STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2025** #### **ASSETS** | CASH AND CASH EQUIVALENTS | \$
84,917 | |--------------------------------------------|--------------| | EQUIPMENT | | | Equipment, at cost | 6,725 | | Less accumulated depreciation | (2,690) | | Equipment, net of accumulated depreciation | 4,035 | | Total assets | \$
88,952 | | LIABILITIES AND PARTNERS' EQUITY | | | LIABILITIES | \$
- | | PARTNERS' EQUITY | 88,952 | | Total liabilities and partners' equity | \$
88,952 | {5}------------------------------------------------ # **GREAT PLAINS FINANCIAL SERVICES, LLP STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2025** | COMMISSIONS | \$
291,420 | |----------------------------|---------------| | DISTRIBUTION FEES | 30,598 | | SERVICE FEE INCOME | 2,400 | | INTEREST INCOME | 2,334 | | Total revenues | 326,752 | | EXPENSES | | | Commissions expense | 283,572 | | Professional fees | 14,369 | | Occupancy | 9,610 | | Regulatory fees | 5,930 | | Software subscriptions | 4,566 | | Insurance | 1,673 | | Telecommunications | 1,383 | | Depreciation | 1,345 | | General and administrative | 2,315 | | Total expenses | 324,763 | | Net earnings | \$
1,989 | {6}------------------------------------------------ # **GREAT PLAINS FINANCIAL SERVICES, LLP STATEMENT OF PARTNERS' EQUITY YEAR ENDED DECEMBER 31, 2025** | BALANCE - DECEMBER 31, 2024 | \$
98,276 | |-----------------------------|--------------| | Net earnings | 1,989 | | Contributions | 19,701 | | Distributions | (31,014) | | BALANCE - DECEMBER 31, 2025 | \$
88,952 | {7}------------------------------------------------ # **GREAT PLAINS FINANCIAL SERVICES, LLP STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 2025** | CASH FLOWS FROM OPERATING ACTIVITIES | | |------------------------------------------------|--------------| | Net earnings | \$
1,989 | | Adjustments to reconcile net earnings | | | to net cash from operating activities | | | Depreciation | 1,345 | | Changes in assets and liabilities | | | Other receivables | 223 | | Operating lease right-of-use asset | 12,480 | | Operating lease liability | (12,778) | | NET CASH FROM OPERATING ACTIVITIES | 3,259 | | CASH FLOWS USED FOR FINANCING ACTIVITIES | | | Contributions | 19,701 | | Distributions | (31,014) | | NET CASH USED FOR FINANCING ACTIVITIES | (11,313) | | NET CHANGE IN CASH AND CASH EQUIVALENTS | (8,054) | | CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 92,971 | | CASH AND CASH EQUIVALENTS AT END OF YEAR | \$
84,917 | {8}------------------------------------------------ # **NOTE 1 - PRINCIPAL ACTIVITY AND SIGNIFICANT ACCOUNTING POLICIES** #### *Nature of Business* Great Plains Financial Services, LLP (Company) is organized as a limited liability partnership under the laws of the State of North Dakota and shall continue in perpetuity unless dissolved or terminated at an earlier date. The Company operates as a broker/dealer in securities under the Securities Exchange Act of 1934 providing sales of investment companies, variable annuity contracts and real estate investment trusts on an application-way basis. The Company operates one site in Fargo, North Dakota. The majority of the Company's revenues are generated from sales to residents of North Dakota. The Company amended the Membership Agreement to reflect that the Company no longer claims exemption from Rule 15c3-3 and instead relies on Footnote 74 to SEC Release 34-70073. The business activities are limited to effecting securities transactions via subscriptions on a subscription basis where the funds are payable to the issuer or its agent and not the Company. In addition, the Company does not carry accounts of or for customers. #### *Basis of Accounting* Commission revenue and commission expense are recognized on a trade date basis. #### *Cash and Cash Equivalents* The Company considers temporary, highly liquid investments to be cash equivalents. #### *Accounts Receivable* Accounts receivable result from commissions earned on sales of investments. Commissions are received monthly from the related investments. The Company regularly monitors all receivable balances and charges credit loss expense with any receivables deemed to be uncollectible. The Company does not charge interest and does not require collateral on any receivables. #### *Estimates* The preparation of financial statements in conformity with generally accepted accounting principles requires management 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. #### *Equipment* Equipment is stated at cost. Depreciation is computed on the straight-line method using an estimated useful life of five years. #### *Advertising* Costs for advertising are expensed as incurred. {9}------------------------------------------------ #### *Income Taxes* Income taxes on Partnership income are levied on the partners at the partner level. Accordingly, all profits and losses of the Partnership are recognized by each partner on their respective tax returns. Federal and state tax authorities generally have the right to examine and audit the previous three years of tax returns filed. The Company's federal and state income tax returns prior to fiscal year 2022 are closed. Any interest or penalties assessed to the Partnership are recorded in operating expenses. For the year ended December 31, 2025, there were no interest or penalties recorded in the accompanying financial statements. In accordance with FASB ASC 740-10, the Company undergoes an annual analysis of its various tax positions, assessing the likelihood of those positions being upheld upon examination with relevant tax authorities, as defined by FASB ASC 740-10. At December 31, 2025, the Company had no tax positions that would not be held up under examination. #### *Revenue Recognition* The Company recognizes revenue in accordance with ASU 2014-09, *Revenue from Contracts with Customers*, and all subsequent amendments (collectively, "ASC 606"), which establishes a single comprehensive framework for recognizing revenue from contracts with customers. ASC 606 requires (1) identifying the contract with a customer, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue when (or as) the entity satisfies a performance obligation by transferring control of a promised good or service to the customer. The revenue recognition standard does not apply to financial instruments or insurance contracts. The Company's revenue consists primarily of commissions and distribution fees (including trail commissions) earned from facilitating the sale and ongoing servicing of investment products, such as mutual funds and insurance products. The Company acts as principal in these transactions, controlling the promised services before they are transferred to the customer, and recognizes revenue on a gross basis. Commissions are earned from the initial sale of investments and represent a distinct performance obligation satisfied at a point in time. The Company recognizes commission revenue at the agreed-upon commission percentage when the customer completes the purchase of the investment and payment is processed (i.e., when control of the brokerage service transfers to the customer). The transaction price is fixed and determinable based on the investment amount, product type, or other contractual terms, with no significant variable consideration. Distribution fees, including trail commissions, are earned for ongoing services provided to customers, such as account maintenance, customer support, and distribution-related activities associated with the held investments. These represent a separate distinct performance obligation satisfied over time. A portion of the revenue is based on a fixed rate applied, as a percentage, to amounts invested at the time of sale. The remaining revenue is recognized the time the client owns the investment or holds the contract and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund, or the value of the insurance policy or annuity contract. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company's control including market volatility and client behavior (such as how long clients hold their investment, insurance policy or annuity contract). The revenue will not be recognized until it is probable that a significant reversal will not occur. {10}------------------------------------------------ #### *Leases* The Company recognizes an asset representing its right to use the leased asset for the expected lease term (the 'right-of-use' asset) and a corresponding lease liability for leases with terms greater than one year. The lease liability is measured at the present value of future lease payments, utilizing the risk-free discount rate. #### *Subsequent Events* The Company has evaluated subsequent events through January 27, 2026, the date which the financial statements were available to be issued. ### **NOTE 2 - CONCENTRATIONS OF CREDIT RISK** Approximately 87% of the Company's earned revenues for 2025 were generated from commissions associated with transactions of Edgewood Real Estate Investment Trust, a nonpublic real estate investment trust with properties located throughout the upper Midwest. #### **NOTE 3 - OPERATING LEASE** The Company leased office space under an operating lease agreement which was set to expire on April 30, 2026. Terms of the lease called for monthly rent payments of \$800 through April 30, 2025, increasing to \$828 monthly from May 1, 2025 through April 30, 2026. The Company and the landlord agreed to terminate the lease agreement effective November 30, 2025. Prior to termination of the lease, the present value of the right-of-use asset and the corresponding lease liability were calculated using the risk-free discount rate of 4.48%. The difference between the lease payment and the lease expense due to the escalating lease payment schedule were recorded to adjust the right-of-use asset. Upon termination of the lease, the remaining balances of the right-of-use asset and lease liability were recorded to rent expense. Rent expense totaled \$9,610 for the year ended December 31, 2025. #### **NOTE 4 - NET CAPITAL REQUIREMENTS** The Company is subject to the Securities and Exchange Commission's Uniform Net Capital Rule (Rule 15c3-1) 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 1 (and the rule of the "applicable" exchange also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1). As of December 31, 2025, the Company had the following net capital: | Net capital | \$
84,917 | |------------------------------|--------------| | Excess net capital | \$
79,917 | | Aggregate indebtedness ratio | 0.00 to 1 | The Company is subject to a \$5,000 minimum net capital requirement. The Company is also subject to the requirements that if aggregate indebtedness multiplied by 6-2/3 percent is higher, the minimum net capital would be increased to the higher amount. {11}------------------------------------------------ ## **NOTE 5 - PARTNERS EQUITY** During 2025, the Company entered into a Partnership Interest Purchase and Withdrawal Agreement to allow an existing partner to acquire the remaining Company ownership of two other partners and allow those two partners to withdraw from the Company. This agreement was effective November 1, 2025. A summary of the beginning and ending Company ownership percentage of each of the partners is as follows: | | Ownership | Ownership | | |------------------|--------------------|----------------------|--| | | Percentages as | Percentages as | | | | of January 1, 2025 | of December 31, 2025 | | | Partners | | | | | Richard Engen | 85.0% | 85.0% | | | Jeffrey Wallgren | 7.5% | 15.0% | | | Garry Pierce | 5.0% | 0.0% | | | Karen Pierce | 2.5% | 0.0% | | | | 100.0% | 100.0% | | #### **NOTE 6 - COMMITMENTS AND CONTINGENCIES** The Company does not have any commitments, guarantees or contingencies. The Company is not aware of any threats or other circumstances that may lead to the assertion of a claim at a future date. ## **NOTE 7 - SEGMENT REPORTING** The Accounting Standards Update (ASU) 2023-07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including broker-dealers. The update aimed to improve the transparency and usefulness of financial disclosures for investors and other stakeholders. ASU 2023-07 disclosure requirements are effective for fiscal years starting after December 15, 2024. The chief operating decision maker is the Chief Executive Officer of the Company and determined that no additional disclosures are required as the Company has only one reportable segment. {12}------------------------------------------------ # **GREAT PLAINS FINANCIAL SERVICES, LLP** *SUPPLEMENTARY INFORMATION* {13}------------------------------------------------ # **GREAT PLAINS FINANCIAL SERVICES, LLP COMPUTATION OF NET CAPITAL UNDER RULE 15C3-1 OF THE SECURITIES AND EXCHANGE ACT OF 1934 DECEMBER 31, 2025** | | Schedule I | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------| | NET CAPITAL
Total partner's equity from the statement of financial condition
Non-allowable assets:
Equipment | \$ | 88,952
(4,035) | | Net capital | \$ | 84,917 | | COMPUTATION OF BASIC NET CAPITAL REQUIREMENTS
Minimum net capital required -
higher of 6-2/3% times aggregate indebtedness or \$5,000 | \$ | 5,000 | | Excess net capital | \$ | 79,917 | | Net capital less greater of 10% of total aggregate indebtedness
or 120% of minimum net capital required | \$ | 78,917 | | AGGREGATE INDEBTEDNESS
Total aggregate indebtedness included in the statement of financial condition
Ratio of aggregate indebtedness to net capital | \$ | -
0.00 to 1 | | RECONCILIATION WITH COMPANY'S COMPUTATION
Net capital per Part II of Form X-17A-5, as originally filed
Adjustments | | 88,952
(4,035) | | | \$ | 84,917 | | Total aggregate indebtedness per Part II of Form X-17A-5, as originally filed
Adjustments | \$ | -
- | | | \$ | - | {14}------------------------------------------------ # **GREAT PLAINS FINANCIAL SERVICES, LLP COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS AND INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3 OF THE SECURITIES AND EXCHANGE COMMISSION DECEMBER 31, 2025** #### Schedules II & III #### **Exemption Provision** The Company is considered a "Non-Covered Firm" exempt from C.F.R. Sec. 240, 15c3-3 and is filing an Exemption Report by relying on footnote 74 to SEC Release 34-70073, as discussed in Q&A 8 of the related FAQ issued by SEC staff. The Company limits its business activities exclusively to (1) acting as a mutual fund retailer (2) selling variable life insurance or annuities (3) private placement of securities (4) effecting transactions in unit investment trusts and secondary transactions; and therefore, is not required to maintain a "Special reserve bank account for the Exclusive benefit of customers." {15}------------------------------------------------ ![](_page_15_Picture_0.jpeg) #### **Report of Independent Registered Public Accounting Firm** To the Partners and Those Charged With Governance Great Plains Financial Services, LLP We have reviewed the accompanying Exemption Report of Great Plains Financial Services, LLP (the Company) as of and for the fiscal year ended December 31, 2025, in which management asserts that: 1. The Company did not claim an exemption under any paragraph of 17 C.F.R. § 240.15c3-3(k); 2. The Company is filing this Exemption Report in reliance on Footnote 74 of SEC Release No. 34-70073 because it limited its securities business activities to (1) acting as a mutual fund retailer (2) selling variable life insurance or annuities (3) private placements of securities (4) effecting transaction in unit investment trusts and secondary transactions throughout the fiscal year ended December 31, 2025 exclusively to the activities described in that footnote; and 3. Throughout the fiscal year ended December 31, 2025, the Company: (i) did not receive, hold, or owe funds or securities for or to customers (except amounts received and promptly transmitted in accordance with 17 C.F.R. § 240.15c2-4(a) or (b)(2)); (ii) did not carry accounts of or for customers; and (iii) did not carry proprietary accounts of other broker-dealers. Management of the Company is responsible for the assertions in the Exemption Report and for compliance with the applicable requirements. We conducted our review in accordance with attestation standards established by the Public Company Accounting Oversight Board (United States). A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Based on our review, nothing came to our attention that caused us to believe that management's assertions referred to above are not fairly stated, in all material respects, based on the requirements set forth in Footnote 74 of SEC Release No. 34-70073 and related provisions of Rule 17a-5. Sanville & Company, LLC Dallas, Texas January 27, 2026 325 North Saint Paul Street Suite 3100 Dallas, Texas 75201 214.738.1998 {16}------------------------------------------------ - - Regards, 02 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.