# G.W. SHERWOLD ASSOCIATES, INC X-17A-5 (2026-03-16) — Broker-dealer annual report - Company: G.W. SHERWOLD ASSOCIATES, INC - Form: X-17A-5 - Filed: 2026-03-16 - Period: 2026-01-31 - Accession: 0001026583-26-000003 - CIK: 1026583 - File #: 8-49740 - Type: Broker-dealer - Material weakness: No - Auditor: DCPA - Auditor location: Century City, CA - Contact: Gary William Sherwold - Phone: 949 470-0700 - Email: gary@gwsherwold.com - Website: gwsherwold.com - Signed by: Gary Wiliam Sherwold (President) Original filing: https://www.sec.gov/Archives/edgar/data/1026583/000102658326000003/auditreport.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # ANNUAL REPORTS FORM X-17A-5 PART III | SEC FILE NUMBER | | |-----------------|--| | 8-49740 | | FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 02/01/25 01/31/26 FILING FOR THE PERIOD BEGINNING AND ENDING MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION G.W. Sherwold Associates, Inc. NAME OF FIRM: TYPE OF REGISTRANT (check all applicable boxes): ച Broker-dealer [ Security-based swap dealer | Major security-based swap participant [] Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 22994 El Toro Road (No. and Street) Lake Forest, CA 92630 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING Gary W. Sherwold 949-470-0700 gary@gwsherwold.com (Name) (Area Code - Telephone Number) (Email Address) B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* DCPA (Name - if individual, state last, first, and middle name) 2121 AVENUE OF THE STARS #800 CENTURY CITY, CITY, CA 90067 (Address) (City) (State) (Zip Code) SEPTEMBER 15, 2020 6567 (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) FOR OFFICIAL USE ONLY \* Claims for exemption from the requirement that the annual 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-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {1}------------------------------------------------ #### OATH OR AFFIRMATION | Gary W. Sherwold | , swear (or attirm) that, to the best of my knowledge and belief, the | | |---------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of G.W. Sherwold Associates, Inc. | | as of | | 1/34 | 2 026 | | | | normal officer director or anywales the recommy no has any program in any pensunt consist colour | | partner, officer, director, or equivalent person, as the case may be, has any account classified solely as that of a customer. Signature: Title: President Notary Public #### This filing \*\* contains (check all applicable boxes): - = (a) Statement of financial condition. - [ (b) Notes to consolidated statement of financial condition. - (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - (d) Statement of cash flows. - = (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [] (f) Statement of changes in liabilities subordinated to claims of creditors. - = (g) Notes to consolidated financial statements. - (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [i] Computation of tangible net worth under 17 CFR 240.18a-2. - = (j) Computation for determination of customer requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - [] (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 240.18a-4, as applicable. - [ (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [ (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. - = (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. - ി (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - | (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. - [] (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - = {s} Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (t) Independent public accountant's report based on an examination of the statement of financial condition. - (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - = (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | {x} Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - [] {y} Report describing any material inadequacies found to existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - L (z) Other: \*\*To request confidential treatment of chis filing, see 17 CFR 240.17d-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {2}------------------------------------------------ G.W. Sherwold Associates, Inc. Report Pursuant to Rule 17a-5 (d) Financial Statements For the Year Ended January 31, 2026 {3}------------------------------------------------ DCPA # 2121 AVE OF THE STARS #800 424-253-1212 CENTURY CITY, CA 90067 AUDIT@DCPAPRO.COM REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and the Stockholders of G.W. Sherwold Associates Inc.: #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of G.W. Sherwold Associates Inc. (the "Company") as of January 31, 2026, the related statements of income, changes in stockholders equity, and cash flows for the year then ended, 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 January 31, 2026, 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. 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 #### Basis for Opinion 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. The information contained in Schedules I and II ) has been subjected to audit Information is the responsibility of the Company management. Our audit procedures included determining #### Supplemental Information procedures performed in conjunction with the audit of the 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, Schedules I and II are fairly stated, in all material respects, in relation to the financial statements taken as a whole. March 13, 2026 DCPA We have served as the Company's auditor since 2022. Century City, California {4}------------------------------------------------ # G. W. Sherwold Associates, Inc. Statement of Financial Condition January 31, 2026 #### Assets | G. W. Sherwold Associates, Inc.
Statement of Financial Condition
January 31, 2026 | | |-----------------------------------------------------------------------------------------|---------------| | Assets | | | Cash | \$
420,084 | | Property and equipment, net | - | | Total assets | \$ 420,084 | | Liabilities and Stockholders' Equity | | | Liabilities | | | Unearned advisory fees | \$
185,624 | | Payroll taxes and liabilities payable | 504 | | Total liabilities | 186,128 | | Stockholders' equity | | | Common stock, no par value, 100,000 shares authorized, | | | 1,010 shares issued and outstanding | 1,010 | | Additional paid-in capital | 9,552 | | Retained earnings | 223,394 | | Total stockholders' equity | 233,956 | | Total liabilities and stockholders' equity | \$ 420,084 | {5}------------------------------------------------ # G. W. Sherwold Associates, Inc. Statement of Income For the Year Ended January 31, 2026 #### Revenues | | G. W. Sherwold Associates, Inc.
Statement of Income | | |-------------|--------------------------------------------------------|-----------------| | | For the Year Ended January 31, 2026 | | | | | | | Revenues | | | | | Advisory income | \$
1,913,471 | | Commissions | | 247,815 | | | Interest and other income | 617 | | | Total revenues | 2,161,903 | | Expenses | | | | | Employee compensation and benefits | 1,187,454 | | | Commission Expense | 340,284 | | | Administrative fees | 145,866 | | | Occupancy and equipment rental | 242,400 | | | Professional fees | 42,134 | | | Other operating expenses | 200,606 | | | Total expenses | 2,158,744 | | | Operating income (loss) before income tax provision | 3,159 | | | Income tax provision (benefit) | 1,600 | | | Net income (loss) | \$
1,559 | {6}------------------------------------------------ ### G. W. Sherwold Associates, Inc. Statement of Changes in Stockholders' Equity For the Year Ended January 31, 2026 | | Statement of Changes in Stockholders' Equity
For the Year Ended January 31, 2026 | G. W. Sherwold Associates, Inc. | | | |-----------------------------|-------------------------------------------------------------------------------------|---------------------------------|---------------|---------------| | | | Additional | Retained | | | | Common Stock | Paid-in Capital | Earnings | Total | | Balance at January 31, 2025 | \$
1,010 | \$
9,552 | \$
221,835 | \$
232,397 | | Net income (loss) | - | - | 1,559 | 1,559 | {7}------------------------------------------------ # G. W. Sherwold Associates, Inc. Statement of Cash Flows For the Year Ended January 31, 2026 | G. W. Sherwold Associates, Inc. | | |-------------------------------------------------------------------------------------------------------|-------------| | Statement of Cash Flows
For the Year Ended January 31, 2026 | | | | | | Cash flow from operating activities: | | | Net income (loss) | \$
1,559 | | Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities: | | | (Increase) decrease in assets: | | | Increase (decrease) in liabilities: | | | Unearned Advisory Fees | 121,894 | | Total adjustments | 121,894 | | Net cash provided by (used in) operating activities | 123,453 | | Cash flow from investing activities: | - | | Cash flow from financing activities: | - | | Net increase (decrease) in cash | 123,453 | | Cash at beginning of year | 296,631 | | Cash at end of year | \$ 420,084 | | Supplemental disclosure of cash flow information | | | Cash paid during the year for: | | | Income Taxes (see note 3) | \$
1,600 | {8}------------------------------------------------ #### Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### General G. W. Sherwold Associates, Inc. (the "Company") was incorporated in the State of California on April 14, 1994. The Company is a registered broker-dealer in securities under the Securities and Exchange Act of 1934 ("SEA"), a member of the Financial Industry Regulatory Authority ("FINRA"), and the Securities Investor Protection Corporation ("SIPC"). The Company is engaged in business as a securities broker-dealer that provides several classes of services, including the sale of variable life annuities and mutual funds. The Company conducts the majority of its activities with customers located in Southern California. #### Summary of Significant Accounting Policies The Company earns commissions by referring client transactions in mutual funds, variable life insurance or annuities, and other financial products and services. The Company introduced all of its securities transactions on a "subscription way basis", whereby all customers' securities applications and checks are submitted directly to the mutual fund company or variable annuity provider. Securities transactions are recorded on a settlement date basis with related commission income and expenses also recorded on a settlement date basis. Accounting principles generally accepted in the United States of America require transactions to be recorded on a trade date basis, however there is no material difference between trade date and settlement date for the Company. As of January 31, 2026, there was no commission receivables from mutual fund and/or variable annuity providers. The Company also earns minor annual trailing commissions and is responsible for minor ongoing client relations duties, which are recorded in those periods as the services are performed. The Company is also registered with U. S. Securities and Exchange Commission as a Registered Investment Advisor, and earns advisory fees for the continuous on-going management of securities portfolios. Advisory fee income is recognized in the period earned. The Company does not hold client assets, and advisory fee income is paid to the Company on a quarterly basis by the custodian of an advisory client's account by prior client authorization. Collections received prior to services rendered are recorded as unearned advisory fees. As of January 31, 2026, there was \$185,624 in unearned advisory fees that were collected. The Company has a sub-clearing agreement with Shareholders Services Group to facilitate clearing through Pershing LLC. As of November 4, 2024, Shareholders Services Group was purchased by Altruist Financial, LLC and they provide brokerage related products and services to the Company. {9}------------------------------------------------ #### Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Summary of Significant Accounting Policies (continued) The Company is affiliated through common ownership with Associated Suites, Ltd. ("Associated"). The presentation 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 disclose 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. Accounts receivable are stated at face amount with no allowance for doubtful accounts. An allowance for doubtful accounts is not considered necessary because probable uncollectible accounts are immaterial. As of January 31, 2026, there were no accounts receivable or an allowance against the balance. Property and equipment are stated at cost. Repairs and maintenance to these assets are charged to expense as incurred; major improvements enhancing the function and/or useful life are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gains or losses arising from such transactions are recognized. The Company accounts for its income taxes in accordance with FASB ASC 740, Income Taxes. This standard requires the establishment of a deferred tax asset or liability to recognize the future tax effects of transactions that have not been recognized for tax purposes, including taxable and deductible temporary differences as well as net operating loss and tax credit carryforwards. Deferred tax expenses or benefits are recognized as a result of changes in the tax basis of an asset or liability when measured against its reported amount in the financial statements. As of January 31, 2026, there was no provision for Federal income taxes. Advertising and marketing costs are expensed as incurred. For the year ended January 31, 2026, the Company included \$7,332 of advertising and marketing costs in other operating expenses. The Company has evaluated events subsequent to the Statement of Financial Condition date for items requiring recording or disclosure in the financial statements. The evaluation was performed through the date the financial statements were available to be issued. Based upon this review, the Company has determined that there were no events which took place that would have a material impact on its financial statements. The Company has no leasing arrangements subject to ASC 842 therefore adoption of ASC 842 did not have a significant effect on the Company's financial statements for the year ended January 31, 2026. Refer to Note 5 Related Party Transactions for lease details. {10}------------------------------------------------ #### Note 1: GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Summary of Significant Accounting Policies (continued) The Company accounts for its income taxes in accordance with ASC 740, Income Taxes. This standard requires the establishment of a deferred tax asset or liability to recognize the future tax effects of transactions that have not been recognized for tax purposes, including taxable and deductible temporary differences as well as net operating loss and tax credit carryforwards. Deferred tax expenses or benefits are recognized as a result of changes in the tax basis of an asset or liability when measured against its reported amount in the financial statements. The recording of the deferred tax items referred to above is conditioned upon the Company's judgement that realization is at least 50% probable. #### Note 2: PROPERTY AND EQUIPMENT, NET As of December 31, 2025, the Company utilizes certain fully depreciated fixed assets that remain in active use, consisting of leasehold improvements, office furniture, and office equipment with an aggregate original cost of approximately \$458,217. These assets are recorded at zero net book value. #### Note 3: INCOME TAXES The income tax (benefit) is composed of the following: | | Current | | |----------------------------|-------------|--| | Federal | \$ (
0) | | | State | 1,600 | | | Total income tax (benefit) | \$
1,600 | | The Company is required to file income tax returns in both federal and state tax jurisdictions. The Company's tax returns are subject to examination by taxing authorities in the jurisdictions in which it operates in accordance with the normal statute of limitations in the applicable jurisdiction. For federal purposes, the statute of limitations is three years. Accordingly, the Company is no longer subject to examination of federal returns filed more than three years prior to the date of these financial statements. The statute of limitations for state purposes is generally three years, but may exceed this limitation depending upon the jurisdiction involved. Returns that were filed within the applicable statute remain subject to examination. As of January 31, 2026, the IRS has not proposed any adjustment to the Company's tax position. For the year ended January 31, 2026, the Company paid a total of \$1,600 in taxes for tax years 2024 and 2025. {11}------------------------------------------------ #### Note 4: RETIREMENT PLAN The Company has a defined contribution plan ("Plan") covering substantially all of its employees. Employees are required to have attained the age of 21 and to have completed one year of service in order to be eligible to participate in the Plan. The Plan does not provide for matching contributions from the employer, but the employer may make an annual discretionary contribution to the Plan. For the year ended January 31, 2026, the Company did not make an annual discretionary contribution. #### Note 5: RELATED PARTY TRANSACTIONS In December of 2006, the Company entered into a service agreement with Associated, an entity under common control, for certain business management services for the Company. During the year ended January 31, 2010, the Company also entered into an expense sharing agreement whereby the Company reimburses Associated for certain administrative services. Under these agreements, the Company paid \$145,866 for administrative fees and total occupancy expense of \$242,400 for a month-to-month office lease agreement which are respectively reflected on the Statement of Income for the year ended January 31, 2026 It is possible that the terms of certain of the related party transactions are not the same as those that would result for transactions among wholly unrelated parties. #### Note 6: CONCENTRATIONS OF CREDIT RISK Amounts held in financial institutions occasionally are in excess of the Federal Deposit Insurance Corporation and Securities Investor Protection Corporation limits. The Company deposits its cash in creditworthy financial institutions, and the Company believes it is not exposed to significant credit risk on these amounts. The Company is engaged in various trading and brokerage activities in which counter-parties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk default depends of the creditworthiness of the counter-party or issuer of the instrument. It is the Company's policy to review, as necessary, the credit standing of each counter-party. #### Note 7: COMMITMENTS AND CONTINGENCIES As of January 31, 2026, management is not aware of any commitments or contingencies that could have a material impact on the financial statements. The Company has issued no guarantees at January 31, 2026, or during the year then ended. {12}------------------------------------------------ #### Note 8: RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS The Financial Accounting Standards Board (the "FASB") has established the Accounting Standards Codification ("Codification" of "ASC") as the authoritative source of generally accepted accounting principles ("GAAP") recognized by the FASB. The principles embodied in the Codification are to be applied by nongovernmental entities in the preparation of financial statements in accordance with GAAP in the United States. New accounting pronouncements are incorporated in the ASC through the issuance of Accounting Standards Updates ("ASUs"). or had effective implementation dates that would require their provisions to be reflected in the For the year ending January 31, 2026, various ASU's issued by the FASB were either newly issued financial statements for the year then ended. The Company has either evaluated or is currently evaluating the implications, if any, of each of these pronouncements and the possible impact they may have on the Company's financial statements. In most cases, management has determined that the pronouncement has either limited or no application to the Company and, in all cases, implementation would not have a material impact on the financial statements taken as a whole. #### Note 9: NET CAPITAL REQUIREMENTS The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC 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. Rule 15c3- 1 also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. Net capital and aggregate indebtedness change day to day, but on January 31, 2026, the Company had net capital of \$233,956 which was \$221,547 in excess of the required net capital of \$12,409; and the Company's ratio of aggregate indebtedness (\$186,128) to net capital was 0.80 to 1, which is less than the 15 to 1 maximum allowed. #### Note 10: SEGMENT REPORTING The Company follows ASC 280, Segment Reporting (including adoption of ASU 2023-07), which requires companies to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance. The Company conducts its business activities and reports financial results as a single reportable segment, brokerage services segment. Using the management approach, qualitative and quantitative criteria established by ASC 280, the Company is considered to be a single reportable segment. The Chief Operating Decision Maker ("CODM"), the President of the Company, makes decisions about allocating resources and assessing performance in a manner consistent with the way the Company operates its business and presents their financial results. The nature of business and accounting policies of the brokerage services segment are the same as described in the organization and nature of business and summary of significant accounting policies. {13}------------------------------------------------ # G. W. Sherwold Associates, Inc. Schedule I - Computation of Net Capital Requirements Pursuant to SEA Rule 15c3-1 As of January 31, 2026 #### Computation of net capital | G. W. Sherwold Associates, Inc.
Schedule I - Computation of Net Capital Requirements
Pursuant to SEA Rule 15c3-1
As of January 31, 2026 | | | |--------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|------------| | Computation of net capital | | | | Common stock
Additional paid-in capital
Retained earnings | \$
1,010
9,552
223,394 | | | Total stockholders' equity | | \$ 233,956 | | Net capital | | 233,956 | | Computation of net capital requirements | | | | Minimum net capital requirements
6 2/3 percent of net aggregate indebtedness (\$186,128)
Minimum dollar net capital required | \$
12,409
\$
5,000 | | | Net capital required (greater of above) | | 12,409 | | Excess net capital | | \$ 221,547 | | Ratio of aggregate indebtedness to net capital | | 0.80 : 1 | There was no material difference between net capital computation shown here and the net capital computation shown on the Company's most recently filed Part IIA Form X-17A-5 report dated January 31, 2026. See report of independent registered public accounting firm {14}------------------------------------------------ # G. W. Sherwold Associates, Inc. Schedule II - Computation for Determination of the Reserve Requirements and Information Relating to Possesion or Control Requirements Pursant to SEA Rule 15c3-3 As of January 31, 2026 The Company is exempt from the computation of reserve requirements under paragraph (k)(2)(ii) of Rule 15c3-3 under the U.S. Securities Exchange Act of 1934. In addition, the Company conducts advisory services and direct sale of mutual funds whereby the Company does not take possession of customer funds or securities and therefore its direct business is in compliance with Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 ("Non-Covered Firm"). {15}------------------------------------------------ DCPA # CENTURY CITY, CA 90067 AUDIT@DCPAPRO.COM REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and the Stockholders of G.W. Sherwold Associates Inc.: We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) G.W. Sherwold Associates Inc. identified the following provisions of 17 C.F.R. § 15c3- 3(k) under which G.W. Sherwold Associates Inc. claimed an exemption from 17 C.F.R. § 240.15c3- 3(k)(2)(ii) (the "exemption provisions"), (2) G.W. Sherwold Associates Inc. stated that G.W. Sherwold Associates Inc. met the identified exemption provisions throughout the year ended January 31, 2026 without exception, and (3) G.W. Sherwold Associates Inc. including the sale of variable life annuities and mutuals funds and advisory services is in compliance with Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 - and that the Company did not identify any exceptions to this assertion throughout the year ended January 31, 2026. G.W. Sherwold Associates Inc. responsible for compliance with the exemption provisions, the provisions of Footnote 74, and its statements. of 1934 and the Non-Covered Firm provisions of Footnote 74. 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 G.W. Sherwold Associates Inc.'s 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)(ii) of Rule 15c3-3 under the Securities Exchange Act DCPA Century City, California March 13, 2026 {16}------------------------------------------------ # G.W. Sherwold Associates, Inc. # Assertions Regarding Exemption Provisions G.W. Sherwold Associates, Inc. (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. section 240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. 240.17a-5(d)(l) and (4). To the best of its knowledge and belief, the Company asserts the following: (1) provision of 17 C.F.R. 240.15c3-3 (k)(2)(ii) and is in compliance with the non-covered firm provisions of Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because its business activities include sale of variable life annuities and mutual funds and advisory services. The Broker-Dealer (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3). (2) non-covered firm provisions of Footnote 74 throughout the most recent year ended January 31, 2026, without exception. G.W. Sherwold Associates, Inc. Signed by Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.