# WESTCHESTER CAPITAL PLANNING, INC. X-17A-5 (2024-03-20) — Broker-dealer annual report - Company: WESTCHESTER CAPITAL PLANNING, INC. - Form: X-17A-5 - Filed: 2024-03-20 - Period: 2023-12-31 - Accession: 0001068065-24-000001 - CIK: 1068065 - File #: 8-51213 - Type: Broker-dealer - Material weakness: No - Auditor: Ohab and Company , PA - Auditor location: Maitland, FL - Contact: Michael Ross - Phone: 800-343-3687 - Signed by: Michael Ross (President) Original filing: https://www.sec.gov/Archives/edgar/data/1068065/000106806524000001/adobescanannualaudit23.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 SEC FILE NUMBER # ANNUAL REPORTS FORM X-17A-5 PART III FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FILING FOR THE PERIOD BEGINNING O 1/01/2025 AND ENDING 12/01/2025 | | | MM/DD/YY | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|------------------|--------------------------------------------| | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: West hester | Capita | Proming, Ink | | | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer - J 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.)
M. I hrook | | | | | | (No. and Street) | | | | Kerhanksu | | 1146 | | | (CHV) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | the hall
KOSS
(Marne) | (80)342-681
(Area Code - Telephone Number) | (Ernail Address) | MROSS41872 (2 brig. 1 Com | | | B. ACCOUNTANT IDENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing *
OHAB AND COMPANY, PA | (Name - if individual, state last, first, and muddle name) | | | | 100 E SYBELIA AVENUE SUITE 130 | MAITLAND | ﯩ | 32751 | | (Address)
JULY 28, 2004 | (City) | (State)
18339 | (Zip Code) | | (Diste of Registration with PCACBITI applicable) | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | | " Claunts for earengtion from the requirement that the annual reports of an independent public | | | | accountant mass be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 140 174-5(e){1)();), d 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 financial report persining to the firm of the states of my knowledge and belief, the lear of DrC finner 2 2 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. Signature: respent itle: 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). SUELLEN MAGNETICO anisann Expires D TARY PUBLIC, STATE OF NEW YORK Ouslilled in Sullean Courts - (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. - [] Computation for determination of customer reserve 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. - [1) 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. - O (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) Reconcliations, 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 complance 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 240.182-7, as applicable. - [x] Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - D (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). - [ (z) Other: - \* To request confidential treatment of certain portions of this filing, see 17 CFR 240.170-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable. {2}------------------------------------------------ Westchester Capital Planning, Inc Financial Statement Notes For Year Ended December 31, 2023 {3}------------------------------------------------ ## Westchester Capital Planning, Inc #### Table of Contents Auditor's report 1 Statements of Financial Condition 2 Statements of Income 3 Statements of Cash Flows 4 Statements of Stockholder's Equity 5 Schedule I - Statements of Net Capital 6 Notes to the Financial Statements 7-9 Auditor's Review 10 Exemption Letter 11 {4}------------------------------------------------ ## w~s1chcs1cr Cor,i1nl Planning. Inc Statements of Financial Condition for the Year Fndcd December ) I. 20~ 1 **ASSETS** Current Assets Cash Accounts Receivable Total Assets **LIABILITIES AND STOCKHOLDERS EQUITY** Accounts payable Accrued Expenses **Total Current Liabilities** Stockholder's Equity Common Stock - no par value, 200 shares authorized, issued, and outstanding Additional paid in capital Retained Earning (deficit) Total Stockholder's Equity **TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY** \$12,711 3 23,Q7i 226 5,505 **2,000** 18.422 (2,855) 17,567 2MJ72 {5}------------------------------------------------ ## Westchester Capital Planning. Inc. Statements of Income for the Y car Ended December 31. 2023 | Revenues | | |-----------------------------------------|----------| | Mutual Fund sales and distribution fees | \$10,552 | | Insurance commissions | 40,971 | | Total Revenue | 51.523 | | Expenses | | | Officer salary | 12,300 | | Payroll tax expenses | 1,027 | | Auto expenses | 0 | | Bank Service Charges | 39 | | Finra fee | 1,960 | | Postage & Delivery | 70 | | License & Permits | 80 | | Office Expense | 42 | | legal and accounting | 6, 100 | | Rent and office services | 3,240 | | Telephone | | | Total operating e)(p.-n\e\ | | | Net lnc.ome | 23,773 | {6}------------------------------------------------ | Wc~lchc~tl!r Capitnl Planning. lnL
Statements of Ca.sh f IO\.\
S for the Yem
Eml~d lx-n·mber J
I. 20~J | | |--------------------------------------------------------------------------------------------------------------------|-------------| | Operatln1 activities | | | Net Income | S21,77
3 | | Adjustments to reconcile net income to cash
provided by operating activities: | | | Accounts receivable | (1,301 l | | Accounts payable | (8) | | Accrued expenses | ill | | Net cash provided by Operating Activities | 22,679 | | Financinc Activities | | | Stockholder contributions | 0 | | Stockholder distributions | (24,558) | | Net Cash used by Financing Activities | (24,558) | | Decrease in cash | 1878 | | Cash-beginning of period | 14,621 | | Cash-end of period | 1~743 | | Supplemental Disclosure uf Cash Flow Information | | | Cash paid for | 0 | | Taxes | 0 | {7}------------------------------------------------ ## Westchester Capital Planning, Inc. Statements of Stockholder's Equity Ended December 31, 2023 | | Common Stock | Additional
paid in capital | Retained
earning
(Deficit) | Total | |---------------------------|--------------|-------------------------------|----------------------------------|----------| | Balance January 1. 2023 | \$2.000 | \$18.422 | \$(2069) | 818.353 | | | | | | | | Net Income | | | 23.773 | 23.773 | | Stockholder Contributions | | | 0 | 0 | | Stockholder Distributions | | | (24.558) | (24,558) | | Balance Dec 31, 2023 | \$2.000 | \$18.422 | (2.854) | \$17.568 | {8}------------------------------------------------ ## Westchester Capital Planning, Inc. Schedule 1- Statements of Net Capital for the Year Ended December 31, 2023 | Total Assets | 23,072 | |------------------------------------------------|----------| | Less: total liabilities | 5,505 | | Net Worth | 17,567 | | Less: non-allowable assets | (10,329) | | Current capital | 7,238 | | Less: Haircuts | 0 | | Net Capital | 7,238 | | Minimum net capital requirement | 5,000 | | Excess net capital | 2,238 | | Aggregate indebtedness | 5,505 | | Ratio of Aggregate Indebtedness to net capital | 76% | Note: There are no material differences between the preceding computation and the Company's corresponding unaudited part II of Form X-17A-5 as of December 31, 2023. {9}------------------------------------------------ ### WESTCHESTER CAPITAL PLANNING, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023 # NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES #### Nature of business: Westchester Capital Planning, Inc. (the Company) is a New York company and was necoporated on Westchester Capital Planning, the (the Concer-dealer under the Securities Exchange het of 1934 and is a member of the Financial Industry Regulatory Authority (FINRA). The Company became a registered broker-dealer on January 5, 1999. The Company is registered in 1 state and is engaged in the sale of mutual fund and variable annuities by subscription and application. The Company carns commissions from the sale of mutual funds and variable annuities and life insurance products. ## Cash and Cash Equivalents: For purposes of reporting the statement of cash flows, the Company considers all cash accounts, which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Cash balances in excess of FDIC and similar insurance coverage are subject to the usual banking risks associated with funds in excess of those limits. At December 31, 2023, the Company had no uninsured cash balances. Accounts Receivable: Accounts receivable represents commissions and insurance receivables at December 31, 2023. The Company determined all accounts receivable are collectible. #### Revenue Recognition: Revenues from mutual funds and insurance commissions are recognized as revenue in the period the service is provided at the point in time . The associated service is fulfilled which is based on the trade date. The company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchase is identified, the pricing is agreed upon and the risks and rewards of ownership of the securities have been transferred to/from the customer. Distribution Fees: The company enters into arrangements with managed accounts or other pooled investment vehicles (funds) to distribute shares to investors. The company may receive distribution fees paid by the fund up front, over time, upon the investor's exit from the fund (that is, contingent deferred sales charge),or as a combination thereof. The company believes that its performance obligation is the sale of securities to investors and as such this is fulfilled on the trade date. Any fixed amounts are recognized on the trade date and variable amounts are recognized to the extent that it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company's influence, the Company does not believe that it can overcome this constraint until the market value of the fund and the investor activities are known, which are usually monthly or quarterly. Distribution fees recognized in the current period are primarily related to performance obligations that have been satisfied in prior periods. {10}------------------------------------------------ ## **WESTCHESTER CAPITAL PLANNING, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023** ## *Income Taxes:* The Company is a Sub Sand will not be required to recognize income tax expense. 1 he sole shareholder of the Sub Swill recognize tax provisions. The Company evaluates all significant tax positions as required by accounting principles general!)' accepted in the United States of America. The federal and state income tax returns of the Company for 2022, 2021, and 2020 are subject to examination by the IRS and state taxing authorities. generally for three years after they were filed. ## *Use of Estimates:* The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may afTect certain reported amounts and disclosures in the financial statements and accompanying notes. Actual results could difTer from those estimates. ## **NOTE 2. NET CAPITAL REQUIREMENTS** The Company is subject to Securities and Exchange Commission Uniform Net Capital 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 I. Net capital and the related net capital ratio fluctuate on adaily basis. At December 31. 2023, the Company had a net capital of \$ 7,239 which was \$2,239 in excess of its required net capital of \$5.000. The Company's net capital ratio was . 76 at December 31 , 2023. Per Rule I 5c3-3 of the Securities and Exchange Commission Uniform Net Capital Rule, the Company is exempt under the (k)( I) exemption. Per Rule 15c-3-3, there were no differences between the Company's net asset calculation per part llA of the FINRA Focus statement and the accompanying audit report. ## **NOTE 3. COMMITMENTS AND CONTINGENCIES** There arc no commitments and contingencies that would have a material impact as of December 31. 2023. ## **NOTE4.RELATEDPARTY** Westchester Capital Planning Inc utilizes space in a residential property owned by sole stockholder. The cost of rent. utilities (oil, electricity). and property taxes are allocated to space usage and were \$3,240 for the year ending December 31. 2023. Then: is no amount due at December 31, 2023. {11}------------------------------------------------ #### WESTCHESTER CAPITAL PLANNING, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2023 #### NOTE 5. CREDIT LOSSES The Company follows ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326"). ASC 326 impacts the impairment model for certain financial assets by requiring a current expected credit loss ("CECL") methodology to estimate expected credit losses over the entire life of the financial asset. Under the accounting update, the Company has the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the customer). The company had accounts receivable as of December 31, 2022 and 2023 of \$9,029 and \$10,329 respectively. #### NOTE 6. SUBSEQUENT EVENTS In preparing these financial statements, the Company has events and transactions for potential recognition or disclosure through March 12, 2023, the date the financial statements were available to be issued. The company has no events and transactions occurring subsequent to the closing of the financials requiring disclosure. {12}------------------------------------------------ ![](_page_12_Picture_0.jpeg) 100 E Sybelia Ave. Suite 130 Maitland, FL 32751 Certified Public Accountants Email pamationabco.com Telephone 40 ?- 740- 73 ! F == 407-749-644 | # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholder of Westchester Capital Planning, Inc. We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) Westchester Capital Planning, Inc. identified the following provision of 17 C.F.R. §15c3-3(k) under which Westchester Capital Planning, Inc. claimed an exemption for 17 C.F. 9240 15c3-3 (k)(1) (exemplon provision) and (2) Westchester Capital Planning, Inc. stated that Westchester Capital Planning, Inc. met the identified exemption throughout the most recent fiscal year without exception. Westchester Capital Planning, Inc. 'ne' the 'denting, Inc.' management is responsible for compliance with the exemption provision and its statester Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquires and other required procedures to obtain evidence about Westchester Capital Planning, Inc.'s compliance with the exemption A review is substantially less in scope than an examination, the objective of which is the exemplion on management's substantially least in 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 provision set forth in paragraph (k)(1) of Rule 15c3-3 under the Securities Exchange Act of 1934 Ohal and ( Maitland, Florida March 1, 2024 {13}------------------------------------------------ ## Westchester Capital Planning Inc's Exemption Report Westchester Capital Planning, Inc is a registered broker-dealer subject to rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F. R. 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)(1) and (4). To the best of its knowledge and belief, the Company states the following: - (1) The company claimed an exemption from C.F.R.240.15c3-3 under the following provisions of 17 C.F.R. 240.15c3-3(k):[1]. - (2) The company met the identified exemption provisions in 17 C.F.R. 240.15c3-3 (k) throughout the most recent fiscal year without exception. Westchester Capital Planning, Inc. I, Michael Ross, affirm that, to my best knowledge and belief, this Exemption Report is true and correct. President March 18. 2023 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.