# WESTCHESTER CAPITAL PLANNING, INC. X-17A-5 (2025-03-26) — Broker-dealer annual report

- Company: WESTCHESTER CAPITAL PLANNING, INC.
- Form: X-17A-5
- Filed: 2025-03-26
- Period: 2024-12-31
- Accession: 0001068065-25-000001
- CIK: 1068065
- File #: 8-51213
- Type: Broker-dealer
- Material weakness: No
- Auditor: Ohab and Company, PA
- Auditor location: Maitland, FL
- Contact: Michael T Ross
- Phone: 845-476-4298
- Email: pam@ohabco.com
- Website: ohabco.com
- Signed by: Michael Ross (President)

Original filing: https://www.sec.gov/Archives/edgar/data/1068065/000106806525000001/formx17a.pdf

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## UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

| ANNUAL REPORTS |  |
|----------------|--|
| FORM X-17A-5   |  |
| PART III       |  |

# SEC FILE NUMBER

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                                                                                                                                                                                                                                   | AND ENDING                                               | 202<br>MM/DD/YY                            |
|                                                                                                                                                                                                                                                                   | A. REGISTRANT IDENTIFICATION                             |                                            |
|                                                                                                                                                                                                                                                                   |                                                          |                                            |
| TYPE OF REGISTRANT (check all applicable boxes):<br>Broker-dealer @ Security-based swap dealer     Major security-based swap participant<br>Check here if respondent is also an OTC derivatives dealer                                                            |                                                          |                                            |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                                                                                                               |                                                          |                                            |
|                                                                                                                                                                                                                                                                   |                                                          |                                            |
|                                                                                                                                                                                                                                                                   | (No. and Street)                                         |                                            |
| honks                                                                                                                                                                                                                                                             |                                                          |                                            |
|                                                                                                                                                                                                                                                                   | (State)                                                  | (Zip Code)                                 |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                                                                                      |                                                          |                                            |
| Michae<br>KOSS                                                                                                                                                                                                                                                    | 5-476-4298                                               |                                            |
| (Name)                                                                                                                                                                                                                                                            | (Area Code - Telephone Number) (Email Address)           |                                            |
|                                                                                                                                                                                                                                                                   | B. Accountant identification                             |                                            |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                                                                                                                                                                         | ame - if individual, state last, first, and middle name) |                                            |
|                                                                                                                                                                                                                                                                   |                                                          |                                            |
| ia Av<br>(Address)                                                                                                                                                                                                                                                |                                                          | 52 15<br>(State) (Zip Code)                |
| 200                                                                                                                                                                                                                                                               |                                                          |                                            |
| 08<br>(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<br>accountant must be supported by a statement of facts and circumstances relled on as the basis of the exemption. See 17<br>CFR 240.17a-5(e)(1)(ii), if applicable. |                                                          |                                            |

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#### OATH OR AFFIRMATION

financial report pertaining to the firm of \_\_\_ wear (or affirm) that, to the best of my knowledge and belief, the counters, as of 12/ 31 2024, 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. Preside LELY COLLINS Notary Public NOTARY PUBLIC, STATE OF NEW YO. This filing \*\* contains (check all applicable Box application No. 01C06439179 179
This filing \*\* contains (check all applicable In Ulstar County us iffied in Uister County A (a) Statement of financial condition. Commission Expires 08/22/2026 [ (b) Notes to consolidated statement of financial condition. 2 (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. A (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. (i) 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. [ (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. (g) 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 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 240.18a-7(d)(2), as applicable.

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WESTCHESTER CAPITAL PLANNING, INC. FINANCIAL STATEMENT NOTES FOR YEAR ENDED DECEMBER 31 , 2024

I

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#### Westchester Capital Planning, Inc

Table of Contents

Auditor's report 1 Statements of Financial Condition 2 St ate men t s of Income 3 Statements of Cash Flows 4 Statements of Stockholder's Equity Schedule I - Statements of Net Capital 6 Notes to the Financial Statements 7-9 Auditor's Review 1 O Exemption Letter 11

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![](_page_4_Picture_0.jpeg)

100 E. Sybclia Ave. Sullc IJO Ma11lan<l, FL 32751

I

*Certified P11bhc Accountants*  Email. pam@ohabco.com

Telephone 407-740-7311 Fall 407-740-6441

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholder of Westchester Capital Planning, Inc.

#### **Opinion on the Financial Statements**

We have audited the accompanying statement of financial condition of Westchester Capital Planning, Inc. as of December 31, 2024, the related statements of income, changes in stockholder's equity, and cash flows for the year then ended, and the related notes and schedules (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Westchester Capital Planning, Inc. as of December 31, 2024, 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 Westchester Capital Planning, lnc.'s management. Our responsibility Is to express an opinion on Westchester Capital Planning, lnc.'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 Westchester Capital Planning, Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. 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.

#### **Auditor's Report on Supplemental Information**

The Schedule I has been subjected to audit procedures performed in conjunction with the audit of Westchester Capital Planning, lnc.'s financial statements. The supplemental information is the responsibility of Westchester Capital Planning, Inc ·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 m 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, Schedule I is fairly stated, In all material respects, in relation to the financial statements as a whole.

c9-f-,,.,v *~e.* ~'tr ' f (I--

We have served as Westchester Capital Planning, lnc.'s auditor since 2017.

Maitland, Florida

March 17, 2025

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## Westchester Capital Planning, Inc. Statements of Financial Condition for the Year Ended December 31, 2024

## ASSETS

| Current Assets                                                              |          |
|-----------------------------------------------------------------------------|----------|
| Cash                                                                        | \$20,187 |
| Accounts Receivable                                                         | 10,095   |
| Total Assets                                                                | 30,283   |
| LIABILITIES AND STOCKHOLDERS EQUITY                                         |          |
| Payable liabilities                                                         | 7,109    |
| Accrued Expenses                                                            | 5,324    |
| Total Current Liabilities                                                   | 12,434   |
| Stockholder's Equity                                                        |          |
| Common Stock - no par value, 200 shares authorized, issued, and outstanding | 2,000    |
| Additional paid in capital                                                  | 18,422   |
| Retained Earning (deficit)                                                  | (2,572)  |
| Total Stockholder's Equity                                                  | 17,849   |
| TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY                                  | 30,283   |

2

See accompanying notes

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## Westchester apital Planning, Inc. tatements of J ncome for the Year Ended December 31, 2024

| Revenues                                |          |
|-----------------------------------------|----------|
| Mutual Fund sales and distribution fees | \$5,524  |
| Annuit y commissions                    | 94,284   |
| Insurance commissions                   | 117      |
| Total Revenue                           | 99,925   |
| Expenses                                |          |
| Officer salary                          | 37,500   |
| Payroll tax expenses                    | 2,957    |
| Auto expenses                           | 0        |
| Bank Service Charges                    | 287      |
| Finra fee                               | 2,365    |
| Postage & Delivery                      | 60       |
| Office Expense                          | 89       |
| Legal and accounting                    | 6,444    |
| Rent and office services                | 3,240    |
| Facebook ads                            | 3,668    |
| Telephone                               | 2,892    |
| Total operating expenses                | 59,502   |
| Net Income                              | \$40,423 |

J

ee accompanying notes

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## Westchester apital Pl anning, Inc. tatements of ash FIO\ s for the Year nded December 3 I, 2024

| \$40,423 |
|----------|
|          |
| 233      |
| 6884     |
| 45       |
| 47,585   |
|          |
| 0        |
| (40,140} |
| (40,140} |
| 7444     |
| 12,742   |
|          |
|          |
| 0        |
| 0        |
|          |

ee accompanying notes

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## Westchester Capital Planning, Inc. Statements of Stockholder's Equity Ended December 31, 2024

|                                 | Common Stock | Additional<br>paid in capital | Retained<br>earning<br>(Deficit) | Total    |
|---------------------------------|--------------|-------------------------------|----------------------------------|----------|
|                                 |              |                               |                                  |          |
| Balance January 1, 2024 \$2,000 |              | \$18,422                      | \$(2,854)                        | \$17,568 |
|                                 |              |                               |                                  |          |
| Net Income                      |              |                               | 40,423                           | 40,423   |
| Stockholder Contributions       |              |                               | 0                                | 0        |
| Stockholder Distributions       |              |                               | (40,423)                         | (40,423) |
| Balance Dec 31, 2024            | \$2,000      | \$18,422                      | \$(2,572)                        | \$17,849 |

See accompanying notes

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## Westchester Capital Planning, Inc. chedule I- Statements of Net apital for the Year Ended December 3 I, 2024

| Total Assets                                   | 30,283   |
|------------------------------------------------|----------|
| Less: total liabilities                        | 12,434   |
| Net Worth                                      | 17,849   |
| Less: non-allowable assets                     | {10,095} |
| Current capital                                | 7,753    |
| Less: Haircuts                                 | __<br>o  |
| Net Capital                                    | 7,753    |
| Minimum net capital requirement                | 5,000    |
| Excess net capital                             |          |
| Aggregate indebtedness                         | 5,505    |
| Ratio of Aggregate Indebtedness to net capital | 1.60%    |

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, 2024.

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## **OTE J. UMMARY OF IGNI FICANT ACCOUNTING POLICIES**

## *ature of business:*

\l estche ter apital Planning, Inc. (the Company) is a New York company and was incorporated. on June 28, 1998. The company is registered as a broker-dealer under the Securities Exchange Act of 1934 and i a member of the Financial Industry Regulatory Aulhority (FINRA). The Company became a regi tered broker-dealer on January 5, 1999. The Company is registered in I st.ate and is engaged in the ale of mutual fund and ariable annuities by subscription and application. The Company earns commi sions from the ale of mutual funds and variable annuities and life insurance products.

## *Ca* I, *and Cash Equivalents:*

For purpo e of reporting the statement of cash flows, the Company considers al I cash accounts, which are not ubject to , ithdra, al re trictions or penalties. and all highly liquid debt instruments purchased with a maturity of three months or le s to be cash equivalents. ash balances in excess of FDIC and imilar in urance co erage are subje t to the usual banking risks associated with funds in excess of those limits. t December 31, 20\_4\_ the ompan had no unin ured cash balances.

*Accounts Receii <sup>1</sup> able:* ccount recei able represents commissions and insurance receivables at December I. \_0\_4\_ The ompan determined all accounts receivable are collectible.

## *Revenue Recognition:*

Revenue from mutual funds and insurance commissions are recognized as revenue in the period the er ice is pro ided at the point in time . The associated service is fulfilled which is based on the trade date. The company belie es lhat the performance obligation is satisfied on the trade date because that is \\ hen lhe underlying financial instrument or purchase is identified. the pricing i 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 , ith managed accounts or other pooled investment ehicles (funds) to distribute shares to investors. The compan may recei e distribution fee paid by the fund up front, over time, upon the investor·s exit from the fund (that is, contingent deferred saJes charge),or as a combination thereof. The company belie e that its perfonnance obligation i the sale of securities to in vestors and as such this is fu lfi lled 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 i re olved. For ariable amount . a the uncertainty is dependent on the value of the shares at future points in time a well a the length of time the investor remains in the iund, both of which are high I u ceptible to factors out ide the Company" influence, the Company does not believe that it can o ercome th i con traint until the market alue of the fund and the investor acti ities are known, " hich are usually month! or quarterly. Di tribution fee recognized in the current period are primarily related to performance obligarion that ha e b n ati fied in prior periods.

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#### WESTCHESTER CAPITAL PLANNING, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2024

## Income Taxes:

The Company is a Sub S and will not be required to recognize income tax expense. The sole shareholder of the Sub S will recognize tax provisions.

The Company evaluates all significant tax positions as required by accounting principles generally accepted in the United States of America. The federal and state income tax returns of the Company for 2023, 2022, and 2021 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 affect certain reported amounts and disclosures in the financial statements and accompanying notes. Actual results could differ 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 1. Net capital and the related net capital ratio fluctuate on a daily basis. At December 31, 2023, the Company had a net anit Laf \$ 7,753 which was \$2,753 in excess of its required net capital of \$5,000. The Company's are capital ratio was 1.60 at December 31, 2024.

Per Rule 15c3-3 of the Securities and Exchange Commission Uniform Net Capital Rule, the Company is exempt under the (k)(1) exemption. Per Rule 15c-3-3, there were no differences between he Company's net asset calculation per part IIA of the FINRA Focus statement and the accompany ing audit report.

# NOTE 3. Broker Dealer - Segment Reporting

The company is engaged in a single line of business as a securities broker- dealer which is comprised of several classes of services including mutual fund sales, variable annuity sales, and life insurance sales. The company has identified its President 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 2), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or to 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 ad those described in the summary of significant accounting policies.

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#### WESTCHESTER CAPITAL PLANNING, INC. NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2024

## NOTE 4. COMMITMENTS AND CONTINGENCIES

There are no commitments and contingencies that would have a material impact as of December 31, 2024.

## NOTE 5. RELATED PARTY

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, 2024. There is no amount due at December 31, 2024.

## NOTE 6. 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, 2023 and 2024 of \$10,329 and \$10,095 respectively.

## NOTE 7. SUBSEQUENT EVENTS

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through March 02, 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.

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**hab and Ca,npany. P.A.** 

100 E Sybeha Ave Suite 1)0 Ma11laml, FL 32751

*Certified* P11hlic Accm1111n11ts Email: pam@ohahcu com

**Telephone:** 407-740-711 1 Fa,t 407-740 6441

#### 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 from 17 C.F.R. §240.15c3-3: (k){ 1) (exemption provision) and (2) Westchester Capital Planning, Inc. stated that Westchester Capital Planning, Inc met the identified exemption provision throughout the most recent fiscal year without exception. Westchester Capital Planning, lnc.'s management is responsible for compliance with the exemption provision and its statements.

Our review was conducted m 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 Westchester Capital Planning, lnc.'s compliance with the exemption provision. 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 provision set forth in paragraph (k) (1) of Rule 15c3-3 under the Securities Exchange Act of 1934. ~~~,G);'-

Ohab and Company, PA

Maitland, Florida

March 17, 2025

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#### 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-S(d)(l) and **(4).** To the best of it s 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, M ichael Ross, affirm that, to my best knowledge and belief, this Exemption Report is true and correct.

*·tfeJJ* ~

President

February 17, 2025


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