# WOODMEN FINANCIAL SERVICES, INC. X-17A-5/A (2020-03-12) — Broker-dealer annual report - Company: WOODMEN FINANCIAL SERVICES, INC. - Form: X-17A-5/A - Filed: 2020-03-12 - Period: 2019-12-31 - Accession: 0001146202-20-000006 - CIK: 1146202 - File #: 8-53592 - Material weakness: No - Auditor: Ernst & Young LLP - Auditor location: Des Moines, IA - Contact: Lindsey Eblen - Phone: 402-661-8363 - Signed by: Tim Buderus (President & CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1146202/000114620220000006/Public.pdf --- {0}------------------------------------------------ ## F I N A N C I A L S T A T E M E N T S A N D S U P P L E M E N T A L I N F O R M A T I O N Woodmen Financial Services, Inc. Years Ended December 31, 2019 and 2018 With Report and Supplemental Report of Independent Registered Public Accounting Firm {1}------------------------------------------------ OMB APPROVAL **OMB Number: 3235-0123** **Expires: August 31, 2020** **Estimated average burden** **hours per response . . . 12.00** **UNITED STATES** **SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549** # **ANNUAL AUDITED REPORT** **FORM X-17A-5** # **PART III** ## **FACING PAGE** ## **Information Required of Brokers and Dealers Pursuant to Section 17 of the** **Securities Exchange Act of 1934 and Rule 17a-5 Thereunder** | | December 31, 2019 | | |-------------------------------------------------------------------------------------------|------------------------------|-------------------| | REPORT FOR THE PERIOD BEGINNING ___________________ AND ENDING___________________________ | | | | | MM/DD/YY | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | NAME OF BROKER-DEALER: | | OFFICIAL USE ONLY | | Woodmen Financial Services, Inc. | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | FIRM ID. NO. | | 1700 Farnam Street | | | | | (No. and Street) | | | Omaha, Nebraska 68102 | | | | (City) | (State) | (Zip Code) | **SEC FILE NUMBER 8-53592** {2}------------------------------------------------ ## NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT | Lindsey Eblen | 402-661-8363 | |---------------|--------------| | | | (Area Code Telephone No.) ## **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report\* Ernst & Young LLP | (Name  of individual, state last, first, middle name)
801 Grand Avenue, Suite 3000, Des Moines, Iowa 50309 | | | | | | | | |----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|---------|------------|--|--|--|--| | (Address) | (City) | (State) | (Zip Code) | | | | | | CHECK ONE: | | | | | | | | | X Certified Public Accountant | | | | | | | | | Public Accountant | | | | | | | | | | Accountant not resident in United States or any of its possessions. | | | | | | | # **FOR OFFICIAL USE ONLY** *\*Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis for the exemption. See Section 240.17a-5(e)(2).* SEC 1410 (06-02) 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. {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) Ernst & Young LLP Suite 3000 801 Grand Avenue Des Moines, IA 50309-2764 Tel: +1 515 243 2727 Fax: +1 515 362 7200 ey.com ## **Report of Independent Registered Public Accounting Firm** To the Stockholder and the Board of Directors of Woodmen Financial Services, Inc. ## **Opinion on the Financial Statements** We have audited the accompanying statements of financial condition of Woodmen Financial Services, Inc. (the Company) as of December 31, 2019 and 2018, the related statements of operations, changes in stockholder's equity, and cash flows for the years 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 at December 31, 2019 and 2018, and the results of its operations and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles. ## **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 audits. 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 audits 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 audits 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 audits 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 audits provide a reasonable basis for our opinion. ## **Supplemental Information** The accompanying information contained in Schedules I, II, and III has been subjected to audit procedures performed in conjunction with the audits of the Company's financial statements. Such information is the responsibility of the Company's management. Our audit procedures included determining whether the 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. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole. EY We have served as the Company's auditor since 2002. Des Moines, Iowa February 24, 2020 {4}------------------------------------------------ # Woodmen Financial Services, Inc. ## Statements of Financial Condition | | December 31 | | | | |----------------------------------------------------------------------------------------|-------------|--------------|----|--------------| | | | 2019 | | 2018 | | Assets | | | | | | Cash and cash equivalents | \$ | 1,391,312 | \$ | 1,361,666 | | Receivables from brokers, dealers, and others | | 490,296 | | 364,822 | | Other receivables | | 2,187 | | 2,566 | | Prepaid expenses and other assets | | 99,777 | | 56,519 | | Total assets | \$ | 1,983,572 | \$ | 1,785,573 | | | | | | | | Liabilities and stockholder's equity
Liabilities: | | | | | | Commissions payable | \$ | 330,496 | \$ | 224,310 | | Due to parent | | 199,024 | | 15,164 | | Accounts payable and accrued expenses | | 240,410 | | 128,638 | | Total liabilities | | 769,930 | | 368,112 | | Stockholder's equity:
Common stock, \$1 stated value:
Authorized shares – 50,000 | | | | | | Issued and outstanding shares – 50,000 | | 50,000 | | 50,000 | | Additional paid-in capital | | 15,398,875 | | 15,398,875 | | Accumulated deficit | | (14,235,233) | | (14,031,414) | | Total stockholder's equity | | 1,213,642 | | 1,417,461 | | Total liabilities and stockholder's equity | \$ | 1,983,572 | \$ | 1,785,573 | | | | | | | *See accompanying notes.* Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.