# WOODMEN FINANCIAL SERVICES, INC. X-17A-5 (2025-03-25) — Broker-dealer annual report - Company: WOODMEN FINANCIAL SERVICES, INC. - Form: X-17A-5 - Filed: 2025-03-25 - Period: 2024-12-31 - Accession: 0001146202-25-000003 - CIK: 1146202 - File #: 8-53592 - Type: Broker-dealer - Material weakness: No - Auditor: Deloitte & Touche LLP - Auditor location: New York, NY - Contact: Lindsey Eblen - Phone: 4026618363 - Email: leblen@woodmenlife.org - Website: woodmenlife.org - Signed by: Tim Buderus (President & CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1146202/000114620225000003/wfsireportpublic2024c.pdf --- {0}------------------------------------------------ F I N A N C I A L S T A T E M E N T Woodmen Financial Services, Inc. Year Ended December 31, 2024 With Report of Independent Registered Public Accounting Firm {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: Expires: Estimated average burden hours per response: SEC FILE NUMBER 3235-0123 Nov. 30, 2026 12 ### 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 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION 01/01/24 12/31/24 ### NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Woodmen Financial Services, Inc ### 1700 Farnam St | NAME OF FIRM: _______________________________________________________________________ | Woodmen Financial Services, Inc | | | | |-------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------------------------------------|------------------------|--| | TYPE OF REGISTRANT (check all applicable boxes):
Broker-dealer
□
Check here if respondent is also an OTC derivatives dealer
□ | Security-based swap dealer
□ | Major security-based swap participant | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 1700 Farnam St
_____________________________________________________________________________________ | | | | | | | (No. and Street) | | | | | Omaha
_____________________________________________________________________________________ | NE | | 68102 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Lindsey Eblen
_____________________________________________________________________________________ | 402-661-8363 | | leblen@woodmenlife.org | | | (Name) | (Area Code – Telephone Number) | | (Email Address) | | | | B.
ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | Deloitte & Touche LLP
_____________________________________________________________________________________ | | | | | | | (Name – if individual, state last, first, and middle name) | | | | | 30 Rockefeller Plaza
_____________________________________________________________________________________ | New York | NY | 10112 | | | (Address) | (City) | (State) | (Zip Code) | | | 10/20/2003
_____________________________________________________________________________________ | | 34 | | | | (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 be covered by the 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. {2}------------------------------------------------ ### OATH OR AFFIRMATION | Tim Buderus | | | I, ___________________________________________, swear (or affirm) that, to the best of my knowledge and belief, the | | |--------------------------------|---------------------------------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------|--| | | Woodmen Financial Services, Inc | | financial report pertaining to the firm of ____________________________________________________________, as of | | | 12/31 | 4 | | ______________________________, 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: | __________________________________________ | | | ______________________________ | | Title:
President | __________________________________________ | | | Notary Public | | | | | ### This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. **ii!!!i** - (b) Notes to consolidated statement of financial condition. **ii!!!i** - (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 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. □ - (l) 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. **ii!!!i** - (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 report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. **ii!!!i** - (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 240.15c3-1e or 17 CFR 240.17a-12, as applicable. □ - (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 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {3}------------------------------------------------ Financial Statements and Supplemental Information Year Ended December 31, 2024 ### **Contents** | Report of Independent Registered Public Accounting Firm
1 | | |-----------------------------------------------------------------------------|--| | Financial Statements | | | Statement of Financial Condition
2
Notes to Financial Statements
3 | | | | | {4}------------------------------------------------ # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors Woodmen Financial Services, Inc. ## Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Woodmen Financial Services, Inc. (the "Company") as of December 31, 2024, and the related notes (collectively in all material respects, the financial position of the Company as of December 31, 20 referred to as the "financial statement"). In our opinion, the financial statement presents fairly, 24, in conformity with accounting principles generally accepted in the United States of America. ## Basis for Opinion firm registered with the Public Company Accounting Oversight B to express an opinion on this financial statement based on our audit. We are a public accounting The financial statement is the responsibility of the Company's management. Our responsibility is oard (United States) (PCAOB) Commission and the PCAOB. federal securities laws and the applicable rules and regulations of the Securities and Exchange and are required to be independent with respect to the Company in accordance with the U.S. financial statement is free of material misstatement, whether due to error or require that we plan and perform the audit to obtain reasonable assurance about whether the We conducted our audit in accordance with the standards of the PCAOB. Those standards fraud. statement provides a reasonable basis for our opinion. the overall presentation of the financial statement. We believe that our audit of the financial accounting principles used and significant estimates made by management, as well as evaluating amounts and disclosures in the financial statement. Our audit also included evaluating the those risks. Such procedures included examining, on a test basis, evidence regarding the financial statement, whether due to error or fraud, and performing procedures that respond to Our audit included performing procedures to assess the risks of material misstatement of the r ·•· r March 14, 2025 Omaha, Nebraska We have served as the Company's auditor since 2024. {5}------------------------------------------------ ### Statement of Financial Condition | | 2024 | | | |----------------------------------------------------------------------------------------------------------------------------------|------|--------------|--| | Assets | | | | | Cash and cash equivalents | \$ | 741,799 | | | Receivables from brokers, dealers, and others | | 570,651 | | | Prepaid expenses and other assets | | 67,139 | | | Other receivables | | 2,032 | | | Total assets | \$ | 1,381,621 | | | Liabilities and stockholder's equity
Liabilities: | | | | | Commissions payable | \$ | 350,240 | | | Accounts payable and accrued expenses | | 544,218 | | | Due to parent | | 41,437 | | | Total liabilities | | 935,895 | | | Stockholder's equity:
Common stock, \$1 stated value:
Authorized shares – 50,000
Issued and outstanding shares – 50,000 | | 50,000 | | | Additional paid-in capital | | 16,398,875 | | | Accumulated deficit | | (16,003,149) | | | Total stockholder's equity | | 445,726 | | | Total liabilities and stockholder's equity | \$ | 1,381,621 | | | | | | | *See accompanying notes.* {6}------------------------------------------------ ### **Notes to Financial Statements** ### **December 31, 2024** ### **1. Summary of Significant Accounting Policies** ### **Organization and Basis of Presentation** Woodmen Financial Services, Inc. (the Company) was incorporated on July 9, 2001, and is a wholly owned subsidiary of WFS Holdings, Inc., a wholly owned subsidiary of Woodmen of the World Life Insurance Society (WoodmenLife). The Company began operating as a brokerdealer on July 1, 2002. The Company is registered with the Financial Industry Regulatory Authority (FINRA). The Company is an introducing broker-dealer, which conducts business on an "Application Way" basis. The Company receives capital contributions from WFS Holdings, Inc, if needed. The Company is dependent on and receives capital contributions from WFS Holdings, Inc., which is dependent on and receives capital contributions from WoodmenLife, as needed. WFS Holdings, Inc, has committed to providing capital contributions to the Company, and WoodmenLife has committed to providing capital contributions to WFS Holdings, Inc, to ensure the Company's and WFS Holdings, Inc,'s business will continue as a going concern for the foreseeable future. ### **Reportable Segments** The Company is engaged in a single line of business as an introducing broker-dealer. It 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, which is not a measure of profit or loss, to make operational decisions, while maintaining capital adequacy. The Company's operations constitute a single operating segment and therefore, a single reportable segment, which is represented in the Financial Statements presented. ### **Use of Estimates** The preparation of financial statements in conformity with U.S. generally accepted accounting (U.S. GAAP) principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements during the reporting period. It is possible that actual experience could differ from the estimates and assumptions utilized. {7}------------------------------------------------ ### **Notes to Financial Statements (continued)** ### **Cash and Cash Equivalents** Cash and cash equivalents include interest-bearing commercial checking and a money market fund. ### **Fair Value** Fair value is based on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a hierarchal disclosure framework for fair value that ranks the level of market price observability used in measuring financial instruments at fair value into three levels. - Level 1 Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities. - Level 2 Fair values are based on inputs, other than quoted prices from active markets, that are observable for the asset or liability, either directly or indirectly. - Level 3 Fair values are based on significant unobservable inputs for the asset or liability. All investments included in the Statement of Financial Condition at December 31, 2024 are in money market funds that are carried at cost, which approximates fair value. These investments are based upon daily quoted prices, and therefore are considered Level 1. There were no transfers between Level 1, Level 2 or Level 3 during 2024. ### **Deferred Income Taxes** Deferred income tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using the enacted marginal tax rate. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. The Company evaluates the deferred tax asset for recoverability and establishes a valuation allowance when it is determined that it is more likely than not that some portion or all of the deferred tax assets will not be realized. {8}------------------------------------------------ ### **Notes to Financial Statements (continued)** ### **Going Concern** The accompanying financial statements are prepared in accordance with U.S. GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred recurring losses from operations and has relied upon capital contributions from WoodmenLife to fund operating activities and maintain compliance with regulatory requirements. The Company does not have sufficient cash on hand to fund operations or maintain regulatory requirements for one year following the date the financial statements are issued. The Company's ability to continue as a going concern is dependent upon the continued financial support from WoodmenLife. As of the date the financial statements are issued. WoodmenLife has committed that they will provide funding to enable the Company to meet its obligations as they come due to continue as a going concern for at least one year following the date the financial statements are issued. ### **Subsequent Events** The Company's management has evaluated the financial statement for subsequent events though March 14, 2025, the date the financials were available to be issued. ### **2. Income Taxes** The Company is included in the consolidated income tax return of WFS Holdings, Inc. Consolidated income tax expense is allocated based on each company's separate taxable income. The Company has accumulated net operating losses of \$12,434,000, of which \$10,490,000 can be carried forward to offset future taxable income but expire between tax year 2025 and 2037 and \$1,944,000 of accumulated net operating losses that do not expire. The net operating losses result in a net deferred asset of \$2,611,000 at December 31, 2024. This represents the only significant temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Due to the uncertainty regarding whether the Company will generate sufficient future taxable income to realize the operating loss carryforwards, management has established a valuation allowance for the full amount of the deferred tax asset and therefore no net deferred asset is reported on the Statement of Financial Condition. The company did not recognize an income tax benefit related to the net operating losses deferred tax asset for the year ended December 31, 2024. There was a net decrease of \$90,000 in the valuation allowance for the year ended December 31, 2024. The current {9}------------------------------------------------ ### **Notes to Financial Statements (continued)** ### **Income Taxes (continued)** effective tax rate is zero, which differs from the federal rate of 21%, due to the expected future tax benefit of the current and prior year losses. The Company files a U.S. Federal income tax return and state income tax returns where required. The 2021 through 2024 U.S. Federal tax years are subject to income tax examinations by tax authorities. The Company does not have any uncertain tax positions for the year ended December 31, 2024. ### **3. Net Capital** The Company is subject to the Securities and Exchange Commission (the SEC) Uniform Net Capital Rule (Rule 15c3-1 under the Securities Exchange Act of 1934), which requires the maintenance of minimum net capital, as defined. Advances to affiliates, dividend payments, and other equity withdrawals are subject to certain notification and other provisions of the SEC Uniform Net Capital Rule or other regulatory bodies. At December 31, 2024, the Company had net capital of \$326,543 which was \$264,150 in excess of the required net capital of \$62,393. At December 31, 2024, the Company's ratio of aggregate indebtedness to net capital was 2.87 to 1. Various other regulatory agencies may impose additional capital requirements. ### **4. Related-Party Transactions** As of December 31, 2024, commission payable includes amounts due to WoodmenLife of \$102,639 and receivables from brokers, dealers, and others includes amounts due from WoodmenLife of \$112,208. A portion of the Company's liabilities is due to WoodmenLife in accordance with a professional services agreement in effect. The amount due at December 31, 2024 was \$41,437. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.