# WEA INVESTMENT SERVICES, INC. X-17A-5 (2020-02-28) — Broker-dealer annual report
- Company: WEA INVESTMENT SERVICES, INC.
- Form: X-17A-5
- Filed: 2020-02-28
- Period: 2019-12-31
- Accession: 0001228823-20-000001
- CIK: 1228823
- File #: 8-65926
- Material weakness: No
- Auditor: Ryan & Juraska LLP
- Auditor location: Chicago, IL
- Contact: Carolyn Digman
- Phone: 6088073267
- Signed by: Rhonda M. Scheel (President & Treasurer)
Original filing: https://www.sec.gov/Archives/edgar/data/1228823/000122882320000001/weaisfinancialreport3.pdf
---
{0}------------------------------------------------
### **FINANCIAL REPORT**
December 31, 2019
{1}------------------------------------------------
**UNITED STATES SECURITIESAND EXCHANGECOMMISSION Washington, D.C. 20549**
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SEC FILE NUMBER
8-65926
#### **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill**
**FACING PAGE**
**Information Required of Brokers and Dealers Pursuant to Section 17** of the **Securities Exchange Act** of **1934 and Rule 17a-5 Thereunder**
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*\*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/or the exemption. See Section 240.17a-5(e)(2)*
> **Potential 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 0MB control number.**
SEC 1410 (11-05)
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### **OATH OR AFFIRMATION**
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of December 31 are true and correct. I further swear (or affirm) that
neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account classified solely as that of a customer, except as follows:
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This report\*\* contains (check all applicable boxes): 0 (a) Facing Page.
-
- 12] (b) Statement of Financial Condition.
- 1ZJ (c) Statement oflncome (Loss) or, ifthere 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 0(e) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. D (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors.
-
- (g) Computation of Net Capital.
- (h) Computation for Determination of Reserve Requirements Pursuant to Rule 15c3-3.
-
- (i) Information Relating to the Possession or Control Requirements Under Rule 15c3-3. **D** U) A Reconciliation, including appropriate explanation of the Computation ofNet Capital Under Rule 15c3-1 and the Computation for Determination of the Reserve Requirements Under Exhibit A of Rule 15c3-3.
- **0** (k) A Reconciliation between the audited and unaudited Statements of Financial Condition with respect to methods of consolidation.
-
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- 12] (I) An Oath or Affirmation. D (m) A copy of the SIPC Supplemental Report. D (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit. D (o) A copy of the Exemption Report.
-
*\*\*For conditions of confidential treatment of certain portions of this filing, see section 2 40.17 a-5 (e)(3 ).*
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### **TABLE OF CONTENTS**
| RE
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IN
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PU
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F
IR
M | 1 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|
| NC
ST
TS
FI
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IA
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EN | |
| S
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{4}------------------------------------------------
### **RYAN &JURASKA** ILP
Certified Public Accountants
141 West Jackson Boulevard Chicago, Illinois 60604
Tel: 312.922.0062 Fax: 312.922.0672
### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
To the Audit Committee, Board of Directors and Stockholder of WEA Investment Services, Inc.
### **Opinion on the Financial Statements**
We have audited the accompanying statement of financial condition of WEA Investment Services, Inc. (the Company) as of December 31, 2019, the related statements of income, changes in stockholder's equity, and cash flows for the year then ended, and the related notes and supplemental schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of WEA Investment Services, Inc. as of December 31, 2019, 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 WEA Investment Services, lnc.'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 WEA Investment Services, 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 have served as WEA Investment Services, lnc.'s auditor since 2017.
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.
### **Supplemental Information**
The Supplemental Schedules (the "supplemental information") have been subjected to audit procedures performed in conjunction with the audit of WEA Investment Services, lnc.'s financial statements. The supplemental information is the responsibility of WEA Investment Services, lnc.'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 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, the Supplemental Schedules are fairly stated, in all material respects, in relation to the financial statements as a whole. •
Chicago, Illinois February 21, 2020
> -1-
{5}------------------------------------------------
### **STATEMENT OF FINANCIAL CONDITION** December 31, 2019
**ASSETS** Cash and cash equivalents Receivables from affiliates Other assets Total assets **LIABILITIES AND STOCKHOLDER'S EQUITY** liabilities: Payable to affiliates Income taxes payable Total liabilities Stockholder's equity: Common stock, \$1 par value, authorized 10,000 shares, issued and outstanding 1,000 shares Additional paid-in capital Retained earnings Total stockholder's equity Total liabilities and stockholder's equity *\$* **104,233 27,335 1,478** *\$* **133,046** *\$* **30,592 333 30,925 1,000 49,000 52,121 102,121** *\$* **133,046**
> See Notes to Financial Statements.
{6}------------------------------------------------
### **STATEMENT OF INCOME** Year Ended December 31, 2019
| IN
C
O
M
E | |
|-----------------------------------------------------------------------------------------------------------|---------------------------|
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fe
d
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ar
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| | 13
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| R
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| O
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| | 13
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#### See Notes to Financial Statements. -3 -
{7}------------------------------------------------
# **STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY**
Year Ended December 31, 2019
| | | | dd
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|--------------------------------------------------------------------------------|-------------------------------------|--------------------|----------------------------|--------------------------|-----------------------------------|--|
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See Notes to Financial Statements.
-4-
{8}------------------------------------------------
## **STATEMENT OF CASH FLOWS**
Year Ended December 31, 2019
| C
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fl
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| In
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See Notes to Financial Statements. -5 -
{9}------------------------------------------------
? *\$J\$* \$ , - **£M**
#### **NOTES TO FINANCIAL STATEMENTS**
#### **Note 1** ~ **Nature of Business**
**Nature of Business.** WEA Investment Services, Inc. (the Company), a wholly-owned subsidiary of the WEA Member Benefit Trust, was organized for the purpose of facilitating mutual fund trading on behalf of its related entities. The Company is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). The Company does not carry customer accounts and is exempt from the provisions of SEC Rule 15c3-3 based on its limited business per section (k)(l).
**Subsequent Events.** Subsequent events were evaluated through February 21, 2020, which is the date the financial statements were available to be issued. There were no material subsequent events.
### **Note 2** ~ **Summary of Significant Accounting Policies**
**Cash and Cash Equivalents.** For purposes of reporting cash flows, cash and cash equivalents consist of cash in a checking account and certificates of deposit. Cash and cash equivalents are carried at cost, which approximates market value.
**Service Fees.** The Company recognized revenue in accordance with the Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Topic 606, *Revenue from Contracts with Customers.* Service fees are received from an affiliated entity for brokerage services provided. The performance obligation is satisfied over time as services are provided. Revenue is estimated monthly based on an amount expected to be earned, and is finalized annually based on the actual cost of services provided.
**Accounting Estimates.** The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
**Income Taxes.** The Company files federal and Wisconsin income tax returns. The Company does not have any significant deferred income taxes on temporary differences between the financial statement basis and the tax basis of the Company's assets and liabilities based upon enacted tax rates and has not identified any significant uncertain tax positions.
### **Note 3** ~ **Related Party Transactions**
The WEA Member Benefit Trust (the parent organization) and the WEA Tax Sheltered Annuity Trust were created by the Wisconsin Education Association. Members of the Board of Trustees of the WEA Member Benefit Trust are identical to those of the WEA Tax Sheltered Annuity Trust. In addition, the WEA Member Benefit Trust has formed three other wholly owned subsidiaries, WEA Property & Casualty Insurance Company, a stock property and casualty insurance company, WEA Financial Advisors, Inc., a registered
-6-
{10}------------------------------------------------
investment advisor, and WEA Member Benefit Agency, LLC, a single member LLC. The organizations are all under common control within a holding company system.
### **Note 3 ~ Related Party Transactions (Continued)**
To minimize costs and facilitate the record keeping and administrative functions of the organizations, agreements have been executed to utilize the existing facilities and personnel of the WEA Property & Casualty Insurance Company, WEA Tax Sheltered Annuity Trust, and WEA Member Benefit Trust to the extent necessary to maintain proper and complete records and administration of the organizations. The total costs of shared operations are prorated based on cost studies performed on an annual basis. These studies analyze the relative activities of personnel of the organizations to determine proportionate allocations of joint expenses that should be made.
Total service fee revenue from the WEA Tax Sheltered Annuity Trust was \$132,660 for the year ended December 31, 2019.
Total expenses allocated to the Company from the entities above for the year ended December 31, 2019, were \$96,367.
Amounts due from (to) affiliates at December 31, 2019:
| | 20
19 |
|--------------------------------------------------------------------------------------------------------------------------|---------------------------|
| S
W
EA
T
he
lte
d
A
ui
T
t
st
ax
re
nn
ru
y | \$
27
,3
35 |
| W
EA
M
be
r B
ef
it
T
st
em
en
ru | (3
)
,5
40 |
| &
C
C
W
EA
P
rt
lt
In
ro
pe
y
as
ua
y
su
ra
nc
e
om
pa
ny | (2
)
7,
05
2 |
| | \$
(3
,2
)
57 |
### **Note 4 ~ Net Capital Requirements**
The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (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. At December 31, 2019, the Company had net capital of \$73,271, which was \$68,271 in excess of its required net capital of \$5,000. The Company's ratio of aggregate indebtedness to net capital was 0.42 to 1. There were no material differences between the computation of net capital as presented in the audited financial statements as of December 31, 2019, and the Company's corresponding, unaudited, most recently filed Part IIA - Financial and Operational Combined Uniform Single Report.
### **Note 5 ~ Liabilities Subordinated to General Creditors**
There were no liabilities subordinated to general creditors as of December 31, 2019, and there were no changes during the year then ended.
> -7 -
{11}------------------------------------------------
#### **Note 6 "' Income Taxes**
The Company files federal and Wisconsin income tax returns. The major differences between the financial statement and taxable income are non-deductible meals and entertainment. Federal and state income tax expenses were \$417 for the year ended December 31, 2019. Tax years 2016 through 2018 remain subject to federal and state examination.
{12}------------------------------------------------
### **COMPUTATION OF AGGREGATE INDEBTEDNESS AND NET CAPITAL UNDER RULE 1Sc3-1** December 31, 2019
| A
G
G
RE
G
AT
E
IN
DE
BT
ED
N
ES
S
In
bl
ta
co
m
e
xe
s
pa
ya
e
Pa
bl
ff
ili
to
at
ya
e
a
es | \$
33
3
30
,5
92 |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
| T
al
in
de
bt
ed
ot
te
a
gg
re
ga
ne
ss | \$
30
,9
25 |
| M
in
im
ui
d
ita
l
t c
um
r
eq
re
ne
ap | \$
00
0
5, |
| NE
T
CA
PI
TA
L | |
| St
kh
ol
de
r's
it
oc
e
qu
y
D
ed
tio
uc
ns
: | \$
10
2
,1
21 |
| R
ei
bl
f
ffi
lia
te
ec
va
es
ro
m
a
s | 27
,3
35 |
| O
th
et
er
a
ss
s | 1
,4
78 |
| | 28
,8
13 |
| N
ita
l b
ef
ha
irc
iti
iti
et
ut
c
ap
or
e
s
on
s
ec
ur
es
p
os
on
s | 73
,3
08 |
| H
ai
ifi
f d
it
ut
rt
te
rc
o
n
ce
ca
o
ep
os | 37 |
| N
ita
l
et
c
ap | 73
,2
71 |
| M
in
im
ui
d
ita
l
t c
um
r
eq
re
ne
ap | 5,
00
0 |
| C
ita
l i
f m
in
im
ui
t
ap
n
ex
ce
ss
o
um
r
eq
re
m
en | \$
68
,2
71 |
| Ra
tio
f a
in
de
bt
ed
ita
l
te
t
t c
o
gg
re
ga
ne
ss
o
ne
ap | 0.
42
t
1
o |
No material changes between the above computation and the Company's corresponding unaudited Form FOCUS part /IA as of December 31, 2019.
{13}------------------------------------------------
### **COMPUTATION FOR DETERMINATION OF THE RESERVE REQUIREMENTS UNDER EXHIBIT A OF RULE 15c3-3** December 31, 2019
The Company is exempt from Rule 15c3-3 based on its limited business per section (k)(l).
### **INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15c3-3** December 31, 2019
The Company is exempt from Rule 15c3-3 based on its limited business per section (k)(l).
### **INFORMATION RELATING TO THE SECURITIES INVESTOR PROTECTION CORPORATION (SIPC) REQUIREMENTS UNDER SECTION 78ccc(a)(2)(A)(ii)** December 31, 2019
Under Section 78ccc(a)(2)(A)(ii), the Company is excluded from membership in the SIPC.
{14}------------------------------------------------
**RYAN &JURASKA** ILP
Certified Public Accountants
141 West Jackson Boulevard Chic.ago, Illinois 60604
Tel: 312.922.0062 Fax: 312.922.0672
### **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
To the Audit Committee, Board of Directors and Stockholder of WEA Investment Services, Inc.
We have reviewed management's statements, included in the accompanying Exemption Report, in which (1) WEA Investment Services, Inc. (the Company) claimed an exemption from 17 C.F.R. §240.15c3-3 under the following provisions of 17 C.F.R. §240.15c3-3(k)(1) (the "exemption provisions") and (2) the Company met the identified exemption provisions in 17 C.F.R. §240.15c3-3(k) throughout the most recent fiscal year ended December 31, 2019 without exception. The Company's management is responsible for compliance with the exemption provisions and its statements.
Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, therefore, included inquiries and other required procedures to obtain evidence about the Company'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)(1) of Rule 15c3-3 under the Securities Exchange Act of 1934.
Chicago, Illinois February 21, 2020
{15}------------------------------------------------
#### **EXEMPTION REPORT**
WEA Investment Services, Inc. (the Company) 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}(l) and (4). To the best of its knowledge and belief, the Company states the following:
- (1) The Company claimed an exemption from 17 C.F.R. §240.15c3-3 under the following provisions of 17 C.F.R. §240.15c3-3{k)(l).
- (2) The Company met the identified exemption provisions in 17 C.F.R. § 240.15c3-3{k) throughout the most recent fiscal year ended December 31, 2019 without exception.
### **WEA Investment Services, Inc.**
I, Rhonda M. Scheel, swear {or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct.
By:
Rhonda **M.** Scheel President & Treasurer
February 21, 2020
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.