# GRB FINANCIAL LLC X-17A-5 (2023-02-22) — Broker-dealer annual report
- Company: GRB FINANCIAL LLC
- Form: X-17A-5
- Filed: 2023-02-22
- Period: 2022-12-31
- Accession: 0001278205-23-000001
- CIK: 1278205
- File #: 8-66345
- Type: Broker-dealer
- Material weakness: No
- Auditor: Rhodes Osiek Patyk & Company, LLP
- Auditor location: Arlington, TX
- Contact: Gerald R. Baker
- Phone: 817-861-7099
- Email: gerald@bakerfinancial.net
- Website: bakerfinancial.net
- Signed by: Gerald R. Baker (President)
Original filing: https://www.sec.gov/Archives/edgar/data/1278205/000127820523000001/grbaud22.pdf
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OMB APPROVAL **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**
| OMB Number:3235-0123 | |
|--------------------------|----|
| Expires: Oct. 31, 2023 | |
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# **ANNUAL REPORTS FORM X-17A-5 PART III**
| | SEC FILE NUMBER |
|--|-----------------|
8-66345
**FACING PAGE**
**Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** 01/01/22 12/31/22 FILING FOR THE PERIOD BEGINNING AND ENDING MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** GRB Financial, LLC NAME OF FIRM: TYPE OF REGISTRANT (check all applicable boxes): CXBroker-dealer 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.) 1415 West Randol Mill Road (No. and Street) Arlington 76012 Texas (Zip Code) (City) (State) PERSON TO CONTACT WITH REGARD TO THIS FILING gerald@bakerfinancial.net Gerald R. Baker 817-861-7099 (Email Address) (Area Code - Telephone Number) (Name) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Rhodes Osiek Patyk & Company, L.L.P. (Name -if individual, state last, first,and middle name) Arlington TX 76017 2170 West Interstate 20 (Zip Code) (State) (City) (Address) 09/22/2009 3881 (PCAOB Registration Number,if applicable) (Date of Registration with PCAQB)(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)(l)(ii),if applicable. Persons who are to respond to the collection of information containedinthis form are not required to respond unless the form displays a currently valid OMB control number.
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#### **OATH OR AFFIRMATION**
| Gerald
R. Baker
I, | , swear (or affirm) that,to the best of my knowledge and belief, the | |
|--------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|---------|
| financial report pertaining to the firm of | GRB
Financial,LLC | , as of |
| December
31
, 2 022 , 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: | |
| tA | CHRISTY C HOOSTON
Notary ID #131673795 | |
President
Notary ic
# This filing\*\* contains (check all applicable boxes):
- [X(a) Statement of financial condition.
- (b) Notes to consolidated statement of financial condition.
- [X (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).
*JjpJ* My Commission Expires / August 7, 2026
- CX (d) Statement of cash flows.
- (X(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.
- X(h) Computation of net capital under 17 CFR 240.15c3-lor 17 CFR 240.18a-l, as applicable.
- (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- X(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.
- (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- [X(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.
- [X (o) Reconciliations,including appropriate explanations,of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.18a-l, 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.
- [X(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.
- CX (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.
- [X (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.
- (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.
- CX (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-le 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.*
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#### **GRB SECURITIES, LLC**
#### CONTENTS
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | 1 -2 |
|---------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|-------|
| | | |
| FINANCIAL STATEMENTS | | |
| Statement of financial condition | | 3 |
| Statement of operations | | 4 |
| Statement of changes in member's equity | | 5 |
| Statement of cash flows | | 6 |
| Notes to financial statements | | 7-9 |
| Supporting Schedules | | |
| Schedule I: | Computation of Net Capital Under Rule 15c3-
1
of the Securities and Exchange Commission | 10-11 |
| Schedule II: | Computation for Determination of Reserve
Requirements Under Rule 15c3-3 of the Securities
and Exchange Commission | 12 |
| ON MANAGEMENT'S EXEMPTION REPORT | REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 13 |
| BROKER | -DEALER ANNUAL EXEMPTION REPORT | 14 |
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Curt H. Osiek Michael A. Patyk Paula J. Hunkier Lisa M. Wharton
# **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
**To the Board of Directors of GRB Financial, LLC:**
## **Opinion on the Financial Statements**
**We have audited the accompanying statement of financial condition of GRB Financial, LLC ( the Company) as of December 31, 2022, the related statements of operations, changes in member's equity, and cash flows for the year 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 GRB Financial, LLC as of December 31, 2022 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 GRB Financial, LLC's management. Our responsibility is to express an opinion on GRB Financial LLC'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 GRB Financial, LLC 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 fraud or error, and performing procedures that respond to those risks. Such procedures include 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.**
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#### **Auditors' Report on Supplemental Information**
**The supplemental information contained in Schedule I Computation of Net Capital Under Rule 15c 3-1 of the Securities Exchange Commission and Schedule II Computation for Determination of Reserve Requirements Under Rule 15c 3-3 of the Securities and Exchange Commission has been subjected to audit procedures performed in conjunction with the audit of GRB Financial, LLC's financial statements. The supplemental information is the responsibility of GRB Financial, LLC'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, Schedule I Computation of Net Capital is fairly stated, in all material respects, in relation to the financial statements as a whole.**
**We have served as the Company's auditor since 2008.**
**Arlington, Texas February 23, 2023**
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# **GRB FINANCIAL, LLC STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2022**
| Assets | | |
|----------------------------------------------|----|--------|
| Cash | \$ | 39,971 |
| receivable
Commission | | 7,978 |
| Prepaid
expenses | | 15.247 |
| Total Assets | S | 63,196 |
| | | |
| Member's Equity
Liabilities
and | | |
| Liabilities | | |
| payable
Commission | \$ | 37 |
| Total Liabilities | | 37 |
| | | 63,159 |
| Equity
Member's | | |
| Member's Equity'
Liabilities and
Total | \$ | 63,196 |
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# **GRB FINANCIAL, LLC STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2022**
| Revenues | |
|----------------------------------------------|-----------------|
| Commission
income | \$
98,278 |
| Total
Revenues | 98,278 |
| Expenses | |
| Registered
representative
compensation | 62,909 |
| Regulatory
fees and expenses | 4.315 |
| Professional
fees | 28.415 |
| Insurance | 18.515 |
| Total
Expenses | 114,154 |
| Loss before
provision
for
taxes | (15,876) |
| state income
Provision
for
tax | |
| Net Loss | \$
( 15.876) |
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# **GRB FINANCIAL, LLC STATEMENT OF CHANGES IN MEMBER S EQUITY FOR THE YEAR ENDED DECEMBER 31, 2022**
| Balances
at December
31, 2021 | \$79,035 |
|-------------------------------------|----------|
| Member's contributions | |
| Net
loss | (15,876) |
| 31, 2022
Balances
at December | \$63,159 |
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# **GRB FINANCIAL, LLC STATEM ENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2022**
| Cash flows used in operating activities: | |
|-----------------------------------------------------------|----------------|
| Net loss | \$
(15,876) |
| Adjustments to reconcile net loss to net cash provided by | |
| (used) for operating activities: | |
| Changes in assets and liabilities | |
| Decrease in accounts receivable | 4,639 |
| (Increase) in prepaid expenses | (2,220) |
| accrued
(Decrease) in account payable and
expenses | (26) |
| Net cash used in operating activities | (13,483) |
| Cash at beginning of
year | 53,454 |
| Cash at end of year | \$
39,971 |
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#### **GRB FINANCIAL, LLC**
#### **NOTES TO FINANCIAL STATEMENTS**
#### **DECEMBER 31, 2022**
#### **NOTE 1 -Summary of Significant Accounting Policies:**
#### Organization and Nature of Business
GRB Financial, LLC (the "Company"), was formed on October 1 , 2003. The Company is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") and is a member of the Securities Investor Protection Corporation **("SIPC").** The Company operates as a Texas Limited Liability Company **("LLC")** and is wholly-owned by a member. The Company is considered "Non-Covered Firm" exempt from 17 C.F.R. § 240.15c3-3 and is filing an Exemption Report relying on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by the SEC staff. The Company limits its business activities exclusively to municipal securities broker, including 529 plans, mutual fund retailer-application way only and broker selling variable life insurance or annuities. The Company does not hold customer funds or securities. The Company's customers are located throughout the United States. The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles and to general practices within the securities industry.
#### Cash and Cash Equivalents
For purposes of reporting cash flows, the Company has defined cash equivalents as highly liquid investments, with original maturities of less than ninety days, which are not held for sale in the ordinary course of business. The Company maintains its operating cash at a financial institution.
#### Accounts Receivable
Commissions receivable are generally collected in full in the month following their accrual. As such, management has not recorded an allowance for doubtful accounts on these receivables. Management records an allowance for bad debts based on a collectability review of specific accounts. Any receivables deemed uncollectible are written off against the allowance.
#### Revenue Recognition
The Company earns revenue from selling unaffiliated mutual funds and variable annuity products. The performance obligation is satisfied at the time of each individual sale. A portion of the revenue is based on a fixed rate applied, as a percentage to, amounts invested at the time of sale. The remaining revenue is recognized over the time the client owns the investment or holds the contract and is generally earned based on a fixed rate applied, as a percentage, to the net asset value of the fund or annuity contract. The ongoing revenue is not recognized at the time of sale because it is variably constrained due to factors outside the Company's control including market volatility and client behavior (such as how long client holds their investment or annuity contract). The revenue will not be recognized until it is probable that a significant reversal will not occur.
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### **GRB FINANCIAL, LLC**
#### **NOTES TO FINANCIAL STATEMENTS**
#### **DECEMBER 31, 2022**
# **NOTE 1 -Summary of Significant Accounting Policies (Cont.)**
#### Use of Estimates
The Company's financial statements are presented in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the Codification) is the single source of U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
#### Income Taxes
The Company is a single member limited liability company and is therefore treated as a disregarded entity for federal income tax purposes. Accordingly, income will be taxed at the member level rather than at the company level for federal income tax purposes.
# Accounting policies
The financial statements of the Company have been prepared on an accrual basis in accordance with generally accepted accounting principles.
#### Property and Equipment
During 2022, the Company owned no property and equipment in its name. All of the equipment is owned by the owner of another entity.
# Advertising costs
Advertising costs are expensed as incurred.
#### Compensated absences
Compensated absences have not been accrued because the amount cannot be reasonably estimated.
# **NOTE 2 -Net Capital Requirements**
Pursuant to the net capital provisions of Rule 15c3-l of the Securities and Exchange Act of 1934, the Company is required to maintain a minimum net capital, as defined under such provisions. Net capital and the related net capital ratio may fluctuate on a daily basis.
At December 31, 2022, the Company had net capital of \$39,971 and minimum net capital requirements of \$5,000. The Company's ratio of aggregate indebtedness to net capital was .09 to 1 . The Securities and Exchange Commission permits a ratio of no greater than 15 to 1 .
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#### **GRB FINANCIAL, LLC**
#### **NOTES TO FINANCIAL STATEMENTS**
#### **DECEMBER 31, 2022**
#### **NOTE** 3-**Possession or Control Requirements**
The Company holds no customer funds or securities. The Company is considered "Non-Covered Firm" exempt from 17 C.F.R. § 240.15c3-3 and is filing an Exemption Report relying on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by the SEC staff. The Company limits its business activities exclusively to private placement of securities, including direct participation programs and merger and acquisition advisor}'services.
#### **NOTE 4 -Concentration Risk**
The Company did not have cash balances in excess of federally insured limits anytime during the year.
#### **NOTE 5 - Related Party Transactions**
The Company is currently in an agreement with Baker Financial Services, an affiliated company, owned 90% by its sole member. This agreement makes available certain facilities and provides for performance of certain services for the Company. These services and facilities are provided without cost to the Company.
# **NOTE 6 - Liabilities Subordinated to Claims of General Creditor**
During the year ended December 31, 2022, there were no subordinated liabilities to the claims of general creditors. Accordingly, a statement of changes in liabilities subordinated to claims of general creditors has not been included in these financial statements.
## **NOTE 7 - Recent Accounting Pronouncements**
Recently issued accounting standards that have been issued or proposed by the FASB or other standardssetting bodies are not expected to have a material impact on the Company' s financial position or results of operations. The Company plans to adopt any new standards in accordance with the standards.
# **NOTE 8 -Commitments and Contingencies**
The Company had no commitments or contingencies that were required to be accrued or disclosed.
#### **NOTE 9 - Focus reports**
There were no differences in the Company's year-end financial statements and the Company's December 31, 2022 Focus Report Part II.
#### **NOTE 10 - Subsequent Events**
Subsequent events have been evaluated for potential recognition and disclosure through February 23, 2023, which represents the date the financial statements were available for issuance and concluded that no additional disclosures are required.
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## **Schedule I**
# **GRB FINANCIAL, LLC Computation of Net Capital Under Rule 15c3-l of the Securities and Exchange Commission As of December 31, 2022**
| Net Capital
of
Computation | |
|---------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
| for net capital
qualified
member's equity
Total | \$
63,159 |
| Deductions and/or charges
Non-allowable
assets:
Commission receivable
Prepaid
expenses
from net worth
Total deductions | (7,941)
(15,247)
(23,188) |
| Capital
Net | \$
39,971 |
| Aggregate indebtedness
condition:
financial
in statement of
Items included
payable
Commission | 37 |
| Total aggregate indebtedness | \$
37 |
See accompanying report of independent registered public accounting firm.
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# **Schedule I (continued)**
# **GRB FINANCIAL, LLC Computation of Net Capital Under Rule 15c3-l of the Securities and Exchange Commission As of December 31, 2022**
## **Computation of Basic Net Capital Requirement**
| net capital
required
Minimum | |
|------------------------------------------------------------------------------------------------------------|--------------|
| aggregate indebtedness)
(6 2/3%
of | \$
2 |
| Requirement of Reporting
Minimum dollar Net Capital
Broker
or Dealer | \$
5,000 |
| Minimum Net Capital
Requirement | \$
5,000 |
| Excess of Minimum Requirement
in
Net
Capital | \$
34,971 |
| 10% of
less
greater of
Net
capital
aggregate
indebtedness or 120% of minimum net capital | \$
33,971 |
| to Net Capital
Ratio of Aggregate Indebtedness | .09 to 1 |
| | |
No material differences existed between the audited computation of net capital pursuant to Rule 15c3-l as of December 31, 2022 and the corresponding unaudited filing of part IIA of the FOCUS Report/Form X-17A-5 filed by GRB Financial, LLC. Accordingly no reconcilation is necessary.
See accompanying report of independent registered public accounting firm.
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#### **Schedule II**
# **GRB FINANCIAL, LLC Computation for Determination of Reserve Requirements Under Rule 15c3-3 of the Securities and Exchange Commission As of December 31, 2022**
#### **EXEMPTIVE PROVISIONS**
The Company is considered "Non-Covered Firm" exempt from 17 C.F.R. § 240.15c3-3 and is filing an Exemption Report relying on footnote 74 to SEC Release 34-70073, and as discussed in Q&A 8 of the related FAQ issued by the SEC staff. The Company limits its business activities exclusively to municipal securities broker, including 529 plans, mutual fund retailer-application way only and broker selling variable life insurance or annuities.
See accompanying report of independent registered public accounting lirm.
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Curt H. Osiek Michael A Patyk Paula J. Hunkier Lisa M. Wharton
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
# **To the Board of Directors of GRB Financial, LLC**
**We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report pursuant to SEC Rule 17a-5, in which 1 ) GRB Financial, LLC ( the Company) does not claim an exemption under paragraph ( k ) of 17 C.F.R. 240.15c 3-3 and 2) GRB Financial, LLC is filing the Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. 240.17a-5 because the Company limits its business activities exclusively to mutual fund retailer, municipal securities broker, broker or dealer selling variable life insurance or annuities, broker or dealer selling tax shelters or limited partnerships in primary distributions and private placement of securities. In addition, the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b) (2) of Rule 15c2-4 and/or funds received and promptly transmitted for effecting transactions via subscriptions on a subscription way basis where the funds are payable to the issuer or its agent and not to the Company; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year, December 31, 2022, without exception.**
**GRB Financial, LLC'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, accordingly, included inquiries and other required procedures to obtain evidence about GRB Financial, substantially less in scope than an examination, the expression of an opinion on management's statements, not express such an opinion. LLC's compliance with the exemption provisions. the objective of which is Accordingly, we do A review is**
**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, activities contemplated by Footnote 74 of the SEC Release No. adopting amendments to 17 C.F.R. 240.17a-5, and related SEC Staff Frequently Asked Questions. in all material respects, based upon the Company' business 34-70073**
**Arlington, Texas February 23, 2023**
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# *GRB Financial***,** *LLC*
*TinanciafAdvisors*
1415 W. Randol Mill Road Post Office Box 120427 Arlington, TX 76012
# **BROKER-DEALER ANNUAL EXEMPTION REPORT**
### **DECEMBER 31, 2022**
GRB Financial, LLC ("Company") is a registered broker-dealersubject 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 GRB Financial, LLC. states the following:
(1) The Company is filing this Exemption report because the Company's business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5 are limited exclusively to a mutual fund retailer on application way only basis where the funds are payable to the issuer or its agent and not the company, municipal securities broker including 529 plans, broker or dealer selling variable life insurance or annuities, broker or dealer selling tax shelters or limited partnerships in primary distributions, and private placement of securities.
(2) The Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, other than money or other consideration received and promptly transmitted in compliance with paragraph (a) or (b)(2) of Rule 15c2-4; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3), throughout the most recent fiscal year without exception.
**I, Gerald R. Baker, affirm that to** my **best knowledge and belief, this Exemption Report is true and correct.**
Gerald R. Baker President
February 23, 2023
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.