# MUFSON HOWE HUNTER & PARTNERS LLC X-17A-5 (2025-04-29) — Broker-dealer annual report - Company: MUFSON HOWE HUNTER & PARTNERS LLC - Form: X-17A-5 - Filed: 2025-04-29 - Period: 2024-12-31 - Accession: 0001296879-25-000004 - CIK: 1296879 - File #: 8-66587 - Type: Broker-dealer - Material weakness: Yes - Auditor: Berkower LLC - Auditor location: Iselin, NJ - Contact: Michael Mufson - Phone: 2153995410 - Email: mmufson@mhhco.com - Website: mhhco.com - Signed by: Michael Mufson (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1296879/000129687925000004/mhh24s.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORTS FORM X·17A-5 PART** Ill **FACING PAGE** 0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMER 1---- 8- 66587 **Information Required** Pursuant to Rules **17a-S, 17a-12,** and **18a-7 under** the **Securities Exchange** Act **of 1934** FILING FOR THE PERIOD BEGINNING \_0\_1/\_0\_1\_/2\_4 \_\_ AND ENDING 12/31/24 MM/DD/YY MM/DD/VY **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: MUFSON HOWE HUNTER & PARTNERS LLC TYPE OF REGISTRANT (check all applicable boxes): ~ Broker-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.) 1717 ARCH STREET (No. and Street) PHILADELPHIA PA 19103 (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING MICHAEL MUFSON (215) 399.5410 MMUFSON@MHHCO.COM (Name) (Area Code - Telephone Number} (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* BERKOWER LLC (Name - if individual, state last, first, and middle name) 517 ROUTE 1, SUITE 4103 ISELIN NJ 08830 (Address) ( City) (State) (Zip Code) 9/18/2003 217 (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) **FOR OFFICIAL USE ONLY** I j r • Claims for exemption f~ he 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-S(e)(l)(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 0MB control number. {1}------------------------------------------------ # **OATH OR AFFIRMATION** I, Michael, Mufson , swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to MUFSON HOWE HUNTER & PARTNERS LLQ!s of 12/31/24 , 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. ~/4\_/,; **Signature** *I* **CEO Title** ~"--I~ **Notary Public** ![](_page_1_Picture_6.jpeg) {2}------------------------------------------------ ## **This filing\*\* contains (check all applicable boxes):** - [Kl (a) Statement offinancial condition. - m (b) Notes to unconsolidated or consolidated statement offinancial condition, as applicable. - □ (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 members' or sole proprietor's equity, as applicable. - □ (t) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to unconsolidated or consolidated financial statements,, as applicable. - □ (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 240.1Sc3-3 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 240.1Sc3-3(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 240.1Sc3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.1Sc3-3 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 offinancial condition. - □ (q) Oath or affirmation in accordance with 17 CFR 240.17a-S, 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. - D (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 0 (t) Independent public accountant's report based on an examination of the statement of financia l condition. - D (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. - D (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. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.1Sc3-1e 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}------------------------------------------------ ![](_page_3_Picture_0.jpeg) 517 Route One, Suite 4103 lselin, NJ 08830 **L!** (732) 781-2712 Berkower.io # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Members of Mufson Howe Hunter and Partners, LLC ## **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of Mufson Howe Hunter and Partners, LLC (the "Company") as of December 31 , 2024, and the related notes (collectively referred to as the "Financial Statement"). In our opinion, the Financial Statement presents fairly, in all material respects, the financial position of the Company as of December 31 , 2024, in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This Financial Statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's Financial Statement 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 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 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 Statement is 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 Statement, 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 Statement. 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 Statement. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company's auditor since 2025. *B* t.lZ, *ko* i,J e-v *L.* **l- c\_** Berkower LLC lselin, New Jersey April 14, 2025 {4}------------------------------------------------ # **MUFSON HOWE HUNTER PARTNERS LLC** STATEMENT OF FINANCIAL CONDITION DECEMBER 31 , 2024 | ASSETS | | |---------------------------------------------------------------------|--------------| | Cash | \$
25,607 | | Prepaid expenses
Total assets
LIABILITIES AND MEMBER'S EQUITY | 3,170 | | | 28,777
\$ | | | | | Liabilities: | | | Accounts payable and accrued expenses | 3,250
\$ | | Total liabilities | 3,250 | | Member's Equity: | | | Total member's equity | 25,527 | | Total liabilities and member's equity | \$
28,777 | {5}------------------------------------------------ ### **MUFSON HOWE HUNTER & PART ERS LLC** NOTES TO FI ANCfAL ST A TEMENTS FOR THE YEAR ENDED DECEMBER 31 , 2024 #### ote I - **ATURE OF OPERATIONS AND SUMMARY OF SIG IFICA T ACCOU Tl G POLICIES** #### **Qrganjzatjon** Mufson Howe Hunter & Partners LLC ("MHHP") and Mufson Howe Hunter Advisors LLC ("MHHA ") are wholly-owned subsidiaries of Mufson Howe Hunter and Company LLC ("MHHC"). MHHP is a broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). MHHP is an independent investment bank serving middle-market companies, primarily in the Mid-Atlantic region of the United States. MHHP provides strategic and financial advice to clients on such matters as financing growth, mergers and acquisitions, recapitalizations or sale of their businesses. The firm also raises debt and equity from banks, private equity firms and other institutional sources to finance such activities, MHHP is a member of the Securities In vestor Protection Corporation (''S I PC"). The accompanying statements have been prepared assuming the Company will conti nue as a going concern. The Company had no revenues in 2024 and a loss from operations. This raises substantial doubt abo ut the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management has pledged additional support to the Company to enable it to continue as a going concern for a period of at least one year from the issuance date of these financial statements. #### **Bas;s of Presentation** The Company's financial statements have been prepared in accordance with generally accepted accounting principle in the United States of America ("US GAAP"). #### **Accounting Estimates** The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabiliti es at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimate . {6}------------------------------------------------ # **MUFSON HOWE HUNTER & PARTNERS LLC** NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 , 2024 **ote 1-** ### **NATURE OF OPERATIONS AND SUMMARY OF SJGNIFfCANT ACCOUNTING POLICIES (continued)** # **Concentratjon of Credit Rjsk** Fi.nancial instruments which potentially su bject MHHP to concentrations of credit risk consist principally of cash. **MHHP** deposits its cash with its bank, which is a high credit, quality financial instin1tion. At times, these deposits may be in excess of the Federal Deposit Tnsurance Corporation ("FDIC") insurance limit. ### **Jncome Taxes** MHHP is a limited liability company (LLC) and a who lly-owned subsid iaiy of MHHC which is also a limited liability company. For both federal and state tax purposes, LLC's are taxed as partnerships. All income taxes on net earnings arc payable by the sole member or up pc r tier of the LLC and, according ly, no provision for income taxes is requ ired . The Company accounts for uncertain tax positions using the accounting standard for uncertainty in income taxes. This standard clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing a threshold and measurement attributes of the financial statement recognition and measurement of a tax position taken or expect to be taken in a tax rctum. Lt also provides guidance on derccognition. cla sification, interest and penalties, accounting .for interim periods, disclosure and transition. **lt** is the Company's policy to record intere. t and penalties related to uncertain income rax positions, if any, as a component of income tax ex pen c. As of December 3 l, 2024, the Company had no uncertain tax positions that would require recognition or disclosure in the financial statements. The Company does not file income tax 1-etums because it is a disregarded entity for income tax purposes. The Tax Cuts and Jobs Act ("the Act") which was enacted on December 2 2, 2017 made key changes to the U.S. tax law, including the reduction of the U.S. federa l corporate tax rate. Accounting Standards Codification 740 requires the efforts of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation in enacted. Since the earnings and losses of the Company are passed through to its member, the Company concluded that there wa no impact to the financial statements for the year ended December 3 1, 2024. {7}------------------------------------------------ ## **MUFSON HOWE HUNTER & PARTNERS LLC** NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2024 #### **ote 1** - **ATUREOFOPERATIONSA DSUMMARYOFSIG IFICA T ACCOUNTING POLICIES (continued)** #### Revenue Recognition Effective January I, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"). The new revenue recognition guidance requires that an entity recognize revenue due to depict the transfer of promised goods or services to customers in an amount that reflect the consideration to wh ich the entity expects to be entitled in exchange fo r those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the contract( ) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in tbc contract, and ( e) recognize revenue when *(* or as) the entity satisfies a performance obligation. ln determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated wi th the vari able consideration is resolved. The Company applied the modified retrospective method of adoption which resulted in no adj ustment to retained earnings as of Ja nuary I, 20 I 8. The new revenue recognition guidance does not apply to revenue associated with financia l instmmcnts, interest income and expense, leasing and insurance contracts. #### **Allowance for Credit Losses** ASC Topic 326, Financial Instruments - Credit Losses ("ASC 326") impacts the impairment model for certain financial a sets by requiring a current expected credit los ("CECL'') methodology toe timate expected credit losses over the entire life of the financial asset. Under ASC 326, the company cou ld determine there arc no expected cred it losses in certain circumstances (e.g., ba cd on the credit quality of the client). The allowance for credit losses is based on the Company's expectation of the collectabili ty of financial instruments, including fees and other receivables utilizing the CECL framework. The Company considers factors such as historical experience, cred it quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collcctabil ity in determining the allowance for credit losses. Under the standard, the allowance for credit losses must be deducted from the amorti zed cost of the fi nanc ial asset to prc:;cnt rhc net amount expect to be collected. The statement of operations would reflect the measurement of credit losses for newly recognized financial assets as well as the expected increase or decrease of expected cred it losses that might have taken place during the period. The Company has not provided an allowance for credit losses at December 3 1, 2024. {8}------------------------------------------------ ## **MUFSON HOWE HUNTER** & **PARTNERS LLC** NOTES TO FrNANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2024 #### **Note 1** - **NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)** #### **Segment Reporting** The Accounting Standards Update (ASU) 2023 -07 issued by the Financial Accounting Standards Board (FASB) introduced enhancements to segment reporting requirements for public entities, including broker dealers. The company has a single reportabl e egment based on the nature of its services and regulatory environment under which it operates. The Company has identified its hief Executive Officer as the chief operating decision maker ("CODM"). The CODM uses the Company's total revenues and net income, as reported *in* the statement of operations, as well as excess net capital, which *is* nor a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The CODM evaluates the Company's financial performance and allocates resources on an entity-wide basis, and the Company does not manage its operations or allocate resources based on differences in products, services, or geographic regions. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies and all expense categories on the statement of operations arc significant and there arc no other significant segment expenses that would require disclosure. #### **Note 2- REGULATORY REQUIREMENTS** MHHP is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934 (reserve requirement for broker/dealers) in that MHHP docs not hold funds or secmities for customers. Pursuant to the net capital provisions of Rule 15c3- I under the Securities Exchange Acl of 1934, MHHP is required to maintain a minimum net capital, as defined, equal to the greater of \$5,000 or 6-2/3% of aggregate indebtedness. Net capital and the related net capital ratio may fluctuate on a daily basis. At December 31 , 2024, MHHP had net capital of \$22.357 which was \$17,357 in excess of its required net capital of \$5,000. The Company's net capital ratio was 14.54%. #### **Note** 3- **RELATED PARTIES** MHHC is a holding company and all broker dealer related business is eo11ducrcd through MHH P and al l non-broker dealer business is conducted through MHH A. MHHP has an expense sharing agreement with MHHA. Under the expense sharing agreement, M 1-11-J P is alloca ted its portion of indirect operating expenses (including payroll , rent, office supplies, computer and other operating expenses). During the year ended December 3 I, 2024, MHHP was allocated indirect operating expense in the amount of \$41,533, all of which was deemed a non-cash capital contribution from MHHC. ln addition, MHHC {9}------------------------------------------------ #### **MUFSON HOWE HUNTER & PARTNERS LLC** NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 , 2024 #### **Note 3- RELATED PARTIES (continued)** made a cash contribution to capital in the amount of \$15,000. #### **Note 4** - **SUBSEQUENT EVENTS** The Company has performed an evaluation of events that have occw-red subsequent to December 31 , 2024, and through April 14, 2025 the date of the filing of this report. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the financial statements as of December 31, 2024. #### **Note 5- GOING CONCERN** The accompanying statements have been prepared assuming the Company will continue as a going concern. The Company had no revenues in 2024 and a loss from operations. This raises substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. MHHC has pledged any additional support to the Company to enable it to continue as a going concern. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.