# FIRST CHICAGO ADVISORS, INC. X-17A-5 (2020-03-02) — Broker-dealer annual report - Company: FIRST CHICAGO ADVISORS, INC. - Form: X-17A-5 - Filed: 2020-03-02 - Period: 2019-12-31 - Accession: 0001387764-20-000001 - CIK: 1387764 - File #: 8-67528 - Material weakness: No - Auditor: Marvin M. Siegel CPA P.C. - Auditor location: Wilmette, IL - Contact: Steven Knoop - Phone: 3127390100 - Signed by: Steven Knoop (President) Original filing: https://www.sec.gov/Archives/edgar/data/1387764/000138776420000001/Public2019.pdf --- {0}------------------------------------------------ PUBLIC UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 # **ANNUAL AUDITED REPORT FORM X-17A-5 PART Ill** | Estimated average burden | |---------------------------| | hours oer response 12.00 | | | | | | SEC FILE NUMBER | a-67528 OMB APPROVAL OMB Number: 3235-0123 Expires: August 31, 2020 FACING PAGE Informati()n Required ()f Brokers and Dealers Pursuant to Section 17 of the Securities Exchange Act of 1934 and Rule 17a-5 Thereunder | REPORT FOR THE PERIOD BEGINNING 01 /01 /19 | | 12/31 /19
AND ENDING ~~~~~~~~~~~ | | | | | |--------------------------------------------------------------------------------------------------------|----------------------------------------------------------|-------------------------------------|--------------------------------|--|--|--| | | MM/00/YY | | MMfDD/YY | | | | | | A. REGISTRANT IDENTJF | ICA TION | | | | | | NAME OF BROKER-DEALER: First Chicago Advisors, Inc. | | OFFICIAL USE ONLY | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSfNESS: (Do not use P.O. Box No.)
32 Otis Road | | | FIRM l.D. NO. | | | | | | (No. and Street) | | | | | | | Barrington | IL | | 60010 | | | | | (City) | (State) | | (Zip Code) | | | | | NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS REPORT
Steven Knoop (312) 739 0100 | | | | | | | | | | | (Area Code - Telephone Number) | | | | | | B. ACCOUNT ANT IDENTIFICATION | | | | | | | INDEPENDENT PUBLIC ACCOUNT ANT whose opinion is contained in this Report*
Marvin M. Siegel CPA, PC | | | | | | | | | (Name - if i11divid11al, stale last, first, middle name) | | | | | | | 3330 Old Glenview Road | Wilmette | IL | 60091 | | | | | (Address) | (City) | (State) | (Zip Code) | | | | | CHECK ONE: | | | | | | | | IV' I
Certified Public Accountant | | | | | | | | O
Public Accountant | | | | | | | | Accountant not resident in United States or any of its possessions.
D | | | | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | *\*Claims for exemption from the requirement that the annual report be covered by the opinion of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis/or the exemption. See Section 240. l 7a-5(e)(2)* SEC 1410 (11-05) 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 currentlyvallld OMB control number. {1}------------------------------------------------ ### **OATH OR AFFIRMATION** | ______ | _________________
my knowledge and belief the accompanying financial statement and supporting schedules pertaining to the firm of | |-----------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------| | First Chicago Advisors, Inc. | ------'---------------------------------------'as | | of December 31 | are true and correct. I further swear (or affirm) that | | classified solely as tbat of a customer, except as follows: | neither the company nor any partner, proprietor, principal officer or director has any proprietary interest in any account | | Official Seal
Notary Public • State of Illinois | | | My Commission Expires Mar 7, 2020 | | | | President | | | Title | | ~~
Notary Public
This repo11 ** contains (check all applicable boxes):
0 (a) Facing Page.
D (b) Statement of Financial Condition. | D (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 §2 | 10. 1-02 of Regulation S-X). | | B (d) Statement of Changes in Financial Condition. | | | 0 (f) Statement of Changes in Liabilities Subordinated to Claims of Creditors. | (c) Statement of Changes in Stockholders' Equity or Partners' or Sole Proprietors' Capital. | | | | | § (g) Computation of Net Capital.
(h) Computation for Determination of Reserve Requirements Pursuant to Rule I 5c3-3. | | | (i) Information Relating to the Possession or Control Requirements Under Rule l 5c3-3.
0 | U) A Reconciliation, including appropriate explanation of the Computation of Net Capital Under Rule I 5c3-l 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. | | | | | | § (I) An Oath or Affirmation.
(m) A copy of the SJPC Supplemental Report. | (n) A report describing any material inadequacies found to exist or found to have existed since the date of the previous audit. | {2}------------------------------------------------ PUBLIC FIRST CIIlCAGO ADVISORS, INC. REPORT ON EXAMINATION FORTHElZMONTHSENDED DECEMBER 31, 2019 {3}------------------------------------------------ # MARVIN M. SIEGEL CPA P.C. Certified Public Accountants 3330 Old Glenview Road, Suite 7 Wilmette, IL 60091 847-256-8355 To: The Board of Directors Barrington, Illinois ### Independent Auditor's Report We have audited the accompanying statement of financial condition of First Chicago Advisors, Inc. (an Illinois corporation), as of December 31, 2019, and the related statements of income, changes in financial condition, and statement changes in stockholders equity for the year then ended that you are filing pursuant to Rule 17a-5 under the Securities Exchange Act of 1934. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, and with auditing standards of the Public Company Accounting Oversight Board. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of First Chicago Advisors, 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. Our audit was conducted for the purpose offonning an opinion of the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by Rule 17a-5 of the Securities and Exchange Commission. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is airly stated in all material respects in relation to the basic financial statements tak n as a whole. Wilmette, Illinois February 3> 2020 ~ Steven M. Siegel Certified Public Accountant {4}------------------------------------------------ ## Statement of Financial Condition ## **FIRST CHICAGO ADVISORS, INC. Balance Sheet As of December** 31", **2019** ### ASSETS | TOTAL LIABILITIES AND EQUITY | | | \$ | 17.458 | |-------------------------------------------------------------------------------------------------------------------------|------------------------|--------------------------------------|----|--------| | TOTAL EQUITY | | | | 9 948 | | EQUITY
Common Stock
Additional Paid-In Capital
Retained Earnings | | 1,000
337,016
(328,068) | | | | Accrued Expenses
Total Current Liabilities | | \$
7,510 | \$ | 7,510 | | CURRENT LIABILITIES | | | | | | | LIABILITIES AND EQUITY | | | | | TOTAL ASSETS | | | \$ | 17,458 | | Total Fixed Assets | | | | 344 | | FIXED ASSETS
Computer
Accumulated Depreciation • Computer
Equipment
Accumulated Depreciation -
Equipment | | 2,611
(2,267)
2,467
(2,467) | | | | Total Current Assets | | | \$ | 17,114 | | CURRENT ASSETS
Cash in Checking
Harris Bank
UBS Money Market | | \$
9,137
7 977 | | | (See Independent Auditor's Report.) {5}------------------------------------------------ ## MARVIN M . SIEGEL CPA P .C. Certified Public Accountants 3330 Old Glenview Road, Suite 7 Wilmette, IL 60091 847-256-8355 To the Boai·d of Directors: In planning and perfonning our audit of the financial statements of First Chicago Advisors, Inc. (the Company), as of and for the year ended December 31, 2019, in accordance with audit standards generally accepted in the United States of America, we considered the Company's internal control over :financial reporting (intemal control) as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effe.ctiveness of the Company's internal control. Accordingly, we do not express an opinion on the effectiveness of the Company's internal control. Also, as required by Rule l 7a-5(g)(l) of the Securities and Exchange Commission (SEC), we have made a study of the practices and procedures followed by the Company, including consideration of control activities for safeguarding securities. This study included tests of such practices and procedures that we considered relevant to the objectives stated in Rule 17a-5(g), in making the periodic computations of aggregate indebtedness and net capital under Rule l 7a-3(a)(l l) and for determining compliance with the exemptive provisions of Rule 15c3-3. Because the Company does not carry securities accounts for customers or perform custodial functions relating to customer securities, we did not review the practices and procedures followed by the Company in any of the following: (1) making quarterly securities examinations, counts, verifications, and comparisons and recordation of differences required by Rule l 7a-13; and (2) complying with the requirements for prompt payment for secuiities under Section 8 of Federal Reserve Regulation T of the Board of Governors of the Federal Reserve System. The management of the Company is responsible for establishing and maintaining internal control and the practices and procedures referred to in the preceding paragraph. In fulfilling this responsibility, estimates and judgments by management are reqlUired to assess the expected benefits and related costs of controls and of the practices and procedures referred to in the preceding paragraph, and to assess whether those practices and procedures can be expected to achieve the SEC's above-mentioned objectives. Two of the objectives of internal control and the practices and procedures are to provide management with reasonable, but not absolute, assurance that assets for which the Company has responsibility are safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in confonnity with generally accepted accounting principles. Rule I 7a-5(g) lists additional objectives of the practices and procedures listed in the preceding paragraph. {6}------------------------------------------------ Because of inherent limitations in internal control and the practices and procedures referred to above, error of fraud may occur and not be detected. Also, projection of any evaluation of them to future periods is subject to the risk that they may become inadequate because of the changes in conditions or that the effectiveness of their design and operation may deteriorate. A *control deficiency* exists when the design or operation of control does not allow management or employees, in the normal course of performing their assigned function, to prevent or detect misstatements on a timely basis. A *significant deficiency* is a control deficiency, or combination of control deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process or report financial data reliably in accordance with .generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity's financial statements that is more than inconsequential will not be prevented or detected by the entity's internal control. A *material weakness* is a significant deficiency, or combination of significant deficiencies, that result in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the entity's internal control. Our consideration of internal control was for the limited purpose described in the first and second paragraphs and would not necessarily identify all deficiencies in internal control that might be material weaknesses. We did not identify any deficiencies in internal control and activities for safeguarding securities that we consider to be material weaknesses, as defined above. We understand that practices and procedures that accomplish the objectives referred to in the second paragraph of this report are considered by the SEC to be adequate.for its purpose in accordance with the Securities Exchange Act of 193 4 and related regulations, and that practices and procedures that do not accomplish such objectives in all material respects indicate a material inadequacy for such purposes. Based on this understanding and on our study, we believe that the Company's practices and procedures, as described in the second paragraph of this report, were adequate at December 31, 2019, to meet the SEC' s objectives. This report is intended solely for the information and use of management, the Securities and Exchange Commission, the National Association of Securities Dealers, Inc., and other regulatory agencies that rely on Rule 17a-5(g) under the Securities Exchange Act of 1934 in their regulation of registered brokers and dealers, and is nlt intended to be and should not be used by anyone other than these specified parties. /\ Wilmette, Illinois February 3, 2020 SteV, n M. Siegel Certified Public Accountant {7}------------------------------------------------ # MARVIN M. SIEGEL. CPA JP>.C. Certified Publfo Accountants 3330 Old Glenview Road, Suite 7 Wilmette, IL 60091 847-256-8355 February 3, 2020 To Whom It May Concern: We have reviewed management's statements, included in the accompanying December ~ 1, 2019, letter titled "Exemption from SEC Rule 15c3-3" (the "Exemption Letter Repoi:f')., in which (1) First Chicago Adviso!s, Inc. ("Fi~st Chi~ago") identified the following provisiOns of 17 C.F.R. *§* 15.c3-'3(k) under whi9h First Chicago claimed an exemption from 17 C.F.R. *§* 240.15c3-3 (k) *(2)* (i) (the "exemption provisions") and (2) First Chicago stated that First Chicago met the.identified exemption provisions throughout the most recent fiscal year without exception. First Chicago's management is responsible for compliance with the exemption provisions and its statements. Our review was condµcted in accordance with the standards of the Public Company Accowiting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about First Chicago'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. Accordihgly, we do not express such an opinion. Based on our review, we are not aware of any material n:iodifications that should be made to management's 'statements referred to above for them to be fairly stated, in all material respects, based on the rovisions set forth in paragraph (k) *(2)* (i) of Rule r5c3-3 under the Securities Exchange t of 1 4. Steven M. Siegel, CPA Wilmette, Illinois Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.