# FIRST CHICAGO ADVISORS, INC. X-17A-5 (2024-03-28) — Broker-dealer annual report
- Company: FIRST CHICAGO ADVISORS, INC.
- Form: X-17A-5
- Filed: 2024-03-28
- Period: 2023-12-31
- Accession: 0001387764-24-000001
- CIK: 1387764
- File #: 8-67528
- Type: Broker-dealer
- Material weakness: No
- Auditor: Mercurius
- Auditor location: New Delhi, K7
- Contact: Steve Knoop
- Phone: 3127390100
- Email: sknoop@firstchicagoadvisors.com
- Website: firstchicagoadvisors.com
- Signed by: Steve Knoop (President)
Original filing: https://www.sec.gov/Archives/edgar/data/1387764/000138776424000001/Public2023.pdf
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PUBLIC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL REPORTS FORM X-17A-S PART Ill FACING PAGE OMB APPROVAL OMB Number: 3235·0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-67528 Information Required Pursuant to Rules 17a-5, 17a· 12, and 18a-7 und er the Securit ies Exchange Act of 1934 FILING FOR THE PERIOD BEGINNING Q1 /01 /23 MM/DD/YY AND ENDING 12/31 /23 MM/DD/YY A. REGISTRANT IDENTIFICATION NAME oF FIRM: First Chicago Advisors, Inc. TYPE OF REGISTRANT (check all applicable boxes): [!] Broker-dealer 0 Security-based swap dealer 0 Check here if respo,ndent is also an OTC derivatives dealer 0 Major security-based swap participant ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) 32 Otis Road {No. and Street) Barrington IL 60010 (City) (State) (Zip Code} PERSON TO CONTACT WITH REGARD TO THIS FILING Steven Knoop 312 739 0100 sknoop@firstchicagoadvisors.com (Name) (Area Code - Telephone Number) (Email Address} B. ACCOUNTANT IDENTIFICATION INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* Mercurius & Associates LLP {Name - if individual, state last, first, and middle name) A-94/8, Wazirpur Industrial Area New Delhi India 110052 (Address) (City) (State) (Zip Code) 02/10/2009 3223 (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 repons 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 OMB control number.
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### OATH OR AFFIRMATION
I, Steven Knoop swear (or affirm) that, to the best of my knowledge and belief, the
financial re po rt pertaining to the firm of First Chicago Advisors, Inc. as of \_1\_2\_/\_3\_1 \_ \_\_\_\_\_\_\_\_ \_, 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.
| Title: | |
|-----------|--|
| President | |
### This filing\*\* contains (check all applicable boxes):
- Iii (a) Statement of financial condition.
- D (b) Notes to consolidated statement of financial condition.
- Iii (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).
- Iii (d) Statement of cash flows.
- Iii (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- D (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 240.15c3-1or17 CFR 240.18a-l, as applicable.
- 0 (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- D (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit 8 to 17 CFR 240.1Sc3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.1Sc3-3.
- 0 (m) Information relating to possession or control requirements for customers under 17 CFR 240.1Sc3-3.
- 0 (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.
- 0 (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-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.
- 0 (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-S, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- D (r) Compliance report in accordance with 17 CFR 240.17a-5or17 CFR 240.18a-7, as applicable.
- !! (s) Exemption report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable.
- 0 (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-S, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- 0 (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.lSa-7, as applicable.
- Iii (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable.
- 0 (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable.
- 0 (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). 0(z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_
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- *\*\*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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MERCURIUS & ASSOCIATES LLP Form•r/y *known os* AJSH & Co l lP
-
- info@masllp.com ~
www.masllp.com [>
### Report of Independent Registered Public Accounting Firm
To the Member of First Chicago Advisors, Inc
#### Opinion on the Fimmcial Statement
We have audited the accompanying statement of financial condition of the First Chicago Advisors, Inc (the "Company") as of December 31, 2023, and the related notes (collectively referred t o as the "financial statement"). In our opinion, t he financial st atement presents fairly, In all material respects, t he financial position of the Company as of December 31, 2023, in conform ity with the accounting principles generally accepled in the Uniled States of America.
#### Basis for Opinion
The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on these 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 the Company in accordance with the U.S. federal securities laws aind the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted o ur 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 financia l statement is free from 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 o test basis, evidence regarding t he amounts and disclosures in the financia I statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating t he overall presentation of the financial statement. We believe that our audit of the financial stat ement provide a reasonable basis for our opinion.
Mercuri us & Associates LLP (Formerly known as AJSH & Co LLP)
We have served as the Company's Auditor since 2020.
New Delhi, India Date 0 3/2."t / J. 0.2 q
LLPIN-AAG-1471 A-94/8, Wazirpur Industrial Area New Delhi-110052, llndia
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# **First Chicago Advisors, Inc. Statement of Financial Condition December 31, 2023**
## **ASSETS**
Assets
| Cash | \$ 20,042 |
|------------------------------|-----------|
| Total Cash and Equivalents | \$ 20,042 |
| Other Current Asset
s | 182 |
| Total Current Assets | \$ 20,224 |
| Total Assets | \$ 20.224 |
| LIABILITIES & EQUITY | |
| Liabilities | |
| Total Current Liabi lities | \$ 3,565 |
| | |
| Total Liabilities | \$ 3,565 |
| Total Equity | \$ 16,659 |
| Total Liabilities and Equity | \$ 20.224 |
The accompanying notes are an integral part of these statements
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# **FIRST CIDCAGO ADVISORS,** INC. **Notes to Financial Statements December 31, 2023**
### **Note 1: Organization and Nature of Business**
The Company was formed on January 18, 2005, as a corporation under t he laws of the State of Illinois Act.
The terms of the Company are perpetual unless and until dissolved in accordance with the provision of the member's operating agreement.
The Company is registered as a non-clearing broker/dealer with the Securities and Exchange Commission (SEC) and was approved as a member of the National Association of SecuritiesDealers, Inc. (NASO), later known as the Financial Industry Regulatory Authority, Inc. (FINRA), in July 2007.
The Company was formed for the purpose of assisting in the private placement of securit ies, along with other securities business activities, such as mergers, acquisitions and other corporate reorganization transactions, including financia l advisory services.
The Company is whol ly owned by Steven Knoop.
### **Note 2: Summary of Significant Accounting Practices**
A summary of the Company's significant accounting policies applied in the preparation of the accompanying financia l statements follows:
*Accrual basis of accounting.* The Company uses the accrual basis of accounting.
*Property and equipment.* Property and equipment items are stated at cost and are depreciated over their estimated useful lives using the straight-line depreciation method.
*Income taxes.* The Company has e lected to be treated as a subchapter S corporation for income tax purposes. Generally, any taxable income of a subchapter S corporation flows through to the shareholder and is reported on personal income tax returns.
*Statement of cash flows.* For t he purposes of t he statement of cash flows, the Company considers only bank and money market accounts to be cash equivalents.
*Accounts Receivable:* Accounts Receivables are stated at face amount net of any allowance for doubtful accounts for possible uncollectible amounts. As of December 31, 2023, there were no Accounts Receivables.
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*Revenue recognition:* Fees are earned in accordance with terms of the executed contract agreement, typically fixed dollar or percentage of purchase price of closed transaction. Fixed dollar fees are recognized w hen all conditions are met in accordance with FASB Codification 606 (ASC 606).
### *Lease Accounting Pronouncements:*
The Financial Accounting Standards Board issued *ASU2016-02 Leases,* and several amendments (collectively "ASU2016-2"), which requires leases to recognize assets and liabilities arising from operating leases on the statement of financial condition.
The Company is not a party to any lease agreements.
### **Note 3: Net Capital Requirements**
The Company is subject to the Securit ies and Exchange Commission Uniform Net Capital Rule (SEC Rule 15c3-l). Under this rule, the company is required to maintain "net capital" equivalent to \$5,000 or 6 2/3% of "aggregate indebtedness," whichever is greater, as these terms are defined.
Net capital and aggregate indebt edness change from day to day, but at December 31, 2023,the Company had excess net capital requirements of \$11,477. The net capital rule may effectively restrict the payment of shareholder capital w ithdrawals.
### **Note 4: Employee Benefit Plan**
The Company maintains a SEP IRA profit-sharing plan for all eligible employees. Employees are eligible to participate in the plan if they are 21 years of age, employed as regular full-time employees, and have completed 30 days of service. No contributions were made for the year ended December 31, 2023.
### **Note 5: Risk Concentration:**
The Company had no revenue for the year ending December 31, 2023. The Company's cash is held in one financial institution. The Company has been in existence since 2005, serving a wide variety of clients. It is operated by an individual with over 40 years of experience in the industry.
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.