# EUROPEAN FAMILY OFFICE INSTITUTE LLC. X-17A-5/A (2024-04-03) — Broker-dealer annual report - Company: EUROPEAN FAMILY OFFICE INSTITUTE LLC. - Form: X-17A-5/A - Filed: 2024-04-03 - Period: 2023-12-31 - Accession: 0001690834-24-000002 - CIK: 1690834 - File #: 8-69871 - Type: Broker-dealer - Material weakness: Yes - Auditor: Rubio CPA,PC - Auditor location: Atlanta, GA - Contact: George P. Simon - Phone: 5617151231 - Email: wealthstreets@efoillc.com - Website: efoillc.com - Signed by: George P Simon (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1690834/000169083424000002/auditreport20232.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17A-S PARTIII** | 0MB Number: 3235-0123 | | |--------------------------|--| | Expires: Oct. 31, 2023 | | | Estimated average burden | | | hours per response: 12 | | SEC FILE NUMBER **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING **O 1/01/2023** MM/DD/YY MM/00/YY **A. REGISTRANT IDENTIFICATION** NAME oF FIRM: European Family Office Institute LLC TYPE OF REGISTRANT (check all applicable boxes): **l!i!I** Broker-dealer D Security-based swap dealer D Major security-based swap participant D Check here if respondent is also an OTC derivatives dealer AND ENDING **12/31/2023** ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | 2299 NW 4th Ave. | | | | | |---------------------------------------------------------------------------|------------------------------------------------------------|---------|--------------------------------------------|--| | | (No. and Street) | | | | | Boca Raton | FL | | 33431 | | | (City) | (State) • | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | George P Simon | 561-715-1231 | | wealthstreets@efoillc.com | | | (Name) | (Area Code-Telephone Number) | | (Email Address) | | | | | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | B. ACCOUNTANT IDENTIFICATION | | | | | Rubio CPA, PC | (Name - if individual, state last, first, and middle name) | | | | | 3500 Lenox Road NE S 1500 Atlanta | | GA | 30326 | | | | (City) | {State) | (Zip Code) | | | | | 3514 | | | | | | | (PCAOB Registration Number, if applicable) | | | (Address)
(Date of Registration with PCAOB)(if applicable) | FOR OFFIOAL USE ONLY | | | | CFR 240.17a-5(e)(1)(ii), if applicable. **Penons who are to respond to the c:ollectlon of information contained In this form are not required to respond unless the form display! a currently valid 0MB control number.** {1}------------------------------------------------ #### **OATH OR AFFIRMATION** I, Geporge P Simon swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of European Family Office Institute as of **Beeen,lm 31.. t\~0** \ ,~~ . 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. ![](_page_1_Picture_4.jpeg) | CEO | | | | |-----|--|--|--| # **This filing .. contains (check all applicable boxes):** - iii (a) Statement of financial condition. - 0 (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. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - Iii (g) Notes to consolidated financial statements. - Iii (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.lSa-2. - D 0) 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 B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D (1) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - Iii (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR i40.15c3-3(p)(2) or 17 CFR 240.lSa-4, as applicable. - iii (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, 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. - iii (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. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ii (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (t) Independent public accountant's report based on an examination of the statement of financial condition. - iii (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.lSa-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. - ii (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 240.15c3-1e 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). 0 (z) other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ \*\*To request confidential treatment of certain portions of this fifing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable. {2}------------------------------------------------ CERTIFIED PUBLIC ACCOUNTANTS 3500 Lenox Road NE Suite 1500 Atlanta, GA 30326 770-690-8995 # **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member of European Family Office Institute LLC #### Opinion on the Financial Statements We have audited the accompanying statement of financial condition of European Family Office Institute LLC (the "Company") as of December 31 , 2023, 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 the Company as of December 31 , 2023, 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 the Company'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 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 perfom1 the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included perfonning procedures to assess the risks of material misstatement to 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, evi,dence 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 Infonnation The infonnation contained in Schedules I, II, and III has been subjected to audit procedures perfonned in conjunction with the audit of the Company·s financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the infonnation in Schedules I, II, and III 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 accompanying schedules. In fanning our opinion on the accompanying schedules, we evaluated whether the supplemental information, including its fo1m and content, is presented {3}------------------------------------------------ in conformity with 17 C.F.R. §240. l 7a-5. In our opinion, the aforementioned supplemental information 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 2023. April 1, 2024 Atlanta, Georgia ~~,k, Rubio CPA, PC {4}------------------------------------------------ ### EUROPEAN FAMILY OFFICE INSTITUTE LLC FINANCIAL STATEMENTS AND SCHEDULES For the Year Ended December 31, 2023 With Report of Independent Registered Public Accounting Firm {5}------------------------------------------------ # **EUROPEAN FAMILY OFFICE INSTITUTE LLC NOTES TO FINANCIAL STATEMENTS December 31, 2023** #### NOTE A - ORGANIZATION **AND SUMMARY** OF SIGNIFICANT ACCOUNTING POLICIES **Organization and Description of Business:** European Family Office Institute LLC (the "Company"), a Florida Limited Liability Company organized in August 2014, is a securities broker-dealer registered with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority ("FINRA"). As a limited liability company, the member's liability is limited to his investment. The Company is approved to operate as a "general securities" broker-dealer executing trades for institutional and retail customers. The Company does not carry customer accounts or perform custodial functions relating to customer securities. **Income Taxes:** The Company is a single member limited liability company and is considered a disregarded entity for federal income tax reporting purposes and as such, does not file a separate income tax return. Therefore, the income or losses of the Company flow through to its member and no income taxes are recorded in the accompanying financial statements. The Company has adopted the provisions of FASB Accounting Standards Codification 740-10, Accounting for Uncertainty in Income Taxes. Under ASC 740-10, the Company is required to evaluate each of its tax positions to determine if they are more likely than not to be sustained if the taxing authority examines the respective position. A tax position includes an entity's status, including its status as a pass-through entity, and the decision not to file a tax return. The Company has evaluated each of its tax positions and has determined that no provision or liability for income taxes is necessary. **Estimates:** Management uses estimates and assumptions in preparing financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could vary from the estimates that were assumed in preparing the financial statements. **Cash:** The Company maintains its bank account in a high credit quality financial institution. The balance at times may ex~ed federally insured limits. {6}------------------------------------------------ # **EUROPEAN FAMILY OFFICE INSTITUTE LLC STATEMENT OF FINANCIAL CONDITION December 31, 2023** ASSETS | Cash | \$
8,295 | |------------------------------------------------------|-------------| | Prepaid expenses and deposits | 815 | | Total assets | \$
9,110 | | LIABILITIES AND MEMBER'S EQUITY | | | Liabilities
Accounts payable and accrued expenses | \$
450 | | Total liabilities | 450 | | Member's equity | 8,660 | | Total liabilities and member's equity | \$
9,110 | {7}------------------------------------------------ # **EUROPEAN FAMILY OFFICE INSTITUTE LLC STATEMENT OF OPERATIONS For the Year Ended December 31, 2023** | REVENUES
Total Revenues | \$ | |----------------------------------------------------|-----------------| | EXPENSES | | | Technology and communications
Professional fees | 2,206
5,870 | | Other
Total expenses | 3,860
11,936 | | | | NET LOSS \$ (11,936l {8}------------------------------------------------ # **EUROPEAN FAMILY OFFICE INSTITUTE LLC STATEMENT OF CASH FLOWS For the Year Ended December 31, 2023** | CASH FLOWS FROM OPERATING ACTIVITIES: | | |-----------------------------------------------------------------------------|----------------| | Net Loss | \$
(11,936) | | Items which do not impact cash: | | | Adjustment to correct overstated accounts payable at end of prior year | 450 | | Adjustments to reconcile net loss to net cash used in operating activities: | | | Decrease in prepaid expenses and deposits | 89 | | Decrease in accounts payable and accrued expenses | {450) | | Net cash used in operating activities | (11,847) | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | Contributions | 12,474 | | Distributions | (900) | | Net cash provided by financing activities | 11,574 | | NET DECREASE IN CASH | (273) | | CASH: | | | Beginning of year | 8,568 | | End of year | \$
8,295 | {9}------------------------------------------------ ### **EUROPEAN FAMILY OFFICE INSTITUTE LLC STATEMENT OF CHANGES IN MEMBER'S EQUITY For the Year Ended December 31, 2023** | Balance, December 31, 2022, as previously reported | \$
8,572 | |---------------------------------------------------------------------------|-----------------| | Adjustment to correct overstated accounts payable at end of prior
year | 450 | | Balance, December 31, 2022, as adjusted | 9,022 | | Contributions
Distributions | 12,474
(900) | | Net Loss | (11,936) | | Balance, December 31, 2023 | \$
8,660 | {10}------------------------------------------------ #### EUROPEAN FAMILY OFFICE INSTITUTE LLC Supplementary Information Pursuantto rule 17(a)-5 of the Securities Exchange Act of 1934 December 31, 2023 {11}------------------------------------------------ ### EUROPEAN FAMILY OFFICE INSTITUTE LLC NOTES TO FINANCIALSTATEMENTS December 31, 2023 #### NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONT'D) **Revenue Recognition:** Revenue from Contracts with Customers (ASC 606) core principle states that an entity must recognize revenue in a manner that depicts the transfer of the promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Included among the requirements of ASC 606 is that the entity must appropriately allocate revenues to the corresponding goods or services and recognize such revenues at the time when the entity has satisfied its respective obligations. The recognition and measurement of revenue is based on the assessment of the individual contract terms. Significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; whether revenue should be presented gross or net of certain costs; and whether constraints on variable consideration should be applied due to uncertain future events. ### NOTE B-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, 2023, the Company had net capital of \$7,845, which was \$2,845 more than its required net capital of \$5,000 and the ratio of aggregate indebtedness to net capital was 0.06 to 1.00. #### NOTE C- RELATED PARTY TRANSACTION The Company operates from office premises owned by its Member at no cost to the Company. Financial position and results of operations would differ from the amounts in the accompanying financials statements if this related party transaction did not exist. {12}------------------------------------------------ ### **EUROPEAN FAMILY OFFICE INSTITUTE LLC NOTES TO FINANCIAL STATEMENTS December 31, 2023** #### NOTE D - CONTINGENCIES The Company is subject to litigation in. the normal course of business. The Company has no litigation in progress as of December 31, 2023. #### NOTE E - SUBSEQUENT EVENTS Management has assessed subsequent events through the date the financial statements were issued and determined no subsequent events or transactions occurred during that period requiring recognition or disclosure. #### NOTE F - NET LOSS The Company incurred a loss for the year ending December 31 , 2023 and was dependent upon capital contributions from its member for working capital. The Company's member has represented that he intends to continue making capital contributions, as needed, to ensure the Company's survival through at least one year subsequent to the date of the report of the independent registered public accounting firm. Management expects the Company to continue as a going concern and the accompanying financial statements have been prepared on a going-concern basis without adjustments for realization in the event the Company ceases to continue as a going concern. {13}------------------------------------------------ #### **EUROPEAN FAMILY OFFICE INSTITUTE LLC** # **SCHEDULE** I **COMPUTATION OF NET CAPITAL UNDER RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION December 31, 2023** | Ratio of aggregate indebtedness to net capital | 5.74% | |------------------------------------------------------------------------------------------|-------------| | Minimum net capital based on aggregate indebtedness | \$
30 | | Aggregate Indebtedness:
Liabilities | \$
450 | | Excess net capital | \$
2,845 | | Minimum net capital required (greater of \$5,000 or 6 2/3% of aggregate
indebtedness) | \$
5,000 | | Net capital | \$
7,845 | | Less haircuts | | | Net capital before haircuts | 7,845 | | Deduction for non-allowable assets:
Prepaid expenses and deposits | (815) | | Net Capital
Total member's equity qualified for net capital | \$
8,660 | RECONCILIATION WITH COMPANY'S COMPUTATION OF NET CAPITAL INCLUDED IN PART IIA OF FORM X-17A-5 AS OF DECEMBER 31, 2023 There was no material difference between net capital in Part IIA of Form X-17A-5 and net capital above. {14}------------------------------------------------ #### **EUROPEAN FAMILY OFFICE INSTITUTE LLC** # **SCHEDULE** II **COMPUTATION FOR DETERMINATION OF THE RESERVE REQUIREMENTS UNDER THE SECURITIES AND EXCHANGE COMMISSION RULE 15c3-3 December 31, 2023** The Reserve Requirements pursuant to Rule 15c3-3 is not applicable as the Company does not hold funds or securities and the Company's activities are limited to those contemplated by Footnote 74 of the SEC Release No.34-70073 adopting amendments to 17 C.F.R. §240.17-a-5. #### **SCHEDULE** Ill # **INFORMATION RELATING TO** THE **POSSESSION OR CONTROL REQUIREMENTS UNDER THE SECURITIES AND EXCHANGE COMMISSION RULE 15c3-3 December 31, 2023** The Possession or Control Requirements pursuant to Rule 15c3-3 is not applicable as the Company does not hold customer funds or securities and the Company's activites are limited to those contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5. {15}------------------------------------------------ Suite 1500 Atlanta, GA 30326 770-690-8995 # **REPORT OF INDE;PENDENT REGISTERED PUBLIC ACCOUNTING FIR.tl\