# EDGAR Filing Document

**Accession Number:** 0001496738
**File Stem:** 0001496738-23-000003
**Filing Date:** 2023-3
**Character Count:** 18696
**Document Hash:** 103309f31de4acfe3e68de8f2cf22ccc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001496738-23-000003.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001496738-23-000003

**CONFORMED SUBMISSION TYPE**: X-17A-5

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**PERIOD START**: 20220101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHURCHILL STATESIDE SECURITIES, LLC
- **CENTRAL INDEX KEY:** 0001496738
- **IRS NUMBER:** 271119479
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-68652
- **FILM NUMBER:** 23724244

**BUSINESS ADDRESS:**
- **STREET 1:** 6250 SHILOH ROAD, SUITE 235
- **STREET 2:** SUITE 225
- **CITY:** ALPHARETTA
- **STATE:** GA
- **ZIP:** 30005
- **BUSINESS PHONE:** 404-250-4190

**MAIL ADDRESS:**
- **STREET 1:** 6250 SHILOH ROAD, SUITE 235
- **CITY:** ALPHARETTA
- **STATE:** GA
- **ZIP:** 30005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHURCHILL STATESIDE SECURITIES, LLC.
- **DATE OF NAME CHANGE:** 20120517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STATESIDE SECURITIES, LLC
- **DATE OF NAME CHANGE:** 20110314

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AHTC SECURITIES, LLC
- **DATE OF NAME CHANGE:** 20110225

### Attached PDF Documents

**Attachment 1:** `cssaudit2022.pdf`

# UNITED STATES

# SECURITIES AND EXCHANGE COMMISSION

# Washington, D.C. 20549

OMB APPROVAL

OMB Number: 3235-0123

Expires: Oct. 31, 2023

Estimated average burden

hours per response: 12

# ANNUAL REPORTS

# FORM X-17A-5

# PART III

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 01/01/22 AND ENDING 12/31/22

MM/DD/YY

MM/DD/YY

# A. REGISTRANT IDENTIFICATION

NAME OF FIRM: Churchill Stateside Securities, 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.)

6250 Shiloh Road Suite 235

| (No. and Street) |  |  |
| --- | --- | --- |
| Alpharetta | Georgia | 30005 |
| (City) | (State) | (Zip Code) |
| PERSON TO CONTACT WITH REGARD TO THIS FILING |  |  |
| David Carr | 760-822-6944 | dcarr@cssecurities.com |
| (Name) | (Area Code - Telephone Number) | (Email Address) |

# B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*

Goldman & Company, CPA's, P.C.

(Name - if individual, state last, first, and middle name)

3535 Roswell Rd., Suite 32

Marietta

GA

30062

(Address)

(City)

(State)

(Zip Code)

6/25/2009

1952

(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 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)(1)(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.

# OATH OR AFFIRMATION

I, William J. Michalak, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Churchill Stateside Securities, LLC, as of 3/9, 2023, 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.

![img-0.jpeg](img-0.jpeg)

Signature: William J. Michalak
Title: CCO

This filing** contains (check all applicable boxes):

(a) Statement of financial condition.
(b) Notes to consolidated statement of financial condition.
(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 sole proprietor's equity.
(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 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
(i) Computation of tangible net worth under 17 CFR 240.18a-2.
(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.
(1) 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 240.15c3-3(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 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17CFR 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.
(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.
(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.
(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.
(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 240.15c3-1e 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.

# **CHURCHILL STATESIDE SECURITIES, LLC**

(A LIMITED LIABILITY COMPANY)

FINANCIAL STATEMENTS FOR THE YEAR ENDED  
DECEMBER 31, 2022  
AND REPORT OF INDEPENDENT  
REGISTERED PUBLIC ACCOUNTING FIRM

# CHURCHILL STATESIDE SECURITIES, LLC

(A LIMITED LIABILITY COMPANY)

# Table of Contents

Report of Independent Registered Public Accounting Firm...1

Financial Statements

Statement of Financial Condition...2

Statement of Operations...3

Statement of Changes in Members' Equity ...4

Statement of Cash Flows...5

Notes to Financial Statements...6

Supplementary Schedule I - Computation of Net Capital...10

Supplementary Schedule II- Computation for Determination
of Reserve Requirements...11

Supplementary Schedule III - Information Relating to the Possession or
Control Requirements...11

Independent Accountant's Report on Exemption ...12

Exemption Report...13

Independent Accountants' Report on Applying Agreed-Upon Procedures
Related to SIPC Assessment Reconciliation...14

SIPC General Assessment Reconciliation Form SIPC-7...15

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Members of

Churchill Stateside Securities LLC

# Opinion on the Financial Statements

We have audited the accompanying statement of financial condition of Churchill Stateside Securities LLC 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 and schedules I, II and III (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Churchill Stateside Securities 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 Churchill Stateside Securities LLC's management. Our responsibility is to express an opinion on Churchill Stateside Securities 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 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 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 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 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.

# Auditor's Report on Supplemental Information

The Schedule's I- Computation of Net Capital Under SEC Rule 15c3-1, Schedule II-Computation for Determination of Reserve Requirements Pursuant to SEC Rule 15c3-3 (exemption) and Schedule III-Information Relating to Possession or Control Requirements Pursuant to SEC Rule 15c3-3 (exemption) have been subjected to audit procedures performed in conjunction with the audit of Churchill Stateside Securities LLC's financial statements. The supplemental information is the responsibility of Churchill Stateside Securities 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, the schedule's I, II. and III are fairly stated, in all material respects, in relation to the financial statements as a whole.

Goldman & Company CPA's PC

We have served as the Company's auditor since 2015.

Goldman & Company, CPA's, P.C.

Marietta, Georgia

March 10, 2023

Goldman & COMPANY, CPAS

3535 Roswell Road · Suite 32 · Marietta, GA 30062 · 770.499.8558 · Fax 770.425.3683

# CHURCHILL STATESIDE SECURITIES, LLC

(A LIMITED LIABILITY COMPANY)

# STATEMENT OF FINANCIAL CONDITION

DECEMBER 31, 2022

# ASSETS

| CURRENT ASSETS |  |
| --- | --- |
| Cash and Cash Equivalents | $1,657,609 |
| Related Party Receivable | 1,295,024 |
| Prepaid Expenses | 15,041 |
|  | 2,967,674 |
| Right of Use Asset - Operating Lease | 110,352 |
| TOTAL ASSETS | $3,078,026 |

# LIABILITIES AND MEMBERS' EQUITY

| LIABILITIES |  |
| --- | --- |
| Accounts Payable and Accrued Expenses | $14,067 |
| Payroll Payable | 16,859 |
| Accrued Commission | 655,000 |
| Lease Liability - Operating Lease | 111,991 |
| Total Liabilities | 797,917 |
| MEMBERS' EQUITY | 2,280,109 |
| TOTAL LIABILITIES AND MEMBERS' EQUITY | $3,078,026 |

The Accompanying Notes are an
Integral Part of these Financial Statements

2

# **CHURCHILL STATESIDE SECURITIES, LLC**
(A LIMITED LIABILITY COMPANY)

# **STATEMENT OF OPERATIONS**
**FOR THE YEAR ENDED DECEMBER 31, 2022**

| REVENUE |  |
| --- | --- |
| Brokerage Fees | $63,673 |
| Commissions | 1,562,586 |
| Dealer Fees | 1,562,586 |
| Miscellaneous Income | 851 |
| Total Revenue | 3,189,696 |
| OPERATING EXPENSES |  |
| Compensation and Benefits | 2,744,980 |
| Consulting | 261,297 |
| Rent | 39,112 |
| Travel, Meals and Entertainment | 12,005 |
| Professional Fees | 120,330 |
| Licenses and Fees | 47,424 |
| Computer and Technology | 39,969 |
| Insurance | 13,773 |
| Other Operating Expenses | 36,684 |
| Total Expenses | 3,315,574 |
| NET LOSS | $(125,878) |

The Accompanying Notes are an
Integral Part of these Financial Statements

3

# CHURCHILL STATESIDE SECURITIES, LLC

(A LIMITED LIABILITY COMPANY)

## STATEMENT OF CHANGES IN MEMBERS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2022

| MEMBERS' EQUITY, JANUARY 1 | $2,405,987 |
| --- | --- |
| Net Loss | (125,878) |
| Member Distributions | - |
| MEMBERS' EQUITY, DECEMBER 31 | $2,280,109 |

The Accompanying Notes are an
Integral Part of these Financial Statements

4

# CHURCHILL STATESIDE SECURITIES, LLC

(A LIMITED LIABILITY COMPANY)

## STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2022

### OPERATING ACTIVITIES

| Net Loss | $(125,878) |
| --- | --- |

Adjustments to Reconcile Net Loss to Net Cash

Used by Operating Activities:

| Decrease in Related Party Receivable | 735,967 |
| --- | --- |
| Increase in Prepaid Expenses | (2,627) |
| Increase in Right of Use Asset | (110,352) |
| Increase in Accounts Payable | 13,791 |
| Decrease in Payroll Payable | (281,512) |
| Increase in Lease Liability - Operating Lease | 111,991 |

| Net cash provided by operating activities | 341,380 |
| --- | --- |

| NET INCREASE IN CASH | 341,380 |
| --- | --- |

| CASH and CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,316,229 |
| --- | --- |

| CASH and CASH EQUIVALENTS AT END OF YEAR | $1,657,609 |
| --- | --- |

The Accompanying Notes are an
Integral Part of these Financial Statements

5

# CHURCHILL STATESIDE SECURITIES, LLC

(A LIMITED LIABILITY COMPANY)

## NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2022---

### 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Organization and Nature of Business

Churchill Stateside Securities, LLC, a Georgia limited liability company (the 'Company'), is registered as a broker-dealer with the Securities and Exchange Commission (the 'SEC') and is a member of the Financial Industry Regulatory Authority, Inc. ('FINRA'). The Company received its approval for membership on January 28, 2011.

The Company received approval as a Municipal Advisor from the SEC on October 30 2018.

The Company primarily engages in the private placement of syndicated tax credits to accredited investors. Additionally, the Company underwrites Tax-Exempt Bond issues. The tax credits are syndicated by Churchill Stateside Group, LLC ('CSG'), who owns the Company along with Stateside Capital, LLC ('SC'). CSG owns Churchill Mortgage Investment LLC ('CMI'). CMI is the mortgage lender on some transactions where the Company is the Bond Underwriter or Municipal Advisor.

Since the Company is a limited liability company, the members are not liable for the debts, obligations, or liabilities of the Company, whether arising in contract, tort or otherwise, unless the members have signed a specific guarantee.

#### Basis of Accounting

The Company maintains its books and records on the accrual basis of accounting for financial reporting purposes, which is in accordance with U.S. generally accepted accounting principles and is required by the SEC and FINRA.

#### Estimates

The presentation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities 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 estimates.

#### Cash and Cash Equivalents

The Company defines cash equivalents as highly liquid investments with original maturities of less than ninety days that are not held for sale in the ordinary course of business.

#### Income Taxes

The Company is an LLC taxed as a partnership for income tax reporting purposes, and as such, is not subject to income tax. Accordingly, no provision for income taxes is provided in the financial statements.

6

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0001496738

**Filer CCC:** XXXXXXXX

**Is this a LIVE or TEST filing?:** LIVE

**Would you like a Return Copy?:** No

### Submission Information

**Report Period Begin Date:** 01-01-2022

**Report Period End Date:** 12-31-2022

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

### Registrant Identification

**Name of Broker-Dealer:** CHURCHILL STATESIDE SECURITIES, LLC

**Business Address:** 6250 SHILOH ROAD, SUITE 235, ALPHARETTA, GA, 30005

**Contact Person:** DAVID CARR

**Contact Phone:** 760-822-6944

### Independent Public Accountant Identification

**Accountant Name:** GOLDMAN & COMPANY, CPA'S, P.C.

**Accountant Address:** 3535 ROSWELL RD, SUITE 32, MARIETTA, GA, 30062

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **WILLIAM J. MICHALAK**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **CHURCHILL STATESIDE SECURITIES, LLC**, as of **12-31-2022**, are true and correct.

**Signature:** WILLIAM J. MICHALAK

**Title:** CCO

**Notarized:** Yes