Due Diligence Packet
U.S. STERLING CAPITAL CORP.
Due Diligence Packet
2017
Contents
Introduction ............................................................................ 3 Private Policy Statement ......................................................... 4 Statement of Financial Condition.. ......................................... 6 Business Continuity Planning ................................................. 8 Service Statement..................................................................... 9
U.S. Sterling Capital Corp.
1393 Veterans Memorial Highway · Suite 412N · Hauppauge, NY 11788 631-360-2829 800-935-9300 Fax 631-360-2841
IMPORTANT INFORMATION FOR INSTITUTIONS U.S. STERLING CAPITAL CORP. AND U.S. STERLING SECURITIES, INC.
Dear U.S. Sterling Customer: Please allow us to clarify the roles of U.S. Sterling Capital and U.S. Sterling Securities, Inc. and the services each company may provide to your firm: Since 1987 U.S Sterling Capital Corp. has been a CD rate finder and referral company, for state & federal credit unions, non-profit organizations, banking institutions and trust companies. The firm’s business is limited to providing rate information to institutions seeking competitive CD rates throughout the United States. While U.S. Sterling Capital acts strictly in the capacity of a rate finder and referral service, additional business needs can met with our affiliated securities firm as described below: Since 1994 U.S. Sterling Securities, Inc., a registered FINRA Broker-Dealer, is a subsidiary of U.S. Sterling Capital. The firm provides services for regulated securities transactions for non-exempt securities. For example, for FDIC insured negotiable CDs that are DTC (Depository Trust Corporation) eligible, U.S. Sterling Securities may underwrite CDs for Institutions through DTC. U.S. Sterling Securities may also provide brokerage services on an agency basis to institutional customers wishing to access the securities markets. Our companies stand ready to provide any additional documents you may require. Please be advised the firm operates at a very high level of integrity and internal controls. If you have any legal and or financial operational questions please contact the firm directly. I hope this information is satisfactory to your staff. Sincerely,
Herbert A. Orr, Jr. President & CEO
U.S. Sterling Capital Corp.
Private Policy Statement
Privacy Policy
Notice of Privacy Policy and Practices Please read this Privacy Policy carefully. It has information about our policies for the collection, use, disclosure, and protection of information we collect and maintain. It is important for you to know we do not sell or share Customer Information with marketers outside U.S. Sterling Capital Corp. and their service providers. U.S. Sterling Capital recognizes and respects the privacy concerns and expectations of its customers, including individuals who provide their nonpublic personal information to U.S. Sterling Capital. U.S. Sterling Capital has an information security program, which incorporates the following policies: 1. Ensure the security and confidentiality of personal information; 2. Protect against any anticipated threats or hazards to the security or integrity of personal information; and 3. Protect against any unauthorized access to or use of personal information that could result in substantial harm or inconvenience to our valued customers. This notice is provided so that you will know what kinds of information we collect about our customers and the circumstances in which that information may be disclosed to third parties who are not affiliated with the U.S. Sterling Capital. Collection of Customer Information We collect nonpublic personal information about our customers from the following sources: • Correspondence, written, or telephonic between a customer and U.S. Sterling Capital. Disclosure of Customer Information We may disclose any or all of the information described above to third parties who are not affiliated with the U.S. Sterling only under one or more of these circumstances: • As authorized – if you request or authorize the disclosure of the information • As permitted by law • In other situations – we may also disclose this information to non-affiliated third parties when permitted or required by law. This may include disclosure in connection with a subpoena or similar legal process, an investigation or an audit or examination. Security, Safeguarding and Destruction of Customer Information and Reports We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
U.S. Sterling Capital Corp.
Opt In Opt Out U.S. Sterling Capital does not share, sell, or forward any personal or business data with any third party entity. Information is kept private. If this changes in the future, we will send you a notification with instructions on how to opt out. For additional information or for any questions please call the U.S. Sterling Privacy Coordinator at: 800-935-9300 or Contact us in writing at: U.S. Sterling Capital Corp. Privacy Security Coordinator 1393 Veterans Memorial Highway, Suite 412N New York, NY 11788 You may also FAX your request or communications to: 631-360-2840
U.S. Sterling Capital Corp.
Consolidated Financial Statements
March 31, 2017
Board of Directors U.S. Sterling Capital Corp. The attached financial statement presents the financial position of the U.S. Sterling Capital Corp. as of December 31, 2016. The accompanying financial statement has not been audited or reviewed, and accordingly, does not include or express an independent opinion, other than the representation of management. As a private corporation, we do not offer or publish other financial information including comparative analysis, cash flows, notes or other disclosures.
U.S. Sterling Capital Corp.
Herbert A. Orr, Jr. President & CEO
U.S. Sterling Capital Corp.
U.S. Sterling Capital Corp. Consolidated
Balance Sheet As of December 31, 2016
ASSETS CURRENT ASSETS Cash Accounts Receivable Total Current Assets
$ 177,402 229,171 $
FIXED ASSETS (Net Accumulated Depreciation)
406,573 80,444
OTHER ASSETS Asset Allowcation Security Deposit Clearing Account Loan to other companies Prepaid Taxes Total Other Assets
100,000 34,625 36,112 38,954 9,005 218,696
TOTAL ASSETS
$
705,713
$
76,274
LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable Total Other Current Liabilities Total Current Liabilities
$ $
44,389 31,885
LONG TERM LIABILITIES Notes Payable Total Long Term Liabilities STOCKHOLDERS' EQUITY Common Stock (10,000 no par) Additional Paid in Capital Net Income Retained Earnings
148,620
20 210,050 78,209 192,540
Total Stockholders' Equity TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
US Sterling Companies do not hold Customer investment assets, nor it's cusrodian accounts.
480,819 $
705,713
Business Continuity Planning U.S. Sterling Capital Corp. Business Continuity Planning Smart Planning for Disruptions – Important Information
U.S. Sterling Capital has developed a Business Continuity Plan on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our business continuity plan. We care about your business and the ability to serve you without disruption.
Contacting Us – If after a significant business disruption you cannot contact us as you usually do at 631360-2829, you should call our alternate number 800-935-9300. Our Business Continuity Plan – We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and important property. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of any significant business disruption. Our business continuity plan addresses: data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers and employees; alternate physical location of employees; critical supplier, and contractor impact. Varying Disruptions – Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within 24 hours. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume business within 48 hours. In either situation, we plan to continue business operations and notify you by email, by phone, or through our customer emergency number detailing how to contact us. For more information – If you have questions about our business continuity planning, you can contact us at [email protected] or by calling our operations department at 631-360-2829.
U.S. Sterling Capital Corp.
Service Statement U. S. Sterling Capital Corp does not require a signed Service Statement, or an acknowledgement of its Service Statement to provide the following services and or to subscribe to the following internal business procedures: • • • •
•
•
U.S. Sterling may refer certificate of deposit investors for the benefit of your institution. U.S. Sterling or its referral customers may provide your institution with investor/customer account information. U.S. Sterling or its referral customers may provide your institution with CD setup information. U.S. Sterling, may have its referrals or vendor(s) complete the following procedures: o CIP documentary and non-documentary o OFAC Checks o FinCen and Treasury recording and reporting procedures For FDIC insured exempt CD referrals, U.S. Sterling Capital is an FDIC exempt referral firm (not required to be registered with the FDIC, FINRA, MSRB or SEC) with customer funds being held by an FDIC registered bank or equivalent licensed banking institution pursuant to state/federal banking regulations. U.S. Sterling Capital, Corp. will not accept any referral funds into any account controlled by U.S. Sterling Capital, Corp., or any of its subsidiaries. U.S. Sterling Capital, Corp. does not make a market, inventory, buy, or sell exempt FDIC insured CDs. U.S. Sterling Capital Corp. does not underwrite CDs, accept principal funds from its referral customers, initiate wire transfers, collect interest payments, or payout principal, interest, or dividends.
Your institution will accept referrals from U.S. Sterling Capital, Corp. referral customers provided that referral deposits are placed by domestic banks, domestic credit unions or domestic government municipalities, U.S. citizens, businesses and or other organizations domiciled in the United States. Your Institution will identify to U.S. Sterling Capital Corp. in writing which entities are not allowable for referral under its internal deposit acceptance policies, and regulatory deposit requirements policies. U.S. Sterling can not be held responsible for your institution’s failure to accurately relay, update, and enforce your institutions required deposit acceptance policies. Acceptance of CD deposits by your institution by our referrals will constitute an acceptance of this Service Statement and this Service Statement will remain in effect until/unless modified by either party in writing with at least 30 days notice. This Service Statement does not obligate either party to continue a business relationship if it is determined that U.S. Sterling Capital, Corp or your institution is not complying with the guidelines described in this Service Statement.
Due Diligence Packet
2017
Contents
Introduction ............................................................................ 3 Private Policy Statement ......................................................... 4 Statement of Financial Condition.. ......................................... 6 Business Continuity Planning ................................................. 8 Service Statement..................................................................... 9
U.S. Sterling Capital Corp.
1393 Veterans Memorial Highway · Suite 412N · Hauppauge, NY 11788 631-360-2829 800-935-9300 Fax 631-360-2841
IMPORTANT INFORMATION FOR INSTITUTIONS U.S. STERLING CAPITAL CORP. AND U.S. STERLING SECURITIES, INC.
Dear U.S. Sterling Customer: Please allow us to clarify the roles of U.S. Sterling Capital and U.S. Sterling Securities, Inc. and the services each company may provide to your firm: Since 1987 U.S Sterling Capital Corp. has been a CD rate finder and referral company, for state & federal credit unions, non-profit organizations, banking institutions and trust companies. The firm’s business is limited to providing rate information to institutions seeking competitive CD rates throughout the United States. While U.S. Sterling Capital acts strictly in the capacity of a rate finder and referral service, additional business needs can met with our affiliated securities firm as described below: Since 1994 U.S. Sterling Securities, Inc., a registered FINRA Broker-Dealer, is a subsidiary of U.S. Sterling Capital. The firm provides services for regulated securities transactions for non-exempt securities. For example, for FDIC insured negotiable CDs that are DTC (Depository Trust Corporation) eligible, U.S. Sterling Securities may underwrite CDs for Institutions through DTC. U.S. Sterling Securities may also provide brokerage services on an agency basis to institutional customers wishing to access the securities markets. Our companies stand ready to provide any additional documents you may require. Please be advised the firm operates at a very high level of integrity and internal controls. If you have any legal and or financial operational questions please contact the firm directly. I hope this information is satisfactory to your staff. Sincerely,
Herbert A. Orr, Jr. President & CEO
U.S. Sterling Capital Corp.
Private Policy Statement
Privacy Policy
Notice of Privacy Policy and Practices Please read this Privacy Policy carefully. It has information about our policies for the collection, use, disclosure, and protection of information we collect and maintain. It is important for you to know we do not sell or share Customer Information with marketers outside U.S. Sterling Capital Corp. and their service providers. U.S. Sterling Capital recognizes and respects the privacy concerns and expectations of its customers, including individuals who provide their nonpublic personal information to U.S. Sterling Capital. U.S. Sterling Capital has an information security program, which incorporates the following policies: 1. Ensure the security and confidentiality of personal information; 2. Protect against any anticipated threats or hazards to the security or integrity of personal information; and 3. Protect against any unauthorized access to or use of personal information that could result in substantial harm or inconvenience to our valued customers. This notice is provided so that you will know what kinds of information we collect about our customers and the circumstances in which that information may be disclosed to third parties who are not affiliated with the U.S. Sterling Capital. Collection of Customer Information We collect nonpublic personal information about our customers from the following sources: • Correspondence, written, or telephonic between a customer and U.S. Sterling Capital. Disclosure of Customer Information We may disclose any or all of the information described above to third parties who are not affiliated with the U.S. Sterling only under one or more of these circumstances: • As authorized – if you request or authorize the disclosure of the information • As permitted by law • In other situations – we may also disclose this information to non-affiliated third parties when permitted or required by law. This may include disclosure in connection with a subpoena or similar legal process, an investigation or an audit or examination. Security, Safeguarding and Destruction of Customer Information and Reports We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
U.S. Sterling Capital Corp.
Opt In Opt Out U.S. Sterling Capital does not share, sell, or forward any personal or business data with any third party entity. Information is kept private. If this changes in the future, we will send you a notification with instructions on how to opt out. For additional information or for any questions please call the U.S. Sterling Privacy Coordinator at: 800-935-9300 or Contact us in writing at: U.S. Sterling Capital Corp. Privacy Security Coordinator 1393 Veterans Memorial Highway, Suite 412N New York, NY 11788 You may also FAX your request or communications to: 631-360-2840
U.S. Sterling Capital Corp.
Consolidated Financial Statements
March 31, 2017
Board of Directors U.S. Sterling Capital Corp. The attached financial statement presents the financial position of the U.S. Sterling Capital Corp. as of December 31, 2016. The accompanying financial statement has not been audited or reviewed, and accordingly, does not include or express an independent opinion, other than the representation of management. As a private corporation, we do not offer or publish other financial information including comparative analysis, cash flows, notes or other disclosures.
U.S. Sterling Capital Corp.
Herbert A. Orr, Jr. President & CEO
U.S. Sterling Capital Corp.
U.S. Sterling Capital Corp. Consolidated
Balance Sheet As of December 31, 2016
ASSETS CURRENT ASSETS Cash Accounts Receivable Total Current Assets
$ 177,402 229,171 $
FIXED ASSETS (Net Accumulated Depreciation)
406,573 80,444
OTHER ASSETS Asset Allowcation Security Deposit Clearing Account Loan to other companies Prepaid Taxes Total Other Assets
100,000 34,625 36,112 38,954 9,005 218,696
TOTAL ASSETS
$
705,713
$
76,274
LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable Total Other Current Liabilities Total Current Liabilities
$ $
44,389 31,885
LONG TERM LIABILITIES Notes Payable Total Long Term Liabilities STOCKHOLDERS' EQUITY Common Stock (10,000 no par) Additional Paid in Capital Net Income Retained Earnings
148,620
20 210,050 78,209 192,540
Total Stockholders' Equity TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
US Sterling Companies do not hold Customer investment assets, nor it's cusrodian accounts.
480,819 $
705,713
Business Continuity Planning U.S. Sterling Capital Corp. Business Continuity Planning Smart Planning for Disruptions – Important Information
U.S. Sterling Capital has developed a Business Continuity Plan on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our business continuity plan. We care about your business and the ability to serve you without disruption.
Contacting Us – If after a significant business disruption you cannot contact us as you usually do at 631360-2829, you should call our alternate number 800-935-9300. Our Business Continuity Plan – We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and important property. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of any significant business disruption. Our business continuity plan addresses: data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers and employees; alternate physical location of employees; critical supplier, and contractor impact. Varying Disruptions – Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within 24 hours. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume business within 48 hours. In either situation, we plan to continue business operations and notify you by email, by phone, or through our customer emergency number detailing how to contact us. For more information – If you have questions about our business continuity planning, you can contact us at [email protected] or by calling our operations department at 631-360-2829.
U.S. Sterling Capital Corp.
Service Statement U. S. Sterling Capital Corp does not require a signed Service Statement, or an acknowledgement of its Service Statement to provide the following services and or to subscribe to the following internal business procedures: • • • •
•
•
U.S. Sterling may refer certificate of deposit investors for the benefit of your institution. U.S. Sterling or its referral customers may provide your institution with investor/customer account information. U.S. Sterling or its referral customers may provide your institution with CD setup information. U.S. Sterling, may have its referrals or vendor(s) complete the following procedures: o CIP documentary and non-documentary o OFAC Checks o FinCen and Treasury recording and reporting procedures For FDIC insured exempt CD referrals, U.S. Sterling Capital is an FDIC exempt referral firm (not required to be registered with the FDIC, FINRA, MSRB or SEC) with customer funds being held by an FDIC registered bank or equivalent licensed banking institution pursuant to state/federal banking regulations. U.S. Sterling Capital, Corp. will not accept any referral funds into any account controlled by U.S. Sterling Capital, Corp., or any of its subsidiaries. U.S. Sterling Capital, Corp. does not make a market, inventory, buy, or sell exempt FDIC insured CDs. U.S. Sterling Capital Corp. does not underwrite CDs, accept principal funds from its referral customers, initiate wire transfers, collect interest payments, or payout principal, interest, or dividends.
Your institution will accept referrals from U.S. Sterling Capital, Corp. referral customers provided that referral deposits are placed by domestic banks, domestic credit unions or domestic government municipalities, U.S. citizens, businesses and or other organizations domiciled in the United States. Your Institution will identify to U.S. Sterling Capital Corp. in writing which entities are not allowable for referral under its internal deposit acceptance policies, and regulatory deposit requirements policies. U.S. Sterling can not be held responsible for your institution’s failure to accurately relay, update, and enforce your institutions required deposit acceptance policies. Acceptance of CD deposits by your institution by our referrals will constitute an acceptance of this Service Statement and this Service Statement will remain in effect until/unless modified by either party in writing with at least 30 days notice. This Service Statement does not obligate either party to continue a business relationship if it is determined that U.S. Sterling Capital, Corp or your institution is not complying with the guidelines described in this Service Statement.
