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Receivables
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Receivables

14) Receivables

 

Receivables consist of the following:

  

   As of
March 31, 2024		   As of
December 31, 2023		 
Contracts with customers  $5,896,842   $6,321,573 
Receivables from sales agents   3,579,468    3,252,840 
Other   9,154,789    7,658,789 
Total receivables   18,631,099    17,233,202 
Allowance for credit losses   (1,755,553)   (1,897,887)
Net receivables  $16,875,546   $15,335,315 

 

The Company records an allowance for credit losses for its receivables in accordance with GAAP. See Note 2 regarding the adoption of ASU 2016-13.

 

The following table presents a roll forward of the allowance for credit losses:

  

   Three Months Ended 
Beginning balance - January 1, 2024  $1,897,887 
Change in provision for credit losses (1)   (118,497)
Charge-offs   (23,837)
Ending balance - March 31, 2024  $1,755,553 

 

   Three Months Ended 
Beginning balance - January 1, 2023  $2,229,791 
Change in provision for credit losses (1)   (318,664)
Charge-offs   (44,003)
Ending balance - March 31, 2023  $1,867,124 

 

 

(1)Included in other expenses on the condensed consolidated statements of earnings

 

 

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2024 (Unaudited)