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Receivables

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Receivables

14) Receivables

Receivables consist of the following:

Schedule of Receivables

		As of September 30, 2024				As of December 31, 2023
Contracts with customers		$	6,593,720			$	6,321,573
Receivables from sales agents			3,516,559				3,252,840
Other			7,907,574				7,658,789
Total receivables			18,017,853				17,233,202
Allowance for credit losses			(1,566,150	)			(1,897,887	)
Net receivables		$	16,451,703			$	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 as of the dates indicated:

Schedule of Allowance Credit Losses

		Three Months Ended
Beginning balance - June 30, 2024		$	1,770,911
Change in provision for credit losses (1)			(167,300	)
Charge-offs			(37,461	)
Ending balance - September 30, 2024		$	1,566,150
Beginning balance - June 30, 2023		$	1,492,934
Change in provision for credit losses (1)			53,878
Charge-offs			(26,011	)
Ending balance - September 30, 2023		$	1,520,801

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

14) Receivables (Continued)

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

		Nine Months Ended
Beginning balance - January 1, 2024		$	1,897,887
Change in provision for credit losses (1)			(254,306	)
Charge-offs			(77,431	)
Ending balance - September 30, 2024		$	1,566,150
Beginning balance - January 1, 2023		$	2,229,791
Change in provision for credit losses (1)			(597,430	)
Charge-offs			(111,560	)
Ending balance - September 30, 2023		$	1,520,801

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

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

September 30, 2024 (Unaudited)

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- Definition

The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/310-10/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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X

- References

No definition available.

+ Details

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