XML 34 R14.htm IDEA: XBRL DOCUMENT v3.25.1
Receivables
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Receivables

4) Receivables

 

Receivables consist of the following:

 

   2024   2023 
   December 31, 
   2024   2023 
Contracts with customers  $7,095,589   $6,321,573 
Receivables from sales agents   4,028,881    3,252,840 
Other   6,412,804    7,658,789 
Total receivables   17,537,274    17,233,202 
Allowance for credit losses   (1,678,531)   (1,897,887)
Net receivables  $15,858,743   $15,335,315 

 

The Company records an allowance for credit losses for its receivables in accordance with GAAP. See Note 1 regarding the adoption of ASU 2016-13.

 

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

 

   Allowance 
Beginning balance - January 1, 2024  $1,897,887 
Change in provision for credit losses (1)   (140,277)
Charge-offs   (79,079)
Ending balance - December 31, 2024  $1,678,531 
      
Beginning balance - January 1, 2023  $2,229,791 
Change in provision for credit losses (1)   (110,935)
Charge-offs   (220,969)
Ending balance - December 31, 2023  $1,897,887 

 

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

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2024 and 2023