CHECKS & BALANCES, INC.

Checks & Balances, Inc. www.thefamilyoffices.com 2675 Paces Ferry Rd, SE Suite 150 Atlanta, GA 30339 Phone (404) 233-0560 Fax (404) 233-0580 fran@thefamilyoffices.com Form ADV Part 2 Brochure December 2025 There have been no material changes to this form This brochure provides information about the qualifications and business practices of Checks & Balances, Inc. (“C&B”) – specifically Frances G. Rogers. If you have any questions about the contents of this brochure, please contact Fran at (404) 233-0560 or fran@thefamilyoffices.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Checks & Balances, Inc. is also available on the SEC’s website at www.adviserinfo.sec.gov. The searchable IARD/CRD number for Checks & Balances, Inc. is 112145. Checks & Balances, Inc. is a Registered Investment adviser. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. 1  Checks & Balances, Inc. Form ADV Part 2A Brochure IARD/CRD No: 112145 SEC File No: 801-60184 1/7/2026 Table of Contents Section Advisory Business Page 3 Fees & Compensation 4 Performance -Based Fees and Side-by-Side Management 4 Types of Clients 5 Methods of Analysis, Investment Strategies and Risk of Loss 5 Disciplinary Information 6 Other Financial Industry Activities and Affiliations 6 7 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Brokerage Practices 7 Review of Accounts 8 Client Referrals and Other Compensation 8 Custody 9 Investment Discretion 9 Voting Client Securities 9 Financial Information 9 2  Advisory Business Checks & Balances, Inc. (“C&B”) was formed in 1987 by Fran Rogers and Starr Moore to run “family offices” for wealthy individuals. Today, the business is largely maintained to support the families of the principals, Starr Moore and Fran Rogers. Fran Rogers is the only employee of the firm and thus the only one authorized to perform investment advisory services. Starr Moore, a graduate gemologist, was born in 1946 and obtained her Bachelor of Arts degree from Hollins College and a Master of Arts degree from New York University. Starr has been an owner of C&B since its formation in 1987. Frances G. Rogers was born in 1961 and obtained a Bachelor of Science degree in Economics from the Georgia Institute of Technology. She holds the CFP (Certified Financial Planner) and CFA (Chartered Financial Analyst) designations and has passed the Series 65 (Uniform Investment Adviser Law Examination). Prior to forming C&B with Starr Moore in 1987, she worked for an investment advisory firm for 6 years. C&B provides investment advisory and financial planning services to clients. Our principal focus is to invest our clients’ funds to achieve long-term capital appreciation utilizing exchange-listed, over-the-counter, and foreign-issuer securities; corporate debt securities; municipal securities; United States government securities; no-load mutual fund shares; and primarily, Exchange Traded Funds (ETF’s). We do not trade securities on margin or short individual securities. Our investment decisions are generally made using fundamental and cyclical analysis. The main sources of information are financial newspapers and magazines, annual reports and prospectuses, filings with the SEC, and research from Morningstar or available on the Schwab Institutional website. C&B tailors advisory services to the individual needs of its clients. Clients may impose restrictions on investing and have lots of input in the investment management process. C&B does not participate in any wrap fee programs. The money managed by C&B is on a discretionary basis. As of 12/31/25, C&B managed $251,093,751 in marketable and alternative securities. Of this amount, $188,517,747, or 81%, is related to accounts belonging to the families of either Starr Moore or Fran Rogers. The alternatives only represent 3.7% of managed funds and that percentage is decreasing, because we are no longer investing in alternative assets, just marketable securities. 3  Fees and Compensation C&B is compensated for advisory services based upon a percentage of the market value at the end of each quarter. Fees are paid in arrears. Fees are negotiable, primarily determined by the size and nature of the account. Given fees are negotiable and vary by account, it is difficult to provide a fee schedule. However, in no cases do fees exceed 65bp per year for equities and 20bp for other asset classes. A lot of family accounts do not pay a fee. C&B does not accept new clients and thus there is no published fee schedule. Clients determine the way they pay their fees (by check or automatic draft). Fees are paid quarterly, in arrears. In most cases, fees are deducted from their brokerage account on a quarterly basis as reports are prepared and distributed. In this case, the client is given a copy of the bill with detailed calculations to support the amount being deducted. In addition to money management fees paid to C&B, clients may pay other fees in connection with the trading of securities. These include but may not be limited to brokerage commissions (though currently all trading is done through Charles Schwab and there are no commissions), SEC fees on the sale of securities, wire transfer fees (though Schwab waives most of them), open end fund transaction fees, or checking related charges. Clients do not pay any fees in advance. Money management services are only provided by Fran Rogers and C&B derives 100% of its investment advisory fees from a percentage of assets under management. Fran does not accept compensation for the sale of securities or other investment products. C&B is only a fee only manager as described above and does not charge commissions or markups. Performance-Based Fees and Side-By-Side Management C&B does not accept any performance-based fees. 4  Types of Clients Most of C&B clients are related to either Starr Moore, or primarily Fran Rogers. Accounts include retirement accounts, individual accounts, foundations, trusts, corporations and partnerships. There is no minimum account size due to the family nature of the business. New accounts will only be opened if they relate to Fran Rogers. Otherwise, C&B is not accepting new clients and does not hold itself out to the public. Methods of Analysis, Investment Strategies and Risk of Loss C&B manages money utilizing individual stocks, bonds, mutual funds, or exchange traded funds. A lot of attention is paid to asset allocation and diversification. Portfolios are rebalanced based upon individual client needs as well as relative valuation of assets across various asset classes. To minimize risk, analysis is performed on portfolios to understand sector weights, country weights, equity size and style, fixed income quality, etc. Portfolios are managed based upon individual client objectives. Clients are reminded that investing in securities involves risk of loss and volatility. Our investment decisions are made primarily using fundamental and cyclical analysis. The main sources of information are financial newspapers and magazines, research found on the Schwab Institutional website, research from Morningstar and company/ETF information available on the web. C&B does not utilize a specific investment strategy, or method of analysis, that might lead to the frequent trading of securities. Securities are generally purchased for the long term and thus turnover is low. Diversification is a key component of our management process. 5  Disciplinary Information C&B, and no employee it has ever employed, or currently employs, has ever been the subject of any disciplinary action. This includes never having been convicted or pleading nolo contendere to a felony, misdemeanor that involved investments or an investment related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion --- or a conspiracy to commit any of these offenses. C&B, nor its sole employee, have been named subject of a pending criminal proceeding, nor have they been involved in a violation of an investment-related statute or regulation. In addition, C&B nor its sole employee have ever had an administrative proceeding before the SEC, or any other federal regulatory agency. Other Financial Industry Activities and Affiliations C&B, nor its sole employee, are registered, or have an application pending to register, as a broker-dealer or a registered representative of a broker-dealer; a futures commission merchant; commodity pool operator; or a commodity trading advisor. C&B, nor its sole employee have a relationship or arrangement that is material to its advisory business with any other institution or individual, nor does it receive compensation from any other institution or individual. C&B does not recommend or select other investment advisers for its clients or receive compensation directly or indirectly from any other adviser. C&B does utilize Charles Schwab to custody assets, though clients would be free to pick another brokerage firm if they desired. C&B does not utilize any soft dollar arrangements. 6  Code of Ethics, Participation or Interest in Client Transactions and Personal Trading C&B has a duty of utmost good faith to act solely in the best interests of each of our clients. Our clients entrust us with their funds, which in turn places a high standard on our conduct and integrity. Our fiduciary duty compels us to act with the utmost integrity in all our dealings. Fran Rogers is the only employee. She does not make use of material nonpublic information and is expected to exercise diligence and care in maintaining and protecting client’s nonpublic, confidential information. C&B does not allow the purchase or sale of securities in which they or Fran Rogers have a material financial interest for any unrelated client accounts. At least 81% of the money managed by C&B is for accounts related to the owners, Fran Rogers and Starr Moore. Many publicly traded securities are bought at the same time for clients. When practical, client trades in the same security will be bunched in a single order (block) to obtain the best execution at the best security price available. When employing a block trade, we will attempt to fill client orders by the end of the day. If a block order is not filled in its entirety by the end of the day, Fran Rogers will allocate the shares executed to underlying accounts on a pro rata basis. Nonrelated accounts are given priority over related accounts. Brokerage Practices C&B does not engage in any soft dollar arrangements. C&B does not pay for research utilizing client commissions or obtain any products or services at the expense of our clients. C&B does not have an incentive to select or recommend a broker. C&B does not currently accept new clients and has never received client referrals from a broker or third party. C&B clients utilize Charles Schwab as their custodian. We do not believe this relationship with Charles Schwab, for which C&B receives no compensation, creates any conflict of interest. 7  Review of Accounts Fran Rogers is responsible for the review of all client accounts and financial planning. Account investment activity is downloaded each business day into client accounts. These records are reviewed on an ongoing basis. Statements are formally balanced monthly, but software allows for accounts to be reconciled daily. Clients receive detailed, written quarterly reports for each of their investment advisory accounts. In some cases, depending upon unexpected performance, shifting market conditions, or changing client preferences or circumstances, reports may be distributed more often. Clients receive a monthly brokerage statement from Charles Schwab. Clients are encouraged to reconcile brokerage statements to reports received from C&B. C&B prepares numerous reports that detail many aspects of client investment portfolios. These aspects include asset allocation, sector and style analysis, account performance, income and expenses (including management fees), purchases and sales, realized gains and losses, etc. Client Referrals and Other Compensation C&B does not accept new clients, outside of family members. C&B has never compensated anyone for client referrals. C&B is only compensated by a percent of assets under management at the end of each quarter by multiplying the applicable fee percentage times the market value of the account (with some exclusions, like cash, for many accounts) and the fees are always paid in arrears. 8  Custody C&B does not have custody of investment advisory accounts that are not related to either Starr Moore or Fran Rogers (nonrelated accounts). Any transactions in nonrelated accounts, other than the purchase or sale of securities, must be initiated by the client. In all cases, whether related or nonrelated, clients receive statements directly from Charles Schwab. C&B does not have custody of assets. Investment Discretion C&B has authority to purchase and sale securities on a discretionary basis. Clients do not generally place limitations on this authority. Clients execute a brokerage trading authorization form to allow C&B to trade in their accounts. Many clients also sign a form allowing management fees to be paid directly from their accounts. Voting Client Securities C&B clients generally want Fran Rogers to vote their shares. C&B will generally support management’s recommendations on proxy issues, since management’s ability is a key factor considered in selecting individual equity securities for client portfolios. However, if C&B believes that the company’s management is acting in an inconsistent manner with our clients’ best interest, we will vote against management recommendations and generally consider selling the investment. Financial Information A Balance Sheet is not attached as C&B does not require, solicit, or allow prepayment of investment management fees or have custody of nonrelated client investment accounts. C&B, nor any of its past or current employees, have been the subject of a bankruptcy petition at any time. 9