2026-07-15T15:35:09-05:00 2025-12-31 521446779 JOHNSON LAMBERT LLP 4242 SIX FORKS ROAD SUITE 1500 RALEIGH NC 27609 990 2025-01-01 260003391 THE SURETY & FIDELITY ASSOCIATION OF AMERICA SURE 2025167150 1146 19TH STREET NW 700 WASHINGTON DC 200366617 RYAN C WORK PRESIDENT & CEO 2025167150 2026-07-15 1 J CALVIN MARKS P01226973 9197196400 2025 2025-03-06 01:10:19Z X RYAN C WORK 1146 19TH STREET NW 700 WASHINGTON DC 200366617 7493341 0 X WWW.SURETY.ORG X 2001 DC PERFORMS A LEADERSHIP ROLE IN PROMOTING AND PRESERVING THE USE OF FIDELITY AND SURETY BONDS TO PROTECT PUBLIC AND PRIVATE INTERESTS. 16 16 19 500 0 0 0 0 5676386 5907240 251182 244371 31050 32775 5958618 6184386 250 5000 0 0 3675468 3984354 0 0 0 1960861 2010402 5636579 5999756 322039 184630 6796766 9778601 2061428 4707293 4735338 5071308 X PERFORMS A LEADERSHIP ROLE IN PROMOTING AND PRESERVING THE USE OF FIDELITY AND SURETY BONDS TO PROTECT PUBLIC AND PRIVATE INTERESTS. 0 0 LEGAL AFFAIRS AND LEGISLATION: FEES PAID TO MONITOR LEGISLATION AND HIRE ATTORNEYS TO PROVIDE LEGAL ADVICE ON MATTERS RELATED TO SURETY AND FIDELITY BONDS. STATISTICAL REPORTS AND ANALYSIS: DATA AND REPORTS REGARDING THE SURETY AND FIDELITY INDUSTRIES PROVIDED TO MEMBERS AND OTHER INTERESTED PARTIES. AMICUS BRIEFS: FEES INCURRED TO RETAIN OUTSIDE COUNSEL TO ADVOCATE FOR IMPORTANT SURETY AND FIDELITY RIGHTS IN LITIGATION THROUGH THE FILING OF AMICUS BRIEFS. GOVERNMENT AFFAIRS: FEES PAID TO MONITOR LEGISLATION ON THE FEDERAL AND STATE LEVELS AND TO HIRE OUTSIDE CONSULTANTS WITH EXPERTISE ON MATTERS RELATED TO FEDERAL AND STATE LEGISLATION IMPACTING SURETY AND FIDELITY BONDS.EDUCATION AND PROMOTION: PUBLIC SERVICE INFORMATION TO EDUCATE CONSUMERS AND GOVERNMENT OFFICIALS ABOUT SURETY AND FIDELITY BONDS. 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 25 0 1 19 1 0 0 0 0 1 1 0 0 0 X 16 16 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X THE ORGANIZATION 2025167150 1146 19TH STREET NW 700 WASHINGTON DC 200366617 MICHAEL KEIMIG CHAIR 0.50 X X 0 0 0 STEPHEN RUSCHAK VICE CHAIR 0.50 X X 0 0 0 ANTONIO ALBANESE DIRECTOR 0.50 0.50 X 0 0 0 KEN BEARLEY DIRECTOR 0.50 X 0 0 0 BRYCE GRISSOM DIRECTOR 0.50 X 0 0 0 JOHN GUGLIELMO DIRECTOR 0.50 X 0 0 0 STEPHEN HANEY DIRECTOR 0.50 X 0 0 0 MICHAEL HEIDRICK DIRECTOR 0.50 X 0 0 0 JAMES KAWIECKI DIRECTOR 0.50 X 0 0 0 MATTHEW LUBIN DIRECTOR 0.50 X 0 0 0 TIM MIKOLAJEWSKI DIRECTOR 0.50 0.50 X 0 0 0 CHRIS NOLAN DIRECTOR 0.50 X 0 0 0 ALAN PAVLIC DIRECTOR (TO NOV '25) 0.50 X 0 0 0 SHARON SIMS DIRECTOR 0.50 X 0 0 0 GARY STUMPER DIRECTOR 0.50 X 0 0 0 LARRY TAYLOR DIRECTOR 0.50 0.50 X 0 0 0 JOHN WELCH DIRECTOR 0.50 X 0 0 0 MIKE ZURCHER DIRECTOR 0.50 X 0 0 0 RYAN WORK PRESIDENT & CEO 50.00 1.00 X 610386 0 82148 JULIE ALLEYNE VP, POLICY; GEN COUNSEL, SECR-TREASURER 45.00 X 330065 0 78528 PETER ROTH VP, STRAT COMM, MKT, & RESEARCH 40.00 1.00 X 314592 0 58699 WILLIAM HEINBOKEL DIR, FIDELITY & REG COMPLIANCE 40.00 X 250919 0 53281 ALEX GLEASON HEAD OF GOVERNMENT AFFAIRS 40.00 X 218674 0 10629 ADAM D BRACKEMYRE VP, GOVERNMENT AFFAIRS 40.00 X 214910 0 48109 ALAN CLARK ACTUARY 40.00 X 163921 0 58592 BRIAN MUHLBACH DIR, MKT & COMMUNICATIONS 40.00 X 160727 0 35000 EDWARD O'DONNELL MGR, STASTISTICAL 40.00 X 160658 0 58756 ZACHARY LEVINE SNR MGR, MKT & COMMUNICATIONS 40.00 X 126644 0 52282 PAUL WISCHER DIR, POLICY & ASST GENERAL COUNSEL 40.00 X 115543 0 34462 2667039 0 570486 11 0 1 0 INSURANCE SERVICE OFFICES INC PO BOX 27507 NEW YORK NY 10087 STATISTICAL DATA PROCESSING 230800 AMERICAN PROPERTY CASUALTY INSURANCE ASS 555 12TH STREET NW SUITE 550 WASHINGTON DC 20004 CONSULTING SERVICES 150000 ERNST & YOUNG 200 PLAZA DRIVE SECAUCUS NJ 07094 CONSULTING SERVICES 108750 TERESA LENT 3718 18TH STREET N ARLINGTON VA 22207 ACCOUNTING SERVICES 100623 4 MEMBERS' ASSESSMENTS 900099 5571125 5571125 STATISTICAL FILERS 900099 162325 162325 STUDIES AND SURVEYS 900099 96290 96290 SUBSCRIBER FEES 900099 77500 77500 5907240 188910 188910 32775 32775 1364416 1281401 27554 83015 -27554 55461 55461 6184386 5907240 0 277146 5000 2270940 1132375 273366 128291 179382 14174 149023 133750 38098 429477 151789 138397 219572 61708 157393 50996 42736 STAT. REPORTS & ANALYSI 260351 AMICUS BRIEFS 46082 COMPENSATION SURVEY 34400 DUES & SUBSCRIPTIONS 26628 55828 5999756 827346 518587 1617957 1637223 94766 14448 170326 176930 316441 146886 112584 169555 3784176 4206975 269929 2974565 6796766 9778601 552597 543228 1508831 4164065 2061428 4707293 X 4735338 5071308 4735338 5071308 6796766 9778601 X 184630 208585 -57245 X 0 1 X 1 0 8509 120 0 0 0 0 THE SURETY & FIDELITY ASSOCIATION OF AMERICA PAC 1146 19TH STREET NW STE 700 WASHINGTON DC 20036 832558759 0 68750 0 0 1 5571125 313390 170329 483719 300389 183330 PART I-A, LINE 1: SFAA ADMINISTRATES THE SFAA PAC, WHICH MAKES CONTRIBUTIONS TO CANDIDATES FOR FEDERAL OFFICE, INCLUDING THE U.S. HOUSE OF REPRESENTATIVES AND U.S. SENATE. THE ADMINISTRATION OF THE PAC ALSO INCLUDES THE RECEIVING AND TRACKING OF CONTRIBUTIONS TO SFAA PAC FROM SFAA MEMBER COMPANY PACS AND INDIVIDUAL DONORS. SFAA SPENDS APPROXIMATELY 10 HOURS PER MONTH ON ADMINISTRATION OF THE PAC. 65321 61058 4263 236923 71631 165292 14197 14197 0 169555 OPERATING LEASE ASSET 2900273 SECURITY DEPOSITS 74292 2974565 OPERATING LEASE LIABILITY 3047185 ACCRUED POST-RETIREMENT BENEFITS 1047718 DEFERRED COMPENSATION 41384 INS. DEPT EXAM. RESERVE 27778 4164065 X PART X, LINE 2: MANAGEMENT EVALUATED TAX POSITIONS AND CONCLUDED THAT THE ENTITIES HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS. FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024, NO PROVISION FOR INCOME TAXES WAS MADE FOR THE ORGANIZATION, AS NEITHER ORGANIZATION HAD ANY SIGNIFICANT NET UNRELATED BUSINESS INCOME AND DID NOT IDENTIFY ANY UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. X X X X 0 0 0 RYAN WORK PRESIDENT & CEO 468636 0 141750 0 0 0 54847 0 27301 0 692534 0 0 0 JULIE ALLEYNE VP, POLICY; GEN COUNSEL, SECR-TREASU 273365 0 56700 0 0 0 54188 0 24340 0 408593 0 0 0 PETER ROTH VP, STRAT COMM, MKT, & RESEARCH 262592 0 52000 0 0 0 52785 0 5914 0 373291 0 0 0 WILLIAM HEINBOKEL DIR, FIDELITY & REG COMPLIANCE 216681 0 34238 0 0 0 50478 0 2803 0 304200 0 0 0 ADAM D BRACKEMYRE VP, GOVERNMENT AFFAIRS 185910 0 29000 0 0 0 37844 0 10265 0 263019 0 0 0 ALEX GLEASON HEAD OF GOVERNMENT AFFAIRS 190674 0 28000 0 0 0 9784 0 845 0 229303 0 0 0 ALAN CLARK ACTUARY 143921 0 20000 0 0 0 33656 0 24936 0 222513 0 0 0 EDWARD O'DONNELL MGR, STASTISTICAL 136958 0 23700 0 0 0 32355 0 26401 0 219414 0 0 0 BRIAN MUHLBACH DIR, MKT & COMMUNICATIONS 135727 0 25000 0 0 0 23792 0 11208 0 195727 0 0 0 ZACHARY LEVINE SNR MGR, MKT & COMMUNICATIONS 110844 0 15800 0 0 0 20155 0 32127 0 178926 0 0 0 PAUL WISCHER DIR, POLICY & ASST GENERAL COUNSEL 115543 0 0 0 0 0 22414 0 12048 0 150005 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 WITH RESPECT TO THE SFAA BOARD OF DIRECTORS, BECAUSE OF THE POSITION THE ORGANIZATION HOLDS IN THE INDUSTRY IT REPRESENTS, WE EXPECT THAT MANY OF OUR MEMBERS WILL HAVE INCIDENTAL BUSINESS RELATIONSHIPS FROM TIME TO TIME. ALL MEMBERS OF THE BOARD OF DIRECTORS ARE SUBJECT TO THE ORGANIZATION'S CONFLICT OF INTEREST POLICY AND MUST DISCLOSE ANY KNOWN CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION A, LINE 6 ANY COMPANY LICENSED TO ENGAGE IN THE BUSINESS OF SURETY OR FIDELITY BONDING, OR AS A REINSURER, AND MEETING SUCH OTHER CRITERIA AS MAY BE DETERMINED FROM TIME TO TIME BY THE BOARD OF DIRECTORS, IS ELIGIBLE TO BECOME A MEMBER UPON ITS APPLICATION. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE ASSOCIATION SHALL VOTE TO ELECT DIRECTORS EACH YEAR AT THE ANNUAL MEETING. IN ADDITION, THE PRESIDENT SERVES ON THE BOARD IN AN EX OFFICIO, NON-VOTING CAPACITY. TO FACILITATE VOTING FOR MEMBERSHIP ON THE BOARD OF DIRECTORS AT AN ANNUAL OR OTHER MEETING, THE BOARD OF DIRECTORS WILL APPOINT A NOMINATING COMMITTEE OF FIVE MEMBERS AT LEAST THREE WEEKS PRIOR TO THE MEETING. THE NOMINATIONS PROPOSED BY THIS MEMBER COMMITTEE WILL BE DISTRIBUTED TO ALL MEMBERS AT LEAST ONE WEEK PRIOR TO THE MEETING. OTHER NOMINATIONS ARE ALLOWED AT THE MEETING. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT DISTRIBUTES THE DRAFT OF THE FORM 990 AND RELATED SCHEDULES TO THE SFAA EXECUTIVE COMMITTEE AND MAKES IT AVAILABLE TO BOARD MEMBERS FOR INSPECTION PRIOR TO FILING IT WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE SFAA BOARD OF DIRECTORS REQUIRES ALL DIRECTORS, OFFICERS AND EMPLOYEES TO COMPLETE AND SUBMIT AN ANNUAL STATEMENT OF DISCLOSURE DETAILING ANY FACTS OR CIRCUMSTANCES THAT MIGHT CONSTITUTE A CONFLICT OF INTEREST. THE BOARD OF DIRECTORS FURTHER REQUIRES DIRECTORS, OFFICERS AND EMPLOYEES TO SUBMIT AN AMENDED STATEMENT OF DISCLOSURE TO REFLECT ANY MATERIAL CHANGES OR ADDITIONS TO THE SUBMITTED INFORMATION THAT MAY ARISE DURING THE COURSE OF THE YEAR. DIRECTORS, OFFICERS AND EMPLOYEES ARE ENCOURAGED TO ERR ON THE SIDE OF DISCLOSURE AND TO REPORT ANY SET OF CIRCUMSTANCES THAT MAY APPEAR TO POSE A CONFLICT OF INTEREST, EVEN IF THERE IS UNCERTAINTY AS TO WHETHER SUCH CIRCUMSTANCES SHOULD BE DISCLOSED. THE BOARD OF DIRECTORS RECOGNIZES THAT CONFLICTS OF INTEREST ARE NOT UNCOMMON, AND THAT NOT ALL CONFLICTS OF INTEREST ARE NECESSARILY HARMFUL TO SFAA. HOWEVER, THE BOARD REQUIRES FULL DISCLOSURE OF ALL ACTUAL AND POTENTIAL CONFLICTS OF INTEREST. UNDER THE POLICY, THE BOARD OF DIRECTORS DETERMINES WHETHER OR NOT A CONFLICT OF INTEREST EXISTS, AND WHETHER OR NOT SUCH CONFLICT MATERIALLY AND ADVERSELY AFFECTS THE INTERESTS OF SFAA. A DIRECTOR, OFFICER OR EMPLOYEE WHOSE POTENTIAL CONFLICT IS UNDER REVIEW MAY NOT DEBATE, VOTE, OR OTHERWISE PARTICIPATE IN SUCH DETERMINATION. IF THE BOARD OF DIRECTORS DETERMINES THAT AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST DOES EXIST, THE BOARD SHALL ALSO DETERMINE WHETHER THE CONFLICT SHOULD BE WAIVED OR IDENTIFY AN APPROPRIATE REMEDY. SUCH REMEDY MAY INCLUDE, FOR EXAMPLE, THE RECUSAL OF THE CONFLICTED DIRECTOR, OFFICER OR EMPLOYEE FROM PARTICIPATING IN CERTAIN MATTERS PENDING BEFORE THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 COMPARABILITY DATA IS USED IN DETERMINING SALARIES FOR THE PRESIDENT & CEO AND OTHER TOP MANAGEMENT POSITIONS. THE ASSOCIATION PURCHASES THE CEO COMPENSATION SURVEY PERIODICALLY. IN 2022, THE ORGANIZATION HIRED A COMPENSATION CONSULTANT TO REVIEW THE CEO'S COMPENSATION. COMPENSATION SURVEYS FOR ASSOCIATIONS ALSO ARE REVIEWED TO DETERMINE KEY POSITION SALARIES, AND THE DECISION IS DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: PENSION PLAN ADJUSTMENT -60,621. POSTRETIREMENT PLAN ADJUSTMENT 3,376. THE SURETY FOUNDATION 1146 19TH STREET NW STE 700 WASHINGTON DC 20036 731728689 SCHOLARSHIPS DC 501(C)(3) LINE 7 THE SURETY & FIDELITY ASSOCIATION OF AMERICA 1 THE SURETY & FIDELITY ASSOCIATION OF AMERICA PAC 1146 19TH STREET NW STE 700 WASHINGTON DC 20036 832558759 POLITICAL ACTION COMMITTEE DC 527 THE SURETY & FIDELITY ASSOCIATION OF AMERICA 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0