2024-08-14T07:13:56-05:00 2023-09-30 454051133 FREED MAXICK CPAS PC 424 MAIN STREET SUITE 800 BUFFALO NY 142023508 990 2022-10-01 135539122 SECURED FINANCE NETWORK INC SECU 2127929390 370 7TH AVENUE 1801 NEW YORK NY 10001 GREG SLOWIK CFO 2127929391 2024-08-01 1 0 MARY MADONIA P00405803 7168472651 2024-08-09 2022 2024-08-08 14:25:15Z RICHARD GUMBRECHT 370 7TH AVENUE 1801 NEW YORK NY 10001 14005933 0 X WWW.SFNET.COM X 1944 NY THE SECURED FINANCE NETWORK IS THE TRADE GROUP FOR COMMERCIAL FINANCE COMPANIES, FACTORS, BANKS AND OTHER FINANCING AGENCIES IN THE ASSET-BASED FINANCIAL SERVICES INDUSTRY ON AN INTERNATIONAL, NATIONAL, REGIONAL AND LOCAL BASIS. THE OBJECTIVES OF THE ORGANIZATION ARE TO PROVIDE, THROUGH DISCUSSION AND PUBLICATION, A FORUM FOR THE CONSIDERATION OF INTER- AND INTRA-INDUSTRY IDEAS AND OPPORTUNITIES; TO MAKE AVAILABLE CURRENT INFORMATION ON LEGISLATION AND COURT DECISIONS RELATING TO ASSET-BASED FINANCIAL SERVICES; TO IMPROVE LEGAL AND OPERATIONAL PROCEDURES EMPLOYED BY THE INDUSTRY; TO FURNISH TO THE GENERAL PUBLIC INFORMATION ON THE FUNCTION AND SIGNIFICANCE OF THE INDUSTRY IN THE CREDIT STRUCTURE OF THE COUNTRY; TO ENCOURAGE THE ASSOCIATION'S MEMBERS, AND THEIR PERSON. 19 19 14 19 628574 0 445609 0 4148669 5265838 -25195 94929 571479 631514 5140562 5992281 0 0 0 0 1940164 2162382 0 0 0 3037581 3864053 4977745 6026435 162817 -34154 5939386 7190174 5164621 5971804 774765 1218370 X THE SECURED FINANCE NETWORK IS THE TRADE GROUP FOR COMMERCIAL FINANCE COMPANIES, FACTORS, BANKS AND OTHER FINANCING AGENCIES IN THE ASSET-BASED FINANCIAL SERVICES INDUSTRY ON AN INTERNATIONAL, NATIONAL, REGIONAL AND LOCAL BASIS. THE OBJECTIVES OF THE ORGANIZATION ARE TO PROVIDE, THROUGH DISCUSSION AND PUBLICATION, A FORUM FOR THE CONSIDERATION OF INTER- AND INTRA-INDUSTRY IDEAS AND OPPORTUNITIES; TO MAKE AVAILABLE CURRENT INFORMATION ON LEGISLATION AND COURT DECISIONS RELATING TO ASSET-BASED FINANCIAL SERVICES; TO IMPROVE LEGAL AND OPERATIONAL PROCEDURES EMPLOYED BY THE INDUSTRY; TO FURNISH TO THE GENERAL PUBLIC INFORMATION ON THE FUNCTION AND SIGNIFICANCE OF THE INDUSTRY IN THE CREDIT STRUCTURE OF THE COUNTRY; TO ENCOURAGE THE ASSOCIATION'S MEMBERS, AND THEIR PERSON. 0 0 755075 210779 EDUCATION PROGRAMS - HELD TO TEACH NEW TOPICS IN OUR FIELD AND TO UPDATE THE PUBLIC ON MATTERS OF CONCERN. 2672223 5055059 CONVENTIONS/MEETINGS - HELD IN ORDER TO ALLOW MEMBERS TO GATHER AND DISCUSS NEW DEVELOPMENTS, SHARE EXPERIENCES, AND LEND ASSISTANCE TO OTHERS SO AS TO BETTER OUR INDUSTRY. 611626 2940 PUBLICATIONS - CONDUCTED IN ORDER TO BETTER OUR WORK ENVIRONMENT AND STRENGTHEN OUR INDUSTRY. CONDUCTED VARIOUS MARKETING, CHAPTER, MEMBER, AND PUBLIC RELATIONS ACTIVITIES FOR THE BETTERMENT OF OUR MEMBERS. 4038924 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 0 0 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 1 0 1 28 0 1 14 1 1 1 0 0 0 0 0 0 0 X 19 19 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X THE ORGANIZATION 2127929390 370 7TH AVENUE SUITE 1801 NEW YORK NY 10001 BARRY BOBROW BOARD MEMBER / 1ST VICE PRESIDENT 0.20 X X 0 0 0 ROBERT MEYERS BOARD MEMBER / VICE PRESIDENT 0.20 X X 0 0 0 JENNIFER PALMER BOARD MEMBER / PRESIDENT 0.20 X X 0 0 0 BEATRIZ HERNANDEZ BOARD MEMBER 0.20 X 0 0 0 BETHANI OPPENHEIMER BOARD MEMBER 0.20 X 0 0 0 DONALD CLARKE BOARD MEMBER 0.20 X 0 0 0 HAMID NAMAZIE BOARD MEMBER 0.20 X 0 0 0 IAN FREDERICKS BOARD MEMBER 0.20 X 0 0 0 KATHLEEN PARKER BOARD MEMBER 0.20 X 0 0 0 LAURA GLASS BOARD MEMBER 0.20 X 0 0 0 LAWRENCE FLICK BOARD MEMBER 0.20 X 0 0 0 LAWRENCE CHUA BOARD MEMBER 0.20 X 0 0 0 PETER YORK BOARD MEMBER 0.20 X 0 0 0 RICHARD KOHN BOARD MEMBER 0.20 X 0 0 0 ROBERT GRBIC BOARD MEMBER 0.20 X 0 0 0 STEVEN HOLSTEIN BOARD MEMBER 0.20 X 0 0 0 SUPREMNA COLE BOARD MEMBER 0.20 X 0 0 0 TINA CAPOBIANCO BOARD MEMBER 0.20 X 0 0 0 WILLIAM BENCE BOARD MEMBER 0.20 X 0 0 0 RICHARD GUMBRECHT CEO 30.00 10.00 X 596464 0 16896 GREGORY SLOWIK CFO 30.00 10.00 X 130463 69996 23817 JONATHAN N HELFAT CO-GENERAL COUNSEL 0.60 0.20 X 0 0 0 BOBBI ACORD NOLAND CO-GENERAL COUNSEL 0.60 0.20 X 0 0 0 JAMES KRAVITZ BUSINESS DEVELOPMENT DIRECTOR 40.00 X 249605 0 17093 JEFFREY WALSH BOARD MEMBER OF CONFERENCES 40.00 X 152704 0 23556 AYDAN SAVASER OPERATIONS MANAGER 40.00 X 129908 0 4243 MICHELE A OCEJO DIRECTOR OF COMMUNICATIONS 40.00 X 110110 0 18908 1369254 69996 104513 6 0 1 0 JEFFREY MANAGEMENT CORPORATION PO BOX 303 EMERSON NJ 07630 RENT 283659 RSM US LLP 331 W 3RD ST STE 200 DAVENPORT IA 52801 ACCOUNTING 222950 2 CONFERENCES & CONVENTION 900099 3161474 3161474 MEMBERSHIP DUES 900099 1883585 1883585 EDUCATIONAL PROGRAMS 900099 210779 210779 CHAPTER DUES 900099 10000 10000 5265838 9123 9123 8099458 8013652 85806 85806 85806 SALES OF PUBLICATIONS 900099 631514 2940 628574 631514 5992281 5268778 628574 94929 752062 493235 258827 692775 546039 146736 53493 25232 28261 552851 483012 69839 111201 107865 3336 380970 380970 322319 322319 11922 11922 164060 132782 31278 228558 176275 52283 82287 79865 2422 202885 1285 201600 249707 249707 71234 34013 37221 1388381 1373923 14458 23215 23215 58210 41654 16556 CONTRIBUTED SERVICES 197077 197077 COMMISSIONS 130651 130651 PRINTING & COPYING 112013 111333 680 BANK CHARGES 110017 923 109094 130547 103760 26787 6026435 4038924 1987511 0 3333594 1218926 262032 203601 3318 3318 285573 714276 1358099 1265366 115948 92733 1611470 4103682 327451 853638 5939386 7190174 417701 631919 2557545 2576144 0 2000000 2189375 763741 5164621 5971804 X 774765 1218370 774765 1218370 5939386 7190174 X -34154 91194 292350 94215 X X 0 1 X 1 0 0 1 0 123759 104295 19464 1153343 1080074 73269 80997 80997 0 92733 DUE FROM RELATED PARTY 244027 RIGHT-OF-USE ASSET 609611 853638 ACCRUED PENSION AND OTHER POST-EMPLOYMENT BENEFITS 89930 RIGHT-OF-USE LIABILITY 673811 763741 X PART X, LINE 2: THE ORGANIZATION IS A NOT FOR PROFIT ENTITY AS DESCRIBED IN SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. U.S. GAAP PROVIDES GUIDANCE ON THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT FOR INCOME TAX POSITION THAT THE ORGANIZATION HAS TAKEN OR EXPECTS TO TAKE IN IT'S INCOME TAX RETURNS. THE ORGANIZATION TAKES MANY TAX POSITIONS RELATIVE TO TAX LAWS, INCLUDING THOSE TAKEN IN DETERMINING WHETHER TAX IS DUE, A REFUND IS OWED, A TAX RETURN NEEDS TO BE FILED, OR THE CHARACTERIZATION OF INCOME IS TAXABLE (FOR EXAMPLE, UNRELATED BUSINESS INCOME) OR NONTAXABLE. THE ORGANIZATION HAS NOT RECORDED ANY LIABILITIES RELATING TO UNCERTAIN TAX POSITIONS. X X X 0 0 0 RICHARD GUMBRECHT CEO 401464 0 195000 0 0 0 9150 0 7746 0 613360 0 0 0 JAMES KRAVITZ BUSINESS DEVELOPMENT DIRECTOR 138649 0 110956 0 0 0 7672 0 9421 0 266698 0 0 0 GREGORY SLOWIK CFO 108463 69996 22000 0 0 0 6429 0 17388 0 154280 69996 0 0 JEFFREY WALSH BOARD MEMBER OF CONFERENCES 135704 0 17000 0 0 0 5037 0 18519 0 176260 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A 501(C)(6) BUSINESS LEAGUE SUPPORTED BY MEMBER COMPANIES WHO PAY DUES ANNUALLY. EACH MEMBER COMPANY VOTES TO ELECT THE INCOMING BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE EXECUTIVE COMMITTEE MEMBERS ARE ELECTED ANNUALLY BY THE GENERAL MEMBERSHIP GROUP. THEY MEET SEVERAL TIMES ANNUALLY TO DISCUSS THE ORGANIZATION'S ACTIVITIES AND VOTE ON ANY NECESSARY ISSUES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN OUTSIDE, INDEPENDENT ACCOUNTING FIRM. A DRAFT COPY OF THE FORM 990 IS PRESENTED TO THE EXECUTIVE COMMITTEE FOR REVIEW AND COMMENT PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER AND MEMBER OF THE EXECUTIVE COMMITTEE IS REQUIRED TO ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THAT SUCH PERSON READ AND UNDERSTANDS THE CONFLICT OF INTEREST POLICY AND AGREES TO COMPLY WITH IT. IN ADDITION, ANY MATERIAL CHANGES IN THEIR ANNUAL STATEMENT MUST BE IMMEDIATELY REPORTED. THE EXECUTIVE COMMITTEE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THIS POLICY BY REVIEWING ANNUAL STATEMENTS AND TAKING ACTION AS NECESSARY. IN ADDITION, PERIODIC REVIEWS OF COMPENSATION ARRANGEMENTS AND CONTRACTS AS WELL AS PARTNERSHIPS, JOINT VENTURES AND ARRANGEMENTS WITH MANAGEMENT ORGANIZATIONS ARE PERFORMED. OUTSIDE ADVISORS MAY BE USED IN THIS PROCESS IF IT IS DEEMED NECESSARY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD HAS AN EXECUTIVE COMPENSATION COMMITTEE WHICH REVIEWS ALL EXECUTIVE COMPENSATION. THEIR DETERMINATION OF SALARIES IS BASED ON REVIEW OF THE EMPLOYEE'S JOB PERFORMANCE AND COMPARISON TO THE SALARY LEVELS OF OTHER TAX-EXEMPT ORGANIZATIONS. THEIR DECISIONS ARE FULLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN PENSION FUNDED STATUS 94,215. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. SECURED FINANCE FOUNDATION 370 7TH AVENUE SUITE 1801 NEW YORK NY 10001 133577148 SUPPORT STUDENTS EDUCATION IN THE ASSET BASED LENDING AREA NY 501(C)(3) LINE 7 SECURED FINANCE NETWORK INC 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 SECURED FINANCE FOUNDATION D 176518 END OF YEAR F/S BALANCE SECURED FINANCE FOUNDATION Q 100098 ACCOUNTING RECORDS SECURED FINANCE FOUNDATION N 30000 ACCOUNTING RECORDS SECURED FINANCE FOUNDATION O 69996 ACCOUNTING RECORDS