2024-10-15T17:09:17-05:00 2023-12-31 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 300 TICE BOULEVARD SUITE 315 WOODCLIFF LAKE NJ 07677 990 2023-01-01 132940919 ACORD CORPORATION ACOR 8456201700 150 CLOVE ROAD 11TH FLOOR LITTLE FALLS NJ 07424 TANYA KROCHTA EVP & CHIEF ADMIN. OFFICER 8456201700 2024-10-15 1 1 GARRETT M HIGGINS P00543209 2017129800 2024-10-15 2023 2024-10-15 13:58:12Z WILLIAM PIERONI 150 CLOVE ROAD 11TH FLOOR LITTLE FALLS NJ 07424 31913274 0 X WWW.ACORD.ORG X 1978 DE TO PROMOTE THE INTERESTS OF AND IMPROVE THE EFFICIENCY AND EFFECTIVENESS OF ALL TRADING PARTNERS WITHIN THE VARIOUS SEGMENTS OF THE INSURANCE AND RELATED FINANCIAL SERVICES INDUSTRIES. 18 17 56 20 0 0 0 0 28863903 29849099 323774 1083387 0 0 29187677 30932486 5000 2817 0 0 7097152 7505017 0 0 0 5521200 6218783 12623352 13726617 16564325 17205869 57024681 80120531 19142538 37546049 37882143 42574482 X THE ASSOCIATION FOR COOPERATIVE OPERATIONS RESEARCH AND DEVELOPMENT ("ACORD") IS A NOT-FOR-PROFIT CORPORATION ORGANIZED TO PROMOTE THE INTERESTS OF AND IMPROVE THE EFFICIENCY AND EFFECTIVENESS OF ALL TRADING PARTNERS WITHIN THE VARIOUS SEGMENTS OF THE INSURANCE AND PROMOTING THE INTERESTS OF AND IMPROVING THE EFFICIENCY AND EFFECTIVENESS OF ALL TRADING PARTNERS WITHIN THE VARIOUS SEGMENTS OF THE INSURANCE AND RELATED FINANCIAL SERVICES INDUSTRIES BY DEVELOPING STANDARDS, SPECIFICATIONS, AND RELATED IMPLEMENTATIONS TOOLS FOR THE ELECTRONIC EXCHANGE OF INFORMATION AND OTHER INFORMATION PROCESSING. ACORD ALSO SERVES THE PUBLIC INTEREST AND THE INTERESTS OF CONSUMERS OF INSURANCE AND RELATED FINANCIAL SERVICES THROUGH ANALYSIS, EDUCATION, STANDARDS SETTING AND RESEARCH & DEVELOPMENT ACTIVITIES CONCERNING THE ELECTRONIC EXCHANGE OF INFORMATION AND OTHER INFORMATION PROCESSING. 0 0 PROMOTING THE INTERESTS OF AND IMPROVING THE EFFICIENCY AND EFFECTIVENESS OF ALL TRADING PARTNERS WITHIN THE VARIOUS SEGMENTS OF THE INSURANCE AND RELATED FINANCIAL SERVICES INDUSTRIES BY DEVELOPING STANDARDS, SPECIFICATIONS, AND RELATED IMPLEMENTATIONS TOOLS FOR THE ELECTRONIC EXCHANGE OF INFORMATION AND OTHER INFORMATION PROCESSING. ACORD ALSO SERVES THE PUBLIC INTEREST AND THE INTERESTS OF CONSUMERS OF INSURANCE AND RELATED FINANCIAL SERVICES THROUGH ANALYSIS, EDUCATION, STANDARDS SETTING AND RESEARCH & DEVELOPMENT ACTIVITIES CONCERNING THE ELECTRONIC EXCHANGE OF INFORMATION AND OTHER INFORMATION PROCESSING. 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 1 1 0 0 1 16 0 56 1 0 1 UK 0 0 0 0 1 0 X 18 17 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X LISA PLUNKETT 8456201700 150 CLOVE ROAD 11TH FLOOR LITTLE FALLS NJ 07424 WILLIAM PIERONI PRESIDENT & CEO 40.00 X X 2699397 0 289426 ROBERT KELLY CHAIR 1.00 X X 0 0 0 KEVIN TOBIN VICE-CHAIR 1.00 X X 0 0 0 COLLEEN BATMAN DIRECTOR 1.00 X 0 0 0 RICHARD BRAME DIRECTOR 1.00 X 0 0 0 REBECCA BUNYAN DIRECTOR, THRU 02/01/23 1.00 X 0 0 0 BILL DEVINE DIRECTOR 1.00 X 0 0 0 IAN HAYCOCK DIRECTOR 1.00 X 0 0 0 BOB JAMES DIRECTOR 1.00 X 0 0 0 MICHAEL JONES DIRECTOR 1.00 X 0 0 0 JOHN KELLINGTON DIRECTOR 1.00 X 0 0 0 MARK KNIPFER DIRECTOR 1.00 X 0 0 0 VENKAT KRISHNAMOORTHY DIRECTOR 1.00 X 0 0 0 JENNIFER KYUNG DIRECTOR 1.00 X 0 0 0 STEVE LUNDIN DIRECTOR, THRU 01/20/23 1.00 X 0 0 0 DAVE MATCHAM FCII DIRECTOR 1.00 X 0 0 0 PATRICK MOLINEUX DIRECTOR 1.00 X 0 0 0 ROBERT RUSBULDT DIRECTOR 1.00 X 0 0 0 DR CHRISTIAN SCHAFFER DIRECTOR 1.00 X 0 0 0 DR RALF SCHNEIDER DIRECTOR 1.00 X 0 0 0 VLAD YEKELCHIK DIRECTOR, THRU 01/20/23 1.00 X 0 0 0 TANYA J KROCHTA EXECUTIVE EVP & CHIEF ADMINISTRATIVE 40.00 X 548044 0 69980 ANDREW J ZUCKERMAN SVP GOVERNMENT AFFAIRS & GENERAL COUNSEL 40.00 X 282769 0 67112 MARIA LOURDES SORIANO SVP, GLOBAL CHIEF MEMBERSHIP OFFICER 40.00 X 292304 0 46056 DAVID STERNER VP, RESEARCH & DEVELOPMENT 40.00 X 236894 0 50936 LISA PLUNKETT VP OF FINANCE & OPERATIONS 40.00 X 190670 0 55624 MANREEN KAUR DIRECTOR P&C 40.00 X 161797 0 43442 RICHARD FLYNN VP COMMUNICATIONS 40.00 X 153649 0 25777 SEAN STEWART VP COMMUNICATIONS 40.00 X 191179 0 61358 KAREN MOTTLEY SENIOR DIRECTOR, LIFE & ANNUITY 40.00 X 148326 0 43981 DEBRA SAHLER SENIOR DIRECTOR, COMPLIANCE 40.00 X 146206 0 61108 5051235 0 814800 15 0 1 0 AMAZON WEB SERVICES INC 410 TERRY AVE NORTH SEATTLE WA 98109 IT SERVICES 840346 INDEPENDENT INSURANCE AGENTS & BROKERS O 172 S PEYTON STREET ALEXANDRIA VA 22314 MARKETING SERVICES 200000 PC CONNECTION 730 MILFORD ROAD MERRIMACK NH 03054 IT SERVICES 111082 3 MEMBERSHIP DUES 524298 18700319 18700319 PRODUCT AND OTHER SERVICES 524298 5800396 5800396 SUBSCRIPTION FEES 524298 5348384 5348384 29849099 1071926 1071926 992249 980788 11461 11461 11461 30932486 29849099 0 1083387 2817 4829212 625285 627068 656106 767346 102183 151269 50000 376855 7563 699847 816750 504666 343460 243850 569637 133455 VALUE ADDED TAX (VAT) 1654219 EXCISE TAXES 484207 MISCELLANEOUS EXPENSES 40527 TRAINING & EDUCATION 20164 20131 13726617 7776 2073575 10233830 6572507 919843 1962910 629224 503601 1969889 1799418 331479 170471 25752894 40913195 1044200 1085632 18105435 26838640 57024681 80120531 3889878 3963193 8318067 11829240 6934593 21753616 19142538 37546049 X 37882143 42574482 37882143 42574482 57024681 80120531 X 17205869 1957380 -14470910 X X 0 1 X 1 0 0 1 0 1969889 1799418 170471 170471 OTHER ASSETS 14484 VAT RECEIVABLE 26417 DUE FROM ACORD SOLUTIONS GROUP 25657491 OPERATING LEASE - RIGHT OF USE ASSETS 555871 OVERFUNDED PENSION OBLIGATION 584377 26838640 DEFERRED COMPENSATION LIABILITY 1160592 OPERATING LEASE LIABILITIES 555872 INVESTMENT IN SUBSIDIARY 20037152 21753616 X 35275701 1957380 2435835 4393215 30882486 50000 50000 30932486 30583362 17391986 17391986 13191376 50000 485241 535241 13726617 PART X, LINE 2: ACORD ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUES FROM CONSOLIDATED ENTITY 2,435,835. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM CONSOLIDATED ENTITY 17,361,196. LOSS ON DISPOSAL 30,790. PART XII, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN ACCRUED PENSION LIABILITY TO BE RECOGNIZED IN FUTURE PERIODS 485,241. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 1 16 PROGRAM SERVICES MEMBERSHIP SERVICES 4484297 1 16 0 0 1 16 4484297 0 4484297 0 0 0 0 0 0 1 X X X X 0 1 0 WILLIAM PIERONI PRESIDENT & CEO 978125 0 1265000 0 456272 0 231157 0 58269 0 2988823 0 300000 0 TANYA J KROCHTA EXECUTIVE EVP & CHIEF ADMINISTRATIVE 201312 0 340000 0 6732 0 14800 0 55180 0 618024 0 0 0 ANDREW J ZUCKERMAN SVP GOVERNMENT AFFAIRS & GENERAL COUNSEL 190787 0 90000 0 1982 0 12150 0 54962 0 349881 0 0 0 MARIA LOURDES SORIANO SVP, GLOBAL CHIEF MEMBERSHIP OFFICER 179889 0 110000 0 2415 0 13245 0 32811 0 338360 0 0 0 DAVID STERNER VP, RESEARCH & DEVELOPMENT 182508 0 50000 0 4386 0 9000 0 41936 0 287830 0 0 0 SEAN STEWART VP COMMUNICATIONS 157406 0 33480 0 293 0 5288 0 56070 0 252537 0 0 0 LISA PLUNKETT VP OF FINANCE & OPERATIONS 148324 0 40000 0 2346 0 8965 0 46659 0 246294 0 0 0 DEBRA SAHLER SENIOR DIRECTOR, COMPLIANCE 140632 0 5000 0 574 0 6300 0 54808 0 207314 0 0 0 MANREEN KAUR DIRECTOR P&C 145457 0 15000 0 1340 0 7621 0 35821 0 205239 0 0 0 KAREN MOTTLEY SENIOR DIRECTOR, LIFE & ANNUITY 138810 0 7000 0 2516 0 6845 0 37136 0 192307 0 0 0 RICHARD FLYNN VP COMMUNICATIONS 138119 0 14000 0 1530 0 6975 0 18802 0 179426 0 0 0 PART I, LINE 4B WILLIAM PIERONI, RECEIVED A 457(F) DISTRIBUTION IN THE AMOUNT OF $300,000 IN HIS 2023 W2 . NICOLAS PIERONI HAS A FAMILY RELATIONSHIP WITH WILLIAM PIERONI 16211 EMPLOYMENT 0 FORM 990, PART VI, SECTION A, LINE 6 THE FOLLOWING MAY BECOME REGULAR MEMBERS OF THE CORPORATION, AS DEFINED IN THE CERTIFICATE OF INCORPORATION, AND SHALL BE REFERRED TO IN THESE BYLAWS AS CORPORATE MEMBERS OF THE CORPORATION: - ANY ORGANIZATION ENGAGED IN THE BUSINESS OF UNDERWRITING, AND/OR SELLING, DISTRIBUTING OR OTHERWISE PROVIDING PROPERTY, CASUALTY, LIFE OR HEALTH INSURANCE, SURETY AND ANNUITIES, OR REINSURANCE; - ANY NON-INSURANCE FOR-PROFIT ORGANIZATION NOT ALSO QUALIFYING TO BE AN ORGANIZATION DESCRIBED IN SECTIONS 2A I OR 2A II OF BY-LAWS HEREOF, AND -ANY NOT-FOR-PROFIT TRADE ASSOCIATION REPRESENTING ORGANIZATIONS DESCRIBED IN SECTION 1A OR 1 B OF THE BY-LAWS, INCLUDING SUCH ORGANIZATIONS THAT MAY ALSO REPRESENT INDIVIDUALS. THE FOLLOWING MAY BECOME ASSOCIATE MEMBERS OF THE CORPORATION, AS DEFINED IN THE CERTIFICATE OF INCORPORATION, AND SHALL BE REFERRED TO IN THESE BYLAWS AS ASSOCIATE MEMBERS OF THE CORPORATION: - ANY ORGANIZATION WHOSE PRIMARY BUSINESS IS PROVIDING HARDWARE, SOFTWARE, TECHNOLOGY OR RELATED SERVICES; - ANY USER GROUP FORMED BY AN ORGANIZATION DESCRIBED IN SECTION 2A I OF BY-LAWS HEREOF OR ITS CUSTOMERS HAVING A COMMON INTEREST IN SPECIFIC PRODUCTS AND SERVICES PURCHASED FROM THAT ORGANIZATION; AND -THE GOVERNMENT OF THE UNITED STATES OR ANY SOVEREIGN NATION, ANY OF THEIR RESPECTIVE STATES OR POLITICAL SUBDIVISIONS, ANY REGIONAL AUTHORITY OF ANY OF THE FOREGOING, AND ANY AGENCY OR OTHER ORGANIZATION CREATED BY ANY OF THE FOREGOING. THE FOLLOWING SHALL BE ASSOCIATE MEMBERS OF THE CORPORATION, AS DEFINED IN THE CERTIFICATE OF INCORPORATION, AND SHALL BE REFERRED TO IN THESE BYLAWS AS SUBSCRIBER MEMBERS OF THE CORPORATION: - ANY ORGANIZATION WHICH, FOR DIRECT OR INDIRECT PAYMENT TO THE CORPORATION, SUBSCRIBES FOR SPECIFIC GOODS OR SERVICES UNDER A SUBSCRIBER PROGRAM APPROVED BY THE BOARD OF DIRECTORS OR A DESIGNATED COMMITTEE OF THE BOARD. EVERY MEMBER OF THE CORPORATION SHALL DESIGNATE A REPRESENTATIVE AND AN ALTERNATE TO REPRESENT IT IN REGARD TO CORPORATION MATTERS AND SHALL GIVE NOTICE IN WRITING OF SUCH DESIGNATION TO THE SECRETARY OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A BOARD OF DIRECTORS' APPROVAL OF INDIVIDUALS NOMINATED FOR BOARD MEMBERSHIP BY THE BOARD'S EXECUTIVE COMMITTEE IS SUBJECT TO ELECTION BY A PLURALITY VOTE OF ACORD MEMBERS ELIGIBLE TO VOTE ON SUCH MATTERS WHO ARE PRESENT AND VOTING IN PERSON OR BY PROXY AT THE MEETING AT WHICH THE NOMINEES ARE VOTED UPON. FORM 990, PART VI, SECTION A, LINE 7B BOARD OF DIRECTORS' APPROVAL OF AMENDMENTS TO ACORD'S BYLAWS IS SUBJECT TO A MAJORITY VOTE OF ACORD MEMBERS ELIGIBLE TO VOTE ON SUCH MATTERS WHO ARE PRESENT IN PERSON OR REPRESENTED BY PROXY AT ANY MEETING OF ACORD. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. AFTER THE FORM 990 HAS BEEN PREPARED THE ORGANIZATION PROVIDES A COPY TO THE AUDIT COMMITTEE FOR REVIEW AND ANY COMMENTS. ONCE ALL COMMENTS HAVE BEEN ADDRESSED THE RETURN IS SUBMITTED TO THE INTERNAL REVENUE SERVICE FOR FILING. THE 990 IS NOT REVIEWED BY THE ENTIRE BOARD BEFORE FILING WITH THE IRS BUT IS AVAILABLE TO BE POSTED ON THE BOARD'S WEBSITE IF NEEDED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, THE ORGANIZATION'S DIRECTORS (REGARDING NON-TRANSACTION-SPECIFIC MATTERS), OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO RESPOND TO THE CONFLICT OF INTEREST DISCLOSURE POLICY AND DOCUMENTS ARE REVIEWED INITIALLY BY HOUSE COUNSEL FOR POSSIBLE REFERRAL TO THE PRESIDENT OF THE ORGANIZATION FOR FURTHER CONSIDERATION AND APPROPRIATE ACTION IF WARRANTED. CERTAIN RESPONSES, INCLUDING THOSE FROM NON-KEY-EMPLOYEE STAFF MEMBERS, MAY BE ADDRESSED IN THE FIRST INSTANCE DIRECTLY TO THE PRESIDENT OF THE ORGANIZATION OR BROUGHT TO THE ATTENTION OF THE HEAD OF THE HUMAN RESOURCES DEPARTMENT FOR CONSIDERATION AND POSSIBLE REFERRAL TO THE PRESIDENT OF THE ORGANIZATION FOR FURTHER CONSIDERATION AND APPROPRIATE ACTION IF WARRANTED. A DIRECTOR OR OFFICER DISCLOSING A POTENTIAL CONFLICT REGARDING A PARTICULAR TRANSACTION MAKES THE DISCLOSURE TO THE PRESIDENT OR CHAIRMAN OF THE BOARD OF DIRECTORS (CHAIR) THROUGH THE CORPORATE SECRETARY FOR DETERMINATION AS TO WHETHER THERE IS IN FACT A CONFLICT OR APPEARANCE OF A CONFLICT. IN THE CASE OF A DIRECTOR, IF IT IS DETERMINED THAT A CONFLICT OR APPARENT CONFLICT EXISTS REGARDING A PARTICULAR TRANSACTION, THE CONFLICT OR APPARENT CONFLICT IS REPORTED TO THE EXECUTIVE COMMITTEE OR THE FULL BOARD. IF THE PARTICULAR TRANSACTION REQUIRES A VOTE OF THE BOARD OR ONE OF ITS COMMITTEES, THE AFFECTED DIRECTOR DOES NOT VOTE ON THE MATTER. IN THE CASE OF AN OFFICER, IF IT IS DETERMINED THAT THERE IS IN FACT A CONFLICT REGARDING A PARTICULAR TRANSACTION, THE PRESIDENT OR CHAIR EXERCISES BEST JUDGMENT ON THE APPROPRIATE COURSE TO FOLLOW. THIS MAY INCLUDE APPROVING THE TRANSACTION IF THE PRESIDENT OR CHAIR IS REASONABLY CERTAIN THAT THE BEST INTERESTS OF THE ORGANIZATION WILL BE SERVED BY SUCH AN APPROACH; REFERRING THE ISSUE TO LEGAL COUNSEL FOR ADVICE; OR REFERRING THE ISSUE TO THE FULL BOARD OR APPROPRIATE BOARD COMMITTEE FOR DECISION. IN THE CASE OF A POTENTIAL CONFLICT REGARDING A PARTICULAR TRANSACTION INVOLVING EITHER THE PRESIDENT OR THE CHAIR, THE AFFECTED PARTY NOTIFIES THE OTHER THROUGH THE CORPORATE SECRETARY WITH THE CONFLICT THEN BEING REPORTED TO THE FULL BOARD. IF THE PARTICULAR TRANSACTION REQUIRES A VOTE OF THE BOARD OR ONE OF ITS COMMITTEES, THE PRESIDENT OR CHAIR DOES NOT VOTE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE CEO, SENIOR MANAGEMENT TEAM, AND OTHER OFFICERS AND EMPLOYEES' COMPENSATION IS REVIEWED ANNUALLY BY A COMPENSATION COMMITTEE USING COMPENSATION STUDIES AND COMPARING COMPENSATION TO OTHER SIMILAR-SIZED ORGANIZATIONS. ONCE FINALIZED, THE COMMITTEE WILL SEND ITS APPROVAL. THIS PROCESS WAS LAST UNDERTAKEN IN 2023. COMPENSATION WAS DOCUMENTED IN A MEETING THAT WAS NOT INCLUDED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS OF THE CORPORATION ARE AVAILABLE ON THE COMPANY'S PUBLIC WEBSITE. ACORD DOES NOT MAKE THE CONFLICT OF INTEREST POLICY, THE FINANCIAL STATEMENTS, OR FORM 990 AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CHANGE IN ACCRUED PENSION LIABILITY TO BE RECOGNIZED IN FUTURE PERIODS 485,241. LOSS ON INVESTMENT IN SUBSIDIARY -14,925,361. LOSS ON DISPOSAL OF ASSETS -30,790. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ACORD SOLUTIONS GROUP INC 150 CLOVE RD STE 11 LITTLE FALLS NJ 109653100 812988120 INSURANCE RELATED SUPPORT CA ACORD CORPORATION C 2435835 10102571 1.00000 1 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 ACORD SOLUTIONS GROUP N 699995 CASH ACORD SOLUTIONS GROUP O 4380375 CASH