MUNICIPAL SECURITIES RULEMAKING BOARD: Form 990, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- MUNICIPAL SECURITIES RULEMAKING BOARD (EIN 52-1042433)
- Tax period
- 2021-10-01 to 2022-09-30
- Filed
- 2023-08-11
- IRS object ID
- 202332239349300808
- Schema version
- 2021v4.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-08-11T08:08:19-05:00 | ReturnTs |
| Tax Period End | 2022-09-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PwC US Tax LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 655 NEW YORK AVENUE | AddressLine1Txt |
| City | WASHINGTON | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20001 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2021-10-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 521042433 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MUNICIPAL SECURITIES RULEMAKING BOARD | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of | % BONNIE MOYNIHAN | InCareOfNm |
| Business Name Control | MUNI | BusinessNameControlTxt |
| Phone | 2028381500 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1300 I Street NW STE 1000 | AddressLine1Txt |
| City | Washington | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | MARK T KIM | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 2673303000 | PhoneNum |
| Signature | 2023-08-10 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | MARK T | PersonFirstNm |
| Person Last | KIM | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | TRAVIS L PATTON | PreparerPersonNm |
| PTIN | P00369623 | PTIN |
| Phone | 2024141000 | PhoneNum |
| Preparation | 2023-08-10 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2021 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | Mark T Kim | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | SAME AS C ABOVE | AddressLine1Txt |
| City | Washington | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $32,395,479 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | www.MSRB.org | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1975 | FormationYr |
| Legal Domicile State | VA | LegalDomicileStateCd |
| Activity Or Mission | THE MSRB PROTECTS INVESTORS, STATE AND LOCAL GOVERNMENTS AND OTHER MUNICIPAL ENTITIES, AND THE PUBLIC INTEREST BY PROMOTING A FAIR & EFFICIENT MUNICIPAL SECURITIES MARKET. | ActivityOrMissionDesc |
| Voting Members Governing Body | 15 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 15 | VotingMembersIndependentCnt |
| Total Employee | 125 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $32,083,204 | PYContributionsGrantsAmt |
| CY Contributions Grants | $28,176,139 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $2,983,823 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $3,549,975 | CYProgramServiceRevenueAmt |
| PY Investment Income | $631,915 | PYInvestmentIncomeAmt |
| CY Investment Income | $668,714 | CYInvestmentIncomeAmt |
| PY Other Revenue | $260 | PYOtherRevenueAmt |
| CY Other Revenue | $651 | CYOtherRevenueAmt |
| PY Total Revenue | $35,699,202 | PYTotalRevenueAmt |
| CY Total Revenue | $32,395,479 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $23,093,921 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $23,491,560 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $18,070,193 | PYOtherExpensesAmt |
| CY Other Expenses | $18,067,390 | CYOtherExpensesAmt |
| PY Total Expenses | $41,164,114 | PYTotalExpensesAmt |
| CY Total Expenses | $41,558,950 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$5,464,912 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$9,163,471 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $78,531,119 | TotalAssetsBOYAmt |
| Total Assets EOY | $68,082,981 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $10,936,216 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $11,570,964 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $67,594,903 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $56,512,017 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | SEE SCHEDULE O | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Desc | Responsible for developing and maintaining the MSRB rules that establish responsibilities and standards for brokers, dealers and municipal securities dealers effecting municipal securities transactions and for municipal advisors that engage in municipal advisory activities. Market Regulation also maintains the MSRB's professional qualifications program, create compliance and educational resources for regulated entities and provide assistance to other securities regulators that examine for compliance with and enforce MSRB rules: See Schedule O | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | Responsible for developing and operating the MSRB's market transparency and information systems that receive, process and disseminate market-critical data and documents relied on by the municipal securities market, supporting business operations and optimizing the business experience. Cybersecurity prevention, detection and incident response are also the responsibility of this program: See Schedule O | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | Responsible for initiatives that provide insight into the municipal market through data research and analysis. This includes a focus on the governance, quality and analysis of data collected by the MSRB's market transparency systems and providing economic analysis and research relating to regulatory and transparency projects. Economic analysis informs the regulatory approach to addressing an identified need for rulemaking and evaluates the cost of the regulation against the benefit to the market. Working with market transparency and technology, this program also guides strategic development and ongoing improvements of MSRB's market transparency systems including the EMMA website: See Schedule O | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | Yes (true) | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (true) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 82 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 125 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 15 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 15 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | false | MembersOrStockholdersInd |
| Election Of Board Members | false | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | false | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | DC | StatesWhereCopyOfReturnIsFldCd |
| Own Website | Yes (X) | OwnWebsiteInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | BONNIE MOYNIHAN | PersonNm |
| Phone | 2028381500 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1300 I STREET NW SUITE 1000 | AddressLine1Txt |
| City | Washington | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | Yes (X) | InfoInScheduleOPartVIIInd |
| No Listed Persons Compensated | Yes (X) | NoListedPersonsCompensatedInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (41 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|---|---|---|
| MARK T KIM | ||||||||||
| PRESIDENT & CEO | 40.0 | 0.0 | Yes (X) | $678,950 | $0 | $57,227 | ||||
| NANETTE D LAWSON | ||||||||||
| CHIEF OPERATING OFFICER | 40.0 | 0.0 | Yes (X) | $532,069 | $0 | $67,320 | ||||
| JOHN A BAGLEY | ||||||||||
| CHIEF MARKET STRUCTURE OFFICER | 40.0 | 0.0 | $490,531 | $0 | $61,320 | Yes (X) | ||||
| GAIL MARSHALL | ||||||||||
| CHIEF REGULATORY OFFICER | 40.0 | 0.0 | $435,629 | $0 | $46,351 | Yes (X) | ||||
| E ADAM CUSSON | ||||||||||
| CHIEF TECHNOLOGY OFFICER | 40.0 | 0.0 | $447,906 | $0 | $25,915 | Yes (X) | ||||
| JACOB LESSER | ||||||||||
| GENERAL COUNSEL | 40.0 | 0.0 | Yes (X) | $415,203 | $0 | $25,397 | ||||
| BRIAN ANTHONY | ||||||||||
| CHIEF DATA OFFICER | 40.0 | 0.0 | $306,774 | $0 | $51,040 | Yes (X) | ||||
| JOHN TOYE | ||||||||||
| DEPUTY CHIEF TECHNOLOGY OFFCR | 40.0 | 0.0 | $275,169 | $0 | $58,851 | Yes (X) | ||||
| LALITA HIRVE | ||||||||||
| DEPUTY CHIEF TECHNOLOGY OFFCR | 40.0 | 0.0 | $283,376 | $0 | $50,248 | Yes (X) | ||||
| SIMON WU | ||||||||||
| CHIEF ECONOMIST | 40.0 | 0.0 | $295,266 | $0 | $30,296 | Yes (X) | ||||
| TANGIE DAVIS | ||||||||||
| DEPUTY CHIEF TECHNOLOGY OFFICR | 40.0 | 0.0 | $284,803 | $0 | $38,978 | Yes (X) | ||||
| LEAH SZAREK | ||||||||||
| CHIEF OF EXTERNAL RELATIONS | 40.0 | 0.0 | $282,246 | $0 | $37,014 | Yes (X) | ||||
| SALLY KLEMPERER | ||||||||||
| SR. ASSOCIATE GENERAL COUNSEL | 40.0 | 0.0 | $284,367 | $0 | $33,209 | Yes (X) | ||||
| JILL FURICK | ||||||||||
| CHIEF PEOPLE OFFICER | 40.0 | 0.0 | $282,988 | $0 | $31,904 | Yes (X) | ||||
| OMER S AHMED | ||||||||||
| CFO & TREASURER | 40.0 | 0.0 | Yes (X) | $235,009 | $0 | $57,020 | ||||
| RONALD W SMITH | ||||||||||
| CORPORATE SECRETARY | 40.0 | 0.0 | Yes (X) | $252,710 | $0 | $34,281 | ||||
| SARA AHMADZAI | ||||||||||
| ASSISTANT CORPORATE SECRETARY | 40.0 | 0.0 | Yes (X) | $161,448 | $0 | $35,390 | ||||
| MALLORY BUCHER | ||||||||||
| FORMER ASST CORP SECRETARY | 40.0 | 0.0 | $135,350 | $0 | $24,140 | Yes (X) | ||||
| JESSICA FAUCETTE | ||||||||||
| ASSISTANT CORPORATE SECRETARY | 40.0 | 0.0 | Yes (X) | $102,609 | $0 | $17,473 | ||||
| PATRICK BRETT | ||||||||||
| DIRECTOR, BOARD CHAIR | 8.0 | 0.0 | Yes (X) | $71,250 | $0 | $0 | Yes (X) | |||
| EDWARD J SISK | ||||||||||
| FORMER BOARD CHAIR | 0.0 | 0.0 | $67,500 | $0 | $0 | Yes (X) | ||||
| JOSEPH P DARCY | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $63,750 | $0 | $0 | Yes (X) | ||||
| MEREDITH L HATHORN | ||||||||||
| DIRECTOR, BOARD VICE CHAIR | 6.0 | 0.0 | Yes (X) | $63,750 | $0 | $0 | Yes (X) | |||
| CAROLINE CRUISE | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $61,250 | $0 | $0 | Yes (X) | ||||
| SEEMA MOHANTY | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $61,250 | $0 | $0 | Yes (X) | ||||
| DONNA M SIMONETTI | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $61,250 | $0 | $0 | Yes (X) | ||||
| FRANCIS E FAIRMAN IV | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $60,000 | $0 | $0 | Yes (X) | ||||
| CAROL KOSTIK | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $60,000 | $0 | $0 | Yes (X) | ||||
| DANIEL KILEY | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $57,500 | $0 | $0 | Yes (X) | ||||
| THALIA MEEHAN | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $57,500 | $0 | $0 | Yes (X) | ||||
| ANGELIA SCHMIDT | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $57,500 | $0 | $0 | Yes (X) | ||||
| JULIA H COOPER | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | $48,750 | $0 | $0 | Yes (X) | ||||
| MANJU S GANERIWALA | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | $41,250 | $0 | $0 | Yes (X) | ||||
| SONIA TOLEDO | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | $41,250 | $0 | $0 | Yes (X) | ||||
| BETH WOLCHOCK | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | $41,250 | $0 | $0 | Yes (X) | ||||
| WILLIAM M FITZGERALD SR | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | $21,305 | $0 | $0 | Yes (X) | ||||
| ROBERT CLARKE BROWN | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | $19,341 | $0 | $0 | Yes (X) | ||||
| JENNIE HUANG BENNETT | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $16,250 | $0 | $0 | Yes (X) | ||||
| WARREN DANIELS | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $16,250 | $0 | $0 | Yes (X) | ||||
| KATANO KASAINE | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $16,250 | $0 | $0 | Yes (X) | ||||
| ELIZABETH SWEENEY | ||||||||||
| DIRECTOR | 6.0 | 0.0 | $16,250 | $0 | $0 | Yes (X) | ||||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $6,571,153 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $783,374 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 83 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | Yes (true) | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| AMAZON WEB SERVICES INC | |||||
| 410 TERRY AVENUE NORTH | SEATTLE | WA | 98109 | CLOUD SRVC PROVIDER | $2,154,296 |
| CC PACE SYSTEMS INC | |||||
| 4100 MONUMENT CORNER DRIVE SUITE 4 | FAIRFAX | VA | 22030 | SOFTWARE DEVELOPMENT | $1,839,330 |
| ACCENTURE FEDERAL SERVICES | |||||
| 800 CONNECTICUT AVE NW SUITE 600 | WASHINGTON | DC | 20006 | SOFTWARE DEVELOPMENT | $1,781,419 |
| HITACHI VANTARA LLC | |||||
| 2535 AUGUSTINE DRIVE | SANTA CLARA | CA | 95054 | SOFTWARE DEVELOPMENT | $1,778,362 |
| ARSHIL LLC | |||||
| 41940 PADDOCK GATE PL | ASHBURN | VA | 20148 | SOFTWARE DEVELOPMENT | $569,850 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 13 | CntrctRcvdGreaterThan100KCnt |
| Membership Dues | $28,176,139 | MembershipDuesAmt |
| Total Contributions | $28,176,139 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| DATA SUBSCRIPTIONS | 900099 | $2,440,175 | $2,440,175 |
| RULE VIOLATION FINE REVENUE | 900099 | $761,500 | $761,500 |
| PROFESSIONAL QUALIFICATION EXAM FEES | 900099 | $348,300 | $348,300 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $3,549,975 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $668,714 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $668,714 | RelatedOrExemptFuncIncomeAmt |
Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
| Personal | $0 | PersonalAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Fundraising Gross Income | $0 | FundraisingGrossIncomeAmt |
| Fundraising Direct Expenses | $0 | FundraisingDirectExpensesAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gaming Gross Income | $0 | GamingGrossIncomeAmt |
| Gaming Direct Expenses | $0 | GamingDirectExpensesAmt |
Net Income From Gaming NetIncomeFromGamingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Sales Of Inventory | $0 | GrossSalesOfInventoryAmt |
| Cost Of Goods Sold | $0 | CostOfGoodsSoldAmt |
Net Income Or Loss NetIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER INCOME | Desc |
| Business | 900099 | BusinessCd |
| Total Revenue Column | $651 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $651 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $651 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $32,395,479 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $4,219,340 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Foreign Grants ForeignGrantsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,138,281 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
Comp Disqual Persons CompDisqualPersonsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,893,412 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,086,397 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,155,425 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,218,045 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $87,094 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $419,773 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $207,000 | TotalAmt |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,700,670 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $497,408 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,428,699 | TotalAmt |
Royalties RoyaltiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,261,493 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $161,425 | TotalAmt |
Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $171,285 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $773 | TotalAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,682,937 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $358,793 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| DATA & INFORMATION SERVICES | $1,248,973 |
| DUES, REGISTRATIONS, TRAIN. | $128,499 |
| PROPERTY AND OTHER TAXES | $462,582 |
| SUBSCRIPTIONS & PUBLICATIONS | $124,300 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $125,686 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $41,558,950 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $734,694 | BOYAmt |
| EOY | $1,728,944 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,111,650 | BOYAmt |
| EOY | $2,145,830 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,040,472 | BOYAmt |
| EOY | $4,239,097 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,663,128 | BOYAmt |
| EOY | $1,773,604 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $52,583,329 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $37,598,692 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,590,006 | BOYAmt |
| EOY | $14,984,637 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $57,391,169 | BOYAmt |
| EOY | $43,210,869 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $78,531,119 | BOYAmt |
| EOY | $68,082,981 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,990,928 | BOYAmt |
| EOY | $5,952,183 | EOYAmt |
Grants Payable GrantsPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $214,700 | BOYAmt |
| EOY | $290,847 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Loans From Officers Directors LoansFromOfficersDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,730,588 | BOYAmt |
| EOY | $5,327,934 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,936,216 | BOYAmt |
| EOY | $11,570,964 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $67,594,903 | BOYAmt |
| EOY | $56,512,017 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $67,594,903 | BOYAmt |
| EOY | $56,512,017 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $78,531,119 | BOYAmt |
| EOY | $68,082,981 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | -$9,163,471 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$1,909,054 | NetUnrlzdGainsLossesInvstAmt |
| Investment Expense | -$10,361 | InvestmentExpenseAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Grassroots Lobbying | TotalGrassrootsLobbyingGrp | |
| Total Direct Lobbying | TotalDirectLobbyingGrp | |
| Total Lobbying Expend | TotalLobbyingExpendGrp | |
| Other Exempt Purpose Expend | OtherExemptPurposeExpendGrp | |
| Total Exempt Purpose Expend | TotalExemptPurposeExpendGrp | |
| Lobbying Nontaxable Amount | LobbyingNontaxableAmountGrp | |
| Grassroots Nontaxable | GrassrootsNontaxableGrp | |
| Tot Lbbyng Grassroot Mns Non Tx | TotLbbyngGrassrootMnsNonTxGrp | |
| Tot Lbby Expend Mns Lbbyng Non Tx | TotLbbyExpendMnsLbbyngNonTxGrp | |
| Substantially All Dues Nonded | false | SubstantiallyAllDuesNondedInd |
| Only In House Lobbying | false | OnlyInHouseLobbyingInd |
| Agree Carryover Prior Year | false | AgreeCarryoverPriorYearInd |
| Dues Assessments | $28,176,139 | DuesAssessmentsAmt |
| Non Deductible Lbbyng Pltcl CY | $222,928 | NonDeductibleLbbyngPltclCYAmt |
| Non Deductible Lbbyng Pltcl Tot | $222,928 | NonDeductibleLbbyngPltclTotAmt |
| Taxable | $222,928 | TaxableAmt |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amounts | ArtPublicExhibitionAmountsGrp | |
| Held Works Art | HeldWorksArtGrp | |
| CY Minus3 Yr Endwmt Fund | CYMinus3YrEndwmtFundGrp | |
| CY Minus4 Yr Endwmt Fund | CYMinus4YrEndwmtFundGrp | |
| Land | LandGrp | |
| Buildings | BuildingsGrp |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,384,685 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,969,320 | DepreciationAmt |
| Book Value | $2,415,365 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,146,808 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,773,965 | DepreciationAmt |
| Book Value | $372,843 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $46,051,836 | OtherCostOrOtherBasisAmt |
| Depreciation | $33,855,407 | DepreciationAmt |
| Book Value | $12,196,429 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $14,984,637 | TotalBookValueLandBuildingsAmt |
| Federal Income Tax Liability | $0 | FederalIncomeTaxLiabilityAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| DEFERRED RENT | $5,324,946 |
| LEASE OBLIGATION | $2,988 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $5,327,934 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $30,476,064 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | -$1,909,054 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | -$1,909,054 | RevenueNotReportedAmt |
| Revenue Subtotal | $32,385,118 | RevenueSubtotalAmt |
| Investment Expenses Not Incld | $10,361 | InvestmentExpensesNotIncldAmt |
| Revenue Not Reported Fincl Stmt | $10,361 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $32,395,479 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $41,558,950 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Subtotal | $41,558,950 | ExpensesSubtotalAmt |
| Total Expenses Per Form990 | $41,558,950 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990, SCHEDULE D, PART X, LINE 2 - FIN 48 (ASC 740) FOOTNOTE | FormAndLineReferenceDesc |
| Explanation | THE MSRB ADDRESSES UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH ASC TOPIC 740, INCOME TAXES, WHICH PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, PRESENTED AND DISCLOSED IN FINANCIAL STATEMENTS. DURING THE YEARS FROM 2019 TO 2022, WHICH REPRESENT THE YEARS MANAGEMENT CONSIDERS TO BE OPEN FOR EXAMINATION BY TAXING AUTHORITIES, MANAGEMENT DID NOT IDENTIFY THE EXISTENCE OF ANY UNCERTAIN TAX POSITION. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| First Class Or Charter Travel | Yes (X) | FirstClassOrCharterTravelInd |
| Written Policy Ref T And E Expnss | Yes (true) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (true) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Form990 Of Other Organizations | Yes (X) | Form990OfOtherOrganizationsInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (25 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARK T KIM | ||||||||||||||
| PRESIDENT & CEO | $588,950 | $0 | $90,000 | $0 | $0 | $0 | $20,300 | $0 | $36,927 | $0 | $736,177 | $0 | $0 | $0 |
| NANETTE D LAWSON | ||||||||||||||
| CHIEF OPERATING OFFICER | $465,569 | $0 | $66,500 | $0 | $0 | $0 | $26,100 | $0 | $41,220 | $0 | $599,389 | $0 | $0 | $0 |
| JACOB LESSER | ||||||||||||||
| GENERAL COUNSEL | $370,203 | $0 | $45,000 | $0 | $0 | $0 | $21,421 | $0 | $3,976 | $0 | $440,600 | $0 | $0 | $0 |
| RONALD W SMITH | ||||||||||||||
| CORPORATE SECRETARY | $225,560 | $0 | $27,150 | $0 | $0 | $0 | $21,055 | $0 | $13,226 | $0 | $286,991 | $0 | $0 | $0 |
| OMER S AHMED | ||||||||||||||
| CFO & TREASURER | $210,009 | $0 | $25,000 | $0 | $0 | $0 | $19,002 | $0 | $38,018 | $0 | $292,029 | $0 | $0 | $0 |
| SARA AHMADZAI | ||||||||||||||
| ASSISTANT CORPORATE SECRETARY | $150,598 | $0 | $10,850 | $0 | $0 | $0 | $13,799 | $0 | $21,591 | $0 | $196,838 | $0 | $0 | $0 |
| JOHN A BAGLEY | ||||||||||||||
| CHIEF MARKET STRUCTURE OFFICER | $440,531 | $0 | $50,000 | $0 | $0 | $0 | $23,850 | $0 | $37,470 | $0 | $551,851 | $0 | $0 | $0 |
| GAIL MARSHALL | ||||||||||||||
| CHIEF REGULATORY OFFICER | $395,629 | $0 | $40,000 | $0 | $0 | $0 | $23,200 | $0 | $23,151 | $0 | $481,980 | $0 | $0 | $0 |
| E ADAM CUSSON | ||||||||||||||
| CHIEF TECHNOLOGY OFFICER | $389,906 | $0 | $58,000 | $0 | $0 | $0 | $19,888 | $0 | $6,027 | $0 | $473,821 | $0 | $0 | $0 |
| BRIAN ANTHONY | ||||||||||||||
| CHIEF DATA OFFICER | $266,774 | $0 | $40,000 | $0 | $0 | $0 | $18,082 | $0 | $32,958 | $0 | $357,814 | $0 | $0 | $0 |
| JILL FURICK | ||||||||||||||
| CHIEF PEOPLE OFFICER | $257,988 | $0 | $25,000 | $0 | $0 | $0 | $18,366 | $0 | $13,538 | $0 | $314,892 | $0 | $0 | $0 |
| LEAH SZAREK | ||||||||||||||
| CHIEF OF EXTERNAL RELATIONS | $252,246 | $0 | $30,000 | $0 | $0 | $0 | $22,072 | $0 | $14,942 | $0 | $319,260 | $0 | $0 | $0 |
| SIMON WU | ||||||||||||||
| CHIEF ECONOMIST | $267,366 | $0 | $27,900 | $0 | $0 | $0 | $17,658 | $0 | $12,638 | $0 | $325,562 | $0 | $0 | $0 |
| LALITA HIRVE | ||||||||||||||
| DEPUTY CHIEF TECHNOLOGY OFFCR | $257,776 | $0 | $25,600 | $0 | $0 | $0 | $21,181 | $0 | $29,067 | $0 | $333,624 | $0 | $0 | $0 |
| SALLY KLEMPERER | ||||||||||||||
| SR. ASSOCIATE GENERAL COUNSEL | $257,717 | $0 | $26,650 | $0 | $0 | $0 | $19,715 | $0 | $13,494 | $0 | $317,576 | $0 | $0 | $0 |
| TANGIE DAVIS | ||||||||||||||
| DEPUTY CHIEF TECHNOLOGY OFFICR | $257,503 | $0 | $27,300 | $0 | $0 | $0 | $22,784 | $0 | $16,194 | $0 | $323,781 | $0 | $0 | $0 |
| JOHN TOYE | ||||||||||||||
| DEPUTY CHIEF TECHNOLOGY OFFCR | $250,069 | $0 | $25,100 | $0 | $0 | $0 | $22,735 | $0 | $36,116 | $0 | $334,020 | $0 | $0 | $0 |
| MALLORY BUCHER | ||||||||||||||
| FORMER ASST CORP SECRETARY | $122,719 | $0 | $10,000 | $0 | $2,631 | $0 | $10,155 | $0 | $13,985 | $0 | $159,490 | $0 | $0 | $0 |
| EDWARD J SISK | ||||||||||||||
| FORMER BOARD CHAIR | $67,500 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $67,500 | $0 | $0 | $0 |
| JULIA H COOPER | ||||||||||||||
| FORMER DIRECTOR | $48,750 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $48,750 | $0 | $0 | $0 |
| MANJU S GANERIWALA | ||||||||||||||
| FORMER DIRECTOR | $41,250 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $41,250 | $0 | $0 | $0 |
| SONIA TOLEDO | ||||||||||||||
| FORMER DIRECTOR | $41,250 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $41,250 | $0 | $0 | $0 |
| BETH WOLCHOCK | ||||||||||||||
| FORMER DIRECTOR | $41,250 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $41,250 | $0 | $0 | $0 |
| WILLIAM M FITZGERALD SR | ||||||||||||||
| FORMER DIRECTOR | $21,305 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $21,305 | $0 | $0 | $0 |
| ROBERT CLARKE BROWN | ||||||||||||||
| FORMER DIRECTOR | $19,341 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $19,341 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990, SCHEDULE J, PART I, LINE 1A - ADDITIONAL BENEFITS PROVIDED | FormAndLineReferenceDesc |
| Explanation | The MSRB reimburses Board Members and the Chief Executive Officer for the cost of coach class air travel for flights of 3 hours or less in total one-way trip duration. For air travel more than 3 hours in total one-way trip duration, the MSRB reimburses Board Members and the Chief Executive Officer for the use of business class when available, or if only two classes of service are offered, first class. Board Members and the Chief Executive Officer are reimbursed for the use of business class rail fares. The MSRB has determined this meets the business requirement standard for not treating the benefit as compensatory on the Form W-2 or 1099. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION'S MISSION | THE MISSION OF THE MSRB IS TO PROTECT AND STRENGTHEN THE MUNICIPAL BOND MARKET, ENABLING ACCESS TO CAPITAL, ECONOMIC GROWTH, AND SOCIETAL PROGRESS IN TENS OF THOUSANDS OF COMMUNITIES ACROSS THE COUNTRY. - WE CREATE TRUST IN OUR MARKET THROUGH INFORMED REGULATION OF DEALERS AND MUNICIPAL ADVISORS THAT PROTECTS INVESTORS, ISSUERS AND THE PUBLIC INTEREST. - WE BUILD TECHNOLOGY SYSTEMS THAT POWER OUR MARKET AND PROVIDE TRANSPARENCY FOR ISSUERS, INSTITUTIONS, AND THE INVESTING PUBLIC. - WE SERVE AS THE STEWARD OF MARKET DATA THAT EMPOWERS BETTER DECISIONS AND FUELS INNOVATION FOR THE FUTURE. |
| FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS | ESTABLISHING REGULATIONS AND SUPPORTING GUIDANCE FOR MUNICIPAL ADVISORS AND DEALERS: THE MSRB WAS CREATED BY CONGRESS TO REGULATE SECURITIES FIRMS, BANKS AND MUNICIPAL ADVISORS THAT ENGAGE IN MUNICIPAL SECURITIES AND MUNICIPAL ADVISORY ACTIVITIES (COLLECTIVELY "REGULATED ENTITIES") WITH THE GOAL OF PROTECTING INVESTORS, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND THE PUBLIC INTEREST. IN FISCAL YEAR (FY) 2022, THE MSRB'S REGULATORY ACCOMPLISHMENTS INCLUDED: - ISSUING A REQUEST FOR COMMENT TO EXPLORE WHETHER THE TIME MIGHT BE RIGHT TO CONSIDER SHORTENING WHAT CONSTITUTES "REAL-TIME" TRADE REPORTING IN THE MUNICIPAL MARKET FROM 15 MINUTES TO AS SOON AS PRACTICABLE, BUT NO LATER THAN WITHIN ONE MINUTE OF THE TIME OF TRADE; - PROVIDING ADDITIONAL REGULATORY RELIEF FOR DEALERS IN LIGHT OF THE ONGOING IMPACT OF THE PANDEMIC, EXTENDING TEMPORARY PERMISSIONS UNDER RULE G-27 TO CONDUCT OFFICE INSPECTIONS REMOTELY UNTIL JUNE 30, 2023; - PROPOSING AND IMPLEMENTING AMENDMENTS TO RULE G-34 TO BETTER ALIGN REQUIREMENTS FOR OBTAINING CUSIP NUMBERS WITH CURRENT MARKET PRACTICES; - PROPOSING A STANDALONE RULE FOR SOLICITOR MUNICIPAL ADVISORS THAT WOULD ESTABLISH THE CORE STANDARDS OF CONDUCT FOR SUCH MUNICIPAL ADVISORS, CODIFY CERTAIN INTERPRETIVE GUIDANCE AND BETTER ALIGN SOLICITOR MUNICIPAL ADVISOR OBLIGATIONS WITH THOSE APPLICABLE TO CERTAIN OTHER REGULATED FINANCIAL PROFESSIONALS; - PUBLISHING A REQUEST FOR COMMENT ON DRAFT AMENDMENTS TO RULE G-32 TO STREAMLINE THE DEADLINES FOR SUBMITTING INFORMATION ON FORM G-32 AND MAKE OTHER CHANGES TO IMPROVE THE READABILITY OF THE RULE; - AUTHORIZING PROPOSED AMENDMENTS TO RULE G-40 THAT WOULD ALLOW MUNICIPAL ADVISORS TO USE TESTIMONIALS, SUBJECT TO LIMITATIONS, IN ALIGNMENT WITH THOSE APPLICABLE TO SEC-REGISTERED INVESTMENT ADVISERS; - PROPOSING A RULE CHANGE TO AMEND RULE G-3 CONTINUING EDUCATION PROGRAM REQUIREMENTS TO HARMONIZE WITH INDUSTRY-WIDE CHANGES; - PROPOSING APPLYING REGULATION BEST INTEREST REQUIREMENTS TO MUNICIPAL SECURITIES ACTIVITIES OF BANK DEALERS UNDER RULE G-19; AND - AMENDING CERTAIN RATES OF ASSESSMENT FOR RATE CARD FEES UNDER RULES A-11 AND A-13 AND IMPLEMENTED A NEW RATE CARD PROCESS FOR FUTURE RATE AMENDMENTS. |
| FORM 990, PART III, LINE 4B, PROGRAM SERVICE ACCOMPLISHMENTS | PROVIDING MARKET TRANSPARNECY AND DATA: THE MSRB COLLECTS MUNICIPAL MARKET DOCUMENTS AND DATA FROM REGULATED ENTITIES, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND/OR THEIR AGENTS AND MAKES THE INFORMATION PUBLICLY AVAILABLE. THE MSRB ENSURES THAT THE MARKET OPERATES TRANSPARENTLY AND EFFICIENTLY BY MAKING MOST OF THIS INFORMATION AVAILABLE TO THE PUBLIC, FREE OF CHARGE, ON ITS ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) WEBSITE AT EMMA.MSRB.ORG. THE MSRB IS WORKING TO TAKE ADVANTAGE OF ITS INVESTMENT IN ENTERPRISE CLOUD TECHNOLOGY WITH A VIEW TO CONSTANTLY IMPROVING THE TRANSPARENCY THAT EMMA PROVIDES. AS PART OF THIS MULTI-YEAR INITIATIVE, THE MSRB DELIVERED A NUMBER OF NEAR-TERM USER IMPROVEMENTS, INCLUDING: - REMOVING UNUSED CUSIP NUMBERS FROM EMMA AS PART OF AN OVERALL EFFORT TO IMPROVE EMMA'S DATA AND INFORMATION; - ADDING THE ICE MUNICIPAL AAA YIELD CURVE TO EMMA; AND - ADDING A ESG INDICATOR ON EMMA'S NEW ISSUE CALENDAR THE MSRB ALSO REDESIGNED ITS MSRB.ORG WEBSITE TO MAKE IT MORE INTUITIVE AND EASIER TO USE, WITH A MORE USER-FRIENDLY DESIGN, MORE INTUITIVE NAVIGATION, DYNAMIC PAGES THAT CONSOLIDATE RELATED CONTENT, AND MORE POWERFUL SEARCH CAPABILITIES. AS THE MUNICIPAL MARKET'S CENTRAL REPOSITORY FOR DATA, THE MSRB IS MODERNIZING ITS DATA PLATFORMS IN THE CLOUD AND HAS DEVELOPED AN INNOVATION SANDBOX CALLED EMMA LABS WHERE MARKET STAKEHOLDERS CAN HELP REFINE PROTOTYPES OF POTENTIAL DATA TOOLS. IN EARLY 2022, THE MSRB LAUNCHED EMMA LABS TO THE PUBLIC, DEBUTING WITH TWO ACTIVE LABS-AN ADVANCED KEYWORD SEARCH ENGINE THAT UNLOCKS INFORMATION CONTAINED IN TENS OF THOUSANDS OF DISCLOSURES SUBMITTED TO THE MSRB AS UNSTRUCTURED PDFS, AND A MARKET ANALYSIS DASHBOARD THAT EMPOWERS USERS TO VISUALIZE MARKET TRENDS. |
| FORM 990, PART III, LINE 4C, PROGRAM SERVICE ACCOMPLISHMENTS | UPHOLDING THE PUBLIC TRUST: AS THE MUNICIPAL SECURITIES MARKET'S SELF REGULATORY ORGANIZATION, THE MSRB IS COMMITTED TO PRUDENT STEWARDSHIP OF THE REVENUE IT RECEIVES FROM REGULATED ENTITIES. FOLLOWING A THOROUGH EVALUATION OF THE WAY IT ASSESSES FEES ON REGULATED ENTITIES AND AFTER CAREFUL CONSIDERATION OF INPUT FROM STAKEHOLDERS, IN 2022 THE MSRB ESTABLISHED A NIMBLER AND MORE SUSTAINABLE FEE MODEL. THE NEW ANNUAL RATE CARD PROCESS, WHICH BECAME OPERATIVE FOR THE 2023 FISCAL YEAR, ANNUALLY ADJUSTS FEE RATES TO ACCOUNT FOR PRIOR YEAR RESULTS, ELIMINATING THE POTENTIAL FOR SIGNIFICANT OVER-ACCUMULATION OF RESERVES AS HAD HAPPENED IN THE PAST, AND ALLOWING THE MSRB TO MORE EFFECTIVELY AND EFFICIENTLY MANAGE RESERVES LEVELS OVER TIME. |
| FORM 990, PART VI, SEC. A, LINE 2 - FAMILY & BUS. RELATIONSHIPS | NO OFFICER, DIRECTOR, TRUSTEE, OR KEY EMPLOYEE HAS A FAMILY RELATIONSHIP OR BUSINESS RELATIONSHIP (AS SUCH TERMS ARE DEFINED FOR PURPOSES OF FORM 990) WITH ANY OTHER OFFICER, DIRECTOR, TRUSTEE, OR KEY EMPLOYEE. AS CONTEMPLATED BY THE CONGRESSIONALLY MANDATED STRUCTURE OF THE MSRB'S BOARD OF DIRECTORS (WHICH SERVES AS THE ORGANIZATION'S GOVERNING BODY), AND WITH THE MSRB BEING A SELF-REGULATORY ORGANIZATION UNDER THE FEDERAL SECURITIES LAWS, THE EMPLOYERS OF SOME MEMBERS OF THE BOARD OF DIRECTORS, AND SUCH MEMBERS IN THEIR CAPACITIES AS EMPLOYEES OF THEIR EMPLOYERS, FROM TIME TO TIME TRANSACT BUSINESS WITH ONE ANOTHER IN THE ORDINARY COURSE OF THEIR BUSINESS AS PARTICIPANTS IN THE MUNICIPAL MARKET ON THE SAME TERMS AS ARE GENERALLY OFFERED TO OTHERS IN THE SAME LINE OF BUSINESS. |
| FORM 990, PART VI, SEC. A, LINE 7B - GOVERNING BODY/MANAGEMENT | ALL PROPOSED RULE CHANGES ADOPTED BY THE BOARD OF DIRECTORS OF THE MSRB MUST BE APPROVED BY THE SECURITIES AND EXCHANGE COMMISSION PRIOR TO EFFECTIVENESS, UNLESS OTHERWISE ALLOWED BY LAW. |
| FORM 990, PART VI, SEC. B, LINE 11b - FORM 990 REVIEW PROCESS | THE BOARD OF DIRECTORS OF THE MSRB HAS AN AUDIT AND RISK COMMITTEE THAT IS CHARGED WITH REVIEWING WITH MANAGEMENT THE ORGANIZATION'S COMPLETED FORM ANNUALLY PRIOR TO THE FILING OF SUCH FORM AND REPORTING ANY FINDINGS OR CONCLUSIONS TO THE BOARD OF DIRECTORS IN CONNECTION WITH THE BOARD'S REVIEW OF SUCH FORM. THE AUDIT AND RISK COMMITTEE CONDUCTED ITS REVIEW ON 01/18/2023 AND THE BOARD OF DIRECTORS CONDUCTED ITS REVIEW ON 01/26/2023. |
| FORM 990, PART VI, SEC. B, LINE 12C - CONFLICT OF INTEREST POLICY | THE MSRB MAINTAINS FOR ITS BOARD OF DIRECTORS AND ITS STAFF: A CODE OF ETHICS AND BUSINESS CONDUCT POLICY; A CONFLICTS OF INTEREST POLICY; AND A WHISTLEBLOWER POLICY WITH COMPLAINT HANDLING PROCEDURES, WHICH ARE AVAILABLE ON MSRB.ORG. ALL BOARD MEMBERS AND STAFF ARE TRAINED ANNUALLY ON THESE POLICIES AND MUST SIGN VARIOUS ACKNOWLEDGMENTS. THE MSRB REQUIRES OFFICERS, DIRECTORS AND KEY EMPLOYEES TO DISCLOSE ANNUALLY INTERESTS THAT COULD GIVE RISE TO CONFLICTS, AND SUBSEQUENTLY DISCLOSE UPDATES. IN CONNECTION WITH THE ELECTION OF NEW MEMBERS OF THE BOARD OF DIRECTORS, EACH CANDIDATE PROVIDES INFORMATION TO THE MSRB CONCERNING POTENTIAL CONFLICTS OF INTEREST. IN ADDITION, CERTAIN ORGANIZATIONAL CONFLICTS ARE EFFECTIVELY PROHIBITED UNDER SECTION 15B(B)OF THE SECURITIES EXCHANGE ACT OF 1934 DUE TO THE STATUTORY REQUIREMENTS REGARDING QUALIFICATION FOR MEMBERSHIP ON THE BOARD OF DIRECTORS. IN PARTICULAR, PUBLIC REPRESENTATIVES MUST BE INDEPENDENT OF ANY MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR. MSRB RULE A-3 DEFINES "INDEPENDENT" AS HAVING NO MATERIAL BUSINESS RELATIONSHIP WITH ANY MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR, INCLUDING AT A MINIMUM NOT CURRENTLY OR AT ANY TIME WITHIN THE LAST FIVE YEARS BEING ASSOCIATED WITH A MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR AND NOT HAVING A RELATIONSHIP WITH ANY MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR, WHETHER COMPENSATORY OR OTHERWISE, THAT REASONABLY COULD AFFECT THE INDEPENDENT JUDGMENT OR DECISION MAKING OF THE INDIVIDUAL. THE MSRB'S GENERAL COUNSEL REVIEWS THE CONFLICTS OF INTEREST ACKNOWLEDGEMENT AND DISCLOSURE FORMS AND DETERMINES WHAT ACTIONS, IF ANY, NEED TO BE TAKEN, INCLUDING ASKING A BOARD MEMBER TO RECUSE HIM OR HERSELF FROM DELIBERATIONS OR VOTING ON AN ACTION. |
| FORM 990, PART VI, SEC. B, LINE 15A - COMPENSATION REVIEW PROCESS | UNDER THE MSRB WRITTEN COMPENSATION STRATEGY AND PROGRAM, THE FINANCE COMMITTEE (COMPRISED OF MEMBERS OF THE BOARD OF DIRECTORS) IS RESPONSIBLE FOR MAKING RECOMMENDATIONS AND THE BOARD OF DIRECTORS IS RESPONSIBLE FOR APPROVING THE ORGANIZATION-WIDE COMPENSATION STRATEGY. THE ANNUAL SALARY BUDGET IS APPROVED BY THE BOARD OF DIRECTORS. AT LEAST ONCE EVERY FOUR YEARS, THE COMPENSATION STRATEGY AND STRUCTURE ARE REVIEWED AND APPROVED BY THE FINANCE COMMITTEE BASED ON INFORMATION RECEIVED FROM AN EXTERNAL SALARY CONSULTANT. SUCH REVIEW WAS COMPLETED AND CHANGES WERE APPROVED BY THE BOARD EFFECTIVE APRIL 22, 2020. THE EXTERNAL SALARY CONSULTANT COMPARES THE MSRB WITH COMPARABLE PEER ORGANIZATIONS IN THE LOCAL GEOGRAPHIC MARKET AND WITHIN THE INDUSTRY AS APPROPRIATE. THE FULL BOARD APPROVES THE COMPENSATION OF THE CHIEF EXECUTIVE OFFICER, AND THE CHIEF EXECUTIVE OFFICER ESTABLISHES THE COMPENSATION OF THE KEY EMPLOYEES WITHIN THE PARAMETERS AND PHILOSOPHY OF THE APPROVED COMPENSATION STRATEGY. ADDITIONALLY, THE CHIEF EXECUTIVE OFFICER ANNUALLY PROVIDES TO THE BOARD THE SALARY, BENEFITS, AND TOTAL COMPENSATION OF THE SENIOR MANAGEMENT. |
| FORM 990, PART VI, SECTION C, LINE 19 - GOVERNING DOCUMENTS | THE ORGANIZATION'S WEBSITE (WWW.MSRB.ORG) CONTAINS THE FOLLOWING: SECURITIES EXCHANGE ACT OF 1934 SECTION 15B (STATUTE CREATING THE MSRB), ARTICLES OF INCORPORATION, BY-LAWS, GOVERNANCE-RELATED ADMINISTRATIVE RULES, BOARD COMMITTEE CHARTERS, CODE OF ETHICS AND BUSINESS CONDUCT, CONFLICTS OF INTEREST POLICY, RISK MANAGEMENT PROGRAM, WHISTLEBLOWER POLICY, AUDITED FINANCIAL STATEMENTS, ANNUAL BUDGET, MOST RECENT IRS FORM 990 AND CERTAIN FINANCIAL POLICIES. |