SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION INC: Form 990, tax year 2019
View the entire original 990 at ProPublica ↗
- Organization
- SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION INC (EIN 32-0178959)
- Tax period
- 2019-11-01 to 2020-10-31
- Filed
- 2021-08-31
- IRS object ID
- 202112439349300506
- Schema version
- 2019v5.2
- 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 | 2021-08-31T09:12:14-05:00 | ReturnTs |
| Tax Period End | 2020-10-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 366055558 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GRANT THORNTON LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 757 THIRD AVENUE 3RD FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 100172013 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2019-11-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 320178959 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SECURITIES INDUSTRY AND FINANCIAL | BusinessNameLine1Txt |
| Business Name Line2 | MARKETS ASSOCIATION | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | SECU | BusinessNameControlTxt |
| Phone | 2123131371 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 120 BROADWAY 35TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10271 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | DAVID KRASNER | PersonNm |
| Person Title | CFO & CAO | PersonTitleTxt |
| Phone | 2123131371 | PhoneNum |
| Signature | 2021-08-31 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | DANIEL ROMANO | PreparerPersonNm |
| PTIN | P00504182 | PTIN |
| Phone | 2125990100 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2019 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | KENNETH E BENTSEN JR | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 120 BROADWAY 35TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10271 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $45,398,899 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.SIFMA.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2006 | FormationYr |
| Legal Domicile State | DE | LegalDomicileStateCd |
| Activity Or Mission | SIFMA IS THE LEADING TRADE ASSOCIATION FOR BROKER-DEALERS, INVESTMENT BANKS AND ASSET MANAGERS OPERATING IN THE U.S. AND GLOBAL CAPITAL MARKETS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 41 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 40 | VotingMembersIndependentCnt |
| Total Employee | 160 | TotalEmployeeCnt |
| Total Volunteers | 15293 | TotalVolunteersCnt |
| Total Gross UBI | $134,952 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $49,272 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $55,921,747 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $44,084,483 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,164,044 | PYInvestmentIncomeAmt |
| CY Investment Income | $597,572 | CYInvestmentIncomeAmt |
| PY Other Revenue | $901,585 | PYOtherRevenueAmt |
| CY Other Revenue | $716,844 | CYOtherRevenueAmt |
| PY Total Revenue | $57,987,376 | PYTotalRevenueAmt |
| CY Total Revenue | $45,398,899 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $257,539 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $167,248 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $33,792,772 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $34,231,574 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $23,287,406 | PYOtherExpensesAmt |
| CY Other Expenses | $15,929,592 | CYOtherExpensesAmt |
| PY Total Expenses | $57,337,717 | PYTotalExpensesAmt |
| CY Total Expenses | $50,328,414 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $649,659 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$4,929,515 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $53,179,679 | TotalAssetsBOYAmt |
| Total Assets EOY | $44,078,460 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $30,403,710 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $25,514,963 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $22,775,969 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $18,563,497 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | SEE SCHEDULE OSIFMA IS THE LEADING TRADE ASSOCIATION FOR BROKER-DEALERS, INVESTMENT BANKS AND ASSET MANAGERS OPERATING IN THE U.S. AND GLOBAL CAPITAL MARKETS. ON BEHALF OF OUR INDUSTRY'S NEARLY 1 MILLION EMPLOYEES, WE ADVOCATE ON LEGISLATION, REGULATION AND BUSINESS POLICY, AFFECTINGRETAIL AND INSTITUTIONAL INVESTORS, EQUITY AND FIXED INCOME MARKETS AND RELATED PRODUCTS AND SERVICES. WE SERVE AS AN INDUSTRY COORDINATING BODY TO PROMOTE FAIR AND ORDERLY MARKETS, INFORMED REGULATORY COMPLIANCE, AND EFFICIENT MARKET OPERATIONS AND RESILIENCY. WE ALSO PROVIDE A FORUM FOR INDUSTRY POLICY AND PROFESSIONAL DEVELOPMENT. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | THE COVID-19 OUTBREAK HAS ADVERSELY IMPACTED THE LEVEL OF ECONOMIC ACTIVITY AROUND THE WORLD AND DISRUPTED NORMAL BUSINESS ACTIVITY IN EVERY SECTOR OF THE ECONOMY. AS A RESULT OF THESE EVENTS, SIFMA CANCELLED ITS LARGER IN PERSON CONFERENCES IN 2020 AND MOVED TO VIRTUAL PROGRAM SERVICES FOR THE BALANCE OF FISCAL YEAR 2020. SEE SCHEDULE O | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | SEE SCHEDULE O | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | SEE SCHEDULE O | Desc |
Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | CONTINUED SERVING AS A SOURCE OF MARKET INFORMATION, INCLUDING STATISTICS ON MANY FACETS OF THE MARKET PLACE AND PUBLISHING RESEARCH REPORTS, TRADE NEWSLETTERS AND OTHER PERIODICALS AND BOOKS. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | Yes (1) | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | Yes (1) | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 118 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 160 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | Yes (1) | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 41 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 40 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NAM KIM | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2123131371 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 120 BROADWAY 35TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10271 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (56 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|---|
| KENNETH E BENTSEN JR | |||||||||
| PRESIDENT & CEO | 40.00 | 0.00 | Yes (X) | Yes (X) | $2,464,388 | $0 | $81,132 | ||
| JOSEPH SEIDEL | |||||||||
| COO | 40.00 | 0.00 | $1,088,184 | $0 | $63,322 | Yes (X) | |||
| IRA D HAMMERMAN | |||||||||
| EVP/GC (SEE SCH. J 457 FN) | 40.00 | 0.00 | Yes (X) | $985,828 | $0 | $77,952 | |||
| DAVID B KRASNER | |||||||||
| CFO & CAO | 40.00 | 0.00 | Yes (X) | $691,264 | $0 | $79,145 | |||
| TIMOTHY W CAMERON | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $617,111 | $0 | $68,972 | Yes (X) | |||
| CHERYL L CRISPEN | |||||||||
| EXECUTIVE PRESIDENT | 40.00 | 0.00 | $590,860 | $0 | $40,915 | Yes (X) | |||
| JAMIE WALL | |||||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | 0.00 | $564,156 | $0 | $12,267 | Yes (X) | |||
| VICTORIA CUMINGS | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $518,651 | $0 | $50,493 | Yes (X) | |||
| ROBERT TOOMEY | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $485,901 | $0 | $80,347 | Yes (X) | |||
| CARTER K MCDOWELL | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $493,461 | $0 | $69,104 | Yes (X) | |||
| MARK SCHUERMANN | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $524,837 | $0 | $24,835 | Yes (X) | |||
| SALVATORE CHIARELLI | |||||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | 0.00 | $373,132 | $0 | $65,973 | Yes (X) | |||
| JOSEPH E SWEENEY | |||||||||
| CHAIRMAN OF THE BOARD | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| JOHN FW ROGERS | |||||||||
| CHAIR ELECT | 1.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| THOMAS PLUTA | |||||||||
| VICE CHAIR | 1.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| JAMES WALLIN | |||||||||
| TREASURER | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| JAMES ALLEN | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| KEVIN BAILEY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| VALERIE BROWN | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| KENNETH CELLA | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| LAURA CHEPUCAVAGE | |||||||||
| DIRECTOR (AS OF 11/2019) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHAEL CROWL | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JAMES CROWLEY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHAEL DURBIN | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| MATTHEW ENYEDI | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JOHN ETTELSON | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| PAUL GALIETTO | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| ROBERT HAWLEY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| LISA KIDD HUNT | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| SPYRO KARETSOS | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JAMES KELLIGREW JR | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| FRANCIS KELLY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| LESLEY KELLY | |||||||||
| DIRECTOR (AS OF 01/2020) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JIM KERR | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHAEL KISBER | |||||||||
| DIRECTOR (AS OF 11/2019) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| ANDREW KOMAROFF | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| RONALD KRUSZEWSKI | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| THOMAS MCDONALD | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| CHARLOTTE MCLAUGHLIN | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| THOMAS MERCHANT | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| CRAIG MESSINGER | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| BRAND MEYER | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| SHELLEY O'CONNOR | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| DOUGLAS PREISER | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| BRENDAN REILLY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| PAUL REILLY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JIM REYNOLDS | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JEFFREY ROSEN | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| PETER SCHNEIDER | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| DEB SCHONEMAN | |||||||||
| DIRECTOR (AS OF 11/2019) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| MARK STEFFENSEN | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| KASHIF ZAFAR | |||||||||
| DIRECTOR (AS OF 11/2019) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JOHN TAFT | |||||||||
| DIRECTOR (THRU 11/2019) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| LISA DOLLY | |||||||||
| DIRECTOR (THRU 11/2019) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| TIM HOCKEY | |||||||||
| DIRECTOR (THRU 11/2019) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| GENE KIM | |||||||||
| DIRECTOR (THRU 11/2019) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $9,397,773 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $714,457 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 68 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| PAUL WEISS RIFKIND WHARTON & GARRISON | |||||
| 1285 AVENUE OF THE AMERICAS | NEW YORK | NY | 100196064 | LEGAL | $705,000 |
| CLEARY GOTTLIEB STEEN & HAMILTON LLP | |||||
| 2000 PENNSYLVANIA AVENUE NW | WASHINGTON | DC | 200061801 | LEGAL | $640,422 |
| ERNST & YOUNG LLP | |||||
| PO BOX 640382 | PITTSBURGH | PA | 152640382 | CONSULTING | $627,482 |
| DAVIS POLK & WARDWELL LLP | |||||
| 901 15TH STREET NW | WASHINGTON | DC | 20005 | LEGAL | $566,558 |
| SIDLEY AUSTIN LLP | |||||
| 1 S DEARBORN FLOOR 12 | CHICAGO | IL | 60603 | LEGAL | $198,986 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 14 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| MEMBER DUES | 541900 | $39,941,558 | $39,941,558 |
| CONFERENCES | 541900 | $4,082,997 | $4,082,997 |
| PUBLICATION SALES | 900099 | $59,928 | $59,928 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $44,084,483 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $597,572 | TotalRevenueColumnAmt |
| Exclusion | $597,572 | ExclusionAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $135,436 | TotalRevenueColumnAmt |
| Exclusion | $135,436 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | ExclusionExclusionAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| SHARED SERVICE AGREEMENTS | 561000 | $444,444 | $444,444 | |
| MISCELLANEOUS REVENUE | 900099 | $136,964 | $2,012 | $134,952 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $581,408 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $45,398,899 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $44,084,483 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $134,952 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,179,464 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $167,248 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,343,501 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $21,561,324 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,790,515 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,189,533 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,346,701 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $145,045 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,446,117 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $132,258 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $590,522 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $69,312 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $877,033 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $614,087 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $896,726 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,819,144 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $409,451 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,354,185 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,925,636 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| SUBSCRIPTION AND BOOKS | $536,051 |
| BANK CHARGES & CC PROCE | $356,709 |
| DUES & REGISTRATION | $146,188 |
| PRINTING | $55,902 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $555,226 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $50,328,414 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,851,438 | BOYAmt |
| EOY | $1,299,649 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $18,069,354 | BOYAmt |
| EOY | $18,871,390 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $53,750 | BOYAmt |
| EOY | $145,796 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,812,167 | BOYAmt |
| EOY | $2,245,349 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $25,644,418 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $20,216,043 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,126,456 | BOYAmt |
| EOY | $5,428,375 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,861,914 | BOYAmt |
| EOY | $12,833,306 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,404,600 | BOYAmt |
| EOY | $3,254,595 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $53,179,679 | BOYAmt |
| EOY | $44,078,460 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,961,782 | BOYAmt |
| EOY | $9,220,689 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,636,652 | BOYAmt |
| EOY | $4,274,138 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $837,905 | BOYAmt |
| EOY | $433,536 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,967,371 | BOYAmt |
| EOY | $11,586,600 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $30,403,710 | BOYAmt |
| EOY | $25,514,963 | 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 | $22,775,969 | BOYAmt |
| EOY | $18,563,497 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $22,775,969 | BOYAmt |
| EOY | $18,563,497 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $53,179,679 | BOYAmt |
| EOY | $44,078,460 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | -$4,929,515 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $635,763 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $81,280 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | 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 (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantially All Dues Nonded | 0 | SubstantiallyAllDuesNondedInd |
| Only In House Lobbying | 0 | OnlyInHouseLobbyingInd |
| Agree Carryover Prior Year | Yes (1) | AgreeCarryoverPriorYearInd |
| Dues Assessments | $39,941,558 | DuesAssessmentsAmt |
| Non Deductible Lbbyng Pltcl CY | $6,640,000 | NonDeductibleLbbyngPltclCYAmt |
| Non Ded Lbbyng Pltcl Cyov | $1,765,885 | NonDedLbbyngPltclCyovAmt |
| Non Deductible Lbbyng Pltcl Tot | $8,405,885 | NonDeductibleLbbyngPltclTotAmt |
| Aggregate Reported Dues Ntc | $6,647,068 | AggregateReportedDuesNtcAmt |
| Carried Over | $1,468,817 | CarriedOverAmt |
| Taxable | $290,000 | TaxableAmt |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Agent Trustee Etc | 0 | AgentTrusteeEtcInd |
| Incl Escrow Custodial Acct Liab | Yes (1) | InclEscrowCustodialAcctLiabInd |
| Explanation Provided | Yes (X) | ExplanationProvidedInd |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $19,074,604 | OtherCostOrOtherBasisAmt |
| Depreciation | $15,009,400 | DepreciationAmt |
| Book Value | $4,065,204 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $6,569,814 | OtherCostOrOtherBasisAmt |
| Depreciation | $5,206,643 | DepreciationAmt |
| Book Value | $1,363,171 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $5,428,375 | TotalBookValueLandBuildingsAmt |
Other Assets Org OtherAssetsOrgGrp (2 entries)
| DescDesc | Book ValueBookValueAmt |
|---|---|
| OTHER LONG-TERM ASSETS | $1,976,292 |
| DUE FROM THIRD PARTIES | $1,278,303 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | $3,254,595 | TotalBookValueOtherAssetsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| EMPLOYEE BENEFITS PAYABLE | $6,646,672 |
| DEFERRED RENT & CONSTRUCTION ALLOWANCES | $4,939,928 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $11,586,600 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $46,034,662 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $635,763 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | $635,763 | RevenueNotReportedAmt |
| Revenue Subtotal | $45,398,899 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $45,398,899 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $50,247,134 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | -$81,280 | OtherExpensesIncludedAmt |
| Expenses Not Reported | -$81,280 | ExpensesNotReportedAmt |
| Expenses Subtotal | $50,328,414 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $50,328,414 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART IV, LINE 2B: | CUSTODIAL ARRANGEMENTS IN ORDER TO FINANCE CERTAIN MEMBER DRIVEN PROJECTS THAT ARE BEYOND SIFMA'S OPERATING BUDGET RESOURCES AND WHICH IMPACT ONLY A SUBSET OF MEMBERS, SIFMA SYNDICATES OUT SUCH PROJECT COSTS TO PARTICIPATING MEMBER FIRMS. THIRD-PARTY PROJECT COSTS (AND ASSOCIATED MEMBER REIMBURSEMENTS) ARE INCLUDED IN SIFMA'S BALANCE SHEET. IN 2020, THE SYNDICATED FUNDS COLLECTED FROM MEMBERS AND DISBURSED FOR SUCH SPECIAL PROJECTS TOTALED $1,813,015 AND $2,217,383, RESPECTIVELY. |
| PART X, LINE 2: | FIN 48 THE ASSOCIATION FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE ASSOCIATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE, THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE ASSOCIATION HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE ASSOCIATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | OTHER NONOPERATING EXPENSES 149,030. NET PERIODIC POST RETIREMENT BENEFIT COST -230,310. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (8 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|
| CENTER FORWARD | |||||||
| 555 12TH ST NW SUITE 700 | WASHINGTON | DC | 20004 | 272429741 | 501(C)(4) | $40,000 | PROGRAM SUPPORT |
| COMMITTEE ON CAPITAL MARKETS REGULATION INC | |||||||
| 134 MOUNT AUBURN STREET | CAMBRIDGE | MA | 02138 | 300406260 | 501(C)(3) | $50,000 | PROGRAM SUPPORT |
| FORMER MEMBERS OF CONGRESS INC | |||||||
| 1401 K STREET NW SUITE 503 | WASHINGTON | DC | 20005 | 540883744 | 501(C)(3) | $8,000 | PROGRAM SUPPORT |
| NATIONAL ADULT PROTECTION SERVICES ASSOCIATION | |||||||
| 1612 K STREET NW 200 | WASHINGTON | DC | 20006 | 300044497 | 501(C)(3) | $18,000 | PROGRAM SUPPORT |
| NCSL FOUNDATION FOR STATE LEGISLATURES | |||||||
| 7700 EAST FIRST PLACE | DENVER | CO | 80230 | 742232576 | 501(C)(3) | $7,500 | PROGRAM SUPPORT |
| PREVENT CANCER FOUNDATION | |||||||
| 1600 DUKE STREET SUITE 500 | ALEXANDRIA | VA | 22314 | 521429544 | 501(C)(3) | $10,000 | PROGRAM SUPPORT |
| SEC HISTORICAL SOCIETY | |||||||
| 1101 PENNSYLVANIA AVE NW NO 3 | WASHINGTON | DC | 20004 | 522213646 | 501(C)(3) | $10,000 | PROGRAM SUPPORT |
| UNITED STATES CAPITOL HISTORICAL SOCIETY | |||||||
| 200 MARYLAND AVE NO 400 | WASHINGTON | DC | 20002 | 520796820 | 501(C)(3) | $10,000 | PROGRAM SUPPORT |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 7 | Total501c3OrgCnt |
| Total Other Org | 1 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | GRANT MONITORING SIFMA PROVIDES SUPPORT TO CHARITABLE ORGANIZATIONS TO HELP THOSE ORGANIZATIONS FURTHER THEIR EXEMPT PROGRAMS. SIFMA IS NOT A GRANT MAKING ORGANIZATION BUT WILL OCCASIONALLY AWARD A GRANT TO ORGANIZATIONS IN SUPPORT OF A PROJECT THAT ALIGNS ITSELF WITH SIFMA'S MISSION OF PROMOTING AND SUPPORTING A STRONG FINANCIAL INDUSTRY. SIFMA MAINTAINS IN ITS RECORDS THE ACKNOWLEDGMENT LETTER FROM THE RECIPIENT ORGANIZATION AND ANY FOLLOW UP REPORTS ON THE USE OF GRANT FUNDS. | 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 (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (12 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KENNETH E BENTSEN JR | ||||||||||||||
| PRESIDENT & CEO | $1,483,844 | $0 | $975,000 | $0 | $5,544 | $0 | $33,600 | $0 | $47,532 | $0 | $2,545,520 | $0 | $0 | $0 |
| JOSEPH SEIDEL | ||||||||||||||
| COO | $683,828 | $0 | $400,000 | $0 | $4,356 | $0 | $16,013 | $0 | $47,309 | $0 | $1,151,506 | $0 | $0 | $0 |
| IRA D HAMMERMAN | ||||||||||||||
| EVP/GC (SEE SCH. J 457 FN) | $577,024 | $0 | $400,000 | $0 | $8,804 | $0 | $33,600 | $0 | $44,352 | $0 | $1,063,780 | $0 | $0 | $0 |
| DAVID B KRASNER | ||||||||||||||
| CFO & CAO | $392,652 | $0 | $295,000 | $0 | $3,612 | $0 | $33,600 | $0 | $45,545 | $0 | $770,409 | $0 | $0 | $0 |
| TIMOTHY W CAMERON | ||||||||||||||
| MANAGING DIRECTOR | $421,567 | $0 | $190,000 | $0 | $5,544 | $0 | $33,600 | $0 | $35,372 | $0 | $686,083 | $0 | $0 | $0 |
| CHERYL L CRISPEN | ||||||||||||||
| EXECUTIVE PRESIDENT | $361,428 | $0 | $227,500 | $0 | $1,932 | $0 | $33,600 | $0 | $7,315 | $0 | $631,775 | $0 | $0 | $0 |
| JAMIE WALL | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $443,562 | $0 | $120,000 | $0 | $594 | $0 | $8,400 | $0 | $3,867 | $0 | $576,423 | $0 | $0 | $0 |
| VICTORIA CUMINGS | ||||||||||||||
| MANAGING DIRECTOR | $337,991 | $0 | $180,000 | $0 | $660 | $0 | $33,600 | $0 | $16,893 | $0 | $569,144 | $0 | $0 | $0 |
| ROBERT TOOMEY | ||||||||||||||
| MANAGING DIRECTOR | $335,357 | $0 | $145,000 | $0 | $5,544 | $0 | $35,994 | $0 | $44,353 | $0 | $566,248 | $0 | $0 | $0 |
| CARTER K MCDOWELL | ||||||||||||||
| MANAGING DIRECTOR | $407,917 | $0 | $80,000 | $0 | $5,544 | $0 | $33,600 | $0 | $35,504 | $0 | $562,565 | $0 | $0 | $0 |
| MARK SCHUERMANN | ||||||||||||||
| MANAGING DIRECTOR | $422,117 | $0 | $100,000 | $0 | $2,720 | $0 | $8,400 | $0 | $16,435 | $0 | $549,672 | $0 | $0 | $0 |
| SALVATORE CHIARELLI | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $226,200 | $0 | $145,000 | $0 | $1,932 | $0 | $33,600 | $0 | $32,373 | $0 | $439,105 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | FIRST-CLASS TRAVEL PER THE EMPLOYMENT CONTRACT, SIFMA PROVIDED FIRST CLASS AIR TRAVEL WHEN TRAVELING FOR SIFMA BUSINESS FOR KENNETH E. BENTSEN, JR., PRESIDENT AND CEO. THE FIRST-CLASS AIR TRAVEL WAS EXCLUDED FROM TAXABLE COMPENSATION ON THE INDIVIDUAL'S FORM W-2 BECAUSE IT WAS INCURRED FOR BUSINESS REASONS. |
| PART I, LINE 4B | SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN EVP AND GENERAL COUNSEL PARTICIPATES IN A 457(B) PLAN. HE RECEIVED A TAXABLE PAYMENT OF $5,192 INCLUDED IN HIS W-2. IN ADDITION, EVP AND GENERAL COUNSEL ARE ELIGIBLE FOR PARTICIPATING INTO THE SECTION 457(F) PLAN. HOWEVER, SIFMA DID NOT CONTRIBUTE INTO THE 457(F) PLAN DURING CALENDAR YEAR 2019 FOR BOTH PARTICIPANTS. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (13 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| GENERAL STATEMENT REGARDING COVID-19 IMPACT: | THE COVID-19 OUTBREAK HAS ADVERSELY IMPACTED THE LEVEL OF ECONOMIC ACTIVITY AROUND THE WORLD AND DISRUPTED NORMAL BUSINESS ACTIVITIES IN EVERY SECTOR OF THE ECONOMY. AS A RESULT OF THESE EVENTS, THE ASSOCIATION MOVED TO VIRTUAL EVENT PROGRAMS FOR THE BALANCE OF FISCAL YEAR 2020 AND EXPECTS TO CONTINUE WITH VIRTUAL PROGRAMMING UNTIL IN PERSON MEETINGS CAN SAFELY RESUME. IN EARLY 2020, THERE WAS AN OUTBREAK OF THE NOVEL STRAIN OF CORONAVIRUS ("COVID_19"). IN REACTION TO THE OUTBREAK, FEDERAL, STATE AND LOCAL GOVERNMENTS ISSUED MANDATES THAT DISRUPTED BUSINESSES AND RESULTED IN AN OVERALL DECLINE IN ECONOMIC ACTIVITY. DESPITE THE OPERATING CHALLENGES IT PRESENTED, SIFMA REMAINED FOCUSED ON DELIVERING ITS CORE MISSION. AS A RESULT, SIFMA WAS FORCED TO CLOSE OFFICES AND SHIFT ITS OPERATIONS, EVENTS AND EXEMPT PROGRAMS TO A REMOTE STATUS, WHICH REMAINED IN EFFECT THROUGH THE END OF FISCAL YEAR 2020 AND INTO FISCAL YEAR 2021. CONFERENCE REVENUE AND PUBLICATION REVENUE HAVE BEEN MATERIALLY IMPACTED, AS IN-PERSON EVENTS WERE CANCELLED OR MOVED TO VIRTUAL EVENTS AND CONNECTIONS WITH MEMBERS AND PEOPLE AFFECTED BY SIFMA TURNED TO ONLINE FORMATS. OVERALL, THE IMPACT WAS A REDUCTION OF 22% OF TOTAL REVENUE FOR THE YEAR ENDED OCTOBER 31, 2020, AS COMPARED TO THE PRIOR YEAR. |
| FORM 990, PART I, LINE 6: | VOLUNTEERS THE NUMBER OF VOLUNTEERS WAS DERIVED FROM SIFMA COMMITTEE PARTICIPANTS PER THE MEMBERSHIP DATABASE. |
| FORM 990, PART III, LINE 4A | STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS CONTINUED DEVELOPMENT AND MAINTENANCE OF BEST PRACTICES THAT ARE CONDUCIVE TO EFFICIENT CONDUCT OF THE BUSINESS AND MEMBERS OF THE ORGANIZATION: BUSINESS CONTINUITY PLANNING: THE FINANCIAL SERVICES SECTOR IS CRITICAL INFRASTRUCTURE AS DEFINED BY THE U.S. DEPARTMENT OF HOMELAND SECURITY. ITS ASSETS, SYSTEMS AND NETWORKS, WHETHER PHYSICAL OR VIRTUAL, ARE SO VITAL TO THE U.S. THAT THEIR INCAPACITATION OR IMPAIRMENT WOULD HAVE A DEBILITATING EFFECT ON NATIONAL AND ECONOMIC SECURITY AND PUBLIC HEALTH OR SAFETY. NOW MORE THAN EVER, AMIDST A GLOBAL HEALTH CRISIS AND WITH CYBERATTACKS AN EVER-INCREASING RISK, BUSINESS CONTINUITY PLANNING AND CONSTANT TESTING AND PREPAREDNESS IS ESSENTIAL. ON BEHALF OF OUR MEMBERS, SIFMA PLAYS A CRUCIAL ROLE IN HELPING COORDINATE THE FINANCIAL INDUSTRY'S BUSINESS CONTINUITY PLANNING (BCP) EFFORTS. SIFMA CONTINUES TO CLOSELY MONITOR COVID-19 AND ITS IMPACT ON THE FINANCIAL INDUSTRY AND THE CAPITAL MARKETS. THE VERY PANDEMIC SCENARIO THE INDUSTRY CONTEMPLATED IN 2007 - AND WHICH HAS BEEN USED IN BUSINESS CONTINUITY PLANNING EXERCISES SINCE - BECAME REAL-WORLD REALITY IN 2020. WHEN PUBLIC HEALTH OFFICIALS INSTITUTED MASS CLOSINGS, THE INDUSTRY WAS READY AND SIFMA HAD A PLAYBOOK TO FOLLOW. FROM THE OUTSET OF THIS CRISIS, SIFMA ARRANGED COORDINATION AMONGST FINANCIAL FIRMS, EXCHANGES, INDUSTRY UTILITIES, REGULATORS, GOVERNMENT AGENCIES AND PUBLIC SECTOR EMERGENCY COORDINATORS. FIRMS ACTIVATED RESPONSE PROTOCOLS ALL WHILE MANAGING HISTORIC TRADING VOLUMES. DESPITE SIGNIFICANT OBSTACLES, THE INDUSTRY KEPT THE MARKETS OPEN AND RUNNING, CONTINUED TO SERVE AND ADVISE CLIENTS, AND ENSURED TIMELY CLEARANCE AND SETTLEMENT ACTIVITIES. THIS EFFORT SHOULD PROVIDE CONFIDENCE THE INDUSTRY CAN SUCCESSFULLY NAVIGATE FUTURE TURMOIL OR UNCERTAINTY, BE IT A NATURAL DISASTER, HEALTH CRISIS, SOCIAL UNREST OR OTHERWISE. CYBERSECURITY: CYBERSECURITY HAS BEEN AND REMAINS A TOP PRIORITY FOR THE FINANCIAL SERVICES INDUSTRY TO ENSURE THE SECURITY OF CUSTOMER ASSETS AND INFORMATION AND THE EFFICIENT, RELIABLE EXECUTION OF MARKET OPERATIONS. RISK IS HEIGHTENED DURING TIMES OF UNCERTAINTY, INCLUDING A GLOBAL PANDEMIC. AN EFFECTIVE AND EFFICIENT CYBERSECURITY POLICY IS ACHIEVED MOST EASILY THROUGH HARMONIZED, RISK-BASED GLOBAL STANDARDS THAT LEVERAGE EXTENSIVE INVESTMENTS ALREADY MADE. SIFMA IS ACTIVELY ENGAGED IN COORDINATING THE EFFORT TO SUPPORT A SAFE, SECURE INFORMATION INFRASTRUCTURE, WITH CYBERSECURITY RESOURCES WHICH PROVIDE SECURITY OF CUSTOMER INFORMATION AND EFFICIENT, RELIABLE EXECUTION OF TRANSACTIONS. SIFMA CONTINUALLY WORKS WITH INDUSTRY AND GOVERNMENT LEADERS TO IDENTIFY AND COMMUNICATE CYBERSECURITY BEST PRACTICES FOR FIRMS OF ALL SIZES AND CAPABILITIES AND EDUCATE THE INDUSTRY ON EVOLVING THREATS AND APPROPRIATE RESPONSES. DIVERSE & INCLUSIVE FINANCIAL INDUSTRY: SIFMA AND ITS MEMBERS STRIVE TO PROVIDE FIRMS ACROSS THE FINANCIAL SERVICES INDUSTRY WITH THE RESOURCES NEEDED TO ACHIEVE, EXPAND AND PROMOTE WORKFORCE, CLIENT, AND SUPPLIER DIVERSITY AND INCLUSION. THROUGH SIFMA'S DIVERSITY & INCLUSION ADVISORY COUNCIL, WE ASSIST MEMBER FIRMS IN DEVELOPING THEIR DIVERSITY INITIATIVES TO INCREASE INCLUSION IN THE WORKPLACE AND IN THEIR EFFORTS TO MARKET TO DIVERSE CUSTOMERS. FOR MORE THAN 20 YEARS, THE COUNCIL HAS CONDUCTED A BENCHMARK SURVEY AND ENCOURAGES MORE OF OUR MEMBER FIRMS TO PARTICIPATE. SIFMA RECOGNIZES THAT ACHIEVING DIVERSITY IS AN EVOLUTIONARY PROCESS THAT REQUIRES AN ONGOING COMMITMENT TO DIVERSITY POLICIES AND PRACTICES, AS WELL AS REGULAR ASSESSMENTS TO EVALUATE THE EFFECTIVENESS OF WORKFORCE AND EMPLOYMENT PRACTICES, BUSINESS PRACTICES AND SUPPLIER DIVERSITY, AND TRANSPARENCY OF ORGANIZATIONAL DIVERSITY AND INCLUSION. DIVERSITY AND INCLUSION IN THE FINANCIAL SERVICES INDUSTRY REMAINS A SIFMA BOARD PRIORITY AND OF UTMOST IMPORTANCE. SIFMA LOOKS FORWARD TO CONTINUING OUR LEADERSHIP ROLE IN THE FUTURE. |
| FORM 990, PART III, LINE 4B | STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS ADVOCACY: ADVOCACY FOR ISSUES OF IMPORTANCE TO ITS MEMBERS: SIFMA BRINGS TOGETHER THE SHARED INTERESTS OF HUNDREDS OF BROKER-DEALERS, BANKS AND ASSET MANAGERS. WE ADVOCATE IN SUPPORT OF EFFECTIVE AND RESILIENT CAPITAL MARKETS. SIFMA, ON BEHALF OF THE FINANCIAL SERVICES INDUSTRY, ENGAGES WITH POLICYMAKERS AND REGULATORS ON A STATE, FEDERAL AND GLOBAL LEVEL THROUGH COMMENT LETTERS, TESTIMONY, STUDIES AND MORE. SIFMA'S GOAL IS TO ENSURE REGULATION IS EFFECTIVE, BALANCED AND CONSISTENT WITH ITS INTENDED PURPOSE, APPROPRIATELY COORDINATED WITH OTHER REGULATORS AND REGULATORY REGIMES, AND AVOIDS CONSTRAINING CAPITAL FORMATION AND CREDIT AVAILABILITY, OR OTHERWISE IMPEDING THE FUNCTIONING OF THE MARKETS AND THE INDIVIDUALS THEY SERVE. IMPROVING AMERICAN INFRASTRUCTURE THROUGH MUNICIPAL FINANCE: SIFMA AND ITS MEMBER FIRMS SUPPORT THE PRESERVATION OF THE TAX EXEMPTION FOR MUNICIPAL BONDS AS WELL AS FOUR MAIN INITIATIVES THAT HELP PROMOTE INCREASED BOND FINANCING AND FUND IMPORTANT INFRASTRUCTURE-RELATED PROJECTS WHILE ALSO SAVING TAXPAYER DOLLARS: 1. SECURE THE PASSAGE OF LEGISLATION PERMITTING ISSUERS TO ADVANCE REFUND TAX-EXEMPT MUNICIPAL DEBT; 2. AUTHORIZE A NEW DIRECT PAYMENT BOND PROGRAM ON A PERMANENT BASIS; 3. EXPAND THE VOLUME CAP AND USES FOR PRIVATE ACTIVITY BONDS (PABS); AND 4. INCREASE THE ANNUAL LIMIT ON THE AMOUNT OF TAX-EXEMPT OBLIGATIONS THAT MAY BE ISSUED TO QUALIFY FOR THE SMALL ISSUER EXCEPTION TO THE TAX-EXEMPT INTEREST EXPENSE ALLOCATION RULES. SIFMA SUPPORTS A NUMBER OF INITIATIVES RELATED TO MUNICIPAL FINANCE, INCLUDING REINSTATING THE TAX EXEMPTION FOR ADVANCE REFUNDING BONDS; AUTHORIZING A NEW DIRECT PAY BOND PROGRAM ON A PERMANENT BASIS AS A SUPPLEMENT TO, NOT A REPLACEMENT FOR, TAX-EXEMPT BONDS; PERMITTING STATE AND LOCAL GOVERNMENTS TO ISSUE TAX-EXEMPT BONDS FOR INFRASTRUCTURE PROJECTS WITH PRIVATE PARTICIPATION IN THE SAME MANNER THAT THEY ISSUE BONDS FOR PURELY PUBLIC PROJECTS, AND ALSO EXPANDING THE VOLUME CAP AND PERMITTED USES OF PRIVATE ACTIVITY BONDS (PABS); AND EXPANDING THE NUMBER OF "BANK-QUALIFIED" BONDS FROM THE CURRENT LIMIT OF $10 MILLION TO $30 MILLION WITH INFLATION ADJUSTMENTS FOR FUTURE YEARS. FINANCING SUSTAINABILITY: SIFMA AND SIFMA'S ASSET MANAGEMENT GROUP (AMG) ARE WORKING CLOSELY WITH OUR PARTNERS AT THE GLOBAL FINANCIAL MARKETS ASSOCIATION (GFMA) ON ISSUES LIKE ACCELERATING THE EVOLUTION OF CAPITAL MARKETS' CLIMATE FINANCE MARKET STRUCTURE (CFMS) AND PROVIDING MARKET INSIGHTS AS REGULATORS AROUND THE WORLD DEVELOP STANDARDS TO SUPPORT MOBILIZATION OF CAPITAL FOR CLIMATE FINANCE. SIFMA WILL CONTINUE TO WORK ON EDUCATIONAL EFFORTS REGARDING ESG INVESTING IN THE U.S. AND ABROAD. TRANSITIONING FROM LIBOR TO ALTERNATIVE REFERENCE RATES: SIFMA AND OUR PARTNERS AT THE GLOBAL FINANCIAL MARKETS ASSOCIATION (GFMA) WERE EARLY PROPONENTS OF GLOBAL REFORM EFFORTS WITH THE NOVEMBER 2012 PUBLICATION OF PRINCIPLES FOR FINANCIAL BENCHMARKS. SINCE THAT TIME, WE HAVE ENGAGED WITH AND ARE SUPPORTIVE OF EFFORTS BY GLOBAL REGULATORY BODIES RELATED TO MARKET STANDARDS AND PRINCIPLES FOR BENCHMARKS. IN JUNE 2017, THE FEDERAL RESERVE'S ALTERNATIVE REFERENCE RATE COMMITTEE (ARRC) SELECTED THE SECURED OVERNIGHT FUNDING RATE (SOFR) AS THE RATE THAT, IN ITS CONSENSUS VIEW, REPRESENTS BEST PRACTICE FOR USE IN CERTAIN NEW U.S. DOLLAR DERIVATIVES AND OTHER FINANCIAL CONTRACTS. SIFMA IS COMMITTED TO WORKING IN CLOSE COOPERATION WITH THE INDUSTRY, U.S. AND GLOBAL REGULATORS, AND TRADE ASSOCIATIONS AS A MEMBER OF THE FEDERAL RESERVE'S ALTERNATIVE REFERENCE RATE COMMITTEE (ARRC). ISSUES SIFMA IS FOCUSED ON INCLUDE: LEGACY TRANSACTIONS, IMPLEMENTATION OF ROBUST FALLBACK PROVISIONS, AND DEVELOPMENT OF TERM RATES IN SUPPORT OF A SUCCESSFUL TRANSITION TO ALTERNATIVE REFERENCE RATES. IMPLEMENTING THE CONSOLIDATED AUDIT TRAIL: THE SEC AND THE SELF REGULATORY ORGANIZATIONS (SROS) CONTINUE TO DEVELOP A COMPREHENSIVE CONSOLIDATED AUDIT TRAIL (CAT) THAT WOULD ENABLE REGULATORS TO TRACK ALL ACTIVITY THROUGHOUT THE U.S. FOR EQUITIES AND OPTIONS TRADES. THE CAT WILL ALLOW REGULATORS TO LINK EVERY ORDER THROUGH ITS ENTIRE LIFE CYCLE, INCLUDING CANCELLATIONS, MODIFICATIONS AND EXECUTIONS, AND THE CAT DATABASE WILL LINK ALL ORDERS WITH THE ACCOUNT HOLDER. AS SUCH, THE CAT WILL ENABLE REGULATORS TO CONDUCT CROSS-MARKET SURVEILLANCE AND MARKET RECONSTRUCTION BY PULLING TOGETHER DETAILED TRADING DATA FROM ALL MARKET CENTERS. SIFMA ADVOCATES FOR A SECURE SYSTEM THAT EXPEDITES THE RETIREMENT OF DUPLICATIVE SYSTEMS, WHILE PROMOTING AN INCLUSIVE GOVERNANCE STRUCTURE AND EQUITABLE FUNDING MODEL. SIFMA HAS EXPRESSED CONCERNS AROUND RISKS RELATED TO THE COLLECTION OF PERSONALLY IDENTIFIABLE INFORMATION (PII) WITHIN THE CAT AND WORKED WITH THE SEC AND THE SRO'S AS THEY MAKE SIGNIFICANT STEPS FORWARD IN HOLDING THE CAT TO THE HIGHEST SECURITY STANDARDS. DIGITALIZATION AND SECURITY TOKENS: U.S. CAPITAL MARKETS HAVE CONTINUED TO INNOVATE AS TECHNOLOGY HAS ALLOWED FOR PROFOUND EVOLUTIONS IN MARKET INFRASTRUCTURE, CHANGING AT TIMES THE VERY NATURE OF AMERICAN FINANCIAL MARKETS. DISTRIBUTED LEDGER TECHNOLOGY (DLT) AND THE POTENTIAL BENEFIT IT MAY BRING TO THE CAPITAL MARKET ECOSYSTEM AND INFRASTRUCTURE ARE A KEY TOPIC OF INTEREST AMONGST MARKET PARTICIPANTS. SIFMA AND PRICEWATERHOUSECOOPERS LLP PUBLISHED A PAPER, SECURITY TOKENS: CURRENT REGULATORY AND OPERATIONAL CONSIDERATIONS FOR BROKER-DEALERS AND A LOOK TOWARDS THE FUTURE. THE PAPER PROVIDES A FOUNDATIONAL UNDERSTANDING OF HOW DLT AND DIGITAL ASSETS SUCH AS SECURITY TOKENS CAN OFFER NEW AND COST-EFFICIENT METHODS OF CAPITAL FORMATION. IT ALSO DESCRIBES THE KEY OPERATIONAL CHALLENGES FACED BY U.S. BROKER-DEALERS HOPING TO ADOPT THIS TECHNOLOGY AND RECOMMENDS WHERE REGULATORY CLARITY WOULD BE HELPFUL IN ADDRESSING THESE CHALLENGES. SIFMA DEVELOPED THE PAPER IN COLLABORATION WITH ITS MEMBER WORKING GROUPS, AND DETERMINED AND IDENTIFIED THE ACTIVITIES, REQUIREMENTS, AND CONSIDERATIONS FOR MARKET PARTICIPANTS ENGAGING IN OPERATIONALIZING SECURITY TOKENS. HELPING BUSINESSES AND INVESTORS MANAGE RISK: TITLE VII OF THE DODD FRANK ACT ESTABLISHED A BROAD NEW REGULATORY REGIME FOR OVER-THE-COUNTER (OTC) DERIVATIVES, OR SWAPS, WHICH IS PROFOUNDLY AFFECTING THE FINANCIAL MARKETS AND MARKET PARTICIPANTS. SUFFICIENTLY LIQUID AND STANDARD SWAPS ARE SUBJECT TO MANDATORY CLEARING, WHICH REQUIRES TRANSACTIONS TO BE SUBMITTED TO A CENTRAL COUNTERPARTY. FURTHER, CERTAIN CLEARED TRANSACTIONS ARE REQUIRED TO BE EXECUTED ON ELECTRONIC TRADING PLATFORMS, SUCH AS SWAP EXECUTION FACILITIES OR DESIGNATED CONTRACT MARKETS. HOWEVER, SOME SWAPS WILL APPROPRIATELY REMAIN BILATERALLY CLEARED AND/OR TRADED. SIFMA BELIEVES THAT THE DODD-FRANK ACT TOOK SEVERAL IMPORTANT AND NECESSARY STEPS TOWARDS IMPROVING OVERSIGHT AND TRANSPARENCY IN THE SWAPS MARKETS AND SUPPORTS THE IMPLEMENTATION OF APPROPRIATE REGULATIONS THAT DO NOT CREATE UNDUE COSTS OR UNDULY LIMIT THE AVAILABILITY OF THESE VALUABLE RISK MANAGEMENT TOOLS FOR AMERICAN BUSINESSES. HELPING MORE AMERICANS SAVE FOR RETIREMENT: SIFMA SUPPORTS THE SECURING A STRONG RETIREMENT ACT 0F 2020 (SECURE ACT), INTRODUCED BY HOUSE WAYS AND MEANS COMMITTEE CHAIRMAN RICHARD E. NEAL (D-MA) AND RANKING MEMBER KEVIN BRADY (R-TX). THE BILL REPRESENTS IMPORTANT STEPS TOWARD ENHANCING THE PRIVATE RETIREMENT SYSTEM AND INCREASING RETIREMENT SAVINGS. IT INCLUDES PROVISIONS THAT WILL INCENTIVIZE SMALL BUSINESS TO OFFER RETIREMENT PLANS, ENABLE OLDER AMERICANS TO SAVE MORE AND HOLD ON TO THEIR SAVINGS LONGER, AND ALLOW MATCHING CONTRIBUTIONS FOR STUDENT LOAN PAYMENTS. ENHANCING INVESTOR PROTECTION WHILE PRESERVING CHOICE: REGULATION BEST INTEREST FINALIZED BY THE SECURITIES AND EXCHANGE COMMISSION IN 2019 AND FULLY ENFORCEABLE AS OF JUNE 2020 SIGNIFICANTLY AND MEANINGFULLY UPGRADES THE EXISTING REGULATORY REGIME FOR BROKER-DEALERS, AND DIRECTLY ENHANCES INVESTOR PROTECTION. SIFMA ADVOCATED FOR THE CREATION OF SUCH A STANDARD FOR OVER A DECADE. THE RULE IS SPECIFIC WITH RESPECT TO THE OBLIGATIONS BROKERS OWE TO THEIR CLIENTS AND THE STEPS THEY MUST TAKE TO COMPLY, INCLUDING THE OBLIGATION TO ELIMINATE, DISCLOSE AND MITIGATE CERTAIN CONFLICTS OF INTEREST. IT IS ENHANCING INVESTOR PROTECTIONS, WHILE ALSO PRESERVING INVESTOR CHOICE AND ACCESS TO INVESTMENT ADVICE. |
| FORM 990, PART III, LINE 4B | REG BI SUBSTANTIALLY EXCEEDS THE PRECEDING FINRA SUITABILITY STANDARD AND IS BROADER IN SCOPE THAN THE NOW DEFUNCT DOL FIDUCIARY RULE. REG BI APPLIES ACROSS ALL CUSTOMER ACCOUNTS, NOT JUST RETIREMENT ACCOUNTS, AND WILL ALLOW THE SEC TO ENFORCE A COMMON STANDARD ACROSS THE INDUSTRY. ATTEMPTS BY CONGRESS TO WEAKEN REG BI WOULD HURT INVESTOR PROTECTIONS IMPLEMENTED BY BROKERS. SAFEGUARDING INVESTOR PRIVACY: SIFMA SUPPORTS DATA PRIVACY POLICIES, WHICH TAKE INTO ACCOUNT EXISTING, STRONG FEDERAL RULES UNDER THE GRAMM-LEACH-BLILEY ACT THAT ENSURE FIRMS MAINTAIN PRIVACY IN THEIR CLIENT RELATIONS AND TRANSPARENCY IN HOW DATA IS BEING USED AND PROTECTED. DATA PRIVACY IS A TOP PRIORITY FOR FINANCIAL FIRMS. INVESTORS ARE INCREASINGLY LOOKING FOR TRANSPARENCY AS THEY DETERMINE HOW THEIR DATA IS BEING USED AND HOW IT IS BEING PROTECTED. SIFMA SUPPORTS A FEDERAL PRIVACY FRAMEWORK THAT WOULD PREEMPT STATE LAW, AS MANY OF OUR FIRMS FUNCTION REGIONALLY, NATIONALLY, AND GLOBALLY. IN FINANCIAL SERVICES, THE GRAMM-LEACH-BLILEY ACT, HAS SERVED AS THE CORNERSTONE FOR THE INDUSTRY'S DATA PRIVACY FRAMEWORK. SHOULD THERE BE A CHANGE TO HOW DATA PRIVACY IS HANDLED AT THE FEDERAL LEVEL, IT IS CRITICAL THAT ANY FRAMEWORK TAKE INTO CONSIDERATION HOW CHANGES TO PRIVACY LAW WOULD AFFECT THE GRAMM-LEACH-BLILEY ACT. BUILDING THE INDEPENDENT CONTRACTOR MODEL: SIFMA SUPPORTS PRESERVATION OF THE INDEPENDENT CONTRACTOR STATUS IN THE FINANCIAL SERVICES INDUSTRY WHERE INDEPENDENT BROKER-DEALER AND INDEPENDENT FINANCIAL ADVISORS CAN PROVIDE SERVICES TO THEIR RETAIL AND INSTITUTIONAL CLIENTS. THE GIG ECONOMY HAS CHANGED THE LABOR LANDSCAPE IN THE UNITED STATES DRASTICALLY IN RECENT YEARS. MANY OF THESE WORKERS ARE CLASSIFIED AS INDEPENDENT CONTRACTORS UNDER THE NATIONAL LABOR RELATIONS ACT (NLRA). THERE IS DEBATE AS TO WHETHER THIS IS AN APPROPRIATE CLASSIFICATION FOR THOSE WORKERS; HOWEVER, IN THE FINANCIAL SERVICES INDUSTRY, MANY BROKERS AND ADVISORS CHOOSE TO OPERATE AS INDEPENDENT CONTRACTORS. TAX POLICY SUPPORTING ECONOMIC GROWTH: TAXES IMPACT THE SAVINGS AND INVESTMENT DECISIONS OF INDIVIDUALS AND CORPORATIONS AND ARE A NECESSARY MEANS FOR FUNDING THE GOVERNMENT. SIFMA BELIEVES REASONABLE TAXATION AND ECONOMIC GROWTH ARE NOT MUTUALLY EXCLUSIVE AND ENCOURAGES POLICY MAKERS TO CONSIDER BOTH WHEN CONTEMPLATING CHANGES TO THE TAX CODE. MANY OF SIFMA'S MEMBERS ARE GLOBAL TAXPAYERS AS WELL, THEREFORE INTERNATIONAL STANDARDS FOR RAISING REVENUE SHOULD CONSIDER THE HIGHLY REGULATED NATURE OF THE FINANCIAL SERVICES INDUSTRY. SIFMA'S MEMBER FIRMS ARE WILLING AND PREPARED TO HELP POLICYMAKERS WADE THROUGH THE NUANCES AND GOALS OF THEIR RESPECTIVE TAX POLICY. EXAMINING THE INTERPLAY OF FINANCE AND INTERNATIONAL POLICY: MODERN CAPITAL MARKETS OPERATE IN AN INHERENTLY CROSS-BORDER FRAMEWORK. SIFMA SUPPORTS AN OPEN, RULES BASED, GLOBAL ECONOMY IN WHICH FINANCIAL SERVICES CAN DO ITS PART TO BOOST EXPORTS, INVESTMENT AND GLOBAL ECONOMIC GROWTH. PRUDENTIAL REGULATION OF THE CAPITAL MARKETS: PRUDENTIAL REGULATION REQUIRES FINANCIAL FIRMS TO CONTROL RISKS, HOLD ADEQUATE CAPITAL AND LIQUIDITY, AND HAVE IN PLACE WORKABLE RECOVERY AND RESOLUTION PLANS. IT IS ESSENTIAL THAT OUR REGULATORY REGIME ACCOUNTS FOR THE VITAL ROLE THE CAPITAL MARKETS PLAY IN PROVIDING CREDIT AND FINANCING THE REAL ECONOMY. SIFMA SUPPORTS APPROPRIATE REGULATION OF THE CAPITAL MARKETS AND THEIR PARTICIPANTS BY BOTH MARKET REGULATORS, WHO HAVE DECADES OF EXPERIENCE IN PROMULGATING RULES AND SUPERVISING THE MARKETPLACE, AS WELL AS PRUDENTIAL REGULATORS. UNFORTUNATELY, TOO OFTEN THESE PRUDENTIAL RULES TREAT CAPITAL MARKETS ACTIVITIES AS RISKIER THAN COMMERCIAL LENDING ACTIVITIES WITHOUT EVIDENCE TO SUPPORT THIS POSITION TAKEN BY THE PRUDENTIAL REGULATORS. U.S. PRUDENTIAL RULES GENERALLY IMPOSE SIGNIFICANTLY HIGHER CAPITAL AND LIQUIDITY COSTS ON BANKING ENTITIES WITH SIGNIFICANT CAPITAL MARKETS OPERATIONS. THIS HAS INCREASED COSTS TO FINANCIAL FIRMS AND THE ECONOMY AS A WHOLE AND REDUCED MARKET DEPTH FOR A WIDE VARIETY OF CORPORATIONS AND OTHER END-USERS, PARTICULARLY DURING PERIODS OF ECONOMIC STRESS. THIS HAS ALSO HAD ANOTHER EFFECT: TRANSFORMING U.S. BANKING REGULATORS INTO THE MOST IMPACTFUL SUPERVISOR OF THE CAPITAL MARKETS SUPERSEDING THE OVERSIGHT ROLE TRADITIONALLY PLAYED BY THE SEC AND CFTC. THIS HAS CREATED DISTORTIONS IN THE CAPITAL AND LIQUIDITY REQUIREMENTS BETWEEN MARKET AND PRUDENTIAL REGULATORS AS WELL AS LESSENED THE EFFICIENCIES BY INCREASING COSTS TO END USERS. |
| FORM 990, PART III, LINE 4C | STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS CONFERENCES AND SEMINARS: SIFMA CONFERENCES, EVENTS AND WEBINARS FOSTER MEANINGFUL CONVERSATIONS ABOUT THE CAPITAL MARKETS AND OFFER VALUABLE PROFESSIONAL DEVELOPMENT OPPORTUNITIES. OUR OFFERINGS PIVOT QUICKLY BASED ON THE CURRENT ENVIRONMENT. SIFMA ANNUAL MEETING: FOR NEARLY 50 YEARS, SIFMA'S ANNUAL MEETING HAS BEEN THE PLACE WHERE THE CAPITAL MARKETS MEET. SIFMA GATHERS THE MOST INFLUENTIAL VOICES SHAPING TODAY'S CAPITAL MARKETS TO CHALLENGES AND GAIN INSIGHTS INTO OPPORTUNITIES AHEAD. SIFMA COMPLIANCE & LEGAL SOCIETY ANNUAL SEMINAR: SIFMA'S C&L ANNUAL SEMINAR HAS SERVED AS THE PREEMINENT EVENT FOR COMPLIANCE AND LEGAL PROFESSIONALS WORKING IN FINANCIAL SERVICES. THROUGHOUT THE PROGRAM, PARTICIPANTS HEAR DIRECTLY FROM INDUSTRY LEADERS AND REGULATORS ON THE LATEST DEVELOPMENTS AND TRENDS AND BUILD PROFESSIONAL RELATIONSHIPS TO COLLABORATE BETTER. WITH FOCUSED DISCUSSIONS BY NOTED KEYNOTE SPEAKERS AND SUBJECT MATTER EXPERTS, ATTENDEES WILL HAVE THE OPPORTUNITY TO EARN CLE CREDIT, INCLUDING DIVERSITY AND ETHICS CREDIT, AND NETWORK WITH PEERS. OPERATIONS CONFERENCE & EXHIBITION: THE OPERATIONS CONFERENCE & EXHIBITION BRINGS TOGETHER OPERATIONS, TECHNOLOGY AND REGULATORY LEADERS FROM ACROSS THE SECURITIES INDUSTRY FOR THREE DAYS OF DISCUSSIONS, ADDRESSING THE MOST CRITICAL PRIORITIES. WITH THE INDUSTRY CONTINUING TO EVOLVE IN RESPONSE TO POLICY, RISK, TECHNOLOGY AND REGULATORY CHANGES, OPS DELVES INTO THE DYNAMIC AND COMPLEX ENVIRONMENT THAT IS RESHAPING OPERATIONS, THE CUSTOMER EXPERIENCE AND MARKET REQUIREMENTS. THE SECURITIES INDUSTRY INSTITUTE: THE SECURITIES INDUSTRY INSTITUTE (SII) IS THE PREMIER EXECUTIVE DEVELOPMENT PROGRAM FOR SECURITIES INDUSTRY PROFESSIONALS, HOSTED BY SIFMA AND WHARTON. FOR 69 YEARS, SIFMA AND THE WHARTON SCHOOL HAVE PARTNERED TO DEVELOP THE INDUSTRY'S HIGH-POTENTIAL RISING LEADERS. OVER THREE CONSECUTIVE YEARS SII PARTICIPANTS DEVELOP LEADERSHIP AND MANAGERIAL SKILLS AND ENHANCE INVESTMENT AND INDUSTRY KNOWLEDGE. SII'S COST-EFFECTIVE TALENT DEVELOPMENT APPROACH DELIVERS ACTIONABLE KNOWLEDGE THAT IS IMPLEMENTABLE TODAY: THE MISSION OF THE INSTITUTE IS TO EQUIP EACH PARTICIPANT WITH PRACTICAL INFORMATION, IDEAS, AND ANSWERS DIRECTLY APPLICABLE TO THEIR PRESENT AND FUTURE RESPONSIBILITIES. ITS CUSTOMIZED CURRICULUM IS REDESIGNED EACH YEAR TO REFLECT THE NEEDS OF AN EVER-CHANGING INDUSTRY LANDSCAPE. |
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERS SIFMA IS A MEMBERSHIP ORGANIZATION WITH THE FOLLOWING CLASSES OF MEMBERSHIP: - BROKER-DEALER MEMBERS AND ASSET MANAGER MEMBERS - ASSOCIATE MEMBERS |
| FORM 990, PART VI, SECTION A, LINE 7A | SIMFA IS A MEMBERSHIP ORGANIZATION AND MEMBERS HAVE THE FOLLOWING POWERS WITH RESPECT TO THE GOVERNING BODY: BROKER-DEALER MEMBERS AND ASSET MANAGER MEMBERS: EACH BROKER-DEALER MEMBER AND ASSET MANAGER MEMBER SHALL BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE. ASSOCIATE MEMBERS: ASSOCIATE MEMBERS SHALL NOT BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE, AND SHALL NOT BE ELIGIBLE TO SERVE AS DIRECTORS OF THE ASSOCIATION. |
| FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 REVIEW PROCESS: THE ACCOUNTING DEPARTMENT OF THE ORGANIZATION PREPARES THE FORM 990 BASED ON AUDITED FINANCIAL INFORMATION. THE DRAFT FORM 990 IS THEN REVIEWED BY MANAGEMENT AND AN EXTERNAL INDEPENDENT ACCOUNTING FIRM. THE AUDIT AND FINANCE COMMITTEE WILL REVIEW THE FINAL DRAFT SIGNED OFF BY THE EXTERNAL INDEPENDENT TAX ACCOUNTANT. THIS REVIEW WILL BE NOTED AS AN AGENDA ITEM AT AN AUDIT AND FINANCE COMMITTEE MEETING AND WILL BE DULY NOTED IN THE MINUTES. THE FORM 990 WILL BE PROVIDED TO ALL VOTING MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO SUBMISSION TO THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT: ANY EMPLOYEE IN A POSITION WHERE HIS OR HER OBJECTIVITY MAY BE QUESTIONED BECAUSE OF AN INDIVIDUAL INTEREST OR FAMILY OR PERSONAL RELATIONSHIP IS REQUIRED TO NOTIFY THE GENERAL COUNSEL. SIMILARLY, ANY EMPLOYEE AWARE OF ANY TRANSACTION OR RELATIONSHIP THAT COULD REASONABLY BE EXPECTED TO GIVE RISE TO A PERSONAL CONFLICT OF INTEREST IS REQUIRED TO DISCUSS THE MATTER PROMPTLY WITH THE GENERAL COUNSEL. IN ADDITION, ONCE EVERY YEAR, DIRECTORS, OFFICERS, KEY EMPLOYEES, AND ALL THE EMPLOYEES OF SIFMA ARE REQUIRED TO REVIEW A COPY OF THE CONFLICT OF INTEREST POLICY AND TO ACKNOWLEDGE IN WRITING THAT HE OR SHE IS COMPLIANT. |
| FORM 990, PART VI, SECTION B, LINE 15 | PROCESS FOR DETERMINING COMPENSATION: THE EXECUTIVE COMMITTEE AND THE BOARD ACTING AS COMPENSATION COMMITTEE HIRE CONSULTANTS TO REVIEW COMPARABLE PACKAGES FOR ANY NEW INCOMING CEO AND OFFICERS. THE CONSULTANT PRESENTS DATA FOR COMPARABLE POSITIONS BOTH LOCALLY AND NATIONALLY AND THE BOARD'S EXECUTIVE COMMITTEE MAKES THE FINAL DECISION FOR THE SALARY PACKAGE. CURRENTLY, THE CEO AND COO HAVE EMPLOYMENT CONTRACTS WHICH WERE APPROVED BY THE EXECUTIVE COMMITTEE AND THE BOARD, GOVERNING ANNUAL SALARY INCREASE AND ANY BONUS PAYMENTS. FOR THE REMAINING SENIOR OFFICERS, THE ANNUAL SALARY INCREASE AND BONUS PAYMENTS ARE DETERMINED BY THE ANNUAL EVALUATION PROCESS WHICH MUST BE APPROVED BY THE BOARD'S COMPENSATION COMMITTEE. |
| FORM 990, PART VI, SECTION C, LINE 19 | AVAILABILITY OF DOCUMENTS ANY REQUEST FOR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS WILL BE PROVIDED UPON REQUEST AT MANAGEMENT'S DISCRETION. |
| FORM 990, PART XI, LINE 9: | POST-RETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC POST RETIREMENT BENEFIT COST 230,310. OTHER NONOPERATING EXPENSES -149,030. |