2021-08-05T12:31:04-05:00 2020-09-30 PricewaterhouseCoopers LLP 600 13TH ST NW SUITE 1000 WASHINGTON DC 20005 990 2019-10-01 135266605 INVESTMENT COMPANY INSTITUTE % MARK DELCOCO INVE 2023265800 1401 H STREET NW WASHINGTON DC 20005 MARK DELCOCO CFO 2023265800 2021-08-04 true TRAVIS L PATTON P00369623 2024141000 2021-08-05 2019 2022-09-23 18:48:47Z ERIC PAN 1401 H STREET NW WASHINGTON DC 20005 83450357 false X WWW.ICI.ORG X 1941 DE SEE SCHEDULE O 44 44 185 44 0 0 67012558 66705994 8809100 2564339 2182934 1025710 1645753 1528438 79650345 71824481 50000 50000 0 0 46528083 48126181 0 0 0 28588870 22590676 75166953 70766857 4483392 1057624 81067434 84674610 39447037 45443049 41620397 39231561 ICI ENGAGES IN THREE CORE MISSIONS: ENCOURAGING ADHERENCE TO HIGH ETHICAL STANDARDS BY ALL INDUSTRY PARTICIPANTS; ADVANCING THE INTERESTS OF FUNDS, THEIR SHAREHOLDERS, DIRECTORS, AND INVESTMENT ADVISORS; AND PROMOTING PUBLIC UNDERSTANDING OF MUTUAL FUNDS AND OTHER INVESTMENT COMPANIES. false false PUBLIC POLICY ISSUES - ICI ADVANCES THE INTERESTS OF INVESTMENT COMPANIES, THEIR SHAREHOLDERS, DIRECTORS, AND INVESTMENT ADVISERS BY SUPPORTING EFFECTIVE LEGISLATION AND REGULATION. TO SECURE PUBLIC POLICY OBJECTIVES, ICI REPRESENTS THE FUND INDUSTRY AND ITS SHAREHOLDERS BEFORE CONGRESS, THE SECURITIES AND EXCHANGE COMMISSION, AND OTHER REGULATORY AGENCIES, AS WELL AS STATE AND FOREIGN REGULATORS. RESEARCH - ICI IS THE PRIMARY SOURCE FOR STATISTICAL DATA AND RESEARCH ON INVESTORS AND RETIREMENT PLANS IN THE INVESTMENT COMPANY INDUSTRY. ICI RESEARCH EXAMINES SUCH TOPICS AS THE RETIREMENT MARKET, SHAREHOLDER DEMOGRAPHICS, TRENDS IN SHAREHOLDER OWNERSHIP, FUND FEES AND EXPENSES, AND THE INDUSTRY'S ROLE IN FOREIGN MARKETS. PUBLIC COMMUNICATIONS - ICI OFFERS A WIDE RANGE OF RESOURCES TO THE MEDIA, INCLUDING NEWS RELEASES, BACKGROUND INFORMATION ON THE FUND INDUSTRY, TESTIMONY BEFORE LEGISLATORS AND REGULATORS, SPEECHES AT CONFERENCES AND COMMENT LETTERS EXPRESSING INDUSTRY OPINIONS ON REGULATORY PROPOSALS. ICI ALSO PROVIDES REGULAR STATISTICAL RELEASES AND RESEARCH CONCERNING THE INDUSTRY AND ITS SHAREHOLDERS. false false false true false false false false false true false false false true true false true false true true false false false false false false true false true false false false false false false false false false false false true true true false false true 84 0 185 true true true true UK CJ false false true true false true false X 44 44 true false false false true true true true true false false true true true true true true true true false DC VA X MARK DELCOCO 2023265974 1401 H STREET NW WASHINGTON DC 20005 PAUL SCHOTT STEVENS PRESIDENT & CEO 40.0 1.0 X 3999357 0 63710 SUSAN M OLSON GENERAL COUNSEL 40.0 0.0 X 874782 0 64710 DONALD C AUERBACH CHIEF OPERATING OFFICER 40.0 1.0 X 768679 0 59384 DEAN R SACKETT III CHIEF GOVT AFFAIRS OFFICER 40.0 0.0 X 722939 0 66410 JENNIFER S CHOI CHIEF COUNSEL - ICI GLOBAL 40.0 0.0 X 534969 0 67683 MICHAEL D MCNAMEE CHIEF PUBLIC COMMUN. OFFICER 40.0 1.0 X 530088 0 57334 AMY LANCELLOTTA MANAGING DIRECTOR, IDC 40.0 0.0 X 518878 0 64910 SEAN S COLLINS CHIEF ECONOMIST 40.0 0.0 X 484935 0 67586 DAVID M ABBEY DEPUTY GENERAL COUNSEL 40.0 0.0 X 515274 0 33600 PETER GALLARY FORMER COO 40.0 0.0 X 507500 0 35620 FRANCES M STADLER SECRETARY 40.0 0.0 X 419397 0 54368 MARK A DELCOCO TREASURER 40.0 1.0 X 328272 0 66410 GEORGE CW GATCH CHAIRMAN 2.0 0.25 X 0 0 0 WILLIAM F TRUSCOTT VICE CHAIRMAN 2.0 0.25 X 0 0 0 VIJAY C ADVANI MEMBER 2.0 0.0 X 0 0 0 KYLE ANDERSEN MEMBER 1.0 0.0 X 0 0 0 ANDREW ARNOTT MEMBER 1.0 0.0 X 0 0 0 MORTIMER TIM J BUCKLEY MEMBER 2.0 0.0 X 0 0 0 JANE K CARTEN MEMBER 1.0 0.0 X 0 0 0 JON DE ST PAER MEMBER 1.0 0.0 X 0 0 0 THOMAS R DONAHUE MEMBER 1.0 0.0 X 0 0 0 ROBERT G DORSEY MEMBER 1.0 0.0 X 0 0 0 KENNETH C EICH MEMBER 1.0 0.0 X 0 0 0 THOMAS E FAUST JR MEMBER 2.0 0.0 X 0 0 0 MARTIN L FLANAGAN MEMBER 2.0 0.0 X 0 0 0 DAVID GIUNTA MEMBER 1.0 0.0 X 0 0 0 BRENT R HARRIS MEMBER 1.0 0.0 X 0 0 0 DIANA P HERRMANN MEMBER 1.0 0.0 X 0 0 0 MELLODY HOBSON MEMBER 2.0 0.0 X 0 0 0 CYNTHIA HOSTETLER MEMBER 1.0 0.0 X 0 0 0 YIE-HSIN HUNG MEMBER 2.0 0.0 X 0 0 0 CHRISTINE L HURTSELLERS MEMBER 1.0 0.0 X 0 0 0 GREGORY E JOHNSON MEMBER 2.0 0.0 X 0 0 0 JAMES L JOHNSON JR MEMBER 2.0 0.0 X 0 0 0 LISA M JONES MEMBER 1.0 0.0 X 0 0 0 ROBERT M KEITH MEMBER 1.0 0.0 X 0 0 0 MARIE L KNOWLES MEMBER 1.0 0.0 X 0 0 0 SUSAN C LIVINGSTON MEMBER 2.0 0.0 X 0 0 0 SHAWN K LYTLE MEMBER 1.0 0.0 X 0 0 0 JAMES A MCNAMARA MEMBER 2.0 0.0 X 0 0 0 GARRY L MOODY MEMBER 1.0 0.0 X 0 0 0 BARBARA NOVICK MEMBER 2.0 0.0 X 0 0 0 ANDREW N OWEN MEMBER 1.0 0.0 X 0 0 0 STEVEN J PAGGIOLI MEMBER 1.0 0.0 X 0 0 0 STUART S PARKER MEMBER 2.0 0.0 X 0 0 0 MICHAEL ROBERGE MEMBER 1.0 0.0 X 0 0 0 KRISTI L ROWSELL MEMBER 1.0 0.0 X 0 0 0 DOUGLAS B SIEG MEMBER 1.0 0.0 X 0 0 0 JOSEPH A SULLIVAN MEMBER 1.0 0.0 X 0 0 0 CYRUS TARAPOREVALA MEMBER 1.0 0.0 X 0 0 0 JONATHAN S THOMAS MEMBER 1.0 0.0 X 0 0 0 GARRETT THORNBURG MEMBER 1.0 0.0 X 0 0 0 BRADLEY J VOGT MEMBER 2.0 0.0 X 0 0 0 DAWN M VROEGOP MEMBER 2.0 0.25 X 0 0 0 GEORGE H WALKER MEMBER 1.0 0.0 X 0 0 0 JONATHAN F ZESCHIN MEMBER 2.0 0.0 X 0 0 0 10205070 0 701725 88 true true false LSAV POWERHOUSE 3912 W MCLEAN AVENUE CHICAGO IL 60647 AUDIOVISUAL SERVICES 1461783 CLS STRATEGIES 1615 L STREET NW SUITE 1000 WASHINGTON DC 20036 CONSULTING SERVICES 333280 PRICEWATERHOUSECOOPERS LLP PO BOX 7247-8001 PHILADELPHIA PA 19170 AUDIT/CONSULTING 320681 EMPLOYEE BENEFIT RESEARCH INSTITUTE PO BOX 75796 BALTIMORE MD 21275 RESEARCH SERVICES 254934 DECHERT LLP PO BOX 7247-6643 PHILADELPHIA PA 19170 LEGAL SERVICES 229386 22 66705994 66705994 CONFERENCE & WORKSHOPS 900099 761507 761507 SUBSCRIPTION SERVICES 900099 898975 898975 FEE BASED BUSINESS INCOME 900099 903857 903857 2564339 1496327 1496327 0 777018 777018 751420 751420 0 751420 751420 11155259 11625876 -470617 -470617 -470617 0 0 0 0 0 0 0 0 0 0 71824481 2564339 2554148 50000 0 0 0 6028100 0 31054346 3732952 5514713 1796070 0 1602190 935756 1605844 0 0 0 0 1274983 1579184 0 6871255 571553 0 2107075 0 0 952480 266095 RESEARCH INFORMATION SERVICES 1235900 LOBBY PROXY TAX 1048599 UNRELATED BUSINESS INC. TAX -142465 ICI GLOBAL 282647 2399580 70766857 1585480 1207467 0 0 0 0 1041495 1161836 0 0 0 0 0 0 0 0 2746734 2752950 18506447 15005937 3757490 3500510 68901449 72412702 0 0 0 0 0 0 3034786 3639145 81067434 84674610 30870393 37928418 0 0 1190657 546176 0 0 0 0 0 0 0 0 0 0 7385987 6968455 39447037 45443049 X 41620397 39231561 0 0 41620397 39231561 81067434 84674610 X 1057624 656570 -4103030 X false true X true false false false false 66705994 4993324 4993324 4993324 5708499 4103986 1604513 12797948 10901951 1895997 3500510 0 RENT CREDIT 1616447 DEFERRED RENT 5352008 6968455 X 72481051 656570 656570 71824481 71824481 70766857 70766857 70766857 FIN 48 FOOTNOTE TO FINANCIAL STATEMENTS THE COMPANY REVIEWS ALL UNCERTAIN TAX POSITIONS TO DETERMINE WHETHER A TAX POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION, INCLUDING RESOLUTION OF ANY RELATED APPEALS OR LITIGATION PROCESSES, BASED ON THE TECHNICAL MERITS OF THE POSITION. FOR TAX POSITIONS MEETING THE MORE LIKELY THAN NOT THRESHOLD, THE TAX AMOUNT RECOGNIZED IN THE FINANCIAL STATEMENTS IS REDUCED BY THE LARGEST BENEFIT THAT HAS A GREATER THAN FIFTY PERCENT LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT WITH THE RELEVANT TAXING AUTHORITY. THE COMPANY HAS EVALUATED ITS TAX POSITIONS AND DETERMINED THAT NO LIABILITY EXISTS AS OF SEPTEMBER 30, 2020. Europe (Including Iceland and Greenland) 1 4 Program Services SEE PART V 2394502 East Asia and the Pacific 1 4 Program Services SEE PART V 1737275 2 8 2 8 4131777 4131777 false false false false false false PART I, LINE 3, COLUMN (E): ICI GLOBAL SEEKS TO ADVANCE THE COMMON INTERESTS AND PROMOTE PUBLIC UNDERSTANDING OF GLOBAL INVESTMENT FUNDS, THEIR MANAGERS, AND INVESTORS. true ICI EDUCATION FOUNDATION 1401 H STREET NW WASHINGTON DC 20005 521659777 501C(c)(3) 50000 NONE NONE RELATED ORGANIZATION 1 SCHEDULE I, LINE 1: THE ICI EDUCATION FOUNDATION WAS FOUNDED BY THE INVESTMENT COMPANY INSTITUTE IN 1989, AND THE INSTITUTE PREPARES AND MONITORS THE FOUNDATION'S BUDGET. X X X true true X X X X X false false false PAUL SCHOTT STEVENS PRESIDENT & CEO 1533996 0 2400000 0 65361 0 33600 0 30110 0 4063067 0 0 0 SUSAN M OLSON GENERAL COUNSEL 664273 0 200000 0 10509 0 33600 0 31110 0 939492 0 0 0 DONALD C AUERBACH CHIEF OPERATING OFFICER 565070 0 176000 0 27609 0 33600 0 25784 0 828063 0 0 0 FRANCES M STADLER SECRETARY 409133 0 1000 0 9264 0 33600 0 20768 0 473765 0 0 0 MARK A DELCOCO TREASURER 270437 0 51000 0 6835 0 33600 0 32810 0 394682 0 0 0 SEAN S COLLINS CHIEF ECONOMIST 390109 0 86000 0 8826 0 33600 0 33986 0 552521 0 0 0 DEAN R SACKETT III CHIEF GOVT AFFAIRS OFFICER 541846 0 170000 0 11093 0 33600 0 32810 0 789349 0 0 0 JENNIFER S CHOI CHIEF COUNSEL - ICI GLOBAL 405608 0 125000 0 4361 0 33600 0 34083 0 602652 0 0 0 MICHAEL D MCNAMEE CHIEF PUBLIC COMMUN. OFFICER 380845 0 113700 0 35543 0 33600 0 23734 0 587422 0 0 0 DAVID M ABBEY DEPUTY GENERAL COUNSEL 432089 0 74000 0 9185 0 33600 0 0 0 548874 0 0 0 AMY LANCELLOTTA MANAGING DIRECTOR, IDC 370806 0 115200 0 32872 0 33600 0 31310 0 583788 0 0 0 PETER GALLARY FORMER COO 151587 0 333000 0 22913 0 33600 0 2020 0 543120 0 0 0 SCHEDULE J, LINE 1A: TRAVEL FOR COMPANIONS: SPOUSAL/COMPANION TRAVEL TO THE INSTITUTE'S BOARD MEETING FOR: MARK A. DELCOCO, MICHAEL D. MCNAMEE, DEAN R. SACKETT III AND PAUL SCHOTT STEVENS. THIS AMOUNT IS INCLUDED IN TAXABLE INCOME. HEALTH CLUB OF SOCIAL CLUB DUES OR INITIATION FEES: SOCIAL CLUB MEMBERSHIP FOR BUSINESS PURPOSES IS PROVIDED TO PAUL SCHOTT STEVENS. SINCE THIS ITEM IS BUSINESS RELATED, THE AMOUNT IS NOT INCLUDED IN TAXABLE INCOME. PERSONAL SERVICES: THE ONLY PERSONAL SERVICES THAT ARE PROVIDED ARE: 1) FINANCIAL PLANNING TO DONALD C. AUERBACH, AMY LANCELLOTTA, MICHAEL D. MCNAMEE, PAUL SCHOTT STEVENS. THIS AMOUNT IS INCLUDED IN TAXABLE INCOME; AND 2) CAR SERVICE TO PAUL SCHOTT STEVENS FOR BUSINESS AND COMMUTING PURPOSES. THE COMMUTING PORTION OF THIS SERVICE IS INCLUDED IN TAXABLE INCOME. PART I, LINE 1 ENCOURAGE ADHERENCE TO HIGH ETHICAL STANDARDS; ADVANCE THE INTEREST OF FUNDS, THEIR SHAREHOLDERS, DIRECTORS & INVESTMENT ADVISERS; PROMOTE PUBLIC UNDERSTANDING OF MUTUAL FUNDS AND OTHER INVESTMENT COMPANIES. PART VI, LINE 2 THE FOLLOWING BOARD MEMBERS HAVE BUSINESS RELATIONSHIPS BY SERVING TOGETHER ON THE SAME MUTUAL FUND BOARD: MARTIN L. FLANAGAN AND CYNTHIA HOSTETLER; ROBERT KEITH AND GARRY MOODY. THE FOLLOWING BOARD MEMBERS AND OFFICERS HAVE A BUSINESS RELATIONSHIP BY SERVING TOGETHER ON THE ICI MUTUAL BOARD OF DIRECTORS: KENNETH C. EICH; GEORGE C.W. GATCH; DIANA P. HERRMANN; AND PAUL SCHOTT STEVENS. PART VI, LINE 6 THE INVESTMENT COMPANY INSTITUTE ("THE INSTITUTE"), THE TRADE ASSOCIATION FOR THE MUTUAL FUND INDUSTRY, IS ORGANIZED INTO SIX MEMBERSHIP DIVISIONS: THE OPEN-END INVESTMENT COMPANY DIVISION, THE CLOSED-END INVESTMENT COMPANY DIVISION, THE INVESTMENT ADVISER DIVISION, THE UNDERWRITER DIVISION, THE UNIT INVESTMENT TRUST DIVISION, AND THE GLOBAL DIVISION. EACH MEMBER OF THE OPEN-END INVESTMENT COMPANY DIVISION, THE CLOSED-END COMPANY DIVISION, THE UNIT INVESTMENT TRUST DIVISION, AND THE GLOBAL DIVISION IS ENTITLED TO ONE VOTE WITH RESPECT TO MATTERS AFFECTING ITS DIVISION, AND ONE VOTE WITH RESPECT TO MATTERS AFFECTING THE CORPORATION AS A WHOLE. EACH GROUP OF MEMBERS FROM THE INVESTMENT ADVISER DIVISION AND THE UNDERWRITER DIVISION, THE MEMBERS OF WHICH GROUPS ARE UNDER COMMON CONTROL, COLLECTIVELY ARE ENTITLED TO ONE VOTE WITH RESPECT TO MATTERS INVOLVING ITS OWN DIVISION AND ONE VOTE WITH RESPECT TO MATTERS INVOLVING THE CORPORATION AS A WHOLE. PART VI, LINES 7A AND 7B MEMBERS OF THE INSTITUTE MEET ANNUALLY FOR THE PURPOSE OF ELECTING GOVERNORS TO SERVE ON THE INSTITUTE'S BOARD. THE NOMINATING COMMITTEE OF THE BOARD OF GOVERNORS PROPOSES NOMINEES FOR ELECTION AS GOVERNORS AT THE ANNUAL MEETING. MEMBERS APPROVE THE ELECTION OF THE NOMINEES TO THE BOARD. PART VI, LINE 11B INSTITUTE MANAGEMENT AND AN EXTERNAL TAX ADVISER, PRICEWATERHOUSECOOPERS, REVIEW THE FORM 990 BEFORE IT IS PRESENTED TO THE AUDIT COMMITTEE AND THE EMPLOYEE COMPENSATION, BENEFITS, AND RETIREMENT ADVISORY COMMITTEE OF THE BOARD OF GOVERNORS. BEFORE THE FORM 990 IS FILED, THE AUDIT COMMITTEE REVIEWS THE ENTIRE FORM, AND THE EMPLOYEE COMPENSATION, BENEFITS, AND RETIREMENT ADVISORY COMMITTEE REVIEWS THE COMPENSATION DISCLOSURES (PART VII AND SCHEDULE J). A COPY OF THE FORM 990 IS PROVIDED TO THE BOARD OF GOVERNORS BEFORE IT IS FILED VIA A PASSWORD-PROTECTED WEBSITE. PART VI, LINE 12C ANNUALLY, EMPLOYEES ARE REQUIRED TO SIGN AN ACKNOWLEDGEMENT FORM INDICATING THAT THEY HAVE READ AND UNDERSTAND THE INSTITUTE'S CONFLICT OF INTEREST POLICY. IN ADDITION, AND IN ORDER TO PROACTIVELY ADDRESS ANY POTENTIAL CONFLICTS OF INTEREST THAT MAY RESULT IN A MATERIALLY FINANCIAL BENEFIT, INSTITUTE BOARD MEMBERS, OFFICERS, KEY EMPLOYEES AND OTHER SELECTED SENIOR STAFF ARE REQUIRED TO ANNUALLY COMPLETE AND SUBMIT A DISCLOSURE FORM INDICATING WHETHER THEY OR THEIR FAMILY MEMBERS HAVE ANY OUTSIDE INTERESTS, ACTIVITIES, TRANSACTIONS, OR RELATIONSHIPS WHICH MAY CONSTITUTE A CONFLICT OF INTEREST. IF IT IS DETERMINED THAT A CONFLICT EXISTS THAT MATERIALLY AND ADVERSELY AFFECTS THE INTERESTS OF THE INSTITUTE, SUBSEQUENT ACTION MAY BE TAKEN SUCH AS RECUSING THE INDIVIDUAL FROM PARTICIPATION IN RELATED DISCUSSIONS OR DECISIONS WITHIN THE INSTITUTE, OR REQUESTING THE INDIVIDUAL'S RESIGNATION. IT MAY ALSO BE DETERMINED THAT NO ACTION IS NECESSARY AS THE CONFLICT IS UNLIKELY TO AFFECT THE INDIVIDUAL'S ABILITY TO ACT IN THE BEST INTERESTS OF THE INSTITUTE. PART VI, LINES 15A AND 15B COMPENSATION FOR THE PRESIDENT & CEO, OFFICERS AND OTHER SENIOR STAFF IS REVIEWED AND APPROVED ANNUALLY BY THE COMPENSATION COMMITTEE ELECTED BY THE BOARD OF GOVERNORS. PRIOR TO MAKING ANY DECISIONS, COMPENSATION IS BENCHMARKED AGAINST EXTERNAL SURVEY DATA FOR COMPARABLE POSITIONS, INCLUDING DATA FROM NON-PROFIT SURVEYS, IRS FORM 990'S AND INDUSTRY SURVEYS. COMPENSATION IS ALSO DETERMINED IN CONSIDERATION OF INDIVIDUAL AND INSTITUTE PERFORMANCE AGAINST GOALS. THE COMPENSATION COMMITTEE AND THE INSTITUTE MAY ALSO PERIODICALLY RETAIN THE SERVICES OF AN INDEPENDENT COMPENSATION CONSULTANT TO ADDRESS EXECUTIVE COMPENSATION. RECOMMENDATIONS FOR THE PRESIDENT & CEO AND OTHER KEY STAFF ARE ALSO PRESENTED TO, AND APPROVED BY, THE EXECUTIVE COMMITTEE OF THE BOARD OF GOVERNORS. CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATIONS, DECISIONS AND ACTIONS OF THE COMPENSATION COMMITTEE AND THE EXECUTIVE COMMITTEE ARE DOCUMENTED IN THE MINUTES OF EACH COMMITTEE AND IN RECORDS MAINTAINED BY THE HUMAN RESOURCES DEPARTMENT. PART VI, LINE 19 THE INSTITUTE'S FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC VIA THE INSTITUTE'S WEBSITE. THE INSTITUTE'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. PART XI, LINE 9 ACTUARIAL PENSION PLAN GAIN $6,668,521 LOSS ON FOREIGN CURRENCY CONVERSION -$31,864 OTHER COMPONENTS OF NET PERIODIC COST -$10,739,687 ICI EDUCATION FOUNDATION 1401 H STREET NW WASHINGTON DC 20005 521659777 INV EDUCATION DE 501(c)(3) 12A ICI true ICI POLITICAL ACTION COMMITTEE 1401 H STREET NW WASHINGTON DC 20005 521539838 PAC DE 527 N/A ICI true false true false false false false false false false false false false false true true true true false false