SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION INC: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION INC (EIN 32-0178959)
- Tax period
- 2023-11-01 to 2024-10-31
- Filed
- 2025-08-26
- IRS object ID
- 202542389349301319
- Schema version
- 2023v6.0
- 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 | 2025-08-26T11:49:34-05:00 | ReturnTs |
| Tax Period End | 2024-10-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 991856619 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GRANT THORNTON ADVISORS LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 757 THIRD AVENUE 9TH 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 | 2023-11-01 | 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 | 140 BROADWAY 35TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10005 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | DAVID KRASNER | PersonNm |
| Person Title | CFO & CAO | PersonTitleTxt |
| Phone | 2123131371 | PhoneNum |
| Signature | 2025-08-22 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (1) | IRSResponsiblePrtyInfoCurrInd |
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 | 2023 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | 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 | 140 BROADWAY 35TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10005 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $61,779,060 | 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 VOICE OF THE NATION'S SECURITIES INDUSTRY, BRINGING TOGETHER (CONT. ON SCH. O) THE SHARED INTERESTS OF HUNDREDS OF BROKER-DEALERS, INVESTMENT BANKS AND ASSET MANAGERS. WE ADVOCATE FOR EFFECTIVE AND RESILIENT CAPITAL MARKETS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 40 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 39 | VotingMembersIndependentCnt |
| Total Employee | 149 | TotalEmployeeCnt |
| Total Volunteers | 19164 | TotalVolunteersCnt |
| Total Gross UBI | $175,824 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $44,764 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $57,517,180 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $58,376,406 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,979,827 | PYInvestmentIncomeAmt |
| CY Investment Income | $2,620,141 | CYInvestmentIncomeAmt |
| PY Other Revenue | $796,960 | PYOtherRevenueAmt |
| CY Other Revenue | $782,513 | CYOtherRevenueAmt |
| PY Total Revenue | $60,293,967 | PYTotalRevenueAmt |
| CY Total Revenue | $61,779,060 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $203,400 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $180,639 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $37,892,811 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $40,027,014 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $19,383,748 | PYOtherExpensesAmt |
| CY Other Expenses | $22,051,628 | CYOtherExpensesAmt |
| PY Total Expenses | $57,479,959 | PYTotalExpensesAmt |
| CY Total Expenses | $62,259,281 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $2,814,008 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$480,221 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $72,929,787 | TotalAssetsBOYAmt |
| Total Assets EOY | $80,889,764 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $50,236,088 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $49,649,369 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $22,693,699 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $31,240,395 | 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 ONE MILLION EMPLOYEES, WE ADVOCATE ON LEGISLATION, REGULATION AND BUSINESS POLICY AFFECTING RETAIL 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 | 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 | Yes (1) | 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 | 111 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 149 | 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 | 40 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 39 | 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 | 140 BROADWAY 35TH FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10005 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (61 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 | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd |
|---|---|---|---|---|---|---|---|---|---|
| KENNETH E BENTSEN JR | |||||||||
| PRESIDENT & CEO | 40.00 | 0.00 | Yes (X) | Yes (X) | $2,788,424 | $0 | $87,380 | ||
| KENNETH CELLA | |||||||||
| CHAIR | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| LAURA CHEPUCAVAGE | |||||||||
| CHAIR-ELECT | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| JIM REYNOLDS | |||||||||
| CHAIR-EMERITUS | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| RONALD KRUSZEWSKI | |||||||||
| VICE CHAIR | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| LISA KIDD HUNT | |||||||||
| TREASURER | 2.00 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | ||
| KEVIN BAILEY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| MATT BENCHENER | |||||||||
| DIRECTOR (AS OF 11/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| ALTHEA BROWN | |||||||||
| DIRECTOR (AS OF 04/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| LIBBY CANTRILL | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| SAMARA COHEN | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHAEL DURBIN | |||||||||
| DIRECTOR (AS OF 01/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| KATIE FALLON | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| ANN FOGARTY | |||||||||
| DIRECTOR (AS OF 11/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| SOL GINDI | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| BRENT GLEDHILL | |||||||||
| DIRECTOR (AS OF 11/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| GARY HALL | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| NAUREEN HASSAN | |||||||||
| DIRECTOR (THRU 01/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| ROBERT HAWLEY | |||||||||
| DIRECTOR (THRU 10/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| GARY KANE | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| MICHAEL KISBER | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| DAVID LEFKOWITZ | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JACQUELINE LICALZI | |||||||||
| DIRECTOR (AS OF 01/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| LARRY MARTINEZ | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| CHARLOTTE MCLAUGHLIN | |||||||||
| DIRECTOR (THRU 11/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| CRAIG MESSINGER | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| CHANCE MIMS | |||||||||
| DIRECTOR (AS OF 11/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| THOMAS PLUTA | |||||||||
| DIRECTOR (AS OF 11/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| ROBERT POPOWSKI | |||||||||
| DIRECTOR (THRU 10/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| DOUGLAS PREISER | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JAMIE PRICE | |||||||||
| DIRECTOR (THRU 01/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| SHAWN QUANT | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| SAMUEL RAMIREZ JR | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| GARY RAPP | |||||||||
| DIRECTOR (AS OF 11/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| PAUL REILLY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| BRENDAN REILLY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JOHN FW ROGERS | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JEFFREY ROSEN | |||||||||
| DIRECTOR (THRU 11/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| CLAIRE SANTANIELLO | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| ANDY SAPERSTEIN | |||||||||
| DIRECTOR (THRU 01/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| PETER SCHNEIDER | |||||||||
| DIRECTOR (THRU 11/2023) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| KABIR SETHI | |||||||||
| DIRECTOR (THRU 04/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| MARK STEFFENSEN | |||||||||
| DIRECTOR (THRU 05/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JOSEPH E SWEENEY | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JOHN TAFT | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| RYAN TAYLOR | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JOHN VACCARO | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| THOMAS WIPF | |||||||||
| DIRECTOR (AS OF 01/2024) | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| KASHIF ZAFAR | |||||||||
| DIRECTOR | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JOSEPH SEIDEL | |||||||||
| COO | 40.00 | 0.00 | Yes (X) | $1,333,852 | $0 | $99,421 | |||
| DAVID B KRASNER | |||||||||
| CFO & CAO | 40.00 | 0.00 | Yes (X) | $759,703 | $0 | $96,851 | |||
| CHERYL L CRISPEN | |||||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | 0.00 | Yes (X) | $638,408 | $0 | $99,156 | |||
| SALVATORE CHIARELLI | |||||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | 0.00 | Yes (X) | $460,019 | $0 | $77,526 | |||
| SAIMA AHMED | |||||||||
| EVP & GEN. COUNSEL | 40.00 | 0.00 | Yes (X) | $930,090 | $0 | $74,802 | |||
| JOSH WILSUSSEN | |||||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | 0.00 | Yes (X) | $742,944 | $0 | $93,763 | |||
| ROBERT TOOMEY | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $587,357 | $0 | $98,795 | Yes (X) | |||
| LISA BLEIER | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $553,695 | $0 | $94,664 | Yes (X) | |||
| CARTER K MCDOWELL | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $537,598 | $0 | $62,042 | Yes (X) | |||
| KEVIN CARROLL | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $550,719 | $0 | $41,463 | Yes (X) | |||
| LINDSEY KELJO | |||||||||
| MANAGING DIRECTOR | 40.00 | 0.00 | $588,834 | $0 | $77,614 | Yes (X) | |||
| IRA D HAMMERMAN - FORMER | |||||||||
| EVP & GENERAL COUNSEL | 0.00 | 0.00 | $172,053 | $0 | $0 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $10,643,696 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $1,003,477 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 83 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | Yes (1) | 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 |
|---|---|---|---|---|---|
| MORGAN LEWIS & BOCKIUS LLP | |||||
| 1701 MARKET STREET | PHILADELPHIA | PA | 191032921 | LEGAL | $1,678,282 |
| DELOITTE & TOUCHE LLP | |||||
| PO BOX 844708 | DALLAS | TX | 752844708 | CONSULTING | $1,525,000 |
| WASHINGTON COUN ERNST & YOUNG LLP | |||||
| PO BOX 640382 | PITTSBURGH | PA | 152640382 | CONSULTING | $1,088,930 |
| SULLIVAN & CROMWELL LLP | |||||
| 125 BROAD STREET | NEW YORK | NY | 100042498 | LEGAL | $744,333 |
| CLEARY GOTTLIEB STEEN & HAMILTON LLP | |||||
| 2000 PA AVENUE NW | WASHINGTON | DC | 200061801 | LEGAL | $453,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 23 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| MEMBER DUES | 541900 | $40,983,488 | $40,983,488 |
| CONFERENCES | 541900 | $17,269,158 | $17,269,158 |
| PUBLICATION SALES | 900099 | $123,760 | $123,760 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $58,376,406 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,620,141 | TotalRevenueColumnAmt |
| Exclusion | $2,620,141 | ExclusionAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $178,533 | TotalRevenueColumnAmt |
| Unrelated Business Revenue | $175,824 | UnrelatedBusinessRevenueAmt |
| Exclusion | $2,709 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | ExclusionExclusionAmt |
|---|---|---|---|
| SHARED SERVICE AGREEMENTS | 561000 | $486,821 | $486,821 |
| MISCELLANEOUS REVENUE | 900099 | $117,159 | $117,159 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $603,980 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $61,779,060 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $58,376,406 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $175,824 | UnrelatedBusinessRevenueAmt |
| Exclusion | $3,226,830 | ExclusionAmt |
| 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 | $180,639 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,381,188 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $25,111,037 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,314,291 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,587,951 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,632,547 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $148,579 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,937,527 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $154,175 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $402,880 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,345,060 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $290,071 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $851,718 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,837,553 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,106,518 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,062,223 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $843,751 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| SUBSCRIPTION AND BOOKS | $704,375 |
| UBTI/EXCISE TAX EXPENSE | $456,975 |
| DUES & REGISTRATION | $241,384 |
| BANK CHARGES & CC FEES | $230,371 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $438,468 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $62,259,281 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,838,804 | BOYAmt |
| EOY | $1,500,665 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,527,293 | BOYAmt |
| EOY | $16,276,367 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $46,667 | BOYAmt |
| EOY | $63,514 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,234,507 | BOYAmt |
| EOY | $2,600,400 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $10,085,754 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $3,732,337 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,107,287 | BOYAmt |
| EOY | $6,353,417 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,592,039 | BOYAmt |
| EOY | $33,063,553 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,583,190 | BOYAmt |
| EOY | $21,031,848 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $72,929,787 | BOYAmt |
| EOY | $80,889,764 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $11,982,067 | BOYAmt |
| EOY | $12,051,136 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,158,794 | BOYAmt |
| EOY | $3,334,554 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $191,443 | BOYAmt |
| EOY | $1,699,642 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $33,903,784 | BOYAmt |
| EOY | $32,564,037 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $50,236,088 | BOYAmt |
| EOY | $49,649,369 | 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 | $22,693,699 | BOYAmt |
| EOY | $31,240,395 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $22,693,699 | BOYAmt |
| EOY | $31,240,395 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $72,929,787 | BOYAmt |
| EOY | $80,889,764 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | -$480,221 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $1,330,062 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $7,696,855 | 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 | $40,983,488 | DuesAssessmentsAmt |
| Non Deductible Lbbyng Pltcl CY | $6,646,000 | NonDeductibleLbbyngPltclCYAmt |
| Non Ded Lbbyng Pltcl Cyov | -$310,685 | NonDedLbbyngPltclCyovAmt |
| Non Deductible Lbbyng Pltcl Tot | $6,335,315 | NonDeductibleLbbyngPltclTotAmt |
| Aggregate Reported Dues Ntc | $6,762,276 | AggregateReportedDuesNtcAmt |
| Taxable | -$426,961 | 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 | $6,327,318 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,481,608 | DepreciationAmt |
| Book Value | $4,845,710 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,758,436 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,250,729 | DepreciationAmt |
| Book Value | $1,507,707 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $6,353,417 | TotalBookValueLandBuildingsAmt |
Other Assets Org OtherAssetsOrgGrp (3 entries)
| DescDesc | Book ValueBookValueAmt |
|---|---|
| OPERATING LEASE RIGHT-OF-USE ASSETS | $19,168,568 |
| OTHER LONG-TERM ASSETS | $1,206,311 |
| DUE FROM THIRD PARTIES | $656,969 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | $21,031,848 | TotalBookValueOtherAssetsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| OPERATING LEASE LIABILITIES | $28,027,816 |
| EMPLOYEE BENEFITS PAYABLE | $4,536,221 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $32,564,037 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $63,109,122 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $1,330,062 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | $1,330,062 | RevenueNotReportedAmt |
| Revenue Subtotal | $61,779,060 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $61,779,060 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $62,712,426 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $453,145 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $453,145 | ExpensesNotReportedAmt |
| Expenses Subtotal | $62,259,281 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $62,259,281 | 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 2024, THE SYNDICATED FUNDS COLLECTED FROM MEMBERS AND DISBURSED FOR SUCH SPECIAL PROJECTS TOTALED $3,722,552 AND $2,214,353, 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: | NET PERIODIC POST RETIREMENT BENEFIT COST 453,145. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (10 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt | Address Line2USAddress/AddressLine2Txt |
|---|---|---|---|---|---|---|---|---|---|
| COMMITTEE ON CAPITAL MARKETS REGULATION INC | |||||||||
| 134 MOUNT AUBURN STREET | CAMBRIDGE | MA | 02138 | 300406260 | 501(C)(3) | $55,000 | $0 | PROGRAM SUPPORT | |
| FORMER MEMBERS OF CONGRESS INC | |||||||||
| 1401 K STREET NW SUITE 901 | WASHINGTON | DC | 20005 | 540883744 | 501(C)(3) | $8,000 | $0 | PROGRAM SUPPORT | |
| NATIONAL ADULT PROTECTIVE SERVICES ASSOCIATION | |||||||||
| 1612 K STREET NW SUITE 200 | WASHINGTON | DC | 20090 | 300044497 | 501(C)(3) | $10,000 | $0 | PROGRAM SUPPORT | |
| NCSL FOUNDATION FOR STATE LEGISLATURES | |||||||||
| 7700 EAST FIRST PLACE | DENVER | CO | 80230 | 742232576 | 501(C)(3) | $10,000 | $0 | PROGRAM SUPPORT | |
| PREVENT CANCER FOUNDATION | |||||||||
| 333 JOHN CARLYLE STREET SUITE 635 | ALEXANDRIA | VA | 22314 | 521429544 | 501(C)(3) | $12,000 | $0 | PROGRAM SUPPORT | |
| SECURITIES AND EXCHANGE COMMISSION HISTORICAL SOCIETY | |||||||||
| 1101 PENNSYLVANIA AVENUE NW SUITE | WASHINGTON | DC | 20004 | 522213646 | 501(C)(3) | $10,000 | $0 | PROGRAM SUPPORT | 600 |
| SIFMA FOUNDATION FOR INVESTOR EUDCATION (FIE) INC | |||||||||
| 140 BROADWAY | NEW YORK | NY | 10005 | 521087193 | 501(C)(3) | $20,000 | $0 | PROGRAM SUPPORT | |
| US CAPITOL HISTORICAL SOCIETY | |||||||||
| 200 MARYLAND AVE NE | WASHINGTON | DC | 20002 | 520796820 | 501(C)(3) | $10,000 | $0 | PROGRAM SUPPORT | |
| WASHINGTON TENNIS & EDUCATION FOUNDATION | |||||||||
| 5220 16TH ST NW | WASHINGTON | DC | 20011 | 526046504 | 501(C)(3) | $8,000 | $0 | PROGRAM SUPPORT | |
| WOMENS INSTITUTE FOR A SECURE RETIREMENT | |||||||||
| 1001 CONNECTICUT AVE NW 730 | WASHINGTON | DC | 20036 | 521997317 | 501(C)(3) | $15,000 | $0 | PROGRAM SUPPORT | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 10 | Total501c3OrgCnt |
| Total Other Org | 0 | 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 | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (13 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 | $1,482,880 | $0 | $1,300,000 | $0 | $5,544 | $0 | $39,600 | $0 | $47,780 | $0 | $2,875,804 | $0 | $0 | $0 |
| JOSEPH SEIDEL | ||||||||||||||
| COO | $679,496 | $0 | $650,000 | $0 | $4,356 | $0 | $39,600 | $0 | $59,821 | $0 | $1,433,273 | $0 | $0 | $0 |
| SAIMA AHMED | ||||||||||||||
| EVP & GEN. COUNSEL | $594,100 | $0 | $335,000 | $0 | $990 | $0 | $39,600 | $0 | $35,202 | $0 | $1,004,892 | $0 | $0 | $0 |
| DAVID B KRASNER | ||||||||||||||
| CFO & CAO | $388,591 | $0 | $367,500 | $0 | $3,612 | $0 | $39,600 | $0 | $57,251 | $0 | $856,554 | $0 | $0 | $0 |
| JOSH WILSUSSEN | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $556,426 | $0 | $185,000 | $0 | $1,518 | $0 | $36,253 | $0 | $57,510 | $0 | $836,707 | $0 | $0 | $0 |
| CHERYL L CRISPEN | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $344,796 | $0 | $290,000 | $0 | $3,612 | $0 | $39,600 | $0 | $59,556 | $0 | $737,564 | $0 | $0 | $0 |
| ROBERT TOOMEY | ||||||||||||||
| MANAGING DIRECTOR | $386,813 | $0 | $195,000 | $0 | $5,544 | $0 | $42,744 | $0 | $56,051 | $0 | $686,152 | $0 | $0 | $0 |
| LINDSEY KELJO | ||||||||||||||
| MANAGING DIRECTOR | $387,994 | $0 | $200,000 | $0 | $840 | $0 | $39,600 | $0 | $38,014 | $0 | $666,448 | $0 | $0 | $0 |
| LISA BLEIER | ||||||||||||||
| MANAGING DIRECTOR | $356,763 | $0 | $195,000 | $0 | $1,932 | $0 | $39,600 | $0 | $55,064 | $0 | $648,359 | $0 | $0 | $0 |
| CARTER K MCDOWELL | ||||||||||||||
| MANAGING DIRECTOR | $431,930 | $0 | $95,000 | $0 | $10,668 | $0 | $39,600 | $0 | $22,442 | $0 | $599,640 | $0 | $0 | $0 |
| KEVIN CARROLL | ||||||||||||||
| MANAGING DIRECTOR | $359,107 | $0 | $188,000 | $0 | $3,612 | $0 | $39,600 | $0 | $1,863 | $0 | $592,182 | $0 | $0 | $0 |
| SALVATORE CHIARELLI | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $226,407 | $0 | $230,000 | $0 | $3,612 | $0 | $39,600 | $0 | $37,926 | $0 | $537,545 | $0 | $0 | $0 |
| IRA D HAMMERMAN - FORMER | ||||||||||||||
| EVP & GENERAL COUNSEL | $0 | $0 | $0 | $0 | $172,053 | $0 | $0 | $0 | $0 | $0 | $172,053 | $0 | $172,053 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 1A | FormAndLineReferenceDesc |
| Explanation | FIRST-CLASS TRAVEL PER THE EMPLOYMENT CONTRACT, SIFMA PROVIDED FIRST CLASS AIR TRAVEL OF 3 HOURS OR MORE 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. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (13 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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: WWW.SIFMA.ORG/BCP THE FINANCIAL SERVICES SECTOR IS IDENTIFIED AS CRITICAL INFRASTRUCTURE BY THE U.S. DEPARTMENT OF HOMELAND SECURITY. SIFMA AND ITS MEMBER FIRMS ARE DEDICATED TO PREPARING FOR THE RISK OF POTENTIAL DISRUPTIONS AT BOTH THE FIRM AND BROADER INDUSTRY LEVELS. SIFMA PLAYS A KEY ROLE IN COORDINATING THE INDUSTRY'S RESPONSE TO INCIDENTS THAT CAN INTERRUPT BUSINESS AND MARKET FUNCTIONS AND WORKS TO SUPPORT FIRM-LEVEL BCP PLANNING AS WELL. INDUSTRY-WIDE BUSINESS CONTINUITY TEST: WWW.SIFMA.ORG/BCP-TEST THE INDUSTRY-WIDE BUSINESS CONTINUITY TEST IS A CRITICAL EXERCISE THAT HIGHLIGHTS OUR INDUSTRY'S ABILITY TO OPERATE THROUGH A SIGNIFICANT EMERGENCY USING BACKUP SITES, RECOVERY FACILITIES AND BACKUP COMMUNICATIONS CAPABILITIES ACROSS THE INDUSTRY. THE TEST IS SUPPORTED BY ALL MAJOR EXCHANGES, MARKETS AND INDUSTRY UTILITIES. IT INVOLVES TEST TRANSACTIONS FOR COMMERCIAL PAPER, EQUITIES, OPTIONS, FUTURES, FIXED INCOME, SETTLEMENT, PAYMENTS, TREASURY AUCTIONS AND MARKET DATA. SIFMA ALSO FACILITATES A COORDINATED REG SCI TESTING PROGRAM WHICH IS COMPLETED IN PARALLEL WITH THE SIFMA INDUSTRY TEST. THE TEST OCCURS ON THE SAME DAY AS FUTURES MARKET TESTING COORDINATED BY THE FUTURES INDUSTRY ASSOCIATION (FIA), AND ON ALTERNATE YEARS WITH CANADIAN MARKET PARTICIPANT TEST THROUGH THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC). EMERGENCY CRISIS MANAGEMENT COMMAND CENTER: WWW.SIFMA.ORG/EMERGENCY IN THE EVENT OF AN INDUSTRY-WIDE INCIDENT, SIFMA CONVENES MARKET PARTICIPANTS; ISSUES MARKET CLOSE RECOMMENDATIONS; AND COORDINATES WITH MARKET INFRASTRUCTURE PROVIDERS, REGULATORS AND EMERGENCY PERSONNEL INCLUDING THE U.S. DEPARTMENT OF THE TREASURY, U.S. DEPARTMENT OF HOMELAND SECURITY, NEW YORK CITY OFFICE OF EMERGENCY MANAGEMENT, LAW ENFORCEMENT AND OTHER OFFICIAL SECTOR PARTICIPANTS. SIFMA ORGANIZES MARKET RESPONSE COMMITTEES FOR THE FIXED INCOME AND EQUITY MARKETS TO DELIVER AN INDUSTRY PERSPECTIVE IN THE EVENT OF DISRUPTIONS TO MARKET INFRASTRUCTURE WHICH MAY MAKE UNSCHEDULED MARKET CLOSES OR CHANGES TO SETTLEMENT CONVENTION NECESSARY. THE COMMITTEES HAVE DEVELOPED PRINCIPLES AND OBJECTIVE DECISION MAKING PROCESSES THAT RECOGNIZE THE SIGNIFICANT IMPROVEMENTS THE INDUSTRY HAS MADE WITH RESPECT TO BUSINESS CONTINUITY AND THE EXPECTATIONS OF REGULATORS. THESE PRINCIPLES ALSO REFLECT EXPECTATIONS FOR STRONG RESILIENCY PLANS OF CRITICAL FINANCIAL MARKET INFRASTRUCTURE AND FINANCIAL INSTITUTIONS. FOR FIXED INCOME, THE COMMITTEE HAS DEVELOPED PROCEDURES TO DETERMINE IF IT IS NECESSARY FOR SIFMA TO RECOMMEND AN UNSCHEDULED CLOSE IN U.S. FIXED INCOME MARKETS. CYBERSECURITY: WWW.SIFMA.ORG/CYBERSECURITY CYBERATTACKS HAVE BECOME BOLDER AND THE THREAT HIGHER. HOWEVER, INDUSTRY-WIDE EFFORTS OVER THE LAST DECADE HAVE ALSO EVOLVED AND GROWN TO BUILD EFFECTIVE CYBER DEFENSES. SIFMA IS ACTIVELY ENGAGED IN COORDINATING THE EFFORT TO SUPPORT A SAFE, SECURE INFORMATION INFRASTRUCTURE, WITH CYBERSECURITY RESOURCES INCLUDING BEST PRACTICES FOR INSIDER THREATS, DATA PROTECTION PRINCIPLES, FRAMEWORKS FOR PENETRATION TESTING AND MORE THAT PROVIDE SECURITY OF CUSTOMER INFORMATION AND EFFICIENT, RELIABLE EXECUTION OF TRANSACTIONS. WE CONTINUALLY WORK 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. SIFMA'S CYBER-RESILIENCY EFFORTS SEEK TO: - PROMOTE ENHANCED REGULATORY HARMONIZATION TO ENCOURAGE A MORE EFFECTIVE ALLOCATION OF CYBER RESOURCES; - PROMOTE A ROBUST INDUSTRY-GOVERNMENT PARTNERSHIP GROUNDED IN INFORMATION SHARING; - DESIGN EXERCISES AND INDUSTRY TESTS TO IMPROVE PROTOCOLS FOR INCIDENT PREPAREDNESS, RESPONSE AND RECOVERY; AND - USE THE LESSONS LEARNED TO REFINE INDUSTRY BEST PRACTICES, INCLUDING FOR MANAGING INSIDER THREATS, THIRD PARTY RISK; PENETRATION TESTING AND DATA SECURITY, INCLUDING SECURE DATA STORAGE AND RECOVERY. SHORTENED SETTLEMENT CYCLE: MARKET RESILIENCY IS A TOP PRIORITY FOR SIFMA AND ITS MEMBERS. ENHANCING OUR SECURITIES SETTLEMENT PROCESS IS CRITICAL TO THE CONTINUED RESILIENCY OF OUR MARKETS AND MARKET OPERATIONS. THE T+1 SETTLEMENT CYCLE FOR CORPORATE BONDS, MUNICIPAL BONDS, AND EQUITIES TRANSACTIONS IN THE U.S. IS NOW IN PLACE. THE FINANCIAL INDUSTRY TRANSITIONED TO A T+1 SETTLEMENT CYCLE IN THE UNITED STATES ON TUESDAY, MAY 28, 2024, AND IN CANADA ON MONDAY, MAY 27, 2024. THERE ARE MANY MOVING PIECES AND MANY OPERATIONS PROFESSIONALS INVOLVED IN THIS TRANSITION. |
| 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. TREASURY CLEARING: WWW.SIFMA.ORG/EXPLORE-ISSUES/TREASURY-CLEARING THE U.S. TREASURY MARKET IS A BEDROCK OF THE GLOBAL FINANCIAL SYSTEM. TODAY, THERE ARE $28 TRILLION OF TREASURY SECURITIES OUTSTANDING. AN AVERAGE OF OVER $910 BILLION IS TRADED EVERY DAY. NEW RULES FROM THE U.S. SECURITIES EXCHANGE COMMISSION (SEC), FINALIZED IN DECEMBER 2023, WILL REQUIRE MOST MARKET PARTICIPANTS TO CENTRALLY CLEAR CASH AND REPO U.S. TREASURIES. THE RULE CHANGE TRIGGERS A SIGNIFICANT CHANGE IN U.S. TREASURY MARKET STRUCTURE AND WILL HAVE MATERIAL IMPACTS TO MARKET PARTICIPANTS INCLUDING BROKER-DEALERS, INSTITUTIONAL INVESTORS, INTERDEALER BROKERS, PRINCIPAL TRADING FIRMS, AND COVERED CLEARING AGENCIES. TREASURY CASH CLEARING IS REQUIRED TO GO INTO EFFECT BY THE END OF 2025, AND REPO CLEARING IS REQUIRED TO GO INTO EFFECT BY JUNE 30, 2026. THE RULE'S TIMELINE FOR IMPLEMENTATION IS AGGRESSIVE AND, AS WE NEAR THE FIRST DEADLINE, THERE ARE SEVERAL SIGNIFICANT OPEN QUESTIONS REQUIRING FORMAL GUIDANCE FROM REGULATORS AND OTHER MARKET PARTICIPANTS TO ENSURE A SMOOTH TRANSITION TO AVOID UNNECESSARY DISRUPTION IN THE TREASURY MARKET. ON BEHALF OF OUR MEMBERS, SIFMA IS WORKING TO ADVANCE MULTIPLE WORKSTREAMS AND SHORT-TERM DELIVERABLES THAT WILL SET THE STAGE FOR LONG-TERM IMPLEMENTATION. THESE INCLUDE DEVELOPMENT OF MARKET STANDARD DOCUMENTATION, CONSIDERATIONS FOR A FIRM'S IMPLEMENTATION, AND NECESSARY REGULATORY REFORMS. PRUDENTIAL REGULATION: WWW.SIFMA.ORG/EXPLORE-ISSUES/PRUDENTIAL-REGULATION/ PRUDENTIAL REGULATION REQUIRES BANKING ORGANIZATIONS TO PRUDENTLY MEASURE AND MANAGE RISKS, MAINTAIN ADEQUATE CAPITAL AND LIQUIDITY LEVELS, AND HAVE IN PLACE WORKABLE RECOVERY AND RESOLUTION PLANS. OUR REGULATORY REGIME MUST ACCOUNT FOR THE VITAL ROLE THE CAPITAL MARKETS PLAY IN PROVIDING CREDIT AND FINANCING THE REAL ECONOMY, PARTICULARLY AS REGULATORS CONSIDER THE FINALIZATION OF ELEMENTS OF THE BASEL III ENDGAME AND THE GSIB SURCHARGE PROPOSALS. THOSE RULES MUST BE IMPLEMENTED IN A MANNER THAT DOES NOT OVERLY PENALIZE BANKS' CAPITAL MARKETS ACTIVITIES, WHICH IN TURN COULD REDUCE LIQUIDITY IN VITAL CORPORATE AND OTHER FUNDING MARKETS, THEREBY HURTING GROWTH IN THE REAL ECONOMY. WHILE BANK CAPITAL REQUIREMENTS ARE AN UNDOUBTEDLY COMPLEX SUBJECT, THERE IS NO QUESTION THAT THEY HAVE MATERIAL IMPACTS ACROSS THE ENTIRE ECONOMY, AFFECTING THE ABILITY OF CORPORATIONS, SMALL BUSINESSES, GOVERNMENTAL ORGANIZATIONS, AND CONSUMERS TO FUND THEIR ACTIVITIES AND MANAGE ALL TYPES OF RISKS. GIVEN THESE IMPACTS, IT'S CRUCIAL THAT POLICYMAKERS CONDUCT SUFFICIENT ANALYSIS AND OVERSIGHT TO ENSURE THAT BANK CAPITAL REQUIREMENTS STRIKE THE APPROPRIATE BALANCE BETWEEN ENSURING FINANCIAL STABILITY AND MACROECONOMIC GROWTH. IN THIS CONTEXT, IT IS WORTH NOTING THAT THE QUANTITY OF HIGH-QUALITY CAPITAL IN THE U.S. BANKING SYSTEM HAS INCREASED THREE-FOLD SINCE THE GLOBAL FINANCIAL CRISIS, WHILE TOTAL LOSS ABSORBING CAPACITY HAS INCREASED SIX-FOLD AND LIQUIDITY LEVELS HAVE INCREASED TWELVE-FOLD. MANY INDEPENDENT STUDIES HAVE ALSO FOUND CAPITAL LEVELS AT THE LARGEST U.S. BANKS TO EITHER BE AT OR CLOSE TO THEIR "OPTIMAL" LEVELS. AND SENIOR POLICYMAKERS, INCLUDING INCOMING TREASURY SECRETARY SCOTT BESSENT, FORMER TREASURY SECRETARY JANET YELLEN, FEDERAL RESERVE CHAIR JEROME POWELL, AND OUTGOING FEDERAL RESERVE VICE CHAIR FOR SUPERVISION MICHAEL BARR, HAVE CONSISTENTLY STATED THAT THE U.S. BANKING SYSTEM IS STRONG, RESILIENT, AND "WELL-CAPITALIZED." IN OTHER WORDS, CAPITAL LEVELS ARE ALREADY ROBUST AND ANY FURTHER PROPOSED INCREASES SHOULD BE SUFFICIENTLY SCRUTINIZED TO DETERMINE BOTH THE TANGIBLE BENEFITS, AND COSTS TO THE BROADER U.S. ECONOMY. IT IS PARTICULARLY IMPORTANT THAT POLICYMAKERS STRIKE THE RIGHT BALANCE WHEN IT COMES TO CAPITAL REQUIREMENTS AFFECTING THE ABILITY OF LARGE BANKING ORGANIZATIONS TO ACT AS INTERMEDIARIES IN OUR CAPITAL MARKETS, GIVEN THAT THOSE MARKETS FUND ROUGHLY THREE QUARTERS OF ALL ECONOMIC ACTIVITY IN THE UNITED STATES. THIS IS A CRITICAL REASON THAT THE U.S. ECONOMY IS MORE EFFICIENT, RESILIENT AND GROWTH ORIENTED THAN OTHER MAJOR ECONOMIES, WHERE THE VAST MAJORITY OF COMMERCIAL AND ECONOMIC ACTIVITY IS HEAVILY RELIANT ON DIRECT LENDING BY BANKS. IN FACT, THE EU AND MANY ASIAN NATIONS ASPIRE TO DEVELOP THEIR CAPITAL MARKETS TO MIMIC THE U.S. MODEL. EXCESSIVE CAPITAL REQUIREMENTS ON BANKS' MARKETS ACTIVITIES WOULD NEGATIVELY IMPACT THE DEPTH, LIQUIDITY AND RESILIENCY OF THE CAPITAL MARKETS AND INCREASE COSTS AT THE EXPENSE OF CONSUMERS AND COMMERCIAL ENTITIES WHO BENEFIT DIRECTLY AND INDIRECTLY FROM BANK INVOLVEMENT IN SUCH ACTIVITIES. EQUITY MARKET STRUCTURE: WWW.SIFMA.ORG/EXPLORE-ISSUES/EQUITY-MARKET-STRUCTURE/ THE U.S. EQUITY MARKETS FACILITATE CAPITAL FORMATION. THEY ARE THE MOST ROBUST IN THE WORLD AND CONTINUE TO BE AMONG THE DEEPEST, MOST COMPETITIVE, MOST LIQUID AND MOST EFFICIENT. THEY ARE ALSO AMONG THE MOST REGULATED. EFFICIENT AND RESILIENT MARKET STRUCTURE IS KEY TO SUSTAINING INVESTOR CONFIDENCE AND PARTICIPATION IN THE EQUITY MARKETS. MARKET STRUCTURE CAN DRIVE LIQUIDITY AND TRADE COSTS FOR BUSINESSES AND INVESTORS ALIKE. THEREFORE, MARKET PARTICIPANTS CONTINUALLY STRIVE TO CREATE THE MOST EFFICIENT MARKETS. THIS INCLUDES ADAPTING NEW TECHNOLOGIES TO ACHIEVE OPERATIONAL EFFICIENCIES, SEARCHING FOR NEW WAYS TO TRANSACT AND, GENERALLY, OPTIMIZING MARKET STRUCTURE TO MAXIMIZE EFFICIENCIES. MARKET MAKERS EXIST TO PROVIDE LIQUIDITY IN SECURITIES AND EXECUTE CUSTOMER TRADES, PLAYING AN IMPORTANT ROLE IN EQUITY MARKET STRUCTURE BY ENABLING LIQUIDITY AND BALANCING BUY AND SELL DEMAND. IMPORTANTLY, INVESTORS, PARTICULARLY RETAIL INVESTORS, BENEFIT FROM THIS EFFICIENCY AND RESILIENCY THROUGH REDUCED COSTS INCLUDING NO OR LOW COMMISSIONS, BEST EXECUTION AND COMPETITION. ALL MARKET PARTICIPANTS SEEK TO DRIVE INNOVATION TO FURTHER IMPROVE EQUITY MARKET EFFICIENCY, RESILIENCY AND MOST IMPORTANTLY THE BENEFIT TO INVESTORS. HOWEVER, REGULATORS MUST CAREFULLY WEIGH THE IMPACT OF ANY CHANGES ON INVESTORS. SPECIFICALLY, AS THE SEC CONSIDERS PROPOSING MAJOR CHANGES TO OUR CURRENT EQUITY MARKET STRUCTURE SYSTEM, IT IS CRITICAL THAT ANY CHANGES BE DATA-DRIVEN WITH ROBUST COST-BENEFIT ANALYSIS. THERE WERE SEVERAL SIGNIFICANT UPDATES IN 2024: - IN MARCH 2024, THE SEC ADOPTED A FINAL RULE AMENDING RULE 605, MODERNIZING DISCLOSURE REQUIREMENTS FOR ORDER EXECUTION. - IN SEPTEMBER 2024, THE SEC ADOPTED AMENDMENTS TO REGULATION NMS. THE AMENDMENTS ESTABLISH A NEW MINIMUM $0.005 QUOTING INCREMENT FOR CERTAIN TICK CONSTRAINED STOCKS; REDUCES THE MAXIMUM ACCESS FEE CAP FOR EXCHANGE TRANSACTIONS; REQUIRES EXCHANGES TO DISCLOSE TRANSACTION FEES AT THE TIME OF EXECUTION; AND ACCELERATES THE IMPLEMENTATION OF THE NEW ROUND LOT REQUIREMENTS AND THE DISPLAY OF ODD-LOT INFORMATION TO ENHANCE THE TRANSPARENCY OF BETTER PRICED ORDERS. - IN OCTOBER 2024, TWO NATIONAL SECURITIES EXCHANGES FILED A CHALLENGE TO THE AMENDMENTS TO RULES 610 (ACCESS FEES) AND 612 (TICK SIZES) IN THE D.C. CIRCUIT. IN DECEMBER 2024, THE COMMISSION STAYED THE EFFECTIVENESS OF THE TICK SIZE AND ACCESS FEE AMENDMENTS PENDING THE OUTCOME OF THE EXCHANGES' LITIGATION. THE REMAINING AMENDMENTS TO REGULATION NMS ARE NOT AFFECTED BY THE STAY. TAX POLICY: WWW.SIFMA.ORG/EXPLORE-ISSUES/TAX-POLICY/ TAXES IMPACT THE SAVINGS AND INVESTMENT DECISIONS OF INDIVIDUALS AND CORPORATIONS AND ARE A NECESSARY MEANS FOR FUNDING THE GOVERNMENT. TAX REFORM IS EXPECTED TO BE A MASSIVE UNDERTAKING IN 2025 AS MANY OF THE PROVISIONS IN THE 2017 TAX CUTS AND JOBS ACT (TCJA) EXPIRE. WE EXPECT SIGNIFICANT LEGISLATION AROUND TAX POLICY TO COME UP FOR DEBATE AS REPUBLICAN LAWMAKERS SEEK TO EXTEND THE EXPIRING PROVISIONS, AND MAKING SURE THAT THE FINANCIAL SERVICES INDUSTRY IS AT THE TABLE IS CRITICAL. |
| FORM 990, PART III, LINE 4B | SIFMA BELIEVES REASONABLE TAXATION AND ECONOMIC GROWTH ARE NOT MUTUALLY EXCLUSIVE AND ENCOURAGES POLICYMAKERS TO WEIGH IMPACTS ON GROWTH AND COMPETITIVENESS 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. SIFMA BELIEVES TAXES IMPACT SAVINGS AND INVESTMENTS FOR BOTH INDIVIDUALS AND BUSINESSES BUT REMAIN NECESSARY FOR GOVERNMENT PROGRAMS AND SUPPORT FOR DOMESTIC ECONOMIC GROWTH. WE REMAIN FOCUSED ON INTERNATIONAL TAX, CAPITAL GAINS AND DIVIDENDS, AND PROTECTING INVESTORS AND SAVERS FROM TAXES THAT COULD HURT THEIR SAVINGS AND FUTURE RETIREMENT SECURITY. AML & FINANCIAL CRIME: WWW.SIFMA.ORG/EXPLORE-ISSUES/AML-AND-FINANCIAL-CRIME/ AN EFFECTIVE ANTI-MONEY LAUNDERING PROGRAM IS A CRITICAL TOOL TO FIGHT FINANCIAL CRIME AND PROTECT THE INTEGRITY OF THE CAPITAL MARKETS AND GLOBAL FINANCIAL SYSTEM. ANTI-MONEY LAUNDERING AND FINANCIAL CRIME PROFESSIONALS AT BROKER-DEALERS HAVE A UNIQUE ROLE IN COMBATTING ILLICIT FINANCE. NEVER HAS THERE BEEN A MORE DYNAMIC AND HOPEFUL TIME FOR THEIR EFFORTS TO PROTECT AND ENSURE THE PREEMINENCE OF THE U.S. CAPITAL MARKETS. THESE PROFESSIONALS CONDUCT SUBSTANTIAL SURVEILLANCE OF FUND MOVEMENTS IN ADDITION TO TRANSACTION MONITORING; THEY USE KNOW YOUR CUSTOMER (KYC) PROCESSES TO LOOK CRITICALLY AT SOURCES OF FUNDS FOR THEIR CUSTOMERS TO IDENTIFY SUSPICIOUS ACCOUNT OPENINGS OR ACCOUNT FUNDINGS; AND THEY REGULARLY ANALYZE ACTIVITY TO IDENTIFY ILLICIT SCHEMES THAT MAY BE NEW TO THEIR FIRMS. THEY FILE A SIGNIFICANT NUMBER OF SUSPICIOUS ACTIVITY REPORTS (SARS), PROVIDING CRITICAL LEADS FOR LAW ENFORCEMENT INVESTIGATIONS. THE ANTI-MONEY LAUNDERING ACT OF 2020, WHICH BECAME LAW ON JANUARY 1, 2021, IS THE MOST SIGNIFICANT PIECE OF AML RELATED LEGISLATION SINCE THE USA PATRIOT ACT OF 2001. SIFMA IS COMMITTED TO HELPING OUR MEMBERS INCORPORATE IT INTO THEIR RISK-BASED PROGRAMS, AND WE CONTINUE TO ENGAGE WITH THE TREASURY AND OTHER POLICYMAKERS ON NEW AND MODIFIED REQUIREMENTS FOCUSED ON MITIGATING FINANCIAL CRIME RISKS ACROSS THE SECURITIES INDUSTRY. BROKER-DEALERS AND OTHER FINANCIAL INSTITUTIONS REMAIN HOPEFUL THAT REGULATORS TASKED WITH IMPLEMENTING THE ACT REMAIN FAITHFUL IN THEIR RULEMAKINGS TO THE AML ACT'S PURPOSE TO MODERNIZE EXISTING, CUMBERSOME REGULATIONS THAT DRAIN CRITICAL RESOURCES AWAY FROM THE MOST THREATENING ILLICIT FINANCE RISKS. IT IS CRITICAL THAT WE ALSO LOOK TO NEW BUSINESS LINES AND PRODUCTS, INCLUDING THE MARIJUANA INDUSTRY AND DIGITAL ASSETS, WHICH MAY PRESENT THE SAME OR ADDITIONAL ILLICIT FINANCE RISKS. SIFMA HAS BEEN AT THE FOREFRONT IN ASSISTING OUR MEMBERS AS THEY NAVIGATE THIS EVER-CHANGING AND MORE COMPLEX LANDSCAPE. IN SEPTEMBER 2024, THE FINANCIAL CRIMES ENFORCEMENT NETWORK (FINCEN) OF THE U.S. DEPARTMENT OF THE TREASURY ADOPTED A FINAL RULE APPLYING ANTI-MONEY LAUNDERING RULES TO INVESTMENT ADVISERS. COVERED ADVISERS WOULD BE REQUIRED TO IMPLEMENT A RISK-BASED AML PROGRAM, DESIGNATE A PERSON RESPONSIBLE FOR PROGRAM ADMINISTRATION, CONDUCT TRAINING, ARRANGE FOR INDEPENDENT PROGRAM REVIEWS, KEEP RECORDS RELATING TO THE TRANSMITTAL OF FUNDS, AND FILE SUSPICIOUS ACTIVITY REPORTS. THE RULE IS EFFECTIVE ON JANUARY 1, 2026. WHILE FINCEN TAILORED SOME REQUIREMENTS, OTHERS WERE NOT TAILORED TO THE UNIQUE NATURE OF ADVISORY BUSINESSES, CREATING UNNECESSARY BURDENS THAT WILL NEED TO BE ADDRESSED THROUGH GUIDANCE OR A REVISED RULE. FINCEN ALSO PROPOSED CUSTOMER IDENTIFICATION PROGRAM (CIP) REQUIREMENTS FOR INVESTMENT ADVISERS. GIVEN CIP IS A PREDICATE COMPONENT TO A WELL-FUNCTIONING AML PROGRAM AND HAS NOT BEEN FINALIZED YET (AS OF EARLY JANUARY 2025), FINCEN MAY NEED TO EXTEND THE COMPLIANCE DATE FOR THE AML PROGRAM RULE TO GIVE ADVISERS ENOUGH TIME TO BUILD OUT THEIR PROGRAMS. THE FINANCIAL INDUSTRY DEDICATES TREMENDOUS TIME, DILIGENCE AND RESOURCES TO PROTECTING OUR FINANCIAL SYSTEM. WE REMAIN COMMITTED TO WORKING TOGETHER, SHARING INFORMATION AND BEST PRACTICES, AND LEARNING FROM EACH OTHER, ALL WITH THE GOAL OF PROTECTING OUR MARKETS FROM ILLICIT FINANCIAL ACTIVITY AND STAYING A STEP OF THOSE LOOKING TO EXPLOIT THEM. RETIREMENT & SAVINGS: WWW.SIFMA.ORG/EXPLORE-ISSUES/RETIREMENT-SAVINGS/ HELPING AMERICANS GROW SAVINGS AND PLAN FOR A SECURE RETIREMENT IS AMONG THE MOST IMPORTANT ROLES OF THE U.S. CAPITAL MARKETS. INDIVIDUALS OF ALL INCOME LEVELS CAN INVEST, SAVE FOR THE LONG-TERM, AND ACCESS A PROFESSIONAL FINANCIAL ADVISOR WHO SERVES AS A CRITICAL LINK IN HELPING INVESTORS MEET THEIR GOALS. WORKING WITH OUR MEMBERS WHO SERVE RETAIL INVESTORS, SIFMA SEEKS TO RAISE AWARENESS OF HOW FINANCIAL ADVICE AND FINANCIAL LITERACY PROGRAMS CAN POSITIVELY IMPACT THE FINANCIAL HEALTH OF AMERICANS WORKING TO REACH THEIR FINANCIAL GOALS, INCLUDING PURCHASING A HOME, SENDING CHILDREN TO COLLEGE AND SAVING FOR RETIREMENT. |
| FORM 990, PART III, LINE 4C | STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS CONFERENCES AND EVENTS: HTTPS://EVENTS.SIFMA.ORG/ SIFMA CONFERENCES, EVENTS AND WEBINARS FOSTER MEANINGFUL CONVERSATIONS ABOUT THE CAPITAL MARKETS AND OFFER VALUABLE PROFESSIONAL DEVELOPMENT OPPORTUNITIES. SIFMA ANNUAL MEETING: CAPITAL MARKETS FINANCE THE REAL ECONOMY, ALLOCATE RISK, AND SUPPORT ECONOMIC GROWTH AND FINANCIAL STABILITY. AS THE VOICE FOR THE NATION'S SECURITIES INDUSTRY, WHICH DELIVERS A BROAD RANGE OF FINANCIAL SERVICES TO CLIENTS INCLUDING CORPORATIONS, GOVERNMENTS AND INDIVIDUALS, SIFMA BRINGS TOGETHER HUNDREDS OF INVESTMENT BANKS, WEALTH MANAGERS, BROKER-DEALERS AND ASSET MANAGERS TO ADVOCATE FOR THEIR EFFECTIVENESS AND RESILIENCY CAPITAL MARKETS. TOGETHER, WE ARE INVESTED IN AMERICA. SIFMA COMPLIANCE & LEGAL SOCIETY ANNUAL SEMINAR: SIFMA'S C&L ANNUAL SEMINAR IS THE PREEMINENT MEETING PLACE FOR COMPLIANCE AND LEGAL PROFESSIONALS IN FINANCIAL SERVICES. THROUGH EDUCATION, OUR COMMUNITY PROTECTS OUR INDUSTRY AND FURTHER ENHANCES ITS INTEGRITY. OPERATIONS CONFERENCE & EXHIBITION: FOR MORE THAN 50 YEARS, SIFMA'S OPERATIONS CONFERENCE & EXHIBITION HAS GATHERED OPERATIONS AND TECHNOLOGY LEADERS FROM ACROSS THE CAPITAL MARKETS ECOSYSTEM. BRINGING TOGETHER THE BUY AND SELL SIDES, WE SHARE PERSPECTIVES, DRIVE INDUSTRY-LEADING INITIATIVES, AND EXPLORE CUTTING-EDGE SOLUTIONS TO ACCELERATE CHANGE. 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 74 YEARS, SIFMA AND THE WHARTON SCHOOL HAVE PARTNERED TO DEVELOP THE INDUSTRY'S HIGH-POTENTIAL RISING LEADERS. OVER THREE CONSECUTIVE YEARS SII PARTICIPANTS LEARN FROM AUTHORITIES ON TOPICS WHICH 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 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 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 - PROCEEDS FROM LEGAL SETTLEMENT | DURING THE YEAR ENDED OCTOBER 31, 2024, THE ASSOCIATION RECEIVED AN $8.15 MILLION CASH SETTLEMENT RELATED TO LITIGATION ON AN EVENT CANCELLATION INSURANCE CLAIM, WHICH IS REPORTED AS PROCEEDS FROM LEGAL SETTLEMENT WITHIN THE ACCOMPANYING STATEMENT OF ACTIVITIES FOR THE YEAR ENDED OCTOBER 31, 2024. THE ASSOCIATION'S BOARD OF DIRECTORS REVIEWED THE ASSOCIATION'S RESERVE LEVEL FOLLOWING THE COLLECTION OF THESE PROCEEDS AND AUTHORIZED A $7 MILLION MEMBER REBATE APPLIED TO FISCAL 2025 IN THE FORM OF A ONE-TIME DUES CREDIT TO FULL MEMBERS. |
| FORM 990, PART XI, LINE 9: | POST-RET. RELATED CHANGES OTHER THAN NET PERIODIC POST RET. BENEFIT COST -453,145. PROCEEDS FROM LEGAL SETTLEMENT 8,150,000. |