2017-08-14T16:22:03-05:00 2016-09-30 PricewaterhouseCoopers LLP 600 13TH ST NW SUITE 1000 WASHINGTON DC 20005 990 2015-10-01 135266605 INVESTMENT COMPANY INSTITUTE % MARK DELCOCO INVE 2023265800 1401 H STREET NW WASHINGTON DC 20005 MARK DELCOCO TREASURER 2023265800 2017-08-14 true TRAVIS L PATTON P00369623 2024141000 2015 2021-01-29 14:40:06Z PAUL SCHOTT STEVENS 1401 H STREET NW WASHINGTON DC 20005 79579144 false X WWW.ICI.ORG X 1941 DE SEE SCHEDULE O 51 51 172 51 90078 -97572 64275968 66110091 7549887 7978038 677316 616050 879652 1672278 73382823 76376457 50000 50000 0 0 39007311 39397028 0 0 0 32642113 34095654 71699424 73542682 1683399 2833775 66328579 71267187 33026245 41195106 33302334 30072081 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 true X 91 0 172 true true true true UK CJ false false true true false X 51 51 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 2023265800 1401 H STREET NW WASHINGTON DC 20005 ANDREW ARNOTT MEMBER 1.0 0.0 X 0 0 0 ASHOK N BAKHRU MEMBER 1.0 0.0 X 0 0 0 EDWARD BERNARD MEMBER 2.0 0.25 X 0 0 0 DOROTHY A BERRY MEMBER 2.0 0.0 X 0 0 0 DAVID G BOOTH MEMBER 2.0 0.0 X 0 0 0 LEONARD P BRENNAN MEMBER 1.0 0.0 X 0 0 0 MARIE A CHANDOHA MEMBER 2.0 0.0 X 0 0 0 ROBERT CONTI MEMBER 1.0 0.0 X 0 0 0 JAMES E DAVEY MEMBER 1.0 0.0 X 0 0 0 THOMAS R DONAHUE MEMBER 1.0 0.0 X 0 0 0 KENNETH C EICH MEMBER 1.0 0.0 X 0 0 0 NORA M EVERETT 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 PAUL K FREEMAN MEMBER 2.0 0.0 X 0 0 0 GEORGE CW GATCH MEMBER 2.0 0.0 X 0 0 0 WILLIAM J HACKETT 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 JAMES A JESSEE MEMBER 1.0 0.0 X 0 0 0 GREGORY E JOHNSON VICE CHAIRMAN 2.0 0.25 X 0 0 0 LISA M JONES MEMBER 1.0 0.0 X 0 0 0 LAWRENCE H KAPLAN MEMBER 1.0 0.0 X 0 0 0 ALAIN KARAOGLAN 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 1.0 0.0 X 0 0 0 SHAWN LYTLE MEMBER 1.0 0.0 X 0 0 0 SUSAN MCGEE MEMBER 1.0 0.0 X 0 0 0 F WILLIAM MCNABB III CHAIRMAN 2.0 0.25 X 0 0 0 JAMES A MCNAMARA MEMBER 2.0 0.0 X 0 0 0 THOMAS M MISTELE MEMBER 2.0 0.0 X 0 0 0 CHARLIE S MORRISON MEMBER 2.0 0.0 X 0 0 0 MARK D NERUD MEMBER 1.0 0.0 X 0 0 0 BARBARA NOVICK MEMBER 2.0 0.0 X 0 0 0 STEVEN J PAGGIOLI MEMBER 1.0 0.0 X 0 0 0 STUART S PARKER MEMBER 1.0 0.0 X 0 0 0 KARLA M RABUSCH MEMBER 1.0 0.0 X 0 0 0 ROBERT L REYNOLDS MEMBER 1.0 0.0 X 0 0 0 JAMES E ROSS MEMBER 1.0 0.0 X 0 0 0 LAURA T STARKS MEMBER 1.0 0.0 X 0 0 0 ARTHUR STEINMETZ MEMBER 1.0 0.0 X 0 0 0 JOSEPH A SULLIVAN 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 WILLIAM F TRUSCOTT MEMBER 2.0 0.0 X 0 0 0 RALPH F VERNI MEMBER 1.0 0.0 X 0 0 0 BRADLEY J VOGT MEMBER 1.0 0.0 X 0 0 0 LLOYD A WENNLUND MEMBER 2.0 0.0 X 0 0 0 JONATHAN F ZESCHIN MEMBER 1.0 0.0 X 0 0 0 PAUL SCHOTT STEVENS PRESIDENT & CEO 40.0 1.0 X 2414249 0 61438 PETER H GALLARY CHIEF OPERATING OFFICER 40.0 1.0 X 1040019 0 52606 DAVID W BLASS GENERAL COUNSEL 40.0 0.0 X 836149 0 31800 FRANCES M STADLER SECRETARY 40.0 1.0 X 401250 0 49488 MARK A DELCOCO TREASURER 40.0 1.0 X 262128 0 60850 BRIAN K REID CHIEF ECONOMIST 40.0 0.0 X 536744 0 43396 DONALD C AUERBACH CHIEF GOVT. AFFAIRS OFFICER/CO 40.0 0.0 X 600273 0 54106 DEAN R SACKETT III CHIEF GOVT. AFFAIRS OFFICER/CO 40.0 0.0 X 599931 0 61489 SUSAN M OLSON CHIEF COUNSEL 40.0 0.0 X 582320 0 62713 MICHAEL D MCNAMEE CHIEF PUBLIC COMMUNICATION OFF 40.0 1.0 X 476955 0 61649 KEITH D LAWSON DEP GENERAL COUNSEL, TAX LAW 40.0 0.0 X 470875 0 60439 8220893 0 599974 83 false true false LAKESHORE AUDIOVISUAL INC 3912 W MCLEAN AVENUE CHICAGO IL 60647 AUDIOVISUAL SERVICES 1521719 PATOMAK GLOBAL PARTNERS LLC 750 17TH STREET NW SUITE 1000 WASHINGTON DC 20006 CONSULTING 556287 CLS STRATEGIES PO BOX 771733 ST LOUIS MO 63177 CONSULTING 490914 PRICEWATERHOUSECOOPERS LLP PO BOX 7247-8001 PHILADELPHIA PA 19170 AUDIT/CONSULTING 325083 DEBEVOISE PLIMPTON 919 THIRD AVENUE NEW YORK NY 10022 LEGAL SERVICES 281657 23 66110091 66110091 CONFERENCE & WORKSHOPS 900099 3886953 3886953 GENERAL MEMBERSHIP MEETING 900099 2149200 2149200 SUBSCRIPTION SERVICES 900099 940920 940920 SERVICE DIRECTORY 541800 90078 90078 FEE BASED BUSINESS INCOME 900099 910887 910887 7978038 710894 710894 0 883272 883272 789006 789006 0 789006 789006 3107843 3202687 -94844 -94844 -94844 0 0 0 0 76376457 7887960 90078 2288328 50000 0 0 0 5272600 0 23925906 5076522 3666664 1455336 0 1341895 221890 2027718 0 0 379204 0 1416813 1329720 0 5982967 400581 0 7596260 0 0 1267920 267783 RESEARCH INFORMATION SERVICES 1345801 LOBBY PROXY TAX 1981104 UNRELATED BUSINESS INC. TAX 244 ICI GLOBAL 5985937 2549817 73542682 1521783 1230478 0 0 0 0 1147036 971175 0 0 0 0 0 0 0 0 2202328 2448001 16765124 12165743 5310747 4599381 55127200 60431019 0 0 0 0 0 0 1019485 1587133 66328579 71267187 24302683 32571785 0 0 1064660 838186 0 0 0 0 0 0 0 0 0 0 7658902 7785135 33026245 41195106 X 33302334 30072081 0 0 0 0 33302334 30072081 66328579 71267187 X 2833775 321554 -6385582 X false true X true false false false false 66110091 5651823 5651823 5651823 11100379 8941543 2158836 5664745 3224200 2440545 4599381 0 RENT CREDIT 2996323 DEFERRED RENT 4788812 7785135 X 76698011 321554 321554 76376457 76376457 73542682 73542682 73542682 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, 2016. Europe (Including Iceland and Greenland) 1 4 Program Services SEE PART V 4318034 East Asia and the Pacific 1 3 Program Services SEE PART V 1667903 2 7 2 7 5985937 5985937 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 501(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 1281264 0 1100000 0 32985 0 31800 0 29638 0 2475687 0 0 0 PETER H GALLARY CHIEF OPERATING OFFICER 773153 0 220400 0 46466 0 31800 0 20806 0 1092625 0 0 0 DAVID W BLASS GENERAL COUNSEL 604432 0 207200 0 24517 0 31800 0 0 0 867949 0 0 0 FRANCES M STADLER SECRETARY 364564 0 30000 0 6686 0 31800 0 17688 0 450738 0 0 0 MARK A DELCOCO TREASURER 217017 0 41200 0 3911 0 31161 0 29689 0 322978 0 0 0 BRIAN K REID CHIEF ECONOMIST 399500 0 133000 0 4244 0 31800 0 11596 0 580140 0 0 0 DONALD C AUERBACH CHIEF GOVT. AFFAIRS OFFICER/CO 435926 0 139800 0 24547 0 31800 0 22306 0 654379 0 0 0 DEAN R SACKETT III CHIEF GOVT. AFFAIRS OFFICER/CO 434243 0 139800 0 25888 0 31800 0 29689 0 661420 0 0 0 SUSAN M OLSON CHIEF COUNSEL 432975 0 145100 0 4245 0 31800 0 30913 0 645033 0 0 0 MICHAEL D MCNAMEE CHIEF PUBLIC COMMUNICATION OFF 345595 0 105000 0 26360 0 31800 0 29849 0 538604 0 0 0 KEITH D LAWSON DEP GENERAL COUNSEL, TAX LAW 388666 0 75900 0 6309 0 31800 0 28639 0 531314 0 0 0 SCHEDULE J, LINE 1A: TRAVEL FOR COMPANIONS: SPOUSAL/COMPANION TRAVEL TO THE INSTITUTES BOARD MEETING FOR DONALD C. AUERBACH, DAVID W. BLASS, PETER H. GALLARY, MICHAEL D. MCNAMEE, DEAN R. SACKETT III, AND PAUL SCHOTT STEVENS. THIS AMOUNT IS INCLUDED IN TAXABLE INCOME. HEALTH CLUB OR 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 SERVICE PROVIDED IS FINANCIAL PLANNING, WHICH IS PROVIDED TO DAVID W. BLASS, MICHAEL D. MCNAMEE, PAUL SCHOTT STEVENS, PETER H. GALLARY, DONALD C. AUERBACH AND DEAN R. SACKETT, III. THIS AMOUNT IS INCLUDED IN TAXABLE INCOME. PART I, LINE I: 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: THOMAS FAUST AND RALPH VERNI; ASHOK BAKHRU AND JAMES MCNAMARA; AND DOROTHY BERRY AND STEVEN PAGGIOLI. THE FOLLOWING BOARD MEMBERS, OFFICERS AND KEY EMPLOYEES HAVE A BUSINESS RELATIONSHIP BY SERVING TOGETHER ON THE ICI MUTUAL BOARD OF DIRECTORS: DIANA HERRMANN; LAWRENCE KAPLAN; F. WILLIAM MCNABB; BRIAN REID; AND PAUL STEVENS. PART VI, LINE 6: THE INVESTMENT COMPANY INSTITUTE ("THE INSTITUTE"), THE TRADE ASSOCIATION FOR THE MUTUAL FUND INDUSTRY, IS ORGANIZED INTO FIVE MEMBERSHIP DIVISIONS: THE OPEN-END INVESTMENT COMPANY DIVISION, THE CLOSED-END INVESTMENT COMPANY DIVISION, THE INVESTMENT ADVISER DIVISION, THE UNDERWRITER DIVISION, AND THE UNIT INVESTMENT TRUST DIVISION. EACH MEMBER OF THE OPEN-END INVESTMENT COMPANY DIVISION, THE CLOSED-END COMPANY DIVISION AND THE UNIT INVESTMENT TRUST 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, LINE 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 COMPENSATION COMMITTEE OF THE BOARD OF GOVERNORS. BEFORE THE FORM 990 IS FILED, THE AUDIT COMMITTEE REVIEWS THE ENTIRE FORM. THE FORM 990 IS ALSO PROVIDED TO THE COMPENSATION COMMITTEE BEFORE IT IS FILED, AND THE COMPENSATION 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 LOSS -$6,318,003; LOSS ON FOREIGN CURRENCY CONVERSION -$67,579 ICI EDUCATION FOUNDATION 1401 H STREET NW WASHINGTON DC 20005 521659777 INV EDUCATION DE 501(c)(3) 11A 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