2024-08-13T15:30:30-05:00 2023-09-30 PwC US Tax LLP 655 NEW YORK AVE NW SUITE 1100 WASHINGTON DC 20001 990 2022-10-01 135266605 INVESTMENT COMPANY INSTITUTE % MARK DELCOCO INVE 2023265800 1401 H STREET NW WASHINGTON DC 20005 MARK DELCOCO CFO 2023265800 2024-08-08 true TRAVIS L PATTON P00369623 2024141000 2024-08-12 2022 2024-08-08 14:25:15Z ERIC PAN 1401 H STREET NW WASHINGTON DC 20005 110377133 false X WWW.ICI.ORG X 1941 DE SEE SCHEDULE O 57 57 196 57 0 0 72308217 73033661 5673959 6232848 1558229 3424885 606030 1444769 80146435 84136163 150000 200000 0 0 43817432 48084331 0 0 0 24887250 28846517 68854682 77130848 11291753 7005315 132491163 148674197 77350348 85573922 55140815 63100275 TO STRENGTHEN THE FOUNDATION OF THE ASSET MANAGEMENT INDUSTRY FOR THE ULTIMATE BENEFIT OF THE LONG-TERM INDIVIDUAL INVESTOR. MEMBERS INCLUDE MUTUAL FUNDS, EXCHANGE-TRADED FUNDS (ETFS), CLOSED-END FUNDS, AND UNIT INVESTMENT TRUSTS (UITS) IN THE UNITED STATES, AND SIMILAR FUNDS OFFERED TO INVESTORS IN EUROPE, ASIA AND OTHER JURISDICTIONS. 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. STRATEGIC 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 true 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 88 0 196 true false true BE UK false false true true false true false X 57 57 true false true 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 ERIC J PAN PRESIDENT & CEO 40.0 1.0 X 2488080 0 70116 SUSAN M OLSON GENERAL COUNSEL 40.0 0.0 X 1041713 0 60230 DONALD C AUERBACH CHIEF OPERATING OFFICER 40.0 0.0 X 951244 0 62860 MICHAEL N PEDRONI CHIEF GLOBAL AFFAIRS OFFICER 40.0 0.0 X 680176 0 66754 JOHN J EMLING CHIEF GOVT. AFFAIRS OFFICER 40.0 0.0 X 618643 0 66499 DOROTHY M DONOHUE DEPUTY GENERAL COUNSEL 40.0 0.0 X 611250 0 70015 SEAN S COLLINS CHIEF ECONOMIST 40.0 0.0 X 592037 0 70416 KEITH D LAWSON DEPUTY GENERAL COUNSEL 40.0 0.0 X 561843 0 62960 DAVID M ABBEY DEPUTY GENERAL COUNSEL 40.0 0.0 X 562220 0 36600 RACHEL H GRAHAM SECRETARY 40.0 0.0 X 407552 0 70015 MARK A DELCOCO CFO/TREASURER 40.0 1.0 X 376819 0 70116 YIE-HSIN HUNG CHAIRMAN 2.0 0.25 X 0 0 0 GEORGE C W GATCH VICE-CHAIRMAN 2.0 0.25 X 0 0 0 ANDREW G ARNOTT MEMBER 1.0 0.0 X 0 0 0 GEORGE AYLWARD MEMBER 1.0 0.0 X 0 0 0 KATHLEEN T BARR MEMBER 2.0 0.0 X 0 0 0 SETH P BERNSTEIN MEMBER 1.0 0.0 X 0 0 0 STEPHANIE G BRAMING MEMBER 1.0 0.0 X 0 0 0 HEATHER E BRILLIANT MEMBER 1.0 0.0 X 0 0 0 MORTIMER J BUCKLEY MEMBER 2.0 0.0 X 0 0 0 JANE K CARTEN MEMBER 1.0 0.0 X 0 0 0 GALE K CARUSO MEMBER 1.0 0.0 X 0 0 0 JAMES E DAVEY MEMBER 1.0 0.0 X 0 0 0 JONATHAN DE ST PAER MEMBER 1.0 0.0 X 0 0 0 WILLIAM EBSWORTH MEMBER 1.0 0.0 X 0 0 0 THOMAS E FAUST JR MEMBER 2.0 0.0 X 0 0 0 CAROL GEREMIA MEMBER 1.0 0.0 X 0 0 0 PETER J GERMAIN MEMBER 1.0 0.0 X 0 0 0 DAVID L GIUNTA MEMBER 1.0 0.0 X 0 0 0 PATRICK G HALTER MEMBER 1.0 0.0 X 0 0 0 DIANA 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 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 JOANNA F JONSSON MEMBER 2.0 0.0 X 0 0 0 THOMAS C KERSTING MEMBER 1.0 0.0 X 0 0 0 SUSAN C LIVINGSTON MEMBER 1.0 0.0 X 0 0 0 SHAWN K LYTLE MEMBER 2.0 0.0 X 0 0 0 JAMES MCNAMARA MEMBER 2.0 0.0 X 0 0 0 MICHAEL A MENDELSON MEMBER 1.0 0.0 X 0 0 0 JOSE MINAYA MEMBER 1.0 0.0 X 0 0 0 GARRY L MOODY MEMBER 1.0 0.0 X 0 0 0 MARK D NERUD MEMBER 1.0 0.0 X 0 0 0 CATHERINE L NEWELL MEMBER 1.0 0.0 X 0 0 0 DAVID OESTREICHER 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 CYNTHIA R PLOUCHE MEMBER 2.0 0.0 X 0 0 0 KARLA RABUSCH MEMBER 1.0 0.0 X 0 0 0 SALIM RAMJI MEMBER 2.0 0.0 X 0 0 0 KRISTI L ROWSELL MEMBER 1.0 0.0 X 0 0 0 ANDREW R SCHLOSSBERG MEMBER 2.0 0.0 X 0 0 0 DOUGLAS B SIEG MEMBER 2.0 0.0 X 0 0 0 KRISTI SLAVIN MEMBER 1.0 0.0 X 0 0 0 MARIJN P SMIT MEMBER 1.0 0.0 X 0 0 0 PETER G STRELOW MEMBER 2.0 0.0 X 0 0 0 WILLIAM W STRICKLAND JR MEMBER 1.0 0.0 X 0 0 0 GARY TENKMAN 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 RONALD E TOUPIN JR MEMBER 1.0 0.0 X 0 0 0 WILLIAM F TRUSCOTT MEMBER 2.0 0.0 X 0 0 0 DAWN VROEGOP MEMBER 1.0 0.25 X 0 0 0 GEORGE H WALKER MEMBER 2.0 0.0 X 0 0 0 8891577 0 706581 102 false true false ENDLESS EVENTS 11201 N TATUM BLVD STE 300 82963 PHOENIX AZ 85028 EVENT MANAGEMENT 1674419 DECHERT LLP POBOX 7247-6643 PHILADELPHIA PA 19170 LEGAL SERVICES 439214 PRICEWATERHOUSECOOPERS LLP 4040 W B0Y SCOUT BLVD TAMPA FL 33607 AUDIT/CONSULTING 419988 ROPES GRAY LLP PO BOX 70280 PHILADELPHIA PA 19176 LEGAL SERVICES 356774 IPSOS PUBLIC AFFAIRS LLC PO BOX 360609 PITTSBURGH PA 15251 RESEARCH SERVICES 262300 20 73033661 73033661 CONFERENCE & WORKSHOPS 900099 4968273 4968273 SUBSCRIPTION SERVICES 900099 886457 886457 FEE BASED BUSINESS INCOME 900099 378118 378118 6232848 4217738 4217738 0 806950 806950 637753 637753 0 637753 637753 25448117 26240970 -792853 -792853 -792853 0 0 0 0 0 0 0 0 0 MISCELLANEOUS INCOME 900099 66 66 84136163 6232848 0 4869588 200000 0 0 0 6096620 0 31203495 4076459 4852407 1855350 0 3072885 342852 1594784 0 0 0 0 912233 2796757 0 4722883 936523 0 6719922 0 0 1418678 297908 RESEARCH INFORMATION SERVICES 950943 LOBBY PROXY TAX 921637 UNRELATED BUSINESS INC. TAX 250 EXCISE TAX 348016 3810246 77130848 1717269 1607806 0 0 0 0 2800740 2248884 0 0 0 0 0 0 0 0 2704114 3440568 19275914 5377718 1391986 13898196 75171390 81642757 0 0 0 0 0 0 48705664 45835986 132491163 148674197 21986859 23283369 0 0 870314 1320450 0 0 0 0 0 0 0 0 0 0 54493175 60970103 77350348 85573922 X 55140815 63100275 0 0 55140815 63100275 132491163 148674197 X 7005315 921978 32167 X false true X true false false false false 73033661 4414438 4414438 4414438 10765150 749005 10016145 8510764 4628713 3882051 13898196 LEASE RIGHT OF USE ASSETS 42314390 OTHER ASSETS 3521596 CONSTRUCTION IN PROGRESS 0 45835986 0 LEASE LIABILITIES 60970103 60970103 X 85058141 921978 921978 84136163 84136163 77130848 77130848 77130848 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, 2023. Europe (Including Iceland and Greenland) 2 6 Program Services SEE PART V 2527928 East Asia and the Pacific 1 1 Program Services SEE PART V 95373 3 7 3 7 2623301 2623301 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) 200000 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 true true X X X X X false false false ERIC J PAN PRESIDENT & CEO 1414699 0 1050000 0 23381 0 36600 0 33516 0 2558196 0 0 0 SUSAN M OLSON GENERAL COUNSEL 736240 0 295000 0 10473 0 36600 0 23630 0 1101943 0 0 0 DONALD C AUERBACH CHIEF OPERATING OFFICER 653661 0 275000 0 22583 0 36600 0 26260 0 1014104 0 0 0 MICHAEL N PEDRONI CHIEF GLOBAL AFFAIRS OFFICER 540947 0 120000 0 19229 0 36600 0 30154 0 746930 0 0 0 DAVID M ABBEY DEPUTY GENERAL COUNSEL 469089 0 84000 0 9131 0 36600 0 0 0 598820 0 0 0 KEITH D LAWSON DEPUTY GENERAL COUNSEL 466612 0 80000 0 15231 0 36600 0 26360 0 624803 0 0 0 JOHN J EMLING CHIEF GOVT. AFFAIRS OFFICER 464212 0 139000 0 15431 0 36600 0 29899 0 685142 0 0 0 DOROTHY M DONOHUE DEPUTY GENERAL COUNSEL 457040 0 145000 0 9210 0 36600 0 33415 0 681265 0 0 0 SEAN S COLLINS CHIEF ECONOMIST 427827 0 155000 0 9210 0 36600 0 33816 0 662453 0 0 0 RACHEL H GRAHAM SECRETARY 385715 0 15000 0 6837 0 36600 0 33415 0 477567 0 0 0 MARK A DELCOCO CFO/TREASURER 307368 0 60500 0 8951 0 36600 0 33516 0 446935 0 0 0 SCHEDULE J, LINE 1A: PERSONAL SERVICES: THE ONLY PERSONAL SERVICE THAT IS PROVIDED IS FINANCIAL PLANNING TO DONALD C. AUERBACH, ERIC J. PAN, JOHN J. EMLING, AND MICHAEL N. PEDRONI. THIS AMOUNT IS INCLUDED IN TAXABLE INCOME. PART I, LINE 1 TO STRENGTHEN THE FOUNDATION OF THE ASSET MANAGEMENT INDUSTRY FOR THE ULTIMATE BENEFIT OF THE LONG-TERM INDIVIDUAL INVESTOR. MEMBERS INCLUDE MUTUAL FUNDS, EXCHANGE-TRADED FUNDS (ETFS), CLOSED-END FUNDS, AND UNIT INVESTMENT TRUSTS (UITS) IN THE UNITED STATES, AND SIMILAR FUNDS OFFERED TO INVESTORS IN EUROPE, ASIA AND OTHER JURISDICTIONS. PART VI, LINE 2 THE FOLLOWING BOARD MEMBERS HAVE BUSINESS RELATIONSHIPS BY SERVING TOGETHER ON THE SAME MUTUAL FUND BOARD: KARLA RABUSCH AND DOUGLAS SIEG, KATHLEEN BARR AND STEVEN PAGGIOLI, KATHLEEN BARR, AND STEPHANIE BRAMING. THE FOLLOWING BOARD MEMBERS AND OFFICERS HAVE A BUSINESS RELATIONSHIP BY SERVING TOGETHER ON THE ICI MUTUAL BOARD OF DIRECTORS: YIE-HSIN HUNG, DAVID OESTREICHER, DIANA HERRMANN, AND ERIC PAN. PART VI, LINE 4 THE INSTITUTE'S BY-LAWS WERE CHANGED TO REMOVE MEMBERSHIP DUES AND THE TERMS OF THEIR PAYMENT FROM THE BY-LAWS; NOW MEMBERSHIP DUES AND THE TERMS OF THEIR PAYMENT ARE SUBJECT TO APPROVAL BY THE BOARD OF GOVERNORS, NOT INSTITUTE MEMBERS. PART VI, LINE 6 THE INVESTMENT COMPANY INSTITUTE ("THE INSTITUTE") 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 ICI AUDIT COMMITTEE FOR REVIEW AND APPROVAL. AFTER THE AUDIT COMMITTEE'S APPROVAL, ICI PROVIDES A COMPLETE COPY OF THE FORM 990 TO ALL MEMBERS OF ITS BOARD OF GOVERNORS BEFORE FILING THE FORM. 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, GOVERNING DOCUMENTS, AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. LINE XI, LINE 9 ACTUARIAL PENSION/POSTRETIREMENT PLAN GAIN $ 540,540 LOSS ON FOREIGN CURRENCY CONVERSION $(119,282) OTHER COMPONENTS OF NET PERIODIC COST $(389,091) 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 ICI EDUCATION FOUNDATION B 200000 CASH