2024-11-12T14:07:49-06:00 2023-12-31 420714325 RSM US LLP 1001 WATER ST STE 500 TAMPA FL 33602 990 2023-01-01 462258052 STRUCTURED FINANCE INDUSTRY GROUP INC STRU 2025246300 1776 I STREET NW 501 WASHINGTON DC 20006 COVELL ADAMS CHIEF OPERATING OFFICER 2025246300 2024-11-11 1 0 KRISTEN BARNETT P01234578 8133162300 2024-11-06 2023 2024-10-15 13:58:12Z STRUCTURED FINANCE ASSOCIATION MICHAEL BRIGHT 1776 I STREET NW 501 WASHINGTON DC 20006 14533327 0 X WWW.STRUCTUREDFINANCE.ORG X 2013 DE STRUCTURED FINANCE ASSOCIATION WAS ESTABLISHED WITH THE CORE MISSION OF SUPPORTING A ROBUST AND LIQUID SECURITIZATION MARKET, RECOGNIZING THAT SECURITIZATION IS AN ESSENTIAL SOURCE OF CORE FUNDING FOR THE REAL ECONOMY. 37 37 25 3500 0 0 0 0 11913822 14046498 109520 483315 2592 3514 12025934 14533327 0 0 0 0 5806236 6661460 0 0 0 4120121 5071896 9926357 11733356 2099577 2799971 20156726 24551087 9531071 10903432 10625655 13647655 STRUCTURED FINANCE ASSOCIATION WAS ESTABLISHED WITH THE CORE MISSION OF SUPPORTING A ROBUST AND LIQUID SECURITIZATION MARKET, RECOGNIZING THAT SECURITIZATION IS AN ESSENTIAL SOURCE OF CORE FUNDING FOR THE REAL ECONOMY. 0 0 EDUCATING MEMBERS, LEGISLATORS, REGULATORS, AND OTHER CONSTITUENCIES ABOUT STRUCTURED FINANCE, SECURITIZATION, AND RELATED CAPITAL MARKETS THROUGH (BUT NOT LIMITED TO) SFA-PRODUCED MATERIALS, PRESENTATIONS, FORUMS, AND CONFERENCES. BUILDING THE BROADEST POSSIBLE CONSENSUS AMONG MEMBERS ON POLICY, LEGAL, REGULATORY, AND OTHER MATTERS AFFECTING OR POTENTIALLY AFFECTING THE STRUCTURED FINANCE, SECURITIZATION, AND RELATED CAPITAL MARKETS. ADVOCATING ON BEHALF OF THE STRUCTURED FINANCE AND SECURITIZATION INDUSTRY WITH RESPECT TO POLICY, LEGAL, REGULATORY, AND OTHER MATTERS AFFECTING OR POTENTIALLY AFFECTING THE STRUCTURED FINANCE, SECURITIZATION, AND RELATED CAPITAL MARKETS. 0 0 0 1 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 31 0 1 25 1 0 0 0 0 1 1 0 0 0 X 37 37 0 0 1 0 1 0 0 1 0 0 0 0 1 0 1 0 0 1 1 0 X COVELL ADAMS COO 2025246300 1776 I STREET NW 501 WASHINGTON DC 20006 PAT SCHULZE CHAIR (UNTIL 12/2023) 1.50 1.00 X X 0 0 0 NANCY MUELLER HANDAL VICE CHAIR / CHAIR (FROM 12/2023) 1.50 1.00 X X 0 0 0 DONEENE DAMON DIR. - E.C./VICE CHAIR(FROM 12/2023) 1.50 X X 0 0 0 MARLO YOUNG SECRETARY 1.50 X X 0 0 0 ANDREW DAVIDSON TREASURER (UNTIL 12/2023) 1.50 1.50 X X 0 0 0 AASHH PAREKH DIRECTOR / TREASURER (FROM 12/2023) 1.50 1.50 X X 0 0 0 MICHAEL BROWN DIRECTOR - EXECUTIVE COMMITTEE 1.00 X 0 0 0 JENNIFER DOYLE DIRECTOR - EXECUTIVE COMMITTEE 1.00 X 0 0 0 ARMANDO FALCON DIRECTOR - EXECUTIVE COMMITTEE 1.00 X 0 0 0 KYRA FECTEAU DIRECTOR - EXECUTIVE COMMITTEE 1.00 X 0 0 0 SHELI FITZGERALD DIRECTOR - EXECUTIVE COMMITTEE 1.00 X 0 0 0 FERRA AZEEZ-MELLAND DIRECTOR 1.00 X 0 0 0 PHILIP BALES DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 BILL BANFIELD DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 NATALEE BINKHOLDER DIRECTOR 1.00 X 0 0 0 JON BOSWELL DIRECTOR 1.00 X 0 0 0 BETH ANN BOVINO DIRECTOR (UNTIL 5/2023) 1.00 X 0 0 0 MATT BUCKLEY DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 MICHAEL CANTER DIRECTOR 1.00 X 0 0 0 JOHN CLEMENTS DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 WENDY COHN DIRECTOR 1.00 X 0 0 0 DAVID ELLS DIRECTOR 1.00 X 0 0 0 VANDY FARTAJ DIRECTOR (UNTIL 7/2023) 1.00 X 0 0 0 TJ GORDON DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 MATTHEW HAYS DIRECTOR 1.00 X 0 0 0 COURTNEY HOUSTON-CARTER DIRECTOR (UNTIL 7/2023) 1.00 X 0 0 0 NATASHA KADEN DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 ADAMA KAH DIRECTOR 1.00 X 0 0 0 KAREN KAUL DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 SONG KIM DIRECTOR 1.00 X 0 0 0 ALBERTA KNOWLES DIRECTOR 1.00 X 0 0 0 BERNADETTE KOGLER DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 MIA KOO DIRECTOR 1.00 X 0 0 0 DAVE KUCERA DIRECTOR 1.00 X 0 0 0 ELIZA KWONG DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 ANDI MANDELL DIRECTOR 1.00 X 0 0 0 AMY MCDANIEL WILLIAMS DIRECTOR 1.00 X 0 0 0 MARK MICHAEL DIRECTOR 1.00 X 0 0 0 STEVE MOFFITT DIRECTOR 1.00 X 0 0 0 MICHELE OLDS DIRECTOR 1.00 X 0 0 0 RYAN STARK DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 CHARLIE SWEET DIRECTOR 1.00 X 0 0 0 BRYAN TSU DIRECTOR 1.00 X 0 0 0 GREG WESTON DIRECTOR (UNTIL 12/2023) 1.00 X 0 0 0 WILLIAM CHANG DIRECTOR (FROM 6/2023) 1.00 X 0 0 0 LORITTA CHENG DIRECTOR (FROM 6/2023) 1.00 X 0 0 0 PATRICK DOLAN DIRECTOR (FROM 6/2023) 1.00 X 0 0 0 JOANNE GASKIN DIRECTOR (FROM 6/2023) 1.00 X 0 0 0 ROSEMARY KELLEY DIRECTOR (FROM 6/2023) 1.00 X 0 0 0 RICH LAWRENCE DIRECTOR (FROM 6/2023) 1.00 X 0 0 0 MATTHEW MARTEL DIRECTOR (FROM 6/2023) 1.00 X 0 0 0 JENNIFER THOMAS DIRECTOR (FROM 6/2023) 1.00 X 0 0 0 JASON VALENTINO DIRECTOR (FROM 6/2023) 1.00 X 0 0 0 MICHAEL BRIGHT CHIEF EXECUTIVE OFFICER 39.00 1.00 X 1265779 0 48371 COVELL ADAMS CHIEF OPERATING OFFICER 40.00 X 691710 0 69014 KRISTI LEO PRESIDENT (UNTIL 6/2023) 39.00 1.00 X 1127727 0 21310 SCOTT FRAME CHIEF ECONOMIST 40.00 X 368924 0 21957 ELEN CALLAHAN HEAD OF RESEARCH 40.00 X 428647 0 60383 LESLIE SACK HEAD OF GOVERNMENT RELATIONS 39.00 1.00 X 357330 0 60511 DALLIN MERRILL SENIOR DIRECTOR RMBS POLICY 40.00 X 271352 0 58345 ANNE RAWNSLEY CONTROLLER 40.00 X 180171 0 16049 4691640 0 355940 13 0 1 0 BGR GOVERNMENT AFFAIRS LLC 601 13TH STREET NW WASHINGTON DC 20005 PUBLIC RELATIONS CONSULTING 872069 CVENT 1765 GREENSBORO STATION PL 7TH FL TYSONS CORNER VA 22102 EVENTS CONSULTING & SERVICES 356703 MORGAN LEWIS & BOCKIUS LLP 1701 MARKET STREET PHILADELPHIA PA 19103 LEGAL SERVICES 224084 HARRY WALKER AGENCY 355 LEXINGTON AVE 21ST FLOOR NEW YORK NY 10017 SPEAKER AT EVENT 220164 LUMENS AV 6626 WABASH ST SUITE B CHINO CA 91710 AUDIO-VISUAL SERVICES 166015 8 CONFERENCE REVENUE 900099 7379863 2353990 5025873 MEMBERSHIP DUES 900099 6666635 6666635 14046498 483315 483315 OTHER INCOME 900099 3514 3514 3514 14533327 9020625 0 5512702 3223911 2708058 113909 358476 257106 200987 56479 405000 428107 883706 63913 137849 563616 240588 1688641 40756 7045 COMMENT LETTERS 174013 DUES, LICENSES AND SUBS 117861 OTHER EXPENSES 63335 11733356 18212993 22814112 24450 0 280282 609098 515043 439202 93567 75841 1545434 1052036 20156726 24551087 1465802 1481033 6284498 8224476 1780771 1197923 9531071 10903432 X 10625655 13647655 10625655 13647655 20156726 24551087 2799971 222029 0 X 0 1 X 1 0 0 0 1 6666635 956794 -545106 411688 2535680 -2123992 515043 439202 75841 75841 DUE TO THE FOUNDATION 45 LEASE LIABILITY, NET - OPERATING 1197878 1197923 X 14932492 222029 177136 399165 14533327 0 14533327 11872829 139473 139473 11733356 0 11733356 PART X, LINE 2: SFA AND SFC HAVE BEEN APPROVED FOR TAX EXEMPT STATUS UNDER SECTION 501(C)(6) AND THE FOUNDATION HAS BEEN APPROVED FOR TAX EXEMPT STATUS UNDER 501(C)(3) OF THE CODE AND HAS BEEN DETERMINED TO NOT BE A PRIVATE FOUNDATION. SFC PAC IS EXEMPT FROM THE PAYMENT OF INCOME TAXES UNDER SECTION 527(F)(3) OF THE CODE ON ITS EXEMPT ACTIVITIES INCOME. NO SIGNIFICANT UNRELATED BUSINESS INCOME TAX EXPENSE HAS BEEN RECOGNIZED IN THESE CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT EVALUATED EACH ENTITY'S TAX POSITION AND CONCLUDED THAT THE ENTITIES HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION IN THE CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RELATED ENTITY REVENUE INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 177,136. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED ENTITY EXPENSES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 139,473. X X X X 1 0 0 MICHAEL BRIGHT CHIEF EXECUTIVE OFFICER 714571 0 550000 0 1208 0 19800 0 28571 0 1314150 0 0 0 KRISTI LEO PRESIDENT (UNTIL 6/2023) 306479 0 250000 0 571248 0 10525 0 10785 0 1149037 0 0 0 COVELL ADAMS CHIEF OPERATING OFFICER 475502 0 215000 0 1208 0 19800 0 49214 0 760724 0 0 0 ELEN CALLAHAN HEAD OF RESEARCH 360185 0 65000 0 3462 0 13988 0 46395 0 489030 0 0 0 LESLIE SACK HEAD OF GOVERNMENT RELATIONS 306525 0 50000 0 805 0 11850 0 48661 0 417841 0 0 0 SCOTT FRAME CHIEF ECONOMIST 366666 0 0 0 2258 0 19250 0 2707 0 390881 0 0 0 DALLIN MERRILL SENIOR DIRECTOR RMBS POLICY 225609 0 45000 0 743 0 13895 0 44450 0 329697 0 0 0 ANNE RAWNSLEY CONTROLLER 161904 0 17500 0 767 0 9888 0 6161 0 196220 0 0 0 PART I, LINE 4A A FORMER EMPLOYEE RECEIVED A SEVERANCE PAYMENT DURING THE CALENDAR YEAR. THE PAYMENT IS INCLUDED IN PART VII, COLUMN D AND SCHEDULE J, PART II, COLUMN BIII. THE TERMS AND CONDITIONS OF THE CONFIDENTIAL AGREEMENT ARE AVAILABLE ONLY TO THE INTERNAL REVENUE SERVICE UPON REQUEST. FORM 990, PART I, LINE 6, NUMBER OF VOLUNTEERS: WE ARE A MEMBER DRIVEN ORGANIZATION, AND OUR COMMENT LETTERS REFLECT THE OPINIONS OF OUR MEMBERSHIP. INDIVIDUALS CONTRIBUTING THEIR OPINIONS MAY BE APPROXIMATELY 3,500. FORM 990, PART VI, SECTION A, LINE 4 THE CHANGES MADE TO THE BY-LAWS UPDATE AND CLARIFY THE NUMBERS AND ROLES OF THE DIRECTORS SERVING ON THE BOARD, THE ROLES AND RESPONSIBILITIES OF THE EXECUTIVE OFFICERS, AND THE ROLES AND RESPONSIBILITIES OF ELECTED OFFICERS. COMMITTEES OF THE BOARD (STANDING COMMITTEES) ARE CLARIFIED AND REFINED. FORM 990, PART VI, SECTION A, LINE 6 STRUCTURED FINANCE ASSOCIATION HAD APPROXIMATELY 360 MEMBERS AS OF DECEMBER 31, 2023. THERE ARE TWO TYPES OF CLASSES AS DEFINED IN THE BY-LAWS. PRIMARY MEMBERSHIPS ARE OPEN TO INSTITUTIONAL CORPORATIONS AND ASSOCIATE MEMBERSHIPS ARE OPEN TO INDIVIDUALS (NON-VOTING RIGHTS). FORM 990, PART VI, SECTION A, LINE 8B STRUCTURED FINANCE ASSOCIATION HAD 37 INSTITUTIONAL MEMBERS ON ITS BOARD AS OF DECEMBER 31, 2023, MOST OF WHOM SERVE ON ONE OR MORE COMMITTEES. ACTIONS TAKEN BY THE STANDING COMMITTEES AS DEFINED IN THE BYLAWS ARE APPROVED BY BOD DURING THE QUARTERLY MEETINGS FORM 990, PART VI, SECTION B, LINE 11B THE CHIEF OPERATING OFFICER REVIEWS THE 990 IN DETAIL WITH THE CONTROLLER PRIOR TO FILING; GENERAL REVIEW IS CONDUCTED BY THE CEO AND THE CHAIR OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C PER OUR BYLAWS ARTICLE VIII, COMMITTEES, SECTION 5, QUORUM & VOTING - IF A MEMBER IS COMPRISED OF MULTIPLE ENTITIES, EACH PERFORMING AN INDEPENDENT FUNCTION (E.G. FINANCIAL GUARANTOR, ISSUER, BROKER/DEALER, INVESTOR, ETC.), SUCH MEMBER'S REPRESENTATIVES SHALL BE ENTITLED TO VOTE ON MORE THAN ONE MEMBER COMMITTEE; PROVIDED THAT SUCH MEMBER, WITH REGARD TO THE COMMITTEE AT ISSUE, DOES NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE SUBJECT MATTER OF THE RELEVANT VOTE INCLUDING, FOR EXAMPLE, ON ACCOUNT OF THE CONTROL OF ONE RELATED ENTITY BY ANOTHER OR THE OVERWHELMING INTEREST OF THE INSTITUTION AS A WHOLE. ANY COMMITTEE MEMBER WHO BELIEVES THAT ANOTHER COMMITTEE MEMBER HAS BEEN IMPROPERLY PERMITTED TO VOTE ON A MATTER WHERE THE RELEVANT MEMBER HAS SUCH CONFLICT OF INTEREST MAY APPEAL SUCH CONFLICTED COMMITTEE MEMBER'S VOTE TO THE CEO, WHO SHALL REVIEW AND DECIDE WHETHER TO PERMIT THE VOTE TO COUNT, IN CONSULTATION WITH THE EXECUTIVE COMMITTEE. THE DECISION OF THE CEO, IN CONSULTATION WITH THE EXECUTIVE COMMITTEE, SHALL BE CONCLUSIVE AND BINDING AND APPEALABLE SOLELY TO THE CONFLICT RESOLUTION COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 STRUCTURED FINANCE INDUSTRY GROUP HAS ORGANIZED A COMPENSATION COMMITTEE THAT CONSISTS OF SEVEN (7) MEMBERS: AT LEAST FOUR (4) MEMBERS OF THE BOARD, OF WHICH AT LEAST TWO (2) OF WHOM SHALL NOT BE OFFICERS, AND UP TO TWO (2) NON-BOARD MEMBER REPRESENTATIVES. THE COMPENSATION STRUCTURE FOR SFIG IS TO A DEGREE DISCRETIONARY, DUE TO THE REQUIREMENTS OF STAFF NEEDING TO APPLY A SIGNIFICANT DEGREE OF STRUCTURED FINANCE EXPERTISE COMBINED WITH SKILLSETS RELATED TO D.C. ADVOCACY WITHIN A NON-PROFIT/TRADE ORGANIZATION STRUCTURE. THIS HYBRID EXPERIENCE REQUIREMENT MAKES SPECIFIC BENCHMARKING DIFFICULT IN THAT THE AVAILABILITY OF RELEVANT PUBLIC DATA IS EXTREMELY LIMITED. AS SUCH, THE ORGANIZATION RELIES UPON THE DEEP EXPERIENCE PROVIDED VIA THE MEMBERS OF THE COMPENSATION COMMITTEE ACROSS MULTIPLE INDUSTRY PLATFORMS, GIVING REGARD TO THE FOLLOWING FIVE KEY FACTORS: I) KNOWLEDGE OF EXISTING COMPENSATION FOR SUCCESSFUL CANDIDATES (BENCHMARKING TO SIMILAR POSITIONS), II) KNOWLEDGE OF REQUIRED COMPENSATION FOR ALL VIABLE CANDIDATES (I.E., THOSE SELECTED FOR INTERVIEW (RANGE BOUNDING COMPENSATION), III) REFERENCE TO BUDGET BASED OFF ASSESSMENT OF ACHIEVEMENT OF INDIVIDUAL, DEPARTMENTAL AND CORPORATE GOALS THAT ARE ESTABLISHED ANNUALLY, IV) REFERENCE TO GENERALLY "WELL-KNOWN" FINANCIAL SERVICES COMPENSATION MODELS, AND V) BENCHMARK AGAINST OTHER ASSOCIATIONS OF SIMILAR SIZE AND NATURE WITH SPECIFIC EMPHASIS ON KEY RATIOS SUCH AS SALARIES TO INCOME, SALARIES TO PROFITS, SALARIES TO MEMBERSHIP FEES. THE PROCESS ALSO APPLIES TO OTHER OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE UPON EMAIL REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). BY-LAWS ARE AVAILABLE TO MEMBERS ONLY, BY EMAIL REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). SFIG FOUNDATION INC 1776 I STREET NW STE 501 WASHINGTON DC 20006 813982260 CHARITABLE ORGANIZATION NY 501(C)(3) LINE 12A, I STRUCTURED FINANCE INDUSTRY GROUP INC 1 STRUCTURED FINANCE COALITION INC 1776 I STREET NW STE 501 WASHINGTON DC 20006 815393177 TRADE ASSOCIATION DE 501(C)(6) STRUCTURED FINANCE INDUSTRY GROUP INC 1 STRUCTURED FINANCE COALITION INC POLITICAL ACTION COMMITTEE 1776 I STREET NW STE 501 WASHINGTON DC 20006 815400419 PAC DE 527 STRUCTURED FINANCE COALITION INC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 SFIG FOUNDATION O 161900 TIMESHEETS STRUCTURED FINANCE COALITION INC O 185503 TIMESHEETS