2023-10-16T08:59:09-05:00 2022-12-31 366055558 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2022-01-01 135562321 PRACTISING LAW INSTITUTE PRAC 2128245700 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 SHARON L CRANE PRESIDENT 2128245700 2023-10-13 1 SHARON CRANE XXX-XX-XXXX 0 DANIEL ROMANO P00504182 2125990100 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SHARON L CRANE 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 109100767 0 X WWW.PLI.EDU X 1933 NY PRACTISING LAW INSTITUTE (THE "INSTITUTE") PROVIDES THE LEGAL COMMUNITY WITH CONTINUING PROFESSIONAL EDUCATION THROUGH LECTURE PROGRAMS, PUBLICATIONS AND EDUCATIONAL SOFTWARE. 21 21 340 4324 0 0 4795 0 93828918 98888610 13570549 3960311 1769222 1392599 109173484 104241520 25002053 23553741 0 0 42837272 46637737 0 0 0 26449282 29312562 94288607 99504040 14884877 4737480 169437578 183860951 77628986 103550278 91808592 80310673 X PRACTISING LAW INSTITUTE IS A NONPROFIT LEARNING ORGANIZATION DEDICATED TO KEEPING ATTORNEYS AND OTHER PROFESSIONALS AT THE FOREFRONT OF KNOWLEDGE AND EXPERTISE, AS WELL AS PREPARING THEM TO FULFILL THEIR PRO BONO RESPONSIBILITIES. (SEE SCHEDULE O) 0 0 77628464 23553741 91720744 PROGRAMS: IN 2022, THE INSTITUTE PROVIDED LIVE SEMINARS, LIVE WEBCASTS, ON-DEMAND SEMINARS, AND AUDIO AND VIDEO DOWNLOADS. APPROXIMATELY 1,023,505 CONTINUING EDUCATION ACCREDITATION CERTIFICATES WERE PROCESSED FOR THESE PROGRAMS. 14019382 0 8560465 PUBLISHING SERVICES SUPPLEMENT THE SEMINARS OFFERED BY THE INSTITUTE TO PROVIDE THE MOST UP-TO-DATE, RELEVANT INFORMATION AND RESOURCE MATERIALS. ANNUALLY THE INSTITUTE PROVIDES COURSE HANDBOOKS, TREATISES, AND SUPPLEMENTS WHICH ARE IMPORTANT IN PROVIDING THE LEGAL COMMUNITY AND ALLIED PROFESSIONALS WITH THE TOOLS TO STAY ABREAST OF NEW LEGAL DEVELOPMENTS. IN 2022, THERE WERE 263 COURSE HANDBOOKS, 40 TREATISES AND ANSWER BOOKS, AND 82 TREATISES SUPPLEMENTS RELEASES ISSUED. 133 TREATISES WERE AVAILABLE FOR DOWNLOAD ON THE KINDLE DIGITAL READER. OTHER REVENUE INCLUDES PLI PLUS (AN ONLINE DATABASE). 91647846 1 0 0 0 0 0 0 1 0 0 1 1 0 1 1 1 1 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 265 0 1 340 1 0 0 0 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA NY X X EMILIA SIMA 2125908835 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 DAWSON HORN BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 PIERRE GENTIN BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 MEI LIN KWAN-GETT BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 CARMEN J LAWRENCE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 HON MARC MARMARO BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 TROY A MCKENZIE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 TIFFANY MOLLER BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 ELLEN M COSGROVE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 LYNN NEUNER BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 TAMMY ROY BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 SAMUEL SEYMOUR BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 HON ELIZABETH S STONG BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 JOHN W WHITE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 PHILIP BRYCE BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 HON DIANNE RENWICK BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 ADRIAN DOLLARD BOARD OF TRUSTEES 1.00 0.00 X 0 0 0 NOGA ROSENTHAL BOARD OF TRUSTEES (AS OF 4/22) 1.00 0.00 X 0 0 0 ROBERT P BARTLETT III BOARD OF TRUSTEES (AS OF 4/22) 1.00 0.00 X 0 0 0 KATHERINE J STOLLER BOARD OF TRUSTEES (AS OF 4/22) 1.00 0.00 X 0 0 0 JONATHAN FORREST BOARD OF TRUSTEES (AS OF 9/22) 1.00 0.00 X 0 0 0 FREDERICK P SCHAFFER BOARD OF TRUSTEES (THRU 4/22) 1.00 0.00 X 0 0 0 GREGORY C SWINEHART BOARD OF TRUSTEES (THRU 4/22) 1.00 0.00 X 0 0 0 JOHN S SIFFERT BOARD OF TRUSTEES (THRU 4/22) 1.00 0.00 X 0 0 0 CAROL ANNE BEEN BOARD OF TRUSTEES (THRU 4/22) 1.00 0.00 X 0 0 0 DEVEREUX CHATILLON CHAIR OF THE BOARD 1.00 0.00 X X 0 0 0 ALAN G COHEN CHIEF BUSINESS OFFICER 40.00 0.00 X 364071 0 41757 EMILIA SIMA CHIEF FINANCIAL OFFICER (AS OF 4/22) 40.00 0.00 X 277601 0 42341 CHRISTOPHER ROUSSEAU CHIEF INFORMATION OFFICER 40.00 0.00 X 395409 0 72961 SHARON L CRANE PRESIDENT 40.00 0.00 X 719666 0 1357 SAMANTHA GOLDSBERRY SECRETARY TO THE BOARD 40.00 0.00 X 75868 0 21128 JOAN D STERNBERG SR VP, HUMAN RESOURCES & FACILITIES 40.00 0.00 X 334027 0 55122 CRAIG A MILLER SR VP, MEMBERSHIP & ACCREDITATION 40.00 0.00 X 430746 0 80967 DAVID M SMITH VP MARKETING & COMMUNICATIONS 40.00 0.00 X 332922 0 74924 KARA O'BRIEN VP, PROGRAM 40.00 0.00 X 290610 0 70242 MARK D DIGHTON DIRECTOR OF PATENT OFFICE 40.00 0.00 X 251477 0 41535 SYLVIA ABADIER DIRECTOR, MEMBERSHIP SALES 40.00 0.00 X 301005 0 70276 JANET SIEGEL DIRECTOR, PROBONO SERVICES 40.00 0.00 X 259387 0 49153 GEORGE M WILSON DIRECTOR, SEC INSTITUTE 40.00 0.00 X 369982 0 74898 JAMES SCAFIDI GLOBAL DIR., MEMB. 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GAIN FROM INSURANCE CLAIM - 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 1,000,000. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 106466 0 16465283 8000614 8464669 15139082 13104338 2034744 40364066 27954722 12409344 22908757 ALTERNATIVE MUTUAL FUNDS 47855820 F HEDGE FUNDS 9844535 F PRIVATE EQUITY 208038 F 57908393 OPERATING LEASE RIGHT OF USE ASSET 29885936 29885936 LEASE LIABILITY 37964216 ACCRUED POST-RETIREMENT BENEFITS 12208000 50172216 X 58742226 -22486379 -23553741 -46040120 104782346 541238 -1082064 -540826 104241520 76491125 1082064 1082064 75409061 541238 23553741 24094979 99504040 PART III, LINE 4: THE ARTWORK HELD BY PLI CONSISTS OF PORTRAITS OF THE FOUNDER AND FORMER BOARD MEMBERS OF PLI. THE PORTRAITS WERE PREVIOUSLY DISPLAYED IN PLI CONFERENCE ROOMS BUT ARE IN STORAGE CURRENTLY. PART X, LINE 2: THE INSTITUTE 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 INSITUTE IS EXEMPT FROM FEDERAL INCOME TAX UNDER IRC SECTION 501(C)(3), THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. PLI 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 INSTITUTE HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED FROM REVENUE -23,553,741. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -1,082,064. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 1,082,064. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS NETTED FROM REVENUE 23,553,741. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 11337767 0 0 0 0 0 0 11337767 0 11337767 0 0 1 0 0 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART IV THE INSTITUTE HOLDS INVESTMENTS IN VARIOUS HEDGE FUNDS THAT ARE INCORPORATED IN FOREIGN JURISDICTIONS AND VARIOUS UNITED STATES LIMITED PARTERNSHIPS THAT MAY MAKE INVESTMENTS IN FOREIGN CORPORATIONS. WHILE THE INSTITUTE DOES HAVE AN OWNERSHIP INTEREST IN A FOREIGN CORPORATION AND IS, THEREFORE, REQUIRED TO MARK QUESTION 3 YES, ITS OWNERSHIP PERCENTAGE DOES NOT REACH THE THRESHOLD REQUIRED TO FILE A FORM 5471. TO THE EXTENT THE INSITUTE IS REQUIRED TO FILE ANY OF THE FORMS LISTED IN PART IV, THEY WILL BE ATTACHED TO A FORM 990-T FILING. 1 COURSE/PROGRAM SCHOLARSHIPS 16784 23553741 FMV PLI PRODUCTS SCHEDULE I, PART I, LINE 2 THE SCHOLARSHIPS ARE MONITORED BY MEMBERS OF THE PRO BONO DEPARTMENT. APPLICATIONS ARE SUBMITTED NO LATER THAN 4 WEEKS PRIOR TO THE START OF THE SERVICE. APPLICATIONS ARE AWARDED BASED ON THE CRITERIA ESTABLISHED BY THE COMMITTEE. NOTIFICATIONS OF SCHOLARSHIPS ARE FORWARDED TO THE APPLICANT PRIOR TO THE START OF THE SERVICE. X X X X X 0 1 0 1 0 0 0 1 0 SHARON L CRANE PRESIDENT 718436 0 0 0 1230 0 0 0 1357 0 721023 0 0 0 CRAIG A MILLER SR VP, MEMBERSHIP & ACCREDITATION 320940 0 109806 0 0 0 42661 0 38306 0 511713 0 0 0 CHRISTOPHER ROUSSEAU CHIEF INFORMATION OFFICER 395409 0 0 0 0 0 39673 0 33288 0 468370 0 0 0 GEORGE M WILSON DIRECTOR, SEC INSTITUTE 369982 0 0 0 0 0 30500 0 44398 0 444880 0 0 0 JAMES SCAFIDI GLOBAL DIR., MEMB. SALES & A/C SVCS. 231631 0 106034 0 0 0 30500 0 39918 0 408083 0 0 0 DAVID M SMITH VP MARKETING & COMMUNICATIONS 332922 0 0 0 0 0 33937 0 40987 0 407846 0 0 0 ALAN G COHEN CHIEF BUSINESS OFFICER 364071 0 0 0 0 0 36387 0 5370 0 405828 0 0 0 JOAN D STERNBERG SR VP, HUMAN RESOURCES & FACILITIES 334027 0 0 0 0 0 32875 0 22247 0 389149 0 0 0 SYLVIA ABADIER DIRECTOR, MEMBERSHIP SALES 152733 0 148272 0 0 0 30500 0 39776 0 371281 0 0 0 KARA O'BRIEN VP, PROGRAM 290610 0 0 0 0 0 30000 0 40242 0 360852 0 0 0 EMILIA SIMA CHIEF FINANCIAL OFFICER (AS OF 4/22) 277601 0 0 0 0 0 27938 0 14403 0 319942 0 0 0 JANET SIEGEL DIRECTOR, PROBONO SERVICES 259387 0 0 0 0 0 25025 0 24128 0 308540 0 0 0 MARK D DIGHTON DIRECTOR OF PATENT OFFICE 251477 0 0 0 0 0 24981 0 16554 0 293012 0 0 0 PART I, LINE 4B SUPPLEMENTATION NONQUALIFIED RETIREMENT PLANS THE FOLLOWING INDIVIDUALS PARTICIPATED IN THE 457(F) PLAN BUT DID NOT RECEIVE A PAYOUT IN 2022. DAVID SMITH CRAIG MILLER CHRISTOPHER ROUSSEAU JOAN STERNBERG ALAN COHEN PART I, LINE 5 COMPENSATION CONTINGENT ON REVENUE THE PRACTISING LAW INSTITUTE PAID ADDITIONAL COMPENSATION TO THE FOLLOWING INDIVIDUALS REPORTED ON SCHEDULE J: CRAIG MILLER, JAMES SCAFIDI, AND SYLVIA ABADIER. THESE ADDITIONAL COMPENSATION AMOUNTS WERE GRANTED BASED ON THE INDIVIDUALS MEETING CERTAIN SALES TARGETS AND PERFORMANCE OBJECTIVES. PART I, LINE 7 NON-FIXED PAYMENTS THE PRACTISING LAW INSTITUTE PAID ADDITIONAL COMPENSATION TO CRAIG MILLER, JAMES SCAFIDI AND SYLVIA ABADIER. THESE PAYMENTS WERE GRANTED ON SALES TARGETS AND OBJECTIVE PERFORMANCE-BASED METRICS APPROVED BY THE BOARD OF TRUSTEES AND MEMORIALIZED IN THE BOARD MINUTES. NONE OF THESE INDIVIDUALS HAD ANY INPUT INTO THE PAYMENTS THAT WERE AWARDED. FORM 990, PART I, LINE 6 VOLUNTEER: VOLUNTEER INSTRUCTIONAL SERVICES ARE PROVIDED BY ATTORNEYS AND OTHERS IN THE LEGAL PROFESSION. THE VALUE OF THE VOLUNTEER SERVICES HAS NOT BEEN REFLECTED IN THE FINANCIAL STATEMENTS AS THE NATURE OF THESE SERVICES DOES NOT MEET THE CRITERIA FOR RECOGNITION OF CONTRIBUTED SERVICES UNDER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA. FORM 990, PART III, LINE 1 ORGANIZATION'S MISSION (CONTINUED) THE INSTITUTE IS CHARTERED BY THE REGENTS OF THE UNIVERSITY OF THE STATE OF NEW YORK, AND WAS FOUNDED IN 1933 BY HAROLD P. SELIGSON. THE INSTITUTE PROVIDES THE HIGHEST QUALITY, ACCREDITED, CONTINUING LEGAL AND PROFESSIONAL EDUCATION PROGRAMS IN A VARIETY OF FORMATS WHICH ARE DELIVERED BY 4,324 VOLUNTEER FACULTY INCLUDING PROMINENT LAWYERS, JUDGES, INVESTMENT BANKERS, ACCOUNTANTS, CORPORATE COUNSEL, AND U.S. AND INTERNATIONAL GOVERNMENT REGULATORS. THE INSTITUTE PUBLISHES A COMPREHENSIVE LIBRARY OF TREATISES, COURSE HANDBOOKS AND ANSWER BOOKS THAT ARE ALSO AVAILABLE THROUGH THE PLI PLUS ONLINE PLATFORM. A SIGNIFICANT PART OF THE INSTITUTE'S MISSION IS A COMMITMENT TO THE PRO BONO COMMUNITY. FORM 990, PART VI, SECTION B, LINE 11B 990 REVIEW PROCESS THE PRACTISING LAW INSTITUTE'S FORM 990 WAS PREPARED BY A NATIONALLY RENOWNED ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCIAL DEPARTMENT. A COPY OF THE DRAFT FORM 990 WAS CIRCULATED TO THE BOARD OF TRUSTEES AFTER REVIEW BY SENIOR MANAGEMENT AND THE AUDIT COMMITTEE. EACH BOARD MEMBER WAS PROVIDED AMPLE OPPORTUNITY TO COMMENT ON THE INFORMATION CONTAINED IN THE 990 PRIOR TO ITS ELECTRONIC FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT EACH TRUSTEE OF THE PRACTISING LAW INSTITUTE IS REQUIRED TO ANNUALLY DISCLOSE ANY CONFLICTS OF INTEREST THAT ARISE BY VIRTUE OF EMPLOYMENT, BOARD SERVICE, OR POSITION WITH THE ORGANIZATION. PRACTISING LAW INSTITUTE MONITORS COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY THROUGH AN ANNUAL QUESTIONNAIRE/DISCLOSURE STATEMENT THAT IS DISTRIBUTED TO THESE INDIVIDUALS. POTENTIAL CONFLICTS ARE INVESTIGATED IMMEDIATELY. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION PRACTISING LAW INSTITUTE UNDERTAKES A THROUGH PROCESS TO ENSURE THAT THE EXECUTIVE COMPENSATION IT PAYS TO ITS MANAGEMENT AND ALL OF THE OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION IS REASONABLE GIVEN THE MARKET IN WHICH IT OPERATES. IN RELEVANT PART, THE BOARD OF TRUSTEES HAS ESTABLISHED A COMPENSATION COMMITTEE OF INDEPENDENT PERSONS THAT HAVE NO PERSONAL INTERESTS IN THE PROPOSED COMPENSATION AGREEMENT. THE COMPENSATION COMMITTEE UTILIZED BENCHMARK DATA, SURVEYS, AND OTHER REPORTS TO DERIVE THE PRESIDENT'S SALARY. THE PRESIDENT HAS NO DECISION-MAKING AUTHORITY WITH RESPECT TO HER OWN COMPENSATION ARRANGEMENT. THE COMPENSATION COMMITTEE REVIEWS COMPARABILITY DATA AND MAKES A RECOMMENDATION TO THE BOARD WITH RESPECT TO THE REASONABLE COMPENSATION OF THE PRESIDENT. THE BOARD APPROVES THE PRESIDENT'S SALARY. THE INSTITUTE'S PRESIDENT AND SENIOR VICE PRESIDENT REVIEW COMPARABILITY AND MARKET DATA AND PERFORMANCE REVIEWS AND MAKES A RECOMMENDATION TO THE COMPENSATION COMMITTEE WITH RESPECT TO 1) ANNUAL RAISES FOR ALL OFFICERS AND 2) A RANGE OF MERIT-BASED SALARY INCREASES FOR ALL EMPLOYEES. THE COMPENSATION COMMITTEE APPROVES THESE RAISES AND THE RANGE OF SALARY INCREASES. THE FULL PLI BOARD APPROVES THE OVERALL BUDGET, WHICH INCLUDES ALL PERSONNEL EXPENSES FOR THE UPCOMING BUDGET YEAR. FORM 990, PART VI, SECTION C, LINE 19 AVAILABILITY OF DOCUMENTS TO THE PUBLIC THE INSTITUTE MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC BY RETAINING A COPY AT ITS PLACE OF BUSINESS. THE INSTITUTE'S FINANCIAL STATEMENTS ARE AVAILABLE ON THEIR WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC, HOWEVER, IF REQUESTED, THEY WILL BE PROVIDED AT THE INSTITUTE'S DISCRETION. FORM 990, PART IX, LINE 24B DURING THE YEAR ENDED DECEMBER 31, 2021 THE INSTITUTE DETERMINED THAT THE DECLINE IN SECI REVENUES RESULTING FROM THE COVID-19 PANDEMIC TO BE A TRIGGERING EVENT AND AS SUCH PERFORMED AN IMPAIRMENT ANALYSIS OF ITS INTANGIBLES AND GOODWILL. AS A RESULT, THE INSTITUTE DETERMINED THE CARRYING VALUE OF ITS TRADEMARK EXCEEDED THE FAIR VALUE BY $410,000 AND ACCORDINGLY RECORDED AN IMPAIRMENT CHARGE AS OF DECEMBER 31, 2021. FORM 990, PART XI, LINE 9: PENSION RELATED ADJUSTMENT 6,250,980. COVID-19 PANDEMIC IMPLICATIONS IN MARCH OF 2020, THE WORLD HEALTH ORGANIZATION OFFICIALLY DECLARED COVID-19, A DISEASE CAUSED BY THE NOVEL CORONAVIRUS, A PANDEMIC. THIS CAUSED MANY LOCAL AND NATIONAL GOVERNMENTS, INCLUDING NEW YORK STATE AND THE STATE OF CALIFORNIA, TO IMPOSE RESTRICTIONS ON BUSINESS OPERATIONS, TRAVEL AND TIME SPENT OUTSIDE THE HOME. THE OUTBREAK ADVERSELY IMPACTED THE LEVEL OF ECONOMIC ACTIVITY AROUND THE WORLD AND DISRUPTED NORMAL BUSINESS ACTIVITY IN EVERY SECTOR OF THE ECONOMY DURING 2020 AND MUCH OF 2021. EXTERNAL FACTORS, INCLUDING THE DURATION OF THE DECLARATION AND INTENSITY OF THE PANDEMIC, THE SHAPE OF THE ECONOMIC RECOVERY ACROSS THE GLOBE, AS WELL AS CONTINUED PROLIFERATION OF VACCINES, WILL ALL HAVE AN IMPACT ON THE INSTITUTE'S OPERATING RESULTS GOING FORWARD. AS A RESULT OF THE PANDEMIC, THE INSTITUTE KEPT ITS OFFICE LOCATIONS AND CONFERENCE CENTERS CLOSED FOR MOST OF 2020 AND 2021 WHILE OPERATING IN A REMOTE, ONLINE ENVIRONMENT. A ROBUST REMOTE LEARNING PLAN WAS ADOPTED AND IMPLEMENTED FOR THE INSTITUTE'S CUSTOMERS. IN KEEPING WITH BEST PRACTICES AND CORE PRINCIPLES, PROGRAM PARTICIPANTS RECEIVED INSTRUCTION TO SUPPORT A LEARNING EXPERIENCE THAT WAS POSITIVE AND PRODUCTIVE. TO MITIGATE THE IMPACT OF THE VIRUS, THE INSTITUTE IMPLEMENTED PRACTICES OF ENHANCED SOCIAL DISTANCING, USE OF PERSONAL PROTECTIVE EQUIPMENT, AND A COMBINATION OF REMOTE AND IN-PERSON PROGRAMS IN 2021 AND 2022. THE INSTITUTE CONTINUED TO PROIVDE INSTRUCTION REMOTELY IN THE FIRST HALF OF 2022. THE RETURN TO IN-PERSON ATTENDANCE HAS BEEN MARKEDLY SUBDUED, BUT ONLINE ATTENDANCE HAS CONTINUED AT THE HIGH LEVELS SEEN DURING THE HEIGHT OF THE PANDEMIC. DUE TO SOME CONTINUED UNCERTAINTIES ASSOCIATED WITH COVID-19 AND RELATED ECONOMIC IMPACTS, MANAGEMENT IS UNABLE TO DETERMINE THE FULL MAGNITUDE IT MAY HAVE ON THE INSTITUTE'S FUTURE FINANCIAL CONDITION, LIQUIDITY AND RESULTS, OR THE IMPLICATIONS ON PROGRAMS, HOWEVER, MANAGEMENT IS CONFIDENT THAT THE CURRENT APPROACH BY PUBLIC HEALTH OFFICIALS IN MANAGING COVID-19 GOING FORWARD IS THE CORRECT APPROACH AND WILL ASSIST BUSINESSES TO RETURN TO NORMAL OPERATIONS, ALBEIT WITH SOME OPERATING CHANGES SUCH AS HYBRID WORK ENVIRONMENTS, MORE ONLINE DELIVERY OF CONTENT AND A MORE CONNECTED AND AWARE USER. THIS "NEW NORMAL" PRESENTS OPPORTUNITIES THAT THE INSTITUTE IS EMBRACING WITH RENEWED FERVOR BY INVESTING AND UPGRADING ITS CHANNELS OF DELIVERING THE EVER-CURRENT CONTENT THAT THE INSTITUTE IS KNOWN FOR. LEVERAGING TECHNOLOGY AND BEING ULTRA-FOCUSED ON THE CONSUMER AND THEIR LEARNING NEEDS WILL ASSIST THE INSTITUTE TO CONTINUE GROWTH IN MARKET SHARE AND REMAIN A LEADER IN THE LEGAL AND PROFESSIONAL EDUCATION ARENA.