2023-11-14T18:22:14-06:00 2022-12-31 420714325 RSM US LLP 1001 WATER ST STE 500 TAMPA FL 33602 990 2022-01-01 462258052 STRUCTURED FINANCE INDUSTRY GROUP INC STRU 2025246300 1776 I STREET NW 501 WASHINGTON DC 20006 COVELL ADAMS CHIEF OPERATING OFFICER 2025246300 2023-11-09 1 COVELL ADAMS XXX-XX-XXXX 0 KRISTEN BARNETT P01234578 8133162300 2023-11-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STRUCTURED FINANCE ASSOCIATION MICHAEL BRIGHT 1776 I STREET NW 501 WASHINGTON DC 20006 12025934 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. 43 43 24 3500 0 0 0 0 10064846 11913822 43287 109520 16019 2592 10124152 12025934 0 0 0 0 6016579 5806236 0 0 0 3052012 4120121 9068591 9926357 1055561 2099577 15991884 20156726 7465806 9531071 8526078 10625655 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 1 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 28 0 1 24 1 0 0 0 0 1 1 0 1 0 X 43 43 0 0 0 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 1.50 1.00 X X 0 0 0 NANCY MUELLER HANDAL VICE CHAIR 1.50 1.00 X X 0 0 0 MARLO YOUNG SECRETARY 1.50 X X 0 0 0 CAROL HITSELBERGER SECRETARY (UNTIL 10/22) 1.50 X X 0 0 0 ANDREW DAVIDSON TREASURER 1.50 1.50 X X 0 0 0 MICHAEL BROWN DIRECTOR - EXECUTIVE COMMITTEE 1.00 X 0 0 0 JOHN DAHL DIRECTOR - EXEC COMM (UNTIL 10/22) 1.00 X 0 0 0 DONEENE DAMON DIRECTOR - EXECUTIVE COMMITTEE 1.00 X 0 0 0 ARMANDO FALCON DIRECTOR - EXECUTIVE COMMITTEE 1.00 X 0 0 0 SHELI FITZGERALD DIRECTOR - EXECUTIVE COMMITTEE 1.00 X 0 0 0 BOB BEHAL DIRECTOR (UNTIL 10/22) 1.00 X 0 0 0 JASON BEHNKE DIRECTOR (UNTIL 10/22) 1.00 X 0 0 0 NATALEE BINKHOLDER DIRECTOR 1.00 X 0 0 0 JON BOSWELL DIRECTOR 1.00 X 0 0 0 MATT BUCKLEY DIRECTOR 1.00 X 0 0 0 SELENA BULLOCK DIRECTOR (UNTIL 10/22) 1.00 X 0 0 0 JOHN CLEMENTS DIRECTOR 1.00 X 0 0 0 KATHYANNE COHEN DIRECTOR (UNTIL 10/22) 1.00 X 0 0 0 VANDY FARTAJ DIRECTOR 1.00 X 0 0 0 TRICIA HAZELWOOD DIRECTOR (UNTIL 10/22) 1.00 X 0 0 0 CHRISSI JOHNSON DIRECTOR (UNTIL 1/22) 1.00 X 0 0 0 ADAMA KAH DIRECTOR 1.00 X 0 0 0 ROSEMARY KELLEY DIRECTOR (UNTIL 10/22) 1.00 X 0 0 0 BERNADETTE KOGLER DIRECTOR 1.00 X 0 0 0 ELIZA KWONG DIRECTOR 1.00 X 0 0 0 ANDI MANDELL 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 WILLIAM SHIRLEY DIRECTOR (UNTIL 5/22) 1.00 X 0 0 0 RON SION DIRECTOR (UNTIL 10/22) 1.00 X 0 0 0 RYAN STARK DIRECTOR 1.00 X 0 0 0 NEIL WEIDNER DIRECTOR 1.00 X 0 0 0 GREG WESTON DIRECTOR 1.00 X 0 0 0 MIKE MAXWELL DIRECTOR (UNTIL 10/22) 1.00 X 0 0 0 BETH ANN BOVINO DIRECTOR 1.00 X 0 0 0 PHILIP BALES DIRECTOR 1.00 X 0 0 0 FERRA AZEEZ-MELLAND DIRECTOR 1.00 X 0 0 0 MATTHEW HAYS DIRECTOR 1.00 X 0 0 0 COURTNEY HOUSTON-CARTER DIRECTOR 1.00 X 0 0 0 DAVE KUCERA DIRECTOR 1.00 X 0 0 0 AASHH PAREKH DIRECTOR 1.00 1.00 X 0 0 0 PERRY RAHBAR DIRECTOR (UNTIL 10/22) 1.00 X 0 0 0 CHARLIE SWEET DIRECTOR 1.00 X 0 0 0 AMY MCDANIEL WILLIAMS DIRECTOR 1.00 X 0 0 0 BILL BANFIELD DIRECTOR (FROM 5/22) 1.00 X 0 0 0 TJ GORDON DIRECTOR (FROM 5/22) 1.00 X 0 0 0 MICHAEL CANTER DIRECTOR (FROM 10/22) 1.00 X 0 0 0 JENNIFER DOYLE DIRECTOR (FROM 10/22) 1.00 X 0 0 0 DAVID ELLS DIRECTOR (FROM 10/22) 1.00 X 0 0 0 KYRA FECTEAU DIRECTOR (FROM 10/22) 1.00 X 0 0 0 NATASHA KADEN DIRECTOR (FROM 10/22) 1.00 X 0 0 0 SONG KIM DIRECTOR (FROM 10/22) 1.00 X 0 0 0 ALBERTA KNOWLES DIRECTOR (FROM 10/22) 1.00 X 0 0 0 MIA KOO DIRECTOR (FROM 10/22) 1.00 X 0 0 0 BRYAN TSU DIRECTOR (FROM 10/22) 1.00 X 0 0 0 MICHAEL BRIGHT CHIEF EXECUTIVE OFFICER 39.00 1.00 X 1265346 0 49162 KRISTI LEO PRESIDENT 39.00 1.00 X 865010 0 44487 COVELL ADAMS CHIEF OPERATING OFFICER 40.00 X 666761 0 62626 LESLIE SACK EXECUTIVE DIRECTOR 38.00 2.00 X 351671 0 57472 ELEN CALLAHAN MANAGING DIRECTOR 40.00 X 419298 0 58457 JENNIFER EARYES MANAGING DIRECTOR 40.00 X 191920 0 30782 DALLIN MERRILL DIRECTOR 40.00 X 245003 0 56382 ANNE RAWNSLEY DIRECTOR 40.00 X 172238 0 15609 BRITTANY HINCA SENIOR VICE PRESIDENT 40.00 X 135126 0 8453 ALYSSA ACEVEDO VICE PRESIDENT 40.00 X 142264 0 43550 4454637 0 426980 10 0 1 0 CADWALADER WICKERSHAM & TAFT ONE WORLD FINANCIAL CENTER NEW YORK NY 10281 LEGAL SERVICES 281002 KPMG 2323 ROSS AVE DALLAS TX 75201 CONSULTING 190326 ENDEAVOR PARENT LLC 355 LEXINGTON AVE 21ST FLOOR NEW YORK NY 10017 SPEAKER AT EVENT 151938 PORTERFIELD FETTIG & SEARS 400 NORTH CAPITOL STREET NW WASHINGTON DC 20001 GOVERNMENT RELATIONS 150000 THE WILLIAMS GROUP 1845 MONROE STREET NE WASHINGTON DC 20018 GOVERNMENT RELATIONS 150000 7 CONFERENCE REVENUE 900099 6272922 1800907 4472015 MEMBERSHIP DUES 900099 5640900 5640900 11913822 109520 109520 OTHER INCOME 900099 2592 2592 2592 12025934 7441807 0 4584127 4076554 1261209 60122 146980 261371 301419 48433 390000 604705 47095 60852 120713 510313 187039 1530840 57299 7268 COMMENT LETTERS 131466 DUES & SUBSCRIPTIONS 85379 OTHER EXPENSES 37300 9926357 15438411 18212993 3000 24450 400473 280282 497948 404381 148328 93567 1672 1545434 15991884 20156726 1915156 1465802 5293633 6284498 257017 1780771 7465806 9531071 X 8526078 10625655 8526078 10625655 15991884 20156726 2099577 0 X 0 1 X 1 0 0 0 1 5640900 1206303 1329574 2535877 3080983 -545106 497948 404381 93567 93567 RIGHT-OF-USE OPERATING ASSET, NET 1545434 1545434 DUE TO THE FOUNDATION 40035 LEASE LIABILITY, NET 1740736 1780771 X 12182944 157010 157010 12025934 0 12025934 10136502 210145 210145 9926357 0 9926357 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 ENTITYS 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 157,010. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED ENTITY EXPENSES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 210,145. X X X X 0 0 0 MICHAEL BRIGHT CHIEF EXECUTIVE OFFICER 714506 0 550000 0 840 0 18300 0 32706 0 1316352 0 0 0 KRISTI LEO PRESIDENT 613078 0 250000 0 1932 0 18300 0 28030 0 911340 0 0 0 COVELL ADAMS CHIEF OPERATING OFFICER 475921 0 190000 0 840 0 18300 0 46170 0 731231 0 0 0 ELEN CALLAHAN MANAGING DIRECTOR 355686 0 60000 0 3612 0 18300 0 42001 0 479599 0 0 0 LESLIE SACK EXECUTIVE DIRECTOR 300831 0 50000 0 840 0 12300 0 48765 0 412736 0 0 0 DALLIN MERRILL DIRECTOR 204381 0 40000 0 622 0 15000 0 43039 0 303042 0 0 0 JENNIFER EARYES MANAGING DIRECTOR 146542 0 45000 0 378 0 11648 0 21728 0 225296 0 0 0 ANNE RAWNSLEY DIRECTOR 156723 0 15000 0 515 0 10500 0 6532 0 189270 0 0 0 ALYSSA ACEVEDO VICE PRESIDENT 106964 0 35000 0 300 0 2017 0 42722 0 187003 0 0 0 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 6 STRUCTURED FINANCE ASSOCIATION HAD APPROXIMATELY 360 MEMBERS AS OF DECEMBER 31, 2022. 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 42 INSTITUTIONAL MEMBERS ON ITS BOARD AS OF DECEMBER 31, 2022, MOST OF WHICH 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, THE CHAIR OF THE BOARD, AND THE TREASURER. FORM 990, PART VI, SECTION B, LINE 12C PER OUR BYLAWS ARTICLE VII, 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 IN MORE THAN ONE 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 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 SIX (6) 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 154846 TIMESHEETS STRUCTURED FINANCE COALITION INC O 134129 TIMESHEETS