2023-11-02T19:24:47-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 901 NORTH GLEBE ROAD SUITE 200 ARLINGTON VA 22203 990 2022-01-01 742385850 CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS INC CERT 2023792200 1425 K STREET NW 800 WASHINGTON DC 20005 KEVIN YEA CHIEF FINANCIAL OFFICER 2023792200 2023-11-01 1 KEVIN YEA 999009999 0 ROBERT WILLIAMS P01345960 5712279500 2023-11-01 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z KEVIN R KELLER 1425 K STREET NW 800 WASHINGTON DC 20005 69274478 0 X WWW.CFP.NET X 1985 DC BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION FOR PERSONAL & ETHICAL FINANCIAL PLANNING. 16 16 135 823 591371 0 3937496 3048027 43446369 46121710 1637628 -647903 6675 81498 49028168 48603332 30000 0 0 0 15582078 16581444 27202 13076 240415 30683352 36836024 46322632 53430544 2705536 -4827212 72477411 82364201 31418688 51077254 41058723 31286947 X TO BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION AND UPHOLDING IT AS THE STANDARD OF EXCELLENCE FOR COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING. CFP BOARD'S CURRENT STRATEGIC PLAN FOCUSES ON FIVE STRATEGIC PRIORITIES: STANDARDS & CERTIFICATION, ACCESS, AWARENESS, COMMUNITY & REGULATORY ENGAGEMENT, AND WORKFORCE. 0 0 14006057 14006059 PUBLIC AWARENESS CAMPAIGN: ONE OF THE CFP BOARD'S STRATEGIC PRIORITIES IS TO BUILD THE PUBLIC AWARENESS OF THE CFP CERTIFICATION. IN PURSUIT OF THIS PRIORITY, CFP BOARD HAS DEVELOPED AND IMPLEMENTED A PUBLIC AWARENESS CAMPAIGN THAT INCLUDES A MIX OF BROADCAST, CABLE AND STREAMING TELEVISION, RADIO, SOCIAL MEDIA, ONLINE ADVERTISING, AND MEDIA SPONSORSHIP. ADDITIONALLY, CFP BOARD IS MAINTAINING AND REGULARLY UPDATING RELEVANT CONTENT ON LETSMAKEAPLAN.ORG, A CONSUMER-TARGETED WEBSITE DEVELOPED TO INCREASE THE PUBLIC'S AWARENESS AND UNDERSTANDING OF THE VALUE OF FINANCIAL PLANNING AND HOW A CFP PROFESSIONAL CAN HELP IMPROVE FINANCIAL WELL-BEING. SINCE ITS LAUNCH IN 2011, OUR CAMPAIGN HAS INCREASED THE AWARENESS OF CFP CERTIFICATION AMONG OUR TARGET AUDIENCE WITH AN OVERWHELMING MAJORITY STATING THAT THEY HAVE HEARD OF THE DESIGNATION. 10512754 158500 ENFORCEMENT OF PROFESSIONAL STANDARDS: AS A CONDITION TO CERTIFICATION, ALL CFP PROFESSIONALS AGREE TO ABIDE BY CFP BOARD'S CODE OF ETHICS AND STANDARDS OF CONDUCT AND PREDECESSOR VERSIONS (CODE AND STANDARDS), WHICH INCLUDES THE PRACTICE STANDARDS FOR THE FINANCIAL PLANNING PROCESS. THE CODE AND STANDARDS BECAME EFFECTIVE ON OCTOBER 1, 2019 WITH AN ENFORCEMENT DATE OF JUNE 30, 2020, REPLACING CFP BOARD'S PRIOR ETHICAL STANDARDS SET FORTH IN THE STANDARDS OF PROFESSIONAL CONDUCT (STANDARDS) BOOKLET. CFP BOARD FORMED A STANDARDS RESOURCE COMMISSION (SRC) TO DEVELOP GUIDANCE FOR CFP PROFESSIONALS AND THEIR FIRMS REGARDING THE CODE AND STANDARDS. THE SRC BEGAN TO PUBLISH GUIDANCE MATERIALS REGARDING THE CODE AND STANDARDS IN 2018, AND ITS WORK CONTINUED THROUGHOUT 2022. CFP BOARD HAS ESTABLISHED A FAIR PROCESS FOR ENFORCING CFP BOARD'S CODE AND STANDARDS (AND THE PREDECESSOR STANDARDS). THIS PROCESS IS SET FORTH IN THE PROCEDURAL RULES, WHICH CFP BOARD REVISED EFFECTIVE FEBRUARY 21, 2022. FIRST, CFP BOARD SEEKS TO DETECT POTENTIAL MISCONDUCT. CFP BOARD RECEIVES COMPLAINTS (GRIEVANCES) FROM CONSUMERS AND OTHER INDIVIDUALS AND CONDUCTS BACKGROUND CHECKS THAT INVOLVE A REVIEW OF BROKERCHECK, THE INVESTMENT ADVISER PUBLIC DISCLOSURE DATABASE, STATE INSURANCE AND SECURITIES REGULATORY DATABASES, AND OTHER PUBLIC RECORDS TO DETECT POTENTIAL MISCONDUCT. CFP BOARD PERFORMS BACKGROUND CHECKS ON THOSE SEEKING CFP CERTIFICATION, CFP PROFESSIONALS, AND THOSE SEEKING REINSTATEMENT OF THEIR CFP CERTIFICATION. BEGINNING IN 2019 AND CONTINUING THROUGH 2022, CFP BOARD CONTINUOUSLY REVIEWS THESE PUBLIC SOURCES TO DETECT POTENTIAL MISCONDUCT BY CFP PROFESSIONALS. IN 2022, THESE DETECTION EFFORTS RESULTED IN CFP BOARD STAFF OPENING 907 INVESTIGATIONS. SECOND, CFP BOARD INVESTIGATES POTENTIAL MISCONDUCT. CFP BOARD PROVIDES NOTICE TO THOSE WHO ARE UNDER INVESTIGATION, IDENTIFIES THE GENERAL NATURE OF THE INVESTIGATION, AND OFFERS THEM AN OPPORTUNITY TO RESPOND. AT THE CONCLUSION OF THE INVESTIGATION, CFP BOARD MAKES A PROBABLE CAUSE DETERMINATION AS TO WHETHER GROUNDS FOR SANCTIONS EXIST. CFP BOARD MAY ISSUE A COMPLAINT THAT SETS FORTH THE GROUNDS FOR SANCTIONS, INCLUDING A DETAILED FACTUAL DESCRIPTION OF THE CONDUCT AND A SPECIFIC STATEMENT OF THE ALLEGED VIOLATION. THE RESPONDENT HAS AN OPPORTUNITY TO RESPOND, TO SUBMIT DOCUMENTS, TO FILE MOTIONS, TO PRODUCE AND CROSS-EXAMINE WITNESSES, AND TO BE REPRESENTED BY COUNSEL AT A HEARING ON THE RECORD. CFP BOARD STAFF ISSUES AN ADMINISTRATIVE SUSPENSION OR REVOCATION WHEN A RESPONDENT FAILS TO RESPOND TO A COMPLAINT. THIRD, WHEN A RESPONDENT RESPONDS TO THE COMPLAINT, CFP BOARD'S DISCIPLINARY AND ETHICS COMMISSION (DEC), A PEER-REVIEW BODY MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, ADJUDICATES EACH MATTER AND DETERMINES WHETHER THE RESPONDENT VIOLATED THE CODE AND STANDARDS, AND IF SO, WHAT SANCTION IS APPROPRIATE. A THREE-PERSON HEARING PANEL CONDUCTS A REVIEW OR HOLDS A HEARING, CONSIDERS THE EVIDENCE, AND RECOMMENDS TO THE DEC WHETHER TO FIND THAT A VIOLATION HAS OCCURRED AND WHETHER THERE ARE GROUNDS FOR SANCTION, AND, IF SO, THE APPROPRIATE SANCTION. THE DEC THEN MUST REVIEW DE NOVO AND ACCEPT, REJECT, OR MODIFY THE HEARING PANEL'S FINDINGS AND RECOMMENDATIONS. A RESPONDENT HAS THE RIGHT TO APPEAL AN ADVERSE DECISION TO THE APPEALS COMMISSION, A PEER-REVIEW BODY MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, WHICH ISSUES THE FINAL DECISION OF CFP BOARD. RESPONDENT AND CFP BOARD COUNSEL ALSO MAY AGREE UPON A SETTLEMENT OFFER, IN THE FORM OF A PROPOSED CONSENT ORDER, WHICH A THREE-PERSON SETTLEMENT REVIEW PANEL REVIEWS AND THEN RECOMMENDS TO THE DEC WHETHER TO ACCEPT, REJECT, OR REJECT AND COUNTEROFFER. THE DEC THEN MUST REVIEW DE NOVO AND ACCEPT, REJECT, OR MODIFY THE SETTLEMENT PANEL'S RECOMMENDATION. IN 2022, THE TOTAL NUMBER OF FINAL SANCTIONS ISSUED BY THE DEC AND CFP BOARD STAFF IN 2022 WAS 126, INCLUDING 22 REVOCATIONS, 26 PERMANENT BARS, 11 TEMPORARY BARS, 23 SUSPENSIONS, 15 INTERIM SUSPENSIONS, 21 PUBLIC CENSURES, AND 8 PRIVATE CENSURES. IN ADDITION TO UNDERTAKING OR SUPPORTING THE ACTIVITIES DESCRIBED ABOVE, CFP BOARD'S PROFESSIONAL STANDARDS & LEGAL DEPARTMENT ALSO REVIEWS, MONITORS AND ENFORCES CFP BOARD'S TRADEMARK RIGHTS; PROVIDES SUPPORT TO THE CODE AND STANDARDS ENFORCEMENT AND GOVERNANCE COMMITTEES OF THE BOARD OF DIRECTORS; DEVELOPS GUIDANCE RESOURCES THAT INTERPRET THE CODE AND STANDARDS; PROPOSES REVISED VERSIONS OF THE CODE AND STANDARDS, PROCEDURAL RULES, FITNESS STANDARDS, AND SANCTION GUIDELINES; REVIEWS, FINALIZES, AND ENFORCES CONTRACTS; MEETS WITH CFP BOARD'S BUSINESS MODEL COUNCIL; AND PROVIDES OTHER LEGAL, GOVERNANCE AND EXECUTIVE LEADERSHIP ADVICE." 10215433 230486 COMMUNICATIONS AND OUTREACH: IN 2022, CFP BOARD'S COMMUNICATIONS AND OUTREACH INCLUDED MEDIA RELATIONS, PUBLIC RELATIONS, CFP PROFESSIONAL COMMUNICATIONS, DISTRIBUTION OF EDUCATIONAL MATERIALS THROUGH CFP.NET AND LETSMAKEAPLAN.ORG WEBSITES, AS WELL AS OTHER OUTREACH TACTICS DESIGNED TO INCREASE AND ENHANCE AWARENESS OF CFP CERTIFICATION AND THE BENEFITS OF FINANCIAL PLANNING. EFFORTS UTILIZED TRADITIONAL EARNED AND PAID MEDIA, CFP BOARD WEBSITES, DIRECT MAIL AND EMAIL AND SPEAKING APPEARANCES TO EDUCATE CFP PROFESSIONALS AND INFORM THE PUBLIC ABOUT THE VALUE OF A CFP PROFESSIONAL IN PROVIDING COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING SERVICES IN THEIR BEST INTEREST. 4623764 591371 CENTER FOR FINANCIAL PLANNING: THE CFP BOARD CENTER FOR FINANCIAL PLANNING SEEKS TO CREATE A MORE DIVERSE AND SUSTAINABLE FINANCIAL PLANNING PROFESSION SO THAT EVERY AMERICAN HAS ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING ADVICE. THE CENTER BRINGS TOGETHER CFP PROFESSIONALS, FIRMS, EDUCATORS, RESEARCHERS AND EXPERTS TO ADDRESS PROFESSION-WIDE CHALLENGES WITHIN THREE FOCUS AREAS:TALENT PIPELINE: CULTIVATING A QUALITY WORKFORCE TO ENSURE THE FINANCIAL PLANNING PROFESSION CAN RECRUIT AND RETAIN TALENT TO SERVE THE PUBLIC; DIVERSITY AND INCLUSION: FOSTERING A MORE DIVERSE FINANCIAL PLANNER WORKFORCE THAT REFLECTS THE CHANGING DEMOGRAPHICS IN THE UNITED STATES; AND KNOWLEDGE FOR PRACTICE: ELEVATING THE DISCIPLINE OF FINANCIAL PLANNING TO INCREASE THE STATURE AND RECOGNITION OF FINANCIAL PLANNING FACULTY AND EDUCATIONAL PROGRAMS AND PROVIDE PRACTITIONERS WITH CUTTING-EDGE KNOWLEDGE TO THRIVE AND PROVIDE OUTSTANDING SERVICE TO THE PUBLIC. THE CENTER'S PROGRAMS ARE FUNDED PRIMARILY THROUGH VOLUNTARY DONATIONS RECEIVED FROM INDIVIDUAL DONORS AND CORPORATE SPONSORS. CONTRIBUTIONS/DONATIONS SHOWN SEPARATELY - PART VIII, LINE 1F. 3776831 2312623 EDUCATION: THE FIRST STEP TO CFP CERTIFICATION IS TO ACQUIRE THE KNOWLEDGE REQUIRED TO DELIVER PROFESSIONAL, COMPETENT, AND ETHICAL FINANCIAL PLANNING SERVICES TO CLIENTS, AS OUTLINED IN THE PERSONAL FINANCIAL PLANNING TOPIC AREAS IDENTIFIED BY CFP BOARD'S MOST RECENT JOB ANALYSIS RESEARCH. CFP BOARD'S EDUCATION COMPONENT REQUIRES THE COMPLETION OF A COLLEGE-LEVEL PROGRAM OF STUDY IN PERSONAL FINANCIAL PLANNING, INCLUDING COMPLETION OF A FINANCIAL PLAN DEVELOPMENT (CAPSTONE) COURSE. THE COURSE OF STUDY IS OFFERED AT 222 ACCREDITED COLLEGES AND UNIVERSITIES IN THE U.S., AT DEGREE (BACHELORS, MASTERS, PH.D.) AND CERTIFICATE LEVELS. IN 2022, CFP BOARD REGISTERED OVER 331 FINANCIAL PLANNING PROGRAMS WHICH INCLUDED REVIEW OF THEIR CURRICULUM AND FACULTY QUALIFICATIONS TO ENSURE THAT THE TEACHING AND LEARNING MET ESTABLISHED STANDARDS. AFTER INITIAL CERTIFICATION, CFP PROFESSIONALS ARE REQUIRED TO COMPLETE 30 HOURS OF CONTINUING EDUCATION ("CE") AS PART OF THE BIENNIAL RENEWAL REQUIREMENT TO ASSURE THE PUBLIC OF CONTINUING COMPETENCY IN FINANCIAL PLANNING. CFP BOARD ANNUALLY REGISTERS APPROXIMATELY 1,100 CE SPONSORS, WHO ARE REQUIRED TO DELIVER HIGH QUALITY CONTENT DEVELOPED BY QUALIFIED INSTRUCTORS AND AUTHORS, ALIGNING WITH DEFINED FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2022, CFP BOARD REVIEWED AND APPROVED OVER 14,500 CE PROGRAMS WHICH MET ESTABLISHED REQUIREMENTS. 3153056 7917574 EXAMINATION: IN 2022, 8505 CANDIDATES SAT FOR THE CFP EXAMINATION. THE CFP CERTIFICATION EXAMINATION ASSESSES A CANDIDATE'S ABILITY TO APPLY FINANCIAL PLANNING KNOWLEDGE, IN AN INTEGRATED FORMAT, TO REAL-LIFE FINANCIAL PLANNING SCENARIOS. THE EXAM IS DEVELOPED WITH SUBJECT MATTER EXPERTISE PROVIDED BY EXPERIENCED CFP PROFESSIONALS. UNDER CFP BOARD'S DIRECTION, THE EXAM IS ADMINISTERED BY ONE OF THE WORLD'S LEADING TESTING PARTNERS AND IS NOW, SINCE NOVEMBER 2014, DELIVERED IN A COMPUTER-BASED FORMAT. CFP BOARD ADHERES TO STANDARDS AND BEST PRACTICES IN THE HIGH STAKES TESTING AND CERTIFICATION INDUSTRIES. 1716094 PUBLIC ADVOCACY: CFP BOARD'S CORE PUBLIC POLICY OBJECTIVES ARE TO INFLUENCE POLICY TO BENEFIT THE PUBLIC AND TO INCREASE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNERS. DURING 2022, CFP BOARD ENCOURAGED FEDERAL POLICYMAKERS TO USE CFP BOARD'S CODE OF ETHICS & STANDARDS OF CONDUCT AS A FRAMEWORK FOR UPDATED STANDARDS OF CONDUCT FOR PERSONALIZED INVESTMENT ADVICE. CFP BOARD MONITORED LEGISLATIVE AND REGULATORY PROPOSALS RELATED TO ISSUES INVOLVING PRIVATE CERTIFICATION AT THE STATE AND FEDERAL LEVELS. CFP BOARD ENGAGED IN CONVERSATIONS WITH POLICYMAKERS AND OTHER INTERESTED PARTIES ABOUT POLICIES THAT WOULD HELP MORE AMERICANS ENJOY A FINANCIALLY SECURE RETIREMENT. CFP BOARD WORKED WITH COLLEAGUES IN THE FINANCIAL PLANNING COMMUNITY TO ADDRESS ISSUES RELATED TO STATE REGULATION OF NON-TRADITIONAL FEES FOR FINANCIAL PLANNING SERVICES SO THAT MORE AMERICANS HAVE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNERS. CFP BOARD ALSO COMMITTED TO A MORE ROBUST PROGRAM ENCOURAGING CFP PROFESSIONALS TO OFFER PRO BONO FINANCIAL PLANNING SERVICES. CFP BOARD HIRED A FULL-TIME PRO BONO MANAGER AND IMPLEMENTED A PLAN FOR INCREASING BY 10% THE NUMBER OF CFP PROFESSIONALS WHO PROVIDE PRO BONO FINANCIAL PLANNING SERVICES. 916347 20905100 CERTIFICATION: THERE WERE 95,137 CFP PROFESSIONALS AT THE END OF 2022, OF WHICH 5,214 WERE GRANTED INITIAL CERTIFICATION DURING THE YEAR. SUCCESSFUL COMPLETION OF THE EXAMINATION, EDUCATION, EXPERIENCE, AND ETHICS REQUIREMENTS IS A PREREQUISITE TO INITIAL CFP CERTIFICATION. CFP BOARD'S CERTIFICATION PROGRAM IS ACCREDITED BY AN INDEPENDENT THIRD-PARTY ORGANIZATION, THE NATIONAL COMMISSION FOR CERTIFYING AGENCIES (NCCA), TO ENSURE THAT ALL REQUIREMENTS FOR INITIAL CERTIFICATION AND RENEWAL ARE CONSISTENT WITH BEST PRACTICES AND STANDARDS IN THE CERTIFICATION INDUSTRY. FURTHER, NCCA REQUIRES CERTIFYING ORGANIZATIONS TO MEET GOVERNANCE, STAFF QUALIFICATION, FINANCIAL AND RESOURCE TRANSPARENCY, FAIRNESS, DUE PROCESS, AND NON-DISCRIMINATION STANDARDS. 14186092 31726668 48920336 1 1 0 1 0 0 0 0 1 0 1 1 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 107 0 135 1 1 1 0 0 0 0 0 0 0 1 0 0 0 X 16 16 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AR CA FL GA HI IL KS KY MD MA MI MN MS NH NJ NM NY NC ND OK OR PA RI SC TN UT VA WA WV CO CT NV OH X KEVIN YEA 2023792260 1425 K STREET NW WASHINGTON DC 20005 KAMILA ELLIOTT CFP BOARD CHAIR 5.00 X X 0 0 0 MATT BOERSEN CFP BOARD MEMBER 5.00 X 0 0 0 ROBERTA KARMEL CFP BOARD MEMBER 5.00 X 0 0 0 LIZ MILLER CFP CFA BOARD MEMBER 5.00 X 0 0 0 RON GREEN CFP BOARD MEMBER 5.00 X 0 0 0 LATHA RAMCHAND CFP BOARD MEMBER 5.00 X 0 0 0 NATALIE WOLFSEN CFP BOARD MEMBER 5.00 X 0 0 0 DAN MOISAND CFP BOARD MEMBER 5.00 X 0 0 0 ALEX ROZMAN CFP BOARD MEMBER 5.00 X 0 0 0 ANERI JAMBUSARIA CFP BOARD MEMBER 5.00 X 0 0 0 RICK SHERLOCK CFP BOARD MEMBER 5.00 X 0 0 0 NANCY SMITH CFP BOARD MEMBER 5.00 X 0 0 0 LOUIS BARAJAS CFP BOARD MEMBER 5.00 X 0 0 0 TERRI KALLSEN CFP BOARD MEMBER 5.00 X 0 0 0 PETER ROHR CFP BOARD MEMBER 5.00 X 0 0 0 MARTIN SEAY PH D CFP BOARD MEMBER 5.00 X 0 0 0 KEVIN KELLER CHIEF EXECUTIVE OFFICER 45.00 X 977815 0 172116 LEO RYDZEWSKI GENERAL COUNSEL 45.00 X 616596 0 104445 ROGER MYERS JR STATEGIC ADVISOR TO CEO 45.00 X 527875 0 97058 KEVIN YEA CHIEF FINANCIAL OFFICER 45.00 X 205454 0 81060 ELIZABETH STEWART CHIEF OPERATING OFFICER 45.00 X 534120 0 124163 MAUREEN THOMPSON VP OF PUBLIC POLICY 45.00 X 431700 0 73798 JOSEPH MAUGERI MANAGING DIRECTOR 45.00 X 365023 0 95793 JAMES KATSAOUNIS MANAGING DIRECTOR 45.00 X 251355 0 34351 THOMAS SPORKIN MANAGING DIRECTOR 45.00 X 420520 0 119098 JOHN LOPER MANAGING DIRECTOR 45.00 X 278783 0 45505 ERIN KOEPPEL DIRECTOR 45.00 X 323572 0 22849 ADAM ZAJAC DIRECTOR 45.00 X 311109 0 21914 D A ABRAMS DIRECTOR 45.00 X 203633 0 26292 TIM STIFFEL DIRECTOR 45.00 X 222480 0 30751 5670035 0 1049193 39 0 1 0 WHITE64 8603 WESTWOOD CENTER DRIVE TYSONS CORNER VA 22182 ADVERTISING 11754379 PROMETRIC INC 1501 SOUTH CLINTON STREET BALTIMORE MD 21224 TESTING SERVICES 1657900 MARKETING GENERAL INC 625 NORTH WASHINGTON STREET SUITE 4 ALEXANDRIA VA 22314 MARKETTING SERVIES 1124130 GRAVITATE SOLUTIONS BY COMMUNITY BRANDS 14800 FRYE RD 2ND FL FT WORTH TX 76155 DEVELOPMENT SERVICES 1012290 BEACON HILL STAFFING GROUP 152 BOWDOIN STREET BOSTON MA 02108 TEMPORARY STAFFING 906358 48 3048027 24882 3048027 CERTIFICATION FEES 900099 19866872 19866872 PUBLIC AWARENESS FEES 900099 14006059 14006059 EXAM FEES 900099 7917574 7917574 EDUCATIONAL FEES 900099 2312623 2312623 APPLICATION FEES 900099 1038225 1038225 980357 388986 591371 46121710 1028131 1028131 53586 53586 18981867 20657901 -1676034 -1676034 -1676034 41157 13245 27912 27912 48603332 45558251 591371 -594317 X 5462263 4965610 486587 10066 9011935 8148095 742031 121809 707863 621742 79583 6538 506016 398437 63058 44521 893367 839489 45077 8801 612225 544719 63773 3733 73386 51744 21642 144000 144000 13076 13076 106047 106047 11271829 10260459 1011370 13840957 13840957 3059825 2894735 155419 9671 712487 536552 175935 1451829 1023632 428197 949974 819559 129100 1315 1187755 1062164 110298 15293 1910267 1690640 214035 5592 371795 262153 109642 PROFESSIONAL DUES 556763 404264 152499 RECOGNITION AWARDS 328895 326143 2752 BAD DEBT 146776 146776 PROFESSIONAL DEVELOPMEN 84416 66484 17932 26798 18758 8040 53430544 48920336 4269793 240415 X 611189 427832 0 183357 11829558 6467368 2231206 7112411 3586176 3730750 4675083 360973 458885 614496 35548867 16248076 3876264 19300791 37162646 32649148 4228220 7796739 4429373 4331525 72477411 82364201 5969019 6095109 18422398 21096920 23403 25624 7003868 23859601 31418688 51077254 X 38847465 27756897 2211258 3530050 41058723 31286947 72477411 82364201 -4827212 -4944564 0 X 0 1 X 1 0 X 1987589 1496123 2015723 3937496 3048027 12484958 36756991 39299821 39782653 42968620 45571496 204379581 38744580 40795944 41798376 46906116 48619523 216864539 44350 249800 478625 2343000 1432887 4548662 0 44350 249800 478625 2343000 1432887 4548662 212315877 1034022 1134148 1011626 939983 1081717 5201496 1034022 1134148 1011626 939983 1081717 5201496 39778602 41930092 42810002 47846099 49701240 222066035 0.95610 0.97410 0.02340 0.02340 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 144000 144000 48776336 48920336 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 99646 192000 178560 144000 614206 250000 250000 250000 250000 1000000 1500000 0 23403 2221 25624 1 X 5357668 2589532 2768136 1888419 1581017 307402 28302780 12077527 16225253 19300791 ARCHIPELAGO HOLDINGS 1896834 F STATE STREET 1741580 F IRONWOOD INTERNATIONAL LTD 4158325 F 7796739 CFP CERTIFICATION MARK 8975 DEPOSITS 152190 DEFERRED COMPENSATION 4170360 4331525 DEFERRED COMPENSATION 5122356 LEASE LIABILITY 18737245 23859601 X 43565966 -4944564 13245 -4931319 48497285 106047 106047 48603332 53337742 13245 13245 53324497 106047 106047 53430544 PART IV, LINE 2B: THE CFP BOARD OF STANDARDS IS THE CUSTODIAN OF A SCHOLARSHIP FUND SETUP TO HELP AWARDEES PAY FOR EDUCATION COURSEWORK NEEDED FOR THE CFP EXAM AND TO BECOME A CFP PROFESSIONAL. TOM MOSER SCHOLARSHIP FUND PAYS OUT CERTIFICATION AND EXAM EXPENSES TO SCHOLARSHIP RECIPIENT ON BEHALF OF CORPORATE DONOR. PART X, LINE 2: CFP BOARD IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE IRC AND HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. UNDER PROVISIONS OF THE IRC SECTION 501(C)(3), AND APPLICABLE STATE REGULATIONS, CFP BOARD IS EXEMPT FROM TAXES EXCEPT FOR UNRELATED BUSINESS INCOME. FOR FINANCIAL STATEMENT PURPOSES CFP BOARD IS REQUIRED TO RECORD A LIABILITY FOR ANY MATERIAL TAX POSITION TAKEN WHICH DOES NOT MEET THE MINIMUM THRESHOLDS OF MORE LIKELY THAN NOT TO BE SUCCESSFUL UNDER REGULATORY CHALLENGE. NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED IN 2022 OR 2021, SINCE MANAGEMENT BELIEVES THERE ARE NO MATERIAL UNRELATED BUSINESS INCOME OR MATERIAL UNCERTAIN TAX POSITIONS REQUIRING THE RECOGNITION OF A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 13,245. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 13,245. X X X 1 GRAHAM-PELTON 39 BEECHWOOD ROAD SUMMIT NJ 07901 CAPITAL CAMPAIGN CONSULTING 0 0 5710 -5710 5710 -5710 IL KS WI NC AK ND TN FL CA HI MD MA MS NH NY OH OR SC VA MN CO KY PA CT ME WA NM NJ AR MI GA OK WV RI NV AL UT DC X X X X X X 0 1 0 0 0 0 0 0 0 KEVIN KELLER CHIEF EXECUTIVE OFFICER 642060 0 335755 0 0 0 133001 0 39115 0 1149931 0 0 0 LEO RYDZEWSKI GENERAL COUNSEL 442100 0 94622 0 79874 0 99619 0 4826 0 721041 0 79874 0 ELIZABETH STEWART CHIEF OPERATING OFFICER 389868 0 64378 0 79874 0 100550 0 23613 0 658283 0 79874 0 ROGER MYERS JR STATEGIC ADVISOR TO CEO 370378 0 77623 0 79874 0 85214 0 11844 0 624933 0 79874 0 THOMAS SPORKIN MANAGING DIRECTOR 358570 0 61950 0 0 0 98419 0 20679 0 539618 0 0 0 MAUREEN THOMPSON VP OF PUBLIC POLICY 325566 0 26260 0 79874 0 65410 0 8388 0 505498 0 79874 0 JOSEPH MAUGERI MANAGING DIRECTOR 258943 0 47506 0 58574 0 77561 0 18232 0 460816 0 58574 0 ERIN KOEPPEL DIRECTOR 249126 0 74446 0 0 0 17634 0 5215 0 346421 0 0 0 ADAM ZAJAC DIRECTOR 237618 0 73491 0 0 0 14851 0 7063 0 333023 0 0 0 JOHN LOPER MANAGING DIRECTOR 236194 0 42589 0 0 0 26988 0 18517 0 324288 0 0 0 KEVIN YEA CHIEF FINANCIAL OFFICER 205454 0 0 0 0 0 72625 0 8435 0 286514 0 0 0 JAMES KATSAOUNIS MANAGING DIRECTOR 246355 0 5000 0 0 0 24758 0 9593 0 285706 0 0 0 TIM STIFFEL DIRECTOR 190884 0 31596 0 0 0 22400 0 8351 0 253231 0 0 0 D A ABRAMS DIRECTOR 168781 0 34852 0 0 0 17857 0 8435 0 229925 0 0 0 PART I, LINE 4B PART I, LINE 4B - 457(F) PLAN - ALL APPROVED EXECUTIVES PARTICIPATE IN THE PLAN. A NON-QUALIFIED DEFERRED COMPENSATION PLAN IS MAINTAINED IN ACCORDANCE WITH SECTION 457(F) OF THE INTERNAL REVENUE CODE FOR THE BENEFIT OF THE ORGANIZATION'S CHIEF EXECUTIVE OFFICER (CEO) AND APPROVED EXECUTIVES. UNDER THE TERMS OF THE PLAN, BEGINNING JANUARY 1 OF EACH CALENDAR YEAR, EXECUTIVE TEAM MEMBERS WHO WERE EMPLOYED AT THE ORGANIZATION IN THE PREVIOUS CALENDAR YEAR MAY EARN A COMPENSATION AWARD AS DETERMINED BY THE CEO. SUCH A COMPENSATION AWARD IS ALSO REVIEWED BY THE CEO OVERSIGHT COMMITTEE. THE CEO MAY EARN AN ADDITIONAL AMOUNT AS DETERMINED BY THE BOARD OF DIRECTORS. THE CEO'S DEFERRED COMPENSATION IS VESTED AND PAID OUT IN ACCORDANCE WITH THE TERMS OF HIS CONTRACT. EACH DEFERRED COMPENSATION AWARD FOR ALL OTHER APPROVED EXECUTIVES IS GENERALLY VESTED THREE YEARS FROM THE GRANT DATE. UPON VESTING THE AWARD IS PAID OUT TO THE EXECUTIVE. THE AWARD IS AT RISK OF FORFEITURE UNTIL IT IS FULLY VESTED. THE CASH DISTRIBUTION AMOUNTS REFLECTED ON THE SECOND LIST OF THE FOLLOWING PAGE WERE AWARDED PREVIOUSLY AND MET THE VESTING REQUIREMENTS DURING THE YEAR IN WHICH THEY WERE PAID OUT. THE FOLLOWING EXECUTIVE LEADER TEAM MEMBERS PARTICIPATED IN THE PLAN: NAME TITLE AMOUNT KEVIN R. KELLER CHIEF EXECUTIVE OFFICER $100,000 ROGER MYERS CHIEF FINANCIAL OFFICER $58,217 KEVIN YEA CHIEF FINANCIAL OFFICER $50,000 JOSEPH MAUGERI MANAGING DIRECTOR $42,506 LEO RYDZEWSKI GENERAL COUNSEL $72,000 ELIZABETH STEWART CHIEF OPERATING OFFICER $72,000 MAUREEN THOMPSON VP OF PUBLIC POLICY $40,000 THOMAS SPORKIN MANAGING DIRECTOR $72,000 THE FOLLOWING MEMBERS RECEIVED A 457F CASH DISTRIBUTION: NAME TITLE AMOUNT ROGER MYERS CHIEF FINANCIAL OFFICER $79,874 JOSEPH MAUGERI MANAGING DIRECTOR $58,574 LEO RYDZEWSKI GENERAL COUNSEL $79,874 ELIZABETH STEWART CHIEF OPERATING OFFICER $79,874 MAUREEN THOMPSON VP OF PUBLIC POLICY $79,874 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE CPA FIRM CLIFTONLARSONALLEN LLP WITH SIGNIFICANT INPUT FROM CFP BOARD MANAGEMENT AND STAFF. IT IS THEN REVIEWED BY THE AUDIT COMMITTEE AND RISK COMMITTEE. ONCE THE AUDIT AND RISK COMMITTEE HAS APPROVED, THE FORM IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C CFP BOARD ADDRESSES CONFLICTS OF INTEREST IN ITS EMPLOYEE HANDBOOK FOR EMPLOYEES AND VOLUNTEER AGREEMENT FOR VOLUNTEERS. CFP BOARD REQUIRES EMPLOYEES TO ADVISE THE DIRECTOR OF HUMAN RESOURCES, AND VOLUNTEERS TO NOTIFY CFP BOARD'S GENERAL COUNSEL, OF ANY TRANSACTION OR OTHER ACTIVITY THAT MIGHT PRESENT A CONFLICT OF INTEREST. STAFF CONFLICTS ARE REVIEWED BY THE HR DIRECTOR, AND VOLUNTEER CONFLICTS ARE REVIEWED BY EITHER THE GOVERNANCE COMMITTEE OR THE CEO, DEPENDING ON THE INDIVIDUAL INVOLVED. IN 2022, THE GOVERNANCE COMMITTEE REPORTED TO THE BOARD ON CONFLICTS THAT WERE REVIEWED WHERE ACTION WAS TAKEN AS WELL AS POTENTIAL CONFLICTS THAT WERE REVIEWED AND DETERMINED THAT WERE NOT ACTUAL OR PERCEIVED CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO OVERSIGHT AND COMPENSATION COMMITTEE ESTABLISHES AND MONITORS CEO COMPENSATION TO ENSURE THAT IT IS COMPETITIVE WITH OTHER NON-PROFIT INSTITUTIONS THAT FOCUS ON FINANCIAL SERVICES, LOCATED IN WASHINGTON, DC. THE COMMITTEE CONSISTS OF MEMBERS OF THE BOARD OF DIRECTORS AND DOES NOT INCLUDE THE CEO. THE COMMITTEE ENGAGED A COMPENSATION CONSULTANT TO EVALUATE THE CURRENT CEO SALARY AND STRUCTURE. THE CONSULTANT UTILIZED COMPARABLE DATA IN ORDER TO SUBSTANTIATE THEIR SALARY RECOMMENDATIONS FOR THE CEO. THIS PROCESS TOOK PLACE IN 2022. THE CEO ENGAGES A COMPENSATION CONSULTANT TO REVIEW AND EVALUATE OTHER OFFICER AND KEY EMPLOYEE SALARIES. THE CONSULTANT UTILIZED COMPARABLE DATA IN ORDER TO SUBSTANTIATE THEIR SALARY RECOMMENDATIONS FOR OTHER OFFICER AND KEY EMPLOYEE SALARIES. THIS PROCESS TOOK PLACE IN 2021. FORM 990, PART VI, SECTION C, LINE 19 CFP BOARD'S BYLAWS ARE AVAILABLE FOR DOWNLOAD FROM THE ORGANIZATION'S WEBSITE. FORM 990, PART IX, LINE 11G OUTSIDE SERVICES: PROGRAM SERVICE EXPENSES 1,038,776. MANAGEMENT AND GENERAL EXPENSES 113,559. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,152,335. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 6,371,235. MANAGEMENT AND GENERAL EXPENSES 427,476. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,798,711. RECRUITMENT ADVERTISING AND PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 685,729. MANAGEMENT AND GENERAL EXPENSES 214,548. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 900,277. RESEARCH: PROGRAM SERVICE EXPENSES 602,618. MANAGEMENT AND GENERAL EXPENSES 2,949. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 605,567. TEMPORARY LABOR: PROGRAM SERVICE EXPENSES 1,562,101. MANAGEMENT AND GENERAL EXPENSES 252,838. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,814,939.