2025-06-16T07:28:57-05:00 2024-12-31 991856619 GRANT THORNTON ADVISORS LLC 1000 Wilson Boulevard Suite 1500 Arlington VA 22209 990 2024-01-01 520910763 SECURITIES INVESTOR PROTECTION CORPORATION SECU 2023718300 1667 K ST NW 1000 WASHINGTON DC 200061620 JOSEPHINE WANG PRESIDENT AND CEO 2023718300 2025-06-16 1 0 Mary Torretta P00847851 7038477500 2024 2025-03-06 01:10:19Z JOSEPHINE WANG 1667 K ST NW 1000 WASHINGTON DC 200061620 625303894 0 X WWW.SIPC.ORG X 1970 DC See Schedule O 7 7 42 0 0 0 0 0 511388716 625303894 0 0 0 0 511388716 625303894 0 0 0 0 14287105 13132267 0 0 0 5452501 164847550 19739606 177979817 491649110 447324077 4675779724 5089010833 547486700 536737226 4128293024 4552273607 X See Schedule O 0 0 SIPC initiated no new customer protection proceedings in 2024. Total proceedings commenced under SIPC to date are 330. In 2024, 1 proceeding is being processed. Cash and securities distributed for accounts of customers during 2024 totaled approximately $82 million. 0 0 0 1 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 30 0 1 42 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 0 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X CHARLES E GLOVER VP-FINANCE 2023718300 1667 K ST NW STE 1000 WASHINGTON DC 200061620 X WILLIAM BRODSKY DIRECTOR 2.50 0.00 X 12000 0 0 GLEN S FUKUSHIMA VICE CHAIR OF BOARD 3.00 0.00 X 12000 0 0 WILLIAM S JASIEN DIRECTOR 1.50 0.00 X 12000 0 0 ALAN J PATRICOF DIRECTOR 2.50 0.00 X 12000 0 0 CLAUDIA SLACIK CHAIR OF BOARD 6.00 0.00 X 28000 0 0 DANIEL M COVITZ DIRECTOR 2.00 0.00 X 0 0 0 W MOSES KIM DIRECTOR 2.00 0.00 X 0 0 0 JOSEPHINE WANG PRESIDENT & CEO 40.00 0.00 X 934812 0 -47198 MICHAEL L POST GENERAL COUNSEL & SECRETARY 40.00 0.00 X 651398 0 117528 KAREN L SAPERSTEIN VICE PRESIDENT - OPERATIONS 40.00 0.00 X 486205 0 195785 CHARLES E GLOVER VICE PRESIDENT - FINANCE 40.00 0.00 X 504905 0 -32185 CHRISTOPHER H LAROSA SR. ASSOC. GC - LITIGATION 40.00 0.00 X 383489 0 233010 HEMANT SHARMA DEPUTY GENERAL COUNSEL 40.00 0.00 X 433935 0 148504 ROBERT C FERRY AVP - INFORMATION TECHNOLOGY 40.00 0.00 X 355034 0 161385 TIMOTHY W TIMANUS AVP - OPERATIONS 40.00 0.00 X 355860 0 140151 KEVIN H BELL SR. ASSOC. GC - DISPUTE RES 40.00 0.00 X 407012 0 24498 4588650 0 941478 30 0 1 0 PERATON 12975 Worldgate Drive Suite 700 Herndon VA 20170 IT CONSULTING 3209362 PAUL HASTINGS LLP 515 S Flowers St Suite 2500 Los Angeles CA 90071 LEGAL FEES 251554 GRANT THORNTON LLP 1000 Wilson Blvd Arlington VA 22209 ACCOUNTING FEES 209979 BUCK GLOBAL LLC 420 Lexington Ave Suite 2220 New York NY 10170 ACTUARIAL SERVICES 126509 HEIDRICKS STRUGGLES 1133 Paysphere Circle Chicago IL 60674 TEMP SVCS/ RECRUITING 117067 5 MEMBER ASSESSMENTS 900099 490704400 490704400 INTR/US GOV SECURITIES 900099 134599494 134599494 625303894 625303894 625303894 0 0 3222983 6850509 836956 1782678 439141 172480 238329 9734 869153 69476 647053 5207503 947623 80952 38185 242145 223619 CUSTOMER PROTECTION 156048805 DIRECTOR'S EXPENSES 37813 PERSONAL PROPERTY TAX 14680 177979817 2091996 1863079 193923264 241299400 10058989 14562787 8143439 7892011 444732 251428 4469260743 4831034139 4675779724 5089010833 14240125 13339276 1146575 1297950 532100000 522100000 547486700 536737226 X 4128293024 4552273607 0 0 0 0 4128293024 4552273607 4675779724 5089010833 X 447324077 -28309262 4965768 X 0 1 X 1 0 0 0 0 490704400 Schedule C, Part III-A The Securities Investor Protection Corporation ("SIPC") is a non-profit membership organization created under the Securities Investor Protection Act, 15 U.S.C. 78aaa et seq. ("SIPA"). SIPA provides that "SIPC, its property, its franchise, capital, reserves, surplus, and its income, shall be exempt from all taxation now or hereafter imposed by the United States or by any state or local taxing authority, except that any real property and any tangible personal property (other than cash and securities) of SIPC shall be subject to state and local taxation to the same extent according to its value as other real and tangible personal property is taxed." 15 U.S.C. 78kkk(a). During its 2024 tax year, SIPC made lobbying expenditures to an outside firm in the amount of $9,734. 1550577 1429327 121250 5377728 5317240 60488 1215134 1145444 69690 251428 Estimated cost to complete customer protection proceedings 522100000 522100000 596994632 -28309262 -28309262 625303894 0 625303894 182945585 4965768 4965768 177979817 0 177979817 Part XII, Line 2d - Other Adjustments: Pension and post-retirement benefit related changes other than net periodic pension cost 4,965,768. X 1 1 X X X X 0 0 0 JOSEPHINE WANG PRESIDENT & CEO 695753 0 232641 0 6418 0 -71971 0 24773 0 887614 0 0 0 MICHAEL L POST GENERAL COUNSEL & SECRETARY 544483 0 105575 0 1340 0 92415 0 25113 0 768926 0 0 0 KAREN L SAPERSTEIN VICE PRESIDENT - OPERATIONS 397997 0 81790 0 6418 0 145719 0 50066 0 681990 0 0 0 CHRISTOPHER H LAROSA SR. ASSOC. GC - LITIGATION 348149 0 34000 0 1340 0 176190 0 56820 0 616499 0 0 0 HEMANT SHARMA DEPUTY GENERAL COUNSEL 368096 0 65122 0 717 0 88377 0 60127 0 582439 0 0 0 ROBERT C FERRY AVP - INFORMATION TECHNOLOGY 317247 0 35731 0 2056 0 114272 0 47113 0 516419 0 0 0 TIMOTHY W TIMANUS AVP - OPERATIONS 316120 0 38400 0 1340 0 118068 0 22083 0 496011 0 0 0 CHARLES E GLOVER VICE PRESIDENT - FINANCE 390854 0 111995 0 2056 0 -54213 0 22028 0 472720 0 0 0 KEVIN H BELL SR. ASSOC. GC - DISPUTE RES 366594 0 34000 0 6418 0 -27832 0 52330 0 431510 0 0 0 Part I, Line 1a First-class Travel First-class train fare was allowed pursuant to policy and paid for Mr. Bell when it was less than or equivalent to the cost of coach airfare and related ground transportation. First class air fare was allowed pursuant to policy for Mr. Brodsky and Mr. Jasien. Schedule J, Part II, Column C: Retirement and other deferred compensation The increase or decrease in actuarial value of a defined benefit retirement and a defined benefit post-retirement health plan is included in Schedule J, Part II, Column C as part of retirement and other deferred compensation in addition to employer contributions to benefit plans and related earnings. Schedule J, Part II, Column D: Nontaxable benefits Amounts include insurance premiums for medical, disability and group term life insurance. Form 990, Part I, Line 1 Protection of customers of SIPC members pursuant to the securities investor protection act of 1970. Copy of 2024 annual report available on SIPC's website (www.sipc.org). Number of members as of 12/31/24 is 3,197. Form 990, Part III, Line 1 SIPC's mission is statutory. When a brokerage firm fails due to bankruptcy or other financial difficulties and customer assets are missing, SIPC steps in as quickly as possible and, within certain limits, works to return customers' cash, stock and other securities, and other customer property. Without SIPC, investors at financially troubled brokerage firms might lose their securities or money forever or wait years while their assets are tied up in court. Form 990, Part VI, Section A, line 6 Members and stockholders SIPC is a membership corporation. Membership is by operation of law. Form 990, Part VI, Section A, line 7b Stockholders or persons other than governing bodies No decisions of the governing body are subject to approval by members. However, proposed rule changes and bylaw changes are subject to review and approval by the U.S. Securities and Exchange Commission. Form 990, Part VI, Section B, line 11b Form 990 review process The form 990 was prepared by Grant Thornton, an independent professional services firm, with support from the SIPC accounting staff, directed by the Vice President - Finance, using the books and records of the corporation after the completion of an audit by independent certified public accountants. The filing was reviewed by the President & CEO of SIPC. Prior to the filing, copies of the completed form 990, including required schedules, as filed with the IRS, were provided for review to the Audit and Budget Committee of the SIPC Board of Directors at its June 2025 meeting. The form 990 was also provided to the SIPC Board of Directors for its review at its June 2025 meeting with recommendations by the Audit and Budget Committee. Form 990, Part VI, Section B, line 12c Conflict of interest policy monitoring & enforcement SIPC has written business ethics and whistleblower policies, which include provisions regarding conflicts of interests, that apply to all employees. They are incorporated into the written personnel guide. Upon employment and annually thereafter each employee, including officers, must sign a document stating that they have reviewed and will adhere to those provisions. Any conflict of interest must be reported to an employee's supervisor, and review of such matters is undertaken by the Office of the General Counsel. Pending review of any conflict, an employee will be prohibited from working on the relevant matter. During the annual audit, the independent certified public accountants inquire of the staff on a test basis as to their understanding of the policies and report their findings to the Audit and Budget Committee of the SIPC Board of Directors. Upon appointment and at least annually thereafter each non-government director shall certify in writing that he or she has reviewed and will adhere to the code of ethics for non-government directors. The government directors must adhere to their government standards and codes of ethics. Each director also must timely disclose any conflict as it arises and recuse themselves from participation in any matter so affected. Any such event is documented in the meeting minutes. Form 990, Part VI, Section B, line 15 Process for determining compensation Compensation for all SIPC officers is set by the SIPC Board of Directors annually in conformity with compensation guidelines adopted by the Board and based on the recommendations of the Compensation Committee of the SIPC Board of Directors. They review salary studies by other organizations, U.S. Government pay scales, securities industry data, and inflation statistics from the U.S. Department of Labor, Bureau of Labor Statistics, as well as performance and work loads. Generally, an independent compensation study is commissioned every three years. The last study was completed in 2024. Form 990, Part VI, Section C, line 19 How documents are made available to the public SIPC was created by the Securities Investor Protection Act (15 U.S.C. 78aaa. et seq.). This statute, SIPC rules and the SIPC bylaws, which include "Conduct of Employees of the Securities Investor Protection Corporation" in Article 11, Section 1, are posted on the SIPC website: www.sipc.org. The current, as well as the entire prior 53-year history of, SIPC annual reports, including the audited financial statements, are also posted on the website. Copies will be mailed upon request. Form 990, Part VII, Section A, Column D: Compensation includes amounts for salary, bonus, supplemental employee retirement plan and group term life insurance. Form 990, Part VII, Section A, Column F: Amounts include the increase or decrease in actuarial value for defined benefit pension and post-retirement health plans, employer contributions to benefit plans, earnings on supplemental retirement plan, and insurance premiums. Form 990, Part XI, line 9: Pension and post-retirement benefit related changes other than net periodic pension cost 4,965,768.