2022-11-11T09:21:56-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 901 NORTH GLEBE ROAD SUITE 200 ARLINGTON VA 22203 990 2021-01-01 742385850 CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS INC CERT 2023792200 1425 K STREET NW 800 WASHINGTON DC 20005 KEVIN YEA CHIEF FINANCIAL OFFICER 2023792200 2022-11-10 1 KEVIN YEA 999009999 MICHAELA J CROMAR CPA P00895728 5712279500 2022-11-02 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z KEVIN R KELLER 1425 K STREET NW 800 WASHINGTON DC 20005 69054557 0 X WWW.CFP.NET X 1985 DC BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION FOR PERSONAL & ETHICAL FINANCIAL PLANNING. 16 16 102 593 526931 0 2015723 3937496 39938699 43446369 1005923 1637628 6205 6675 42966550 49028168 72637 30000 0 0 13392369 15582078 76829 27202 368141 30799220 30683352 44341055 46322632 -1374505 2705536 64603052 72477411 28321056 31418688 36281996 41058723 X TO BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION AND UPHOLDING IT AS THE RECOGNIZED STANDARD OF EXCELLENCE FOR COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING. CFP BOARD'S CURRENT STRATEGIC PRIORITIES FOCUS ON THE FOUR A'S: GROWING AWARENESS OF THE CFP CERTIFICATION, EXPANDING ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING, ASSURING ACCOUNTABILITY BY HOLDING CFP PROFESSIONALS TO RIGOROUS STANDARDS, AND BY SERVING AS THE RESPECTED AUTHORITY FOR THE PROFESSION BY SETTING STANDARDS. 0 0 10515731 179000 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 2021. 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 2021, CFP BOARD CONTINUOUSLY REVIEWS THESE PUBLIC SOURCES TO DETECT POTENTIAL MISCONDUCT BY CFP PROFESSIONALS. IN 2021, THESE DETECTION EFFORTS RESULTED IN CFP BOARD STAFF OPENING 667 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 A PEER-REVIEW BODY, MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, WHICH ISSUES THE FINAL DECISION OF CFP BOARD. THE CODE AND STANDARDS ENFORCEMENT COMMITTEE OF THE BOARD OF DIRECTORS DECIDES APPEALS FILED ON OR BEFORE FEBRUARY 20, 2021, AND AN APPEALS COMMISSION DECIDES APPEALS FILED ON FEBRUARY 21, 2021 OR AFTERWARDS. 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 MAKES A RECOMMENDATION TO 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 2021, THE TOTAL NUMBER OF FINAL DISCIPLINARY ACTIONS TAKEN BY THE DEC AND CFP BOARD STAFF WAS 186. THE DEC HELD 108 HEARINGS OR SETTLEMENT OFFER REVIEWS, RESULTING IN 100 OUTCOMES, 79 OF WHICH WERE DISCIPLINARY SANCTIONS, INCLUDING 2 REVOCATIONS, 16 SUSPENSIONS, 4 DISCRETIONARY INTERIM SUSPENSIONS, 31 PUBLIC CENSURES, AND 23 PRIVATE CENSURES. CFP BOARD STAFF ALSO ISSUED 50 ADMINISTRATIVE REVOCATIONS, 26 ADMINISTRATIVE SUSPENSIONS, 4 AUTOMATIC INTERIM SUSPENSIONS, 11 ADMINISTRATIVE TEMPORARY BARS, 16 ADMINISTRATIVE PERMANENT BARS, AND 3 ORDERS OF PUBLIC CENSURE.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. 12369661 12369661 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. 8098481 132682 COMMUNICATIONS AND OUTREACH: IN 2021, 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. OUR EFFORTS UTILIZED TRADITIONAL AND SOCIAL MEDIA, CFP BOARD WEBSITES, DIRECT MAIL AND EMAIL AND SPEAKING APPEARANCES TO EDUCATE AND INFORM THE PUBLIC ABOUT THE BENEFITS OF FINANCIAL PLANNING AND THE VALUE OF THE CFP PROFESSIONAL IN PROVIDING COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING SERVICES THAT IS IN THEIR BEST INTEREST. 579402 19984980 CERTIFICATION: THERE WERE 92,055 CFP PROFESSIONALS AT THE END OF 2021, OF WHICH 5,273 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. 3075431 30000 2183255 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 234 ACCREDITED COLLEGES AND UNIVERSITIES IN THE U.S., AT DEGREE (BACHELORS, MASTERS, PH.D.) AND CERTIFICATE LEVELS. IN 2021, CFP BOARD REGISTERED OVER 339 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 1,096 CE SPONSORS, WHO ARE REQUIRED TO DELIVER HIGH QUALITY CONTENT DEVELOPED BY QUALIFIED INSTRUCTORS AND AUTHORS, ALIGNING WITH DEFINED FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2021, CFP BOARD REVIEWED AND APPROVED OVER 13,500 CE PROGRAMS WHICH MET ESTABLISHED REQUIREMENTS. 2815089 8069859 EXAMINATION: IN 2021, 8,791 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. 1349682 PUBLIC ADVOCACY: ONE OF CFP BOARD'S CORE PUBLIC POLICY OBJECTIVES IS TO INFLUENCE POLICY TO BENEFIT THE PUBLIC AND TO INCREASE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNERS. DURING 2021, CFP BOARD ENCOURAGED FEDERAL POLICYMAKERS TO USE CFP BOARD'S CODE OF ETHICS & STANDARDS OF CONDUCT (EFFECTIVE JUNE 30, 2019) 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 FUTURE. THE POLICY DISCUSSIONS WERE BASED ON RECOMMENDATIONS OF THE RETIREMENT ISSUES WORKING GROUP. 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 AND DEVELOPED A FRAMEWORK FOR THE PROGRAM TO BE IMPLEMENTED DURING THE NEXT CALENDAR YEAR. 3572456 526931 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. 11392060 30000 30765025 42375933 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 50 0 102 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 WI X KEVIN YEA 2023792260 1425 K STREET NW SUITE 800 WASHINGTON DC 20005 DOUG KING BOARD CHAIR 5.00 X X 0 0 0 MATT BOERSEN BOARD MEMBER 5.00 X 0 0 0 ROBERTA KARMEL BOARD MEMBER 5.00 X 0 0 0 LIZ MILLER BOARD MEMBER 5.00 X 0 0 0 SUSAN BARAN BOARD MEMBER 5.00 X 0 0 0 ED MOORE BOARD MEMBER 5.00 X 0 0 0 MARTIN SCHAMIS BOARD MEMBER 5.00 X 0 0 0 RON GREEN BOARD MEMBER 5.00 X 0 0 0 KAMILA ELLIOTT BOARD MEMBER 5.00 X 0 0 0 LATHA RAMCHAND BOARD MEMBER 5.00 X 0 0 0 NATALIE WOLFSEN BOARD MEMBER 5.00 X 0 0 0 DAN MOISAND BOARD MEMBER 5.00 X 0 0 0 ALEX ROZMAN BOARD MEMBER 5.00 X 0 0 0 ANERI JAMBUSARIA BOARD MEMBER 5.00 X 0 0 0 RICK SHERLOCK BOARD MEMBER 5.00 X 0 0 0 NANCY SMITH BOARD MEMBER 5.00 X 0 0 0 KEVIN KELLER CHIEF EXECUTIVE OFFICER 45.00 X 863885 0 171755 LEO RYDZEWSKI GENERAL COUNSEL 45.00 X 602966 0 91170 ROGER MYERS JR CHIEF FINANCIAL OFFICER 45.00 X 537052 0 107046 ELIZABETH STEWART CHIEF OPERATING OFFICER 45.00 X 467389 0 116861 MAUREEN THOMPSON VP OF PUBLIC POLICY 45.00 X 443253 0 102040 JOSEPH MAUGERI MANAGING DIRECTOR 45.00 X 337778 0 86613 DA ABRAMS MANAGING DIRECTOR 45.00 X 341607 0 94086 THOMAS SPORKIN MANAGING DIRECTOR 45.00 X 328989 0 105554 JOHN LOPER MANAGING DIRECTOR 45.00 X 253709 0 43120 ERIN KOEPPEL DIRECTOR 45.00 X 265199 0 20558 ADAM ZAJAC DIRECTOR 45.00 X 255568 0 19817 DAVID MAZZULLA DIRECTOR 45.00 X 255796 0 21824 TIM STIFFEL DIRECTOR 45.00 X 204782 0 29240 5157973 0 1009684 39 0 1 0 WHITE 64 8603 WESTWOOD CENTER DRIVE TYSONS CORNER VA 22182 ADVERTISING 11602335 BEACON HILL STAFFING GROUP 152 BOWDOIN STREET BOSTON MA 02108 TEMPORARY STAFFING 2128047 MARKETING GENERAL INC 625 NORTH WASHINGTON STREET SUITE 4 ALEXANDRIA VA 22314 MARKETING SERVICES 863910 PROMETRIC INC 1501 SOUTH CLINTON STREET BALTIMORE MD 21224 TESTING SERVICES 851599 NGEN LLC 4640 FORBES BLVD STE 201 LANHAM MD 20706 IT SERVICES 523939 23 3937496 3937496 CERTIFICATION FEES 900099 19045055 19045055 PUBLIC AWARENESS FEES 900099 12369661 12369661 EXAM FEES 900099 8069859 8069859 EDUCATIONAL FEES 900099 2179360 2179360 APPLICATION FEES 900099 939925 939925 842509 315578 526931 43446369 929535 929535 11974 11974 20680000 19971907 708093 708093 708093 49183 54482 -5299 -5299 49028168 42914139 526931 1649602 X 30000 30000 4859498 4336822 506007 16669 8485147 7427779 855662 201706 591122 504269 76026 10827 916189 780914 61552 73723 730122 620149 95400 14573 805933 766834 29570 9529 67460 45691 21769 178560 178560 27202 27202 63380 63380 8524081 8138686 385395 12419899 12419899 2768302 2612662 148263 7377 725914 535320 190594 1362379 922756 439623 237326 179116 58102 108 484077 412058 71884 135 1892593 1612674 273627 6292 307718 208421 99297 PROFESSIONAL DUES 487456 332639 154817 RECOGNITION AWARDS 251030 231546 19484 PROFESSIONAL DEVELOPMEN 103680 75377 28303 3564 3761 -197 46322632 42375933 3578558 368141 X 909680 669039 0 240641 9256428 11829558 2101444 2231073 1642421 3586176 186357 4675083 446681 458885 17109651 13233387 4717764 3876264 33189287 37162779 8794984 4228220 4267686 4429373 64603052 72477411 4857000 5969019 16630463 18422398 21326 23403 6812267 7003868 28321056 31418688 X 34068358 38847465 2213638 2211258 36281996 41058723 64603052 72477411 X 2705536 2492684 -421493 X 0 1 X 1 0 X 2771888 1987589 1496123 2015723 3937496 12208819 34316110 36756991 39299821 39782653 42968620 193124195 37087998 38744580 40795944 41798376 46906116 205333014 46000 43750 197300 97000 143000 527050 0 46000 43750 197300 97000 143000 527050 204805964 791514 1034022 1134148 1011626 939983 4911293 791514 1034022 1134148 1011626 939983 4911293 37879512 39778602 41930092 42810002 47846099 210244307 0.97410 0.97310 0.02340 0.02270 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 178560 178560 45328784 45507344 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 165221 99646 192000 178560 635427 250000 250000 250000 250000 1000000 1500000 0 21326 2077 23403 1 X 3434788 2280477 1154311 1959958 1544393 415565 11714905 9408517 2306388 3876264 ARCHIPELAGO HOLDINGS 1895505 F NYES LEDGE CAPITAL FUND -1 F STATE STREET 2332716 F 4228220 CFP CERTIFICATION MARK 9791 DEPOSITS 117978 DEFERRED COMPENSATION 4301604 4429373 DEFERRED RENT 1047010 CAPITAL LEASE OBLIGATION 69606 DEFERRED COMPENSATION 5135977 DEFERRED LIABILITY - TENANT FINISH ALLOWANCE 751275 7003868 X 51511954 2492684 54482 2547166 48964788 63380 63380 49028168 46313734 54482 54482 46259252 63380 63380 46322632 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 2021 OR 2020, 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 54,482. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 54,482. X X X 1 GRAHAM-PELTON 1101 PENNSYLVANIA AVENUE NW 7TH WASHINGTON DC 20004 CAPITAL CAMPAIGN CONSULTING 0 0 27202 -27202 27202 -27202 AL AK CA CT FL GA HI IL KS KY ME MD MA MI MN MS NV NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI CO 1 FINANCIAL PLANNING ASSOCIATION 7535 EAST HAMPDEN AVENUE SUITE 60 DENVER CO 80231 841521488 501(C)(6) 25000 0 N/A N/A TO PARTIALLY FUND THE FINANCIAL PLANNING CHALLENGE AT THE ANNUAL FPA CONFERENCE. 0 1 PART I, LINE 2: ANNUAL GRANT TO THE FINANCIAL PLANNING ASSOCATION (FPA) TO PARTIALLY FUND "THE FINANCIAL PLANNING CHALLENGE" HELD AT THE ANNUAL FPA CONFERENCE TO SUPPORT THE NEXT GENERATION OF FINANCIAL PLANNERS. ENGAGING STUDENTS AND PROGRAM DIRECTORS IN THE FINANCIAL PLANNING COMMUNITY, RAISING AWARENESS OF CAREER OPPORTUNITIES, AND ENCOURAGING LEARNING AND NETWORKING IN THE FINANCIAL PLANNING PROFESSION. X X X X X X 0 1 0 0 0 0 0 0 0 KEVIN KELLER CHIEF EXECUTIVE OFFICER 586412 0 277473 0 0 0 136900 0 34855 0 1035640 0 0 0 LEO RYDZEWSKI GENERAL COUNSEL 457247 0 66750 0 78969 0 86418 0 4752 0 694136 0 78969 0 ROGER MYERS JR CHIEF FINANCIAL OFFICER 399450 0 58633 0 78969 0 95597 0 11449 0 644098 0 78969 0 ELIZABETH STEWART CHIEF OPERATING OFFICER 338420 0 50000 0 78969 0 97150 0 19711 0 584250 0 78969 0 MAUREEN THOMPSON VP OF PUBLIC POLICY 317934 0 46350 0 78969 0 96382 0 5658 0 545293 0 78969 0 DA ABRAMS MANAGING DIRECTOR 302232 0 39375 0 0 0 77131 0 16955 0 435693 0 0 0 THOMAS SPORKIN MANAGING DIRECTOR 328989 0 0 0 0 0 85927 0 19627 0 434543 0 0 0 JOSEPH MAUGERI MANAGING DIRECTOR 251037 0 34095 0 52646 0 71292 0 15321 0 424391 0 52646 0 JOHN LOPER MANAGING DIRECTOR 228709 0 25000 0 0 0 25467 0 17653 0 296829 0 0 0 ERIN KOEPPEL DIRECTOR 237599 0 27600 0 0 0 15331 0 5227 0 285757 0 0 0 DAVID MAZZULLA DIRECTOR 189724 0 66072 0 0 0 15430 0 6394 0 277620 0 0 0 ADAM ZAJAC DIRECTOR 228568 0 27000 0 0 0 13103 0 6714 0 275385 0 0 0 TIM STIFFEL DIRECTOR 183347 0 21435 0 0 0 21257 0 7983 0 234022 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 FOLLOWING ELT MEMBERS PARTICIPATED IN THE PLAN: NAME TITLE AMOUNT KEVIN R. KELLER CHIEF EXECUTIVE OFFICER $100,000 ROGER MYERS CHIEF FINANCIAL OFFICER $70,000 JOSEPH MAUGERI MANAGING DIRECTOR $45,000 LEO RYDZEWSKI GENERAL COUNSEL $60,000 ELIZABETH STEWART CHIEF OPERATING OFFICER $70,000 MAUREEN THOMPSON VP OF PUBLIC POLICY $60,000 D.A. ABRAMS MANAGING DIRECTOR $50,000 THOMAS SPORKIN MANAGING DIRECTOR $60,000 THE FOLLOWING MEMBERS RECEIVED A 457F CASH DISTRIBUTION: NAME TITLE AMOUNT ROGER MYERS CHIEF FINANCIAL OFFICER $78,969 JOSEPH MAUGERI MANAGING DIRECTOR $52,646 LEO RYDZEWSKI GENERAL COUNSEL $78,969 ELIZABETH STEWART CHIEF OPERATING OFFICER $78,969 MAUREEN THOMPSON VP OF PUBLIC POLICY $78,969 FORM 990, PART VI, SECTION A, LINE 1A THE AUDIT COMMITTEE APPROVES INDEPENDENT AUDITOR'S REPORT ON BEHALF OF THE BOARD. ALL MEMBERS OF AUDIT COMMITTEE ARE PART OF THE BOARD OF DIRECTORS. THOSE RESPONSIBILITIES ARE INCLUDED IN THEIR CHARTER. 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 2021, 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 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 RECENTLY TOOK PLACE IN 2021. 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 RECENTLY 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 1,175,594. MANAGEMENT AND GENERAL EXPENSES 87,494. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,263,088. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 4,022,335. MANAGEMENT AND GENERAL EXPENSES 115,425. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,137,760. RECRUITMENT ADVERTISING AND PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 215,156. MANAGEMENT AND GENERAL EXPENSES 94,407. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 309,563. RESEARCH: PROGRAM SERVICE EXPENSES 250,785. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 250,785. TEMPORARY LABOR: PROGRAM SERVICE EXPENSES 2,474,816. MANAGEMENT AND GENERAL EXPENSES 88,069. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,562,885. FORM 990, PART XI, LINE 9: TRANSFER OF MILTON STERN SCHOLARS FUND -421,493.