2021-08-17T10:09:35-05:00 2021-04-30 410746749 CLIFTONLARSONALLEN LLP 610 W GERMANTOWN PIKE SUITE 400 PLYMOUTH MEETING PA 19462 990 2020-05-01 230959052 PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PENN 2154969272 1801 MARKET STREET NO 2400 PHILADELPHIA PA 19103 MICHAEL D COLGAN CAE CEO, EXECUTIVE DIRECTOR, SECRETARY 2154969272 2021-08-11 1 MICHAEL COLGAN CAE 999009999 CONNIE M LIRA P00481097 2156433900 2021-07-29 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z MICHAEL D COLGAN CAE 1801 MARKET STREET NO 2400 PHILADELPHIA PA 19103 6315913 0 X WWW.PICPA.ORG X 1904 PA SERVE AS AN ADVOCATE FOR PICPA MEMBERS AND THE CPA PROFESSION. 13 13 71 2000 52966 0 0 0 6259844 5903174 253258 228050 88866 95283 6601968 6226507 553480 2217018 0 0 3790392 3427178 0 0 0 1953060 1385256 6296932 7029452 305036 -802945 11374104 15048805 1689693 3038267 9684411 12010538 X PENNSYLVANIA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (PICPA) PRESERVES THE LEGACY AND PROPELS THE INTEGRITY OF THE CPA PROFESSION. WITH OVER 20,000 MEMBERS, PICPA'S MISSION IS TO FURTHER THE WELL-BEING OF ITS MEMBERS WHILE UPHOLDING THE PUBLIC INTEREST. 0 0 VOICE OF THE PROFESSION - PICPA MEMBERS ARE HIGHLY RESPECTED AND POSITIONED TO RESPOND TO LEGISLATORS, REGULATORS, THE BUSINESS COMMUNITY, MEDIA, AND CONSUMERS AT LARGE WITH MESSAGING DEVELOPED COLLABORATIVELY, PRESENTED CONSISTENTLY, AND DELIVERED PROFESSIONALLY TO PROTECT THE PUBLIC INTEREST AND ADVOCATE ON BEHALF OF THE PROFESSION. PICPA PROVIDES THE TOOLS, RESOURCES, AND GUIDANCE TO ASSIST MEMBERS WITH THESE EFFORTS. THE COVID-19 PANDEMIC HAD BOTH INTERNAL AND EXTERNAL EFFECTS ON THE ORGANIZATION. DUE TO GOVERNMENT SHUTDOWN ORDERS, THE PICPA WAS REQUIRED TO CANCEL ALL LIVE PROGRAMMING, WHICH CONSISTED OF CPE AND MEMBER ENGAGEMENT PROGRAMS. DUE TO PICPA'S ABILITY TO SHIFT TO VIRTUAL PROGRAMMING WITHOUT DELAY, THE PICPA WAS ABLE TO RETAIN ALL EMPLOYEES DURING FISCAL YEAR 2021.PICPA HAS NOW RESUMED SCHEDULING OF LIVE EVENTS FOR FISCAL YEAR 2022 AND ANTICIPATES A RETURN TO NORMAL OPERATIONS FOR FISCAL YEAR 2022. ENGAGEMENT - PICPA MEMBERS BUILD THEIR PROFESSIONAL NETWORK, COLLABORATE WITH COLLEAGUES TO DEVELOP TECHNICAL RESOURCES, HEIGHTEN THE CPA PRESENCE IN THE BUSINESS COMMUNITY AND THE GENERAL PUBLIC, AFFECT LEGISLATION IN PA, AND RECOGNIZE AND RESPECT THEIR PEERS. PICPA HOSTS A WIDE VARIETY OF NETWORKING PROGRAMS AND SUPPORTS NUMEROUS SOCIAL MEDIA TOOLS TO PROVIDE MEMBERS THE OPPORTUNITIES TO SHARE IDEAS AND COLLABORATE.PICPA PROVIDED OUR MEMBERS WITH A MYRIAD OF RESOURCES AND PROGRAMS RELATED TO THE COVID-19 PANDEMIC AND ITS IMPACT ON BUSINESS AND THE CPA PROFESSION, AND SERVED AS AN ADVOCATE FOR PENNSYLVANIA CPAS THROUGHOUT VARIOUS STAGES OF THE PANDEMIC. PROFESSIONAL DEVELOPMENT - PICPA MEMBERS EXPERIENCE PROFESSIONAL AND PERSONAL GROWTH BY COMMENTING ON EMERGING TECHNICAL ISSUES, SHARING KNOWLEDGE IN A COLLABORATIVE ENVIRONMENT, BUILDING BUSINESS RELATIONSHIPS AMONG PEERS, AND DEVELOPING LEADERSHIP SKILLS TO ENHANCE JOB PERFORMANCE AND CAREER PROSPECTS. PICPA HAS NUMEROUS STATE AND LOCAL COMMITTEES THAT SERVE AS THE PRIMARY METHOD FOR THE DELIVERY OF THESE SERVICES. THE ONSET OF COVID-19 DID NOT DETER THE PICPA FROM OUR STRATEGY OF SEEKING BOLD, FORWARD-LOOKING OPPORTUNITIES TO STRENGTHEN OUR VALUE PROPOSITION TO MEMBERS. AS PICPA WAS ABLE TO PIVOT QUICKLY TO PROVIDING VIRTUAL EVENTS AND NETWORKING OPPORTUNITIES DURING THE PANDEMIC, WE WERE ABLE TO ENGAGE MORE MEMBERS IN FISCAL YEAR 2021 THAN IN PAST YEARS. 0 0 1 1 0 0 0 0 0 1 1 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 16 0 71 1 1 1 0 0 0 0 0 0 0 X 13 13 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 0 X JENNIFER CRYDER CPA MBA - COO E 2154969272 1801 MARKET STREET NO 2400 PHILADELPHIA PA 19103 MICHAEL D COLGAN CAE CEO, EXECUTIVE DIRECTOR, SECRETARY 25.50 14.50 X 410714 0 116330 JENNIFER CRYDER CPA MBA COO & EXECUTIVE VP 24.00 16.00 X 230734 0 46122 ALLISON HENRY CPA VP PEER REVIEW 40.00 0.00 X 208261 0 18227 PETER CALCARA CAE VP GOVERNMENT RELATIONS 30.00 10.00 X 174553 0 48108 LORI BRADEN VP STRATEGIC MARKETING 40.00 0.00 X 174792 0 24737 ADAM BATCHELOR VP LEARNING & DEVELOPMENT 10.00 30.00 X 165519 0 26526 MEGAN KILLIAN CAE VP MEMBER RELATIONS - LEFT JAN 2021 20.00 20.00 X 157343 0 31677 HENRY BERNET MANAGER - TECHNOLOGY 40.00 0.00 X 139397 0 38826 MARIA MARINI CPA MANAGER - FINANCE 32.00 8.00 X 150886 0 13464 HEATHER TROWER CPA MANAGER - PROF & TECH STAN 40.00 0.00 X 137698 0 21475 JONATHAN BOEHMKE SENIOR DEVELOPER & SYSTEM ARCHITECHT 40.00 0.00 X 130169 0 10192 JILL GILBERT CPA PRESIDENT 2.00 4.00 X X 0 0 0 CYNTHIA BERGVALL CPA VICE-PRESIDENT 2.00 2.00 X X 0 0 0 HEATHER DEMSHOCK CPA VICE-PRESIDENT 2.00 2.00 X X 0 0 0 AARON RISDEN CPA TREASURER 2.00 2.00 X X 0 0 0 FRANCES AITKEN CPA PRESIDENT-ELECT 2.00 4.00 X 0 0 0 MARTIN LEVIN CPA IMMEDIATE PAST PRESIDENT 2.00 6.00 X 0 0 0 TARA BENDER CPA DIRECTOR 2.00 2.00 X 0 0 0 THOMAS FLOWERS CPA DIRECTOR 2.00 2.00 X 0 0 0 ELIZABETH KRISHER CPA DIRECTOR 2.00 4.00 X 0 0 0 MATTHEW MELINSON CPA DIRECTOR 2.00 2.00 X 0 0 0 CORY NG CPA DIRECTOR 2.00 2.00 X 0 0 0 SHEA SAMAN CPA DIRECTOR 2.00 2.00 X 0 0 0 CHRISTOPHER TURTELL CPA DIRECTOR 2.00 4.00 X 0 0 0 2080066 0 395684 14 0 1 0 LAURA SOLOMON & ASSOCIATES 121 SIBLEY AVE ARDMORE PA 19003 LEGAL FEES 143243 CDW DIRECT PO BOX 75723 CHICAGO IL 60675 SOFTWARE/ HARDWARE 107288 2 MEMBERSHIP DUES 541900 4491681 4491681 PEER REVIEW INCOME 541900 1325597 1325597 ADVERTISING REVENUE 541800 66606 13640 52966 CHAPTER PROGRAM INCOME 541900 18613 18613 SUBSCRIPTIONS 511120 677 677 5903174 205051 205051 95283 95283 112405 89406 22999 22999 22999 6226507 5850208 52966 323333 2217018 1524585 1087799 195401 395244 224149 150691 77687 157228 19468 4802 25 137053 145809 285950 4613 8200 52341 90465 38388 PUBLICATIONS/ARTWORK 122585 MEMBERSHIPS 49331 CHAPTER PROGRAM EXPENSE 40620 7029452 987842 1036786 46472 414359 146308 174107 1829105 1663500 274098 165605 1213508 1145353 7919302 10320442 786574 1792153 11374104 15048805 573973 675919 968330 908670 1384076 147390 69602 1689693 3038267 X 9684411 12010538 9684411 12010538 11374104 15048805 -802945 3129072 0 X 0 1 X 1 0 125046 0 0 48724 48724 0 POLITICAL INFORMATION COMMITTEE OF CPA'S 1801 MARKET STREET SUITE 2400 PHILADELPHIA PA 19013 232178228 48724 76322 0 0 1 4491681 165428 -5527 159901 269501 -109600 PART I-A, LINE 1: THE PICPA ESTABLISHED A SEPARATELY SEGREGATED FUND TO CONDUCT ALL POLITICAL ACTIVITY. NO POLITICAL ACTIVITY IS CONDUCTED DIRECTLY BY THE PICPA. 12500 12500 0 1816605 1651000 165605 165605 INTERNATIONAL STOCK INDEX FUND 3758580 F BOND MARKET INDEX FUND 762371 F STOCK MARKET INDEX INSTITUTIONAL SHARES 5799491 F 10320442 DEPOSITS 7411 DUE FROM AFFILIATES 1784742 1792153 DUE TO PEC-CPA 4169 DEFERRED RENT LIABILITY 65433 69602 X 7457480 3129072 -1878631 1250441 6207039 19468 19468 6226507 5131353 0 5131353 19468 1878631 1898099 7029452 PART X, LINE 2: THE INSTITUTE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE SERVICE CODE. THE ORGANIZATION IS SUBJECT TO TAX ON NET INCOME NOT RELATED TO THE EXEMPT PURPOSE OF THE ORGANIZATION. TAX FILINGS ARE SUBJECT TO AUDIT BY VARIOUS TAXING AUTHORITIES. THE PICPA FOLLOWS THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. THE PICPA BELIEVES THERE ARE NO UNCERTAIN TAX POSITIONS THAT NEED TO BE DISCLOSED IN THE COMBINED FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: GRANT EXPENSE REPORTED NET WITH REVENUE ON FINANCIAL STATEMENTS -1,878,631. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANT EXPENSE REPORTED NET WITH REVENUE ON FINANCIAL STATEMENTS 1,878,631. 1 PENNSYLVANIA CPA FOUNDATION 1801 MARKET STREET SUITE 2400 PHILADELPHIA PA 19103 815449140 501(C)(3) 338387 SUPPORT ORGANIZATION'S MISSION PICPA FOUNDATION FOR EDUCATION AND RESEARCH 1801 MARKET STREET SUITE 2400 PHILADELPHIA PA 19103 222470981 501(C)(3) 1878631 SUPPORT ORGANIZATION'S MISSION 2 0 PART I, LINE 2: THE PENNSYLVANIA CPA FOUNDATION, A RELATED ORGANIZATION, IS THE SOLE RECIPIENT OF THE GRANT FUNDS. THE PICPA SHARES COMMON MANAGEMENT AND BOARD OVERSITE WITH THIS ENTITY AND AS SUCH MAINTAINS CLEAR MONITORING OF THE FUNDS RELEASED TO ENSURE THEY ARE USED FOR THEIR INTENDED PURPOSE. X 1 1 X X X X X X 0 1 0 MICHAEL D COLGAN CAE CEO, EXECUTIVE DIRECTOR, SECRETARY 340003 0 67000 0 3711 0 99675 0 16655 0 527044 0 0 0 JENNIFER CRYDER CPA MBA COO & EXECUTIVE VP 202244 0 28300 0 190 0 19323 0 26799 0 276856 0 0 0 ALLISON HENRY CPA VP PEER REVIEW 194128 0 13700 0 433 0 16639 0 1588 0 226488 0 0 0 PETER CALCARA CAE VP GOVERNMENT RELATIONS 162336 0 11500 0 717 0 15013 0 33095 0 222661 0 0 0 LORI BRADEN VP STRATEGIC MARKETING 159371 0 15200 0 221 0 14083 0 10654 0 199529 0 0 0 ADAM BATCHELOR VP LEARNING & DEVELOPMENT 145402 0 20000 0 117 0 3519 0 23007 0 192045 0 0 0 MEGAN KILLIAN CAE VP MEMBER RELATIONS - LEFT JAN 2021 152427 0 4700 0 216 0 13036 0 18641 0 189020 0 0 0 HENRY BERNET MANAGER - TECHNOLOGY 137777 0 1500 0 120 0 12045 0 26781 0 178223 0 0 0 MARIA MARINI CPA MANAGER - FINANCE 148813 0 1500 0 573 0 12042 0 1422 0 164350 0 0 0 HEATHER TROWER CPA MANAGER - PROF & TECH STAN 137515 0 0 0 183 0 11147 0 10328 0 159173 0 0 0 PART I, LINE 1A THE CEO, MICHAEL D. COLGAN, WAS REIMBURSED FOR SPOUSE TRAVEL DURING CALENDAR YEAR 2020. THOSE AMOUNTS HAVE BEEN REPORTED ON SCHEDULE J, PART II, COLUMN B(III). PART I, LINE 4B THE PICPA HAS A 457(F) DEFERRED COMPENSATION PLAN FOR THE BENEFIT OF THE CEO, MICHAEL D. COLGAN. THE PICPA COMPENSATION COMMITTEE ACCRUED TWO CREDITS UNDER THIS PLAN DURING THE 2020 CALENDAR YEAR [4/30/2020 AND 10/31/2020], THOSE AMOUNTS HAVE BEEN REPORTED ON SCHEDULE J, PART II, COLUMN C. FORM 990, PART VI, SECTION A, LINE 6 CPA MEMBERS ARE ABLE TO SUBMIT NOMINATIONS AND ELECT MEMBERS OF THE GOVERNING BODY. THE CPA MEMBERS OF THE PICPA WITH VOTING RIGHTS SHALL CONSIST OF FIVE CLASSES: ACTIVE MEMBERS, NON-RESIDENT MEMBERS, RETIRED MEMBERS, LIFE MEMBERS AND HONORARY MEMBERS. ACTIVE MEMBERS: ANY PERSON WHO IS A CERTIFIED PUBLIC ACCOUNTANT OF PENNSYLVANIA OR ANOTHER STATE OR POLITICAL SUBDIVISION OF THE UNITED STATES, OR WHO IS A CERTIFIED PUBLIC ACCOUNTANT OR THE SUBSTANTIAL EQUIVALENT THEREOF OF A FOREIGN COUNTRY OR POLITICAL SUBDIVISION OF SUCH FOREIGN COUNTRY SHALL BE ELIGIBLE TO APPLY TO BECOME AN ACTIVE MEMBER. NON-RESIDENT MEMBERS: ANY PERSON WHO IS A CERTIFIED PUBLIC ACCOUNTANT OF PENNSYLVANIA AND WHO DOES NOT RESIDE IN PENNSYLVANIA AND IS NEITHER ENGAGED IN PUBLIC PRACTICE NOR OTHERWISE EMPLOYED IN PENNSYLVANIA SHALL BE ELIGIBLE TO APPLY TO BECOME A NON-RESIDENT MEMBER. RETIRED MEMBERS: ANY ACTIVE OR NON-RESIDENT MEMBER WHO IS NOT ENGAGED IN THE PRACTICE OF PUBLIC ACCOUNTING OR OTHER EMPLOYMENT AND IS NOT CURRENTLY SEEKING EMPLOYMENT MAY REQUEST TRANSFER TO RETIRED MEMBERSHIP PROVIDED HE/SHE HAS BEEN A MEMBER IN GOOD STANDING FOR AT LEAST ONE YEAR IMMEDIATELY PRECEDING HIS/HER REQUEST TO TRANSFER TO RETIRED MEMBERSHIP. LIFE MEMBER: ANY ACTIVE, NON-RESIDENT, OR RETIRED MEMBER WHO HAS BEEN A MEMBER OF THE PICPA FOR FORTY CONSECUTIVE YEARS SHALL BE ELIGIBLE FOR ELECTION TO LIFE MEMBERSHIP. LIFE MEMBERS SHALL NOT BE REQUIRED TO PAY MEMBERSHIP DUES AND SHALL RECEIVE A CERTIFICATE ACKNOWLEDGING THEIR LONG SERVICE TO THE PICPA. HONORARY MEMBER: HONORARY MEMBERS SHALL CONSIST OF SUCH PERSONS WHO, ON ACCOUNT OF THEIR ACTIVE INTEREST IN OR PAST CONTRIBUTIONS TO THE PROMOTION OF THE OBJECTS OF THE PROFESSION, ARE ELECTED BY THE BOARD OF THE PICPA IN ACCORDANCE WITH THE BYLAWS; PROVIDED ALSO THAT SUCH PERSONS ARE CERTIFIED PUBLIC ACCOUNTANTS OF PENNSYLVANIA OR ANOTHER STATE OR POLITICAL SUBDIVISION OF THE UNITED STATES OR CERTIFIED PUBLIC ACCOUNTANTS, OR THE SUBSTANTIAL EQUIVALENT THEREOF, OF A FOREIGN COUNTRY OR POLITICAL SUBDIVISION OF SUCH FOREIGN COUNTRY. THE NON-CPA MEMBERS OF THE PICPA WITHOUT VOTING RIGHTS SHALL CONSIST OF FOUR CLASSES: ACCOUNTING AFFILIATE, CANDIDATE FOR ADMISSION, ASSOCIATE AND STUDENT AFFILIATE. ACCOUNTING AFFILIATE: ANY PERSON WHO HAS GRADUATED FROM AN ACCREDITED COLLEGE OR UNIVERSITY WITH A BACCALAUREATE DEGREE IN ACCOUNTING (OR A RELATED FIELD) OR BEEN GRANTED A GRADUATE DEGREE IN ACCOUNTING (OR A RELATED FIELD) FROM A COLLEGE OR UNIVERSITY, MAY SEEK TO BECOME AN ACCOUNTING AFFILIATE OF THE PICPA. CANDIDATE FOR ADMISSION: ANY INDIVIDUAL WHO HAS PASSED THE CPA EXAM IN PENNSYLVANIA OR ANY OTHER STATE OR POLITICAL SUBDIVISION OF THE UNITED STATES, OR THE EQUIVALENT THEREOF OF A FOREIGN COUNTRY OR ITS POLITICAL SUBDIVISION, BUT WHO IS IN THE PROCESS OF FULFILLING THE WORK EXPERIENCE REQUIREMENT TO OBTAIN THE CPA LICENSE. ASSOCIATE: ANY INDIVIDUAL WHO IS NOT A CPA AND IS AN OWNER OR PROFESSIONAL EMPLOYEE OF A LICENSED CPA FIRM OR SOLE PRACTITIONER. OR, ANY INDIVIDUAL WHO WORKS UNDER THE DIRECT SUPERVISION OF A PICPA ACTIVE MEMBER IN INDUSTRY/GOVERNMENT OR IS AN ACTIVE EDUCATOR. STUDENT AFFILIATE: ANY INDIVIDUAL ENROLLED FULL-TIME AT AN ACCREDITED COLLEGE OR UNIVERSITY AND WHO IS MAJORING IN ACCOUNTING OR A RELATED FIELD, OR ANY ACCOUNTING MAJOR ENROLLED FULL-TIME IN A GRADUATE PROGRAM. FORM 990, PART VI, SECTION A, LINE 7A ALL CPA MEMBERS HAVE THE RIGHT TO ELECT MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B THE CPA MEMBERS OF THE PICPA HAVE THE POWER TO SELECT THE AT-LARGE MEMBERS OF THE BOARD AND COUNCIL, AS WELL AS MEMBERS OF SELECTED COMMITTEES. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND THEN REVIEWED BY MANAGEMENT AND THE AUDIT COMMITTEE. AFTER MANAGEMENT AND THE AUDIT COMMITTEE HAVE REVIEWED, THE BOARD WILL BE PROVIDED WITH A COPY ONE WEEK BEFORE FILING, DURING WHICH TIME THEY CAN REVIEW AND COMMENT. FORM 990, PART VI, SECTION B, LINE 12C PICPA HAS A WRITTEN CONFLICT OF INTEREST POLICY WHICH IS REVIEWED AND ACKNOWLEDGED ANNUALLY BY PICPA BOARD MEMBERS. THIS WRITTEN CONFLICT OF INTEREST DOCUMENT IS PROVIDED TO EACH OF THE ABOVE INDIVIDUALS AT THE FIRST ORGANIZATIONAL MEETING FOLLOWING THE INSTALLATION OF THE NEW LEADERSHIP AT THE PICPA ANNUAL MEETING. A SIGNED ACKNOWLEDGMENT OF COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS MAINTAINED IN THE PICPA HEADQUARTERS AND IS MONITORED AND ENFORCED BY MICHAEL D. COLGAN, EXECUTIVE DIRECTOR. IF THERE IS A DISAGREEMENT OR UNCERTAINTY AS TO WHETHER OR NOT A CONFLICT OF INTEREST EXISTS, A FORMAL DETERMINATION WILL BE MADE BY THE BOARD. ALL INDIVIDUALS REQUIRED TO SIGN THE CONFLICT OF INTEREST POLICY HAVE AN ONGOING DUTY TO DISCLOSE CONFLICTS OF INTEREST AS THEY ARISE. IN ADDITION, ALL PICPA EMPLOYEES ARE REQUIRED TO REVIEW AND ACKNOWLEDGE THE PICPA CODE OF CONDUCT FOR EMPLOYEES POLICY, WHICH INCLUDES A COPY OF THE PICPA CONFLICT OF INTEREST POLICY. THE SIGNED ACKNOWLEDGEMENT THE PICPA CODE OF CONDUCT FOR EMPLOYEES POLICY IS PROVIDED BY ALL PICPA EMPLOYEES AT THE BEGINNING OF THE FISCAL YEAR (MAY 1), OR UPON EMPLOYMENT. AS PART OF THE CONFLICT OF INTEREST POLICY, ALL EMPLOYEES SHALL HAVE A CONTINUING DUTY TO DISCLOSE CONFLICTS OF INTEREST AS THEY ARISE. ALL OFFICERS, KEY EMPLOYEES, AND OTHER VICE-PRESIDENTS ARE REQUIRED TO ALSO ANNUALLY COMPLETE CONFLICT OF INTEREST DISCLOSURE STATEMENTS. IN THE EVENT THAT AN INDIVIDUAL ABOVE HAS A PERSONAL INTEREST OR A CONFLICT OF INTEREST THAT ARISES, IT MUST BE DISCLOSED IN WRITING TO THE CEO/EXECUTIVE DIRECTOR IMMEDIATELY. THEREAFTER, THAT INDIVIDUAL SHALL REFRAIN FROM ANY PORTION OF ANY MEETING WHEN THESE MATTERS ARE DISCUSSED OR CONSIDERED AS THEIR PRESENCE COULD INHIBIT FREE DISCUSSION OF THE MATTER. MINUTES OF APPROPRIATE MEETINGS SHOULD REFLECT THAT SUCH DISCLOSURE WAS MADE, AND THAT SUCH PERSON WAS NOT PRESENT DURING DISCUSSIONS OF, AND ABSTAINED FROM VOTING ON, THE CONFLICT MATTER. FORM 990, PART VI, SECTION B, LINE 15A PICPA'S COMPENSATION COMMITTEE CONSISTS OF PICPA'S IMMEDIATE PAST PRESIDENT, PRESIDENT, AND PRESIDENT-ELECT. EACH YEAR, THE COMPENSATION COMMITTEE CONVENES TO REVIEW THE COMPENSATION OF THE CEO AND OTHER KEY EMPLOYEES. THE ANNUAL SALARY REVIEW CONSISTS OF A MULTI-STEP PROCESS 1) THE CEO PREPARES ANNUAL OBJECTIVES AND GOALS WHICH ARE REVIEWED AND APPROVED BY THE COMMITTEE; 2) THE PRESIDENT AND PRESIDENT-ELECT COMPARE CEO COMPENSATION LEVELS WITH THEIR COUNTERPARTS IN THE 11 LARGEST STATE CPA SOCIETIES, REVIEW COMPENSATION LEVELS AS DISCLOSED ON OTHER COMPARABLE ORGANIZATIONS' 990S AND PERIODICALLY ENGAGES AN INDEPENDENT COMPENSATION CONSULTANT TO SURVEY THE MARKETPLACE; 3) THE COMMITTEE REVIEWS THE RESULTS OF AN ANNUAL COMPENSATION SURVEY CONDUCTED BY ONE OF THE STATE CPA SOCIETIES; AND 4) THE COMMITTEE REVIEWS THE SUMMARY OF CEO ACCOMPLISHMENTS BASED ON THE STATED OBJECTIVES AND GOALS. MINUTES OF THE MEETING ARE PREPARED AND MAINTAINED BY THE COMPENSATION COMMITTEE. THE FINAL SALARY FOR THE CEO IS COMMUNICATED TO THE CEO AND CFO FROM THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE WILL RECONVENE NEAR THE END OF THE FISCAL YEAR TO DETERMINE IF ANY ADDITIONAL BONUS WILL BE PAID TO THE CEO UNDER THE TERMS OF THE CEO'S CONTRACT WITH THE PICPA. ALLOWABLE FRINGE BENEFITS FOR THE CEO ARE DETAILED IN THE CEO'S WRITTEN EMPLOYMENT AGREEMENT. THE CEO PRESENTS ANNUALLY TO THE COMPENSATION COMMITTEE AN ANALYSIS OF THE PERFORMANCE OF THE ORGANIZATION'S KEY EMPLOYEES. AT THAT TIME THE COMPENSATION COMMITTEE REVIEWS AND APPROVES COMPENSATION BONUSES, IF ANY, FOR THIS GROUP, AS SUGGESTED BY THE CEO. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE FINANCIAL STATEMENTS ARE ALSO POSTED ON WWW.PICPA.ORG. PICPA FOUNDATION FOR EDUCATION AND RESEARCH 1801 MARKET STREET SUITE 2400 PHILADELPHIA PA 19103 222470981 TO PROVIDE A BROAD SPECTRUM OF HIGH QUALITY EDUCATIONAL PROGRAMS PA 501(C)(3) LINE 11 PICPA 1 POLITICAL INFORMATION COMMITTEE OF CPA'S 1801 MARKET STREET SUITE 2400 PHILADELPHIA PA 19103 232178228 POLITICAL ACTION COMMITTEE PA 527 PICPA 1 PENNSYLVANIA CPA FOUNDATION 1801 MARKET STREET SUITE 2400 PHILADELPHIA PA 19103 815449140 TO SUPPORT CAREERS IN ACCOUNTING AND PURSUIT OF CPA CREDENTIAL PA 501(C)(3) LINE 12A, I PICPA 1 PENNSYLVANIA INSTITUTE OF CPAS INSURANCE TRUST 1801 MARKET STREET SUITE 2400 PHILADELPHIA PA 19103 236546724 PROVIDE INSURANCE PLANS TO MEMBERS, THEIR EMPLOYEES & EMPLOYEES OF THE PICPA PA PICPA T 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 1 0 PICPA FOUNDATION FOR EDUCATION AND RESEARCH B 1878631 CASH PENNSYLVANIA CPA FOUNDATION B 338387 CASH PICPA FOUNDATION FOR EDUCATION AND RESEARCH N 122424 CASH PICPA FOUNDATION FOR EDUCATION AND RESEARCH O 1500419 CASH PENNSYLVANIA CPA FOUNDATION O 410761 CASH PICPA FOUNDATION FOR EDUCATION AND RESEARCH Q 283782 CASH PENNSYLVANIA CPA FOUNDATION Q 349244 CASH POLITICAL INFORMATION COMMITTEE OF CPA'S R 125046 CASH