MUNICIPAL SECURITIES RULEMAKING BOARD: Form 990, tax year 2019
View the entire original 990 at ProPublica ↗
- Organization
- MUNICIPAL SECURITIES RULEMAKING BOARD (EIN 52-1042433)
- Tax period
- 2019-10-01 to 2020-09-30
- Filed
- 2021-08-13
- IRS object ID
- 202142259349301104
- Schema version
- 2019v5.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2021-08-13T08:39:50-05:00 | ReturnTs |
| Tax Period End | 2020-09-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PRICEWATERHOUSECOOPERS LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 600 13TH ST NW STE 1000 | AddressLine1Txt |
| City | WASHINGTON | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2019-10-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 521042433 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MUNICIPAL SECURITIES RULEMAKING BOARD | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of | % BONNIE MOYNIHAN | InCareOfNm |
| Business Name Control | MUNI | BusinessNameControlTxt |
| Phone | 2028381500 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1300 I Street NW Suite STE 1000 | AddressLine1Txt |
| City | Washington | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | MARK T KIM | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 2673303000 | PhoneNum |
| Signature | 2021-07-29 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | TRAVIS L PATTON | PreparerPersonNm |
| PTIN | P00369623 | PTIN |
| Phone | 2024141000 | PhoneNum |
| Preparation | 2021-07-18 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2019 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | Mark T Kim | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | SAME AS C ABOVE | AddressLine1Txt |
| City | Washington | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $46,866,502 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | www.MSRB.org | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1975 | FormationYr |
| Legal Domicile State | VA | LegalDomicileStateCd |
| Activity Or Mission | MSRB's mission is to promote a fair and efficient municipal securities market. | ActivityOrMissionDesc |
| Voting Members Governing Body | 21 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 21 | VotingMembersIndependentCnt |
| Total Employee | 148 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $28,739,318 | PYContributionsGrantsAmt |
| CY Contributions Grants | $41,792,326 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $2,857,801 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $3,863,775 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,280,728 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,207,475 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $2,926 | CYOtherRevenueAmt |
| PY Total Revenue | $32,877,847 | PYTotalRevenueAmt |
| CY Total Revenue | $46,866,502 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $22,957,959 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $22,655,714 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $19,344,539 | PYOtherExpensesAmt |
| CY Other Expenses | $21,217,000 | CYOtherExpensesAmt |
| PY Total Expenses | $42,302,498 | PYTotalExpensesAmt |
| CY Total Expenses | $43,872,714 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$9,424,651 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,993,788 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $80,231,181 | TotalAssetsBOYAmt |
| Total Assets EOY | $83,153,694 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $9,943,197 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $9,492,157 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $70,287,984 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $73,661,537 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | SEE SCHEDULE O | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Desc | Establishing regulations and supporting guidance for municipal advisors and dealers: See Schedule O | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | COLLECTING AND DISSEMINATING MARKET INFORMATION: See Schedule O | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | ENGAGING IN EXTERNAL RELATIONS: See Schedule O | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | Yes (true) | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (true) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 78 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 148 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | Yes (true) | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 21 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 21 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | Yes (true) | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | false | MembersOrStockholdersInd |
| Election Of Board Members | false | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | false | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | DC | StatesWhereCopyOfReturnIsFldCd |
| Own Website | Yes (X) | OwnWebsiteInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | BONNIE MOYNIHAN | PersonNm |
| Phone | 2028381500 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1300 I STREET NW SUITE 1000 | AddressLine1Txt |
| City | Washington | CityNm |
| State Abbreviation | DC | StateAbbreviationCd |
| ZIP | 20005 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | Yes (X) | InfoInScheduleOPartVIIInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (44 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Key EmployeeKeyEmployeeInd | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|---|---|---|---|
| LYNNETTE KELLY | ||||||||||
| FORMER CEO | 0.0 | 0.0 | Yes (X) | $1,017,062 | $0 | $48,499 | ||||
| MARK T KIM | ||||||||||
| EXECUTIVE VP AND COO | 40.0 | 0.0 | $607,121 | $0 | $58,236 | Yes (X) | ||||
| RITTA MCLAUGHLIN | ||||||||||
| CHIEF EDU. OFF. (UNTIL 11/19) | 40.0 | 0.0 | $578,281 | $0 | $48,584 | Yes (X) | ||||
| JOHN A BAGLEY | ||||||||||
| CHIEF MARKET STRUCTURE OFFICER | 40.0 | 0.0 | $492,786 | $0 | $54,906 | Yes (X) | ||||
| NANETTE D LAWSON | ||||||||||
| INTERIM CEO AND CFO, TREASURER | 40.0 | 0.0 | $401,621 | $0 | $69,013 | Yes (X) | ||||
| GAIL MARSHALL | ||||||||||
| CHIEF COMPLIANCE OFFICER | 40.0 | 0.0 | $400,137 | $0 | $43,496 | Yes (X) | ||||
| JENNIFER A GALLOWAY | ||||||||||
| FORMER CHIEF COMM. OFFICER | 0.0 | 0.0 | Yes (X) | $352,291 | $0 | $41,027 | ||||
| LANNY SCHWARTZ | ||||||||||
| FORMER CHIEF REGULATORY OFF. | 0.0 | 0.0 | Yes (X) | $308,470 | $0 | $29,602 | ||||
| MICHAEL POST | ||||||||||
| FORMER GENERAL COUNSEL | 0.0 | 0.0 | Yes (X) | $307,801 | $0 | $21,012 | ||||
| E ADAM CUSSON | ||||||||||
| CHIEF INFO. OFF. (EFF. 7/1/19) | 40.0 | 0.0 | $265,428 | $0 | $22,541 | Yes (X) | ||||
| PAMELA ELLIS | ||||||||||
| ASSOC GEN CNSL (UNTIL 12/19) | 40.0 | 0.0 | $253,793 | $0 | $33,721 | Yes (X) | ||||
| SIMON WU | ||||||||||
| CHIEF ECONOMIST | 40.0 | 0.0 | $249,694 | $0 | $29,071 | Yes (X) | ||||
| JILL FURICK | ||||||||||
| DIRECTOR HUMAN RESOURCES | 40.0 | 0.0 | $238,315 | $0 | $28,929 | Yes (X) | ||||
| RONALD W SMITH | ||||||||||
| CORPORATE SECRETARY | 40.0 | 0.0 | $226,583 | $0 | $32,724 | Yes (X) | ||||
| SALLY KLEMPERER | ||||||||||
| ASSOCIATE GENERAL COUNSEL | 40.0 | 0.0 | $219,948 | $0 | $28,931 | Yes (X) | ||||
| SARA AHMADZAI | ||||||||||
| ASSISTANT CORPORATE SECRETARY | 40.0 | 0.0 | $137,447 | $0 | $31,872 | Yes (X) | ||||
| MALLORY BUCHER | ||||||||||
| ASSISTANT CORPORATE SECRETARY | 40.0 | 0.0 | $133,767 | $0 | $21,845 | Yes (X) | ||||
| JESSICA FAUCETTE | ||||||||||
| ASSISTANT CORPORATE SECRETARY | 40.0 | 0.0 | $88,658 | $0 | $15,576 | Yes (X) | ||||
| EDWARD J SISK | ||||||||||
| DIRECTOR, BOARD CHAIR | 6.0 | 0.0 | $71,250 | $0 | $0 | Yes (X) | Yes (X) | |||
| GARY HALL | ||||||||||
| FORMER DIRECTOR, BOARD CHAIR | 0.0 | 0.0 | Yes (X) | $67,500 | $0 | $0 | ||||
| ROBERT CLARKE BROWN | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $60,600 | $0 | $0 | Yes (X) | ||||
| JULIA H COOPER | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $60,300 | $0 | $0 | Yes (X) | ||||
| JERRY W FORD | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $60,300 | $0 | $0 | Yes (X) | ||||
| MANJU S GANERIWALA | ||||||||||
| DIRECTOR, BOARD VICE CHAIR | 4.0 | 0.0 | $58,750 | $0 | $0 | Yes (X) | Yes (X) | |||
| KEMP J LEWIS | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $56,550 | $0 | $0 | Yes (X) | ||||
| RONALD J DIECKMAN | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $56,250 | $0 | $0 | Yes (X) | ||||
| WILLIAM M FITZGERALD SR | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $56,250 | $0 | $0 | Yes (X) | ||||
| JOSEPH P DARCY | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $55,300 | $0 | $0 | Yes (X) | ||||
| DANIEL KILEY | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $55,300 | $0 | $0 | Yes (X) | ||||
| SEEMA MOHANTY | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $55,300 | $0 | $0 | Yes (X) | ||||
| DONNA M SIMONETTI | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $55,300 | $0 | $0 | Yes (X) | ||||
| BETH WOLCHOCK | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $55,300 | $0 | $0 | Yes (X) | ||||
| PATRICK BRETT | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $55,000 | $0 | $0 | Yes (X) | ||||
| CAROLINE CRUISE | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $55,000 | $0 | $0 | Yes (X) | ||||
| FRANCIS E FAIRMAN IV | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $55,000 | $0 | $0 | Yes (X) | ||||
| RICHARD K ELLIS | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | Yes (X) | $45,000 | $0 | $0 | ||||
| RENEE BOICOURT | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | Yes (X) | $41,250 | $0 | $0 | ||||
| LAKSHMI KOMMI | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | Yes (X) | $41,250 | $0 | $0 | ||||
| CHRISTOPHER M RYON | ||||||||||
| FORMER DIRECTOR | 0.0 | 0.0 | Yes (X) | $41,250 | $0 | $0 | ||||
| ANGELIA SCHMIDT | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $14,850 | $0 | $0 | Yes (X) | ||||
| THALIA MEEHAN | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $14,850 | $0 | $0 | Yes (X) | ||||
| CAROL KOSTIK | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $14,050 | $0 | $0 | Yes (X) | ||||
| SONIA TOLEDO | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $14,050 | $0 | $0 | Yes (X) | ||||
| MEREDITH L HATHORN | ||||||||||
| DIRECTOR | 4.0 | 0.0 | $13,750 | $0 | $0 | Yes (X) | ||||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $6,714,453 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $659,585 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 72 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | Yes (true) | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| Accenture Federal Services | |||||
| 800 Connecticut Ave NW Suite 600 | WASHINGTON | DC | 20006 | CLOUD MIGRATION | $2,890,373 |
| CC PACE SYSTEMS INC | |||||
| 4100 MONUMENT CORNER DRIVE SUITE 4 | FAIRFAX | VA | 22030 | SOFTWARE DEVELOPMENT | $1,405,710 |
| APCO WORLDWIDE LLC | |||||
| 1299 PENNSYLVANIA AVENUE NW | Washington | DC | 20004 | PUBLIC EDUCATION | $509,986 |
| Gavroshe USA Inc | |||||
| 5650 Blazer Pkwy Suite 172 | Dublin | OH | 43017 | Data Analytics | $346,855 |
| LogicBoost Inc | |||||
| 1101 17th Street NW Suite 1200 | Washington | DC | 20036 | Software Development | $243,006 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 13 | CntrctRcvdGreaterThan100KCnt |
| Membership Dues | $41,792,326 | MembershipDuesAmt |
| Total Contributions | $41,792,326 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| DATA SUBSCRIPTIONS | 900099 | $2,049,720 | $2,049,720 |
| RULE VIOLATION FINE REVENUE | 900099 | $1,539,855 | $1,539,855 |
| PROFESSIONAL QUALIFICATION EXAM FEES | 900099 | $274,200 | $274,200 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $3,863,775 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,207,475 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,207,475 | RelatedOrExemptFuncIncomeAmt |
Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
| Personal | $0 | PersonalAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Fundraising Gross Income | $0 | FundraisingGrossIncomeAmt |
| Fundraising Direct Expenses | $0 | FundraisingDirectExpensesAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gaming Gross Income | $0 | GamingGrossIncomeAmt |
| Gaming Direct Expenses | $0 | GamingDirectExpensesAmt |
Net Income From Gaming NetIncomeFromGamingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Sales Of Inventory | $0 | GrossSalesOfInventoryAmt |
| Cost Of Goods Sold | $0 | CostOfGoodsSoldAmt |
Net Income Or Loss NetIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER INCOME | Desc |
| Business | 900099 | BusinessCd |
| Total Revenue Column | $2,926 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $2,926 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $2,926 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $46,866,502 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $5,074,176 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Foreign Grants ForeignGrantsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,764,576 | TotalAmt |
Comp Disqual Persons CompDisqualPersonsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,641,228 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $894,203 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,244,356 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,111,351 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $498,663 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $294,960 | TotalAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $277,122 | TotalAmt |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,230,298 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $365,303 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,376,440 | TotalAmt |
Royalties RoyaltiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,365,845 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $198,037 | TotalAmt |
Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $148,388 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,015,312 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $279,569 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| DATA & INFORMATION SERVICES | $1,258,571 |
| DUES, REGISTRATIONS, TRAIN. | $167,705 |
| PROPERTY AND OTHER TAXES | $229,186 |
| BAD DEBT | $137,310 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $374,291 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $43,872,714 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $350,677 | BOYAmt |
| EOY | $750,480 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $978,075 | BOYAmt |
| EOY | $2,265,854 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,887,454 | BOYAmt |
| EOY | $7,820,158 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,349,573 | BOYAmt |
| EOY | $1,785,453 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $44,418,964 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $34,892,276 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $11,541,095 | BOYAmt |
| EOY | $9,526,688 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $61,124,307 | BOYAmt |
| EOY | $61,005,061 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $80,231,181 | BOYAmt |
| EOY | $83,153,694 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,298,154 | BOYAmt |
| EOY | $3,187,635 | EOYAmt |
Grants Payable GrantsPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $243,474 | BOYAmt |
| EOY | $214,705 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Loans From Officers Directors LoansFromOfficersDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,401,569 | BOYAmt |
| EOY | $6,089,817 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,943,197 | BOYAmt |
| EOY | $9,492,157 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $70,287,984 | BOYAmt |
| EOY | $73,661,537 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $70,287,984 | BOYAmt |
| EOY | $73,661,537 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $80,231,181 | BOYAmt |
| EOY | $83,153,694 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $2,993,788 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $397,787 | NetUnrlzdGainsLossesInvstAmt |
| Investment Expense | -$18,022 | InvestmentExpenseAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Grassroots Lobbying | TotalGrassrootsLobbyingGrp | |
| Total Direct Lobbying | TotalDirectLobbyingGrp | |
| Total Lobbying Expend | TotalLobbyingExpendGrp | |
| Other Exempt Purpose Expend | OtherExemptPurposeExpendGrp | |
| Total Exempt Purpose Expend | TotalExemptPurposeExpendGrp | |
| Lobbying Nontaxable Amount | LobbyingNontaxableAmountGrp | |
| Grassroots Nontaxable | GrassrootsNontaxableGrp | |
| Tot Lbbyng Grassroot Mns Non Tx | TotLbbyngGrassrootMnsNonTxGrp | |
| Tot Lbby Expend Mns Lbbyng Non Tx | TotLbbyExpendMnsLbbyngNonTxGrp | |
| Substantially All Dues Nonded | false | SubstantiallyAllDuesNondedInd |
| Only In House Lobbying | false | OnlyInHouseLobbyingInd |
| Agree Carryover Prior Year | false | AgreeCarryoverPriorYearInd |
| Dues Assessments | $41,792,326 | DuesAssessmentsAmt |
| Non Deductible Lbbyng Pltcl CY | $365,168 | NonDeductibleLbbyngPltclCYAmt |
| Non Deductible Lbbyng Pltcl Tot | $365,168 | NonDeductibleLbbyngPltclTotAmt |
| Taxable | $365,168 | TaxableAmt |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amounts | ArtPublicExhibitionAmountsGrp | |
| Held Works Art | HeldWorksArtGrp | |
| CY Minus3 Yr Endwmt Fund | CYMinus3YrEndwmtFundGrp | |
| CY Minus4 Yr Endwmt Fund | CYMinus4YrEndwmtFundGrp | |
| Land | LandGrp | |
| Buildings | BuildingsGrp |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,059,696 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,461,282 | DepreciationAmt |
| Book Value | $2,598,414 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,904,635 | OtherCostOrOtherBasisAmt |
| Depreciation | $3,797,440 | DepreciationAmt |
| Book Value | $107,195 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $36,454,633 | OtherCostOrOtherBasisAmt |
| Depreciation | $29,633,554 | DepreciationAmt |
| Book Value | $6,821,079 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $9,526,688 | TotalBookValueLandBuildingsAmt |
| Federal Income Tax Liability | $0 | FederalIncomeTaxLiabilityAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| DEFERRED RENT | $6,085,387 |
| Lease Obligation | $4,430 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $6,089,817 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $47,246,267 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $397,787 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | $397,787 | RevenueNotReportedAmt |
| Revenue Subtotal | $46,848,480 | RevenueSubtotalAmt |
| Investment Expenses Not Incld | $18,022 | InvestmentExpensesNotIncldAmt |
| Revenue Not Reported Fincl Stmt | $18,022 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $46,866,502 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $43,872,714 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Subtotal | $43,872,714 | ExpensesSubtotalAmt |
| Total Expenses Per Form990 | $43,872,714 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990, SCHEDULE D, PART X, LINE 2 - FIN 48 (ASC 740) FOOTNOTE | FormAndLineReferenceDesc |
| Explanation | The MSRB addresses uncertain tax positions in accordance with ASC Topic 740, Income Taxes, which provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. During the years from 2017 to 2020, which represent the years management considers to be open for examination by taxing authorities, management did not identify the existence of any uncertain tax position. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| First Class Or Charter Travel | Yes (X) | FirstClassOrCharterTravelInd |
| Idemnification Gross Up Pmts | Yes (X) | IdemnificationGrossUpPmtsInd |
| Written Policy Ref T And E Expnss | Yes (true) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (true) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Form990 Of Other Organizations | Yes (X) | Form990OfOtherOrganizationsInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | Yes (true) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (22 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NANETTE D LAWSON | ||||||||||||||
| INTERIM CEO AND CFO, TREASURER | $338,121 | $0 | $63,500 | $0 | $0 | $0 | $30,644 | $0 | $38,369 | $0 | $470,634 | $0 | $0 | $0 |
| MARK T KIM | ||||||||||||||
| EXECUTIVE VP AND COO | $487,121 | $0 | $120,000 | $0 | $0 | $0 | $19,600 | $0 | $38,636 | $0 | $665,357 | $0 | $0 | $0 |
| SARA AHMADZAI | ||||||||||||||
| ASSISTANT CORPORATE SECRETARY | $132,447 | $0 | $5,000 | $0 | $0 | $0 | $12,393 | $0 | $19,479 | $0 | $169,319 | $0 | $0 | $0 |
| MALLORY BUCHER | ||||||||||||||
| ASSISTANT CORPORATE SECRETARY | $83,171 | $0 | $32,500 | $0 | $18,096 | $0 | $11,915 | $0 | $9,930 | $0 | $155,612 | $0 | $0 | $0 |
| RONALD W SMITH | ||||||||||||||
| CORPORATE SECRETARY | $218,583 | $0 | $8,000 | $0 | $0 | $0 | $19,961 | $0 | $12,763 | $0 | $259,307 | $0 | $0 | $0 |
| JOHN A BAGLEY | ||||||||||||||
| CHIEF MARKET STRUCTURE OFFICER | $411,286 | $0 | $81,500 | $0 | $0 | $0 | $20,150 | $0 | $34,756 | $0 | $547,692 | $0 | $0 | $0 |
| E ADAM CUSSON | ||||||||||||||
| CHIEF INFO. OFF. (EFF. 7/1/19) | $250,428 | $0 | $15,000 | $0 | $0 | $0 | $17,514 | $0 | $5,027 | $0 | $287,969 | $0 | $0 | $0 |
| GAIL MARSHALL | ||||||||||||||
| CHIEF COMPLIANCE OFFICER | $325,137 | $0 | $75,000 | $0 | $0 | $0 | $19,950 | $0 | $23,546 | $0 | $443,633 | $0 | $0 | $0 |
| PAMELA ELLIS | ||||||||||||||
| ASSOC GEN CNSL (UNTIL 12/19) | $250,793 | $0 | $3,000 | $0 | $0 | $0 | $18,712 | $0 | $15,009 | $0 | $287,514 | $0 | $0 | $0 |
| JILL FURICK | ||||||||||||||
| DIRECTOR HUMAN RESOURCES | $208,315 | $0 | $30,000 | $0 | $0 | $0 | $16,346 | $0 | $12,583 | $0 | $267,244 | $0 | $0 | $0 |
| SALLY KLEMPERER | ||||||||||||||
| ASSOCIATE GENERAL COUNSEL | $216,948 | $0 | $3,000 | $0 | $0 | $0 | $15,282 | $0 | $13,649 | $0 | $248,879 | $0 | $0 | $0 |
| RITTA MCLAUGHLIN | ||||||||||||||
| CHIEF EDU. OFF. (UNTIL 11/19) | $263,781 | $0 | $5,000 | $0 | $309,500 | $0 | $22,693 | $0 | $25,891 | $0 | $626,865 | $0 | $0 | $0 |
| SIMON WU | ||||||||||||||
| CHIEF ECONOMIST | $246,694 | $0 | $3,000 | $0 | $0 | $0 | $17,585 | $0 | $11,486 | $0 | $278,765 | $0 | $0 | $0 |
| LYNNETTE KELLY | ||||||||||||||
| FORMER CEO | $622,064 | $0 | $218,644 | $0 | $176,354 | $0 | $25,200 | $0 | $23,299 | $0 | $1,065,561 | $0 | $0 | $0 |
| MICHAEL POST | ||||||||||||||
| FORMER GENERAL COUNSEL | $307,801 | $0 | $0 | $0 | $0 | $0 | $16,000 | $0 | $5,012 | $0 | $328,813 | $0 | $0 | $0 |
| LANNY SCHWARTZ | ||||||||||||||
| FORMER CHIEF REGULATORY OFF. | $308,470 | $0 | $0 | $0 | $0 | $0 | $18,084 | $0 | $11,518 | $0 | $338,072 | $0 | $0 | $0 |
| JENNIFER A GALLOWAY | ||||||||||||||
| FORMER CHIEF COMM. OFFICER | $150,416 | $0 | $5,000 | $0 | $196,875 | $0 | $17,905 | $0 | $23,122 | $0 | $393,318 | $0 | $0 | $0 |
| GARY HALL | ||||||||||||||
| FORMER DIRECTOR, BOARD CHAIR | $67,500 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $67,500 | $0 | $0 | $0 |
| RENEE BOICOURT | ||||||||||||||
| FORMER DIRECTOR | $41,250 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $41,250 | $0 | $0 | $0 |
| RICHARD K ELLIS | ||||||||||||||
| FORMER DIRECTOR | $45,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $45,000 | $0 | $0 | $0 |
| LAKSHMI KOMMI | ||||||||||||||
| FORMER DIRECTOR | $41,250 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $41,250 | $0 | $0 | $0 |
| CHRISTOPHER M RYON | ||||||||||||||
| FORMER DIRECTOR | $41,250 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $41,250 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, SCHEDULE J, PART I, LINE 1A - ADDITIONAL BENEFITS PROVIDED | The MSRB reimburses Board Members and the Chief Executive Officer for the cost of coach class air travel for flights of 3 hours or less in total one-way trip duration. For air travel more than 3 hours in total one-way trip duration, the MSRB reimburses Board Members and the Chief Executive Officer for the use of business class when available, or if only two classes of service are offered, first class. Board Members and the Chief Executive Officer are reimbursed the costs of business class rail fares. The MSRB has determined this meets the business requirement standard for not treating the benefit as compensatory on the Form W-2 or 1099. Gross-up payments are provided to the FORMER Chief Executive Officer for a taxable supplemental life insurance policy and long-term disability coverage. |
| SCHEDULE J, PART I, LINE 4a - SEVERANCE PAYMENT | PURSUANT TO A SEPARATION AGREEMENT VOLUNTARILY ENTERED INTO BY BOTH PARTIES, LYNNETTE KELLY STEPPED DOWN FROM HER ROLE AS CEO AND WAS PAID $176,354 DURING THE 2019 CALENDAR YEAR AND $804,363 DURING THE 2020 CALENDAR YEAR. PURSUANT TO THEIR RESPECTIVE SEPARATION AGREEMENTS, THE FOLLOWING INDIVIDUALS RECEIVED SEVERANCE PAY DURING THE 2019 CALENDAR YEAR: JENNIFER A. GALLOWAY: $196,875 RITTA MCLAUGHLIN: $309,500 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (14 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
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| FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION'S MISSION | THE MISSION OF THE MSRB IS TO PROTECT INVESTORS, STATE AND LOCAL GOVERNMENT ISSUERS, OTHER MUNICIPAL ENTITIES, AND THE PUBLIC INTEREST BY PROMOTING A FAIR AND EFFICIENT MUNICIPAL MARKET THROUGH: 1. THE ESTABLISHMENT OF RULES FOR DEALERS AND MUNICIPAL ADVISORS, 2. THE COLLECTION AND DISSEMINATION OF MARKET INFORMATION, AND 3. EXTERNAL RELATIONS. |
| FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS | ESTABLISHING REGULATIONS AND SUPPORTING GUIDANCE FOR MUNICIPAL ADVISORS AND DEALERS: THE MSRB WAS CREATED BY CONGRESS TO REGULATE SECURITIES FIRMS, BANKS AND MUNICIPAL ADVISORS THAT ENGAGE IN MUNICIPAL SECURITIES AND MUNICIPAL ADVISORY ACTIVITIES (COLLECTIVELY "REGULATED ENTITIES") WITH THE GOAL OF PROTECTING INVESTORS, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND THE PUBLIC INTEREST. MSRB RULES SEEK TO PREVENT MANIPULATION AND FRAUD IN THE MUNICIPAL MARKET, PROMOTE FAIR AND EFFICIENT TRANSACTIONS, AND SUPPORT A FREE AND OPEN MARKET IN MUNICIPAL SECURITIES AND MUNICIPAL FINANCIAL PRODUCTS. MSRB RULES GENERALLY ARE DEVELOPED WITH EXTENSIVE INPUT FROM THE PUBLIC AND THE MUNICIPAL SECURITIES INDUSTRY, WITH AN ECONOMIC ANALYSIS TO ENHANCE THE EFFECTIVENESS AND EFFICIENCY OF THE MSRB'S RULEMAKING, AND TO MEET THE APPROVAL STANDARDS OF THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC). ONCE DEVELOPED, ALL MSRB RULES MUST BE APPROVED BY THE SEC PRIOR TO EFFECTIVENESS, UNLESS OTHERWISE ALLOWED BY LAW. THE MSRB ALSO PROVIDES ONGOING EDUCATION, TRAINING AND COMPLIANCE SUPPORT TO ENSURE UNDERSTANDING OF AND COMPLIANCE WITH THE MSRB RULES BY REGULATED ENTITIES. THE MSRB OPERATES PROGRAMS THAT SUPPORT THE QUALIFICATION OF PROFESSIONALS EMPLOYED BY REGULATED ENTITIES. THE MSRB DOES NOT ENFORCE ITS RULES BUT FOLLOWS ESTABLISHED PROCEDURES FOR COORDINATING WITH ENFORCEMENT AGENCIES CHARGED WITH ENFORCING MSRB RULES. INFORMATION REGARDING THE MSRB'S RULES, INCLUDING RULES INTERPRETATIONS, REQUESTS FOR COMMENT, NOTICES TO REGULATED ENTITIES, RULE FILINGS SUBMITTED TO THE SEC AND COMPLIANCE RESOURCES DEVELOPED IN CONJUNCTION WITH NEW RULES OR TO CLARIFY THE APPLICATION OF EXISTING RULES, IS DISPLAYED ON THE MSRB'S WEBSITE AT WWW.MSRB.ORG. |
| ENHANCED BOARD GOVERNANCE | ENHANCING OVERALL BOARD GOVERNANCE PRACTICES WAS ONE OF THE MOST IMPORTANT RULEMAKING INITIATIVES THE MSRB EMBARKED ON IN FY 2020. AS A RESULT OF THIS YEAR-LONG INITIATIVE, THE MSRB BEGAN FY 2021 WITH A SMALLER BOARD AND TIGHTENED STANDARDS OF INDEPENDENCE FOR PUBLIC MEMBERS. KEY FEATURES OF THE AMENDMENTS TO THE MSRBS GOVERNANCE RULES INCLUDE: - TIGHTENING THE ELIGIBILITY REQUIREMENT FOR PUBLIC BOARD MEMBERS BY INCREASING THE SEPARATION PERIOD FROM A REGULATED ENTITY TO AT LEAST FIVE YEARS; - REDUCING THE SIZE OF THE 21-MEMBER BOARD, INITIALLY MOVING TO 17 MEMBERS IN FY 2021 BEFORE ULTIMATELY SHRINKING TO 15 MEMBERS THEREAFTER; AND - ESTABLISHING A LIFETIME SERVICE LIMIT OF SIX YEARS FOR BOARD MEMBERS. REGULATORY, COMPLIANCE AND PROFESSIONAL QUALIFICATION INITIATIVES DURING FY 2020: PANDEMIC-RELATED TEMPORARY REGULATORY RELIEF AS MSRB-REGULATED ENTITIES CONFRONTED THE EFFECTS OF THE COVID-19 PANDEMIC, THE MSRB PIVOTED TOWARD PROVIDING TEMPORARY REGULATORY RELIEF TO MARKET PARTICIPANTS WHILE CONTINUING TO FOCUS ON INVESTOR PROTECTION AND MARKET TRANSPARENCY GOALS. THIS INCLUDED PROVIDING REGULATED ENTITIES AN EXTENSION OF TIME TO: - PREPARE TO SUBMIT ADDITIONAL DATA RELATED TO PRIMARY OFFERINGS OF MUNICIPAL SECURITIES UNDER AMENDMENTS TO MSRB RULE G-32; - PREPARE TO COMPLY WITH AMENDED AND RESTATED GUIDANCE REGARDING THE FAIR DEALING OBLIGATIONS UNDERWRITERS OWE TO ISSUERS OF MUNICIPAL SECURITIES UNDER MSRB RULE G-17; - TAKE AND PASS CERTAIN QUALIFICATION EXAMS AND CONTINUING EDUCATION MODULES REQUIRED BY MSRB RULE G-3; - CONDUCT THE ANNUAL NEEDS ANALYSIS AND THE DELIVERY OF CONTINUING EDUCATION CONTENT PURSUANT TO MSRB RULE G-3; - CONDUCT THE ANNUAL COMPLIANCE MEETING AND BRANCH INSPECTIONS PURSUANT TO MSRB RULE G-27; - PROVIDE THE ANNUAL REPORT RELATED TO THE DEALERS REVIEW OF THE FIRMS SUPERVISORY CONTROLS UNDER MSRB RULE G-27; AND - PROVIDE THE ANNUAL CERTIFICATION RELATED TO THE MUNICIPAL ADVISOR FIRMS COMPLIANCE POLICIES AND PROCEDURES UNDER MSRB RULE G-44. THE MSRB ALSO TEMPORARILY WAIVED LATE FEES FOR ANY ANNUAL AND MARKET ACTIVITY-BASED FEES, AND TEMPORARILY WAIVED MARKET ACTIVITY FEES FOR MUNICIPAL MARKET TRANSACTIONS RELATED TO THE FEDERAL RESERVES NEW MUNICIPAL LIQUIDITY FACILITY ESTABLISHED TO PURCHASE CERTAIN SHORT-TERM MUNICIPAL SECURITIES OF STATES, CITIES AND COUNTIES AND OTHER GOVERNMENTAL ENTITIES TO HELP THEM BETTER MANAGE CASH FLOW PRESSURES AS THEY GRAPPLED WITH THE EFFECTS OF THE PANDEMIC. ADDITIONALLY, THE MSRB TEMPORARILY SUSPENDED PRICE VARIANCE ALERTS FOR DEALERS AND REMINDED REGULATED ENTITIES OF THE APPLICATION OF SUPERVISORY REQUIREMENTS IN LIGHT OF THE CORONAVIRUS PANDEMIC. RETROSPECTIVE RULE REVIEW THE MSRB REGULARLY REVIEWS OUR RULES AND GUIDANCE TO STREAMLINE AND MODERNIZE THEM SO THEY MORE EFFICIENTLY ACHIEVE THE INTENDED PURPOSE AND REDUCE THE BURDENS OF COMPLIANCE. THIS REVIEW PROCESS PRODUCED TWO OUTCOMES IN FY 2020: - IMPLEMENTATION OF PREVIOUSLY AMENDED AND RESTATED INTERPRETIVE GUIDANCE ON FAIR DEALING OBLIGATIONS UNDERWRITERS OWE TO MUNICIPAL SECURITIES UNDER MSRB RULE G-17 (FIRST IMPLEMENTED IN 2012). - THIS WAS DUE TO TAKE EFFECT NOVEMBER 30, 2020 BUT IN LIGHT OF THE PANDEMIC, THE MSRB EXTENDED THE COMPLIANCE DATE TO MARCH 31, 2021. - THE AMENDED GUIDANCE STREAMLINES DISCLOSURES BY UNDERWRITERS TO FOCUS MORE NARROWLY ON THE RISKS AND CONFLICTS MOST RELEVANT TO A GIVEN TRANSACTION. - HARMONIZING MSRB RULES WITH THE SECS REGULATION BEST INTEREST - IN JUNE 2020, THE MSRB HARMONIZED CERTAIN OF OUR RULES TO FACILITATE COMPLIANCE WITH THE SECS REGULATION BEST INTEREST, WHICH REQUIRES BROKER-DEALERS TO ACT IN THE BEST INTEREST OF RETAIL CUSTOMERS WHEN MAKING A RECOMMENDATION OF ANY SECURITIES TRANSACTION OR INVESTMENT STRATEGY INVOLVING SECURITIES. REGULATED ENTITY COMPLIANCE RESOURCES AND ACTIVITIES WITH THE RECOMMENDATIONS AND INSIGHTS OF OUR COMPLIANCE ADVISORY GROUP, THE MSRB CONTINUED OUR SUSTAINED EMPHASIS ON PROVIDING COMPLIANCE ASSISTANCE TO REGULATED ENTITIES THROUGH TOOLS AND RESOURCES IN FY 2020. THIS INCLUDED: - PUBLISHING FREQUENTLY ASKED QUESTIONS (FAQS) ASSOCIATED WITH THE PANDEMIC-RELATED TEMPORARY REGULATORY RELIEF; - PUBLISHING ADDITIONAL FAQS AND RELEVANT COMPLIANCE TOPICS IN OUR QUARTERLY COMPLIANCE CORNER NEWSLETTER, WHICH GOES TO MORE THAN 7,900 SUBSCRIBERS; AND - PROVIDING TIMELY COMPLIANCE TIPS IN WEEKLY EMAILS TO NEARLY 2,500 SUBSCRIBERS. IN ADDITION, FOR THE FIFTH YEAR, THE MSRB JOINED THE SEC AND FINRA TO HOST A FREE COMPLIANCE OUTREACH PROGRAM FOR MUNICIPAL ADVISORS. WHILE THE 2020 EVENT WAS HELD VIRTUALLY DUE TO THE CHALLENGES OF THE PANDEMIC, IT STILL PROVIDED AN OPPORTUNITY FOR MORE THAN 480 MUNICIPAL ADVISOR PROFESSIONALS TO DISCUSS REGULATORY AND COMPLIANCE ISSUES WITH REGULATORS. |
| FORM 990, PART III, LINE 4B, PROGRAM SERVICE ACCOMPLISHMENTS | COLLECTING AND DISSEMINATING MARKET INFORMATION: THE MSRB COLLECTS MUNICIPAL MARKET DOCUMENTS AND DATA FROM REGULATED ENTITIES, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND/OR THEIR AGENTS AND MAKES THE INFORMATION PUBLICLY AVAILABLE. THE COLLECTION AND DISSEMINATION OF THIS INFORMATION SERVES A CRITICAL ROLE IN PROMOTING FAIRNESS AND EFFICIENCY OF THE MUNICIPAL MARKET. THE MSRB ENSURES THAT THE MARKET OPERATES TRANSPARENTLY AND EFFICIENTLY BY REDISSEMINATING THIS INFORMATION TO MUNICIPAL MARKET PARTICIPANTS AND OTHERS, TO REGULATORS CHARGED WITH EXAMINING FOR COMPLIANCE WITH AND ENFORCING MSRB RULES, AND TO OTHER REGULATORY AND POLICYMAKING BODIES. UNDER ITS RULEMAKING AUTHORITY, THE MSRB MAINTAINS "INFORMATION FACILITIES" THAT PROVIDE THE LEGAL FOUNDATION FOR THE COLLECTION AND DISSEMINATION OF MUNICIPAL MARKET INFORMATION. THESE FACILITIES SUPPORT THE MSRB'S AUTHORITY TO COLLECT MUNICIPAL TRANSACTION PRICES (WITH RESPECT TO CUSTOMER AND INTER-DEALER TRANSACTIONS IN MUNICIPAL SECURITIES); OFFICIAL STATEMENTS, PRELIMINARY OFFICIAL STATEMENTS AND ADVANCE REFUNDING DOCUMENTS (IN CONNECTION WITH NEW ISSUES OF MUNICIPAL SECURITIES); CONTINUING DISCLOSURE DOCUMENTS (IN CONNECTION WITH OUTSTANDING ISSUES OF MUNICIPAL SECURITIES); INTEREST RATE INFORMATION AND RELATED DOCUMENTATION FOR CERTAIN SHORT-TERM OBLIGATIONS (IN CONNECTION WITH OUTSTANDING VARIABLE RATE DEMAND OBLIGATIONS AND AUCTION RATE SECURITIES); INFORMATION REGARDING 529 SAVINGS PLANS AND ABLE PROGRAMS (IN CONNECTION WITH DEALER UNDERWRITING OF MUNICIPAL FUND SECURITIES); AND INFORMATION REGARDING BUSINESS UNDERTAKEN BY, AND CERTAIN POLITICAL CONTRIBUTIONS MADE BY, DEALERS AND MUNICIPAL ADVISORS OR THEIR PROFESSIONALS AND CERTAIN RELATED POLITICAL ACTION COMMITTEES (IN CONNECTION WITH THE MSRB'S PAY-TO-PLAY RULE). THE MSRB PROVIDES MOST OF THIS INFORMATION TO THE PUBLIC, FREE OF CHARGE, ON ITS ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) WEBSITE AT EMMA.MSRB.ORG. IN ADDITION, ACCESS TO MOST INFORMATION COLLECTED BY THE MSRB IS AVAILABLE IN BULK OR BY AUTOMATIC FEED TO SUBSCRIBERS THROUGH PAID SUBSCRIPTION SERVICES. AS OF THE END OF FY 2020, THE MSRB OFFERED FIVE PRINCIPAL DATA PRODUCTS WITH APPROXIMATELY 155 ACTIVE SUBSCRIPTION AGREEMENTS. MIGRATING THE MSRBS MARKET TRANSPARENCY SYSTEMS TO THE CLOUD TO KEEP PACE WITH THE TECHNOLOGY NEEDS OF OUR EVOLVING MARKET, THE MSRB BOARD OF DIRECTORS DESIGNATED A TOTAL OF $8.5 MILLION OF RESERVES IN FY 2018 AND FY 2019 TO EVALUATE AND UNDERTAKE AN ENTERPRISE CLOUD MIGRATION. BY THE END OF FY 2020, ALL THE MSRBS MARKET TRANSPARENCY SYSTEMS WERE SUCCESSFULLY RUNNING IN THE CLOUD. IN ADDITION TO DELIVERING EFFICIENCIES AND FREEING UP RESOURCES BY ELIMINATING PHYSICAL DATA CENTERS, BEING IN THE CLOUD ENSURES THE LONG-TERM RELIABILITY, QUALITY, AND SECURITY OF THE MSRBS MARKET TRANSPARENCY SYSTEMS. EMMA ENHANCEMENTS IN FY 2020 WHILE MUCH OF THE MSRBS IT RESOURCES WERE DEDICATED TO SUPPORTING THE CLOUD MIGRATION IN FY 2020, THE MSRB CONTINUED OUR WORK TO ENHANCE THE EMMA USER EXPERIENCE. IMPORTANT ENHANCEMENTS THE MSRB MADE TO THE EMMA WEBSITE IN FY 2020 INCLUDE: - THE EMMA SUBMISSION CALCULATOR - THIS NEW FEATURE, WHICH PROVIDES GREATER TRANSPARENCY AROUND THE TIMING OF FINANCIAL ISSUER'S DISCLOSURES, A CONCERN THAT HAD BEEN RAISED BY THE SEC AND OTHER MARKET STAKEHOLDERS, WENT LIVE IN JULY 2020 AFTER A PERIOD OF STAKEHOLDER BETA TESTING. - THE SUBMISSION CALCULATOR HELPS SHED LIGHT ON THE TIMING OF DISCLOSURES BY DISPLAYING THE NUMBER OF DAYS THAT HAVE ELAPSED BETWEEN AN ISSUER'S FISCAL PERIOD END DATE FOR AUDITED FINANCIAL FILINGS AND THE DATE A FINANCIAL DISCLOSURE SUBMISSION WAS MADE TO THE EMMA WEBSITE. - DISCLOSURE MODIFICATION PROCESS IMPROVEMENT - TO ADDRESS STAKEHOLDER FEEDBACK, THE MSRB ALSO MADE IMPROVEMENTS TO THE PROCESS FOR ISSUERS TO MODIFY A PREVIOUSLY SUBMITTED DISCLOSURE FILING IN THE EMMA SYSTEM. - NEW FORM FOR PRIMARY OFFERING DATA - THE MSRB BEGAN WORK ON A NEW ELECTRONIC FORM G-32 FOR UNDERWRITERS TO SUBMIT DATA ON PRIMARY OFFERINGS OF MUNICIPAL SECURITIES. - THIS NEW FORM G-32 IS SCHEDULED TO GO LIVE IN AUGUST 2021. PROVIDING INSIGHTS TO THE MARKET AS THE CENTRAL REPOSITORY FOR MUNICIPAL SECURITIES DATA, THE MSRBS DATA AND RESEARCH TEAM ANALYZES THE RICH TROVE OF MARKET DATA AND DISCLOSURES WE COLLECT THROUGH OUR MARKET TRANSPARENCY SYSTEMS. IN FY 2020, THE MSRBS DATA ANALYSIS FOCUSED ON HELPING MUNICIPAL MARKET STAKEHOLDERS GRAPPLING WITH THE MARKET VOLATILITY AND ECONOMIC IMPACT OF THE COVID-19 CRISIS. MARKET EXPERTISE, DAILY TRADE DATA AND WEEKLY COVID-19 DISCLOSURE REPORTS: - AT THE HEIGHT OF THE PANDEMIC-DRIVEN VOLATILITY, THE MSRB RECOGNIZED THE IMPORTANCE OF LEVERAGING OUR ROLE AS THE CENTRAL REPOSITORY OF MARKET DATA TO MEET THE SIGNIFICANT NEED FOR COMPREHENSIVE INFORMATION DURING THIS DISRUPTIVE TIME. - TO HELP PROMOTE A FAIR AND EFFICIENT MUNICIPAL MARKET DURING THIS DIFFICULT TIME, THE MSRB CLOSELY MONITORED AND ASSISTED WITH THE CREATION AND IMPLEMENTATION OF THE FEDERAL RESERVES MLF, AND THE MSRB CHIEF MARKET STRUCTURE OFFICER JOHN BAGLEY TEMPORARILY JOINED THE FEDERAL RESERVE BANK OF NEW YORK ON SECONDMENT TO LEND HIS DEEP MUNICIPAL MARKET EXPERTISE TO THE IMPLEMENTATION OF THE MLF. - IN ADDITION, THE MSRB BEGAN PUBLISHING DAILY MUNICIPAL SECURITIES TRADE DATA AS WELL AS A WEEKLY SUMMARY OF COVID-RELATED PRIMARY MARKET AND CONTINUING DISCLOSURES MADE TO THE EMMA SYSTEM. - THE MSRBS DATA TEAM LEVERAGED THE POWER OF CLOUD COMPUTING TO COMB THROUGH THE THOUSANDS OF DISCLOSURE DOCUMENTS SUBMITTED TO THE EMMA WEBSITE TO IDENTIFY THOSE THAT REFERENCED THE IMPACT OF COVID-19 AND SYNTHESIZED THESE SEARCH RESULTS INTO THE COVID-RELATED DISCLOSURE REPORT. - THE REPORT SERVES AS A WINDOW INTO HOW STATES AND MUNICIPALITIES ARE GRAPPLING WITH THE IMPACT OF COVID-19 ON THEIR REVENUES AND ABILITY TO FINANCE ESSENTIAL PUBLIC SERVICES. - IN ADDITION, THE MSRB PUBLISHED MARKET COMMENTARY ON HOW THE COVID CRISIS AFFECTED TRADING AND PRICES IN MUNICIPAL BOND EXCHANGE TRADED FUNDS (ETFS) AS WELL AS TRANSACTION COSTS FOR MUNICIPAL SECURITIES. - THE MSRB MADE ALL THIS INFORMATION AVAILABLE TO THE PUBLIC ON OUR DEDICATED COVID-19 INFORMATION PAGE. MUNICIPAL MARKET ANALYSIS: OVER THE COURSE OF FY 2020, THE MSRB DELIVERED SEVERAL ANALYSES OF LONGER-TERM TRENDS IN THE MUNICIPAL MARKET: - IN DIFFERENT BUYING PATTERNS OF INSTITUTIONAL AND RETAIL INVESTORS IN MUNICIPAL BONDS, MSRB MARKET STRUCTURE EXPERTS FOUND THAT RETAIL INVESTORS TEND TO PURCHASE MUNICIPAL BONDS WITH LOWER COUPONS THAN INSTITUTIONAL INVESTORS AND CAUTIONED THAT THE INTEREST RATE RISK OF LOWER COUPON BONDS COULD AFFECT INVESTORS ABILITY TO SELL THOSE BONDS PRIOR TO MATURITY. - IN COMPETITIVE BIDDING FOR PRIMARY OFFERINGS OF MUNICIPAL SECURITIES: MORE BIDS, BETTER PRICING FOR ISSUERS?, THE MSRBS CHIEF ECONOMIST ANALYZED COMPETITIVE BIDDING ACTIVITY IN THE MUNICIPAL SECURITIES MARKET DURING THE PRIMARY OFFERING PROCESS OVER THE LAST 10 YEARS AND FOUND THAT AN INCREASE IN COMPETITIVE BIDS LED TO BETTER PRICING FOR ISSUERS. - IN MUNICIPAL SECURITIES PRE-TRADE MARKET ACTIVITY: WHAT HAS CHANGED SINCE 2015? THE MSRB FOUND THAT AN INCREASE IN QUOTE PROVISION AND OFFER PRICE COMPETITION SINCE 2015 MAY HAVE LED TO LIVE QUOTE PRICES BECOMING MORE VISIBLE TO MARKET PARTICIPANTS AND MORE INFORMATIVE TO EXECUTION PRICES. - THE MSRB ALSO PUBLISHED ITS ANNUAL FACT BOOK, A COMPREHENSIVE REFERENCE FOR HISTORICAL TRADE STATISTICS. |
| FORM 990, PART III, LINE 4C, PROGRAM SERVICE ACCOMPLISHMENTS | ENGAGING IN EDUCATION AND OUTREACH: THE MSRB ENGAGES WITH MUNICIPAL MARKET PARTICIPANTS, REGULATORS, POLICYMAKERS AND OTHERS TO BUILD UNDERSTANDING OF THE MUNICIPAL MARKET AND HELP FURTHER PROTECT INVESTORS, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND THE PUBLIC INTEREST. DURING FY 2020, THE MSRB CONNECTED WITH STAKEHOLDERS AND OFFERED EDUCATION RESOURCES VIRTUALLY. MUNIEDPRO ONLINE LEARNING: THE MSRB CONTINUED TO PROVIDE ONLINE MUNICIPAL SECURITIES MARKET EDUCATION THROUGH OUR FREE, AWARD-WINNING MUNIEDPRO PLATFORM. WITH MORE THAN 20 ON-DEMAND INTERACTIVE COURSES, MUNIEDPRO OFFERS MUNICIPAL BOND PROFESSIONALS A TURNKEY SOLUTION FOR COMPLIANCE TRAINING THAT THEY CAN EASILY ACCESS FROM THEIR HOME OR OFFICE. WEBINARS: AS PART OF OUR EFFORT TO INCREASE TRANSPARENCY AROUND THE CONTINUING DISCLOSURE PROCESS, THE MSRB OFFERED TWO WEBINARS TO HELP EMMA USERS FIND CONTINUING DISCLOSURES AND IDENTIFY THE TIMING OF ISSUERS ANNUAL FINANCIAL DISCLOSURES ON THE EMMA WEBSITE. MSRB EDUCATION CENTER: THE MSRB UPDATED A NUMBER OF EXISTING EDUCATIONAL RESOURCES ON MSRB.ORG TO MAKE THEM MORE ACCESSIBLE TO READERS AND MADE PROGRESS TOWARD OUR GOAL OF MAKING THE MSRB EDUCATION CENTER A MORE GUIDED, INTEGRATED LEARNING EXPERIENCE. DIGITAL OUTREACH: THE MSRB PRODUCES A FREE PODCAST FEATURING BOARD AND STAFF VIEWS ON MSRB INITIATIVES AND MARKET TOPICS. THE MSRB ALSO ENGAGES WITH STAKEHOLDERS ON SOCIAL MEDIA PLATFORMS, INCLUDING TWITTER AND LINKEDIN. |
| FORM 990, PART VI, SEC. A, LINE 2 - FAMILY & BUS. RELATIONSHIPS | NO OFFICER, DIRECTOR, TRUSTEE, OR KEY EMPLOYEE HAS A FAMILY RELATIONSHIP OR BUSINESS RELATIONSHIP (AS SUCH TERMS ARE DEFINED FOR PURPOSES OF FORM 990) WITH ANY OTHER OFFICER, DIRECTOR, TRUSTEE, OR KEY EMPLOYEE. AS CONTEMPLATED BY THE CONGRESSIONALLY MANDATED STRUCTURE OF THE MSRB'S BOARD OF DIRECTORS (WHICH SERVES AS THE ORGANIZATION'S GOVERNING BODY), AND WITH THE MSRB BEING A SELF-REGULATORY ORGANIZATION UNDER THE FEDERAL SECURITIES LAWS, THE EMPLOYERS OF SOME MEMBERS OF THE BOARD OF DIRECTORS, AND SUCH MEMBERS IN THEIR CAPACITIES AS EMPLOYEES OF THEIR EMPLOYERS, FROM TIME TO TIME TRANSACT BUSINESS WITH ONE ANOTHER IN THE ORDINARY COURSE OF THEIR BUSINESS AS PARTICIPANTS IN THE MUNICIPAL MARKET ON THE SAME TERMS AS ARE GENERALLY OFFERED TO OTHERS IN THE SAME LINE OF BUSINESS. |
| FORM 990, PART VI, SEC. A, LINE 4 - CHANGES TO THE GOVERNING | DOCUMENTS AMENDMENTS TO THE MSRB'S AMENDED AND RESTATED ARTICLES OF INCORPORATION BECAME OPERATIVE ON OCTOBER 1, 2020 TO PROVIDE THAT THE BOARD OF DIRECTORS SHALL BE COMPRISED OF THE NUMBER OF DIRECTORS SPECIFIED IN THE BY-LAWS OF THE CORPORATION AND TO PERMIT A BOARD MEMBER FILLING A VACANCY TO SERVE FOR ANY PART OF AN UNEXPIRED TERM, RATHER THAN REQUIRING SUCH A BOARD MEMBER TO SERVE FOR THE ENTIRE UNEXPIRED PORTION. MSRB RULES A-2 THROUGH A-10 ARE REPRODUCED IN THE BYLAWS AS ARTICLES 2 THROUGH 10. AMENDMENTS TO THE MSRB'S BYLAWS BECAME OPERATIVE ON OCTOBER 1, 2020 TO REFLECT AMENDMENTS THAT WERE MADE TO MSRB RULES A-3, ON BOARD MEMBERSHIP: COMPOSITION, ELECTIONS, REMOVAL, COMPENSATION; A-4, ON MEETINGS OF THE BOARD; AND RULE A-6, ON COMMITTEES OF THE BOARD. ADDITIONALLY, A CROSS REFERENCE IN ARTICLE 16 OF THE BYLAWS TO MSRB RULE A-4(C) WAS UPDATED BECAUSE THE RELEVANT PROVISION OF MSRB RULE A-4(C) WAS MOVED INTO A NEW SUBSECTION, A-4(E). |
| FORM 990, PART VI, SEC. A, LINE 7B - GOVERNING BODY/MANAGEMENT | ALL PROPOSED RULE CHANGES ADOPTED BY THE BOARD OF DIRECTORS OF THE MSRB MUST BE APPROVED BY THE SECURITIES AND EXCHANGE COMMISSION PRIOR TO EFFECTIVENESS, UNLESS OTHERWISE ALLOWED BY LAW. |
| FORM 990, PART VI, SEC. B, LINE 11b FORM 990 REVIEW PROCESS | THE BOARD OF DIRECTORS OF THE MSRB HAS AN AUDIT AND RISK COMMITTEE THAT IS CHARGED WITH REVIEWING WITH MANAGEMENT THE ORGANIZATION'S COMPLETED FORM ANNUALLY PRIOR TO THE FILING OF SUCH FORM AND REPORTING ANY FINDINGS OR CONCLUSIONS TO THE BOARD OF DIRECTORS IN CONNECTION WITH THE BOARD'S REVIEW OF SUCH FORM. THE AUDIT AND RISK COMMITTEE CONDUCTED ITS REVIEW ON 01/25/2021 AND THE BOARD OF DIRECTORS CONDUCTED ITS REVIEW ON 01/27/2021. |
| FORM 990, PART VI, SEC. B, LINE 12C - CONFLICT OF INTEREST POLICY | THE MSRB MAINTAINS FOR ITS BOARD OF DIRECTORS AND ITS STAFF: A CODE OF ETHICS AND BUSINESS CONDUCT POLICY; A CONFLICTS OF INTEREST POLICY; AND A WHISTLEBLOWER POLICY WITH COMPLAINT HANDLING PROCEDURES, WHICH ARE AVAILABLE ON MSRB.ORG. ALL BOARD MEMBERS AND STAFF ARE TRAINED ANNUALLY ON THESE POLICIES AND MUST SIGN VARIOUS ACKNOWLEDGMENTS. THE MSRB HAS A POLICY REQUIRING THAT OFFICERS, DIRECTORS AND KEY EMPLOYEES DISCLOSE ANNUALLY INTERESTS THAT COULD GIVE RISE TO CONFLICTS, AND SUBSEQUENTLY DISCLOSE UPDATES. IN CONNECTION WITH THE ELECTION OF NEW MEMBERS OF THE BOARD OF DIRECTORS, EACH CANDIDATE PROVIDES INFORMATION TO THE MSRB CONCERNING POTENTIAL CONFLICTS OF INTEREST. IN ADDITION, CERTAIN ORGANIZATIONAL CONFLICTS ARE EFFECTIVELY PROHIBITED UNDER SECTION 15B(B)OF THE SECURITIES EXCHANGE ACT OF 1934 DUE TO THE STATUTORY REQUIREMENTS REGARDING QUALIFICATION FOR MEMBERSHIP ON THE BOARD OF DIRECTORS. IN PARTICULAR, PUBLIC REPRESENTATIVES MUST BE INDEPENDENT OF ANY MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR. MSRB RULE A-3 DEFINES "INDEPENDENT" AS HAVING NO MATERIAL BUSINESS RELATIONSHIP WITH ANY MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR, INCLUDING AT A MINIMUM NOT CURRENTLY OR AT ANY TIME WITHIN THE LAST TWO YEARS (INCREASED TO FIVE YEARS EFFECTIVE OCTOBER 1, 2020) BEING ASSOCIATED WITH A MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR AND NOT HAVING A RELATIONSHIP WITH ANY MUNICIPAL SECURITIES BROKER, MUNICIPAL SECURITIES DEALER OR MUNICIPAL ADVISOR, WHETHER COMPENSATORY OR OTHERWISE, THAT REASONABLY COULD AFFECT THE INDEPENDENT JUDGMENT OR DECISION MAKING OF THE INDIVIDUAL. THE MSRB'S GENERAL COUNSEL REVIEWS THE CONFLICTS OF INTEREST ACKNOWLEDGEMENT AND DISCLOSURE FORMS AND DETERMINES WHAT ACTIONS, IF ANY, NEED TO BE TAKEN, INCLUDING ASKING A BOARD MEMBER TO RECUSE HIM OR HERSELF FROM DELIBERATIONS OR VOTING ON AN ACTION. |
| FORM 990, PART VI, SEC. B, LINE 15A - COMPENSATION REVIEW PROCESS | UNDER THE MSRB WRITTEN COMPENSATION STRATEGY AND PROGRAM, THE FINANCE COMMITTEE (COMPRISED OF MEMBERS OF THE BOARD OF DIRECTORS) IS RESPONSIBLE FOR MAKING RECOMMENDATIONS AND THE BOARD OF DIRECTORS IS RESPONSIBLE FOR APPROVING THE ORGANIZATION-WIDE COMPENSATION STRATEGY. THE ANNUAL SALARY BUDGET IS APPROVED BY THE BOARD OF DIRECTORS. AT LEAST ONCE EVERY FOUR YEARS, THE COMPENSATION STRATEGY AND STRUCTURE ARE REVIEWED AND APPROVED BY THE FINANCE COMMITTEE BASED ON INFORMATION RECEIVED FROM AN EXTERNAL SALARY CONSULTANT. SUCH REVIEW WAS COMPLETED AND CHANGES WERE APPROVED BY THE BOARD EFFECTIVE MAY 1, 2020. THE EXTERNAL SALARY CONSULTANT COMPARES THE MSRB WITH COMPARABLE PEER ORGANIZATIONS IN THE LOCAL GEOGRAPHIC MARKET AND WITHIN THE INDUSTRY AS APPROPRIATE. THE FULL BOARD APPROVES THE COMPENSATION OF THE CHIEF EXECUTIVE OFFICER, AND THE CHIEF EXECUTIVE OFFICER ESTABLISHES THE COMPENSATION OF THE KEY EMPLOYEES WITHIN THE PARAMETERS AND PHILOSOPHY OF THE APPROVED COMPENSATION STRATEGY. ADDITIONALLY, THE CHIEF EXECUTIVE OFFICER ANNUALLY PROVIDES TO THE BOARD THE SALARY, BENEFITS, AND TOTAL COMPENSATION OF THE SENIOR MANAGEMENT. |
| FORM 990, PART VI, SECTION C, LINE 19 - GOVERNING DOCUMENTS | THE ORGANIZATION'S WEBSITE (WWW.MSRB.ORG) CONTAINS THE FOLLOWING: SECURITIES EXCHANGE ACT OF 1934 SECTION 15B (STATUTE CREATING THE MSRB), RESTATED ARTICLES OF INCORPORATION, BY-LAWS, GOVERNANCE-RELATED ADMINISTRATIVE RULES, BOARD COMMITTEE CHARTERS, CODE OF ETHICS AND BUSINESS CONDUCT, CONFLICTS OF INTEREST POLICY, RISK MANAGEMENT PROGRAM, WHISTLEBLOWER POLICY, AUDITED FINANCIAL STATEMENTS, ANNUAL BUDGET, MOST RECENT IRS FORM 990 AND CERTAIN FINANCIAL POLICIES. |
| FORM 990 PART IX LINE 11G | DESCRIPTION:CONSULTANTS TOTAL FEES:6723132 |
| FORM 990 PART IX LINE 11G | DESCRIPTION:RECRUITMENT TOTAL FEES:507166 |
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