2021-11-15T11:01:10-06:00 2020-12-31 346565596 ERNST & YOUNG US LLP 221 E 4TH STREET SUITE 2900 CINCINNATI OH 45202 990 2020-01-01 200863779 FINRA Investor Education Foundation FINR 2027288949 9509 KEY WEST AVENUE ROCKVILLE MD 20850 ROBERT A RENNER SR VICE PRESIDENT 2021-11-15 true ROBERT A RENNER 999009999 Julie L Sparks P01268401 5136121400 2019-11-14 2020 2022-09-23 18:48:47Z Geraldine M Walsh 1735 K STREET NW WASHINGTON DC 200061506 18985356 false X WWW.FINRAFOUNDATION.ORG X 2004 DE THE MISSION IS TO EMPOWER UNDERSERVED AMERICANS WITH THE KNOWLEDGE, SKILLS AND TOOLS TO MAKE SOUND FINANCIAL DECISIONS THROUGHOUT LIFE. 6 5 0 5 0 0 173783 188054 0 0 388396 -3598748 0 0 562179 -3410694 439457 249529 0 0 0 0 0 0 0 3447057 2635371 3886514 2884900 -3324335 -6295594 75669237 75031238 524362 570550 75144875 74460688 X THE MISSION IS TO EMPOWER UNDERSERVED AMERICANS WITH THE KNOWLEDGE, SKILLS AND TOOLS TO MAKE SOUND FINANCIAL DECISIONS THROUGHOUT LIFE. false false 1018650 165986 0 UNDERTAKE AND SUPPORT RESEARCH TO IMPROVE CONSUMER FINANCIAL OUTCOMES AND ADDRESS SYSTEMIC SOCIO-ECONOMIC INEQUITIES - See Schedule O 1016840 70380 0 FOSTER SUSTAINABLE, INCLUSIVE FINANCIAL CAPABILITY IN COMMUNITIES OF NEED, AT THE WORKPLACE, AND IN THE MILITARY - See Schedule O 532204 0 0 PROTECT CONSUMERS FROM FINANCAL FRAUD AND AMELIORATE THE CONSEQUENCES OF FRAUD - See Schedule O 93870 13163 0 COMMUNICATE RESEARCH FINDINGS AND INNOVATIONS THE FOUNDATION LEVERAGES ONLINE, SOCIAL MEDIA, PRINT, AND IN-PERSON DISTRIBUTION CHANNELS TO ADVANCE THE FINANCIAL INCLUSION AND CAPABILITY OF UNDERSERVED GROUPS AND TO PROVIDE DECISION-MAKERS WITH AN EMPIRICAL UNDERSTANDING OF FINANCIAL INCLUSION/EXCLUSION IN THE U.S. THE FOUNDATION PUBLISHES NFCS DATA SETS, METHODOLOGICAL DOCUMENTS, AND FINDINGS IN USER-FRIENDLY FORMATS, PARTICIPATES IN RESEARCH AND OTHER PROFESSIONAL FORUMS, AND PROMOTES THE WORK OF BOTH SEASONED LEADERS AND YOUNG RESEARCHERS ACTIVE IN THE FIELD OF FINANCIAL CAPABILITY. IN FURTHERANCE OF THIS GOAL, THE FOUNDATION MAINTAINS ALLIANCES WITH FEDERAL AGENCIES, STATE GOVERNMENT, MUNICIPALITIES, AND LEADING NONPROFIT ORGANIZATIONS ACTIVE IN THE FIELD OF FINANCIAL CAPABILITY. 93870 13163 2661564 false true false false false false false false true false true false false true true true true false false true false false false false false false true true true false false false false false false false false false false false false false true false false true X 18 0 true 0 false false false false false false false false X 6 5 false false false false true true true true true false false true true true true true true false false false X Jennifer P Mitchell 2027288949 1735 K Street NW Washington DC 200061506 Camille M Busette Board Member 1.0 2.0 X 0 90624 0 John W Thiel Board Member 1.0 2.0 X 0 25616 0 Laura Fisher Board Member 1.0 0 X 0 0 0 Mari J Buechner Board Member 1.0 0 X 0 0 0 Robert W Cook Chairman 1.0 59.0 X 0 2546014 573549 T Grant Callery Board Member 1.0 0 X 0 0 0 Eileen M Famiglietti Treasurer 6.0 54.0 X 0 495027 310722 Geraldine M Walsh President 48.0 12.0 X 0 581082 168703 Jennifer P Mitchell Corporate Secretary 3.0 57.0 X 0 427631 171254 Elisse B Walter Board Member 0.0 5.0 X 0 76308 0 0 4242302 1224228 0 true true false AMERICAN LIBRARY ASSOCIATION 50 EAST HURON STREET CHICAGO IL 60611 SEE SCHEDULE O 730000 ASSOCIATION FOR FINANCIAL COUNSELING AND PLANNING EDUCATION 79 S STATE STREET WESTERVILLE OH 43081 SEE SCHEDULE O 483761 AARP 601 EAST STREET NW WASHINGTON DC 20049 SEE SCHEDULE O 235000 EARN INC 235 MONTGOMERY STREET SAN FRANCISCO CA 94104 SEE SCHEDULE O 162000 CRUSADERS FOR CHANGE LLC 1015 RAILBED DRIVE ODENTON MD 21113 SEE SCHEDULE O 140635 7 0 0 0 188054 0 0 0 188054 0 0 0 0 0 706047 706047 0 0 0 0 0 0 0 0 0 18091255 22396050 -4304795 0 -4304795 -4304795 0 0 0 0 0 0 0 -3410694 0 0 -3598748 X 238141 238141 11388 11388 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 52580 0 52580 0 0 0 0 0 0 0 87088 0 87088 0 2209129 2209129 0 0 45308 45308 0 0 75291 60800 14491 0 35205 34706 499 0 0 0 0 0 66510 15328 51182 0 19481 17030 2451 0 0 0 0 0 33139 19304 13835 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dues/Membership Fee 11640 10430 1210 0 0 0 0 0 2884900 2661564 223336 0 0 0 0 0 597768 829808 0 0 0 0 20043 47193 0 0 0 0 0 0 0 0 20775 2 0 0 0 0 50759969 62166866 24270682 10834424 0 0 0 0 1152945 75669237 75031238 514054 570325 0 0 0 0 0 0 0 0 0 0 0 0 0 10308 225 524362 570550 X 75055752 74376120 89123 84568 0 0 0 0 0 0 75144875 74460688 75669237 75031238 X -6295594 5611406 2688328 87088 -2775415 X false true X true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 89123 0 445 5000 0 0 84568 92161 0 1962 5000 0 0 89123 95628 0 1533 5000 0 0 92161 100000 0 628 5000 0 0 95628 0 100000 0 0 0 0 100000 0.0 0.0 1.0 false false Pooled Investment Funds 10834424 F 10834424 DUE TO RELATED ORGANIZATION 225 225 X 4801952 5611406 2688328 0 8299734 -3497782 87088 0 87088 -3410694 5486139 2688328 0 2688328 2797811 87088 1 87089 2884900 Schedule D, Part V, Line 4 Intended uses of endowment funds IN 2016, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. (FINRA) CONTRIBUTED A ONE-TIME DONOR-RESTRICTED CONTRIBUTION OF $0.1 MILLION TO THE FINRA INVESTOR EDUCATION FOUNDATION, INC. (THE FOUNDATION) . THE DONOR-RESTRICTED CONTRIBUTION FUNDED THE KETCHUM PRIZE FUND, NAMED FOR FORMER FINRA CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND FOUNDATION CHAIRMAN RICHARD G. KETCHUM, TO AWARD AN ANNUAL PRIZE IN HONOR OF THE EXEMPLARY CONTRIBUTIONS TO THE FIELD OF INVESTOR PROTECTION AND FINANCIAL CAPABILITY IN THE UNITED STATES. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Foundation is a tax-exempt organization under Section 501(c)(4) of the Internal Revenue Code and, accordingly, has made no provision for Federal or State income taxes. For the years ended December 31, 2017, through December 31, 2020, which represent the periods management considers to be open for examination by taxing authorities, management did not identify the existence of any uncertain tax positions. Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Rounding - 1 Central America and the Caribbean 0 0 Investments 10834424 0 0 0 0 0 0 10834424 0 10834424 true false true false false false true IOWA STATE UNIVERSITY PEARSON HALL AMES IA 500112207 426004224 501(C)(3) 36920 0 N/A N/A SEE PART IV MONTANA STATE UNIVERSITY 309 MONTANA HALL BOZEMAN MT 597170045 816010045 115(A) 62423 0 N/A N/A SEE PART IV RESEARCH FOUNDATION OF SUNY PO BOX 9 ALBANY NY 122010009 141368361 501(C)(3) 53249 0 N/A N/A SEE PART IV STANFORD UNIVERSITY 579 SIERRA MALL STANFORD CA 94305 941156365 501(C)(3) 28571 0 N/A N/A SEE PART IV UNIVERSITY OF PUERTO RICO 18 AVE UNIVERSIDAD SAN JUAN PR 009252512 660433760 115(A) 21743 0 N/A N/A SEE PART IV 4 1 2020 KETCHUM PRIZE FOR OUTSTANDING SERVICE AND RESEARCH TO ADVANCE INVESTOR PROTECTION AND FINANCIAL CAPABILITY IN THE U.S. 1 10000 238 FMV CRYSTAL AWARD NFCS Research Award 1 1150 0 N/A N/A Schedule I, Part II, Line 1(h) Purpose of Grant or Assistance Iowa State University Iowa State University is developing and delivering a workplace financial wellness program for university employees. Program components include financial counseling, resource coordination, and financial education. Montana State University Researchers from Montana State University, the University of Wisconsin-Madison, and the University of Southern California investigated differences in financial well-being among young adults based on educational attainment and gender, noting trends in this population during the period 2009-2018. Researchers also studied the causal connection between rigorous high school financial education mandates and the subjective financial well-being of adults aged 25-45. Research Foundation for the State University of New York Researchers from Stony Brook University, the University of Tennessee, the Oxford Institute of Population Ageing, and the National Disability Institute used the FINRA Foundation's National Financial Capability Study and other data sets to provide the first nationally representative estimates of the extra costs of living with a disability in the U.S. Stanford University The Stanford Center on Longevity at Stanford University is collaborating with the Global Financial Literacy Excellence Center at George Washington University to study financial resilience in the United States during the period 2008 to 2020. Researchers are examining cash flow management, debt management, financial literacy, and risk protection, and tracking how financial resilience has changed during the period under consideration. The research team is comparing subpopulations differing by age, race/ethnicity, gender, educational attainment, and employment, with an emphasis on financially vulnerable populations. University of Puerto Rico Researchers at the University of Puerto Rico are using data from the FINRA Foundation's National Financial Capability Study to increase understanding about the financial capability of Hispanics in the United States, both as a single cohort and disaggregated by heritage. The research team is examining personal financial management, financial well-being and readiness, use of banking products, use of non-mainstream financial services, preferences regarding financial technology, and the relationship between entrepreneurship and financial capability among Hispanics. Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. FOLLOWING APPROVAL OF A GRANT APPLICATION BY THE BOARD OF DIRECTORS, THE FOUNDATION EXECUTES A GRANT AGREEMENT WITH THE APPLICANT. THIS AGREEMENT SPECIFIES THE TERMS AND CONDITIONS OF THE GRANT, AS WELL AS THE REPORTING AND PAYMENT SCHEDULE. NARRATIVE AND FINANCIAL PROGRESS REPORTS AND ALL DELIVERABLES ARE REVIEWED BY THE FOUNDATION TO ENSURE QUALITY AND COMPLIANCE WITH THE GRANT AGREEMENT. IN ADDITION TO PROGRESS REPORTS, GRANTEES ARE REQUIRED TO COMPLETE A FINAL NARRATIVE AND FINANCIAL REPORT DETAILING PROJECT OUTCOMES AND ACCOUNTING FOR THE USE OF FUNDS. false true false false false false false false false Elisse B Walter Board Member 0 76308 0 0 0 0 0 0 0 0 0 76308 0 0 Robert W Cook Chairman 0 1018902 0 1500000 0 27112 0 537070 0 36479 0 3119563 0 0 Eileen M Famiglietti Treasurer 0 292966 0 150000 0 52061 0 260639 0 50083 0 805749 0 28320 Jennifer P Mitchell Corporate Secretary 0 242504 0 170000 0 15127 0 124477 0 46777 0 598885 0 0 Geraldine M Walsh President 0 332480 0 208000 0 40602 0 156759 0 11944 0 749785 0 0 Schedule J, Part I, Line 3 THE FOUNDATION DOES NOT HAVE ANY EMPLOYEES. ALL SERVICES ARE PROVIDED BY EMPLOYEES OF FINRA OR ITS SUBSIDIARIES. THE FOUNDATION DOES NOT COMPENSATE THESE EMPLOYEES FOR THEIR SERVICES. Line 3) COMPENSATION FOR THE CEO/EXECUTIVE DIRECTOR IS ESTABLISHED AT AND PAID BY THE PARENT ORGANIZATION, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FOR FURTHER DETAILS REGARDING COMPENSATION OF OFFICERS, PLEASE REFER TO THE 2020 RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX - FORM 990 OF THE FOUNDATION'S PARENT ORGANIZATION, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan FINRA'S SUPPLEMENTAL DEFINED CONTRIBUTION PLAN IS A NON-QUALIFIED PLAN THAT IS OPEN TO VICE PRESIDENTS AND ABOVE WITH AN ANNUAL BASE PAY ABOVE THE QUALIFIED LIMIT. IT IS ONLY OPEN TO THOSE NOT PARTICIPATING IN THE CLOSED NON-QUALIFIED DEFINED BENEFIT PLAN. IT IS A FINRA-FUNDED PLAN WITH A THREE YEAR VESTING CYCLE WITH ANNUAL VESTING BEGINNING AT AGE 62. PARTICIPANTS IN THE SUPPLEMENTAL NON-QUALIFIED DEFINED CONTRIBUTION PLAN WHO HAD A VESTING EVENT OR RECEIVED A PAYOUT DURING TAX YEAR 2020: Eileen M. Famiglietti - $49,765 (VESTING) Form 990, Part III, Line 4 THE FOUNDATION HELPS AMERICANS BUILD FINANCIAL CAPABILITY, INVEST FOR LIFE GOALS, AND GUARD AGAINST FRAUD. THE FOUNDATION'S RESEARCH, MOREOVER, FURTHERS DIVERSE EFFORTS TO IMPROVE CONSUMER FINANCIAL OUTCOMES AND ADDRESS SYSTEMIC SOCIOECONOMIC INEQUITIES. MUCH OF THIS WORK IS ACCOMPLISHED IN PARTNERSHIP WITH ORGANIZATIONS THAT SHARE A DEEP COMMITMENT TO THE FOUNDATION'S MISSION. THE FOUNDATION EMPOWERS ITS GRANTEES AND PROGRAMMING PARTNERS TO REACH PEOPLE WHERE THEY LIVE, WORK AND LEARN. IT FOCUSES ON BUILDING CAPACITY AND NURTURING SUPPORTIVE NETWORKS THAT STAND READY AND WELL EQUIPPED TO GUIDE AMERICANS THROUGH LIFE'S FINANCIAL DECISIONS AND CHALLENGES. Form 990, Part III, Line 4a UNDERTAKE AND SUPPORT RESEARCH (2020 ALLOCATION $1,018,650 INCLUDING GRANTS OF $165,986) THE FOUNDATION UNDERTAKES AND SUPPORTS RESEARCH TO IMPROVE CONSUMER FINANCIAL OUTCOMES AND ADDRESS SYSTEMIC SOCIO-ECONOMIC INEQUITIES. THIS INCLUDES RESEARCH INITIATIVES THAT PROVIDE RIGOROUS DATA AND ANALYSIS RELATED TO FINANCIAL CAPABILITY, FINANCIAL INCLUSION, AND INVESTING IN THE U.S. THE NATIONAL FINANCIAL CAPABILITY STUDY (NFCS) IS A LARGE-SCALE, MULTI-YEAR PROJECT THAT ADVANCES COMPREHENSIVE UNDERSTANDING OF THE FINANCIAL CAPABILITY OF ADULTS IN THE UNITED STATES. THE STUDY TRACKS KEY INDICATORS OF FINANCIAL CAPABILITY AND EVALUATES HOW THESE INDICATORS VARY OVER TIME WITH UNDERLYING DEMOGRAPHIC, BEHAVIORAL, ATTITUDINAL, AND FINANCIAL LITERACY CHARACTERISTICS. THE NFCS, IN TURN, INSPIRES ADDITIONAL STUDIES ON MAJOR FINANCIAL CAPABILITY ISSUES AFFECTING AMERICANS. IN ADDITION TO PROVIDING RESEARCH GRANTS AS IDENTIFIED ON SCHEDULE I, THE FOUNDATION LEADS AND ENABLES STUDIES TO HELP DECISION-MAKERS AND PRACTITIONERS ADVANCE FINANCIAL WELL-BEING IN DIVERSE COMMUNITIES NATIONWIDE. THE FOUNDATION'S CONSUMER INSIGHTS ON MONEY AND INVESTING SERIES--UNDERTAKEN IN COLLABORATION WITH NORC AT THE UNIVERSITY OF CHICAGO--EXAMINES TIMELY PERSONAL FINANCE AND INVESTING TOPICS OF IMPORTANCE TO CONSUMERS, WITH DATA SEGMENTED BY RACE, ETHNICITY AND GENDER. THE FOUNDATION ALSO PURSUES AN ACTIVE RESEARCH AGENDA FOCUSING ON UNDERSTANDING AND COMBATING FINANCIAL FRAUD IN AMERICA, COGNITIVE AGING AND FINANCIAL DECISION MAKING, AND UNDERSTANDING WHAT WORKS WHEN IT COMES TO FINANCIAL EDUCATION, INCLUSION, AND PROTECTION. Form 990, Part III, Line 4b FOSTER SUSTAINABLE, INCLUSIVE FINANCIAL CAPABILITY (2020 ALLOCATION - $1,016,840 INCLUDING GRANTS OF $70,380) THE FOUNDATION SUPPORTS AND MANAGES PERSONAL FINANCE PROGRAMS, PROFESSIONAL TRAINING, AND SERVICES TO ASSIST A WIDE VARIETY OF AUDIENCES IN COMMUNITIES OF NEED, AT THE WORKPLACE, AND IN THE MILITARY. THESE EFFORTS COMPRISE INCLUSIVE AND INNOVATIVE INITIATIVES THAT IMPROVE FINANCIAL STABILITY, FINANCIAL PLANNING, INVESTING KNOWLEDGE AND DECISION-MAKING, AND EQUITABLE ACCESS TO FINANCIAL CAPABILITY RESOURCES AND EDUCATION IN UNDERSERVED COMMUNITIES. THE FOUNDATION'S FINANCIAL WELLNESS AT WORK PROJECT--ADMINISTERED IN COLLABORATION WITH UNITED WAY WORLDWIDE (UWW)--HELPS NONPROFITS IN THE COMMUNITY PROVIDE WORKPLACE FINANCIAL WELLNESS SERVICES FOR LOWER-INCOME EMPLOYEES. THE PROJECT PROVIDES PROFESSIONAL DEVELOPMENT INSTITUTES, MODEL PROGRAMS AND SERVICES, GRANT FUNDING, AND OPPORTUNITIES TO SHARE BEST PRACTICES. IN ADDITION, THE FOUNDATION AND THE AMERICAN LIBRARY ASSOCIATION HAVE WORKED TOGETHER SINCE 2007 TO BUILD THE CAPACITY OF PUBLIC LIBRARIES TO HELP PATRONS, YOUNG AND ADULT, LEARN ABOUT MONEY AND ACHIEVE FINANCIAL GOALS. THIS SUPPORT HAS ENCOMPASSED THE DEVELOPMENT OF MODEL FINANCIAL EDUCATION PROGRAMS AND EXHIBITS AT LIBRARIES, COLLECTION DEVELOPMENT, ASSISTANCE FOR LIBRARIES HELPING FAMILIES RECOVER FINANCIALLY FROM MAJOR NATURAL DISASTERS, THE PROVISION OF JUST-IN-TIME INFORMATION MATERIALS, AND GRANT FUNDING. THE FOUNDATION ALSO HOSTS A FULL PLATFORM OF ONLINE STAFF DEVELOPMENT COURSES CREATED BY AND FOR LIBRARY PROFESSIONALS. THE FOUNDATION'S MILITARY FINANCIAL READINESS PROJECT DELIVERS FREE, HIGH-QUALITY, UNBIASED INFORMATION AND TOOLS TO MILITARY SERVICE MEMBERS, THEIR SPOUSES, AND ON-BASE FINANCIAL COUNSELORS. THROUGH TRAINING, EDUCATION, AND OUTREACH, THE FOUNDATION INCREASES FINANCIAL EXPERTISE AND SERVICES IN MILITARY COMMUNITIES, IMPROVES THE CREDIT MANAGEMENT OF SERVICE MEMBERS AND THEIR SPOUSES, AND PROVIDES OUTREACH SERVICES TO THE MILITARY COMMUNITY. THE FINRA FOUNDATION HAS A DEPARTMENT OF DEFENSE FINANCIAL READINESS NETWORK STATEMENT OF SUPPORT AND HOLDS A UNITED STATES COAST GUARD QUALIFIED ORGANIZATION DESIGNATION. NONPROFIT ORGANIZATIONS THAT HAVE ENTERED INTO PARTNERSHIP AGREEMENTS WITH THE FOUNDATION AS PART OF THIS PROJECT INCLUDE THE ASSOCIATION FOR FINANCIAL COUNSELING AND PLANNING EDUCATION AND THE MILITARY FAMILY ADVISORY NETWORK. Form 990, Part III, Line 4c PROTECT CONSUMERS FROM FINANCIAL FRAUD (2020 ALLOCATION: $532,204) THE FOUNDATION EDUCATES AMERICANS ABOUT FINANCIAL FRAUD, HOW TO AVOID AND REPORT IT, AND THE STEPS TO TAKE IF VICTIMIZED. THROUGH INCLUSIVE EDUCATION AND OUTREACH STRATEGIES, THE FOUNDATION INCREASES FRAUD PREVENTION AND AWARENESS, EMPOWERS CONSUMERS, AND TRAINS LAW ENFORCEMENT AND VICTIM ADVOCATES TO RECOGNIZE, PREVENT, AND MITIGATE THE CONSEQUENCES OF FINANCIAL FRAUD. NONPROFIT ORGANIZATIONS AND ACADEMIC INSTITUTIONS THAT HAVE ENTERED INTO PARTNERSHIP AGREEMENTS WITH THE FOUNDATION AS PART OF ITS INVESTOR PROTECTION CAMPAIGN INCLUDE THE FOLLOWING: AARP; INTERNATIONAL ASSOCIATION OF BETTER BUSINESS BUREAUS AND THE BBB INSTITUTE FOR MARKETPLACE TRUST; FIRST NATIONS DEVELOPMENT INSTITUTE; NATIONAL CENTER FOR VICTIMS OF CRIME; AND NATIONAL WHITE COLLAR CRIME CENTER. Form 990, Part III, Line 4d Description of other program services (Expenses $ 93,870 including grants of $ 13,163)(Revenue $ 0) COMMUNICATE RESEARCH FINDINGS AND INNOVATIONS THE FOUNDATION LEVERAGES ONLINE, SOCIAL MEDIA, PRINT, AND IN-PERSON DISTRIBUTION CHANNELS TO ADVANCE THE FINANCIAL INCLUSION AND CAPABILITY OF UNDERSERVED GROUPS AND TO PROVIDE DECISION-MAKERS WITH AN EMPIRICAL UNDERSTANDING OF FINANCIAL INCLUSION/EXCLUSION IN THE U.S. THE FOUNDATION PUBLISHES NFCS DATA SETS, METHODOLOGICAL DOCUMENTS, AND FINDINGS IN USER-FRIENDLY FORMATS, PARTICIPATES IN RESEARCH AND OTHER PROFESSIONAL FORUMS, AND PROMOTES THE WORK OF BOTH SEASONED LEADERS AND YOUNG RESEARCHERS ACTIVE IN THE FIELD OF FINANCIAL CAPABILITY. IN FURTHERANCE OF THIS GOAL, THE FOUNDATION MAINTAINS ALLIANCES WITH FEDERAL AGENCIES, STATE GOVERNMENT, MUNICIPALITIES, AND LEADING NONPROFIT ORGANIZATIONS ACTIVE IN THE FIELD OF FINANCIAL CAPABILITY. Form 990, Part V, Line 15 EXCISE TAX FOR ROBERT W. COOK, A COVERED EMPLOYEE OF THE FOUNDATION'S PARENT, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, WAS REPORTED AND PAID BY FINRA WHERE HE SERVES AS THE PRESIDENT & CEO. Form 990, Part VI, Line 15 THE FOUNDATION DOES NOT HAVE ANY EMPLOYEES. ALL SERVICES ARE PROVIDED BY EMPLOYEES OF FINRA. THE FOUNDATION DOES NOT COMPENSATE THESE EMPLOYEES OF FINRA FOR THEIR SERVICE. THE PRESIDENT OF THE FOUNDATION SERVES AS THE LEAD OFFICER DIRECTING THE ACTIVITIES OF THE ORGANIZATION. IN DETERMINING SPECIFIC SALARY AND INCENTIVE COMPENSATION LEVELS FOR OFFICERS AND KEY EMPLOYEES OF FINRA, FINRA MANAGEMENT AND THE MANAGEMENT COMPENSATION COMMITTEE (THE "COMMITTEE") OF THE FINRA BOARD OF GOVERNORS CONSIDER: 1) OPERATIONAL RESULTS 2) STRATEGIC INITIATIVES 3) FINANCIAL HEALTH/RESULTS 4) INDIVIDUAL PERFORMANCE 5) COMPETITIVE COMPENSATION LEVELS AS PREPARED BY MERIDIAN COMPENSATION PARTNERS, LLC, A THIRD-PARTY COMPENSATION CONSULTANT. THE COMMITTEE'S MINUTES OF THE MARCH 11, 2020 MEETING WERE REVIEWED AND APPROVED AS ACCURATE AND COMPLETE. THE FULL BOARD FURTHER APPROVED THE 2019 INCENTIVE COMPENSATION OF THE CEO AT ITS MEETING ON MARCH 12, 2020. FOR FURTHER INFORMATION REGARDING THE COMPENSATION OF OFFICERS, PLEASE REFER TO THE 2020 RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX - FORM 990 FOR THE FOUNDATION'S PARENT ORGANIZATION, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. Form 990, Part VI, Line 6 Classes of members or stockholders THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. (FINRA) IS THE SOLE MEMBER OF THE FOUNDATION. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body FINRA, AS SOLE MEMBER, ELECTS ALL MEMBERS OF THE GOVERNING BODY. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders THE BYLAWS OF THE CORPORATION MAY BE AMENDED BY THE SOLE MEMBER, FINRA. THE CERTIFICATE OF INCORPORATION OF THE CORPORATION MAY BE AMENDED OR REPEALED IN WHOLE OR IN PART ONLY WITH THE AFFIRMATIVE APPROVAL OF THE MEMBER, FINRA. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 WAS REVIEWED BY SENIOR MANAGEMENT AT VARIOUS STEPS THROUGHOUT THE PREPARATION CYCLE. THE FOUNDATION BOARD REVIEWED THE FINAL VERSION ON OCTOBER 5, 2021. Form 990, Part VI, Line 12c Conflict of interest policy THE FOUNDATION HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT GOVERNS THE PROFESSIONAL AND ETHICAL CONDUCT OF BOARD MEMBERS, OFFICERS AND STAFF. AMONG OTHER THINGS, MEMBERS, OFFICERS, AND STAFF ARE PROHIBITED FROM DERIVING ANY PERSONAL PROFIT OR GAIN, DIRECTLY OR INDIRECTLY, BY REASON OF THEIR SERVICE TO THE FOUNDATION. MOREOVER, THE POLICY EXPRESSLY PROHIBITS SELF-DEALING. THE WRITTEN CONFLICT OF INTEREST POLICY REQUIRES BOARD MEMBERS AND OFFICERS TO MAKE INITIAL DISCLOSURE OF INTERESTS THAT COULD GIVE RISE TO CONFLICTS AS WELL AS ANNUAL DISCLOSURE BY THE SAME BOARD MEMBERS AND OFFICERS. ADDITIONALLY, THE WRITTEN POLICY CONTAINS AN ONGOING OBLIGATION OF BOARD MEMBERS, OFFICERS AND STAFF TO DISCLOSE POTENTIAL CONFLICTS OF INTEREST AS THEY ARISE. THE ORGANIZATION'S OFFICERS AND STAFF ARE EMPLOYEES OF FINRA, AND, AS SUCH, ARE ALSO REQUIRED TO CERTIFY ANNUALLY AS TO THEIR COMPLIANCE WITH FINRA'S WRITTEN CONFLICT OF INTEREST POLICY. FOR FURTHER INFORMATION REGARDING FINRA'S WRITTEN CONFLICT OF INTEREST POLICY, PLEASE REFER TO THE 2020 RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX - FORM 990 FOR THE FOUNDATION'S PARENT ORGANIZATION, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND AUDITED FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. Form 990, Part VII, Section B, Line 1, Column (B) AMERICAN LIBRARY ASSOCIATION DEVELOPED AND CONDUCTED A COMPREHENSIVE FINANCIAL EDUCATION INITIATIVE SERVING U.S. LIBRARIES. ASSOCIATION FOR FINANCIAL COUNSELING AND PLANNING EDUCATION DEVELOPED AND MANAGED TRAINING AND CERTIFICATION PROGRAM FOR THE FOUNDATION MILITARY SPOUSE FELLOWSHIP PROGRAM; CREATED AND DELIVERED CONTENT FOR MILITARY FINANCIAL COUNSELOR CONTINUING EDUCATION PROGRAM. AARP CONDUCTED PROACTIVE PEER COUNSELING TO VULNERABLE CONSUMERS AND VICTIMS OF FINANCIAL FRAUD. SAVERLIFE, FORMERLY KNOWN AS EARN, INC. COLLABORATED WITH THE FINRA FOUNDATION TO PILOT A WORKPLACE SAVINGS STRATEGY FOR LOWER-INCOME EMPLOYEES, AND TO RESEARCH THE BENEFITS OF INCREMENTAL SAVINGS LEVELS FOR HOUSEHOLD FINANCIAL STABILITY. CRUSADERS FOR CHANGE LLC ASSISTED FOUNDATION BY DEVELOPING AND MANAGING THE FOUNDATION'S MILITARY FINANCIAL READINESS INITIATIVES. Form 990, Part IX, Line 11g Other Fees PARTNERSHIP SUPPORT/CONSULTING - Total Expense: 2156629, Program Service Expense: 2156629, Management and General Expenses: , Fundraising Expenses: ; OTHER - Total Expense: 52500, Program Service Expense: 52500, Management and General Expenses: , Fundraising Expenses: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances OTHER CHANGES IN NET ASSETS OR FUND BALANCES PRIMARILY RELATE TO CONTRIBUTED SERVICES $2,688,328, INVESTMENT EXPENSES $87,088 AND ROUNDING ADJUSTMENTS -$1. - -2775415; FORM 990, PART I, LINES 4 & 6 FIVE OF THE SIX MEMBERS OF THE BOARD OF DIRECTORS, ACTIVE ON DECEMBER 31, 2020, ARE CONSIDERED INDEPENDENT VOTING MEMBERS AND SERVE ON A VOLUNTEER BASIS. AS DISCLOSED IN LINES (1), (5), AND (7) OF FORM 990, PART VII, SECTION A, LINE 1A, THREE ACTIVE BOARD MEMBERS RECEIVED COMPENSATION FROM FINRA, THE FOUNDATION'S PARENT. ONE BOARD MEMBER RECEIVES COMPENSATION AS AN OFFICER OF FINRA AND IS NEITHER CONSIDERED INDEPENDENT NOR COUNTED AS A VOLUNTEER. TWO ARE COMPENSATED FOR THEIR WORK AS MEMBERS OF THE BOARD OF FINRA OR ONE OF ITS COMMITTEES. THESE MEMBERS ARE CONSIDERED INDEPENDENT AND COUNTED AS VOLUNTEERS. THE BOARD OF DIRECTORS IS RESPONSIBLE FOR APPROVING PROJECTS AND GRANTS. Form 990, Part VI Employment Rules and Policies The Foundation does not have any employees. All services are provided by employees of FINRA. The Foundation does not pay for their services. As such, those individuals are subject to the employment rules and policies of FINRA. 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