2021-11-15T12:20:20-06:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 901 NORTH GLEBE ROAD SUITE 200 ARLINGTON VA 22203 990 2019-01-01 742385850 CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS INC CERT 2023792200 1425 K STREET NW NO 800 WASHINGTON DC 20005 ROGER C MYERS JR CHIEF FINANCIAL OFFICER 2023792200 2021-11-10 1 MICHAELA J CROMAR CPA P00895728 5712279500 2021-11-10 2019 2022-09-23 18:48:47Z X KEVIN R KELLER 1425 K STREET NW NO 800 WASHINGTON DC 20005 61957452 0 X WWW.CFP.NET X 1985 DC BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION FOR PERSONAL & ETHICAL FINANCIAL PLANNING. 14 14 86 285 236020 0 1987589 1496123 36977674 39461687 1086756 3512772 51648 3012 40103667 44473594 25000 30000 0 0 11917866 12087520 118351 126300 419447 26692897 28842646 38754114 41086466 1349553 3387128 51574170 59426348 23413805 25774237 28160365 33652111 X TO BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION AND UPHOLDING IT AS THE RECOGNIZED STANDARD OF EXCELLENCE FOR COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING. CFP BOARD'S CURRENT STRATEGIC PRIORITIES FOCUS ON THE FOUR A'S: GROWING AWARENESS OF THE CFP CERTIFICATION, EXPANDING ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING, ASSURING ACCOUNTABILITY BY HOLDING CFP PROFESSIONALS TO RIGOROUS STANDARDS, AND BY SERVING AS THE RESPECTED AUTHORITY FOR THE PROFESSION BY SETTING STANDARDS. 0 0 11853875 0 11853875 PUBLIC AWARENESS CAMPAIGN:ONE OF THE CFP BOARD'S STRATEGIC OUTCOMES IS TO BUILD THE PUBLIC AWARENESS OF THE CFP CERTIFICATION. IN PURSUIT OF THIS PRIORITY, CFP BOARD HAS DEVELOPED AND IMPLEMENTED A PUBLIC AWARENESS CAMPAIGN THAT INCLUDES A MIX OF CABLE TELEVISION, RADIO, SOCIAL MEDIA, ONLINE ADVERTISING AND SPONSORSHIPS. ADDITIONALLY, CFP BOARD IS MAINTAINING AND REGULARLY UPDATING RELEVANT CONTENT ON LETSMAKEAPLAN.ORG, A CONSUMER-TARGETED WEBSITE DEVELOPED TO INCREASE THE PUBLIC'S AWARENESS AND UNDERSTANDING OF THE VALUE OF FINANCIAL PLANNING AND HOW A CFP PROFESSIONAL CAN HELP IMPROVE FINANCIAL WELL-BEING. SINCE ITS LAUNCH IN 2011, OUR CAMPAIGN HAS INCREASED THE AWARENESS OF CFP CERTIFICATION AMONG OUR TARGET AUDIENCE WITH AN OVERWHELMING MAJORITY STATING THAT THEY HAVE HEARD OF THE DESIGNATION. 7915013 5000 285388 COMMUNICATIONS AND OUTREACH:IN 2019, CFP BOARD'S COMMUNICATIONS AND OUTREACH INCLUDED MEDIA RELATIONS, PUBLIC RELATIONS, CFP PROFESSIONAL COMMUNICATIONS, DISTRIBUTION OF EDUCATIONAL MATERIALS THROUGH CFP.NET AND LETSMAKEAPLAN.ORG WEBSITES, AS WELL AS OTHER OUTREACH TACTICS DESIGNED TO INCREASE AND ENHANCE AWARENESS OF CFP CERTIFICATION AND THE BENEFITS OF FINANCIAL PLANNING. OUR EFFORTS UTILIZED TRADITIONAL EARNED AND SOCIAL MEDIA, CFP BOARD WEBSITES, DIRECT MAIL AND EMAIL AND SPEAKING APPEARANCES TO EDUCATE AND INFORM THE PUBLIC ABOUT THE BENEFITS OF FINANCIAL PLANNING AND THE VALUE OF THE CFP PROFESSIONAL IN PROVIDING COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING SERVICES THAT IS IN THEIR BEST INTEREST. THROUGH THE CFP BOARD BRAND AMBASSADOR PROGRAM, WE ALSO REACHED OUT TO NATIONAL, TRADE, AND LOCAL MEDIA AND CONSUMER GROUPS TO EXPAND AWARENESS OF THE CFP BOARD, ITS LEADERSHIP, INITIATIVES, AND SUCCESSES. 6356823 0 85500 ENFORCEMENT OF PROFESSIONAL STANDARDS:AS A CONDITION TO CERTIFICATION, ALL CFP PROFESSIONALS AGREE TO ABIDE BY CFP BOARD'S CODE OF ETHICS AND STANDARDS OF CONDUCT (CODE AND STANDARDS), WHICH INCLUDES THE PRACTICE STANDARDS FOR THE FINANCIAL PLANNING PROCESS. THE CODE AND STANDARDS BECAME EFFECTIVE ON OCTOBER 1, 2019 WITH AN ENFORCEMENT DATE OF JUNE 30, 2020, REPLACING CFP BOARD'S PRIOR ETHICAL STANDARDS SET FORTH IN THE STANDARDS OF PROFESSIONAL CONDUCT (STANDARDS) BOOKLET. CFP BOARD FORMED A STANDARDS RESOURCE COMMISSION (SRC) TO DEVELOP GUIDANCE FOR CFP PROFESSIONALS AND THEIR FIRMS REGARDING THE CODE AND STANDARDS. THE SRC BEGAN TO PUBLISH GUIDANCE MATERIALS REGARDING THE CODE AND STANDARDS IN 2018, AND ITS WORK CONTINUED THROUGHOUT 2019. CFP BOARD HAS ESTABLISHED A FAIR PROCESS FOR ENFORCING CFP BOARD'S CODE AND STANDARDS (AND THE PREDECESSOR STANDARDS). THIS PROCESS IS SET FORTH IN THE DISCIPLINARY RULES AND PROCEDURES AND APPEALS RULES AND PROCEDURES, AND INCLUDES DETECTION, INVESTIGATION, AND ADJUDICATION. FIRST, CFP BOARD SEEKS TO DETECT POTENTIAL MISCONDUCT. CFP BOARD PERFORMS BACKGROUND CHECKS ON THOSE SEEKING CFP CERTIFICATION, CFP PROFESSIONALS, AND THOSE SEEKING REINSTATEMENT OF THEIR CFP CERTIFICATION. IN 2019, THESE DETECTION EFFORTS RESULTED IN CFP BOARD STAFF OPENING 410 INVESTIGATIONS. SECOND, CFP BOARD INVESTIGATES POTENTIAL MISCONDUCT. CFP BOARD PROVIDES NOTICE TO THOSE WHO ARE UNDER INVESTIGATION, IDENTIFIES THE GENERAL NATURE OF THE INVESTIGATION, AND OFFERS THEM AN OPPORTUNITY TO RESPOND. AT THE CONCLUSION OF THE INVESTIGATION, CFP BOARD MAKES A PROBABLE CAUSE DETERMINATION AS TO WHETHER GROUNDS FOR SANCTIONS EXIST. CFP BOARD MAY ISSUE A COMPLAINT THAT SETS FORTH THE GROUNDS FOR SANCTIONS, INCLUDING A DETAILED FACTUAL DESCRIPTION OF THE CONDUCT AND A SPECIFIC STATEMENT OF THE ALLEGED VIOLATION. THE RESPONDENT HAS AN OPPORTUNITY TO RESPOND, TO SUBMIT DOCUMENTS, TO FILE MOTIONS, TO PRODUCE AND CROSS-EXAMINE WITNESSES, AND TO BE REPRESENTED BY COUNSEL AT A HEARING ON THE RECORD. CFP BOARD STAFF ISSUES AN ADMINISTRATIVE REVOCATION WHEN A RESPONDENT FAILS TO RESPOND TO A COMPLAINT. THIRD, WHEN A RESPONDENT RESPONDS TO THE COMPLAINT, CFP BOARD'S DISCIPLINARY AND ETHICS COMMISSION ("DEC"), A PEER-REVIEW BODY MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, ADJUDICATES EACH MATTER AND DETERMINES WHETHER THE RESPONDENT VIOLATED THE CODE AND STANDARDS, AND IF SO, WHAT SANCTIONS ARE APPROPRIATE. A THREE-PERSON HEARING PANEL HOLDS A HEARING, CONSIDERS THE EVIDENCE, AND RECOMMENDS TO THE DEC WHETHER TO FIND THAT A VIOLATION HAS OCCURRED AND WHETHER THERE ARE GROUNDS FOR SANCTION, AND, IF SO, THE APPROPRIATE SANCTION. THE DEC THEN MUST REVIEW DE NOVO AND ACCEPT, REJECT, OR MODIFY THE HEARING PANEL'S FINDINGS AND RECOMMENDATIONS. A RESPONDENT HAS THE RIGHT TO APPEAL AN ADVERSE DECISION TO THE APPEALS COMMITTEE OF THE BOARD OF DIRECTORS, WHICH ISSUES THE FINAL DECISION OF CFP BOARD. IN 2019, THE TOTAL NUMBER OF DISCIPLINARY ACTIONS TAKEN BY THE DEC AND CFP BOARD STAFF WAS 71. THE DEC HELD 67 HEARINGS OR SETTLEMENT OFFER REVIEWS, RESULTING IN 57 OUTCOMES, 43 OF WHICH WERE DISCIPLINARY SANCTIONS. CFP BOARD STAFF ALSO ISSUED 28 ADMINISTRATIVE REVOCATIONS.IN ADDITION TO UNDERTAKING OR SUPPORTING THE ACTIVITIES DESCRIBED ABOVE, CFP BOARD'S PROFESSIONAL STANDARDS & LEGAL DEPARTMENT ALSO REVIEWS, MONITORS AND ENFORCES CFP BOARD'S TRADEMARK RIGHTS; PERFORMS BACKGROUND CHECKS ON CFP BOARD VOLUNTEERS; PROVIDES SUPPORT TO THE APPEALS AND GOVERNANCE COMMITTEES OF THE BOARD OF DIRECTORS; REVIEWS, FINALIZES, AND ENFORCES CONTRACTS; MEETS WITH CFP BOARD'S BUSINESS MODEL COUNCIL; AND PROVIDES OTHER LEGAL AND EXECUTIVE LEADERSHIP ADVICE." 3086346 25000 2033145 EDUCATION:THE FIRST STEP TO CFP CERTIFICATION IS TO ACQUIRE THE KNOWLEDGE REQUIRED TO DELIVER PROFESSIONAL, COMPETENT AND ETHICAL FINANCIAL PLANNING SERVICES TO CLIENTS, AS OUTLINED IN THE PERSONAL FINANCIAL PLANNING TOPIC AREAS IDENTIFIED BY CFP BOARD'S MOST RECENT JOB ANALYSIS RESEARCH. CFP BOARD'S EDUCATION COMPONENT REQUIRES THE COMPLETION OF A COLLEGE-LEVEL PROGRAM OF STUDY IN PERSONAL FINANCIAL PLANNING, INCLUDING COMPLETION OF A FINANCIAL PLAN DEVELOPMENT (CAPSTONE) COURSE. THE COURSE OF STUDY IS OFFERED AT APPROXIMATELY 210 REGIONALLY-ACCREDITED COLLEGES AND UNIVERSITIES IN THE U.S., AT DEGREE (BACHELORS, MASTERS, PH.D.) AND CERTIFICATE LEVELS. IN 2019, CFP BOARD HAD OVER 330 FINANCIAL PLANNING PROGRAMS REGISTERED, WHICH INCLUDED REVIEW OF THEIR CURRICULUM AND FACULTY QUALIFICATIONS TO ENSURE THAT THE TEACHING AND LEARNING MET ESTABLISHED STANDARDS. AFTER INITIAL CERTIFICATION, CFP PROFESSIONALS ARE REQUIRED TO COMPLETE 30 HOURS OF CONTINUING EDUCATION ("CE") AS PART OF THE BIENNIAL RENEWAL REQUIREMENT TO ASSURE THE PUBLIC OF CONTINUING COMPETENCY IN FINANCIAL PLANNING. CFP BOARD ANNUALLY REGISTERS APPROXIMATELY 1,200 CE SPONSORS, WHO ARE REQUIRED TO DELIVER HIGH QUALITY CONTENT DEVELOPED BY QUALIFIED INSTRUCTORS AND AUTHORS, ALIGNING WITH DEFINED FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2019, CFP BOARD REVIEWED AND APPROVED OVER 14,700 CE PROGRAMS WHICH MET ESTABLISHED REQUIREMENTS. 1405389 0 0 PUBLIC ADVOCACY:ONE OF CFP BOARD'S CORE PUBLIC POLICY OBJECTIVES IS TO INFLUENCE POLICY TO BENEFIT THE PUBLIC AND TO INCREASE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING. DURING 2018, CFP BOARD ENCOURAGED FEDERAL AND STATE POLICYMAKERS TO USE CFP BOARD'S NEW CODE OF ETHICS & STANDARDS OF CONDUCT (EFFECTIVE JUNE 30, 2019) AS A FRAMEWORK FOR UPDATED STANDARDS OF CONDUCT FOR PERSONALIZED INVESTMENT ADVICE. CFP BOARD MONITORED LEGISLATIVE AND REGULATORY PROPOSALS RELATED TO ISSUES INVOLVING PRIVATE CERTIFICATION AT THE STATE AND FEDERAL LEVELS. CFP BOARD CONVENED A RETIREMENT ISSUES WORKING GROUP TO HARNESS THE REAL-WORLD KNOWLEDGE AND EXPERIENCES OF 11 HIGHLY SKILLED CFP PROFESSIONALS WHO WORK WITH A DIVERSE RANGE OF CLIENTS PREPARING FOR AND IN RETIREMENT. BASED ON THAT INPUT, RECOMMENDATIONS TO FORTIFY THE RETIREMENT SECURITY OF AMERICANS WILL BE MADE TO POLICYMAKERS. 532676 0 18621216 CERTIFICATION:THERE WERE 86,378 CFP PROFESSIONALS AT THE END OF 2019, OF WHICH 5,115 WERE GRANTED INITIAL CERTIFICATION DURING THE YEAR. SUCCESSFUL COMPLETION OF THE EXAMINATION, EDUCATION, EXPERIENCE, AND ETHICS REQUIREMENTS IS A PREREQUISITE TO INITIAL CFP CERTIFICATION. CFP BOARD'S CERTIFICATION PROGRAM IS ACCREDITED BY AN INDEPENDENT THIRD-PARTY ORGANIZATION, THE NATIONAL COMMISSION FOR CERTIFYING AGENCIES (NCCA), TO ENSURE THAT ALL REQUIREMENTS FOR INITIAL CERTIFICATION AND RENEWAL ARE CONSISTENT WITH BEST PRACTICES AND STANDARDS IN THE CERTIFICATION INDUSTRY. FURTHER, NCCA REQUIRES CERTIFYING ORGANIZATIONS TO MEET GOVERNANCE, STAFF QUALIFICATION, FINANCIAL AND RESOURCE TRANSPARENCY, FAIRNESS, DUE PROCESS, AND NON-DISCRIMINATION STANDARDS. 2577210 0 6259627 EXAMINATION:IN 2019, 8,541 CANDIDATES SAT FOR THE CFP EXAMINATION. THE CFP CERTIFICATION EXAMINATION ASSESSES A CANDIDATE'S ABILITY TO APPLY FINANCIAL PLANNING KNOWLEDGE, IN AN INTEGRATED FORMAT, TO REAL-LIFE FINANCIAL PLANNING SCENARIOS. THE EXAM IS DEVELOPED WITH SUBJECT MATTER EXPERTISE PROVIDED BY EXPERIENCED CFP PROFESSIONALS. UNDER CFP BOARD'S DIRECTION, THE EXAM IS ADMINISTERED BY ONE OF THE WORLD'S LEADING TESTING PARTNERS AND IS NOW, SINCE NOVEMBER 2014, DELIVERED IN A COMPUTER-BASED FORMAT. CFP BOARD ADHERES TO STANDARDS AND BEST PRACTICES IN THE HIGH STAKES TESTING AND CERTIFICATION INDUSTRIES. 3535137 0 89928 CFP BOARD CENTER FOR FINANCIAL PLANNING:"THE CFP BOARD CENTER FOR FINANCIAL PLANNING SEEKS TO CREATE A MORE DIVERSE AND SUSTAINABLE FINANCIAL PLANNING PROFESSION SO THAT EVERY AMERICAN HAS ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING ADVICE. THE CENTER BRINGS TOGETHER CFP PROFESSIONALS, FIRMS, EDUCATORS, RESEARCHERS AND EXPERTS TO ADDRESS PROFESSION-WIDE CHALLENGES WITHIN THREE FOCUS AREAS:TALENT PIPELINE: CULTIVATING A QUALITY WORKFORCE TO ENSURE THE FINANCIAL PLANNING PROFESSION CAN RECRUIT AND RETAIN TALENT TO SERVE THE PUBLIC; DIVERSITY AND INCLUSION: FOSTERING A MORE DIVERSE FINANCIAL PLANNER WORKFORCE THAT REFLECTS THE CHANGING DEMOGRAPHICS IN THE UNITED STATES; AND KNOWLEDGE FOR PRACTICE: ELEVATING THE DISCIPLINE OF FINANCIAL PLANNING TO INCREASE THE STATURE AND RECOGNITION OF FINANCIAL PLANNING FACULTY AND EDUCATIONAL PROGRAMS AND PROVIDE PRACTITIONERS WITH CUTTING-EDGE KNOWLEDGE TO THRIVE AND PROVIDE OUTSTANDING SERVICE TO THE PUBLIC. THE CENTER'S PROGRAMS ARE FUNDED PRIMARILY THROUGH VOLUNTARY DONATIONS RECEIVED FROM INDIVIDUAL DONORS AND CORPORATE SPONSORS." 11136758 25000 27003916 37262469 1 1 0 1 0 0 0 0 1 0 1 1 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 92 0 86 1 0 0 0 0 0 0 0 1 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X ROGER C MYERS JR 2023792260 1425 K STREET NW SUITE 800 WASHINGTON DC 20005 KEVIN KELLER CHIEF EXECUTIVE OFFICER 45.00 X 852386 0 160658 LEO RYDZEWSKI GENERAL COUNSEL 45.00 X 553509 0 100522 ROGER MYERS JR CHIEF FINANCIAL OFFICER 45.00 X 442517 0 108875 ELIZABETH STEWART CHIEF OPERATING OFFICER 45.00 X 350471 0 114426 MAUREEN THOMPSON VP OF PUBLIC POLICY 45.00 X 343538 0 100252 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR 45.00 X 341937 0 37875 JOSEPH MAUGERI MANAGING DIRECTOR 45.00 X 311867 0 88623 JOHN LOPER MANAGING DIRECTOR 45.00 X 258361 0 35841 DAN DRUMMOND DIRECTOR 45.00 X 216553 0 30077 DAVID MAZZULLA DIRECTOR 45.00 X 213230 0 17636 ADAM ZAJAC DIRECTOR 45.00 X 206538 0 21680 GAIL REISMAN DIRECTOR 45.00 X 200217 0 26798 SUSAN JOHN BOARD CHAIR 5.00 X X 0 0 0 JACK BROD BOARD CHAIR ELECT 5.00 X X 0 0 0 PHIL CUNNINGHAM BOARD MEMBER 5.00 X 0 0 0 ARLENE PIETRANTON BOARD MEMBER 5.00 X 0 0 0 DENISE VOIGT CRAWFORD BOARD MEMBER 5.00 X 0 0 0 DOUG KING BOARD MEMBER 5.00 X 0 0 0 K DANE SNOWDEN BOARD MEMBER 5.00 X 0 0 0 SUSAN BARAN BOARD MEMBER 5.00 X 0 0 0 ED MOORE BOARD MEMBER 5.00 X 0 0 0 MARTIN SCHAMIS BOARD MEMBER 5.00 X 0 0 0 RON GREEN BOARD MEMBER 5.00 X 0 0 0 KAMILA MCDONNOUGH BOARD MEMBER 5.00 X 0 0 0 LATHA RAMCHAND BOARD MEMBER 5.00 X 0 0 0 NATALIE WOLFSEN BOARD MEMBER 5.00 X 0 0 0 4291124 0 843263 28 0 1 0 WHITE 64 7940 JONES BRANCH DRIVE MCLEAN VA 22102 ADVERTISING 11185744 PROMETRIC INC 1501 SOUTH CLINTON STREET BALTIMORE MD 21224 TESTING SERVICES 1520320 MARKETING GENERAL INC 625 NORTH WASHINGTON STREET SUITE 4 ALEXANDRIA VA 22314 MARKETING SERVICES 1045962 GRAVITATE SOLUTIONS 625 NORTH WASHINGTON STREET SUITE 3 ALEXANDRIA VA 22314 IT CONSULTING 985313 BEACON HILL STAFFING GROUP 152 BOWDOIN STREET BOSTON MA 02108 TEMPORARY STAFFING 976918 35 1496123 1496123 CERTIFICATION FEES 900099 17997966 17997966 PUBLIC AWARENESS FEES 900099 11853875 11853875 EXAM FEES 900099 6259627 6259627 EDUCATIONAL FEES 900099 2115163 2115163 CAREER CENTER FEES 900099 236020 236020 999036 999036 39461687 1126238 1126238 7910 7910 19791340 17404806 2386534 2386534 2386534 74154 79052 -4898 -4898 44473594 39228679 236020 3512772 X 30000 30000 3907456 3385200 461105 61151 6737645 5846888 795086 95671 355768 294466 57602 3700 545824 440507 48202 57115 540827 466647 64411 9769 460552 431174 22352 7026 57309 37546 19763 99646 99646 126300 126300 66911 66911 7341397 6917551 411787 12059 11440933 11440933 2858183 2747928 105775 4480 478385 327613 150772 1318128 863570 454558 1333427 1184652 124489 24286 1107639 1021696 81561 4382 1257876 1005835 238712 13329 196809 128939 67870 PROFESSIONAL DUES 478361 316802 161559 0 PROFESSIONAL DEVELOPMEN 197858 139414 58299 145 RECOGNITION AWARDS 137555 126871 10650 34 11677 8591 3086 41086466 37262469 3404550 419447 X 1124237 325419 0 798818 8325758 9838122 2029374 2317017 2794767 1740157 160737 103387 439706 528092 14383367 9459203 3747231 4924164 26635503 28920790 5041128 7999782 2399966 3054837 51574170 59426348 4251356 4613936 13391948 15207830 10003 12305 5760498 5940166 23413805 25774237 X 25499060 31918283 2661305 1733828 28160365 33652111 51574170 59426348 X 3387128 2108268 -3650 X 0 1 X 1 0 X 2926779 2147466 2771888 1987589 1496123 11329845 30642973 32647322 34316110 36756991 39299821 173663217 33569752 34794788 37087998 38744580 40795944 184993062 369847 457333 46000 43750 197300 1114230 0 369847 457333 46000 43750 197300 1114230 183878832 516505 507931 791514 1034022 1134148 3984120 516505 507931 791514 1034022 1134148 3984120 34086257 35302719 37879512 39778602 41930092 188977182 0.97300 0.97390 0.02110 0.02110 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 99646 99646 40294933 40394579 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 39158 60765 165221 99646 364790 250000 250000 250000 250000 1000000 1500000 0 10003 2302 12305 1 X 3125968 1804181 1321787 1454611 1189929 264682 9802788 6465093 3337695 4924164 ARCHIPELAGO HOLDINGS 1632351 F NYES LEDGE CAPITAL FUND 3902285 F STATE STREET 2465146 F 7999782 CFP CERTIFICATION MARK 11422 DEPOSITS 117978 DEFERRED COMPENSATION 2925437 3054837 DEFERRED RENT 1362005 CAPITAL LEASE OBLIGATION 53825 DEFERRED COMPENSATION 3372381 DEFERRED LIABILITY - TENANT FINISH ALLOWANCE 1151955 5940166 X 46594003 2108268 79052 2187320 44406683 66911 66911 44473594 41102257 82702 82702 41019555 66911 66911 41086466 PART IV, LINE 2B: THE CFP BOARD OF STANDARDS IS THE CUSTODIAN OF A SCHOLARSHIP FUND SETUP TO HELP AWARDEES PAY FOR EDUCATION COURSEWORK NEEDED FOR THE CFP EXAM AND TO BECOME A CFP PROFESSIONAL. TOM MOSER SCHOLARSHIP FUND PAYS OUT CERTIFICATION AND EXAM EXPENSES TO SCHOLARSHIP RECIPIENT ON BEHALF OF CORPORATE DONOR. PART X, LINE 2: UNDER PROVISIONS OF THE IRC SECTION 501(C)(3), AND APPLICABLE STATE REGULATIONS, CFP BOARD IS EXEMPT FROM TAXES EXCEPT FOR UNRELATED BUSINESS INCOME. FOR FINANCIAL STATEMENT PURPOSES CFP BOARD IS REQUIRED TO RECORD A LIABILITY FOR ANY MATERIAL TAX POSITION TAKEN WHICH DOES NOT MEET THE MINIMUM THRESHOLDS OF "MORE LIKELY THAN NOT" TO BE SUCCESSFUL UNDER REGULATORY CHALLENGE. NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED IN 2018 AND 2017, SINCE MANAGEMENT BELIEVES THERE ARE NO MATERIAL UNRELATED BUSINESS INCOME OR MATERIAL UNCERTAIN TAX POSITIONS REQUIRING THE RECOGNITION OF A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 79,052. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 79,052. DECREASE IN ALLOWANCE FOR UNCOLLECTIBLES 3,650. X X X X 1 LAVIGNA CONSULTING 13750 WEST COLONIA DRIVE SUITE 350 WINTER GARDEN FL 34787 CONSULTING 0 1496123 210321 1285802 1496123 210321 1285802 AL AK CA CT FL GA HI IL KS KY MD MA MI MN MS NH NJ NM NY NC OK OR PA RI SC TN UT VA WV WI 1 FINANCIAL PLANNING ASSOCIATION 7535 EAST HAMPDEN AVENUE SUITE 60 DENVER CO 80231 841521488 501(C)(6) 25000 TO PARTIALLY FUND THE FINANCIAL PLANNING CHALLENGE AT THE ANNUAL FPA CONFERENCE. PART I, LINE 2: ANNUAL GRANT TO THE FINANCIAL PLANNING ASSOCATION (FPA) TO PARTIALLY FUND "THE FINANCIAL PLANNING CHALLENGE" HELD AT THE ANNUAL FPA CONFERENCE TO SUPPORT THE NEXT GENERATION OF FINANCIAL PLANNERS. ENGAGING STUDENTS AND PROGRAM DIRECTORS IN THE FINANCIAL PLANNING COMMUNITY, RAISING AWARENESS OF CAREER OPPORTUNITIES, AND ENCOURAGING LEARNING AND NETWORKING IN THE FINANCIAL PLANNING PROFESSION. X X X X X 1 1 0 0 0 0 0 0 0 KEVIN KELLER CHIEF EXECUTIVE OFFICER 562765 0 289621 0 0 0 135800 0 24858 0 1013044 0 0 0 LEO RYDZEWSKI GENERAL COUNSEL 427291 0 68014 0 58204 0 95552 0 4970 0 654031 0 58204 0 ROGER MYERS JR CHIEF FINANCIAL OFFICER 331287 0 53026 0 58204 0 96300 0 12575 0 551392 0 58204 0 ELIZABETH STEWART CHIEF OPERATING OFFICER 303054 0 47417 0 0 0 96300 0 18126 0 464897 0 0 0 MAUREEN THOMPSON VP OF PUBLIC POLICY 300225 0 43313 0 0 0 95404 0 4848 0 443790 0 0 0 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR 242913 0 40820 0 58204 0 20398 0 17477 0 379812 0 58204 0 JOSEPH MAUGERI MANAGING DIRECTOR 237476 0 39091 0 35300 0 75513 0 13110 0 400490 0 35300 0 JOHN LOPER MANAGING DIRECTOR 221401 0 36960 0 0 0 20410 0 15431 0 294202 0 0 0 DAN DRUMMOND DIRECTOR 187820 0 28733 0 0 0 12584 0 17493 0 246630 0 0 0 DAVID MAZZULLA DIRECTOR 179291 0 33939 0 0 0 12863 0 4773 0 230866 0 0 0 ADAM ZAJAC DIRECTOR 181807 0 24731 0 0 0 11718 0 9962 0 228218 0 0 0 GAIL REISMAN DIRECTOR 172793 0 27424 0 0 0 12615 0 14183 0 227015 0 0 0 PART I, LINES 4A-B PART I, LINE 4A - SEVERANCE PAYMENT NAME TITLE AMOUNT DAN DRUMMOND DIRECTOR $15,242 PART I, LINE 4B - 457(F) PLAN - ALL APPROVED EXECUTIVES PARTICIPATE IN THE PLAN. A NON-QUALIFIED DEFERRED COMPENSATION PLAN IS MAINTAINED IN ACCORDANCE WITH SECTION 457(F) OF THE INTERNAL REVENUE CODE FOR THE BENEFIT OF THE ORGANIZATION'S CHIEF EXECUTIVE OFFICER (CEO) AND APPROVED EXECUTIVES. UNDER THE TERMS OF THE PLAN, BEGINNING JANUARY 1 OF EACH CALENDAR YEAR, EXECUTIVE TEAM MEMBERS WHO HAVE COMPLETED ONE FULL CALENDAR YEAR OF EMPLOYMENT MAY EARN A COMPENSATION AWARD AS DETERMINED BY THE CEO. THE CEO MAY EARN AN ADDITIONAL AMOUNT AS DETERMINED BY THE BOARD OF DIRECTORS. THE CEO'S DEFERRED COMPENSATION IS VESTED AND PAID OUT IN ACCORDANCE WITH THE TERMS OF HIS CONTRACT. EACH DEFERRED COMPENSATION AWARD FOR ALL OTHER APPROVED EXECUTIVES IS GENERALLY VESTED THREE YEARS FROM THE GRANT DATE. UPON VESTING THE AWARD IS PAID OUT TO THE EXECUTIVE. THE FOLLOWING ELT MEMBERS PARTICIPATED IN THE PLAN: NAME TITLE AMOUNT KEVIN R. KELLER CHIEF EXECUTIVE OFFICER $100,000 ROGER MYERS CHIEF FINANCIAL OFFICER $70,000 JOSEPH MAUGERI MANAGING DIRECTOR $50,000 LEO RYDZEWSKI GENERAL COUNSEL $70,000 ELIZABETH STEWART CHIEF OPERATING OFFICER $70,000 MAUREEN THOMPSON VP OF PUBLIC POLICY $70,000 THE FOLLOWING MEMBERS RECEIVED A 457F CASH DISTRIBUTION: NAME TITLE AMOUNT MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR $58,204 ROGER MYERS CHIEF FINANCIAL OFFICER $58,204 JOSEPH MAUGERI MANAGING DIRECTOR $35,300 LEO RYDZEWSKI GENERAL COUNSEL $58,204 FORM 990, PART VI, SECTION A, LINE 1 THE AUDIT COMMITTEE APPROVES INDEPENDENT AUDITOR'S REPORT ON BEHALF OF THE BOARD. ALL MEMBERS OF AUDIT COMMITTEE ARE PART OF THE BOARD OF DIRECTORS. THOSE RESPONSIBILITIES ARE INCLUDED IN THEIR CHARTER. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE CPA FIRM CLIFTONLARSONALLEN LLP WITH SIGNIFICANT INPUT FROM CFP BOARD MANAGEMENT. IT IS THEN REVIEWED BY THE AUDIT COMMITTEE. ONCE THE AUDIT COMMITTEE HAS APPROVED, IT IS PROVIDED TO THE BOARD OF DIRECTORS. THE FORM 990 IS REVIEWED IN ITS ENTIRETY BY THE BOARD OF DIRECTORS PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY (THE "POLICY") APPLIES TO (1) CFP BOARD'S CORPORATE OFFICERS AND (2) MEMBERS OF, AND THOSE WHO OTHERWISE VOLUNTEER FOR, ANY OF THE FOLLOWING BODIES:(A) CFP BOARD'S BOARD OF DIRECTORS,(B) BOARD COMMITTEES AND TASK FORCES, AND (C) CEO COUNCILS, COMMISSIONS, COMMITTEES, AND WORKING GROUPS (EACH INDIVIDUALLY A "RESPONSIBLE PERSON"). EACH RESPONSIBLE PERSON MUST COMPLETE, TO THE BEST OF THE RESPONSIBLE PERSON'S KNOWLEDGE, CFP BOARD'S CONFLICTS QUESTIONNAIRE AND DISCLOSURE STATEMENT ("DISCLOSURE STATEMENT") PRIOR TO THE COMMENCEMENT OF SERVICE, AND ANNUALLY THEREAFTER. EACH RESPONSIBLE PERSON HAS A CONTINUING OBLIGATION TO IDENTIFY AND DISCLOSE, TO THE BEST OF THE RESPONSIBLE PERSON'S KNOWLEDGE, ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST AS SOON AS THEY ARE KNOWN OR REASONABLY SHOULD BE KNOWN, REGARDLESS OF WHETHER THE ACTUAL OR POTENTIAL CONFLICT OF INTEREST MAY BENEFIT THE RESPONSIBLE PERSON, FAMILY MEMBER, OR RELATED ENTITY AS THOSE TERMS ARE DEFINED IN THE POLICY. A RESPONSIBLE PERSON MUST PROVIDE A SUPPLEMENTAL WRITTEN DISCLOSURE STATEMENT TO CFP BOARD'S GENERAL COUNSEL WHENEVER AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST ARISES THAT HAS NOT PREVIOUSLY BEEN DISCLOSED. EACH BOARD MEMBER ALSO MUST INFORM THE BOARD OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST THAT MAY EXIST WITH ANOTHER BOARD MEMBER. IF A RESPONSIBLE PERSON BECOMES AWARE THAT CFP BOARD IS CONSIDERING A CONFLICTING INTEREST TRANSACTION, AS THAT TERM IS DEFINED IN THE POLICY, WITH THE RESPONSIBLE PERSON OR A FAMILY MEMBER OR RELATED ENTITY, THE RESPONSIBLE PERSON MUST (A) IMMEDIATELY INFORM THE GOVERNANCE COMMITTEE OR THE CEO, AND (B) NOT PARTICIPATE IN, OR ATTEMPT TO EXERT INFLUENCE WITH RESPECT TO, CFP BOARD'S CONSIDERATION OF THE CONFLICTING INTEREST TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 THE CEO OVERSIGHT COMMITTEE ESTABLISHES AND MONITORS CEO COMPENSATION TO ENSURE THAT IT IS COMPETITIVE WITH OTHER NON-PROFIT INSTITUTIONS THAT FOCUS ON FINANCIAL SERVICES, LOCATED IN WASHINGTON, DC. THE COMMITTEE CONSISTS OF MEMBERS OF THE BOARD OF DIRECTORS AND DOES NOT INCLUDE THE CEO. THE COMMITTEE ENGAGED A COMPENSATION CONSULTANT TO EVALUATE THE CURRENT CEO SALARY AND STRUCTURE. THE CONSULTANT UTILIZED COMPARABLE DATA IN ORDER TO SUBSTANTIATE THEIR SALARY RECOMMENDATIONS FOR THE CEO. THIS PROCESS RECENTLY TOOK PLACE IN 2018. THE CEO ENGAGES A COMPENSATION CONSULTANT TO REVIEW AND EVALUATE OTHER OFFICER AND KEY EMPLOYEE SALARIES. THE CONSULTANT UTILIZED COMPARABLE DATA IN ORDER TO SUBSTANTIATE THEIR SALARY RECOMMENDATIONS FOR OTHER OFFICER AND KEY EMPLOYEE SALARIES. THIS PROCESS RECENTLY TOOK PLACE IN 2017. FORM 990, PART VI, SECTION C, LINE 19 CFP BOARD'S BYLAWS ARE AVAILABLE FOR DOWNLOAD FROM THE ORGANIZATION'S WEBSITE. FORM 990, PART IX, LINE 11G OUTSIDE SERVICES: PROGRAM SERVICE EXPENSES 884,882. MANAGEMENT AND GENERAL EXPENSES 204,824. FUNDRAISING EXPENSES 149. TOTAL EXPENSES 1,089,855. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 4,221,359. MANAGEMENT AND GENERAL EXPENSES 66,740. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,288,099. RECRUITMENT ADVERTISING AND PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 109,931. MANAGEMENT AND GENERAL EXPENSES 54,180. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 164,111. RESEARCH: PROGRAM SERVICE EXPENSES 510,335. MANAGEMENT AND GENERAL EXPENSES 345. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 510,680. TEMPORARY LABOR: PROGRAM SERVICE EXPENSES 1,191,044. MANAGEMENT AND GENERAL EXPENSES 85,698. FUNDRAISING EXPENSES 11,910. TOTAL EXPENSES 1,288,652. FORM 990, PART XI, LINE 9: INCREASE IN ALLOWANCE FOR UNCOLLECTIBLES -3,650. PART VII, SECTION A, COLUMN F AMENDED TO UPDATE THE ESTIMATED AMOUNT OF OTHER COMPENSATION FROM ORGANIZATION AND RELATED ORGANIZATION, COLUMN F, TO INCLUDE THE FULL 2019 457F AWARD AS FOLLOWS: LEO RYDZEWSKI; 457F AWARD UPDATED FROM $92,522 TO $100,522 ROGER MYERS, JR.; 457F AWARD UPDATED FROM $86,875 TO $108,875 ELIZABETH STEWART; 457F AWARD UPDATED FROM $87,426 TO $114,426 MAUREEN THOMPSON; 457F AWARD UPDATED FROM $69,252 TO $100,252 MARILYN MOHRMAN-GILLIS; 457 AWARD UPDATED FROM $86,875 TO $37,875 - SHE DID NOT PARTICIPATE IN 457F JOSEPH MAUGERI; 457F AWARD UPDATED FROM $74,623 TO $88,623 SCHEDULE J, PART II, COLUMN C - RETIREMENT AND OTHER DEFERRED COMPENSATION AMENDED TO UPDATE TOTAL DEFERRED COMPENSATION AMOUNTS ON SCHEDULE J, COLUMN C TO INCLUDE THE FULL 2019 457F AWARD AS FOLLOWS: LEO RYDZEWSKI; DEFERRED COMPENSATION UPDATED FROM $87,552 TO $95,552 ROGER MYERS, JR.; DEFERRED COMPENSATION UPDATED FROM $74,300 TO $96,300 ELIZABETH STEWART: DEFERRED COMPENSATION UPDATED FROM $69,300 TO $96,300 MAUREEN THOMPSON; DEFERRED COMPENSATION UPDATED FROM $64,404 TO $95,404 MARILYN MOHRMAN-GILLIS; DEFERRED COMPENSATION UPDATED FROM $69,398 TO $20,398 -DID NOT PARTICIPATE IN 457F JOSEPH MAUGERI; DEFERRED COMPENSATION UPDATED FROM $61,513 TO $75,513 SCHEDULE J, PART III SUPPLEMENTAL INFORMATION, ELT PARTICIPANTS. AMENDED TO UPDATE SCHEDULE J, PART III, SUPPLEMENTAL INFORMATION TO REFLECT THE FULL 2019 457F AWARD AS FOLLOW: LEO RYDZEWSKI; 457F AWARD UPDATED FROM $62,000 TO $70,000 ROGER MYERS, JR.; 457F AWARD UPDATED FROM $48,300 TO $70,000 ELIZABETH STEWART; 457F AWARD UPDATED FROM $43,000 TO $70,000 MAUREEN THOMPSON; 457F AWARD UPDATED FROM $39,000 TO $70,000 MARILYN MOHRMAN-GILLIS 457 AWARD UPDATED FROM $49,000 TO $0 - SHE DID NOT PARTICIPATE IN 457F JOSEPH MAUGERI; 457F AWARD UPDATED FROM $36,000 TO $50,000 PART IX, STATEMENT OF FUNCTIONAL EXPENSES AMENDED TO UPDATE AMOUNT ON PART IX, LINES 5 AND 8 TO INCLUDE FULL 2019 AWARD ON 457(F) PLAN. PART IX, LINE 5, PROGRAM COLUMN CHANGED FROM $3,339,540 TO $3,385,200 PART IX, LINE 5, MANAGEMENT AND GENERAL COLUMN CHANGED FROM $454,886 TO $461,105 PART IX, LINE 5, FUNDRAISING COLUMN CHANGED FROM 60,326 TO $61,151 PART IX, LINE 8, PROGRAM COLUMN CHANGED FROM $340,126 TO $294,466 PART IX, LINE 8, MANAGEMENT AND GENERAL COLUMN CHANGED FROM $63,821 TO $57,602 PART IX, LINE 8, FUNDRAISING COLUMN CHANGED FROM $4,525 TO $3,700