2025-08-14T05:39:00-05:00 2024-09-30 991856619 GRANT THORNTON ADVISORS LLC 1000 WILSON BOULEVARD SUITE 1500 ARLINGTON VA 22209 990 2023-10-01 362026204 PROSIGHT FINANCIAL ASSOCIATION BAIC 3125534600 222 W ADAMS STREET STE 2300 CHICAGO IL 60606 STEVEN SALOUTOS CFO 3125534600 2025-08-13 1 1 BRIDGET ROCHE P00666837 7038477500 2023 2025-03-06 01:10:19Z BAI CENTER DEBORAH BIANUCCI 222 W ADAMS STREET STE 2300 CHICAGO IL 60606 115063381 0 X WWW.BAI.ORG X 1924 IL EMPOWERING FINANCIAL SERVICES LEADERS TO STRENGTHEN AND ADVANCE OUR INDUSTRY 24 23 134 925 296862 167461 0 0 31800037 50465273 1526274 -125599 744273 1162320 34070584 51501994 0 0 0 0 21329208 35359262 0 0 0 9452693 21736100 30781901 57095362 3288683 -5593368 30045759 103023796 9034094 44452173 21011665 58571623 X EMPOWERING FINANCIAL SERVICES LEADERS TO STRENGTHEN AND ADVANCE OUR INDUSTRY 1 0 PROSIGHT FINANCIAL ASSOCIATION TRAINING IS DESIGNED TO EDUCATE FINANCIAL SERVICES LEADERS TO ENSURE THAT LEADERS UNDERSTAND THE LATEST COMPLIANCE REGULATIONS AND HOW TO APPLY THEM TO BEST SERVE THEIR CUSTOMERS. PROSIGHT FINANCIAL ASSOCIATION RESEARCH EDUCATES LEADERS ON KEY ISSUES AND TRENDS IN THE FINANCIAL SERVICES INDUSTRY. PROSIGHT FINANCIAL ASSOCIATION HOLDS CONFERENCES AND ROUNDTABLES CREDIT RISK, OPERATIONAL RISK, MARKET RISK, ENTERPRISE RISK, AND SECURITIES LENDING CONFERENCES AND PEER SHARING MEETINGS HELD EACH YEAR. 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 X 28 0 1 134 1 1 1 0 0 0 0 0 0 0 1 0 X 24 23 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X STEVEN SALOUTOS CFO 3125534600 222 W ADAMS STREET STE 2300 CHICAGO IL 60606 DEBORAH L BIANUCCI PRESIDENT AND CEO 39.50 0.50 X X 1069484 13538 33478 JODI RICHARD CHAIRMAN OF THE BOARD (AS OF 01/24) 1.50 0.50 X X 0 0 0 TODD M BARNHART VICE CHAIRMAN 1.50 0.50 X X 0 0 0 TIMOTHY S CRANE PAST CHAIRMAN 1.50 0.50 X X 0 0 0 SETH WALLER TREASURER (AS OF 01/24) 1.50 0.50 X X 0 0 0 CHARLES G KIM SECRETARY 1.50 0.50 X X 0 0 0 AMANDA NORTON DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 SCOTT M PETERS DIRECTOR-AT-LARGE 1.50 0.50 X 0 0 0 GLORIA C BANKS DIRECTOR-AT-LARGE 1.50 0.50 X 0 0 0 STEPHEN P BARON DIRECTOR-AT-LARGE (THRU 12/23) 1.50 0.50 X 0 0 0 ROBERT A BERMAN DIRECTOR-AT-LARGE (THRU 12/23) 1.50 0.50 X 0 0 0 MONICA BOWE DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 MARK BRUCKER DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 GEORGE BUCHANAN DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 LARISSA CHAIKOWSKY DIRECTOR-AT-LARGE 1.50 0.50 X 0 0 0 KATRINA M EVANS DIRECTOR-AT-LARGE (THRU 12/23) 1.50 0.50 X 0 0 0 NIMA GHAMSARI DIRECTOR-AT-LARGE (THRU 12/23) 1.50 0.50 X 0 0 0 DARLENE GOINS DIRECTOR-AT-LARGE 1.50 0.50 X 0 756 0 SHERRY GRAZIANO DIRECTOR-AT-LARGE (THRU 12/23) 1.50 0.50 X 0 0 0 GRAEME HEPWORTH DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 CRYSTAL HUMPHREYS DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 JOHN T JORDAN DIRECTOR-AT-LARGE 1.50 0.50 X 0 0 0 SUSAN A LAMONICA DIRECTOR-AT-LARGE 1.50 0.50 X 0 0 0 CHRISTOPHER J MCCOMISH DIRECTOR-AT-LARGE (THRU 12/23) 1.50 0.50 X 0 0 0 MARK W MIDKIFF DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 ARIJIT ROY DIRECTOR-AT-LARGE (THRU 12/23) 1.50 0.50 X 0 0 0 HUMBERTO SALOMON DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 MARK R SHEEHAN DIRECTOR-AT-LARGE 1.50 0.50 X 0 0 0 KEVIN SLANE DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 CLARK STARNES DIRECTOR-AT-LARGE (AS OF 01/24) 1.50 0.50 X 0 0 0 AMEESH P VAKHARIA DIRECTOR-AT-LARGE 1.50 0.50 X 0 0 0 AARTHI MURALI DIRECTOR-AT-LARGE (THRU 02/24) 1.50 0.50 X 0 0 0 JULIE FABER CHIEF FINANCIAL OFFICER (THRU 9/24) 39.50 0.50 X 401665 5084 42608 STEVEN S SALOUTOS INTERIM CFO (BEG 9/24) 39.50 0.50 X 0 0 0 ED MARCHESELLI MANAGING DIRECTOR 39.50 0.50 X 526683 6668 68591 KARL D DAHLGREN THRU 0424 MANAGING DIRECTOR 40.00 0.00 X 542284 0 35040 ISIO NELSON MANAGING DIRECTOR 39.50 0.50 X 484153 6129 58450 ANN R BARCROFT CHIEF ADMINISTRATIVE OFFICER 39.50 0.50 X 450087 5697 66098 HOLLY J HUGHES MANAGING DIRECTOR 39.50 0.50 X 381720 4833 55912 THOMAS E HOSCHEIDT MANAGING DIRECTOR, BENCHMARKING 40.00 0.00 X 332334 0 65150 MARK A RIDDLE DIRECTOR, RESEARCH INTEL EXPERT 40.00 0.00 X 257226 0 58319 CHRISTOPHER SHATZER GROUP DIRECTOR, SALES 40.00 0.00 X 250529 0 24736 DAWN M STUMPF SENIOR ACCOUNT MANAGER 40.00 0.00 X 238772 0 34614 4934937 42705 542996 62 0 1 0 DATAMENTORS LLC 2319 OAK MYRTLE LN WESLEY CHAPEL FL 33544 DATA PROCESSING 1007775 ZEQUEL TECHNOLOGIES INC 4300 BISCAYNE BLVD SUITE 203 MIAMI FL 33137 POLICY MANAGER CONSULTING 604170 MIDLAND BUSINESS SYSTEMS INC DBA NVISI 200 SOUTH WACKER DRIVE CHICAGO IL 60606 LEARNING & DEVEL. CONSULTING 439770 INTRICITY LLC 224 FIFTH AVENUE SUITE 2026 NEW YORK NY 10001 RESEARCH CONSULTING 282036 MONIGLE ASSOCIATES INC 150 ADAMS ST DENVER CO 80206 MERGER CONSULTING 215084 10 SUBSCRIPTIONS 611600 20288185 20288185 RESEARCH FEES 900099 11643224 11643224 MEMBERSHIP DUES 541990 7294440 7294440 PROGRAMS & CONFERENCES 611600 6815605 6815605 REGISTRATION FEES 900099 4249333 4249333 174486 174486 50465273 2036588 2036588 61399200 63561387 -2162187 -2162187 -2162187 ADVERTISING REVENUE 541800 667498 370636 296862 SPONSORSHIP REVENUE 900004 487545 487545 MISC REVENUE 900009 7277 7277 1162320 51501994 51323454 296862 -118322 X 4243695 26048132 869206 2356956 1841273 148795 101844 8087859 446603 614540 4229708 545368 1118214 834095 1735710 10055 1251860 328172 TAXES, FEES, & LICENSES 2072959 BAD DEBT EXPENSE 174540 DUES AND SUBSCRIPTIONS 35778 57095362 8329672 1119570 15870018 429154 1439052 283827 259952 1389578 3014346 13408415 9725490 906421 3682925 12741697 46842552 13459632 14178398 -284120 9406881 30045759 103023796 385950 12903020 8648144 20054668 0 11494485 9034094 44452173 X 21011665 58571623 21011665 58571623 30045759 103023796 X -5593368 6779395 36373931 X 0 1 X 1 0 0 1 0 1818060 272334 1545726 11590355 9453156 2137199 3682925 ROU ASSET 9144145 OTHER ASSETS 184769 ARTWORK 77967 9406881 LEASE LIABILITIES 10631228 DUE TO RMA FOUNDATION 863257 11494485 X PART X, LINE 2: ORGANIZATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS UNDER FIN 48 PROSIGHT FINANCIAL ASSOCIATION HAS RECEIVED A FAVORABLE DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE AS AN EXEMPT ORGANIZATION UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE OF 1986, EXCEPT FOR INCOME TAXES PERTAINING TO UNRELATED BUSINESS INCOME AND EXCISE TAXES. THE FASB GUIDANCE REQUIRES TAX EFFECTS FROM UNCERTAIN TAX POSITIONS TO BE RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS ONLY IF THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. MANAGEMENT HAS DETERMINED THERE ARE NO MATERIAL UNCERTAIN POSITIONS THAT REQUIRE RECOGNITION IN THE CONSOLIDATED FINANCIAL STATEMENTS. BAI CENTER PROPERLY ACCRUED PROVISIONS FOR INCOME TAXES AS THE ENTITY HAS UNRELATED BUSINESS INCOME. THERE ARE NO INTEREST OR PENALTIES RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS. SOUTH ASIA 0 0 PROGRAM SERVICES SPONSORSHIP REVENUE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X X X 1 1 X X X X X 0 1 0 DEBORAH L BIANUCCI PRESIDENT AND CEO 449076 5685 606094 7672 14314 181 32588 413 237 240 1102309 14191 0 0 ED MARCHESELLI MANAGING DIRECTOR 309258 3915 213186 2699 4239 54 32588 413 35145 445 594416 7526 0 0 KARL D DAHLGREN THRU 0424 MANAGING DIRECTOR 356510 0 182562 0 3212 0 33000 0 2040 0 577324 0 0 0 ISIO NELSON MANAGING DIRECTOR 344367 4359 137041 1735 2745 35 27896 353 29823 378 541872 6860 0 0 ANN R BARCROFT CHIEF ADMINISTRATIVE OFFICER 252730 3199 194185 2458 3172 40 32588 413 32683 414 515358 6524 0 0 JULIE FABER CHIEF FINANCIAL OFFICER (THRU 9/24) 267090 3381 131403 1663 3172 40 32588 413 9487 120 443740 5617 0 0 HOLLY J HUGHES MANAGING DIRECTOR 266088 3369 100147 1268 15485 196 32588 413 22625 286 436933 5532 11250 142 THOMAS E HOSCHEIDT MANAGING DIRECTOR, BENCHMARKING 246357 0 77600 0 8377 0 33000 0 32150 0 397484 0 0 0 MARK A RIDDLE DIRECTOR, RESEARCH INTEL EXPERT 218969 0 34036 0 4221 0 25969 0 32350 0 315545 0 0 0 CHRISTOPHER SHATZER GROUP DIRECTOR, SALES 105000 0 142357 0 3172 0 24736 0 0 0 275265 0 0 0 DAWN M STUMPF SENIOR ACCOUNT MANAGER 60596 0 172642 0 5534 0 23507 0 11107 0 273386 0 0 0 PART I, LINE 1A FIRST-CLASS OR CHARTER TRAVEL THE CHIEF EXECUTIVE OFFICER MAY PURCHASE AND BE REIMBURSED FOR FIRST CLASS BOARD OF DIRECTOR MEMBERS -- FIRST-CLASS TRAVEL OR COMPANION TRAVEL -- WILL SEVEN BOARD MEMBERS LISTED IN PART VII RECEIVED FIRST CLASS TRAVEL BENEFITS AIR TRAVEL FOR BUSINESS TRAVEL ON FLIGHTS OF 2 HOURS OR MORE IN DURATION. REIMBURSE FIRST CLASS AIRFARE TO AND FROM BOARD MEETINGS FOR EACH MEMBER. FOR CALENDAR YEAR ENDING 12/31/23. PART I, LINE 1A: TRAVEL FOR COMPANIONS PROSIGHT WILL REIMBURSE THE COST FOR TWO ROUND TRIP COACH CLASS TICKETS FOR THE BOARD MEMBER AND SPOUSE, PROVIDED THAT THE TOTAL COST OF THE TWO COACH TICKETS DOES NOT EXCEED THE COST OF ONE ROUND TRIP FIRST CLASS TICKET. PROSIGHT ISSUES A 1099 TO EACH BOARD MEMBER WHERE PROSIGHT REIMBURSES MORE THAN $599 IN A CALENDAR YEAR FOR A SPOUSE'S EXPENSES. PART I, LINE 1A: HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES PROSIGHT PAYS FOR THE CHIEF EXECUTIVE OFFICER'S MEMBERSHIP AT A BUSINESS SOCIAL CLUB, WITH THE PRIMARY PURPOSE BEING BUSINESS MEETINGS. PART I, LINES 4B: SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: BANK ADMINISTRATION INSTITUTE HAS A 457(F) SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN. KARL DAHLGREN AND HOLLY HUGHES PARTICIPATE IN THE 457(F) PLAN. A PAYMENT WAS MADE TO HOLLY HUGHES IN THE AMOUNT OF $11,392 FOR CALENDAR YEAR ENDING 12/31/23. FORM 990, PART III, LINE 2 ON JANUARY 1, 2024, BAI AND BAI CENTER (COLLECTIVELY, THE INSTITUTE) EXECUTED A BUSINESS COMBINATION TRANSACTION WITH THE RISK MANAGEMENT ASSOCIATION (RMA) AND ITS SUBSIDIARIES, THE RISK MANAGEMENT FOUNDATION (THE FOUNDATION) AND RMA MODEL VALIDATION CONSORTIUM LLC (MVC). FORM 990, PART V, LINE 2A: PROSIGHT FINANCIAL ASSOCIATION REIMBURSES BANK ADMINISTRATION INSTITUTE, A RELATED PARTY, FULLY FOR ALL EMPLOYEE TIME ALLOCATED TO PROSIGHT FINANCIAL ASSOCIATION. FORM 990, PART V, LINE 2A: BANK ADMINISTRATION INSTITUTE (BAI) IS THE COMMON PAYMASTER FOR PROSIGHT FINANCIAL ASSOCIATION (PROSIGHT). FORM W-3 IS FILED UNDER BAI'S EMPLOYEE IDENTIFICATION NUMBER, THEREFORE PROSIGHT DOES NOT FILE A W-3. THE TOTAL NUMBER OF PROSIGHT EMPLOYEES IS 134, WHICH IS LISTED ON LINE 2. FORM 990, PART VI, SECTION A, LINE 1A DELEGATION OF AUTHORITY THE BY-LAWS OF BAI CENTER PROVIDE THAT THERE SHALL BE AN EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS TO BE COMPOSED OF THE CHAIR OF THE BOARD, VICE-CHAIR, PRESIDENT AND CHIEF EXECUTIVE OFFICER, SECRETARY AND TREASURER AND THE PAST CHAIR OF THE BOARD. THE EXECUTIVE COMMITTEE SHALL SERVE AS A NOMINATING COMMITTEE TO IDENTIFY AND NOMINATE CANDIDATES FOR UPCOMING VACANCIES. THE EXECUTIVE COMMITTEE SHALL BE AUTHORIZED AND EMPOWERED, IN MATTERS PERTAINING TO SUCH SUBJECTS AND DUTIES ENJOINED UPON THE BOARD OF DIRECTORS WHICH REQUIRE DECISION AS TO POLICY AND PROCEDURE IN THE INTERIM BETWEEN MEETINGS OF THE BOARD OF DIRECTORS, TO ACT AND MAKE SUCH DECISIONS ON BEHALF OF THE BOARD OF DIRECTORS EXCEPT AS OTHERWISE PROVIDED BY LAW. ALL ACTIONS OF THE EXECUTIVE COMMITTEE SHALL BE REPORTED TO THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE MAY, FROM TIME TO TIME, MAKE ITS OWN RULES GOVERNING ITS CONDUCT OF BAI CENTER BUSINESS EXCEPT WHERE OTHERWISE PROVIDED HEREIN. THE EXECUTIVE COMMITTEE WILL APPROVE THE BOARD OF DIRECTORS OF PROSIGHT'S SUBSIDIARIES AND AFFILIATES. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE UPDATED TO CHANGE THE TOTAL NUMBER OF BOARD MEMBERS TO A MAXIMUM OF 18 AND THE NUMBER OF OFFICERS TO 5. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS THE FORM 990 IS PREPARED AND REVIEWED BY AN EXTERNAL ACCOUNTING FIRM, GRANT THORNTON ADVISORS LLC IN CONJUNCTION WITH MANAGEMENT. ONCE FINALIZED, THE FORM 990 IS REVIEWED AND APPROVED BY PROSIGHT FINANCIAL ASSOCIATION'S CONTROLLER, CHIEF FINANCIAL OFFICER, CHIEF ADMINISTRATIVE OFFICER AND EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT PROSIGHT FINANCIAL ASSOCIATION'S CONFLICT OF INTEREST POLICY COVERS ALL BOARD OF DIRECTORS AND EMPLOYEES. FOR BOARD OF DIRECTORS, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF A FINANCIAL INTEREST, AS WELL AS ALL MATERIAL FACTS TO THE DIRECTORS AND COMMITTEE MEMBERS WITH GOVERNING BOARD DELEGATED POWERS, CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. FOR EMPLOYEES, AN INTERESTED PERSON MUST NOTIFY HUMAN RESOURCES AS SOON AS SUCH POTENTIAL CONFLICT ARISES. FOR BOARD OF DIRECTORS, AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. FOR EMPLOYEES, HUMAN RESOURCES (HR) REVIEWS THE CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION EACH YEAR, BAI AND PROSIGHT FINANCIAL ASSOCIATION, THROUGH AN OVERLAPPING HR COMMITTEE, ENGAGE AN OUTSIDE HR CONSULTANT TO BENCHMARK EXECUTIVE COMPENSATION USING DATA FROM A NUMBER OF PUBLISHED SALARY SURVEYS. THE OVERLAPPING HR COMMITTEE OF THE BOARD OF DIRECTORS CONSIDERS THIS BENCHMARKING DATA, THE COMPENSATION REPORTED ON FORM 990 FOR CHIEF EXECUTIVES OF COMPARABLE FINANCIAL SERVICES TRADE ORGANIZATIONS, THE ECONOMIC ENVIRONMENT AND BAI/PROSIGHT BUSINESS CONDITIONS WHEN MAKING COMPENSATION DECISIONS. THE HR COMMITTEE RECOMMENDS CEO COMPENSATION TO THE EXECUTIVE COMMITTEE FOR THEIR APPROVAL. THE COMPENSATION APPROVAL PROCESS FOR THE CEO IS CONTEMPORANEOUSLY DOCUMENTED IN THE MINUTES OF THE BOARD MEETINGS. THE HR COMMITTEE ALSO RECEIVES AN ANNUAL DISCLOSURE OF TOTAL COMPENSATION FOR ALL OFFICERS AND LEADERSHIP TEAM MEMBERS AND APPROVES THE PROCESS FOR DETERMINING THEIR COMPENSATION WHICH IS CONTEMPORANEOUSLY DOCUMENTED IN THE MINUTES OF THE HR COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 HOW DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC PROSIGHT FINANCIAL ASSOCIATION MAKES THESE DOCUMENTS AVAILABLE TO THE EXTENT REQUIRED BY LAW. FORM 990, PART IX, LINE 11G CONSULTING SERVICES 5,680,099. DIRECT SERVICES 1,484,567. MARKETING SERVICES 386,282. TEMPS 210,574. RECRUITING/RELOCATION 144,462. ADMIN & SUPPORT 106,252. FREELANCE WRITERS SERVICES 45,150. PERSONNEL SERVICES 30,473. FORM 990, PART XI, LINE 9: INHERENT CONTRIBUTION 23,750,702. INTERCOMPANY TRANSACTION 12,605,911. PENSION ADJUSTMENT 17,318. RMA MODEL VALIDATION CONSORTIUM LLC 222 W ADAMS STREET STE 2300 CHICAGO IL 60606 850517013 EDUCATION PA 1101285 216789 PROSIGHT FINANCIAL ASSOCIATION BANK ADMINISTRATION INSTITUTE 222 W ADAMS STREET STE 2300 CHICAGO IL 60606 363330171 EDUCATION IL 501(C)(3) LINE 12B, II PROSIGHT FINANCIAL ASSOCIATION 1 RISK MANAGEMENT ASSOCIATION FOUNDATION 222 W ADAMS STREET STE 2300 CHICAGO IL 60606 473078149 EDUCATION PA 501(C)(3) PROSIGHT FINANCIAL ASSOCIATION 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 BAI S 14192505 FMV