2020-10-14T13:34:31-05:00 2019-12-31 222428965 CITRIN COOPERMAN & COMPANY LLP 709 WESTCHESTER AVENUE WHITE PLAINS NY 10604 990 2019-01-01 132915461 INTERNATIONAL FEDERATION OF ACCOUNTANTS INTE 2122869344 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 100173622 RUSSELL GUTHRIE CFO 2122869344 2020-10-14 1 BARBARA LANE CPA P00005830 9149492990 74.66.226.196 2020-10-14 12:40:22 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 70F4850E85693045956D66841B824E6CBB7C8C4D 2019 2021-04-22 16:20:28Z KEVIN DANCEY 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 100173622 35578412 0 X WWW.IFAC.ORG X 1977 SZ IFAC ACTS IN THE PUBLIC INTEREST AND HAS NO PROFIT-MAKING PURPOSE. IFAC SERVES THE PUBLIC INTEREST BY: CONTRIBUTING TO AND SUPPORTING HIGH-QUALITY INTERNATIONAL STANDARDS, HELPING TO BUILD AND ENCOURAGING STRONG PROFESSIONAL ACCOUNTANCY ORGANIZATIONS, ACCOUNTING FIRMS, AND HIGH-QUALITY PRACTICES BY PROFESSIONAL ACCOUNTANTS; AND SPEAKING OUT ON PUBLIC INTEREST ISSUES. 23 23 82 291 0 0 35105479 34759639 0 0 46995 34065 947781 742478 36100255 35536182 0 0 0 0 18511282 18423788 0 0 0 17862419 15944867 36373701 34368655 -273446 1167527 18864466 18651389 8525013 8108898 10339453 10542491 SEE SCHEDULE O 0 0 IFAC IS THE GLOBAL ORGANIZATION FOR THE ACCOUNTANCY PROFESSION DEDICATED TO SERVING THE PUBLIC INTEREST BY STRENGTHENING THE PROFESSION AND CONTRIBUTING TO THE DEVELOPMENT OF STRONG INTERNATIONAL ECONOMIES. IFAC IS COMPRISED OF MORE THAN 175 MEMBERS AND ASSOCIATES IN MORE THAN 130 COUNTRIES AND JURISDICTIONS, REPRESENTING MORE THAN 3 MILLION ACCOUNTANTS IN PUBLIC PRACTICE, EDUCATION, GOVERNMENT SERVICE, INDUSTRY, AND COMMERCE. IFAC SUPPORTS THE DEVELOPMENT, ADOPTION, AND IMPLEMENTATION OF HIGH-QUALITY INTERNATIONAL STANDARDS, PREPARES A FUTURE-READY ACCOUNTANCY PROFESSION AND SPEAKS OUT AS THE VOICE OF THE GLOBAL ACCOUNTING PROFESSION. 0 1 0 1 0 0 0 0 0 1 0 0 1 1 0 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 38 0 1 82 1 0 1 CA AS UK 0 0 0 0 0 0 X 23 23 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X THE ORGANIZATION 2122869344 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 100173622 IN-KI JOO PRESIDENT 16.00 X X 0 0 0 YACCOB SUTTAR BOARD MEMBER 2.00 X 0 0 0 TOMMYE BARIE BOARD MEMBER 2.00 X 0 0 0 SHINJI SOMEHA BOARD MEMBER 2.00 X 0 0 0 SHEILA FRASER BOARD MEMBER 2.00 X 0 0 0 YEONG KYUN AHN BOARD MEMBER 2.00 X 0 0 0 RICHARD PETTY BOARD MEMBER 2.00 X 0 0 0 JOAN CURRY BOARD MEMBER 2.00 X 0 0 0 CAROLINE GARDNER BOARD MEMBER 2.00 X 0 0 0 MARGRET PETURSDOTTIR BOARD MEMBER 2.00 X 0 0 0 LISA PADMORE BOARD MEMBER 2.00 X 0 0 0 JOY THOMAS BOARD MEMBER 2.00 X 0 0 0 JIANHUA TANG BOARD MEMBER 2.00 X 0 0 0 IDESIO COELHO BOARD MEMBER 2.00 X 0 0 0 WINNIE IMINZA NYAMUTE BOARD MEMBER 2.00 X 0 0 0 ELBANO DE NUCCIO BOARD MEMBER 2.00 X 0 0 0 FIONA WILKINSON BOARD MEMBER 2.00 X 0 0 0 CHRISTINE RAMON BOARD MEMBER 2.00 X 0 0 0 BILL BALHOFF BOARD MEMBER 2.00 X 0 0 0 AYSE ARIAK BOARD MEMBER 2.00 X 0 0 0 ASMAA RESMOUKI BOARD MEMBER 2.00 X 0 0 0 ISMAILA ZAKARI BOARD MEMBER 2.00 X 0 0 0 ALAN JOHNSON DEPUTY PRESIDENT 2.00 X 0 0 0 THORSTEN KLEIBOLD SWISS LEGAL LIAISON 2.00 X 0 0 0 FAYEZUL CHOUDHURY CEO 40.00 X 251638 0 11898 KEVIN DANCEY CEO 40.00 X 608592 0 56342 SYLVIA TSEN SENIOR DIRECTOR 35.00 5.00 X 507957 0 55845 RUSSELL GUTHRIE CFO 40.00 X 619003 0 69995 LINDA LACH DIRECTOR 40.00 X 267111 0 66199 KEEAN SIONG TECHNICAL DIRECTOR 40.00 X 369617 0 70136 JOSEPH BRYSON DEPUTY DIRECTOR 40.00 X 298112 0 62606 JAMES GUNN MANAGING DIRECTOR 40.00 X 540075 0 83533 DAMARYS ALBINO DIRECTOR 40.00 X 279479 0 66025 ALTA PRINSLOO EXECUTIVE DIRECTOR 40.00 X 533702 0 90286 BOTHA WILLEM DIRECTOR 40.00 X 245965 0 56880 NATHANIEL WEBB DIRECTOR 40.00 X 206380 0 43912 BRETT JAMES DEPUTY DIRECTOR 40.00 X 273400 0 69514 DIANE JULES DEPUTY DIRECTOR 40.00 X 268686 0 65763 STATHIS GOULD DEPUTY DIRECTOR 40.00 X 255752 0 66001 BEVERLY BAHLMANN DEPUTY DIRECTOR 40.00 X 281344 0 40144 JAMES STANFORD TECHNICAL DIRECTOR 40.00 X 261768 0 19717 6068581 0 994796 54 0 1 0 DANIEL J EDELMAN INC 21992 NETWORK PLACE CHICAGO IL 60673 PR AGENCY CONSULTANT 650874 STAVROS THOMADAKIS 43 UPLAND ROAD CAMBRIDGE MA 02140 IESBA CHAIR 500000 AXISPOINT INC 507 NORTH STATE ROAD BRAIRCLIFF MANOR NY 10510 IT CONSULTANT 388719 ARNOLD SCHILDER WOKENVELD 26 1359 HB NLALMERE NL IAASB CHAIR 369000 FINN PARTNERS 301 E 57TH STREET NEW YORK NY 10022 WESBITE SUPPORT 368820 10 32648376 1176899 934364 34759639 34065 34065 309844 309844 58913 42230 16683 16683 FOREIGN EXCHANGE GAIN & OTHER 900099 399301 399301 MEMBERSHIP APPLICATION FEE 900099 16650 16650 415951 35536182 16683 0 759860 X 8271030 7197099 759204 1384836 811619 129399 138892 3844057 29262 69850 707914 1272032 3400335 1201746 472463 140452 PUBLIC INTEREST OVERSIG 1253256 COMMUNICATIONS AND PUBL 1172295 FOREIGN EXCHANGE LOSS 487925 OTHER COMMITTEE EXPENSE 441334 1183655 34368655 15177981 14993933 19635 19635 665171 611516 5466654 3897367 1909349 1569287 1092330 1457018 18864466 18651389 3387103 3209741 633960 134788 4503950 4764369 8525013 8108898 X 0 0 10339453 10542491 0 0 10339453 10542491 18864466 18651389 X 1167527 -964489 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 2989106 1643585 1345521 1722211 1512518 209693 755337 741264 14073 1569287 ADVANCES / DEPOSITS 589464 FORUM OF FIRMS RECEIVABLES 244207 MISCELLANEOUS RECEIVABLES 623347 1457018 ACCRUED PENSION COSTS 3192942 EMPLOYEE ENTITLEMENTS 1571427 4764369 35243758 42230 42230 35201528 334654 334654 35536182 34076231 42230 42230 34034001 334654 334654 34368655 PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 42,230. PART XI, LINE 4B - OTHER ADJUSTMENTS: FOREIGN EXCHANGE GAIN 334,654. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES 42,230. PART XII, LINE 4B - OTHER ADJUSTMENTS: FOREIGN EXCHANGE GAIN 334,654. EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICESPROGRAM SERVICES DRAFTING, ACCOUNTING, LITERATURE 6638 EUROPE 0 0 PROGRAM SERVICES DRAFTING, ACCOUNTING, LITERATURE 1602511 EUROPE 0 0 PROGRAM SERVICES DRAFTING, ACCOUNTING, LITERATURE 1155568 NORTH AMERICA 1 14 PROGRAM SERVICES DRAFTING, ACCOUNTING, LITERATURE 2126618 1 14 0 0 1 14 4891335 0 4891335 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X 1 1 X X X X X 0 0 0 FAYEZUL CHOUDHURY CEO 20163 0 231475 0 0 0 13525 0 -1627 0 263536 0 0 0 KEVIN DANCEY CEO 558592 0 50000 0 0 0 23450 0 32892 0 664934 0 0 0 SYLVIA TSEN SENIOR DIRECTOR 419482 0 88475 0 0 0 36975 0 18870 0 563802 0 0 0 RUSSELL GUTHRIE CFO 530528 0 88475 0 0 0 36975 0 33020 0 688998 0 0 0 LINDA LACH DIRECTOR 224611 0 42500 0 0 0 19610 0 46589 0 333310 0 0 0 KEEAN SIONG TECHNICAL DIRECTOR 315617 0 54000 0 0 0 23450 0 46686 0 439753 0 0 0 JOSEPH BRYSON DEPUTY DIRECTOR 248112 0 50000 0 0 0 16385 0 46221 0 360718 0 0 0 JAMES GUNN MANAGING DIRECTOR 468600 0 71475 0 0 0 36975 0 46558 0 623608 0 0 0 DAMARYS ALBINO DIRECTOR 229479 0 50000 0 0 0 20450 0 45575 0 345504 0 0 0 ALTA PRINSLOO EXECUTIVE DIRECTOR 445227 0 88475 0 0 0 36975 0 53311 0 623988 0 0 0 BOTHA WILLEM DIRECTOR 245965 0 0 0 0 0 14511 0 42369 0 302845 0 0 0 NATHANIEL WEBB DIRECTOR 170380 0 36000 0 0 0 16836 0 27076 0 250292 0 0 0 BRETT JAMES DEPUTY DIRECTOR 237400 0 36000 0 0 0 20750 0 48764 0 342914 0 0 0 DIANE JULES DEPUTY DIRECTOR 232686 0 36000 0 0 0 16215 0 49548 0 334449 0 0 0 STATHIS GOULD DEPUTY DIRECTOR 221752 0 34000 0 0 0 19850 0 46151 0 321753 0 0 0 BEVERLY BAHLMANN DEPUTY DIRECTOR 245344 0 36000 0 0 0 21050 0 19094 0 321488 0 0 0 JAMES STANFORD TECHNICAL DIRECTOR 223264 0 38504 0 0 0 15626 0 4091 0 281485 0 0 0 PART I, LINE 1A PAYMENT/REIMBURSEMENT OF EXPENSES INDICATED IN LINE 1A IS DONE IN ACCORDANCE WITH THE TRAVEL POLICY FOR THE ORGANIZATION'S OFFICERS APPROVED BY THE GOVERNING BOARD OF THE ORGANIZATION. IN ACCORDANCE WITH THE POLICY, THE OFFICERS(AND THEIR SPOUSES, WHICH INCLUDE PARTNERS, WHEN TRAVELING FOR THE ORGANIZATION'S PURPOSES) MAY TRAVEL IN BUSINESS CLASS AT ANY TIME. THE PRESIDENT AND CEO MAY ELECT TO TRAVEL FIRST CLASS. IN ACCORDANCE WITH THE POLICY, THE ORGANIZATION REIMBURSES THE TRAVEL OF SPOUSES OF THE PRESIDENT AND CEO FOR TRAVEL ASSOCIATED WITH COUNCIL MEETINGS OR OTHER CIRCUMSTANCES WHEN SPOUSAL ATTENDANCE IS APPROPRIATE. THE POLICY ADDRESSES: TRAVEL AUTHORIZATION AND RESERVATIONS; MAKING RESERVATIONS; CLASS OF SERVICE AND FARE; UPGRADES FOR TRAVEL; NUMBER OF IFAC PERSONNEL PER AIRCRAFT; ELECTRONIC TICKETS; PREPAID, LOST AND UNUSED TICKETS; SPOUSAL TRAVEL; COMBINING LEISURE WITH BUSINESS TRAVEL; EXCESS BAGGAGE FEES; GROUND TRANSPORT; ACCOMMODATION; MEALS AND ALCOHOL; GUIDELINES FOR TIPS AND GRATUITIES; PASSPORTS, VISAS AND IMMUNIZATIONS; INSURANCE; TRAVEL WARNINGS; TAX REFUNDS; EXPENSE CLAIMS; SUPPORTING DOCUMENTATION; INCORRECT OR INCOMPLETE EXPENSE CLAIMS. BRETT JAMES DEPUTY DIRECTOR REFUNDABLE RELOCATION ASSISTANCE X 5250 5250 0 0 1 DIANE JULES DEPUTY DIRECTOR REFUNDABLE RELOCATION ASSISTANCE X 14385 14385 0 0 1 19635 FORM 990, PART III, LINE 1: SEE ABOVE DESCRIPTION OF THE MISSION OF THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION'S MEMBERS/STOCKHOLDERS: IFAC IS COMPOSED OF PROFESSIONAL ACCOUNTANCY ORGANIZATIONS THAT MEET THE MEMBER ADMISSION CRITERIA AND OBLIGATIONS SET FORTH IN ITS CONSTITUTION AND BYLAWS. THE COUNCIL APPROVES THE ADMISSION OF MEMBERS, UPON RECOMMENDATION OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 7A UNDER IFAC'S CONSTITUTION, EACH FULL MEMBER IN GOOD STANDING HAS ONE VOTE, WHICH MAY BE CAST AT ANY COUNCIL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE GOVERNING BODIES OF IFAC ARE THE COUNCIL AND THE BOARD. THE OFFICERS OF IFAC ARE THE PRESIDENT, THE DEPUTY PRESIDENT, THE CHIEF EXECUTIVE OFFICER, AND SUCH OTHER OFFICERS AS THE BOARD SHALL DEEM NECESSARY. THE COUNCIL IS THE SUPREME AUTHORITY OF IFAC AND IS VESTED WITH THE ULTIMATE GOVERNANCE AUTHORITY OVER IFAC. THE COUNCIL DELEGATES THE POWER TO GOVERN AND OVERSEE THE OPERATIONS OF IFAC TO THE BOARD. THE COUNCIL HAS THE EXCLUSIVE RIGHT, POWER, AND AUTHORITY TO, UPON RECOMMENDATION OF THE BOARD, APPROVE THE APPOINTMENT OF MEMBERS OF THE NOMINATING COMMITTEE AS SET FORTH IN SECTION IX OF THE CONSTITUTION AND THE BYLAWS AND SUBJECT TO ANY APPROVAL BY THE RELEVANT PUBLIC INTEREST OVERSIGHT AUTHORITY; THE AMENDMENT OR REPEAL OF BYLAWS OR THE ENACTMENT OF NEW BYLAWS; AND AMENDMENTS TO THE CONSTITUTION. UPON RECOMMENDATION OF THE NOMINATING COMMITTEE, AS ENDORSED BY THE BOARD, APPROVE THE APPOINTMENT AND REMOVAL OF THE PRESIDENT AND THE DEPUTY PRESIDENT, AND THE APPOINTMENT AND REMOVAL OF THE MEMBERS OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE INTERNATIONAL FEDERATION OF ACCOUNTANTS ENGAGES AN INDEPENDENT CPA TAX PROFESSIONAL TO PREPARE THE FORM 990. BOARD MEMBERS GENERALLY FEEL THAT IT IS THE APPROPRIATE FIDUCIARY PROCESS. IT IS THE BOARD OR AUDIT COMMITTEE'S ROLE TO EVALUATE THE PERSON(S) OR FIRM HIRED TO PREPARE THE TAX RETURN AND TO DETERMINE THAT THE RETURN IS APPROPRIATELY FILED. THE IFAC AUDIT COMMITTEE HAS BEEN CHARGED WITH SUCH RESPONSIBILITY AND HAS TAKEN APPROPRIATE STEPS IN THAT REGARD. ADDITIONALLY, A REVIEW OF THE FINAL VERSION OF THE FORM 990 WAS PERFORMED BY A MEMBER OF THE AUDIT COMMITTEE WHO IS A US CPA AND RESIDES IN THE UNITED STATES, AS WELL AS, MEMBERS OF THE IFAC'S FINANCE MANAGEMENT TEAM. FORM 990, PART VI, SECTION B, LINE 12C THE IFAC BYLAWS REQUIRE EACH BOARD MEMBER TO SIGN AN INDEPENDENCE (CONFLICT OF INTEREST) DECLARATION AT THE BEGINNING OF EACH YEAR. BOARD MEMBERS ARE SENSITIVE TO ANY INTERESTS THEY MAY HAVE IN A DECISION TO BE MADE BY THE BOARD AND, TO THE EXTENT POSSIBLE, RECOGNIZE SUCH INTEREST PRIOR TO THE DISCUSSION OR PRESENTATION OF SUCH MATTER BEFORE THE BOARD. UPON RECOGNIZING THE EXISTENCE OF THE CONFLICT, REGARDLESS OF THE DEGREE OF MATERIALITY, THE BOARD MEMBER DISCLOSES THE CONFLICT TO THE BOARD BEFORE THE BOARD TAKES ACTION ON THE MATTER. THE CONFLICTED BOARD MEMBER DOES NOT PARTICIPATE IN THE BOARDS DELIBERATION AND ABSTAINS FROM ALL VOTES RELATING TO THE MATTER AT CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE REMUNERATION OF THE CHIEF EXECUTIVE OFFICER IS RECOMMENDED BY THE HUMAN RESOURCES AND COMPENSATION COMMITTEE (HRCC) AND IS APPROVED BY THE IFAC BOARD. THE HRCC IS COMPRISED OF THE PRESIDENT, DEPUTY PRESIDENT, AUDIT COMMITTEE CHAIR AND GOVERNANCE COMMITTEE CHAIR. THE HRCC IS RESPONSIBLE FOR REVIEWING AND PROVIDING FEEDBACK ON AN ANNUAL REPORT OF BOTH THE SALARIES AND BONUSES FOR IFAC EXECUTIVE STAFF, ALL DETERMINED BY THE CEO IN ACCORDANCE WITH THE IFAC COMPENSATION POLICIES. FORM 990, PART VI, SECTION C, LINE 19 THE PUBLIC CAN ACCESS THESE DOCUMENTS LISTED BY VISITING THE ORGANIZATION'S WEBSITE AT HTTP://WWW.IFAC.ORG AND/OR UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 3,844,057. FORM 990, PART XI, LINE 9: LOSS ON RE-MEASUREMENT OF DEFINED BENEFIT OBLIGATION -964,489. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCEDURES. FORUM OF FIRMS 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 10017 141858441 PROMOTE CONSISTENT & QUALITY STANDARD OF FINANCIAL REPORTING NY 501(C)(6) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 FORUM OF FIRMS Q 829927 ALLOCATION OF COSTS SCHEDULE R, PART V, LINE 1Q 2019 TAC EXPENSES REIMBURSED BY FORUM OF FIRMS TO INTERNATIONAL FEDERATION OF ACCOUNTANTS: - SALARY AND BENEFITS: $561,638. - OTHER EXPENSES: $268,289. TOTAL 2019 TAC EXPENSES: $829,927.