MUNICIPAL SECURITIES RULEMAKING BOARD: Form 990, tax year 2018

View the entire original 990 at ProPublica ↗

Organization: MUNICIPAL SECURITIES RULEMAKING BOARD (EIN 52-1042433)
Tax period: 2018-10-01 to 2019-09-30
Filed: 2020-08-17
IRS object ID: 202022309349300937
Schema version: 2018v3.3
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
Form 990
Schedule C
Schedule D
Schedule J
Schedule O

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2020-08-17T08:58:39-05:00	ReturnTs
Tax Period End	2019-09-30	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	2018-10-01	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	NANETTE D LAWSON	PersonNm
Person Title	INTERIM CEO	PersonTitleTxt
Signature	2020-07-29	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

Filing Security Information FilingSecurityInformation

IP Address IPAddress

Field	Value	IRS element (for citing)
I Pv4 Address	155.201.35.58	IPv4AddressTxt

Field	Value	IRS element (for citing)
Federal Original Submission Id	52580220202305000000	FederalOriginalSubmissionId
Federal Original Submission Id	2020-08-17	FederalOriginalSubmissionIdDt
Filing License Type	P	FilingLicenseTypeCd
At Submission Creation Device Id	3188CC9ED81B9C6F51D1E724B8736A3BAF9980AF	AtSubmissionCreationDeviceId
At Submission Filing Device Id	15799E5E96E25A23166EA57A97EA36F75A8B5160	AtSubmissionFilingDeviceId

Field	Value	IRS element (for citing)
Tax	2018	TaxYr
Build TS	2020-09-23 17:36:50Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	NANETTE D LAWSON	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	$32,877,847	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	145	TotalEmployeeCnt
Total Volunteers	0	TotalVolunteersCnt
Total Gross UBI	$0	TotalGrossUBIAmt
PY Contributions Grants	$38,301,643	PYContributionsGrantsAmt
CY Contributions Grants	$28,739,318	CYContributionsGrantsAmt
PY Program Service Revenue	$2,938,970	PYProgramServiceRevenueAmt
CY Program Service Revenue	$2,857,801	CYProgramServiceRevenueAmt
PY Investment Income	$860,288	PYInvestmentIncomeAmt
CY Investment Income	$1,280,728	CYInvestmentIncomeAmt
PY Other Revenue	$0	PYOtherRevenueAmt
CY Other Revenue	$0	CYOtherRevenueAmt
PY Total Revenue	$42,100,901	PYTotalRevenueAmt
CY Total Revenue	$32,877,847	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	$21,199,215	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$22,957,959	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$0	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$0	CYTotalFundraisingExpenseAmt
PY Other Expenses	$16,179,089	PYOtherExpensesAmt
CY Other Expenses	$19,344,539	CYOtherExpensesAmt
PY Total Expenses	$37,378,304	PYTotalExpensesAmt
CY Total Expenses	$42,302,498	CYTotalExpensesAmt
PY Revenues Less Expenses	$4,722,597	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	-$9,424,651	CYRevenuesLessExpensesAmt
Total Assets BOY	$88,567,608	TotalAssetsBOYAmt
Total Assets EOY	$80,231,181	TotalAssetsEOYAmt
Total Liabilities BOY	$9,752,147	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$9,943,197	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$78,815,461	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$70,287,984	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 education, outreach and market leadership: 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
Temp Or Permanent Endowments	false	TempOrPermanentEndowmentsInd
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 With Officer Ent	false	BusinessRlnWithOfficerEntInd
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	71	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (true)	BackupWthldComplianceInd
Employee	145	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	false	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	false	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 (41 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	Key EmployeeKeyEmployeeInd	Highest Compensated EmployeeHighestCompensatedEmployeeInd	Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd
GARY HALL
DIRECTOR, BOARD CHAIR	6.0	0.0	Yes (X)	Yes (X)	$67,800	$0	$0
EDWARD J SISK
DIRECTOR, BOARD VICE CHAIR	4.0	0.0	Yes (X)	Yes (X)	$57,500	$0	$0
RENEE BOICOURT
DIRECTOR	4.0	0.0	Yes (X)		$55,300	$0	$0
PATRICK BRETT
DIRECTOR	4.0	0.0	Yes (X)		$13,750	$0	$0
ROBERT CLARKE BROWN
DIRECTOR	4.0	0.0	Yes (X)		$56,250	$0	$0
JULIA H COOPER
DIRECTOR	4.0	0.0	Yes (X)		$56,550	$0	$0
CAROLINE CRUISE
DIRECTOR	4.0	0.0	Yes (X)		$13,750	$0	$0
JOSEPH P DARCY
DIRECTOR	4.0	0.0	Yes (X)		$14,850	$0	$0
RONALD J DIECKMAN
DIRECTOR	4.0	0.0	Yes (X)		$56,702	$0	$0
RICHARD K ELLIS
DIRECTOR	4.0	0.0	Yes (X)		$60,300	$0	$0
FRANCIS E FAIRMAN IV
DIRECTOR	4.0	0.0	Yes (X)		$13,750	$0	$0
WILLIAM M FITZGERALD SR
DIRECTOR	4.0	0.0	Yes (X)		$55,000	$0	$0
JERRY W FORD
DIRECTOR	4.0	0.0	Yes (X)		$56,550	$0	$0
MANJU S GANERIWALA
DIRECTOR	4.0	0.0	Yes (X)		$55,000	$0	$0
DANIEL KILEY
DIRECTOR	4.0	0.0	Yes (X)		$14,850	$0	$0
LAKSHMI KOMMI
DIRECTOR	4.0	0.0	Yes (X)		$55,300	$0	$0
KEMP J LEWIS
DIRECTOR	4.0	0.0	Yes (X)		$55,300	$0	$0
SEEMA MOHANTY
DIRECTOR	4.0	0.0	Yes (X)		$55,300	$0	$0
CHRISTOPHER M RYON
DIRECTOR	4.0	0.0	Yes (X)		$55,000	$0	$0
DONNA M SIMONETTI
DIRECTOR	4.0	0.0	Yes (X)		$55,300	$0	$0
BETH WOLCHOCK
DIRECTOR	4.0	0.0	Yes (X)		$55,300	$0	$0
LYNNETTE KELLY
CEO (UNTIL 09/30/19)	40.0	0.0		Yes (X)	$1,338,930	$0	$45,309
NANETTE D LAWSON
TREASURER AND CFO	40.0	0.0		Yes (X)	$286,299	$0	$63,792
MICHAEL POST
GENERAL COUNSEL	40.0	0.0		Yes (X)	$428,035	$0	$29,278
RONALD W SMITH
CORPORATE SECRETARY	40.0	0.0		Yes (X)	$225,612	$0	$33,432
MALLORY BUCHER
ASSISTANT CORPORATE SECRETARY	40.0	0.0		Yes (X)	$114,257	$0	$20,022
JOHN A BAGLEY
CHIEF MARKET STRUCTURE OFFICER	40.0	0.0			$463,517	$0	$55,980	Yes (X)
MARK KIM
VICE PRESIDENT AND COO	40.0	0.0			$565,372	$0	$62,431	Yes (X)
GAIL MARSHALL
CHIEF COMPLIANCE OFFICER	40.0	0.0			$370,419	$0	$46,170	Yes (X)
LANNY SCHWARTZ
CHIEF REGULATORY OFFICER	40.0	0.0			$324,585	$0	$26,356	Yes (X)
MARGARET BLAKE
ASSOCIATE GENRAL COUNSEL	40.0	0.0			$267,337	$0	$57,218		Yes (X)
PAMELA ELLIS
ASSOCIATE GENERAL COUNSEL	40.0	0.0			$265,371	$0	$35,598		Yes (X)
JENNIFER A GALLOWAY
CHIEF COMMUNICATIONS OFFICER	40.0	0.0			$267,595	$0	$62,812		Yes (X)
RITTA MCLAUGHLIN
CHIEF EDUCATION OFFICER	40.0	0.0			$328,255	$0	$53,757		Yes (X)
SIMON WU
CHIEF ECONOMIST	40.0	0.0			$247,081	$0	$32,465		Yes (X)
LUCY HOOPER
FORMER BOARD CHAIR	0.0	0.0			$67,500	$0	$0			Yes (X)
ARTHUR M MILLER
FORMER BOARD VICE CHAIR	0.0	0.0			$48,750	$0	$0			Yes (X)
J ANTHONY BEARD
FORMER DIRECTOR	0.0	0.0			$28,784	$0	$0			Yes (X)
RICHARD FROEHLICH
FORMER DIRECTOR	0.0	0.0			$41,250	$0	$0			Yes (X)
RITA SALLIS
FORMER DIRECTOR	0.0	0.0			$13,741	$0	$0			Yes (X)
DALE TURNIPSEED
FORMER DIRECTOR	0.0	0.0			$41,250	$0	$0			Yes (X)

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$6,713,342	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$624,620	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	63	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
CC Pace Systems Inc
4100 Monument Corner Drive Suite 4	FAIRFAX	VA	22030	Software Development	$1,954,999
Catalyte
502 S Sharp Street Suite 2200	Baltimore	MD	21201	Software Development	$838,084
Allen Interactions
1120 Centre Pointe Drive	MENDOTA HEIGHTS	MN	20001	Education Cont. Dev.	$467,153
APCO Worldwide LLC
1299 Pennsylvania Avenue NW	Washington	DC	20004	Public Education	$445,000
Sutherland Global Services
1160 Pittsford-Victor Rd	Pittsford	NY	14534	Call Center	$292,224

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	11	CntrctRcvdGreaterThan100KCnt
Membership Dues	$28,739,318	MembershipDuesAmt
Total Contributions	$28,739,318	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp (5 entries)

DescDesc	BusinessBusinessCd	Total Revenue ColumnTotalRevenueColumnAmt	Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
DATA SUBSCRIPTIONS	900099	$2,235,257	$2,235,257
VIOLATION FINE REVENUE	900099	$151,183	$151,183
PROFESSIONAL QUALIFICATION EXAM FEES	900099	$449,905	$449,905
MUNIEDPRO	900099	$16,871	$16,871
OTHER INCOME	900099	$4,585	$4,585

Field	Value	IRS element (for citing)
Total Program Service Revenue	$2,857,801	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$1,280,728	TotalRevenueColumnAmt
Related Or Exempt Func Income	$1,280,728	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

Field	Value	IRS element (for citing)
Other Revenue Total	$0	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$32,877,847	TotalRevenueColumnAmt
Related Or Exempt Func Income	$4,138,529	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	$5,769,871	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	$13,648,080	TotalAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$1,033,410	TotalAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$1,398,264	TotalAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$1,108,334	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	$332,408	TotalAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$257,819	TotalAmt

Fees For Services Lobbying FeesForServicesLobbyingGrp

Field	Value	IRS element (for citing)
Total	$7,175	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	$5,810,667	TotalAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$436,454	TotalAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$2,434,159	TotalAmt

Royalties RoyaltiesGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$2,362,749	TotalAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$718,392	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	$384,232	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	$4,303,342	TotalAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$254,850	TotalAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt
DATA AND INFORMATION SERVICES	$1,282,763
DUES, REGISTRATIONS, TRAINING	$153,806
PROPERTY AND OTHER TAXES	$345,141
OTHER	$260,582

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$42,302,498	TotalAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$455,520	BOYAmt
EOY	$350,677	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$1,220,403	BOYAmt
EOY	$978,075	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	$5,744,835	BOYAmt
EOY	$4,887,454	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	$1,459,687	BOYAmt
EOY	$1,349,573	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$46,117,420	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$34,576,325	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$13,918,388	BOYAmt
EOY	$11,541,095	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$65,768,775	BOYAmt
EOY	$61,124,307	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	$88,567,608	BOYAmt
EOY	$80,231,181	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$2,771,342	BOYAmt
EOY	$3,298,154	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	$304,454	BOYAmt
EOY	$243,474	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	$6,676,351	BOYAmt
EOY	$6,401,569	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$9,752,147	BOYAmt
EOY	$9,943,197	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows SFAS117	Yes (X)	OrganizationFollowsSFAS117Ind

Unrestricted Net Assets UnrestrictedNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$78,815,461	BOYAmt
EOY	$70,287,984	EOYAmt

Temporarily Rstr Net Assets TemporarilyRstrNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Permanently Rstr Net Assets PermanentlyRstrNetAssetsGrp

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	$78,815,461	BOYAmt
EOY	$70,287,984	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$88,567,608	BOYAmt
EOY	$80,231,181	EOYAmt

Field	Value	IRS element (for citing)
Reconcilation Revenue Expnss	-$9,424,651	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$908,331	NetUnrlzdGainsLossesInvstAmt
Investment Expense	-$11,157	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	$28,739,318	DuesAssessmentsAmt
Non Deductible Lbbyng Pltcl CY	$68,389	NonDeductibleLbbyngPltclCYAmt
Non Deductible Lbbyng Pltcl Tot	$68,389	NonDeductibleLbbyngPltclTotAmt
Taxable	$68,389	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	$4,054,896	OtherCostOrOtherBasisAmt
Depreciation	$1,175,603	DepreciationAmt
Book Value	$2,879,293	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$5,408,425	OtherCostOrOtherBasisAmt
Depreciation	$5,031,582	DepreciationAmt
Book Value	$376,843	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$36,654,099	OtherCostOrOtherBasisAmt
Depreciation	$28,369,140	DepreciationAmt
Book Value	$8,284,959	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$11,541,095	TotalBookValueLandBuildingsAmt
Federal Income Tax Liability	$0	FederalIncomeTaxLiabilityAmt

Other Liabilities Org OtherLiabilitiesOrgGrp

Field	Value	IRS element (for citing)
Desc	DEFERRED RENT	Desc
Amt	$6,401,569	Amt

Field	Value	IRS element (for citing)
Total Liability	$6,401,569	TotalLiabilityAmt
Footnote Text	Yes (X)	FootnoteTextInd
Total Rev Etc Audited Fincl Stmt	$33,775,021	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$908,331	NetUnrealizedGainsInvstAmt
Revenue Not Reported	$908,331	RevenueNotReportedAmt
Revenue Subtotal	$32,866,690	RevenueSubtotalAmt
Investment Expenses Not Incld	$11,157	InvestmentExpensesNotIncldAmt
Revenue Not Reported Fincl Stmt	$11,157	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$32,877,847	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$42,302,498	TotExpnsEtcAuditedFinclStmtAmt
Expenses Subtotal	$42,302,498	ExpensesSubtotalAmt
Total Expenses Per Form990	$42,302,498	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 2016 to 2019, 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	false	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	Yes (true)	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	false	EquityBasedCompArrngmInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (19 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
LYNNETTE KELLY
CEO (UNTIL 09/30/19)	$747,429	$0	$148,554	$0	$442,947	$0	$24,750	$0	$20,559	$0	$1,384,239	$0	$252,444	$0
NANETTE D LAWSON
TREASURER AND CFO	$249,799	$0	$36,500	$0	$0	$0	$22,967	$0	$40,825	$0	$350,091	$0	$0	$0
MICHAEL POST
GENERAL COUNSEL	$395,035	$0	$33,000	$0	$0	$0	$20,000	$0	$9,278	$0	$457,313	$0	$0	$0
RONALD W SMITH
CORPORATE SECRETARY	$212,012	$0	$13,600	$0	$0	$0	$19,828	$0	$13,604	$0	$259,044	$0	$0	$0
JOHN A BAGLEY
CHIEF MARKET STRUCTURE OFFICER	$403,017	$0	$60,500	$0	$0	$0	$19,250	$0	$36,730	$0	$519,497	$0	$0	$0
MARK KIM
VICE PRESIDENT AND COO	$486,872	$0	$78,500	$0	$0	$0	$21,067	$0	$41,364	$0	$627,803	$0	$0	$0
GAIL MARSHALL
CHIEF COMPLIANCE OFFICER	$319,419	$0	$51,000	$0	$0	$0	$21,006	$0	$25,164	$0	$416,589	$0	$0	$0
LANNY SCHWARTZ
CHIEF REGULATORY OFFICER	$265,392	$0	$22,000	$0	$37,193	$0	$15,166	$0	$11,190	$0	$350,941	$0	$0	$0
MARGARET BLAKE
ASSOCIATE GENRAL COUNSEL	$256,537	$0	$10,800	$0	$0	$0	$18,848	$0	$38,370	$0	$324,555	$0	$0	$0
PAMELA ELLIS
ASSOCIATE GENERAL COUNSEL	$254,871	$0	$10,500	$0	$0	$0	$18,280	$0	$17,318	$0	$300,969	$0	$0	$0
JENNIFER A GALLOWAY
CHIEF COMMUNICATIONS OFFICER	$240,345	$0	$27,250	$0	$0	$0	$25,011	$0	$37,801	$0	$330,407	$0	$0	$0
RITTA MCLAUGHLIN
CHIEF EDUCATION OFFICER	$299,400	$0	$28,855	$0	$0	$0	$23,194	$0	$30,563	$0	$382,012	$0	$0	$0
SIMON WU
CHIEF ECONOMIST	$237,981	$0	$9,100	$0	$0	$0	$17,535	$0	$14,930	$0	$279,546	$0	$0	$0
LUCY HOOPER
FORMER BOARD CHAIR	$67,500	$0	$0	$0	$0	$0	$0	$0	$0	$0	$67,500	$0	$0	$0
ARTHUR M MILLER
FORMER BOARD VICE CHAIR	$48,750	$0	$0	$0	$0	$0	$0	$0	$0	$0	$48,750	$0	$0	$0
J ANTHONY BEARD
FORMER DIRECTOR	$28,784	$0	$0	$0	$0	$0	$0	$0	$0	$0	$28,784	$0	$0	$0
RICHARD FROEHLICH
FORMER DIRECTOR	$41,250	$0	$0	$0	$0	$0	$0	$0	$0	$0	$41,250	$0	$0	$0
RITA SALLIS
FORMER DIRECTOR	$13,741	$0	$0	$0	$0	$0	$0	$0	$0	$0	$13,741	$0	$0	$0
DALE TURNIPSEED
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 Chief Executive Officer for a taxable supplemental life insurance policy and long-term disability coverage.

SCHEDULE J, PART I, LINE 4b - NONQUALIFIED RETIREMENT PLAN

Lynnette Kelly, Chief Executive Officer, participated in a 457(f) supplemental nonqualified retirement plan until July 31, 2018 at which time the balance of $415,517 was paid to Ms. Kelly and the account was closed. A contribution of $127,283 was made during 2018.

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (14 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PART I, LINE 7B - NET UNRELATED BUSINESS TAXABLE INCOME	The MSRB did not have any direct or indirect unrelated taxable business activities during FY 2019. However, as a result of a provision in 2018 tax reform that was subsequently retroactively repealed in December 2019, tax-exempt organizations were subject, prior to the repeal, to unrelated business taxable income ("UBTI") tax for qualified transportation fringe benefits ("QTF") paid to employees under IRC Section 512 (A)(7), effective January 1, 2018. Due to the December 2019 retroactive repeal, the MSRB is not reporting QTF provided to its employees from October 1, 2018 to September 30, 2019 on 2018 Form 990, Part I Line 7b and 2018 Form 990-T as was disclosed in the prior 2017 Form 990, Part I line 7b and 2017 Form 990-T. The MSRB paid the 2017 UBTI obligation of $42,000 and made estimated tax payments for the 2018 UBTI obligation of $54,000 prior to the repeal, and now has an estimated refund receivable of $96,000.
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. EDUCATION, OUTREACH AND MARKET LEADERSHIP.
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 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 RULE 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. REGULATORY, COMPLIANCE AND PROFESSIONAL QUALIFICATION ACTIVITIES DURING FY 2019: TO KEEP PACE WITH ACCELERATING DEVELOPMENTS IN TECHNOLOGY AND EVOLVING MARKET PRACTICES, THE MSRB FORMALIZED ITS PROCESS FOR REVISITING ITS EXISTING RULES AND INTERPRETATIONS TO HELP ENSURE THAT THEY CONTINUE TO ACHIEVE THEIR INTENDED PURPOSES. THE MSRB DEVELOPED A SET OF CRITERIA TO HELP PRIORITIZE RULES FOR REVIEW AND HAS USED THE PUBLIC COMMENT PROCESS AND OTHER MEANS TO ENGAGE WITH STAKEHOLDERS AND CONSIDER A BROAD RANGE OF PERSPECTIVES BEFORE PROCEEDING WITH A PROPOSED RULE CHANGE. THESE CRITERIA INCLUDE: - WHETHER THE RULE IS CLEAR AND UNDERSTANDABLE OR A SUBJECT OF COMMON STAKEHOLDER QUESTIONS; - WHETHER THE RULE IS CONSISTENT WITH MARKET PRACTICES AND/OR CONSISTENT WITH THE RELEVANT RULES OF OTHER REGULATORS OR OTHER REQUIREMENTS FOR THE RELEVANT REGULATED ENTITY; - WHETHER THERE IS A CONTINUED NEED FOR THE RULE; - WHETHER THE RULE HAS A SUBSTANTIAL BODY OF HISTORICAL INTERPRETIVE GUIDANCE; - WHETHER COMMENTERS HAVE PREVIOUSLY EXPRESSED (WHETHER IN A FORMAL COMMENT LETTER OR OTHERWISE) A DESIRE FOR THE MSRB TO RECONSIDER A PARTICULAR RULE REQUIREMENT; - THE AGE OF THE RULE AND THE LENGTH OF TIME SINCE IT WAS REVIEWED HOLISTICALLY; - THE LEVEL OF RELEVANT ENFORCEMENT ACTIVITY; AND - WHETHER THE BENEFITS OF THE RULE ARE COMMENSURATE WITH ITS BURDENS. DEALER AND MUNICIPAL ADVISOR-RELATED REGULATORY ACTIVITY 2019: RULES MODERNIZED IN ACCORDANCE WITH CRITERIA ESTABLISHED IN 2019 TO PRIORITIZE MSRB RULES FOR RETROSPECTIVE REVIEW, THE MSRB REVIEWED AND DETERMINED TO MODERNIZE THE FOLLOWING RULES: - RESCINDED MSRB RULE G-29, WHICH REQUIRED DEALERS TO MAINTAIN A COPY OF THE MSRB RULEBOOK IN ALL OFFICES THAT CONDUCTED MUNICIPAL SECURITIES ACTIVITIES. THIS RULE BECAME OBSOLETE DUE TO THE PUBLIC ACCESSIBILITY OF THE RULES ON THE MSRB WEBSITE. - AMENDED MSRB RULE G-11 ON PRIMARY OFFERING PRACTICES TO IMPROVE REGULATORY TRANSPARENCY AND EQUALIZE INFORMATION DISSEMINATION IN PRIMARY OFFERINGS. - AMENDED MSRB RULE G-32 ON DISCLOSURES IN CONNECTION WITH PRIMARY OFFERINGS TO COLLECT ADDITIONAL DATA FROM UNDERWRITERS FOR PRIMARY OFFERINGS THROUGH MSRB FORM G-32. GUIDANCE: - UPDATED EXISTING GUIDANCE ON MSRB RULE G-18, WHICH REQUIRES DEALERS TO SEEK THE MOST FAVORABLE TERMS REASONABLY AVAILABLE FOR RETAIL CUSTOMER TRANSACTIONS IN MUNICIPAL SECURITIES, TO FURTHER CLARIFY THAT A DEALER IS NOT REQUIRED TO POST A SOLICITATION FOR BIDS SIMULTANEOUSLY THROUGH MULTIPLE TRADING PLATFORMS IN ORDER TO MEET ITS BEST-EXECUTION OBLIGATIONS. RULES ADVANCED: - ESTABLISHED THE EFFECTIVE DATE FOR AMENDMENTS TO MSRB RULE G-21 ON ADVERTISING BY BROKERS, DEALERS AND MUNICIPAL SECURITIES DEALERS AND NEW MSRB RULE G-40 ON ADVERTISING BY MUNICIPAL ADVISORS, AND PROVIDED NEW INTERPRETIVE GUIDANCE TO THE RULES ON THE USE OF SOCIAL MEDIA. - PROPOSED AMENDMENT TO 2012 INTERPRETIVE GUIDANCE ON UNDERWRITER DISCLOSURES UNDER MSRB RULE G-17 ON FAIR DEALING TO STREAMLINE REQUIRED DISCLOSURES TO FOCUS MORE NARROWLY ON THE RISKS AND CONFLICTS MOST RELEVANT TO A GIVEN TRANSACTION; - PUBLISHED REQUEST FOR COMMENT ON MSRB RULE G-23 AND RELATED INTERPRETIVE GUIDANCE REGARDING WHETHER REQUIREMENTS FOR BROKERS, DEALERS AND MUNICIPAL SECURITIES DEALERS ACTING IN A FINANCIAL ADVISOR CAPACITY REMAIN APPROPRIATE IN LIGHT OF THE REGULATORY FRAMEWORK IMPLEMENTED FOR MUNICIPAL ADVISORS AND OTHER CHANGES IN THE MUNICIPAL SECURITIES MARKET SINCE RULE G-23 WAS LAST AMENDED IN 2011; AND - DETERMINED TO RESCIND A PROVISION OF MSRB RULE G-34 RELATED TO MUNICIPAL ADVISORS APPLYING FOR CUSIP NUMBERS ON COMPETITIVE TRANSACTIONS.
REGULATED ENTITY COMPLIANCE RESOURCES AND ACTIVITIES 2019:	- JOINED WITH THE SEC AND FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) TO HOST A FREE COMPLIANCE OUTREACH PROGRAM FOR MORE THAN 300 MUNICIPAL ADVISORS TO DISCUSS REGULATORY AND COMPLIANCE ISSUES WITH REGULATORS; - PUBLISHED A COMPLIANCE RESOURCE TO HELP MUNICIPAL ADVISORS EVALUATE THEIR SUPERVISORY CONTROLS IN THE IMPLEMENTATION OF MSRB RULE G-40, ON ADVERTISING BY MUNICIPAL ADVISORS; - PUBLISHED A COMPLIANCE RESOURCE TO ENHANCE MARKET UNDERSTANDING OF THE LIMITED SCOPE OF PERMISSIBLE "BUSINESS ENTERTAINMENT" UNDER RULE G-20, INCLUDING INFORMATION ON GIFTS THAT GENERALLY QUALIFY AS A "NORMAL BUSINESS DEALING," CLARIFICATION ON THE APPROPRIATE FREQUENCY OF GIFTS THAT MAY QUALIFY AS SUCH, AND RELATED SCENARIOS AND SAMPLE SUPERVISORY CONSIDERATIONS; - UPDATED THE COMPLIANCE RESOURCES PAGE ON MSRB.ORG, ENHANCING HOW COMPLIANCE RESOURCES ARE ORGANIZED; - PUBLISHED A COMPLIANCE RESOURCE HIGHLIGHTING SELECT MSRB RULES, INTERPRETIVE GUIDANCE AND RESOURCES RELATED TO 2019 MUNICIPAL SECURITIES EXAMINATION PRIORITIES OF THE SEC'S OFFICE OF INSPECTIONS AND EXAMINATIONS (OCIE) AND FINRA; - PUBLISHED A COMPLIANCE RESOURCE ON REQUESTING INTERPRETIVE GUIDANCE FROM THE MSRB TO HELP MARKET PARTICIPANTS UNDERSTAND THE PROCESS AND PROVIDE GUIDELINES FOR ASKING FOR ASSISTANCE FROM THE MSRB; - PUBLISHED A Q&A SUMMARY OF QUESTIONS ADDRESSED DURING THE MSRB'S COMPLIANCE WORKSHOP ON MSRB RULE G-37, WHICH COVERS POLITICAL CONTRIBUTIONS AND PROHIBITIONS ON MUNICIPAL SECURITIES AND MUNICIPAL ADVISORY BUSINESS; - PUBLISHED A GUIDE TO ASSIST INDIVIDUALS PREPARING TO TAKE THE MUNICIPAL ADVISOR PRINCIPAL QUALIFICATION EXAMINATION (SERIES 54), INCLUDING INFORMATION ABOUT THE VOLUNTARY SERIES 54 PILOT; - PUBLISHED A COMPLIANCE RESOURCE TO ANSWER FREQUENTLY ASKED QUESTIONS AND PROVIDE SAMPLE CLOSE-OUT CALENDARS TO ENHANCE UNDERSTANDING OF PROVISIONS UNDER THE UNIFORM PRACTICE CODE; - PUBLISHED A COMPLIANCE RESOURCE TO ANSWER FREQUENTLY ASKED QUESTIONS ABOUT PRICE VARIANCE ALERTS ON REPORTED TRADES TO THE MSRB'S REAL-TIME TRANSACTION REPORTING SYSTEM (RTRS).
PROFESSIONAL QUALIFICATION ACTIVITY 2019:	RULES ADVANCED - AMENDED MSRB RULE G-3 ON PROFESSIONAL QUALIFICATION REQUIREMENTS TO REQUIRE MUNICIPAL ADVISOR PRINCIPALS TO PASS THE SERIES 54 EXAMINATION TO BECOME APPROPRIATELY QUALIFIED TO DIRECTLY ENGAGE IN THE MANAGEMENT, DIRECTION OR SUPERVISION OF MUNICIPAL ADVISORY ACTIVITIES AS A MUNICIPAL ADVISOR PRINCIPAL; AND - CONDUCTED SERIES 54 PILOT EXAM TO SET PASSING SCORE AND VALIDATE TEST QUESTIONS FOR THIS NEW PROFESSIONAL QUALIFICATION EXAMINATION.
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 RE-DISSEMINATING 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 2019, THE MSRB OFFERED FIVE PRINCIPAL DATA PRODUCTS WITH APPROXIMATELY 152 ACTIVE SUBSCRIPTION AGREEMENTS. DURING FY 2019, THE MSRB MADE ENHANCEMENTS TO THE EMMA WEBSITE TO BETTER SERVE THE INFORMATION NEEDS OF MUNICIPAL SECURITIES INVESTORS AND OTHER MARKET PARTICIPANTS. ENHANCEMENTS INCLUDED: - ROLLED OUT AN ENHANCED QUICK SEARCH FUNCTIONALITY AIMED AT FACILITATING ACCESS TO DATA AND DISCLOSURES BY INTRODUCING PREDICTIVE SEARCHING FOR ISSUER NAMES AND ISSUE DESCRIPTIONS; - MODIFIED EMMA DATAPORT, THE USER INTERFACE USED BY ISSUERS AND OBLIGATED PERSONS TO FILE DISCLOSURES, AND THE EMMA WEBSITE TO ACCEPT AND DISPLAY TWO NEW EVENT DISCLOSURES TO COINCIDE WTH AMENDMENTS TO SEC RULE 15C2-12, WHICH TOOK EFFECT IN FEBRUARY 2019; - ENHANCED THE DISCLOSURE SUBMISSION PROCESS THROUGH EMMA DATAPORT TO INTRODUCE A GUIDED SUBMISSION "WIZARD," ALLOW ISSUERS TO DOWNLOAD EXPORTABLE REPORTS OF PAST SUBMISSIONS, AND SEAMLESSLY NAVIGATE BETWEEN EMMA DATAPORT AND THE EMMA WEBSITE. - ENHANCED THE PROCESS FOR CREATING AND MANAGING A FREE CUSTOMIZED ISSUER HOMEPAGE ON EMMA TO ENABLE ISSUERS TO PROVIDE LINKS TO ADDITIONAL WEBSITES AND CONTACTS; AND - EXPANDED THE AVAILABILITY OF YIELD CURVES AND INDICES ON THE EMMA WEBSITE BY ADDING THE U.S. TREASURY YIELD CURVE TO THE EXISTING THIRD-PARTY MARKET INDICATORS. THE MSRB ALSO PUBLISHED THE FOLLOWING MARKET DATA AND ANALYSIS REPORTS: - MSRB FACT BOOK 2018, A COMPREHENSIVE REFERENCE FOR HISTORICAL TRADE STATISTICS; - MARK-UP DISCLOSURE AND TRADING IN THE MUNICIPAL SECURITIES MARKET, A REPORT THAT EXAMINED THE IMPACT OF MSRB MARK-UP REGULATIONS AND WHETHER THERE WERE ANY UNINTENDED CONSEQUENCES ON MUNICIPAL BOND TRADING ACTIVITIES; - DEALER PARTICIPATION AND CONCENTRATION IN THE MUNICIPAL BOND MARKET, A REPORT THAT ANALYZED CHANGES AND TRENDS IN THE CUSTOMER TRADING ACTIVITY OF MUNICIPAL SECURITIES DEALERS IN 2018, UPDATING AND EXPANDING UPON THE REPORT EXAMINING 2017 TRENDS; - ANALYSIS OF MUNICIPAL SECURITIES PRE-TRADE DATA FROM ALTERNATIVE TRADING SYSTEMS, A REPORT THAT ADDS TO THE LITERATURE ON PRE-TRADE PRICE TRANSPARENCY.
FORM 990, PART III, LINE 4C, PROGRAM SERVICE ACCOMPLISHMENTS	ENGAGING IN EDUCATION, OUTREACH AND MARKET LEADERSHIP: THE MSRB ENGAGES WITH MUNICIPAL MARKET PARTICIPANTS, REGULATORS, POLICYMAKERS AND OTHERS TO BUILD UNDERSTANDING OF THE MUNICIPAL MARKET AND TO PROMOTE PRACTICES, POLICIES AND PROBLEM-SOLVING THAT PROTECT INVESTORS, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND THE PUBLIC INTEREST. THE MSRB ALSO ENGAGES IN EDUCATION AND OUTREACH ACTIVITIES THAT SUPPORT THE UNDERSTANDING OF THE MUNICIPAL MARKET AND HELP FURTHER PROTECT INVESTORS, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND THE PUBLIC INTEREST. DURING FY 2019, HIGHLIGHTS IN THIS AREA INCLUDE: - EXPANDED ACCESS TO HIGH-QUALITY MUNICIPAL SECURITIES MARKET EDUCATION BY MAKING AVAILABLE FREE OF CHARGE ALL COURSES ON MUNIEDPRO, A SUITE OF INTERACTIVE, ONLINE COURSES ABOUT MSRB RULES AND MUNICIPAL MARKET TRANSACTIONS; - LAUNCHED THE MSRB PODCAST, A NEW SERIES OF INTERVIEWS WITH MSRB EXPERTS DISCUSSING MUNICIPAL SECURITIES REGULATION, MARKET DATA AND EMERGING MARKET TOPICS; - HOSTED A WEBINAR WITH THE SEC TO DISCUSS FREQUENTLY ASKED QUESTIONS RELATED TO RECENT AMENDMENTS TO SEC RULE 15C2-12, AS WELL AS CHANGES TO THE EMMA WEBSITE TO ACCOMMODATE THESE AMENDMENTS; - RELEASED A NEW MUNIEDPRO COURSE ON STRUCTURING A FIXED-RATE MUNICIPAL BOND TRANSACTION AND CONTINUED TO REFRESH THE COURSE CATALOG TO MEET THE EDUCATIONAL NEEDS OF DEALERS, MUNICIPAL ADVISORS AND OTHER MARKET PARTICIPANTS; - RECEIVED BRANDON HALL GROUP BRONZE AWARD FOR EXCELLENCE IN TECHNOLOGY FOR THE MUNIEDPRO PLATFORM, EARNED FOR BEST ADVANCE IN LEARNING MANAGEMENT TECHNOLOGY FOR COMPLIANCE TRAINING; - SUPPORTED UNDERSTANDING OF MSRB REGULATIONS BY PUBLISHING SUPPORTING EDUCATIONAL CONTENT AND OFFERING 12 WEBINARS ON MSRB RULES AND MARKET PRACTICES FOR MORE THAN 6,000 PARTICIPANTS; - ESTABLISHED FORMAL ACADEMIC PROGRAM TO FURTHER SUPPORT MARKET RESEARCH, INCLUDING A NEW VISITING SCHOLAR POSITION AND THE ONGOING PROVISION OF MULTIPLE MUNICIPAL MARKET DATA SETS TO UNIVERSITIES AND OTHER RESEARCH INSTITUTIONS LOOKING TO CONDUCT RESEARCH ON THE MUNICIPAL SECURITIES MARKET; - PRESENTED AT 76 INDUSTRY EVENTS TO AN AUDIENCE OF APPROXIMATELY 11,800 MARKET PARTICIPANTS AND OTHERS ON TOPICS SUCH AS CONTINUING DISCLOSURE COMPLIANCE AND WHAT TO EXPECT FROM MUNICIPAL FINANCE PROFESSIONALS; - PUBLISHED NEW EDUCATIONAL RESOURCES FOR ISSUERS AND INVESTORS ON HOW TO USE CUSIP NUMBERS ON EMMA AND EMMA DATAPORT, AS WELL AS RESOURCES FOR ISSUERS REGARDING SEC RULE 15C2-12; - UPDATED EDUCATIONAL RESOURCES FOR ISSUERS AND INVESTORS REGARDING EMMA, EMMA DATAPORT, AND CONTINUING DISCLOSURES; AND - FOR THE EIGHTH YEAR, PARTNERED WITH THE MUNICIPAL FORUM OF NEW YORK TO HOST MUNICIPAL FINANCE DAY IN WASHINGTON, DC FOR HIGH SCHOOL GRADUATES PARTICIPATING IN THE URBAN LEADERSHIP FELLOWS PROGRAM, WHICH ENABLES NEW YORK CITY YOUTH TO EXPLORE CAREERS IN FINANCE.
FORM 990, PART VI, SEC. A, LINE 2 - FAMILY & BUS. RELATIONSHIP	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 7B - GOVERNING BODY/MANAGEMENT	All proposed rule changes adopted by the Board of Directors of the MSRB are subject to the filing and approval or review requirements by the Securities and Exchange Commission under Section 19(b) of the Securities Exchange Act of 1934. 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 01/22/2020 and the Board of Directors conducted its review on 01/23/2020.
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 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 in July 2016. 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:5584848
FORM 990 PART IX LINE 11G	DESCRIPTION:RECRUITMENT TOTAL FEES:225819