2019-11-12T22:18:41-06:00 2018-12-31 420714325 RSM US LLP 9801 WASHINGTONIAN BLVD STE 500 GAITHERSBURG MD 20878 990 2018-01-01 462258052 STRUCTURED FINANCE INDUSTRY GROUP INC STRU 2025246300 1776 I STREET NW NO 501 WASHINGTON DC 20006 COVELL ADAMS COO 2025246300 2019-11-12 1 WILLIAM E TURCO CPA P00369217 3012963600 66.98.98.134 2019-11-12 16:40:48 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 00BFBB601F26E6691F3C42FDB75EEBE807206D5E 2018 2020-03-31 21:24:44Z X STRUCTURED FINANCE ASSOCIATION COVELL ADAMS 1776 I STREET NW NO 501 WASHINGTON DC 20006 7432890 0 X WWW.SFINDUSTRY.ORG X 2013 DE STRUCTURED FINANCE INDUSTRY GROUP WAS ESTABLISHED WITH THE CORE MISSION OF SUPPORTING A ROBUST AND LIQUID SECURITIZATION MARKET, RECOGNIZING THAT SECURITIZATION IS AN ESSENTIAL SOURCE OF CORE FUNDING FOR THE REAL ECONOMY. 41 41 30 500 0 23966 0 0 7407967 7378615 16504 21268 8925 33007 7433396 7432890 107339 7872 0 0 4445265 5128662 0 0 0 1955942 3060913 6508546 8197447 924850 -764557 12125864 15088570 6354480 10081743 5771384 5006827 STRUCTURED FINANCE INDUSTRY GROUP WAS ESTABLISHED WITH THE CORE MISSION OF SUPPORTING A ROBUST AND LIQUID SECURITIZATION MARKET, RECOGNIZING THAT SECURITIZATION IS AN ESSENTIAL SOURCE OF CORE FUNDING FOR THE REAL ECONOMY. 0 0 EDUCATING MEMBERS, LEGISLATORS, REGULATORS, AND OTHER CONSTITUENCIES ABOUT STRUCTURED FINANCE, SECURITIZATION, AND RELATED CAPITAL MARKETS THROUGH (BUT NOT LIMITED TO) SFIG-PRODUCED MATERIALS, PRESENTATIONS, FORUMS, AND CONFERENCES. BUILDING THE BROADEST POSSIBLE CONSENSUS AMONG MEMBERS ON POLICY, LEGAL, REGULATORY, AND OTHER MATTERS AFFECTING OR POTENTIALLY AFFECTING THE STRUCTURED FINANCE, SECURITIZATION, AND RELATED CAPITAL MARKETS. ADVOCATING ON BEHALF OF THE STRUCTURED FINANCE AND SECURITIZATION INDUSTRY WITH RESPECT TO POLICY, LEGAL, REGULATORY, AND OTHER MATTERS AFFECTING OR POTENTIALLY AFFECTING THE STRUCTURED FINANCE, SECURITIZATION, AND RELATED CAPITAL MARKETS. 0 0 0 1 0 0 0 0 0 1 0 0 0 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 1 1 0 1 19 0 1 30 1 1 1 0 0 0 0 0 1 0 X 41 41 0 0 1 0 1 0 0 1 0 0 0 0 1 0 1 0 0 1 1 0 X COVELL ADAMS COO 2025246300 1776 I ST NW STE 501 WASHINGTON DC 20006 HOWARD KAPLAN CHAIRMAN 1.00 X X 0 0 0 CHRIS ABATE VICE CHAIR 1.00 X X 0 0 0 MICHELE OLDS TREASURER 1.00 X X 0 0 0 REED AUERBACH SECRETARY 1.00 X X 0 0 0 CHRIS HAAS DIRECTOR 1.00 X 0 0 0 MIKE LLODRA DIRECTOR 1.00 X 0 0 0 ERIC WIEDELMAN DIRECTOR 1.00 X 0 0 0 GORDON SWEELY DIRECTOR 1.00 X 0 0 0 STEVE CEURVORST DIRECTOR 1.00 X 0 0 0 KENT SMITH DIRECTOR 1.00 X 0 0 0 GARY HORBACZ DIRECTOR 1.00 X 0 0 0 AASHH PAREKH DIRECTOR 1.00 X 0 0 0 NANCY MUELLER HANDAL DIRECTOR 1.00 X 0 0 0 VINCE FIORILLO DIRECTOR 1.00 X 0 0 0 ALYSSA IRVING DIRECTOR 1.00 X 0 0 0 KEVIN SWEENEY DIRECTOR 1.00 X 0 0 0 RACHEL GEORGE DIRECTOR 1.00 X 0 0 0 VALERIE KAY DIRECTOR 1.00 X 0 0 0 RYAN FARRIS DIRECTOR 1.00 X 0 0 0 WENDY COHN DIRECTOR 1.00 X 0 0 0 PATRICK SARGENT DIRECTOR 1.00 X 0 0 0 ANNA-LIZA HARRIS DIRECTOR 1.00 X 0 0 0 STEVE KUDENHOLDT DIRECTOR 1.00 X 0 0 0 ANDY FAULKNER DIRECTOR 1.00 X 0 0 0 TIM MOHAN DIRECTOR 1.00 X 0 0 0 BARRETT BURNS DIRECTOR 1.00 X 0 0 0 NED MYERS DIRECTOR 1.00 X 0 0 0 EVE KAPLAN DIRECTOR 1.00 X 0 0 0 CLAIRE MEZZANOTTE DIRECTOR 1.00 X 0 0 0 PATRICIA EVANS SCHULZE DIRECTOR 1.00 X 0 0 0 ALBERTA KNOWLES DIRECTOR 1.00 X 0 0 0 BOB BEHAL DIRECTOR 1.00 X 0 0 0 KEVIN CHAVERS DIRECTOR 1.00 X 0 0 0 JOHN DAHL DIRECTOR 1.00 X 0 0 0 GREGG SILVER DIRECTOR 1.00 X 0 0 0 NEIL WEIDNER DIRECTOR 1.00 X 0 0 0 TRICIA HAZELWOOD DIRECTOR 1.00 X 0 0 0 ROSEMARY KELLEY DIRECTOR 1.00 X 0 0 0 JASON BEHNKE DIRECTOR 1.00 X 0 0 0 SELENA BULLOCK DIRECTOR 1.00 X 0 0 0 GIUSEPPE PAGANO DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 CORY WISHENGRAD DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 YARED YAWAND-WOSSEN DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 ERIC KAPLAN DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 DAN MCGARVEY DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 LEWIS COHEN DIRECTOR UNTIL 06/2018 1.00 X 0 0 0 ANDY DAVIDSON DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 BARBARA PAK DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 LEO SUBLER DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 DEBORAH RAPPOPORT DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 JIM AHERN DIRECTOR UNTIL 10/2018 1.00 X 0 0 0 RICHARD JOHNS EXECUTIVE DIRECTOR UNTIL 06/2018 40.00 X 1480194 0 26436 COVELL ADAMS CHIEF OPERATING OFFICER 40.00 X 397062 0 48716 SAIRAH BURKI SR. DIRECTOR 40.00 X 462485 0 48445 DANIEL GOODWIN DIRECTOR 40.00 X 423349 0 50574 KRISTI LEO DIRECTOR 40.00 X 476760 0 33367 LESLIE SACK DIRECTOR 40.00 X 142930 0 31092 JENNIFER WOLFE MANAGER 40.00 X 168345 0 31452 DALLIN MERRILL MANAGER 40.00 X 127596 0 39056 JENNIFER SERPAS MANAGER 40.00 X 109421 0 16728 3788142 0 325866 9 0 1 0 RUSSELL REYNOLDS ASSOCIATES 1700 NEW YORK AVENUE NW SUITE 400 WASHINGTON DC 200065208 EXECUTIVE SEARCH 249916 MORGAN LEWIS & BOCKIUS LLP 1111 PENNSYLVANIA AVE NW WASHINGTON DC 20009 LEGAL SERVICES 109216 2 MEMBERSHIP DUES 900099 4785533 4785533 CONFERENCE REVENUE 900099 2593082 1819644 773438 7378615 21268 21268 OTHER INCOME 900099 33007 33007 33007 7432890 6605177 0 827713 7872 3452373 1149166 69437 255613 202073 89448 42736 30000 524734 57944 119490 113126 430151 156508 761368 68621 9701 EVENT CANCELLATION 461143 COMMENT LETTERS 72000 MEMBER MEALS 61062 DUES & SUBSCRIPTIONS 28678 34203 8197447 396903 8634693 10513355 2642001 3585205 2677 305084 777892 435231 225686 73825 209545 70681 2573 12125864 15088570 1400565 1089239 4945970 8864540 7945 127964 6354480 10081743 X 5771384 5006827 5771384 5006827 12125864 15088570 -764557 0 X 0 1 X 1 0 0 0 0 4785533 274515 119997 394512 263204 131308 435231 225686 209545 209545 DEFERRED RENT 127964 127964 X 7909494 476604 476604 7432890 0 7432890 8083078 346774 346774 7736304 461143 461143 8197447 PART X, LINE 2: SFIG AND SFC HAVE BEEN APPROVED FOR TAX EXEMPT STATUS UNDER SECTION 501(C)(6) AND THE FOUNDATION HAS BEEN APPROVED FOR TAX EXEMPT STATUS UNDER 501(C)(3) OF THE CODE AND HAS BEEN DETERMINED TO NOT BE A PRIVATE FOUNDATION. SFC PAC IS EXEMPT FROM THE PAYMENT OF INCOME TAXES UNDER SECTION 527(F)(3) OF THE CODE ON ITS EXEMPT ACTIVITIES INCOME. NO SIGNIFICANT UNRELATED BUSINESS INCOME TAX EXPENSE HAS BEEN RECOGNIZED IN THESE CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT EVALUATED EACH ENTITYS TAX POSITION AND CONCLUDED THAT THE ENTITIES HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION IN THE CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: RELATED ENTITY REVENUE INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 476,604. PART XII, LINE 2D - OTHER ADJUSTMENTS: RELATED ENTITY EXPENSES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 346,774. PART XII, LINE 4B - OTHER ADJUSTMENTS: LOSS ON EVENT CANCELLATION 461,143. NORTH AMERICA 0 0 PROGRAM SERVICES EDUCATION AND NETWORKING 200187 0 0 0 0 0 0 200187 0 200187 0 0 0 0 0 0 X X X X 1 0 0 RICHARD JOHNS EXECUTIVE DIRECTOR UNTIL 06/2018 260478 0 637500 0 582216 0 16500 0 9936 0 1506630 0 0 0 COVELL ADAMS CHIEF OPERATING OFFICER 348722 0 47500 0 840 0 16500 0 34216 0 447778 0 0 0 SAIRAH BURKI SR. DIRECTOR 361645 0 100000 0 840 0 16500 0 32362 0 511347 0 0 0 DANIEL GOODWIN DIRECTOR 349737 0 70000 0 3612 0 16500 0 34074 0 473923 0 0 0 KRISTI LEO DIRECTOR 475554 0 0 0 1206 0 13900 0 22035 0 512695 0 0 0 LESLIE SACK DIRECTOR 142512 0 0 0 418 0 8400 0 25609 0 176939 0 0 0 JENNIFER WOLFE MANAGER 147639 0 20000 0 706 0 7006 0 24446 0 199797 0 0 0 DALLIN MERRILL MANAGER 115263 0 12000 0 333 0 7890 0 31166 0 166652 0 0 0 PART I, LINE 4A RICHARD JOHNS RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $581,250 AND THIS AMOUNT IS INCLUDED UNDER PART II, COLUMN B(III). FORM 990, PART I, LINE 6, NUMBER OF VOLUNTEERS WE ARE A MEMBER DRIVEN ORGANIZATION, AND OUT COMMENT LETTERS REFLECT THE OPINIONS OF OUR MEMBERSHIP. INDIVIDUALS CONTRIBUTING THEIR OPINIONS MAY BE APPROXIMATELY 500. FORM 990, PART VI, SECTION A, LINE 4 BY-LAWS WERE UPDATED TO REFLECT DEPARTURE OF THE EXECUTIVE DIRECTOR: IN THE EVENT THERE IS NO ACTING EXECUTIVE DIRECTOR, THEN THE PERSON(S) SO DESIGNATED TO ACT IN THAT CAPACITY BY THE EXECUTIVE COMMITTEE OF THE SFIG BOARD OF DIRECTORS WILL BE AUTHORIZED TO ACT AS THE SFIG EXECUTIVE DIRECTOR FOR THE PURPOSES OF THESE BYLAWS. IN THE EVENT THAT A COMMITTEE IS DESIGNATED TO ACT AS THE SFIG EXECUTIVE DIRECTOR, SAID COMMITTEE MAY PERFORM THE DUTIES AND OBLIGATIONS OF THE EXECUTIVE DIRECTOR BY VOTE OF A SUPER MAJORITY (AS DEFINED BY THE EXECUTIVE COMMITTEE OF THE BOARD), AND SUCH ACTIONS SHALL BE DEEMED TO BE THE ACTIONS OF THE ACTING EXECUTIVE DIRECTOR. FORM 990, PART VI, SECTION A, LINE 6 STRUCTURED FINANCE INDUSTRY GROUP HAD APPROXIMATELY 360 MEMBERS AS OF DECEMBER 31, 2018. THERE ARE TWO TYPES OF CLASSES AS DEFINED IN THE SFIG BY-LAWS. PRIMARY MEMBERSHIPS ARE OPEN TO INSTITUTIONAL CORPORATIONS AND ASSOCIATE MEMBERSHIPS ARE OPEN TO INDIVIDUALS (NON-VOTING RIGHTS). FORM 990, PART VI, SECTION A, LINE 8B STRUCTURED FINANCE INDUSTRY GROUP HAD 41 INSTITUTIONAL MEMBERS ON ITS BOARD AS OF DECEMBER 31, 2018; ALL OF WHICH SERVE ON ONE OR MORE COMMITTEES. ACTIONS TAKEN BY THE STANDING COMMITTEES AS DEFINED IN THE BYLAWS ARE APPROVED BY BOD DURING THE QUARTERLY MEETINGS FORM 990, PART VI, SECTION B, LINE 11B THE CHIEF OPERATING OFFICER REVIEWS THE 990 IN DETAIL WITH THE CONTROLLER PRIOR TO FILING; GENERAL REVIEW IS ALSO CONDUCTED BY THE CEO AND THE TREASURER. FORM 990, PART VI, SECTION B, LINE 12C PER OUR BYLAWS ARTICLE VII, COMMITTEES, SECTION 5, QUOROM & VOTING - IF A MEMBER IS COMPRISED OF MULTIPLE ENTITIES, EACH PERFORMING AN INDEPENDENT FUNCTION (E.G. FINANCIAL GUARANTOR, ISSUER, BROKER/DEALER, INVESTOR, ETC.), SUCH MEMBER'S REPRESENTATIVES SHALL BE ENTITLED TO VOTE IN MORE THAN ONE COMMITTEE; PROVIDED THAT SUCH MEMBER, WITH REGARD TO THE COMMITTEE AT ISSUE, DOES NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE SUBJECT MATTER OF THE RELEVANT VOTE INCLUDING, FOR EXAMPLE, ON ACCOUNT OF THE CONTROL OF ONE RELATED ENTITY BY ANOTHER OR THE OVERWHELMING INTEREST OF THE INSTITUTION AS A WHOLE. ANY COMMITTEE MEMBER WHO BELIEVES THAT ANOTHER COMMITTEE MEMBER HAS BEEN IMPROPERLY PERMITTED TO VOTE ON A MATTER WHERE THE RELEVANT MEMBER HAS SUCH CONFLICT OF INTEREST MAY APPEAL SUCH CONFLICTED COMMITTEE MEMBER'S VOTE TO THE EXECUTIVE DIRECTOR, WHO SHALL REVIEW AND DECIDE WHETHER TO PERMIT THE VOTE TO COUNT, IN CONSULTATION WITH THE EXECUTIVE COMMITTEE. THE DECISION OF THE EXECUTIVE DIRECTOR, IN CONSULTATION WITH THE EXECUTIVE COMMITTEE, SHALL BE APPEALABLE SOLELY TO THE CONFLICT RESOLUTION COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 STRUCTURED FINANCE INDUSTRY GROUP HAS ORGANIZED A COMPENSATION COMMITTEE THAT CONSISTS OF SIX (6) MEMBERS: AT LEAST FOUR (4) MEMBERS OF THE BOARD, OF WHICH AT LEAST TWO (2) OF WHOM SHALL NOT BE OFFICERS, AND UP TO TWO (2) NON-BOARD MEMBER REPRESENTATIVES. THE COMPENSATION STRUCTURE FOR SFIG IS TO A DEGREE DISCRETIONARY, DUE TO THE REQUIREMENTS OF STAFF NEEDING TO APPLY A SIGNIFICANT DEGREE OF STRUCTURED FINANCE EXPERTISE COMBINED WITH SKILLSETS RELATED TO D.C. ADVOCACY WITHIN A NON-PROFIT/TRADE ORGANIZATION STRUCTURE. THIS HYBRID EXPERIENCE REQUIREMENT MAKES SPECIFIC BENCHMARKING DIFFICULT IN THAT THE AVAILABILITY OF RELEVANT PUBLIC DATA IS EXTREMELY LIMITED. AS SUCH, THE ORGANIZATION RELIES UPON THE DEEP EXPERIENCE PROVIDED VIA THE MEMBERS OF THE COMPENSATION COMMITTEE ACROSS MULTIPLE INDUSTRY PLATFORMS, GIVING REGARD TO THE FOLLOWING FIVE KEY FACTORS: I) KNOWLEDGE OF EXISTING COMPENSATION FOR SUCCESSFUL CANDIDATES (BENCHMARKING TO SIMILAR POSITIONS), II) KNOWLEDGE OF REQUIRED COMPENSATION FOR ALL VIABLE CANDIDATES (I.E., THOSE SELECTED FOR INTERVIEW (RANGE BOUNDING COMPENSATION), III) REFERENCE TO BUDGET BASED OFF ASSESSMENT OF ACHIEVEMENT OF INDIVIDUAL, DEPARTMENTAL AND CORPORATE GOALS THAT ARE ESTABLISHED ANNUALLY, IV) REFERENCE TO GENERALLY "WELL-KNOWN" FINANCIAL SERVICES COMPENSATION MODELS, AND V) BENCHMARK AGAINST OTHER ASSOCIATIONS OF SIMILAR SIZE AND NATURE WITH SPECIFIC EMPHASIS ON KEY RATIOS SUCH AS SALARIES TO INCOME, SALARIES TO PROFITS, SALARIES TO MEMBERSHIP FEES. THE PROCESS ALSO APPLIES TO OTHER OFFICERS AND KEY EMPLOYEES OF THE ORGANIZATION. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST. BYLAWS ARE POSTED TO MEMBERS ONLY AND CAN SIGN UP ON OUR WEBSITE FOR FREE ACCOUNT. ONLY MEMBERS ARE GRANTED SFIG ACCOUNTS SFIG FOUNDATION INC 1776 I STREET NW STE 501 WASHINGTON DC 20006 813982260 CHARITABLE ORGANIZATION NY 501(C)(3) LINE 12A, I STRUCTURED FINANCE INDUSTRY GROUP INC 1 STRUCTURED FINANCE COALITION INC 1776 I STREET NW STE 501 WASHINGTON DC 20006 815393177 TRADE ASSOCIATION DE 501(C)(6) STRUCTURED FINANCE INDUSTRY GROUP INC 1 STRUCTURED FINANCE COALITION INC POLITICAL ACTION COMMITTEE 1776 I STREET NW STE 501 WASHINGTON DC 20006 815400419 PAC DE 527 STRUCTURED FINANCE COALITION INC 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 SFIG FOUNDATION O 60373 TIMESHEETS SFIG FOUNDATION Q 74145 FMV STRUCTURED FINANCE COALITION INC O 107502 TIMESHEETS