2018-11-09T09:51:52-06:00 2017-12-31 410746749 CLIFTONLARSONALLEN LLP 901 N GLEBE ROAD SUITE 200 ARLINGTON VA 22203 990 2017-01-01 742385850 CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS INC CERT 2023792200 1425 K STREET NW NO 800 WASHINGTON DC 20005 ROGER C MYERS JR CHIEF FINANCIAL OFFICER 2023792200 2018-11-09 1 DAVID TRIMNER P00444822 5712279500 67.137.57.251 2018-11-09 09:26:25 ES P 0514B758026FFB4303D1E4DFF3C58ED2768E19CE EC8E3AB080DBEC95795E073DF7D20F3E654B0034 2017 2019-02-21 02:37:17Z KEVIN R KELLER 1425 K STREET NW NO 800 WASHINGTON DC 20005 40077512 0 X WWW.CFP.NET X 1985 DC BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION FOR PERSONAL & ETHICAL FINANCIAL PLANNING. 14 14 80 167 455554 0 2147466 2771888 32608531 34233501 570054 1178115 45287 57389 35371338 38240893 25000 25000 0 0 9220912 10437510 135444 111471 335166 24437241 25175181 33818597 35749162 1552741 2491731 45472744 51046878 20851215 20852306 24621529 30194572 X TO BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION AND UPHOLDING IT AS THE RECOGNIZED STANDARD OF EXCELLENCE FOR COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING. CFP BOARD'S CURRENT STRATEGIC PRIORITIES FOCUS ON THE FOUR A'S: GROWING AWARENESS OF THE CFP CERTIFICATION, EXPANDING ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING, ASSURING ACCOUNTABILITY BY HOLDING CFP PROFESSIONALS TO RIGOROUS STANDARDS, AND BY SERVING AS THE RESPECTED AUTHORITY FOR THE PROFESSION BY SETTING STANDARDS. 0 0 11855258 11855258 PUBLIC AWARENESS CAMPAIGN:ONE OF THE CFP BOARD'S STRATEGIC OUTCOMES IS TO BUILD THE PUBLIC AWARENESS OF THE CFP CERTIFICATION. IN PURSUIT OF THIS PRIORITY, CFP BOARD HAS DEVELOPED AND IMPLEMENTED A PUBLIC AWARENESS CAMPAIGN THAT INCLUDES A MIX OF CABLE TELEVISION, RADIO, SOCIAL MEDIA, ONLINE ADVERTISING AND SPONSORSHIPS. ADDITIONALLY, CFP BOARD IS MAINTAINING AND REGULARLY UPDATING RELEVANT CONTENT ON LETSMAKEAPLAN.ORG, A CONSUMER-TARGETED WEBSITE DEVELOPED TO INCREASE THE PUBLIC'S AWARENESS AND UNDERSTANDING OF THE VALUE OF FINANCIAL PLANNING AND HOW A CFP PROFESSIONAL CAN HELP IMPROVE FINANCIAL WELL-BEING. SINCE ITS LAUNCH IN 2011, OUR CAMPAIGN HAS INCREASED THE AWARENESS OF CFP CERTIFICATION AMONG OUR TARGET AUDIENCE WITH AN OVERWHELMING MAJORITY STATING THAT THEY HAVE HEARD OF THE DESIGNATION. AS A RESULT, CFP BOARD HAS APPROVED THE PUBLIC AWARENESS CAMPAIGN TO CONTINUE TO RUN INDEFINITELY, IN ORDER TO CONTINUE TO INCREASE AWARENESS OF AND AFFINITY TOWARDS THE CERTIFICATION AND TO BUILD INCREASED VALUE AND EQUITY IN THE CFP CERTIFICATION BRAND. 6014077 129793 COMMUNICATIONS AND OUTREACH:IN 2017 CFP BOARD COMMUNICATIONS AND OUTREACH INCLUDED PUBLIC RELATIONS, CONSUMER ADVOCACY, CFP PROFESSIONAL COMMUNICATIONS, PROVIDING EDUCATIONAL MATERIALS THROUGH CFP.NET AND LETSMAKEAPLAN.ORG WEBSITES AS WELL AS OTHER INITIATIVES TO INCREASE AND ENHANCE AWARENESS OF CFP CERTIFICATION AND THE BENEFITS OF FINANCIAL PLANNING. OUR EFFORTS UTILIZED EARNED AND SOCIAL MEDIA, OUR WEBSITES, DIRECT MAIL AND EMAIL, AND SPEAKING APPEARANCES TO EDUCATE THE PUBLIC ABOUT THE BENEFITS OF FINANCIAL PLANNING AND THE ROLE AND VALUE OF THE CFP PROFESSIONAL IN PROVIDING COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING SERVICES THAT IS IN THEIR BEST INTEREST. WE ALSO REACHED OUT TO LOCAL MEDIA AND CONSUMER GROUPS THROUGH OUR BRAND AMBASSADOR PROGRAM TO COMMUNICATE THESE MESSAGES. 4762371 88750 ENFORCEMENT OF PROFESSIONAL STANDARDS:AS A CONDITION TO CERTIFICATION, ALL CFP PROFESSIONALS AGREE TO ABIDE BY CFP BOARD'S STANDARDS OF PROFESSIONAL CONDUCT (STANDARDS), WHICH INCLUDES THE CODE OF ETHICS AND PROFESSIONAL RESPONSIBILITY, RULES OF CONDUCT, AND FINANCIAL PLANNING PRACTICE STANDARDS. CFP BOARD HAS ESTABLISHED DISCIPLINARY RULES AND PROCEDURES THAT PROVIDE A FAIR PROCESS FOR ENFORCING CFP BOARD'S STANDARDS. CFP BOARD PROVIDES NOTICE TO CFP PROFESSIONALS WHO ARE UNDER INVESTIGATION, IDENTIFIES THE GENERAL NATURE OF THE INVESTIGATION, AND OFFERS CFP PROFESSIONALS AN OPPORTUNITY TO RESPOND. IN 2017, CFP BOARD STAFF OPENED IN EXCESS OF 336 SUCH INVESTIGATIONS. WHERE THE INVESTIGATION CONCLUDES WITH A DETERMINATION THAT THERE IS PROBABLE CAUSE TO BELIEVE THAT GROUNDS FOR DISCIPLINE EXIST, CFP BOARD MAY ISSUE A COMPLAINT THAT REASONABLY SETS FORTH THE GROUNDS FOR DISCIPLINE WITH WHICH THE CFP PROFESSIONAL HAS BEEN CHARGED AND THE CONDUCT OR OMISSION THAT GAVE RISE TO THOSE CHARGES. CFP PROFESSIONALS HAVE THE OPPORTUNITY TO RESPOND, TO SUBMIT DOCUMENTS, TO FILE MOTIONS, TO PRODUCE AND CROSS-EXAMINE WITNESSES, AND TO BE REPRESENTED BY COUNSEL AT AN EVIDENTIARY HEARING ON THE RECORD. CFP BOARD'S DISCIPLINARY AND ETHICS COMMISSION (DEC), A PEER-REVIEW BODY MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, REVIEWS AND TAKES APPROPRIATE ACTION WITH RESPECT TO THE ALLEGATIONS SET FORTH IN THE COMPLAINT. A THREE-PERSON HEARING PANEL HOLDS A HEARING, CONSIDERS THE EVIDENCE, AND REPORTS ITS FINDINGS AND RECOMMENDATIONS TO THE FULL DEC, WHICH DECIDES WHETHER THERE ARE GROUNDS FOR DISCIPLINE, AND IF SO, WHAT SANCTION IS APPROPRIATE. IN 2017, THE DEC HELD 68 SUCH HEARINGS. CFP PROFESSIONALS ALSO HAVE THE RIGHT TO APPEAL AN ADVERSE DECISION. ON APPEAL, A CFP BOARD APPEALS PANEL ISSUES A WRITTEN DECISION, AND THE APPEALS COMMITTEE OF CFP BOARD'S BOARD OF DIRECTORS ISSUES THE FINAL DECISION OF CFP BOARD. 3296051 119506 CFP BOARD CENTER FOR FINANCIAL PLANNING:THE CFP BOARD CENTER FOR FINANCIAL PLANNING SEEKS TO CREATE A MORE DIVERSE AND SUSTAINABLE FINANCIAL PLANNING PROFESSION SO THAT EVERY AMERICAN HAS ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING ADVICE. THE CENTER BRINGS TOGETHER CFP PROFESSIONALS, FIRMS, EDUCATORS, RESEARCHERS AND EXPERTS TO ADDRESS PROFESSION-WIDE CHALLENGES IN THE AREAS OF DIVERSITY AND WORKFORCE DEVELOPMENT, AND TO BUILD AN ACADEMIC HOME THAT OFFERS OPPORTUNITIES FOR CONDUCTING AND PUBLISHING NEW RESEARCH THAT ADDS TO THE FINANCIAL PLANNING BODY OF KNOWLEDGE. THE CENTER'S PROGRAMS ARE FUNDED PRIMARILY THROUGH VOLUNTARY DONATIONS RECEIVED FROM INDIVIDUAL DONORS AND CORPORATE SPONSORS.2017 WAS A HIGHLY SUCCESSFUL YEAR FOR THE CENTER, WITH SIGNIFICANT PROGRESS IN EACH OF OUR THREE PRIORITY AREAS. OUR EFFORTS TO ADVANCE WORKFORCE DEVELOPMENT INCLUDED A SUCCESSFUL PILOT OF THE FINANCIAL PLANNER RE-ENTRY INITIATIVE, A PROGRAM TO RECRUIT EXPERIENCED PROFESSIONALS SEEKING TO RETURN TO THE WORKFORCE; DISTRIBUTION OF 17 SCHOLARSHIP FOR CFP CERTIFICATION EDUCATION FROM OUR TWO SCHOLARSHIP PROGRAMS; AND EXPANSION OF THE CAREER CENTER THROUGH JOB POSTINGS, INTERNSHIPS AND ONLINE CAREER FAIRS. OUR DIVERSITY AGENDA INCLUDED A RESEARCH STUDY EXAMINING BARRIERS TO RACIAL AND ETHNIC DIVERSITY WITHIN THE FINANCIAL PLANNING PROFESSION, SETTING THE STAGE FOR OUR FIRST-EVER DIVERSITY SUMMIT IN 2018; LAUNCH OF THE "I AM A CFP PRO CAMPAIGN TO PROMOTE FINANCIAL PLANNING CAREERS TO YOUNG WOMEN AND PEOPLE OF COLOR; AND THE GROWTH OF THE WIN-TO-WIN MENTORSHIP PROGRAM, WHICH FACILITATED OVER 1,200 ENGAGEMENTS WITH WOMEN PURSUING CFP CERTIFICATION. OUR ACADEMIC HOME ACCOMPLISHMENTS INCLUDED HOSTING THE SECOND ANNUAL ACADEMIC RESEARCH COLLOQUIUM TO SHOWCASE LATEST RESEARCH IN FINANCIAL PLANNING AND RELATED DISCIPLINES, OFFERING THE FIRST TEACHING PROGRAM FOR ASPIRING FACULTY IN PARTNERSHIP WITH COLUMBIA UNIVERSITY, PUBLISHING THE FIRST BOOK, COMMUNICATION ESSENTIALS FOR FINANCIAL PLANNERS, IN NEW BOOK SERIES, AND SETTING THE STAGE FOR THE 2018 PUBLICATION OF THE FINANCIAL PLANNING REVIEW, A NEW ACADEMIC JOURNAL FEATURING RESEARCH ON FINANCIAL PLANNING AND RELATED DISCIPLINES. 3020163 25000 1754153 EDUCATION:THE FIRST STEP TO CFP CERTIFICATION IS TO ACQUIRE THE KNOWLEDGE REQUIRED TO DELIVER PROFESSIONAL, COMPETENT AND ETHICAL FINANCIAL PLANNING SERVICES TO CLIENTS, AS OUTLINED IN THE PERSONAL FINANCIAL PLANNING TOPIC AREAS IDENTIFIED BY CFP BOARD'S MOST RECENT JOB ANALYSIS RESEARCH. CFP BOARD'S EDUCATION COMPONENT REQUIRES THE COMPLETION OF A COLLEGE-LEVEL PROGRAM OF STUDY IN PERSONAL FINANCIAL PLANNING, INCLUDING COMPLETION OF A FINANCIAL PLAN DEVELOPMENT (CAPSTONE) COURSE. THE COURSE OF STUDY IS OFFERED AT APPROXIMATELY 200 REGIONALLY-ACCREDITED COLLEGES AND UNIVERSITIES IN THE U.S., AT DEGREE (BACHELORS, MASTERS, PH.D.) AND CERTIFICATE LEVELS. IN 2017, CFP BOARD REGISTERED OVER 310 FINANCIAL PLANNING PROGRAMS WHICH INCLUDED REVIEW OF THEIR CURRICULUM AND FACULTY QUALIFICATIONS TO ENSURE THAT THE TEACHING AND LEARNING MET ESTABLISHED STANDARDS. AFTER INITIAL CERTIFICATION, CFP PROFESSIONALS ARE REQUIRED TO COMPLETE 30 HOURS OF CONTINUING EDUCATION ("CE") AS PART OF THE BIENNIAL RENEWAL REQUIREMENT TO ASSURE THE PUBLIC OF CONTINUING COMPETENCY IN FINANCIAL PLANNING. CFP BOARD ANNUALLY REGISTERS APPROXIMATELY 1,300 CE SPONSORS, WHO ARE REQUIRED TO DELIVER HIGH QUALITY CONTENT DEVELOPED BY QUALIFIED INSTRUCTORS AND AUTHORS, ALIGNING WITH DEFINED FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2017, CFP BOARD REVIEWED AND APPROVED OVER 14,300 CE PROGRAMS WHICH MET ESTABLISHED REQUIREMENTS. 2248022 5034950 EXAMINATION:IN 2017, 7,509 CANDIDATES SAT FOR THE CFP EXAMINATION. THE CFP CERTIFICATION EXAMINATION ASSESSES A CANDIDATE'S ABILITY TO APPLY FINANCIAL PLANNING KNOWLEDGE, IN AN INTEGRATED FORMAT, TO REAL-LIFE FINANCIAL PLANNING SCENARIOS. THE EXAM IS DEVELOPED WITH SUBJECT MATTER EXPERTISE PROVIDED BY EXPERIENCED CFP PROFESSIONALS. UNDER CFP BOARD'S DIRECTION, THE EXAM IS ADMINISTERED BY ONE OF THE WORLD'S LEADING TESTING PARTNERS AND IS NOW, SINCE NOVEMBER 2014, DELIVERED IN A COMPUTER-BASED FORMAT. CFP BOARD ADHERES TO STANDARDS AND BEST PRACTICES IN THE HIGH STAKES TESTING AND CERTIFICATION INDUSTRIES. 1265469 PUBLIC ADVOCACY:ONE OF CFP BOARD'S CORE PUBLIC POLICY OBJECTIVES IS TO INFLUENCE POLICY TO BENEFIT THE PUBLIC AND INCREASE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING. DURING 2017, CFP BOARD CONTINUED TO ADVOCATE IN FAVOR OF THE FINAL DEPARTMENT OF LABOR FIDUCIARY RULE, WHICH WAS UNDER CONSIDERATION BY THE NEW ADMINISTRATION. CFP BOARD ALSO ENCOURAGED THE SECURITIES AND EXCHANGE COMMISSION (SEC) TO ADOPT A FIDUCIARY STANDARD OF CARE FOR THE DELIVERY OF PERSONALIZED INVESTMENT ADVICE. CFP BOARD ALSO FOCUSED ON INVESTOR PROTECTION ISSUES AT THE STATE AND FEDERAL LEVEL. 386860 14852926 CERTIFICATION:THERE WERE 80,035 CFP PROFESSIONALS AT THE END OF 2017, OF WHICH 4,930 WERE GRANTED INITIAL CERTIFICATION DURING THE YEAR. SUCCESSFUL COMPLETION OF THE EXAMINATION, EDUCATION, EXPERIENCE, AND ETHICS REQUIREMENTS IS A PREREQUISITE TO INITIAL CFP CERTIFICATION. CFP BOARD'S CERTIFICATION PROGRAM IS ACCREDITED BY AN INDEPENDENT THIRD-PARTY ORGANIZATION, THE NATIONAL COMMISSION FOR CERTIFYING AGENCIES (NCCA) TO ENSURE THAT ALL REQUIREMENTS FOR INITIAL CERTIFICATION AND RENEWAL ARE CONSISTENT WITH BEST PRACTICES AND STANDARDS IN THE CERTIFICATION INDUSTRY. FURTHER, NCCA REQUIRES CERTIFYING ORGANIZATIONS TO MEET GOVERNANCE, STAFF QUALIFICATION, FINANCIAL AND RESOURCE TRANSPARENCY, FAIRNESS, DUE PROCESS AND NON-DISCRIMINATION STANDARDS. 10216565 25000 21761535 32848271 1 1 0 1 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 57 0 80 1 1 1 0 0 0 0 0 0 0 1 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X ROGER C MYERS JR 2023792260 1425 K STREET NW SUITE 800 WASHINGTON DC 20005 BLAINE AIKIN BOARD CHAIR 5.00 X 0 0 0 RICHARD SALMEN BOARD CHAIR ELECT 5.00 X 0 0 0 SUSAN JOHN BOARD MEMBER 5.00 X 0 0 0 KIM WRIGHT-VIOLICH BOARD MEMBER 5.00 X 0 0 0 ARLENE PIETRANTON BOARD MEMBER 5.00 X 0 0 0 JEFF FARRAR BOARD MEMBER 5.00 X 0 0 0 JACK BROD BOARD MEMBER 5.00 X 0 0 0 CHARLIE FITZGERALD III BOARD MEMBER 5.00 X 0 0 0 DENISE VOIGT CRAWFORD BOARD MEMBER 5.00 X 0 0 0 PEGGY RUHLIN BOARD MEMBER 5.00 X 0 0 0 DOUG KING BOARD MEMBER 5.00 X 0 0 0 K DANE SNOWDEN BOARD MEMBER 5.00 X 0 0 0 NEAL SOLOMON BOARD MEMBER 5.00 X 0 0 0 PHIL CUNNINGHAM BOARD MEMBER 5.00 X 0 0 0 KEVIN KELLER CHIEF EXECUTIVE OFFICER 45.00 X 1045394 0 61296 ROGER MYERS JR CHIEF FINANCIAL OFFICER 45.00 X 387703 0 114734 LEO RYDZWESKI GENERAL COUNSEL 45.00 X 454853 0 103943 ELIZABETH STEWART CHIEF OPERATING OFFICER 45.00 X 252399 0 114555 MAUREEN THOMPSON VP OF PUBLIC POLICY 45.00 X 244472 0 100875 MARILYN MOHRMAN-GILLIS EXECUTIVE DIRECTOR, CFP BOARD CENTER FOR FINANCIAL 45.00 X 394945 0 116184 JOSEPH MAUGERI MANAGING DIRECTOR, CORPORATE RELATIONS 45.00 X 260800 0 88885 JOHN LOPER MANAGING DIRECTOR, PROFESSIONAL PRACTICE 45.00 X 233486 0 32075 DANIEL DRUMMOND DIRECTOR, COMMUNICATIONS 45.00 X 203309 0 28732 GAIL REISMAN DIRECTOR, ADVERTISING & BRAND ENGAGEMENT 45.00 X 189521 0 19345 ADAM ZAJAC DIRECTOR, ADJUDICATION 45.00 X 189355 0 24220 DAVID MAZZULLA DIRECTOR, INFORMATION TECHNOLOGY 45.00 X 189077 0 17144 4045314 0 821988 23 0 1 0 HAVAS MEDIA 10 SUMMER STREET BOSTON MA 02110 ADVERTISING AGENT 10777748 GRAVITATE SOLUTIONS 625 NORTH WASHINGTON STREET SUITE ALEXANDRIA VA 22314 IT CONSULTING 1135179 ARNOLD WORLDWIDE 205 HUDSON STREET NEW YORK NY 10013 ADVERTISING AGENT 1067855 PROMETRIC 1501 SOUTH CLINTON STREET BALTIMORE MD 21224 TESTING SERVICES 943660 MARKETING GENERAL 625 NORTH WASHINGTON STREET SUITE ALEXANDRIA VA 22314 MARKETING SERVICES 936869 33 2771888 110332 2771888 CERTIFICATION FEES 900099 14255778 14255778 PUBLIC AWARENESS FEES 900099 11855258 11855258 EXAM FEES 900099 5037571 5037571 EDUCATIONAL FEES 900099 1824823 1824823 CAREER CENTER SPONSORSHIP & FEES 900099 488604 33050 455554 771467 771467 34233501 779348 779348 12166 12166 2198000 1799233 398767 398767 398767 82609 37386 45223 45223 38240893 33835336 455554 1178115 X 25000 25000 3741038 3352997 332700 55341 5292998 4752462 470720 69816 357846 312424 40053 5369 595252 551811 31824 11617 450376 359892 52937 37547 362997 329745 28955 4297 45303 31799 13504 111471 111471 61015 61015 5701939 5269333 429000 3606 11250239 11250001 238 2455812 2347556 102262 5994 266774 187472 79302 1327331 931671 395660 1043828 943524 85806 14498 687780 627107 54015 6658 1078937 907273 164312 7352 198200 139120 59080 PROFESSIONAL DUES 495570 352803 142767 RECOGNITION AWARDS 102616 93287 8841 488 PROFESSIONAL DEVELOPMEN 70132 59344 10675 113 26708 23650 2297 761 35749162 32848271 2565725 335166 X 933000 659000 0 274000 9355418 9415530 59181 13531 2178476 2876413 184082 158358 406555 416159 11269211 7042982 4118406 4226229 22989012 26933170 4555438 5013274 1626176 1994214 45472744 51046878 4536466 3561557 11137412 11858112 9999 7768 5167338 5424869 20851215 20852306 X 21586486 27045330 3035043 3149242 24621529 30194572 45472744 51046878 X 2491731 3178232 -96920 X 0 1 X 1 0 X 195000 2926779 2147466 2771888 8041133 27827617 28145644 30642973 32647322 34316110 153579666 28022617 28145644 33569752 34794788 37087998 161620799 369847 457333 41000 868180 0 369847 457333 41000 868180 160752619 716591 870379 516505 507931 791514 3402920 716591 870379 516505 507931 791514 3402920 28739208 29016023 34086257 35302719 37879512 165023719 0.97410 0.97100 0.02060 0.02360 X 60765 60765 35232855 35293620 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 37783 42317 39158 60765 180023 250000 250000 250000 250000 1000000 1500000 0 1 X 3125968 1343724 1782244 1276968 855208 421760 6866275 4844050 2022225 4226229 ARCHIPELAGO HOLDINGS 1432697 F NYES LEDGE CAPITAL FUND 3580577 F 5013274 DEFERRED RENT 1519615 CAPITAL LEASE OBLIGATION 58860 DEFERRED COMPENSATION 2293759 DEFERRED LIABILITY - TENANT FINISH ALLOWANCE 1552635 5424869 X 41395496 3178232 37386 3215618 38179878 61015 61015 38240893 35822453 134306 134306 35688147 61015 61015 35749162 PART IV, LINE 2B: THE CFP BOARD OF STANDARDS IS THE CUSTODIAN OF A SCHOLARSHIP FUND SETUP TO HELP AWARDEES PAY FOR EDUCATION COURSEWORK NEEDED FOR THE CFP EXAM AND TO BECOME A CFP PROFESSIONAL. TOM MOSER SCHOLARSHIP FUND PAYS OUT CERTIFICATION AND EXAM EXPENSES TO SCHOLARSHIP RECIPIENT ON BEHALF OF CORPORATE DONOR. PART X, LINE 2: UNDER PROVISIONS OF THE IRC SECTION 501(C)(3), AND APPLICABLE STATE REGULATIONS, CFP BOARD IS EXEMPT FROM TAXES EXCEPT FOR UNRELATED BUSINESS INCOME. FOR FINANCIAL STATEMENT PURPOSES CFP BOARD IS REQUIRED TO RECORD A LIABILITY FOR ANY MATERIAL TAX POSITION TAKEN WHICH DOES NOT MEET THE MINIMUM THRESHOLDS OF "MORE LIKELY THAN NOT" TO BE SUCCESSFUL UNDER REGULATORY CHALLENGE. NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED IN 2017 AND 2016, SINCE MANAGEMENT BELIEVES THERE ARE NO MATERIAL UNRELATED BUSINESS INCOME OR MATERIAL UNCERTAIN TAX POSITIONS REQUIRING THE RECOGNITION OF A LIABILITY. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 37,386. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 37,386. INCREASE IN ALLOWANCE FOR UNCOLLECTIBLES 96,920. LOSS ON DISPOSAL OF FIXED ASSETS X X X X 1 LAVIGNA CONSULTING 13750 WEST COLONIA DRIVE SUITE 350 WINTER GARDEN FL 34787 CONSULTING 0 2771888 218148 2553740 2771888 218148 2553740 AL AK CA CT FL GA HI IL KS KY MD MA MI MN MS NH NJ NM NY NC OK OR PA RI SC TN UT VA WV WI 1 FINANCIAL PLANNING ASSOCIATION 7535 EAST HAMPDEN AVENUE SUITE 60 DENVER CO 80231 841521488 501(C)(6) 25000 TO PARTIALLY FUND THE FINANCIAL PLANNING CHALLENGE AT THE ANNUAL FPA CONFERENCE. 1 PART I, LINE 2: ANNUAL GRANT TO THE FINANCIAL PLANNING ASSOCATION (FPA) TO PARTIALLY FUND "THE FINANCIAL PLANNING CHALLENGE" HELD AT THE ANNUAL FPA CONFERENCE TO SUPPORT THE NEXT GENERATION OF FINANCIAL PLANNERS. ENGAGING STUDENTS AND PROGRAM DIRECTORS IN THE FINANCIAL PLANNING COMMUNITY, RAISING AWARENESS OF CAREER OPPORTUNITIES, AND ENCOURAGING LEARNING AND NETWORKING IN THE FINANCIAL PLANNING PROFESSION. X 0 0 X X X X X 0 1 0 0 0 0 0 0 0 KEVIN KELLER CHIEF EXECUTIVE OFFICER 517931 0 224460 0 303003 0 34200 0 27096 0 1106690 0 200000 0 ROGER MYERS JR CHIEF FINANCIAL OFFICER 305009 0 50000 0 32694 0 98700 0 16034 0 502437 0 31050 0 LEO RYDZWESKI GENERAL COUNSEL 397411 0 57442 0 0 0 99826 0 4117 0 558796 0 0 0 ELIZABETH STEWART CHIEF OPERATING OFFICER 252399 0 0 0 0 0 98346 0 16209 0 366954 0 0 0 MAUREEN THOMPSON VP OF PUBLIC POLICY 244472 0 0 0 0 0 98279 0 2596 0 345347 0 0 0 MARILYN MOHRMAN-GILLIS EXECUTIVE DIRECTOR, CFP BOARD CENTER 317265 0 35000 0 42680 0 100199 0 15985 0 511129 0 40534 0 JOSEPH MAUGERI MANAGING DIRECTOR, CORPORATE RELATIO 224800 0 36000 0 0 0 74921 0 13964 0 349685 0 0 0 JOHN LOPER MANAGING DIRECTOR, PROFESSIONAL PRAC 193486 0 20000 0 20000 0 17409 0 14666 0 265561 0 0 0 DANIEL DRUMMOND DIRECTOR, COMMUNICATIONS 183309 0 20000 0 0 0 12852 0 15880 0 232041 0 0 0 GAIL REISMAN DIRECTOR, ADVERTISING & BRAND ENGAGE 168588 0 20933 0 0 0 11954 0 7391 0 208866 0 0 0 ADAM ZAJAC DIRECTOR, ADJUDICATION 168955 0 20400 0 0 0 11023 0 13197 0 213575 0 0 0 DAVID MAZZULLA DIRECTOR, INFORMATION TECHNOLOGY 170077 0 19000 0 0 0 11203 0 5941 0 206221 0 0 0 PART I, LINE 1A JOHN LOPER RECEIVED HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE FOR $20,000, INCLUDED IN TAXABLE COMPENSATION. PART I, LINE 4B PART I, LINE 4B - 457(F) PLAN - ALL APPROVED EXECUTIVES PARTICIPATE IN THE PLAN. A NON-QUALIFIED DEFERRED COMPENSATION PLAN IS MAINTAINED IN ACCORDANCE WITH SECTION 457(F) OF THE INTERNAL REVENUE CODE FOR THE BENEFIT OF THE ORGANIZATION'S CHIEF EXECUTIVE OFFICER (CEO) AND APPROVED EXECUTIVES. UNDER THE TERMS OF THE PLAN, BEGINNING JANUARY 1 OF EACH CALENDAR YEAR, EXECUTIVE TEAM MEMBERS WHO HAVE COMPLETED ONE FULL CALENDAR YEAR OF EMPLOYMENT MAY EARN A COMPENSATION AWARD AS DETERMINED BY THE CEO. THE CEO MAY EARN AN ADDITIONAL AMOUNT AS DETERMINED BY THE BOARD OF DIRECTORS. THE CEO'S DEFERRED COMPENSATION IS VESTED AND PAID OUT IN ACCORDANCE WITH THE TERMS OF HIS CONTRACT. EACH DEFERRED COMPENSATION AWARD FOR ALL OTHER APPROVED EXECUTIVES IS GENERALLY VESTED THREE YEARS FROM THE GRANT DATE. UPON VESTING THE AWARD IS PAID OUT TO THE EXECUTIVE. THE FOLLOWING ELT MEMBERS PARTICIPATED IN THE PLAN: NAME TITLE AMOUNT KEVIN R. KELLER CHIEF EXECUTIVE OFFICER $100,000 LEO RYDZEWSKI GENERAL COUNSEL $75,000 ROGER MYERS CHIEF FINANCIAL OFFICER $75,000 ELIZABETH STEWART CHIEF OPERATING OFFICER $75,000 MAUREEN THOMPSON VP OF PUBLIC POLICY $75,000 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR $75,000 JOSEPH MAUGERI MANAGING DIRECTOR $50,000 X 4 110332 FMV 0 1 0 FORM 990, PART V, LINE 7F CERTIFIED FINANCIAL PLANNER BOARD PAID LIFE INSURANCE AND DISABILITY INSURANCE PREMIUMS FOR THE CHIEF EXECUTIVE OFFICER DURING 2017. THE OFFICER IS THE OWNER OF THOSE POLICIES AND FUNDS WOULD BE PAID OUT TO HIS BENEFICIARY IN THE EVENT OF DEATH, OR TO HIM IN THE EVENT OF DISABILITY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE CPA FIRM CLIFTONLARSONALLEN LLP WITH SIGNIFICANT INPUT FROM CFP BOARD MANAGEMENT. IT IS THEN REVIEWED BY THE AUDIT COMMITTEE. ONCE THE AUDIT COMMITTEE HAS APPROVED, IT IS PROVIDED TO THE BOARD OF DIRECTORS. THE FORM 990 IS REVIEWED IN ITS ENTIRETY BY THE BOARD OF DIRECTORS PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY (THE "POLICY") APPLIES TO (1) CFP BOARD'S CORPORATE OFFICERS AND (2) MEMBERS OF, AND THOSE WHO OTHERWISE VOLUNTEER FOR, ANY OF THE FOLLOWING BODIES:(A) CFP BOARD'S BOARD OF DIRECTORS,(B) BOARD COMMITTEES AND TASK FORCES, AND (C) CEO COUNCILS, COMMISSIONS, COMMITTEES, AND WORKING GROUPS (EACH INDIVIDUALLY A "RESPONSIBLE PERSON"). EACH RESPONSIBLE PERSON MUST COMPLETE, TO THE BEST OF THE RESPONSIBLE PERSON'S KNOWLEDGE, CFP BOARD'S CONFLICTS QUESTIONNAIRE AND DISCLOSURE STATEMENT ("DISCLOSURE STATEMENT") PRIOR TO THE COMMENCEMENT OF SERVICE, AND ANNUALLY THEREAFTER. EACH RESPONSIBLE PERSON HAS A CONTINUING OBLIGATION TO IDENTIFY AND DISCLOSE, TO THE BEST OF THE RESPONSIBLE PERSON'S KNOWLEDGE, ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST AS SOON AS THEY ARE KNOWN OR REASONABLY SHOULD BE KNOWN, REGARDLESS OF WHETHER THE ACTUAL OR POTENTIAL CONFLICT OF INTEREST MAY BENEFIT THE RESPONSIBLE PERSON, FAMILY MEMBER, OR RELATED ENTITY AS THOSE TERMS ARE DEFINED IN THE POLICY. A RESPONSIBLE PERSON MUST PROVIDE A SUPPLEMENTAL WRITTEN DISCLOSURE STATEMENT TO CFP BOARD'S GENERAL COUNSEL WHENEVER AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST ARISES THAT HAS NOT PREVIOUSLY BEEN DISCLOSED. EACH BOARD MEMBER ALSO MUST INFORM THE BOARD OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST THAT MAY EXIST WITH ANOTHER BOARD MEMBER. IF A RESPONSIBLE PERSON BECOMES AWARE THAT CFP BOARD IS CONSIDERING A CONFLICTING INTEREST TRANSACTION, AS THAT TERM IS DEFINED IN THE POLICY, WITH THE RESPONSIBLE PERSON OR A FAMILY MEMBER OR RELATED ENTITY, THE RESPONSIBLE PERSON MUST (A) IMMEDIATELY INFORM THE GOVERNANCE COMMITTEE OR THE CEO, AND (B) NOT PARTICIPATE IN, OR ATTEMPT TO EXERT INFLUENCE WITH RESPECT TO, CFP BOARD'S CONSIDERATION OF THE CONFLICTING INTEREST TRANSACTION. THE GOVERNANCE COMMITTEE, WHICH IS COMPOSED OF AT LEAST THREE DIRECTORS, IS RESPONSIBLE FOR REVIEWING COMPLETED DISCLOSURE STATEMENTS SUBMITTED BY CFP BOARD'S CORPORATE OFFICERS AND MEMBERS OF, AND THOSE WHO OTHERWISE VOLUNTEER FOR, THE BOARD (INCLUDING THE CEO), BOARD COMMITTEES, AND BOARD TASK FORCES (A "BOARD VOLUNTEER"), AND DETERMINING WHETHER AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST EXISTS. THE GOVERNANCE COMMITTEE MAY DELEGATE TO STAFF RESPONSIBILITY FOR CONDUCTING THE INITIAL REVIEW OF THE DISCLOSURE STATEMENTS. IF THE GOVERNANCE COMMITTEE DETERMINES THAT AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST EXISTS WITH RESPECT TO THE CEO OR A BOARD VOLUNTEER, THE GOVERNANCE COMMITTEE MAKES A RECOMMENDATION TO THE BOARD AND THE BOARD DETERMINES THE APPROPRIATE COURSE OF ACTION THAT IS FAIR TO CFP BOARD. IF THE GOVERNANCE COMMITTEE DETERMINES THAT AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST EXISTS WITH RESPECT TO ANY OTHER CORPORATE OFFICER, THE GOVERNANCE COMMITTEE DETERMINES THE APPROPRIATE COURSE OF ACTION, SUBJECT TO THE REQUIREMENT THAT THE CEO AND ANOTHER DISINTERESTED CORPORATE OFFICER MUST APPROVE A CONFLICTING INTEREST TRANSACTION INVOLVING ANY OTHER CORPORATE OFFICER. THE GOVERNANCE COMMITTEE REPORTS TO THE BOARD OF DIRECTORS AT ITS NEXT REGULAR MEETING THE RESULTS OF ANY REVIEW OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST AND THE ACTION TAKEN. THE GOVERNANCE COMMITTEE ALSO SUBMITS AN ANNUAL REPORT TO THE BOARD OF DIRECTORS ON THE POTENTIAL CONFLICTS OF INTERESTS THAT IT REVIEWED DURING THE PRIOR YEAR, BUT DETERMINED WERE NOT ACTUAL OR PERCEIVED CONFLICTS OF INTEREST. THE CEO OR THE CEO'S DESIGNEE IS RESPONSIBLE FOR REVIEWING COMPLETED DISCLOSURE STATEMENTS SUBMITTED BY MEMBERS OF, AND THOSE WHO OTHERWISE VOLUNTEER FOR, CEO COUNCILS, COMMISSIONS, COMMITTEES, AND WORKING GROUPS (A "CEO VOLUNTEER"), AND DETERMINING WHETHER AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST EXISTS. IF THE CEO OR THE CEO'S DESIGNEE DETERMINES THAT AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST EXISTS WITH RESPECT TO A CEO VOLUNTEER, THE CEO OR THE CEO'S DESIGNEE DETERMINES THE APPROPRIATE COURSE OF ACTION, SUBJECT TO THE REQUIREMENT THAT THE CEO AND ANOTHER DISINTERESTED CORPORATE OFFICER MUST APPROVE A CONFLICTING INTEREST TRANSACTION INVOLVING A CEO VOLUNTEER. THE CEO REPORTS TO THE BOARD OF DIRECTORS AT ITS NEXT REGULAR MEETING THE RESULTS OF ANY REVIEW OF ANY ACTUAL OR POTENTIAL CONFLICT OF INTEREST AND THE ACTION TAKEN. THE CEO ALSO SUBMITS AN ANNUAL REPORT TO THE BOARD OF DIRECTORS ON THE POTENTIAL CONFLICTS OF INTERESTS THAT THE CEO REVIEWED DURING THE PRIOR YEAR, BUT DETERMINED WERE NOT ACTUAL OR PERCEIVED CONFLICTS. PROCEEDINGS RELATED TO POTENTIAL AND ACTUAL CONFLICTS OF INTEREST ARE DOCUMENTED IN MEETING MINUTES AND ANNUAL REPORTS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO OVERSIGHT COMMITTEE ESTABLISHES AND MONITORS CEO COMPENSATION TO ENSURE THAT IT IS COMPETITIVE WITH OTHER NON-PROFIT INSTITUTIONS THAT FOCUS ON FINANCIAL SERVICES, LOCATED IN WASHINGTON, DC. THE COMMITTEE CONSISTS OF MEMBERS OF THE BOARD OF DIRECTORS AND DOES NOT INCLUDE THE CEO. THE COMMITTEE ENGAGED A COMPENSATION CONSULTANT TO EVALUATE THE CURRENT CEO SALARY AND STRUCTURE. THE CONSULTANT UTILIZED COMPARABLE DATA IN ORDER TO SUBSTANTIATE THEIR SALARY RECOMMENDATIONS FOR THE CEO. THIS PROCESS RECENTLY TOOK PLACE IN 2017. THE CEO ENGAGES A COMPENSATION CONSULTANT TO REVIEW AND EVALUATE OTHER OFFICER AND KEY EMPLOYEE SALARIES. THE CONSULTANT UTILIZED COMPARABLE DATA IN ORDER TO SUBSTANTIATE THEIR SALARY RECOMMENDATIONS FOR OTHER OFFICER AND KEY EMPLOYEE SALARIES. THIS PROCESS RECENTLY TOOK PLACE IN 2017. FORM 990, PART VI, SECTION C, LINE 19 CFP BOARD'S BYLAWS ARE AVAILABLE FOR DOWNLOAD FROM THE ORGANIZATION'S WEBSITE. FORM 990, PART IX, LINE 11G OUTSIDE SERVICES: PROGRAM SERVICE EXPENSES 642,324. MANAGEMENT AND GENERAL EXPENSES 182,783. FUNDRAISING EXPENSES 3,606. TOTAL EXPENSES 828,713. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 3,638,839. MANAGEMENT AND GENERAL EXPENSES 189,454. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,828,293. RECRUITMENT ADVERTISING: PROGRAM SERVICE EXPENSES 10,264. MANAGEMENT AND GENERAL EXPENSES 4,359. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 14,623. RESEARCH: PROGRAM SERVICE EXPENSES 678,643. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 678,643. TEMPORARY LABOR: PROGRAM SERVICE EXPENSES 299,263. MANAGEMENT AND GENERAL EXPENSES 52,404. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 351,667. FORM 990, PART XI, LINE 9: INCREASE IN ALLOWANCE FOR UNCOLLECTIBLES -96,920.