2018-11-15T13:36:27-06:00 2017-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 99 WOOD AVENUE SOUTH STE 801 ISELIN NJ 088302734 990 2017-01-01 132940919 ACORD CORPORATION ACOR 8456201700 ONE BLUE HILL PLAZA 15TH FLOOR PEARL RIVER NY 10965 TANYA KROCHTA SVP & CHIEF ADMIN. OFFICER 8456201700 2018-11-15 1 THOMAS SPYCHALSKI CPA P00002333 7323885210 73.215.213.102 2018-11-15 10:31:43 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 D330905EE84A42CCAF1DF60BA4496C17CBB5073D 2017 2019-02-21 02:37:17Z WILLIAM PIERONI ONE BLUE HILL PLAZA 15TH FLOOR PEARL RIVER NY 10965 22859433 0 X WWW.ACORD.ORG X 1978 DE TO PROMOTE THE INTERESTS OF AND IMPROVE THE EFFICIENCY AND EFFECTIVENESS OF ALL TRADING PARTNERS WITHIN THE VARIOUS SEGMENTS OF THE INSURANCE AND RELATED FINANCIAL SERVICES INDUSTRIES. 26 25 147 0 0 0 14636612 16873584 3161273 2475213 1751836 2264948 599 0 19550320 21613745 0 0 0 0 11882467 9241650 0 0 0 9287197 7133330 21169664 16374980 -1619344 5238765 31394707 36416160 12073810 10869369 19320897 25546791 X THE ASSOCIATION FOR COOPERATIVE OPERATIONS RESEARCH AND DEVELOPMENT ("ACORD") IS A NOT-FOR-PROFIT ASSOCIATION ORGANIZED TO PROMOTE THE INTERESTS OF AND IMPROVE THE EFFICIENCY AND EFFECTIVENESS OF ALL TRADING PARTNERS WITHIN THE VARIOUS SEGMENTS OF THE INSURANCE AND RELATED FINANCIAL SERVICES INDUSTRIES BY DEVELOPING STANDARDS, SPECIFICATIONS, AND RELATED IMPLEMENTATIONS TOOLS FOR THE ELECTRONIC EXCHANGE OF INFORMATION AND OTHER INFORMATION PROCESSING. ACORD ALSO SERVES THE PUBLIC INTEREST AND THE INTERESTS OF CONSUMERS OF INSURANCE AND RELATED FINANCIAL SERVICES THROUGH ANALYSIS, EDUCATION, STANDARDS SETTING AND RESEARCH & DEVELOPMENT ACTIVITIES CONCERNING THE ELECTRONIC EXCHANGE OF INFORMATION AND OTHER INFORMATION PROCESSING. 0 0 PROMOTING THE INTERESTS OF AND IMPROVING THE EFFICIENCY AND EFFECTIVENESS OF ALL TRADING PARTNERS WITHIN THE VARIOUS SEGMENTS OF THE INSURANCE AND RELATED FINANCIAL SERVICES INDUSTRIES BY DEVELOPING STANDARDS, SPECIFICATIONS, AND RELATED IMPLEMENTATIONS TOOLS FOR THE ELECTRONIC EXCHANGE OF INFORMATION AND OTHER INFORMATION PROCESSING. ACORD ALSO SERVES THE PUBLIC INTEREST AND THE INTERESTS OF CONSUMERS OF INSURANCE AND RELATED FINANCIAL SERVICES THROUGH ANALYSIS, EDUCATION, STANDARDS SETTING AND RESEARCH & DEVELOPMENT ACTIVITIES CONCERNING THE ELECTRONIC EXCHANGE OF INFORMATION AND OTHER INFORMATION PROCESSING. 0 0 0 1 0 0 0 0 0 1 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 36 0 147 0 0 1 UK 0 0 0 0 X 26 25 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 CA X TAXPAYER AS ADDRESSED 8456201700 ONE BLUE HILL PLAZA 15TH FLOOR PEARL RIVER NY 10965 SAL BRANCA CHAIRMAN 1.00 X X 0 0 0 J SPERO ZACHARIAS VICE-CHAIRMAN 1.00 X X 0 0 0 WILLIAM PIERONI PRESIDENT & CEO 1.00 X X 1300000 0 257597 JOHN KELLINGTON CHAIR FINANCE COMMITTEE 1.00 X 0 0 0 ALESSANDRO IUPPA CHAIR AUDIT COMMITTEE 1.00 X 0 0 0 CHRISTOPH CARUS DIRECTOR 1.00 X 0 0 0 JOE DAINTY DIRECTOR 1.00 X 0 0 0 MARK ESPOSITO DIRECTOR 1.00 X 0 0 0 SUE FIGUEREDO DIRECTOR 1.00 X 0 0 0 SIMON GAFFNEY DIRECTOR 1.00 X 0 0 0 MARK KNIPFER DIRECTOR 1.00 X 0 0 0 ROBERT KELLY DIRECTOR 1.00 X 0 0 0 BARBARA KOSTER DIRECTOR 1.00 X 0 0 0 JOHN LEONARD DIRECTOR 1.00 X 0 0 0 DENNIS MAHONEY DIRECTOR 1.00 X 0 0 0 CHRISTOF MASCHER DIRECTOR 1.00 X 0 0 0 DAVE MATCHAM DIRECTOR 1.00 X 0 0 0 TONY MATTIOLI DIRECTOR 1.00 X 0 0 0 GRAY NESTER DIRECTOR 1.00 X 0 0 0 ROBERT RUSBULDT DIRECTOR 1.00 X 0 0 0 MARKUS SCHMID DIRECTOR 1.00 X 0 0 0 RICHARD SCHUYLER DIRECTOR 1.00 X 0 0 0 DEXTER S UMEKUBO DIRECTOR 1.00 X 0 0 0 CONOR WHELAN DIRECTOR 1.00 X 0 0 0 CAROL ZACHARIAS DIRECTOR 1.00 X 0 0 0 CHRIS SMITH DIRECTOR 1.00 X 0 0 0 TANYA KROCHTA SVP & CHIEF ADMIN. OFFICER 40.00 X 350307 0 67140 MALOU AUGUST VP, MEMBERSHIP, EVENTS & EDUCATION 40.00 X 199864 0 49340 UJJVAL PATEL VP, STRATEGY (UNTIL 05/30/17) 40.00 X 118355 0 10844 MARCIA BERNER CHIEF MEMB. OFF. (UNTIL 05/12/17) 40.00 X 59888 0 16584 ANDREW ZUCKERMAN VP, COUNSEL 40.00 X 205000 0 34908 ALEX KLEVITSKY CHIEF TECHNOLOGY OFFICER 40.00 X 210000 0 62318 GREGORY MACIAG FORMER PRESIDENT & CEO 0.00 X 60625 0 0 PETER TERESI FORMER CHIEF TECH OFFICER 0.00 X 0 300000 33033 2504039 300000 531764 23 1 1 0 ROBERT HALF TECHNOLOGY 12400 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 RECRUITING 190504 MARK KINSELLA CONSULTANCY 3 HANGLETON VALLEY DR HOVE EAST SUSSEX UK BN38AN CONSULTANT 163911 SOLUTIONS IN FORMATION PTY LTD 181 LIVINGSTON ROAD MARRICKVILLE AS 2204 CONTRACTOR 141764 LOEB & LOEB LLP 10100 SANTA MONICA BLVD SUITE 2200 LOS ANGELES CA 90067 LEGAL COUNSEL 133419 STEPTOE & JOHNSON 1330 CONNECTICUT AVE NW WASHINGTON DC 20036 LEGAL COUNSEL 124751 8 16873584 16873584 PRODUCT AND OTHER SERVICES 900099 2009177 2009177 SUBSCRIPTION FEES 900099 466036 466036 2475213 428058 428058 3082578 1245688 1836890 1836890 1836890 21613745 2475213 0 2264948 X 6713642 853814 1205005 469189 58856 68774 40085 2412478 224683 747309 15120 1112917 339489 648893 762480 251713 DUES & SUBSCRIPTIONS 137619 CREDIT CARD FEES 102532 SPONSORSHIP 74988 EVENT PRIZES 35000 100394 16374980 6242968 200708 7386396 1039095 1466828 6348 6348 425666 472989 9160568 7135013 3832446 2025555 19796378 24688860 51806 168476 31394707 36416160 6425714 5480809 5648096 5388560 12073810 10869369 X 19320897 25546791 19320897 25546791 31394707 36416160 X 5238765 -299104 1286233 X 0 1 X 1 0 0 0 0 16873584 2715433 1601916 1113517 5006978 4349874 657104 1438157 1183223 254934 2025555 EQUITY MUTUAL FUNDS 20857657 F INVESTMENT IN SUBSIDIARY 3831203 C 24688860 X 22446256 -299104 1131615 832511 21613745 0 21613745 16374980 0 16374980 0 16374980 PART X, LINE 2: ACORD ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES USING A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD IS MET. MANAGEMENT DETERMINED THERE WERE NO TAX UNCERTAINTIES THAT MET THE RECOGNITION THRESHOLD IN 2016 OR 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN ACCRUED PENSION LIABILITY 1,131,615. UNITED KINGDOM 1 10 PROGRAM SERVICES MISSION STATEMENT 2240973 SOUTH AFRICA PROGRAM SERVICES MISSION STATEMENT 119301 AUSTRALIA PROGRAM SERVICES MISSION STATEMENT 141763 1 10 0 0 1 10 2502037 0 2502037 0 0 0 0 0 0 X 1 1 X X X X X 0 0 0 WILLIAM PIERONI PRESIDENT & CEO 850000 0 450000 0 0 0 218000 0 39597 0 1557597 0 0 0 TANYA KROCHTA SVP & CHIEF ADMIN. OFFICER 250307 0 100000 0 0 0 21089 0 46051 0 417447 0 0 0 MALOU AUGUST VP, MEMBERSHIP, EVENTS & EDUCATION 149864 0 50000 0 0 0 12626 0 36714 0 249204 0 0 0 ANDREW ZUCKERMAN VP, COUNSEL 155000 0 50000 0 0 0 0 0 34908 0 239908 0 0 0 ALEX KLEVITSKY CHIEF TECHNOLOGY OFFICER 210000 0 0 0 0 0 17990 0 44328 0 272318 0 0 0 GREGORY MACIAG FORMER PRESIDENT & CEO 60625 0 0 0 0 0 0 0 0 0 60625 0 0 0 PETER TERESI FORMER CHIEF TECH OFFICER 0 225000 0 75000 0 0 0 18957 0 14076 0 333033 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE FOLLOWING MAY BECOME REGULAR MEMBERS OF THE CORPORATION, AS DEFINED IN THE CERTIFICATE OF INCORPORATION, AND SHALL BE REFERRED TO IN THESE BYLAWS AS CORPORATE MEMBERS OF THE CORPORATION: - ANY ORGANIZATION ENGAGED IN THE BUSINESS OF UNDERWRITING, AND/OR SELLING, DISTRIBUTING OR OTHERWISE PROVIDING PROPERTY, CASUALTY, LIFE OR HEALTH INSURANCE; SURETY AND ANNUITIES; OR REINSURANCE; - ANY NON-INSURANCE FOR-PROFIT ORGANIZATION NOT ALSO QUALIFYING TO BE AN ORGANIZATION DESCRIBED IN SECTIONS 1B.I OR 1B.II HEREOF; AND THE FOLLOWING MAY BECOME ASSOCIATE MEMBERS OF THE CORPORATION, AS DEFINED IN THE CERTIFICATE OF INCORPORATION, AND SHALL BE REFERRED TO IN THESE BYLAWS AS ASSOCIATE MEMBERS OF THE CORPORATION: - ANY ORGANIZATION WHOSE PRIMARY BUSINESS IS PROVIDING HARDWARE, SOFTWARE, TECHNOLOGY OR RELATED SERVICES; - ANY USER GROUP FORMED BY AN ORGANIZATION DESCRIBED IN SECTION 1(B)(I) HEREOF OR ITS CUSTOMERS HAVING A COMMON INTEREST IN SPECIFIC PRODUCTS AND SERVICES PURCHASED FROM THAT ORGANIZATION; AND - THE GOVERNMENT OF THE UNITED STATES OR ANY SOVEREIGN NATION, ANY OF THEIR RESPECTIVE STATES OR POLITICAL SUBDIVISIONS, ANY REGIONAL AUTHORITY OF ANY OF THE FOREGOING, AND ANY AGENCY OR OTHER ORGANIZATION CREATED BY ANY OF THE FOREGOING. THE FOLLOWING SHALL BE ASSOCIATE MEMBERS OF THE CORPORATION, AS DEFINED IN THE CERTIFICATE OF INCORPORATION, AND SHALL BE REFERRED TO IN THESE BYLAWS AS SUBSCRIBER MEMBERS OF THE CORPORATION: - ANY ORGANIZATION WHICH, FOR DIRECT OR INDIRECT PAYMENT TO THE CORPORATION, SUBSCRIBES FOR SPECIFIC GOODS OR SERVICES UNDER A SUBSCRIBER PROGRAM APPROVED BY THE BOARD OF DIRECTORS OR A DESIGNATED COMMITTEE OF THE BOARD. THE FOLLOWING SHALL BE ASSOCIATE MEMBERS OF THE CORPORATION, AS DEFINED IN THE CERTIFICATE OF INCORPORATION, AND SHALL BE REFERRED TO IN THESE BY-LAWS AS INTERMEDIARY MEMBERS OF THE CORPORATION: -ANY INSURANCE BROKER, AGENCY, MGA, WHOLESALER WHO IS IN THE BUSINESS OF DISTRIBUTING INSURANCE POLICIES TO INDIVIDUALS OR COMPANIES. THE FOLLOWING SHALL BE ASSOCIATE MEMBERS OF CORPORATION, AS DEFINED IN THE CERTIFICATE OF INCORPORATION, AND SHALL BE REFERRED TO IN THESE BY-LAWS AS FORMS REDISTRIBUTION MEMBERS OF THE CORPORATION: -ANY SOLUTION PROVIDERS AND INTERMEDIARIES WHO WANT TO BE ABLE TO RE-DISTRIBUTE ACORD FORMS. THE FOLLOWING SHALL BE ASSOCIATE MEMBERS OF THE CORPORATION, AS DEFINED IN THE CERTIFICATE OF INCORPORATION, AND SHALL BE REFERRED TO IN THESE BY-LAW AS ASSOCIATION MEMBERSHIP/PARTNERSHIP: -ANY NONPROFIT TRADE ASSOCIATION REPRESENTING ORGANIZATIONS DESCRIBED IN SECTION 1(A)(I) OR (II) HEREOF INCLUDING SUCH ORGANIZATIONS THAT MAY ALSO REPRESENT INDIVIDUALS. EVERY MEMBER OF THE CORPORATION SHALL DESIGNATE A REPRESENTATIVE AND AN ALTERNATE TO REPRESENT IT IN REGARD TO CORPORATION MATTERS AND SHALL GIVE NOTICE IN WRITING OF SUCH DESIGNATION TO THE SECRETARY OF THE CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER OF THE CORPORATION SHALL DESIGNATE A REPRESENTATIVE AND AN ALTERNATE TO REPRESENT IT IN REGARD TO CORPORATION MATTERS AND SHALL GIVE NOTICE IN WRITING OF SUCH DESIGNEE TO THE CORPORATE SECRETARY OF THE CORPORATION. EACH CORPORATE MEMBER OF THE CORPORATION SHALL HAVE ONE VOTE AT ANY MEETING OF THE MEMBERSHIP. ASSOCIATE MEMBERS OF THE CORPORATION SHALL NOT BE ENTITLED TO VOTE AT ANY MEETING OF MEMBERS. UNLESS ELSEWHERE SPECIFICALLY PROVIDED FOR BY LAW, IN THE CERTIFICATE OF INCORPORATION OR IN THESE BYLAWS, MATTERS VOTED ON BY THE MEMBERSHIP OF THE CORPORATION, BY THE BOARD OF DIRECTORS, OR BY ANY COMMITTEE OF THE BOARD SHALL BE DECIDED BY SIMPLE MAJORITY VOTE OF THOSE PRESENT INCLUDING MEMBERS REPRESENTED BY PROXY. THE LESSOR OF ONE HUNDRED VOTING MEMEBRS OR ONE-TENTH OF THE TOTAL NUMBER OF VOTES ENTITLED TO BE CAST, SHALL CONSTITUTE A QUORUM AT ANY MEETING OF THE MEMBERS OF THE CORPORATION. UNLESS ELSEWHERE SPECIFICALLY PROVIDED FOR BY LAW, IN THE CERTIFICATE OF INCORPORATION OR IN THESE BYLAWS, A QUORUM OF THE BOARD OF DIRECTORS OR ANY COMMITTEE OF THE BOARD OF DIRECTORS SHALL CONSIST OF A MAJORITY OF THE MEMBERSHIP OF THE BOARD OR OF THE COMMITTEE. FORM 990, PART VI, SECTION A, LINE 7B 1)BOARD OF DIRECTORS' APPROVAL OF INDIVIDUALS NOMINATED FOR BOARD MEMBERSHIP BY THE BOARD'S EXECUTIVE COMMITTEE IS SUBJECT TO ELECTION BY A PLURALITY VOTE OF ACORD MEMBERS ELIGIBLE TO VOTE ON SUCH MATTERS WHO ARE PRESENT AND VOTING IN PERSON OR BY PROXY AT THE MEETING AT WHICH THE NOMINEES ARE VOTED UPON. 2)BOARD OF DIRECTORS' APPROVAL OF AMENDMENTS TO ACORD'S BYLAWS IS SUBJECT TO A MAJORITY VOTE OF ACORD MEMBERS ELIGIBLE TO VOTE ON SUCH MATTERS WHO ARE PRESENT IN PERSON OR REPRESENTED BY PROXY AT ANY MEETING OF ACORD. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION PROVIDES A COPY OF THE 990 TO THE AUDIT COMMITTEE AND MAKES THE FORM 990 AVAILABLE TO THE BOARD. COMMENTS ARE THEN REQUESTED FROM THE AUDIT COMMITTEE BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C RESPONSES BY THE ORGANIZATION'S DIRECTORS (REGARDING NON-TRANSACTION-SPECIFIC MATTERS), OFFICERS AND KEY EMPLOYEES TO CONFLICT OF INTEREST DISCLOSURE POLICY AND DOCUMENTS ARE REVIEWED INITIALLY BY HOUSE COUNSEL FOR POSSIBLE REFERRAL TO THE PRESIDENT OF THE ORGANIZATION FOR FURTHER CONSIDERATION AND APPROPRIATE ACTION IF WARRANTED. CERTAIN RESPONSES, INCLUDING THOSE FROM NON-KEY-EMPLOYEE STAFF MEMBERS, MAY BE ADDRESSED IN THE FIRST INSTANCE DIRECTLY TO THE PRESIDENT OF THE ORGANIZATION OR BROUGHT TO THE ATTENTION OF THE HEAD OF THE HUMAN RESOURCES DEPARTMENT FOR CONSIDERATION AND POSSIBLE REFERRAL TO THE PRESIDENT OF THE ORGANIZATION FOR FURTHER CONSIDERATION AND APPROPRIATE ACTION IF WARRANTED. A DIRECTOR OR OFFICER DISCLOSING A POTENTIAL CONFLICT REGARDING A PARTICULAR TRANSACTION MAKES THE DISCLOSURE TO THE PRESIDENT OR CHAIRMAN OF THE BOARD OF DIRECTORS (CHAIR) THROUGH THE CORPORATE SECRETARY FOR DETERMINATION AS TO WHETHER THERE IS IN FACT A CONFLICT OR APPREARANCE OF A CONFLICT. IN THE CASE OF A DIRECTOR, IF IT IS DETERMINED THAT A CONFLICT OR APPARENT CONFLICT EXISTS REGARDING A PARTICULAR TRANSACTION, THE CONFLICT OR APPARENT CONFLICT IS REPORTED TO THE EXECUTIVE COMMITTEE OR THE FULL BOARD. IF THE PARTICULAR TRANSACTION REQUIRES A VOTE OF THE BOARD OR ONE OF ITS COMMITTEES, THE AFFECTED DIRECTOR DOES NOT VOTE ON THE MATTER. IN THE CASE OF AN OFFICER, IF IT IS DETERMINED THAT THERE IS IN FACT A CONFLICT REGARDING A PARTICULAR TRANSACTION, THE PRESIDENT OR CHAIR EXERCISES BEST JUDGMENT ON THE APPROPRIATE COURSE TO FOLLOW. THIS MAY INCLUDE APPROVING THE TRANSACTION IF THE PRESIDENT OR CHAIR IS REASONABLY CERTAIN THAT THE BEST INTERESTS OF THE ORGANIZTION WILL BE SERVED BY SUCH AN APPROACH; REFERRING THE ISSUE TO LEGAL COUNSEL FOR ADVICE; OR REFERRING THE ISSUE TO THE FULL BOARD OR APPROPRIATE BOARD COMMITTEE FOR DECISION. IN THE CASE OF A POTENTIAL CONFLICT REGARDING A PARTICULAR TRANSACTION INVOLVING EITHER THE PRESIDENT OR THE CHAIR, THE AFFECTED PARTY NOTIFIES THE OTHER THROUGH THE CORPORATE SECRETARY WITH THE CONFLICT THEN BEING REPORTED TO THE FULL BOARD. IF THE PARTICULAR TRANSACTION REQURES A VOTE OF THE BOARD OR ONE OF ITS COMMITTEES, THE PRESIDENT OR CHAIR DOES NOT VOTE ON THE MATTER. THE ORGANIZATION HAS A FORMAL PROCESS IN PLACE IN 2014 FOR ANNUALLY POLLING DIRECTORS, OFFICERS, AND KEY EMPLOYEES ABOUT CONFLICT OR POSSIBLE CONFLICT DISCLOSURE. FORM 990, PART VI, SECTION B, LINE 15 EVERY FEW YEARS THE HUMAN RESOURCE DEPARTMENT GENERATES A SALARY COMPARISON BY POSITION BASED UPON INFORMATION FROM THE US DEPARTMENT OF LABOR, OUTSIDE COMPANIES AND INTERNET RESEARCH REGARDING SIMILAR POSITIONS IN OTHER ORGANIZATIONS. THE COMPANY WILL ALSO UTILIZE THE SERVICES OF INDEPENDENT CONSULTANTS TO PERFORM A COMPLETE SALARY REVIEW OF THE SENIOR MANAGEMENT TEAM AND OTHER OFFICERS AND EMPLOYEES. THIS PROCESS WAS DONE MOST RECENTLY DONE IN 2015. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS OF THE CORPORATION ARE AVAILABLE ON THE COMPANY'S PUBLIC WEBSITE. ACORD DOES NOT MAKE THE CONFLICT OF INTEREST POLICY OR THE FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G TEMP SERVICES 46,803. CONSULTING FEES 2,315,654. BENEFIT ADMINISTRATION FEES 4,093. PAYROLL FEES 45,928. FORM 990, PART XI, LINE 9: CHANGE IN ACCRUED PENSION LIABILITY 1,131,615. NET ASSETS OF AFFILIATE 154,618. ACORD SOLUTIONS GROUP INC 1 BLUE HILL PLAZA PEARL RIVER NY 10965 812988120 INSURANCE RELATED SUPPORT NY C 1524311 1320202 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 ACORD SOLUTIONS GROUP O 300000 CASH