2017-11-14T10:43:59-06:00 2016-12-31 390859910 Baker Tilly Virchow Krause LLP 99 Wood Avenue South Ste 801 Iselin NJ 088302734 990 2016-01-01 132940919 Acord Corporation ACOR 8456201700 One Blue Hill Plaza 15th Floor Pearl River NY 10965 Tanya Krochta SVP & Chief Admin. Officer 8456201700 2017-11-13 1 Thomas Spychalski P00002333 7323885210 50.243.90.186 2017-11-13 13:39:02 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 D9079DD28A529C8CC17D76080D235F96F7AA2E40 2016 2017-02-10 21:41:12Z William Pieroni One Blue Hill Plaza 15th Floor Pearl River NY 10965 36823316 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. 18 17 103 24 0 0 14792908 14636612 2965925 3161273 729893 1751836 352925 599 18841651 19550320 0 0 0 0 10187583 11882467 0 0 0 9510277 9287197 19697860 21169664 -856209 -1619344 31341169 31394707 10781687 12073810 20559482 19320897 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 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 43 0 103 1 0 1 UK 0 0 0 0 X 18 17 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 GREGORY MACIAG PRESIDENT & CEO (End 4/15/16) 40.00 X X 200458 0 29228 WILLIAM PIERONI PRESIDENT & CEO (Begin 03/11/16) 1.00 X X 1002404 0 28204 SAL BRANCA CHAIRMAN 1.00 X 0 0 0 J SPERO ZACHARIAS VICE-CHAIRMAN 1.00 X 0 0 0 JOHN KELLINGTON CHAIR FINANCE COMMITTEE 1.00 X 0 0 0 ALESSANDRO IUPPA CHAIR AUDIT COMMITTEE 1.00 X 0 0 0 JOHN DAINTY DIRECTOR 1.00 X 0 0 0 MARK ESPOSITO DIRECTOR 1.00 X 0 0 0 GARY HOBERMAN 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 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 DONALD BRITTON DIRECTOR 1.00 X 0 0 0 ROBERT SLOCUM DIRECTOR 1.00 X 0 0 0 JOHN BRUNO DIRECTOR (TERM 03/2016) 1.00 X 0 0 0 ANDREW FOGARTY DIRECTOR (TERM 05/2016) 1.00 X 0 0 0 STEPHEN KESSLER DIRECTOR (TERM 07/2016) 1.00 X 0 0 0 KEITH SAVINO DIRECTOR (TERM 03/2016) 1.00 X 0 0 0 DR ACHIM STEGNER DIRECTOR (TERM 03/2016) 1.00 X 0 0 0 JULIE A TROWBRIDGE-DILLMAN DIRECTOR (TERM 03/2016) 1.00 X 0 0 0 SHANE MCCULLOUGH CHIEF ENT ARCHIT. (TERM 03/2016) 40.00 X 60349 0 7808 PETER TERESI CHIEF TECH OFFICER (TERM 2016) 40.00 X 244665 0 24702 KORI JOHANSON CHIEF COMPL GOVT OFF. (TERM 04/16) 40.00 X 207441 0 34690 MARCIA BERNER CHIEF MEMBERSHIP OFFICER (TERM 12/16) 40.00 X 168968 0 37481 JOHN BISSELL SR VP, LONDON (TERM 05/16) 40.00 X 201984 0 3956 TANYA KROCHTA SVP & CHIEF ADMIN. OFFICER 40.00 X 311250 0 56001 BETH GROSSMAN CHIEF LEARNING OFFICER 40.00 X 0 0 0 MALOU AUGUST VP, MEMBERSHIP, EVENTS & EDUCATION 40.00 X 145937 0 42835 UJJVAL PATEL VP, STRATEGY 40.00 X 172500 0 15536 2715956 0 280441 27 0 1 0 PILOTFISH TECHNOLOGY LLC 100 ROSCOMMON DR SUITE 220 MIDDLETON CT 06457 IT CONSULTANT 901724 STEPTOE & JOHNSON 1330 CONNECTICUT AVE NW WASHINGTON DC 20036 LEGAL COUNSEL 463213 BLUELINE ASSOCIATES INC 317 LARKHAVEN PL APEX NC 27539 IT CONSULTANT 418877 LOEB & LOEB LLP 10100 SANTA MONICA BLVD SUITE 2200 LOS ANGELES CA 90067 LEGAL COUNSEL 328671 COGITANDA MANAGEMENT SOLUTIONS IM MEDIA PARK 8 KOLN GM 50670 CONSULTANT 208443 14 14636612 14636612 PRODUCT AND OTHER SERVICES 900099 1450928 1450928 PARTICIPATION FEES 900099 1206528 1206528 SUBSCRIPTION FEES 900099 503817 503817 3161273 605666 605666 18419166 17272996 1146170 1146170 1146170 LEGAL REIMBURSEMENT 900099 599 599 599 19550320 3161273 0 1752435 X 2715956 5773768 278857 2529896 583990 443342 97481 94132 2765795 396699 638765 30000 1355428 479556 1307759 859213 269287 CREDIT CARD FEES 170669 CAPITAL LEASE EXPENSE 125393 DUES & SUBSCRIPTIONS 123789 LICENSES 27661 102228 21169664 2468933 6242968 31160 861153 1039095 11450 6348 393205 425666 10206989 6374543 3688232 3832446 23830070 19796378 56966 51806 31341169 31394707 6388868 6425714 4392819 5648096 10781687 12073810 X 14601458 19320897 5958024 0 20559482 19320897 31341169 31394707 X -1619344 319278 61481 X 0 1 X 1 0 0 0 0 14636612 2700999 1377204 1323795 6071311 3965427 2105884 1434679 1031912 402767 3832446 EQUITY MUTUAL FUNDS 6407660 F EQUITY EXCHANGE TRADED FUNDS 2957232 F FIXED INCOME MUTUAL FUNDS 4443103 F FIXED INCOME EXCHANGE TRADED FUNDS 5988383 F 19796378 X 19869598 319278 319278 19550320 0 19550320 21169664 0 21169664 0 21169664 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. UNITED KINGDOM 1 6 PROGRAM SERVICES MISSION STATEMENT 2171173 1 6 0 0 1 6 2171173 0 2171173 0 0 0 0 0 0 X 1 1 X X X X X 0 0 0 GREGORY MACIAG PRESIDENT & CEO (End 4/15/16) 141458 0 59000 0 0 0 7041 0 22187 0 229686 0 0 0 WILLIAM PIERONI PRESIDENT & CEO (Begin 03/11/16) 602404 0 400000 0 0 0 0 0 28204 0 1030608 0 0 0 PETER TERESI CHIEF TECH OFFICER (TERM 2016) 215882 0 28783 0 0 0 10745 0 13957 0 269367 0 0 0 KORI JOHANSON CHIEF COMPL GOVT OFF. (TERM 04/16) 175941 0 31500 0 0 0 0 0 34690 0 242131 0 0 0 MARCIA BERNER CHIEF MEMBERSHIP OFFICER (TERM 12/16 147968 0 21000 0 0 0 0 0 37481 0 206449 0 0 0 JOHN BISSELL SR VP, LONDON (TERM 05/16) 170761 0 31223 0 0 0 3619 0 337 0 205940 0 0 0 TANYA KROCHTA SVP & CHIEF ADMIN. OFFICER 236250 0 75000 0 0 0 11759 0 44242 0 367251 0 0 0 MALOU AUGUST VP, MEMBERSHIP, EVENTS & EDUCATION 130937 0 15000 0 0 0 6517 0 36318 0 188772 0 0 0 UJJVAL PATEL VP, STRATEGY 102500 0 70000 0 0 0 0 0 15536 0 188036 0 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 2.a or 2.b hereof; and - Any nonprofit trade association representing organizations described in Sections 1.a or 1.b hereof including such organizations that may also represent individuals. 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 2.a 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. Any qualified organization shall acquire a membership interest and become a member upon payment of the applicable assessment pursuant to Article VIII of these Bylaws. 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. 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. One-third of the members of the Corporation entitled to vote, present in person or represented by proxy, 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. Proxies shall not be used to establish a quorum of the Board of Directors or any committee thereof. Votes by proxy shall be allowed at all annual meetings and at all other meetings of the membership of the Corporation, but not at meetings of the Board of Directors or any committee thereof. 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. 3)A Board of Directors' recommendation to ACORD members that a member be expelled for any reason requires the approval of 3/4 of ACORD members eligible to vote on such matter who are present and voting at any regular or special meeting of ACORD to which such recommendation is presented. 4)A Board of Directors' decision to dissolve ACORD is subject to a vote of not less than 2/3 of ACORD members eligible to vote on such matter at a meeting at which dissolution is announced as its subject. 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 101,692. CONSULTING FEES 2,662,954. BENEFIT ADMINISTRATION FEES 1,149. Form 990, Part XI, line 9: CHANGE IN ACCRUED PENSION LIABILITY 61,481.