2017-04-14T15:12:07-05:00 2016-08-31 PricewaterhouseCoopers LLP 600 13TH ST NW SUITE 1000 WASHINGTON DC 20005 990 2015-09-01 541386480 CFA INSTITUTE % DIANE BASILE CFAI 4349515499 PO BOX 2083 CHARLOTTESVILLE VA 229022083 PAUL SMITH PRESIDENT & CEO 2017-04-03 true TRAVIS L PATTON P00369623 2024141000 2015 2021-01-29 14:40:06Z PAUL SMITH 915 EAST HIGH STREET CHARLOTTESVILLE VA 229022083 375424254 false X www.cfainstitute.org X 1986 VA TO LEAD THE INVESTMENT PROFESSION GLOBALLY BY PROMOTING THE HIGHEST STANDARDS OF ETHICS, EDUCATION, AND PROFESSIONAL EXCELLENCE FOR THE ULTIMATE BENEFIT OF SOCIETY. 19 17 1244 5400 567826 72631 0 0 258794215 281529553 12554904 1883628 1145540 1231503 272494659 284644684 6437725 11580642 0 0 85925594 92419940 0 0 0 146549927 166774788 238913246 270775370 33581413 13869314 389688371 453410522 181143737 211603552 208544634 241806970 X CFA INSTITUTE IS THE GLOBAL, NON-PROFIT PROFESSIONAL MEMBERSHIP ASSOCIATION THAT ADMINISTERS THE CHARTERED FINANCIAL ANALYST (CFA) ANDCERTIFICATE IN INVESTMENT PERFORMANCE MEASUREMENT (CIPM), AND CFA INSTITUTE INVESTMENT FOUNDATIONS CURRICULUM AND EXAMINATION PROGRAMS WORLDWIDE; PROVIDES RESEARCH, PROFESSIONAL DEVELOPMENT PROGRAMS, AND PROFESSIONAL CONDUCT ENFORCEMENT FOR ITS INDIVIDUAL MEMBERS; AND SETS VOLUNTARY, ETHICS-BASED PROFESSIONAL AND PERFORMANCE-REPORTING STANDARDS FOR THE INVESTMENT PROFESSION. THE STATED MISSION OF THE ORGANIZATION IS TO LEAD THE INVESTMENT PROFESSION GLOBALLY BY PROMOTING THE HIGHEST STANDARDS OF ETHICS, EDUCATION, AND PROFESSIONAL EXCELLENCE FOR THE ULTIMATE BENEFIT OF SOCIETY. CFA INSTITUTE PURSUES THIS MISSION ON BEHALF OF ITS INDIVIDUAL MEMBERS WHO CURRENTLY NUMBER 146,694 AND WHO RESIDE IN 157 COUNTRIES. (SEE SCHEDULE O) false false THE CHARTERED FINANCIAL ANALYST CFA PROGRAM: THE ORGANIZATION ADMINISTERS THE WORLD-RENOWNED CFA PROGRAM, WHICH IS A THREE-LEVEL, EDUCATION AND EXAMINATION PROGRAM COVERING TOPICS ESSENTIAL TO THE INVESTMENT DECISION-MAKING PROCESS. THESE TOPICS FORM WHAT IS KNOWN AS THE CANDIDATE BODY OF KNOWLEDGE AND INCLUDE ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, ECONOMICS, FINANCIAL STATEMENT REPORTING AND ANALYSIS, CORPORATE FINANCE, EQUITY AND FIXED-INCOME ANALYSIS, ALTERNATIVE INVESTMENTS, DERIVATIVES, PORTFOLIO MANAGEMENT, AND WEALTH PLANNING. PROFESSIONAL DEVELOPMENT MEMBER SERVICES: THE ORGANIZATION BELIEVES STRONGLY IN LIFELONG LEARNING AND THEREFORE SPONSORS AND DISSEMINATES A VARIETY OF EDUCATIONAL CONTENT TO MEMBER AND NONMEMBER INVESTMENT PROFESSIONALS ON TOPICS RELEVANT TO THE PROFESSION. IT ALSO PROVIDES ITS MEMBERS CAREER DEVELOPMENT RESOURCES, CREATES AFFILIATION AND NETWORKING OPPORTUNITIES, AND PROMOTES AWARENESS AND RECOGNITION OF THEIR CREDENTIAL TO THE INDUSTRY AND INVESTING PUBLIC. STANDARDS ADVOCACY, AND THOUGHT LEADERSHIP: THE ORGANIZATION IS A LEADING VOICE ON ISSUES OF FAIRNESS, EFFICIENCY, AND INVESTOR PROTECTION IN GLOBAL CAPITAL MARKETS AND PROMOTES HIGH STANDARDS OF ETHICS, INTEGRITY, AND PROFESSIONAL EXCELLENCE WITHIN THE INVESTMENT COMMUNITY. THE ORGANIZATION ALSO PROMOTES AND ENFORCES THE CFA INSTITUTE CODE OF ETHICS AND STANDARDS OF PROFESSIONAL CONDUCT, TO WHICH ALL MEMBERS OF THE ORGANIZATION AND CANDIDATES IN THE CFA PROGRAM ARE REQUIRED TO ADHERE AS WELL AS RESEARCH AND THOUGHT LEADERSHIP. false false false true false false false false false true false false false true true false true false true true true false false false false false true false true false false false false false false false false false false true true true true false true X 409 0 true 1244 true true true true HK MY AR CH IN UK SN false false false false X 19 17 false false false false true true true true true false false true true true true true true true true false X DIANE BASILE 4349515499 915 EAST HIGH STREET CHARLOTTESVILLE VA 229022083 COLIN W MCLEAN FSIP AUDIT & RISK COMMITTEE CHAIR 1.0 X 0 0 0 ZOUHEIR TAMIM EL JARKASS CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 AARON LOW CFA IMMEDIATE PAST CHAIR 1.0 X X 0 0 0 ATTILA KOKSAL CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 BETH HAMILTON-KEEN CFA CHAIR 1.0 X X 0 0 0 FREDERIC P LEBEL CFA VICE CHAIR 1.0 X X 0 0 0 GIUSEPPE BALLOCCHI CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 JAMES G JONES CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 MARK J LAZBERGER CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 ROBERT JENKINS FSIP PLANNING COMMMITTEE CHAIR 1.0 X 0 0 0 SUNIL SINGHANIA CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 HEATHER BRILLIANT CFA EXTERNAL RELATIONS & VOLUNTEER 1.0 X 0 0 0 PAUL SMITH CFA PRES & CEO & RESRCH FDN BD MEM 40.0 1.0 X X 1049047 0 155093 SCOTT PROCTOR CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 MICHAEL TROTSKY CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 HUA YU CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 LYNN STOUT MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 DANIEL GAMBA CFA MEMBER, BOARD OF GOVERNORS 1.0 X 0 0 0 GEORGE SPENTZOSCFA FSIP MEMBER, BOARD OF GOVERNORS 1.0 X 5900 0 0 JOSEPH P LANGE CORPORATE SECRETARY 40.0 X 141491 0 34606 TIMOTHY G MCLAUGHLIN CFA CFO/SENIOR ADV-EXITED 8/2016 40.0 1.0 X 561436 0 70739 SANDRA PETERS CFA INTERIM CFO - EFFECTIVE 3/2016 40.0 1.0 X 382214 0 47637 ELAINE CHENG MANAGING DIRECTOR 40.0 X 448113 0 71243 DONNA MARSHALL MANAGING DIRECTOR 40.0 X 563408 0 68866 KURT N SCHACHT CFA MANAGING DIRECTOR 40.0 X 574478 0 79059 NITIN MEHTA CFA MANAGING DIRECTOR 40.0 X 479212 0 98766 STEPHEN M HORAN CFA MANAGING DIRECTOR 40.0 X 458559 0 72967 JOHN BOWMAN CFA MANAGING DIRECTOR 40.0 X 455206 0 70943 SHERI LYNN LITTLEFIELD-MORENO GENERAL COUNSEL 40.0 X 213428 0 12834 RAYMOND J DEANGELO SENIOR ADVISOR- EXITED 1/2016 40.0 X 610821 0 71694 PETER B MACKEY CFA HEAD CFA EXAMINATIONS 40.0 X 431469 0 47345 ROBERT LAMY CFA HEAD, CURRICULUM DEVELOPMENT 40.0 X 359742 0 41719 KATHY PILGRIM DIRECTOR, EXAM DEVELOPMENT 40.0 X 320578 0 46809 JAN SQUIRES MANAGING DIR. - EXITED 8/2015 40.0 X 1133642 0 22237 Dwight Churchill CFA PRESIDENT & CEO- EXITED 1/2015 40.0 X 131818 0 1592 ASHVIN P VIBHAKARCFA SENIOR ADV-EXITED 8/31/2015 40.0 X 286292 0 22056 8606854 0 1036205 191 true true false LOWE PROFERO LLC PO BOX 7247-6592 PHILADELPHIA PA 19170 MARKETING 5960673 PROFESSIONAL EXAMINATION SERVICE 475 RIVERSIDE DRIVE NEW YORK NY 10115 EXAM ADMINISTRATION 4384824 PBD INC 1650 BLUEGRASS LAKES PKWY ALPHARETTA GA 30004 MARKETING 3590952 JOHN WILEY SONS INC PO BOX 416502 BOSTON MA 02241 PUBLISHING 4995258 PAYMENTECH LLC 4 NORTHEASTERN BLVD SALEM NH 03079 MERCHANT SERVICES 3240722 221 0 CANDIDATE FEES 900099 192309065 192309065 EDUCATIONAL PRODUCTS 611710 51097990 51097990 MEMBERSHIP DUES 900099 37554672 37554672 ADVERTISING 900099 567826 567826 281529553 5687206 5687206 0 285794 285794 0 0 0 86975992 90762292 17278 -3786300 -17278 -3803578 -3803578 0 0 0 SERVICE FEE REP. 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CFA INSTITUTE HAS DETERMINED THAT IT HAS ADEQUATELY PROVIDED FOR ALL OPEN TAX YEARS UNDER THE INCOME TAXES TOPIC OF THE FASB ASC AND HAS NO UNCERTAIN TAX POSITIONS. SCHEDULE D, PART XI, LINE 4B LOSS ON DISPOSAL OF ASSETS ($17,278) SCHEDULE D, PART XII, LINE 2D LOSS ON DISPOSAL OF ASSETS $17,278 true Central America and the Caribbean Program Services MEMBER & ADMIN SUPPORT 219701 Central America and the Caribbean Grantmaking N/A 120792 East Asia and the Pacific 6 55 Program Services MEMBER & ADMIN SUPPORT 22883519 East Asia and the Pacific Grantmaking N/A 1440361 Europe (Including Iceland and Greenland) 2 52 Program Services MEMBER & ADMIN SUPPORT 13835327 Europe (Including Iceland and Greenland) Grantmaking N/A 2351390 Middle East and North Africa Program Services MEMBER & ADMIN SUPPORT 1233216 Middle East and North Africa Grantmaking N/A 283750 North America Program Services MEMBER & ADMIN SUPPORT 2780501 North America Grantmaking N/A 962861 Russia and the Newly Independent States Program Services MEMBER & ADMIN SUPPORT 180928 Russia and the Newly Independent States Grantmaking N/A 127345 South America Program Services MEMBER & ADMIN SUPPORT 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IF BUSINESS CLASS SEATS ARE UNAVAILABLE OR NOT OFFERED (BASED ON ROUTE, CARRIER OR AIRCRAFT), THE TRAVELER IS ELIGIBLE TO BOOK A FIRST CLASS FARE FOR ROUTES IN EXCESS OF 1,500 MILES, OTHERWISE, THE TRAVELER IS ENCOURAGED TO BOOK THE MOST ECONOMICAL FARE OPTION FOR THE REQUIRED ITINERARY. TRAVEL FOR COMPANIONS: AN EMPLOYEE CAN EXCHANGE BUSINESS CLASS AIRFARE FOR TWO COACH AIRFARES TO INCLUDE COMPANION TRAVEL. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: CERTAIN REIMBURSEMENTS, INCLUDING HOUSING AND UTILITIES FOR EXPATRIATES ARE GROSSED-UP. ALL EXPATRIATES AND INTERNATIONAL ROTATION ASSIGNMENT PROGRAM EMPLOYEES' SALARIES ARE EQUALIZED TO THEIR RESIDENTIAL TAX CODE. HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: CFA INSTITUTE PAYS THE COST OF A PERSONAL RESIDENCE IN THE COUNTRY TO WHICH EACH EXPATRIATE IS ASSIGNED. ON OCCASION, CFA INSTITUTE PAYS FOR RELOCATION HOUSING AND INCLUDES THIS IN THE EMPLOYEE'S COMPENSATION. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: THE U.S. WELLNESS PROGRAM CHANGED IN CY2016 FROM A REIMBURSABLE PLAN TO A CREDIT-WELLNESS PROGRAM. HOWEVER, U.S. EMPLOYEES WHO ARE NOT COVERED BY A CFA INSTITUTE HEALTH PLAN, AND NON-U.S. EMPLOYEES ARE STILL ELIGIBLE FOR REIMBURSEMENTS ASSUMING THEY QUALIFY. SCHEDULE J, PART II, COLUMN B(III) OTHER REPORTABLE COMPENSATION REFLECTED IN B(III) INCLUDES EXPATRIATE COMPENSATION. SCHEDULE J, PART I LINE 4A SEVERANCE PAYMENTS WERE MADE AS FOLLOWS: JAN R. SQUIRES $603,368 Form 990, Part VII, Column D GEORGE SPENTZOS RECEIVED $5,900 FOR GRADER COMPENSATION AND NOT FOR SERVICE AS A BOARD MEMBER. PART III, LINE 1, ORGANIZATION'S MISSION (CONTINUED) THIS MEMBERSHIP INCLUDES 140,080 CFA CHARTERHOLDERS. CFA INSTITUTE EXTENDS ITS REACH INTO LOCAL COMMUNITIES THROUGH A NETWORK OF 147 MEMBER SOCIETIES IN 73 COUNTRIES. CFA INSTITUTE IS HEADQUARTERED IN CHARLOTTESVILLE, VIRGINIA, UNITED STATES, WITH OFFICES IN LONDON, BRUSSELS, BEIJING, MUMBAI, SINGAPORE, SHANGHAI, HONG KONG, AND NEW YORK. YOU CAN FIND MORE INFORMATION ON THE ORGANIZATION AT WWW.CFAINSTITUTE.ORG. PART III, LINE 4D, OTHER PROGRAM SERVICES CFA INSTITUTE ALSO PROVIDES A VARIETY OF PROGRAMS AND SERVICES TO ITS MEMBERS AND TO THE GLOBAL INVESTMENT COMMUNITY AT LARGE. SUCH PROGRAMS INCLUDE THE CERTIFICATE IN INVESTMENT PERFORMANCE MEASURMENT (CIPM) PROGRAM, A DESIGNATION PROGRAM FOR PROFESSIONALS THAT PRODUCE, INTERPRET, PRESENT AND EXPLAIN INVESTMENT PERFORMANCE AND PRODUCTS, (INCLUDING SELECTIONS AND EVALUATING INVESTMENT MANAGERS), AND THE CFA INSTITUTE INVESTMENT FOUNDATIONS PROGRAM. PART VI, LINES 6, 7A & 7B THE CLASSES OF MEMBERSHIP IN CFA INSTITUTE ARE REGULAR MEMBERS, AFFILIATE MEMBERS, CHARTERHOLDER MEMBERS, AND MEMBER SOCIETIES. REGULAR MEMBERS ARE ENTITLED TO ONE VOTE ON EACH MATTER SUBMITTED AT MEMBER MEETINGS. REGULAR MEMBERS ALSO HAVE THE RIGHT TO ELECT THE BOARD OF GOVERNORS. THE BOARD MAY HAVE UP TO TWO GOVERNORS WHO ARE NOT REGULAR MEMBERS. ALL OTHER GOVERNORS SHALL BE REGULAR MEMBERS. PART VI, LINE 11B FORM 990 IS PRESENTED TO THE AUDIT AND RISK COMMITTEE AND DISCUSSED IN DETAIL. IN ADDITION, COPIES ARE PROVIDED TO EACH OF THE BOARD OF GOVERNORS. THESE PRESENTATIONS TAKE PLACE PRIOR TO FILING. PART VI, LINE 12C THE CONFLICT OF INTEREST STATEMENTS ARE COLLECTED ANNUALLY. EMPLOYEE AND BOARD OF GOVERNORS' DISCLOSURES ARE DIRECTED TO THE CHIEF COMPLIANCE RISK AND ETHICS OFFICER. CONTACT INFORMATION FOR THE AUDIT AND RISK COMMITEE CHAIR IS ALSO AVAILABLE IN THE CONFLICTS OF INTEREST POLICY FOR ANYONE WISHING TO ESCALATE CONCERNS DIRECTLY. ANNUAL TRAINING FOR ALL EMPLOYEES IS PROVIDED BY THE COMPLIANCE AND ETHICS GROUP. ALL EMPLOYEES ACKNOWLEDGE THEIR UNDERSTANDING AND ADHERENCE TO THE CODE OF CONDUCT ANNUALLY. THE RESTRICTIONS IMPOSED ON A PERSON WITH A CONFLICT VARY BASED ON THE CONFLICT, THE POSITION OF THE PERSON, AND THE SITUATION; HOWEVER, IT COULD INCLUDE PROHIBITING A BOARD MEMBER FROM PARTICIPATING IN A PARTICULAR DELIBERATION AND/OR DECISION. PART VI, LINES 15A & 15B TO ENSURE ONGOING AND EFFECTIVE CORPORATE GOVERNANCE, THE BOARD OF GOVERNORS UTILIZED A COMPENSATION AND GOVERNANCE COMMITTEE (CGC). IT COMPRISED OF FIVE GOVERNORS WHO ARE INDEPENDENT OF THE MANAGEMENT OF CFA INSTITUTE, AND ARE FREE OF ANY RELATIONSHIP THAT WOULD INTERFERE WITH THEIR EXERCISE OF INDEPENDENT JUDGMENT. THE CGC SETS THE COMPENSATION OF THE CEO, INCLUDING ANY INCENTIVE, AND ENGAGES INDEPENDENT CONSULTANTS AS NEEDED TO PROVIDE COMPENSATION RECOMMENDATIONS. THE CGC ENSURES THAT INDEPENDENT COMPARATIVE COMPENSATION STUDIES ARE CONDUCTED EVERY THREE YEARS TO GAUGE THE COMPETITIVENESS OF EXECUTIVE COMPENSATION AT CFA INSTITUTE. THE MOST RECENT EXECUTIVE MARKET STUDY WAS CONDUCTED IN FY2014, WHEN CFA INSTITUTE RETAINED A GLOBAL MANAGEMENT CONSULTING FIRM TO PROVIDE COMPETITIVE PAY BENCHMARKS THAT REFLECT THE MARKETS FROM WHICH CFA INSTITUTE WOULD MOST LIKELY RECRUIT ITS EXECUTIVE TALENT. PEER GROUP SELECTION SPANNED DIFFERENT INDUSTRY SECTORS INCLUDING NOT-FOR-PROFIT FIRMS, FINANCIAL SERVICES FIRMS, ACADEMIA AND HIGHER EDUCATION, AND GENERAL INDUSTRY. THE NOT-FOR-PROFIT PEER GROUP SELECTION WAS BASED ON CRITERIA THAT INCLUDED MISSION, REVENUE, HEADCOUNT AND GLOBAL PRESENCE. PAY DATA WAS COLLECTED FROM PUBLICALLY DISCLOSED IRS FORM 990S. DATA FOR THE OTHER INDUSTRY SECTORS WAS SOURCED USING BOTH THIRD-PARTY SURVEY DATA AND INFORMATION DISCLOSED ON PUBLIC FILINGS. THE CONSULTING FIRM PERFORMED THIS STUDY ON AN INDEPENDENT FEE BASIS. SEPARATELY, THE CGC OF THE BOARD OF CFA INSTITUTE ALSO ENGAGES INDEPENDENT ADVISORS TO HELP INTERPRET HOW THE REPORTED MARKET DATA APPLIES TO CFA INSTITUTE'S EXECUTIVE POSITIONS. 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