2016-11-08T20:42:06-06:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP 4250 N FAIRFAX DRIVE SUITE 1020 ARLINGTON VA 22203 990 2015-01-01 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 2016-11-07 1 DAVID TRIMNER P00444822 5712279500 2015 2017-02-10 21:41:12Z KEVIN R KELLER 1425 K STREET NW NO 800 WASHINGTON DC 20005 54570629 0 X WWW.CFP.NET X 1985 DC SEE SCHEDULE O. 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. 13 13 63 168 415458 -140834 0 2926779 28118141 30587654 771859 -1475329 30471 32059 28920471 32071163 25000 25000 0 0 8216580 9063760 0 159072 178193 21640551 21485945 29882131 30733777 -961660 1337386 40958170 41768951 19269596 19319541 21688574 22449410 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. 1 0 10470726 10470726 PUBLIC AWARENESS CAMPAIGN THE MISSION OF CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS, INC. IS TO BENEFIT THE PUBLIC BY GRANTING THE CFP CERTIFICATION AND UPHOLDING IT AS THE RECOGNIZED STANDARD OF EXCELLENCE FOR PERSONAL FINANCIAL PLANNING. 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, PRINT AND ONLINE ADVERTISING. ADDITIONALLY, CFP BOARD IS MAINTAINING AND REGULARLY UPDATING "LET'S MAKE A PLAN," A CONSUMER-TARGETED WEBSITE TO INCREASE THE PUBLIC'S AWARENESS OF THE VALUE OF FINANCIAL PLANNING AND HOW A CFP PROFESSIONAL CAN HELP THEM PULL THEIR FINANCIAL LIFE TOGETHER. AS A RESULT OF THE PUBLIC AWARENESS CAMPAIGN, THE AWARENESS OF CFP CERTIFICATION AMONG OUR TARGET AUDIENCE HAS INCREASED BY 17 PERCENTAGE POINTS IN TOTAL UNAIDED AWARENESS SINCE IT BEGAN IN 2011 (ACCORDING TO ANNUAL RESEARCH CONDUCTED BY IPSOS FROM 2011 TO 2015). AS A RESULT OF THIS INCREASE, CFP BOARD HAS APPROVED THE PUBLIC AWARENESS CAMPAIGN TO CONTINUE TO RUN INDEFINITELY. 6398949 0 155104 COMMUNICATIONS AND OUTREACHDURING 2015, CFP BOARD COMMUNICATIONS AND OUTREACH INCLUDED PUBLIC RELATIONS, CONSUMER ADVOCACY AND OUTREACH, CFP PROFESSIONAL COMMUNICATIONS, BUSINESS DEVELOPMENT, EDUCATIONAL MATERIALS, CFP.NET WEBSITE AND OTHER INITIATIVES. OUR EFFORTS UTILIZED EARNED AND SOCIAL MEDIA, OUR WEBSITE, AND SPEAKING APPEARANCES TO EDUCATE THE PUBLIC AND INDUSTRY ABOUT THE BENEFITS OF COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING. OUR CONSUMER OUTREACH EFFORTS INCLUDED ESTABLISHING PARTNERSHIPS WITH PUBLIC INTEREST GROUPS, GOVERNMENT AGENCIES, AND OTHER NON-PROFIT ORGANIZATIONS TO PROVIDE PRO BONO FINANCIAL ADVICE TO THOUSANDS OF CONSUMERS NATIONWIDE. SPECIFIC PRO BONO ACTIVITIES INCLUDED A NATIONAL "FINANCIAL PLANNING DAYS" INITIATIVE, WITH FINANCIAL PLANNING CLINICS HELD AT 24 LOCATIONS ACROSS THE U.S., AS WELL AS FINANCIAL PLANNING CLINICS PROVIDED TO OLDER AMERICANS, TEACHERS, CONGRESSIONAL STAFF AND COUNTY GOVERNMENT EMPLOYEES. 4255309 103746 ENFORCEMENT OF PROFESSIONAL STANDARDSAS A CONDITION OF 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 AN OPPORTUNITY TO RESPOND. IN 2015, CFP BOARD STAFF OPENED IN EXCESS OF 600 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 2015, THE DEC HELD 77 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. 2964734 25000 1810704 EDUCATIONTHE 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 INITIAL 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 OVER 225 REGIONALLY-ACCREDITED COLLEGES AND UNIVERSITIES IN THE U.S., AT DEGREE (BACHELORS, MASTERS, PH.D.) AND CERTIFICATE LEVELS. IN 2015, CFP BOARD REGISTERED OVER 375 FINANCIAL PLANNING PROGRAMS WHICH INCLUDED REVIEW OF THEIR CURRICULUM AND FACULTY QUALIFICATIONS TO ENSURE THAT THE TEACHING AND LEARNING MET ESTABLISHED STANDARDS. THE SECOND PART OF THE INITIAL EDUCATION COMPONENT REQUIRES A BACHELOR'S DEGREE (OR HIGHER), IN ANY DISCIPLINE, FROM A REGIONALLY ACCREDITED COLLEGE OR UNIVERSITY. AFTER INITIAL CERTIFICATION, CFP PROFESSIONALS ARE REQUIRED TO COMPLETE CONTINUING EDUCATION ("CE") REQUIREMENTS AS PART OF THE BIENNIAL RENEWAL REQUIREMENT TO ASSURE THE PUBLIC OF CONTINUING COMPETENCY IN FINANCIAL PLANNING. CFP BOARD REGISTERED OVER 1,300 CE SPONSORS IN 2015. THESE CE SPONSORS DELIVERED HIGH QUALITY CONTENT DEVELOPED BY QUALIFIED INSTRUCTORS AND AUTHORS, ALIGNING WITH DEFINED FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2015, CFP BOARD REVIEWED AND ACCEPTED OVER 13,900 CE PROGRAMS WHICH MET ESTABLISHED REQUIREMENTS. 1832773 3918865 EXAMINATIONIN 2015, CFP BOARD ADMINISTERED CLOSE TO 6,000 CFP CERTIFICATION EXAMINATIONS. THE CFP 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 IN A COMPUTER-BASED FORMAT. CFP BOARD ADHERES TO STANDARDS AND BEST PRACTICES IN THE HIGH STAKES TESTING AND CERTIFICATION INDUSTRIES AS PER DEMONSTRATED BY ITS PROGRAM ACCREDITATION THROUGH NCCA. 1344428 3000055 CENTER FOR FINANCIAL PLANNINGTHE CENTER FOR FINANCIAL PLANNING IS A BROAD PROFESSION-WIDE INITIATIVE TO LEVERAGE COLLECTIVE RESOURCES AND ENGAGE IN A RESEARCH-TO-SOLUTIONS APPROACH TO ADDRESS THE CURRENT TALENT SHORTAGE AND BUILD CAPACITY FOR THE FINANCIAL PLANNING PROFESSION. THROUGH MAJOR GIFTS AND DIRECT RESPONSE FUNDRAISING, THE CENTER WAS ABLE TO USE FUNDS RAISED TO SUPPLEMENT MAJOR INITIATIVES FOR THE FINANCIAL PLANNING PROFESSION. 510921 13671831 CERTIFICATIONTHERE WERE OVER 73,500 CFP PROFESSIONALS AT THE END OF 2015, OF WHICH 3,800 WERE GRANTED INITIAL CERTIFICATION DURING THE YEAR. SUCCESSFUL COMPLETION OF THE EXAMINATION, EDUCATION, EXPERIENCE, AND ETHICS REQUIREMENTS IS A PERQUISITE TO INITIAL CFP CERTIFICATION. CFP BOARD'S CERTIFICATION PROGRAM IS ACCREDITED BY A THIRD PARTY ORGANIZATION, THE NCCA (NATIONAL COMMISSION FOR CERTIFYING AGENCIES), 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. 1010584 0 PUBLIC ADVOCACYONE OF CFP BOARD'S CORE PUBLIC POLICY OBJECTIVES IS TO INFLUENCE POLICY TO BENEFIT THE PUBLIC AND INCREASE ACCESS FOR ALL TO COMPETENT AND ETHICAL FINANCIAL PLANNING. DURING 2015, CFP BOARD WORKED TO PURSUE FINANCIAL REGULATORY REFORMS FOCUSED ON INVESTOR PROTECTION ISSUES, INCLUDING THE REGULATION OF THOSE WHO HOLD THEMSELVES OUT TO CONSUMERS AS FINANCIAL PLANNERS; URGING THE SECURITIES AND EXCHANGE COMMISSION (SEC) TO ADOPT A FIDUCIARY STANDARD OF CARE FOR THE DELIVERY OF PERSONALIZED INVESTMENT ADVICE; AND INCREASED SEC OVERSIGHT OF REGISTERED INVESTMENT ADVISORS. CFP BOARD ALSO ADVOCATED FOR THE DOL FIDUCIARY RULEMAKING TO PROCEED WITHOUT DELAY OR OBSTRUCTION TO FULL AND OPEN PUBLIC EVALUATION AND COMMENT. THESE EFFORTS RESULTED IN A FAVORABLE RULING FROM THE DOL. 7663440 25000 22401455 28788424 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 0 0 0 0 0 0 0 0 0 1 56 0 1 63 1 1 1 0 0 0 0 0 0 0 0 0 X 13 13 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 2023792269 1425 K STREET NW SUITE 800 WASHINGTON DC 20005 RICHARD ROJECK CHAIR, BOARD OF DIRECTORS 3.00 X 0 0 0 BLAINE AIKIN MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 JOHN CONNELL MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 JEFF FARRAR MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 CHARLES FITZGERALD MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 MICHAEL GREENE MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 EVA KAMPITS MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 ARTHUR LABY MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 THOMAS NELSON MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 PEGGY RUHLIN MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 RICHARD SALMEN MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 NEAL SOLOMON MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 KIM WRIGHT-VIOLICH MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 JOE VOTAVA MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 KEVIN R KELLER CHIEF EXECUTIVE OFFICER 50.00 X 1019176 0 162431 ROGER C MYERS JR CHIEF FINANCIAL OFFICER 50.00 X 299605 0 90816 LEO RYDZEWSKI GENERAL COUNSEL 50.00 X 420910 0 87331 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR, PUBLIC POLICY AND COMMUNICATION 50.00 X 384734 0 88754 MICHELE WARHOLIC MANAGING DIRECTOR, EXAMS, EDUCATION AND TALENT 50.00 X 324981 0 25394 JOSEPH MAUGERI MANAGING DIRECTOR, MARKETING AND CORPORATE RELATIO 50.00 X 257172 0 73566 JOHN LOESCH DIRECTOR OF INVESTIGATIONS 50.00 X 231006 0 11333 ADAM ZAJAC DIRECTOR OF ADJUDICATION 50.00 X 195946 0 20020 DANIEL DRUMMOND DIRECTOR OF COMMUNICATIONS 50.00 X 187740 0 31338 GAIL REISMAN DIRECTOR OF MARKETING 50.00 X 182340 0 28442 DAVID MAZZULLA DIRECTOR OF INFORMATION TECHNOLOGY 50.00 X 179024 0 16837 MICHAEL SHAW MANAGING DIRECTOR OF PROFESSIONAL STANDARDS 50.00 X 217456 0 0 TODD CRANFORD DIRECTOR 50.00 X 109009 0 10860 4009099 0 647122 27 1 1 0 HAVAS MEDIA 200 HUDSON STREET NEW YORK NY 10013 ADVERTISING 9586755 PROMETRIC INC 1501 SOUTH CLINTON STREET BALTIMORE MD 21224 TESTING SERVICES 1339557 MARKETING GENERAL INC 625 N WASHINGTON STREET STE 450 ALEXANDRIA VA 22314 MARKETING SERVICES 1129294 ARNOLD WORLDWIDE 10 SUMMER STREET BOSTON MA 02110 ADVERTISING 971592 POWELL TATE 733 10TH ST NW WASHINGTON DC 20001 PUBLIC RELATIONS 612656 32 2926779 5180 2926779 CERTIFICATION FEES 900099 13189531 13189531 PUBLIC AWARENESS FEES 900099 10470726 10470726 EXAM FEES 900099 3918864 3918864 EDUCATIONAL FEES 900099 1778644 1778644 CAREER CENTER SPONSORSHIP AND FEE 900099 488735 73277 415458 741154 741150 4 30587654 516507 516507 33427 33427 20484370 22476206 -1991836 -1991836 -1991836 21892 23260 -1368 -1368 32071163 30204251 415458 -1475325 X 25000 25000 3234871 3024995 209876 4705408 4400124 305284 256082 239468 16614 434437 406252 28185 432962 404872 28090 334921 299176 23574 12171 61039 46736 14303 159072 159072 75694 75694 4159032 3913777 245255 10168685 10168510 175 2285603 2215710 69857 36 268160 206846 61314 1291464 988841 302623 793711 718853 68694 6164 532139 497179 34385 575 860465 717834 142631 154269 118120 36149 PROFESSIONAL DUES 441456 342382 99074 PROFESSIONAL DEVELOPMEN 32804 31448 1356 RECOGNITION AWARDS 21455 18016 3439 5048 4285 763 30733777 28788424 1767160 178193 X 509499 382180 0 127319 48 229 5385734 8712857 2095497 417872 277570 665397 398060 9399593 5223202 4612760 4176391 23001406 21712840 5185936 2957711 1689017 1437796 40958170 41768951 3803394 3333422 10072841 10825829 12869 10181 5380492 5150109 19269596 19319541 X 21688574 22449410 21688574 22449410 40958170 41768951 X 1337386 -407125 -169425 X X 0 1 X 1 0 X 195000 2926779 3121779 20896084 25301024 27827617 28145644 30642973 132813342 20896084 25301024 28022617 28145644 33569752 135935121 369847 369847 0 369847 369847 135565274 1445476 1016316 716591 870379 516505 4565267 1445476 1016316 716591 870379 516505 4565267 22341560 26317340 28739208 29016023 34086257 140500388 0.96490 0.95860 0.03250 0.04140 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 42317 42317 30867089 30909406 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 75923 75226 37783 42317 231249 250000 250000 250000 250000 1000000 1500000 0 1 X 3109821 886630 2223191 1096009 553063 542946 5193763 3783509 1410254 4176391 ARCHIPELAGO HOLDINGS 1087138 F NYES LEDGE CAPITAL FUND 1870573 F 2957711 DEFERRED RENT 1538272 CAPITAL LEASE OBLIGATION 42609 DEFERRED COMPENSATION 1615913 DEFERRED LIABILITY - TENANT FINISH ALLOWANCE 1953315 5150109 X 33569752 23260 23260 33546492 -1475329 -1475329 32071163 30850768 192685 192685 30658083 75694 75694 30733777 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. 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 2015 AND 2014, 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 23,260. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT INCOME -1,475,329. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 23,260. INCREASE IN ALLOWANCE FOR UNCOLLECTIBLES 169,425. X X X X X 1 ASSOCIATION DEVELOPMENT SOLUTIONS 50 N MICHIGAN AVE 800 CHICAGO IL 60601 FUNDRAISING CONSULTING 0 2926779 420000 2506779 2926779 420000 2506779 AL AK AR CA CT FL KS MD MA MI MN MS NJ NY DC ND OK OR PA RI SC TN UT VA WA WV WI CO FL GA HI IL KY LA ME MO NH NM SC 1 FINANCIAL PLANNING ASSOCIATION 7535 EAST HAMPDEN AVENUE SUITE 60 DENVER CO 80231 841521488 501(C)(6) 25000 FMV N/A FINANCIAL PLANNING CHALLENGE IN CONJUNCTION WITH ANNUAL FPA CONFERENCE 0 1 PART I, LINE 2: ANNUAL GRANT TO THE FINANCIAL PLANNING ASSOCIATION (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 X X X X X 1 1 0 0 0 0 0 0 0 KEVIN R KELLER CHIEF EXECUTIVE OFFICER 511761 0 198450 0 308965 0 133900 0 28531 0 1181607 0 308965 0 ROGER C MYERS JR CHIEF FINANCIAL OFFICER 256765 0 33840 0 9000 0 70131 0 20685 0 390421 0 0 0 LEO RYDZEWSKI GENERAL COUNSEL 361910 0 50000 0 9000 0 71169 0 16162 0 508241 0 0 0 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR, PUBLIC POLICY AND 295112 0 42156 0 47466 0 68384 0 20370 0 473488 0 38466 0 MICHELE WARHOLIC MANAGING DIRECTOR, EXAMS, EDUCATION 246501 0 36163 0 42317 0 15158 0 10236 0 350375 0 33317 0 JOSEPH MAUGERI MANAGING DIRECTOR, MARKETING AND COR 219297 0 28875 0 9000 0 49334 0 24232 0 330738 0 0 0 JOHN LOESCH DIRECTOR OF INVESTIGATIONS 137176 0 8316 0 85514 0 3732 0 7601 0 242339 0 0 0 ADAM ZAJAC DIRECTOR OF ADJUDICATION 153066 0 42880 0 0 0 10554 0 9466 0 215966 0 0 0 DANIEL DRUMMOND DIRECTOR OF COMMUNICATIONS 167940 0 19800 0 0 0 11820 0 19518 0 219078 0 0 0 GAIL REISMAN DIRECTOR OF MARKETING 162513 0 19827 0 0 0 11704 0 16738 0 210782 0 0 0 DAVID MAZZULLA DIRECTOR OF INFORMATION TECHNOLOGY 169024 0 10000 0 0 0 10214 0 6623 0 195861 0 0 0 MICHAEL SHAW MANAGING DIRECTOR OF PROFESSIONAL ST 2906 0 0 0 214550 0 0 0 0 0 217456 0 0 0 TODD CRANFORD DIRECTOR 52917 0 0 0 56092 0 3259 0 7601 0 119869 0 0 0 PART I, LINES 4A-B PART I, LINE 4B - 457(F) PLAN - ALL EXECUTIVES PARTICIPATED IN THE PLAN. A NON-QUALIFED 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 EXECUTIVE LEADERSHIP TEAM. 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 UP TO 15% OF THEIR ANNUAL BASE SALARY 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 EXECUTIVES IS VESTED THREE YEARS FROM THE GRANT DATE. UPON VESTING THE AWARD IS PAID OUT TO THE EXECUTIVE AS LONG AS THEY ARE STILL EMPLOYED BY CFP BOARD. THE FOLLOWING EXECUTIVES PARTICIPATED IN THE PLAN DURING THE YEAR. THE FOLLOWING GRANTS WERE AWARDED: NAME TITLE AMOUNT KEVIN R. KELLER CHIEF EXECUTIVE OFFICER $100,000 LEO RYDZEWSKI GENERAL COUNSEL $ 55,500 ROGER MYERS CHIEF FINANCIAL OFFICER $ 55,500 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR $ 55,500 JOSEPH MAUGERI MANAGING DIRECTOR $ 33,660 THE FOLLOWING PAYOUTS WERE MADE: NAME TITLE AMOUNT KEVIN KELLER CHIEF EXECUTIVE OFFICER $308,965 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR $ 38,466 MICHELE WARHOLIC MANAGING DIRECTOR $ 33,317 SCH J PART II SEVERENCE PAYMENTS - MICHAEL SHAW RECIEVED $214,550 TODD CRANFORD RECIEVED $56,092 JOHN LOESCH RECEIVED $85,514 FORM 990, PART III, LINE 2 CFP BOARD ESTABLISHED THE CENTER FOR FINANCIAL PLANNING WHOSE MISSION IS TO ADVANCE A MORE DIVERSE AND SUSTAINABLE FINANCIAL PLANNING PROFESSION THROUGH WORKFORCE DEVELOPMENT, DIVERSITY INITIATIVES AND BY BUILDING AN ACADEMIC HOME WITH THE GOAL OF ADVANCING THE PROFESSION'S BODY OF KNOWLEDGE AND SUPPORT OF MORE QUALIFIED FACULTY WHO WILL DELIVER JOB-READY TALENT FROM TOP COLLEGES AND UNIVERSITIES. FORM 990, PART VI, SECTION B, LINE 11 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) MEMBERS OF CFP BOARD'S BOARD OF DIRECTORS (INCLUDING THE CEO, WHO IS AN EX-OFFICIO DIRECTOR), COMMITTEES, AND TASK FORCES; (2) MEMBERS OF CEO COUNCILS, COMMISSIONS, AND WORKING GROUPS; (3) VOLUNTEERS FOR ANY OF THE AFOREMENTIONED BODIES; AND (4) CFP BOARD'S CORPORATE OFFICERS (COLLECTIVELY, REFERRED TO AS "RESPONSIBLE PERSON OR "RESPONSIBLE PERSONS"). EACH RESPONSIBLE PERSON HAS A CONTINUING OBLIGATION TO DISCLOSE ANY POTENTIAL CONFLICT OF INTEREST (REGARDLESS OF WHETHER THE POTENTIAL CONFLICT MAY RESULT IN PERSONAL BENEFIT TO THE RESPONSIBLE PERSON, A FAMILY MEMBER OR A RELATED ENTITY) AS SOON AS IT IS KNOWN OR REASONABLY SHOULD BE KNOWN. EACH RESPONSIBLE PERSON MUST COMPLETE A QUESTIONNAIRE PRIOR TO THE COMMENCEMENT OF SERVICE, AND ANNUALLY THEREAFTER. THE GOVERNANCE COMMITTEE IS COMPOSED OF SIX MEMBERS OF THE BOARD OF DIRECTORS. THE COMMITTEE'S DUTIES AND RESPONSIBILITIES ARE SET FORTH IN A GOVERNANCE MANUAL CREATED AND MAINTAINED BY THE COMMITTEE. ANNUAL GOVERNANCE TRAINING IS PROVIDED TO THE BOARD. THE COMMITTEE PROVIDES ANNUAL DISCLOSURE FORMS TO EACH MEMBER OF THE BOARD OF DIRECTORS AS WELL AS OFFICERS. IF A CONFLICT ARISES, THE INDIVIDUAL HAVING THE CONFLICT MUST DISCLOSE THE CONFLICT IN WRITING. THE COMMITTEE IS RESPONSIBLE FOR REVIEWING QUESTIONNAIRES SUBMITTED BY MEMBERS OF THE BOARD (INCLUDING THE CEO), COMMITTEES, AND TASK FORCES; AND CORPORATE OFFICERS, AND DETERMINING WHETHER A PERCEIVED OR ACTUAL CONFLICT OF INTEREST EXISTS. IF THE GOVERNANCE COMMITTEE DETERMINES THAT A PERCEIVED OR ACTUAL CONFLICT OF INTEREST EXISTS WITH RESPECT TO ANY OTHER CORPORATE OFFICER, THE GOVERNANCE COMMITTEE WILL DETERMINE THE APPROPRIATE COURSE OF ACTION. THIS MAY INCLUDE, BUT IS NOT LIMITED TO, DEVELOPING A MITIGATION PLAN OR INVOKING PROCEDURES SIMILAR TO THOSE DESCRIBED BELOW WITH RESPECT TO A CONFLICTING INTEREST TRANSACTION. IF A RESPONSIBLE PERSON BECOMES AWARE THAT CFP BOARD IS ABOUT TO ENTER INTO OR MAKE ANY DECISION INVOLVING A CONFLICTING INTEREST TRANSACTION WITH THE RESPONSIBLE PERSON, A FAMILY MEMBER, A FRIEND OR A RELATED ENTITY, THE RESPONSIBLE PERSON MUST: IMMEDIATELY INFORM THOSE CHARGED WITH APPROVING THE TRANSACTION ON BEHALF OF CFP BOARD OF A PERCEIVED OR ACTUAL CONFLICT OF INTEREST; AND NOT PARTICIPATE IN THE DELIBERATION OR VOTE ON THE DECISION TO ENTER INTO SUCH TRANSACTION, AND NOT ATTEMPT TO EXERT HIS OR HER INFLUENCE WITH RESPECT TO THE MATTER, EITHER AT OR OUTSIDE THE MEETING. PROCEEDINGS ARE DOCUMENTED IN THE MEETING MINUTES. 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. 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 WAS MOST RECENTLY UNDERTAKEN IN 2015 FOR ALL OFFICER AND KEY EMPLOYEE POSITIONS REPORTED IN FORM 990, PART VII. 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 737,142. MANAGEMENT AND GENERAL EXPENSES 92,412. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 829,554. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 2,670,077. MANAGEMENT AND GENERAL EXPENSES 136,296. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,806,373. RECRUITMENT: PROGRAM SERVICE EXPENSES 19,990. MANAGEMENT AND GENERAL EXPENSES 71. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 20,061. RESEARCH: PROGRAM SERVICE EXPENSES 291,050. MANAGEMENT AND GENERAL EXPENSES 3,943. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 294,993. TEMPORARY LABOR: PROGRAM SERVICE EXPENSES 195,518. MANAGEMENT AND GENERAL EXPENSES 12,533. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 208,051. FORM 990, PART XI, LINE 9: INCREASE IN ALLOWANCE FOR UNCOLLECTIBLES -169,425. PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE FILING YEAR.