2016-11-15T15:00:57-06:00 2015-12-31 Grant Thornton LLP 1000 WILSON BLVD SUITE 1400 ARLINGTON VA 22209 990 2015-01-01 521634508 Institute for Financial Markets % R GUY SHEETZ INST 2022231528 2001 Pennsylvania Ave NW Suite 600 Washington DC 20006 PATRICIA FOSHEE President 2022231528 2016-11-15 true Mary Torretta P00847851 7038477500 2015 2017-02-10 21:41:12Z PATRICIA FOSHEE 2001 Pennsylvania Ave NW Washington DC 20006 3058508 false X www.theifm.org X 1989 DC The Institute's mission focuses on three primary areas - education, ethics and data directed at improving the financial services industry. 9 7 10 7 0 -250 5000 0 1866734 1951743 59936 97150 4800 9739 1936470 2058632 10000 0 0 0 825778 824918 0 0 0 758552 614800 1594330 1439718 342140 618914 4629936 5086107 2194551 2179397 2435385 2906710 X SEE SCHEDULE O. false false 40293 61905 The development of products and market-based educational materials directed to industry professionals, market users, journalists, academics and those who shape and implement public policy for the financial services industry. 216042 331917 The development of standards and fostering best practices initiatives in the futures and related financial services industry. 1014041 1557921 Market data used by academic and government researchers and industry professionals and their clients throughout the world. 1270376 true false false false false false false false false false true false false false true true false true false false false false false false false false false false false true false false false false false false false false false false false false false true false true false true 5 0 true 10 true false false false false false false false false false false X 9 7 false false false false false false false true true false false false true true true true true true false false DC IL NY X R GUY SHEETZ 2022231528 2001 PENNSYLVANIA AVE NW SUITE 60 Washington DC 20006 X Patricia Foshee President 60.0 0.0 X X 170568 0 23225 Walter Lukken Board Member 1.0 64.0 X 0 1147039 50248 Michael C Dawley Chairman 1.0 0.0 X X 0 0 0 Gary DeWaal Co-Vice Chairman 1.0 0.0 X X 0 0 0 Daniel A Driscoll Secretary/Treasurer 1.0 0.0 X X 0 0 0 Peter F Borish Board Member 1.0 0.0 X 0 0 0 Arthur W Hahn Board Member 1.0 0.0 X 0 0 0 Gerald Corcoran Board Member 1.0 0.0 X 0 0 0 Thomas Russo Co-Vice Chair. - End Mar 2015 1.0 0.0 X X 0 0 0 Mark E Holder Sec./Treas. - End March 2015 1.0 0.0 X X 0 0 0 Scott Gordon Board Member - End March 2015 1.0 0.0 X 0 0 0 Micah S Green Board Member - End March 2015 1.0 0.0 X 0 0 0 John Lothian Board Member - End March 2015 1.0 0.0 X 0 0 0 Vassilis Vergotis Board Member - End March 2015 1.0 0.0 X 0 0 0 John Damgard Board Member 1.0 0.0 X 0 0 0 170568 1147039 73473 1 false true false Evergreen Financial Management 4201 Wilson Blvd Suite 110-583 ARLINGTON VA 22203 Technology Services 145980 1 0 0 DATA PRODUCT SALES 900099 1557921 1557921 REGISTRATION FEES 900099 331917 331917 PROGRAM MATERIAL SALES 900099 61905 61905 1951743 32839 32839 0 1800 1800 0 0 0 1064187 999876 64311 64311 64311 0 0 0 MISCELLANEOUS REVENUE 900099 7939 7939 7939 2058632 1951743 106889 0 0 0 0 170568 155217 15351 0 497091 452354 44737 40055 36450 3605 63413 57706 5707 53791 48950 4841 0 8108 8108 24105 24105 0 0 19621 19621 14841 13505 1336 2291 2085 206 61655 56105 5550 235253 214080 21173 0 44 40 4 44144 40171 3973 0 193713 193713 0 0 2590 2590 6728 6728 TAXES AND LICENSES 1707 1707 0 1439718 1270376 169342 0 1517632 1975989 163630 163650 0 0 20392 73307 0 0 0 0 0 0 9912 10111 28414 23701 45627 21715 4328 23912 2885628 2815437 0 0 0 0 0 0 0 0 4629936 5086107 166659 145426 0 0 1986830 1992032 0 0 0 0 0 0 0 0 0 0 41062 41939 2194551 2179397 X 2435385 2906710 0 0 0 0 2435385 2906710 4629936 5086107 618914 -147589 X false true X true false X 85000 145000 25500 5000 0 260500 1464791 1598971 1848412 1866734 1951743 8730651 0 0 0 1549791 1743971 1873912 1871734 1951743 8991151 85000 145000 25000 5000 260000 0 85000 145000 25000 5000 260000 8731151 74209 60952 53409 37123 34639 260332 0 74209 60952 53409 37123 34639 260332 0 8361 12969 0 0 7939 29269 1632361 1817892 1927321 1908857 1994321 9280752 0.94078 0.90494 0.02805 0.05015 X 11041 8114 2927 34586 13601 20985 23912 0 INTERCOMPANY PAYABLE 41939 41939 X Liability for Uncertain Tax Position (ASC 740) Schedule D, Part X, Line 2 Per GAAP requirements, Institute for Financial Markets ("IFM") is reported as part of Futures Industry Association's consolidated audited financial statements. FIA's notes to its audited statements includes the following relevant parts: The Association and Affiliates follow guidance that clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial statement recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the financial statements if the position is 'more-likely-than-not' to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The Association and Affiliates have processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. The tax years ending December 31, 2015, 2014, 2013 and 2012 are still open to audit for both federal and state purposes. The Association and Affiliates have determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements. disclosure in the financial statements. X X X false false false false false false false false false Patricia Foshee President 130568 0 40000 0 0 0 15351 0 7874 0 193793 0 0 0 Walter Lukken Board Member 0 478458 0 650000 0 18581 0 23850 0 26398 0 1197287 0 0 Bonus and Compensation Schedule J, part II The Compensation Committee of the Board of Futures Industry Association was diligent in obtaining and reviewing market data to assess a bonus payment to Mr. Lukken. His compensation, as well as the compensation of others, was discussed and reviewed in detail at a meeting of the Board. Organization's Mission Form 990, Part III, Line 1 THE INSTITUTE'S MISSION FOCUSES ON THREE PRIMARY AREAS - EDUCATION, ETHICS AND DATA. The purpose of IFM is to increase public awareness and understanding of the importance of financial markets and the financial service industry to the global economy, and to improve the technical competence of those in the industry who deal with the public. As such, the Institute engages in activities such as research, data, ethics and anti-money compliance laundering training, publications dissemination, course development, workshops, and conferences. Form 990 Review Process Form 990, Part VI, Line 11b THE CHIEF FINANCIAL OFFICER OF THE FUTURES INDUSTRY ASSOCIATION, INC. CONDUCTED THE REVIEW IN COLLABORATION WITH THE EXTERNAL ACCOUNTING FIRM. DISCUSSION WAS HELD AT THE EXECUTIVE LEVEL WITHIN THE ORGANIZATION. Conflict of Interest Policy Monitoring & Enforcement Form 990, Part VI, Line 12c Officers, trustees and key employees are covered under the policy. The level at which determinations of whether a conflict exists includes but is not limited to the following: ownership interest in an entity the organization is procuring goods or services from, other transactions where an insider has the possibility of personal gain at the expense of the organization or any transaction in which the organization is doing business with a family member or business partner. Any conflicts are reviewed first by the executive director and then by the board of trustees. Restrictions include removal of participation or any personal influence in the discussion of the subject and all decision making regarding the topic. Process for Determining Compensation Form 990, Part VI, Line 15a The compensation committee, which are the officers of the independent board of trustees, reviews the compensation. Compensation guidelines and recommendations are based upon employee responsibility and performance and on industry and position-specific market data from sources such as the ASAE. The compensation committee approves upon recommendation of management with contemporaneous substantiation of the deliberation and decision. How Documents are Made Available to the Public Form 990, Part VI, Line 19 The governing documents, conflict of interest policy, and financial statements are available to the public upon request to the extent required by law. FIA Asia Inc 2001 PENNSYLVANIA AVE NW WASHINGTON DC 20006 352329304 MEMBER ASSOC. DC 501(c)(6) FIA false Markets Association 2001 PENNSYLVANIA AVE NW WASHINGTON DC 20006 522304754 MEMBER ASSOC. DC 501(c)(6) FIA false FUTURES INDUSTRY ASSOCIATION INC 2001 PENNSYLVANIA AVE NW WASHINGTON DC 20006 135642275 MEMBERSHIP DC 501(c)(6) NA false FIA Global Inc 2001 PENNSYLVANIA AVE NW WASHINGTON DC 20006 464617924 MEMBER ASSOC. DC 501(c)(6) FIA false FIA TECHNOLOGY SERVICES INC 2001 PENNSYLVANIA AVENW STE 600 WASHINGTON DC 20006 300472383 DATA STORAGE DC FIA C Corp false false true false false false false false false false false false false true true true false false false Futures Industry Association Inc n 133729 FMV Futures Industry Association Inc o 116623 FMV