2016-05-12T10:01:08-05:00 2015-06-30 420714325 MCGLADREY LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2014-07-01 581424769 ASSOCIATION FOR FINANCIAL PROFESSIONALS ASSO 3019072862 4520 EAST WEST HWY NO 750 BETHESDA MD 20814 JOSEPH A DESALVIO CHIEF FINANCIAL OFFICER 3019072862 2016-05-11 1 WILLIAM E TURCO CPA P00369217 3012963600 2014 2016-08-17 19:52:53Z JAMES A KAITZ 4520 EAST WEST HWY NO 750 BETHESDA MD 20814 31122235 0 X WWW.AFPONLINE.0RG X 1980 MD THE PROFESSIONAL SOCIETY THAT REPRESENTS FINANCE EXECUTIVES GLOBALLY. THE ASSOCIATION ESTABLISHED AND ADMINISTERS THE CERTIFIED TREASURY PROFESSIONAL AND CERTIFIED CORPORATE FP&A PROFESSIONAL CREDENTIALS, WHICH SET STANDARDS OF EXCELLENCE IN FINANCE. MEMBERS ARE SUPPORTED THROUGH RESEARCH, EDUCATION, CERTIFICATION, PUBLICATIONS AND REPRESENTATION. 18 18 101 157 1081662 17013 0 0 21734564 22103493 1280209 1696195 413198 33102 23427971 23832790 10517 13724 0 0 10385614 10996120 0 0 0 14064432 17502445 24460563 28512289 -1032592 -4679499 34066695 27843488 15687491 15468740 18379204 12374748 X TO BE THE PREFERRED GLOBAL RESOURCE AND ADVOCATE FOR THE FINANCE PROFESSION. 0 0 ANNUAL CONFERENCE:PREMIER NETWORKING AND EDUCATIONAL EVENT INCLUDING MORE THAN 130 WORK-SHOPS, PEER REVIEWED LECTURES, AND PRESENTATIONS ON CORPORATE FINANCIAL MANAGEMENT TOPICS SUCH AS TREASURY AND CASH, BANK RELATIONSHIPS, LIQUIDITY, WORKING CAPITAL, PAYMENTS, FINANCIAL PLANNING AND ANALYSIS, AND PENSION AND EMPLOYEE PLANS. ATTENDANCE AT THE ANNUAL CONFERENCE WAS IN EXCESS OF 6,000 CORPORATE PRACTITIONERS, ASSOCIATES AND ACADEMICS. PROFESSIONAL DEVELOPMENT - INCLUDES CERTIFICATION AND EDUCATION. THE CERTIFIED TREASURY PROFESSIONAL (CTP) EXAM WAS ADMINISTERED TO APPROXIMATELY 1500 CANDIDATES AND 500 CERTIFIED CORPORATE FINANCIAL PLANNING AND ANALYSIS (FP&A) EXAM PARTS WERE DELIVERED. IN ADDITION, APPROXIMATELY 2400 CTPS, WHO MET THE REQUIREMENT FOR CONTINUING PROFESSIONAL EDUCATION CREDITS OVER A THREE YEAR PERIOD, WERE RECERTIFIED.EDUCATION - CONDUCTED WORKSHOPS, WEBINARS AND SEMINARS ON A VARIETY OF TOPICS IN CORPORATE FINANCE, CASH MANAGEMENT, FRAUD PREVENTION, FINANCIAL RISK MANAGEMENT, BANK RELATIONSHIP MANAGEMENT, CASH FLOW FORECASTING, CORPORATE PAYMENTS, FINANCIAL PLANNING AND ANALYSIS AND SIMILAR TOPICS. COMMUNICATIONS:PUBLISHED MONTHLY NEWSLETTERS AND TEN ISSUES OF EXCHANGE MAGAZINE WITH TOPICS COVERING ECONOMICS, CORPORATE PAYMENTS, RISK AND FINANCIAL MANAGEMENT, CAREER DEVELOPMENT, AND LEGAL AND REGULATORY DEVELOPMENTS. MEMBERSHIP AND MARKETING RESEARCH WEBSITE CIEBA GT NEWS 0 0 0 1 0 0 0 0 0 1 1 0 1 1 1 0 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 84 0 1 101 1 1 1 1 CA UK 0 0 0 0 X 18 18 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X JOSEPH DESALVIO 3019072862 4520 EAST WEST HWY NO 750 BETHESDA MD 20814 ANTHONY SCAGLIONE BOARD CHAIRMAN 5.00 X X 0 0 0 JEFF JOHNSON VICE CHAIRMAN 5.00 X X 0 0 0 ROBERTA EISEMAN VICE CHAIRMAN 5.00 X X 0 0 0 SUSAN GLASS PAST CHAIRMAN 5.00 X 0 0 0 ANITA PATTERSON DIRECTOR 5.00 X 0 0 0 TERRY CRAWFORD DIRECTOR 5.00 X 0 0 0 ANN ANTHONY DIRECTOR 5.00 X 0 0 0 CHRIS FULTON DIRECTOR 5.00 X 0 0 0 PATRICIA HUI DIRECTOR 5.00 X 0 0 0 FERDINAND JAHNEL DIRECTOR 5.00 X 0 0 0 JUNE JOHNSON DIRECTOR 5.00 X 0 0 0 JOAN PISCITELLO DIRECTOR 5.00 X 0 0 0 ADRIENNE URBAN DIRECTOR 5.00 X 0 0 0 T JONATHAN HALL DIRECTOR 5.00 X 0 0 0 JORDAN KRUGMAN DIRECTOR 5.00 X 0 0 0 MATTHEW SKURBE DIRECTOR 5.00 X 0 0 0 KRISTIN WALLE DIRECTOR 5.00 X 0 0 0 ROBERT WHITAKER DIRECTOR 5.00 X 0 0 0 JAMES KAITZ CEO 50.00 X 911369 0 54122 JOSEPH DESALVIO CFO 50.00 X 293056 0 52280 JEFF GLENZER CHIEF OPERATING OFFICER 50.00 X 263716 0 50907 PATRICK CULKIN VP STRATEGY 40.00 X 247154 0 50666 PAUL AUCHINCLOSS MANAGING DIRECTOR, SALES 40.00 X 456498 0 44643 DAVID LEWIS MANAGING DIRECTOR, MEMBERSHIP 40.00 X 194730 0 34408 DONNA BERZELLINI MANAGING DIRECTOR, CERTIFICATION 40.00 X 184032 0 83514 MELISSA RAWAK MANAGING DIRECTOR, MARKETING & MEETINGS 40.00 X 177877 0 36137 DEBORAH FORBES EXECUTIVE DIRECTOR, CIEBA 40.00 X 251413 0 30561 ELIZABETH JOHNS MANAGING DIRECTOR, COMMUNICATIONS 40.00 X 193690 0 26455 KEVIN ROTH MANAGING DIRECTOR, RESEARCH 40.00 X 196533 0 42285 CRAIG MARTIN DIRECTOR, TREASURY PRACTICE 40.00 X 193295 0 39089 MARYELLEN SAUNDERS MANAGING DIRECTOR, EDUCATION 40.00 X 189038 0 35450 3752401 0 580517 29 0 1 0 CENTERPLATE 1901 CENVENTION CENTER DRIVE ROOM MIAMI BEACH FL 33139 CONFERENCE CATERING 865113 ANN SMITH COMMUNICATIONS 13603 BRASS HARNESS COURT HERNDON VA 20171 ADVERTISING 525391 MCARDLE PRINTING COMPANY 800 COMMERCE DRIVE UPPER MARLBORO MD 20774 PRINTING 480652 BURSON MARSTELLAR PO BOX 101880 ATLANTA GA 30371 MARKETING 453550 FREEMAN 10401 CONNECTICUT AVENUE SUITE 103 KENSINGTON MD 20895 AUDIO VISUAL-CONFERENCE 399097 24 CONFERENCES 541900 11403093 7199255 185697 4018141 MEMBERSHIP DUES 900099 6400656 6400656 PROFESSIONAL DEVELOPME 541900 3414477 3211860 202617 COMMUNICATIONS 511120 468672 49669 419003 GTNEWS 541900 274345 274345 142250 142250 22103493 752247 752247 1470 1470 8233393 7283445 6000 949948 -6000 943948 943948 MANAGEMENT FEES 541800 31022 31022 OTHER REVENUE 900099 610 610 31632 23832790 17003690 1081662 5747438 X 13724 3104214 6281977 186098 887507 536324 116990 69842 74943 4722345 562486 1761576 91299 1261664 1119480 1864907 1666 547367 186431 DEBT WAIVER 3708811 HONORARIA 683902 GOODWILL IMPAIRMENT LOS 495234 TAXES 42649 190853 28512289 2068383 1594141 1201461 1614391 1016145 1203134 5172077 4303364 1191923 868713 20590846 17198593 100000 1501722 650514 155280 7247423 3707514 34066695 27843488 2720252 2361094 9112275 9496089 3854964 3611557 15687491 15468740 X 16646534 10463776 1732670 1910972 18379204 12374748 34066695 27843488 X -4679499 -1317944 -7013 X 0 1 X 1 0 0 0 0 6400656 11200 11200 0 11200 1833545 1525163 308382 2553822 2144070 409752 784710 634131 150579 868713 INVESTMENT IN AFP ADVISORS NETWORK, LLC 100000 C 142,741.56-PIMCO SHORT TERM INSTL 1401722 F 1501722 DEFERRED COMPENSATION 2778569 DUE FROM AFP CANADA 24471 DUE FROM C-STREAM 39050 DUE FROM ASSOCIATION 59938 DUE FROM AFPN 805486 3707514 DEFERRED COMPENSATION 2778569 DEFERRED RENT 619357 CAPITAL LEASE PAYABLE 12243 DUE TO AFP CANADA 3016 DUE TO ASSOCIATION 59938 DUE TO C-STREAM 138434 3611557 X 22497890 -1317944 89009 -1228935 23726825 74943 31022 105965 23832790 24489841 256540 256540 24233301 74943 4204045 4278988 28512289 PART X, LINE 2: THE ASSOCIATION IS EXEMPT FROM THE PAYMENT OF FEDERAL INCOME TAXES ON ITS EXEMPT ACTIVITIES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. HOWEVER, THE ASSOCIATION IS SUBJECT TO INCOME TAX ON UNRELATED BUSINESS INCOME ACTIVITY. FOR THE YEARS ENDED JUNE 30, 2015 AND 2014, THE ASSOCIATION HAD NET UNRELATED BUSINESS INCOME OF APPROXIMATELY $58,000 AND $62,995, RESPECTIVELY. THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. MANAGEMENT EVALUATED THE ASSOCIATION'S TAX POSITIONS AND CONCLUDED THAT THE ASSOCIATION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. GENERALLY, THE ASSOCIATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2012. PART XI, LINE 2D - OTHER ADJUSTMENTS: AFFILIATE REVENUE INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENT 96,022. NET UNREALIZED LOSS ON FOREIGN CURRENCY -7,013. PART XI, LINE 4B - OTHER ADJUSTMENTS: MANAGEMENT FEE PAID BY AFP, LLC 31,022. PART XII, LINE 2D - OTHER ADJUSTMENTS: AFFILIATE EXPENSES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENT 256,540. PART XII, LINE 4B - OTHER ADJUSTMENTS: GOODWILL IMPAIRMENT LOSS 495,234. DEBT WAIVED - CSTREAM 3,708,811. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENT IN C-STREAM, LTD. 260613 0 0 0 0 0 0 260613 0 260613 0 0 1 0 0 0 X 1 1 X X X X X 1 1 0 JAMES KAITZ CEO 655349 0 228480 0 27540 0 35082 0 20142 0 966593 0 0 0 JOSEPH DESALVIO CFO 239585 0 33025 0 20446 0 35119 0 18637 0 346812 0 0 0 JEFF GLENZER CHIEF OPERATING OFFICER 209145 0 36446 0 18125 0 34508 0 17299 0 315523 0 0 0 PATRICK CULKIN VP STRATEGY 186497 0 34164 0 26493 0 33390 0 18118 0 298662 0 0 0 PAUL AUCHINCLOSS MANAGING DIRECTOR, SALES 154766 0 151453 0 150279 0 32415 0 12937 0 501850 0 0 0 DAVID LEWIS MANAGING DIRECTOR, MEMBERSHIP 153873 0 22000 0 18857 0 22764 0 12352 0 229846 0 0 0 DONNA BERZELLINI MANAGING DIRECTOR, CERTIFICATION 138731 0 26000 0 19301 0 68757 0 15401 0 268190 0 0 0 MELISSA RAWAK MANAGING DIRECTOR, MARKETING & MEETI 141982 0 26000 0 9895 0 22656 0 14073 0 214606 0 0 0 DEBORAH FORBES EXECUTIVE DIRECTOR, CIEBA 202766 0 24000 0 24647 0 29586 0 1843 0 282842 0 0 0 ELIZABETH JOHNS MANAGING DIRECTOR, COMMUNICATIONS 154446 0 21000 0 18244 0 25504 0 1647 0 220841 0 0 0 KEVIN ROTH MANAGING DIRECTOR, RESEARCH 154719 0 24000 0 17814 0 26855 0 21163 0 244551 0 0 0 CRAIG MARTIN DIRECTOR, TREASURY PRACTICE 178031 0 13000 0 2264 0 27450 0 12339 0 233084 0 0 0 MARYELLEN SAUNDERS MANAGING DIRECTOR, EDUCATION 147560 0 22000 0 19478 0 25099 0 11037 0 225174 0 0 0 PART I, LINE 1A JAMES KAITZ, HEALTH CLUB DUES $415, INCLUDED IN TAXABLE WAGES. PART I, LINES 4A-B PAUL AUCHINCLOSS RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $131,470 AND THIS IS INCLUDED IN SCHEDULE J, PART II, COLUMN B(III). DONNA BERZELLINI PARTICIPATES IN THE 457(F) PLAN AND THE CONTRIBUTION TO THE PLAN WAS $45,000 DURING THE CALENDAR YEAR ENDED 2014. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS FOLLOWING TYPES OF MEMBERS: PRACTITIONER MEMBER - AN INDIVIDUAL IS A PRACTITIONER MEMBER IF HE OR SHE IS INVOLVED IN FINANCIAL MANAGEMENT FUNCTIONS WITHIN HIS OR HER ORGANIZATION AND IS A MAJOR PARTICIPANT IN DECISION-MAKING REGARDING SUCH FUNCTIONS. ASSOCIATE MEMBER - AN INDIVIDUAL WILL BE CONSIDERED AN ASSOCIATE MEMBER IF HE OR SHE DOES NOT MEET THE MEMBERSHIP CRITERIA TO BE A PRACTITIONER MEMBER, BUT IS INVOLVED IN, OR INTERESTED IN, FINANCIAL MANAGEMENT ACTIVITIES SUCH AS BANKING, CONSULTING, ETC. ACADEMIC MEMBER - AN INDIVIDUAL IS AN ACADEMIC MEMBER IF HE OR SHE IS EMPLOYED FULL TIME BY A POST-SECONDARY EDUCATIONAL INSTITUTION AND HIS/HER PRINCIPAL DUTIES INVOLVE TEACHING AND RESEARCH IN MATTERS RELATED TO TREASURY AND FINANCIAL MANAGEMENT. STUDENT MEMBER - AN INDIVIDUAL IS A STUDENT MEMBER IF HE/SHE IS A COLLEGE OR UNIVERSITY JUNIOR, SENIOR OR GRADUATE LEVEL STUDENT MAJORING IN A BUSINESS OR FINANCE RELATED FIELD. FORM 990, PART VI, SECTION A, LINE 7A ONLY PRACTITIONER MEMBERS ARE ALLOWED TO VOTE ON ASSOCIATION FOR FINANCIAL PROFESSIONALS MATTERS AND HOLD OFFICE IN THE ASSOCIATION FOR FINANCIAL PROFESSIONALS. PRACTITIONERS ELECT A SLATE OF BOARD CANDIDATES BY DIRECT BALLOTS. FORM 990, PART VI, SECTION A, LINE 7B PRACTITIONER MEMBERS CAN VOTE ON ALL ASSOCIATION FOR FINANCIAL PROFESSIONAL MATTERS INCLUDING CHANGES TO GOVERNING DOCUMENTS. FORM 990, PART VI, SECTION B, LINE 11 THE ASSOCIATION'S MANAGEMENT REVIEWS THE FORM 990 IN DETAIL. AFP WILL PROVIDE AN ELECTRONIC COPY OF THE FORM TO THE BOARD MEMBERS TO ACCESS FOR REVIEW AND ASK QUESTIONS AFTER FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND ALL MEMBERS OF THE BOARD OF DIRECTORS ARE REQUIRED TO CERTIFY ANNUALLY THAT THEY WILL COMPLY WITH ASSOCIATION POLICY ON CONFLICTS OF INTEREST AND DISCLOSE CONFLICTS OF INTEREST. INFORMATION CONCERNING POSSIBLE VIOLATIONS OF ASSOCIATION POLICY ARE TO BE REPORTED TO SENIOR MANAGEMENT (CEO, COO, CFO OR DIRECTOR OF HR) OR, IN THE CASE OF INFORMATION CONCERNING FINANCIAL CONFLICTS OF INTEREST, MAY BE REPORTED DIRECTLY TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. POTENTIAL CONFLICTS ARE ADDRESSED ON A CASE-BY-CASE BASIS BY THE APPROPRIATE LEVEL OF MANAGEMENT OR BY THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. IF A CONFLICT IS DETERMINED TO EXIST AT THE BOARD LEVEL, THE INDIVIDUAL IS NOT PERMITTED TO VOTE ON THE TRANSACTION. ALL PROCEEDINGS RELATED TO CONFLICT OF INTEREST ARE NOTED IN THE MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD RETAINS AN INDEPENDENT CONSULTANT TO RECOMMEND CHANGES TO PRESIDENT/CEO COMPENSATION. THE CONSULTANT MAKES RECOMMENDATIONS TO THE OVERSIGHT COMMITTEE OF THE BOARD BASED ON ANALYSIS OF PRESIDENT/CEO COMPENSATION AT PEER ORGANIZATIONS AS DETERMINED BY THE BOARD OF DIRECTORS. THE PROCESS FOR DETERMINING COMPENSATION LEVELS FOR OTHER OFFICERS AND KEY EMPLOYEES INCLUDES ANALYSIS OF EACH POSITION BASED ON BENCHMARKS AGAINST OTHER ORGANIZATIONS OF SIMILAR SIZE AND COMPLEXITY BY THE HUMAN RESOURCES DEPARTMENT. ANNUAL EMPLOYEE REVIEWS ARE CONDUCTED BY THE CEO AND OR DIRECT SUPERVISOR. FORM 990, PART VI, SECTION C, LINE 19 THE ASSOCIATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OUTSIDE SERVICES 4,590,349. CONSULTANTS 80,017. TEMPORARY EMPLOYMENT 51,979. FORM 990, PART XI, LINE 9: FOREIGN CURRENCY LOSS -7,013. C-STREAM LTD DBA GTNEWS 3RD FLOOR NORTHUMBERLAND HOUSE 155- LONDON UK W1W 6QP 981110200 WEB BASED GLOBAL TREASURY/FINANCE RESOURCE UK 26 260613 ASSOCIATION FOR FINANCIAL PROFESSIONALS ASSOCATION FOR FINANCIAL PROFESSIONALS OF CANADA 4520 EAST WEST HIGHWAY STE 750 BETHESDA MD 20814 863274908 MEMBER ASSOCIATION CA N/A 0 ASSOCIATION FOR FINANCIAL PROFESSIONALS PAC 4520 EAST WEST HIGHWAY STE 750 BETHESDA MD 20814 812529279 PAC ACTIVITIES MD 527 ASSOCIATION FOR FINANCIAL PROFESSIONALS 1 AFP ADVISORS NETWORK LLC 4520 EAST-WEST HIGHWAY SUITE 750 BETHESDA MD 20814 462601186 PROJECT BASED CONSULTING SERVICES DE ASSOCIATION FOR FINANCIAL PROFESSIONALS C 122785 136192 1.00000 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 AFP ADVISORS NETWORK LLC B 100000 BOOK VALUE AFP ADVISORS NETWORK LLC D 805486 BOOK VALUE C-STREAM LTD DBA GTNEWS E 138434 BOOK VALUE C-STREAM LTD DBA GTNEWS S 3708811 BOOK VALUE