2016-04-15T15:06:19-05:00 2015-08-31 PricewaterhouseCoopers LLP 600 13TH STREET NW SUITE 1000 WASHINGTON DC 20005 990 2014-09-01 541386480 CFA INSTITUTE % SANDRA PETERS CFAI 4349515499 PO BOX 2083 CHARLOTTESVILLE VA 229022083 PAUL SMITH President & CEO 4349515499 2016-04-13 true TRAVIS L PATTON P00369623 2024141000 2014 2016-08-17 19:52:53Z PAUL SMITH 915 EAST HIGH STREET CHARLOTTESVILLE VA 229022083 301338262 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. 17 16 1183 3900 786850 147709 0 0 239880621 258794215 14872430 12554904 4761938 1145540 259514989 272494659 6369633 6437725 0 0 82464727 85925594 0 0 0 144422201 146549927 233256561 238913246 26258428 33581413 368018548 389688371 164296435 181143737 203722113 208544634 X CFA INSTITUTE IS THE GLOBAL, NON-PROFIT PROFESSIONAL MEMBERSHIP ASSOCIATION THAT ADMINISTERS THE CHARTERED FINANCIAL ANALYST (CFA) AND CERTIFICATE IN INVESTMENT PERFORMANCE MEASUREMENT (CIPM), AND CLARITAS INVESTMENT CERTIFICATE 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 139,771 AND WHO RESIDE IN 147 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. 0 0 0 0 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 434 0 true 1183 true true true true HK MY AR CH IN UK SN false false false false X 17 16 false false false false true true true true true false false true true true true true true true true true true X SANDRA PETERS 4349515499 915 EAST HIGH STREET CHARLOTTESVILLE VA 229022083 COLIN W MCLEAN FSIP AUDIT & RISK COMMITTEE CHAIR 1.0 0.0 X 0 0 0 CHARLES J YANG CFA IMMEDIATE PAST CHAIR 1.0 0.0 X X 0 0 0 AARON LOW CFA CHAIR 1.0 0.0 X X 0 0 0 ATTILA KOKSAL CFA EXT & REL INV COMMIT CHAIR 1.0 0.0 X 0 0 0 BETH HAMILTON-KEEN CFA VICE CHAIR 1.0 0.0 X X 0 0 0 FREDERIC P LEBEL CFA MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 GIUSEPPE BALLOCCHI CFA MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 JAMES G JONES CFA MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 MARK J LAZBERGER CFA MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 DWIGHT D CHURCHILL CFA PRESIDENT & CEO-EXITED 1/2015 40.0 1.0 X X 350000 0 0 ROBERT JENKINS FSIP PLANNING COMMMITTEE CHAIR 1.0 0.0 X 0 0 0 SUNIL SINGHANIA CFA MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 HEATHER BRILLIANT MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 PAUL SMITH CFA PRESIDENT & CEO - EFF 01/2015 40.0 1.0 X X 574037 0 55477 SCOTT PROCTOR CFA MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 MICHAEL TROTSKY CFA MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 HUA YU CFA MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 LYNN STOUT MEMBER, BOARD OF GOVERNORS 1.0 0.0 X 0 0 0 JOSEPH P LANGE CORPORATE SECRETARY 40.0 0.0 X 139631 0 33282 TIMOTHY G MCLAUGHLIN CFA CHIEF FINANCIAL OFFICER 40.0 1.0 X 561150 0 68678 ELAINE CHENG MANAGING DIRECTOR 40.0 0.0 X 442011 0 69042 DONNA MARSHALL MANAGING DIRECTOR 40.0 0.0 X 525669 0 66815 JAN R SQUIRES CFA MANAGING DIR.-EXITED 8/31/2015 40.0 0.0 X 607231 0 71327 KURT N SCHACHT CFA MANAGING DIRECTOR 40.0 0.0 X 573160 0 75556 NITIN MEHTA CFA MANAGING DIRECTOR 40.0 0.0 X 490407 0 28644 THOMAS ROBINSON CFA MANAGING DIR.-EXITED 1/2015 40.0 0.0 X 615491 0 46603 STEPHEN M HORAN CFA MANAGING DIRECTOR 40.0 0.0 X 435721 0 70744 JOHN BOWMAN CFA MANAGING DIRECTOR 40.0 0.0 X 899381 0 68907 SHERI LYNN LITTLEFIELD-MORENO GENERAL COUNSEL-ENTERED 6/2015 40.0 0.0 X 0 0 0 ASHVIN P VIBHAKAR CFA SENIOR ADV-EXITED 8/31/2015 40.0 0.0 X 421686 0 44753 RAYMOND J DEANGELO SENIOR ADVISOR 40.0 0.0 X 610181 0 70728 PETER B MACKEY CFA HEAD CFA EXAMINATIONS 40.0 0.0 X 405037 0 45357 SANDRA PETERS CFA HEAD FIN. REPORTING POLICY 40.0 0.0 X 388338 0 45782 ROBERT LAMY CFA HEAD, CURRICULUM DEVELOPMENT 40.0 0.0 X 341189 0 50570 JOHN ROGERS CFA PRESIDENT & CEO-EXIT 5/31/14 40.0 1.0 X 560346 0 21943 CAROL J ANDERSON GENERAL COUNSEL-EXITED 8/31/14 40.0 0.0 X 336846 0 24716 9277512 0 958924 194 true true false AMERICAN EXPRESS TRAVEL RELATED SVS 200 VESEY STREET NEW YORK NY 10285 TRAVEL 11334892 BANK OF AMERICA MERRILL LYNCH 3 COMMERICAL PLACE NORFOLK VA 23510 CREDIT CARD SERVICES 3929084 PROFESSIONAL EXAMINATION SERVICE 475 RIVERSIDE DRIVE NEW YORK NY 10115 EXAM ADMINISTRATION 4190433 DOREMUS COMPANY 200 VARICK STREET NEW YORK NY 10014 MARKETING 6274968 JOHN WILEY SONS INC PO BOX 416502 BOSTON MA 02241 PUBLISHING 6429561 234 0 CANDIDATE FEES 900099 174492042 174492042 EDUCATIONAL PRODUCTS 611710 48163172 48163172 MEMBERSHIP DUES 900099 35352151 35352151 ADVERTISING 541800 786850 786850 258794215 5706087 5706087 0 301151 301151 0 0 0 35692420 28843603 6848817 6848817 6848817 0 0 0 SERVICE FEE REP. 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LINE 2 INDIVIDUAL GRANT PAYMENTS ARE MONITORED AND TRACKED BY CFA INSTITUTE STAFF. GRANT RECIPIENTS ARE REQUIRED TO SUBMIT DETAILED BUSINESS PLANS BUDGETS AND REPORTS. X X X X X true true X X X X X X true false false JOSEPH P LANGE CORPORATE SECRETARY 113535 0 24771 0 1325 0 17162 0 16120 0 172913 0 0 0 TIMOTHY G MCLAUGHLIN CFA CHIEF FINANCIAL OFFICER 326704 0 224627 0 9819 0 53517 0 15161 0 629828 0 22316 0 ASHVIN P VIBHAKAR CFA SENIOR ADV-EXITED 8/31/2015 237087 0 164001 0 20598 0 31200 0 13553 0 466439 0 19776 0 ELAINE CHENG MANAGING DIRECTOR 255344 0 141266 0 45401 0 49866 0 19176 0 511053 0 16666 0 DONNA MARSHALL MANAGING DIRECTOR 291171 0 228760 0 5738 0 51934 0 14881 0 592484 0 19000 0 JAN R SQUIRES CFA MANAGING DIR.-EXITED 8/31/2015 348961 0 247308 0 10962 0 55920 0 15407 0 678558 0 24720 0 CAROL J ANDERSON GENERAL COUNSEL-EXITED 8/31/14 201931 0 26900 0 108015 0 11774 0 12942 0 361562 0 0 0 KURT N SCHACHT CFA MANAGING DIRECTOR 363644 0 199281 0 10235 0 55920 0 19636 0 648716 0 24720 0 NITIN MEHTA CFA MANAGING DIRECTOR 347631 0 137403 0 5373 0 21480 0 7164 0 519051 0 21636 0 RAYMOND J DEANGELO SENIOR ADVISOR 364396 0 225654 0 20131 0 55920 0 14808 0 680909 0 24720 0 THOMAS ROBINSON CFA MANAGING DIR.-EXITED 1/2015 362054 0 245320 0 8117 0 31200 0 15403 0 662094 0 24666 0 PETER B MACKEY CFA HEAD CFA EXAMINATIONS 324622 0 73231 0 7184 0 31200 0 14157 0 450394 0 0 0 SANDRA PETERS CFA HEAD FIN. REPORTING POLICY 291644 0 92680 0 4014 0 31200 0 14582 0 434120 0 0 0 STEPHEN M HORAN CFA MANAGING DIRECTOR 291946 0 123403 0 20372 0 51200 0 19544 0 506465 0 0 0 JOHN BOWMAN CFA MANAGING DIRECTOR 270496 0 132247 0 496638 0 49534 0 19373 0 968288 0 0 0 DWIGHT D CHURCHILL CFA PRESIDENT & CEO-EXITED 1/2015 350000 0 0 0 0 0 0 0 0 0 350000 0 0 0 PAUL SMITH CFA PRESIDENT & CEO - EFF 01/2015 372564 0 201473 0 0 0 36038 0 19439 0 629514 0 0 0 ROBERT LAMY CFA HEAD, CURRICULUM DEVELOPMENT 288713 0 45615 0 6861 0 31200 0 19370 0 391759 0 0 0 JOHN ROGERS CFA PRESIDENT & CEO-EXIT 5/31/14 396794 0 120600 0 42952 0 13000 0 8943 0 582289 0 0 0 SCHEDULE J, PART I, LINE 1A LEADERSHIP TEAM MEMBERS ARE ELIGIBLE TO BOOK A BUSINESS CLASS FARE (REGARDLESS OF FLIGHT TIME OR SEGMENT MILEAGE) ON FLIGHTS THAT OFFER BUSINESS CLASS SEATS. 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 1500 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: HEALTH CLUB MEMBERSHIP FEES ARE REIMBURSABLE TO THE EMPLOYEE UNDER CFA INSTITUTE'S WELLNESS PROGRAM. SCHEDULE J, PART II, COLUMN B(III) OTHER REPORTABLE COMPENSATION REFLECTED IN B(III) INCLUDES EXPATRIATE COMPENSATION. SCHEDULE J, PART I LINE 4A SEVERANCE PAYMENT WAS MADE AS FOLLOWS: CAROL ANDERSON $77,500. JOHN D ROGERS RECEIVED $149,254 FOR CONSULTING FEES INCLUDED IN SCHEDULE J, PART II. PART III, LINE 1, ORGANIZATION'S MISSION (CONTINUED) THIS MEMBERSHIP INCLUDES 132,475 CFA CHARTERHOLDERS. CFA INSTITUTE EXTENDS ITS REACH INTO LOCAL COMMUNITIES THROUGH A NETWORK OF 146 MEMBER SOCIETIES IN 71 COUNTRIES. CFA INSTITUTE IS HEADQUARTERED IN CHARLOTTESVILLE, VIRGINIA, UNITED STATES, WITH OFFICES IN LONDON, BRUSSELS, BEIJING, SINGAPORE, HONG KONG, NEW YORK AND MUMBAI. YOU CAN FIND MORE INFORMATION ON THE ORGANIZATION AT WWW.CFAINSTITUTE.ORG. PART III, LINE 4D, OTHER PROGRAM SERVICES CFA INSTITUTE ALSO DEVELOPS 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 MEASUREMENT (CIPM) PROGRAM, A DESIGNATION PROGRAM FOR PROFESSIONALS THAT PRODUCE, INTERPRET, PRESENT AND EXPLAIN INVESTMENT PERFORMANCE AND PRODUCTS, (INCLUDING SELECTING AND EVALUATING INVESTMENT MANAGERS), AND THE CLARITAS INVESTMENT CERTIFICATE. 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. STAFF DISCLOSURES MAY BE DIRECTED TO ANY MEMBER OF THE LEGAL SERVICES GROUP, THE COMPLIANCE OFFICER OR MEMBER OF THE AUDIT AND RISK COMMITTEE. GOVERNOR DISCLOSURES MAY BE DIRECTED TO THE CFA INSTITUTE CHAIR OR GENERAL COUNSEL. ANNUAL TRAINING IS PROVIDED BY THE LEGAL SERVICES 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 UTILIZES A COMPENSATION AND GOVERNANCE COMMITTEE (CGC). IT IS 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 OF CFA INSTITUTE. THE MOST RECENT EXECUTIVE MARKET PAY 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 FOR THIS PEER GROUP 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. PART VI, LINE 19 THE ORGANIZATION'S FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC THROUGH THE ORGANIZATION'S WEBSITE, WWW.CFAINSTITUTE.ORG. 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