2015-11-10T08:34:07-06:00 2014-12-31 410746749 CLIFTONLARSONALLEN LLP 4250 N FAIRFAX DRIVE SUITE 1020 ARLINGTON VA 22203 990 2014-01-01 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 2015-11-03 1 DAVID TRIMNER P00444822 5712279500 2014 2016-02-25 16:41:14Z KEVIN R KELLER 1425 K STREET NW NO 800 WASHINGTON DC 20005 41221436 0 X WWW.CFP.NET X 1985 CO 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 76 160 0 0 195000 0 27538713 28118141 411451 771859 50317 30471 28195481 28920471 25000 25000 0 0 8259546 8216580 0 0 0 21044761 21640551 29329307 29882131 -1133826 -961660 38477054 40958170 14817882 19269596 23659172 21688574 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. 0 0 10320302 10320302 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 13 PERCENTAGE POINTS IN TOP OF MIND AWARENESS AND 13 PERCENTAGE POINTS IN TOTAL UNAIDED AWARENESS SINCE IT BEGAN IN 2011 (ACCORDING TO RESEARCH CONDUCTED BY IPSOS IN 2011 AND 2014). AS A RESULT OF THIS INCREASE, CFP BOARD HAS APPROVED THE PUBLIC AWARENESS CAMPAIGN TO CONTINUE TO RUN INDEFINITELY. 4482558 102000 ENFORCEMENT OF PROFESSIONAL STANDARDS: CFP BOARD PROVIDES A FAIR AND OBJECTIVE PROCESS FOR INVESTIGATING AND ADJUDICATING ALLEGED VIOLATIONS BY CFP PROFESSIONALS OF CFP BOARD'S STANDARDS OF PROFESSIONAL CONDUCT, WHICH IMPOSES IMPORTANT OBLIGATIONS ON CFP PROFESSIONALS, INCLUDING THE REQUIREMENT THAT THEY PROVIDE FINANCIAL PLANNING SERVICES AT A FIDUCIARY STANDARD OF CARE. IN 2014, CFP BOARD STAFF OPENED IN EXCESS OF 600 INVESTIGATIONS, AND CFP BOARD'S DISCIPLINARY AND ETHICS COMMISSION, WHICH IS COMPOSED OF CFP PROFESSIONALS AND PUBLIC REPRESENTATIVES, HELD 77 HEARINGS TO REVIEW AND TAKE APPROPRIATE ACTION WITH RESPECT TO ALLEGED VIOLATIONS OF THE STANDARDS. ADDITIONALLY, IN 2014, CFP BOARD CONTINUED TO PROVIDE GUIDANCE TO CFP PROFESSIONALS TO ASSIST THEM IN COMPLYING WITH THE STANDARDS. CFP BOARD ALSO CONTINUED TO PURSUE A NUMBER OF PROACTIVE MEASURES TO VIGOROUSLY PROTECT THE CFP CERTIFICATION MARKS FROM UNAUTHORIZED USE AND MISUSE TO ENSURE THAT THEY REMAIN PROTECTED BY U.S. TRADEMARK LAWS. 6011847 152390 COMMUNICATIONS AND OUTREACH: DURING 2014, 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. 2915570 25000 1223172 EDUCATION: THE 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 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, PHD) AND CERTIFICATE LEVELS. IN 2014, 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. 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 ANNUALLY REGISTERS OVER 1,400 CE SPONSORS, WHO ARE REQUIRED TO DELIVER HIGH QUALITY CONTENT DEVELOPED BY QUALIFIED INSTRUCTORS AND AUTHORS, ALIGNING WITH DEFINED FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2014, CFP BOARD REVIEWED AND APPROVED OVER 16,000 CE PROGRAMS WHICH MET ESTABLISHED REQUIREMENTS. 1905277 3127953 EXAMINATION: IN 2014, ALMOST 5,000 CFP PROFESSIONAL CANDIDATES SAT FOR THE CFP EXAMINATION. THE CFP CERTIFICATION 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 AND IS NOW, SINCE NOVEMBER 2014, DELIVERED IN A COMPUTER-BASED FORMAT. CFP BOARD ADHERES TO STANDARDS AND BEST PRACTICES IN THE HIGH STAKES TESTING AND CERTIFICATION INDUSTRIES. 1587338 0 PUBLIC ADVOCACY: ONE 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 2014, 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. 493610 13222235 CERTIFICATION: THERE WERE OVER 71,000 CFP PROFESSIONALS AT THE END OF 2014, OF WHICH 3,300 WERE GRANTED INITIAL CERTIFICATION DURING THE YEAR. SUCCESSFUL COMPLETION OF THE EXAMINATION PLUS EDUCATION, EXPERIENCE, AND ETHICAL STANDARDS/REQUIREMENTS IS A PREREQUISITE TO INITIAL CFP CERTIFICATION. CFP BOARD'S CERTIFICATION PROGRAM IS ACCREDITED BY A THIRD PARTY ORGANIZATION, NCCA (NATIONAL COUNCIL ON 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 MEET GOVERNANCE, STAFF QUALIFICATION, FINANCIAL AND RESOURCE TRANSPARENCY, FAIRNESS, DUE PROCESS AND NON-DISCRIMINATION STANDARDS. 6901795 25000 17573360 27716502 1 0 0 1 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 49 0 1 76 1 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 1 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 500 WASHINGTON DC 20005 RAY FERRARA CHAIR, BOARD OF DIRECTORS 3.00 X X 0 0 0 CHARLES GOLDMAN MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 ROBERT HAYDEN MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 SUSAN HIRSHMAN MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 RICHARD ROJECK MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 JOHN CONNELL 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 JOE VOTAVA MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 BLAINE AIKIN 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 KIM WRIGHT-VIOLICH MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 KEVIN R KELLER CHIEF EXECUTIVE OFFICER 50.00 X 674532 0 161585 ROGER C MYERS JR CHIEF FINANCIAL OFFICER 50.00 X 256855 0 75679 MICHAEL P SHAW CORP SEC/MANAGING DIRECTOR 50.00 X 274427 0 29023 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR 50.00 X 310153 0 83758 MICHELE WARHOLIC MANAGING DIRECTOR 50.00 X 267098 0 69849 JOSEPH MAUGERI MANAGING DIRECTOR 50.00 X 212902 0 78983 DAVID MAZZULLA DIRECTOR 50.00 X 175656 0 11909 TODD CRANFORD DIRECTOR 50.00 X 186102 0 38528 GAIL REISMAN DIRECTOR 50.00 X 162386 0 27173 TIM STIFEL DIRECTOR 50.00 X 161131 0 28322 DAN DRUMMOND DIRECTOR 50.00 X 162105 0 29497 STEVEN BARKLEY FORMER DIRECTOR OF EXAMINATIONS & EXPERIENCE 0.00 X 130682 0 14197 2974029 0 648503 23 1 1 0 HAVAS MEDIA 200 HUDSON STREET NEW YORK NY 10013 ADVERTISING 8203605 ARNOLD WORLDWIDE LLC 101 HUNTINGTON AVENUE BOSTON MA 02199 ADVERTISING 1192503 PROMETRIC INC 1501 SOUTH CLINTON STREET BALTIMORE MD 21224 TESTING SERVICES 591333 OLD TOWN IT 625 NORTH WASHINGTON STREET SUITE ALEXANDRIA VA 22314 IT DEVELOPMENT SERVICES 566827 COAKLEY WILLIAMS 7475 WISCONSIN AVENUE BETHESDA MD 20814 OFFICE BUILD OUT 502660 20 CERTIFICATION FEES 900099 12804245 12804245 PUBLIC AWARENESS FEES 900099 10320302 10320302 EXAM FEES 900099 3127953 3127953 EDUCATIONAL FEES 900099 1192701 1192701 APPLICATION FEES 900099 417990 417990 254950 254390 560 28118141 852990 852990 17389 17389 12205413 12286544 -81131 -81131 -81131 27503 14421 13082 13082 28920471 28148052 0 772419 X 25000 25000 2496392 2286445 209947 4893573 4482024 411549 239060 218955 20105 175124 160396 14728 412431 377746 34685 1175181 1146402 28779 43827 31117 12710 75000 75000 3874611 3612725 261886 9574443 9574443 2273065 2197945 75120 317995 225995 92000 1498111 1063659 434452 743766 661313 82453 602668 544418 58250 792661 620448 172213 148385 105353 43032 PROFESSIONAL DUES 425744 307805 117939 PROFESSIONAL DEVELOPMEN 42526 31734 10792 RECOGNITION AWARDS 28700 21059 7641 MISCELLANEOUS EXPENSE 23868 21520 2348 29882131 27716502 2165629 0 219 48 1777994 5385734 631395 417872 806472 665397 8976692 4363932 2645196 4612760 31140484 23001406 5185936 1475294 1689017 38477054 40958170 2351097 3803394 9121363 10072841 200 12869 3345222 5380492 14817882 19269596 X 23659172 21688574 23659172 21688574 38477054 40958170 -961660 -1008938 0 X X 0 1 X 1 0 X 10000 195000 205000 16535014 20896084 25301024 27827617 28145644 118705383 16545014 20896084 25301024 28022617 28145644 118910383 0 0 0 118910383 1091861 1445476 1016316 716591 870379 5140623 1091861 1445476 1016316 716591 870379 5140623 17636875 22341560 26317340 28739208 29016023 124051006 0.95860 0.95450 0.04140 0.04550 X 37783 37783 29844348 29882131 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 75000 75923 75226 37783 263932 250000 250000 250000 250000 1000000 1500000 0 1 X 3109821 657261 2452560 1073072 426762 646310 4793799 3279909 1513890 4612760 ARCHIPELAGO HOLDINGS 1032594 F NYES LEDGE CAPITAL FUND 1954894 F WELLINGTON TRUST - CTF COMMODITIES 2198448 F 5185936 DEFERRED RENT 1498559 CAPITAL LEASE OBLIGATION 56725 DEFERRED COMPENSATION 1671553 DEFERRED LIABILITY - TENANT FINISH ALLOWANCE 2153655 5380492 X 28163033 14421 14421 28148612 771859 771859 28920471 29821552 14421 14421 29807131 75000 75000 29882131 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 2014 AND 2013, SINCE MANAGEMENT BELIEVES THERE ARE NO MATERIAL UNRELATED BUSINESS INCOME OR MATERIAL UNCERTAIN TAX POSITIONS REQUIRING THE RECOGNITION OF A LIABILITY. THE TAX RETURNS FOR THE YEARS 2011 TO 2013 ARE OPEN FOR EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 14,421. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT INCOME 771,859. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 14,421. 1 FINANCIAL PLANNING ASSOCIATION 7535 EAST HAMPDEN AVENUE SUITE 60 DENVER CO 80231 841521488 501(C)(6) 25000 0 N/A 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 477391 0 194670 0 2471 0 133100 0 28485 0 836117 0 0 0 ROGER C MYERS JR CHIEF FINANCIAL OFFICER 231421 0 23288 0 2146 0 54995 0 20684 0 332534 0 0 0 MICHAEL P SHAW CORP SEC/MANAGING DIRECTOR 247500 0 25705 0 1222 0 24132 0 4891 0 303450 0 0 0 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR 274413 0 28881 0 6859 0 63387 0 20371 0 393911 0 0 0 MICHELE WARHOLIC MANAGING DIRECTOR 239352 0 24895 0 2851 0 59613 0 10236 0 336947 0 0 0 JOSEPH MAUGERI MANAGING DIRECTOR 194575 0 17637 0 690 0 54751 0 24232 0 291885 0 0 0 DAVID MAZZULLA DIRECTOR 161377 0 13784 0 495 0 5286 0 6623 0 187565 0 0 0 TODD CRANFORD DIRECTOR 176143 0 9085 0 874 0 11306 0 27222 0 224630 0 0 0 GAIL REISMAN DIRECTOR 152293 0 9324 0 769 0 10434 0 16739 0 189559 0 0 0 TIM STIFEL DIRECTOR 148332 0 12352 0 447 0 17154 0 11168 0 189453 0 0 0 DAN DRUMMOND DIRECTOR 149042 0 12739 0 324 0 9979 0 19518 0 191602 0 0 0 STEVEN BARKLEY FORMER DIRECTOR OF EXAMINATIONS & EX 129909 0 0 0 773 0 5481 0 8716 0 144879 0 0 0 PART I, LINES 4A-B PART I, LINE 4A - SEVERANCE - STEVEN BARKLEY - $37,861. PART I, LINE 4B - 457(F) PLAN - THE CEO AND EXECUTIVE TEAM PARTICIPATE 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. THERE WERE NO PAYOUTS TO EXECUTIVES PARTICIPATING IN THE PLAN FOR THE YEAR ENDED DECEMBER 31, 2014. HOWEVER, THE FOLLOWING GRANTS WERE AWARDED. NAME TITLE AMOUNT KEVIN R. KELLER CHIEF EXECUTIVE OFFICER $100,000 ROGER C. MYERS, JR. CHIEF FINANCIAL OFFICER $ 36,000 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR $ 42,156 MICHELE WARHOLIC MANAGING DIRECTOR $ 36,163 JOSEPH MAUGERI MANAGING DIRECTOR $ 33,000 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S BYLAWS WERE AMENDED TO CHANGE THE COMPOSITION OF BOARD MEMBERS. UNDER THE REVISED BYLAWS, THE BOARD NOW MUST INCLUDE AT LEAST TWO "PUBLIC MEMBERS". A "PUBLIC MEMBER" IS AN INDIVIDUAL WHO IS NOT A CFP PROFESSIONAL AND IS NOT IN THE BUSINESS OF PROVIDING ANY OF THE FOLLOWING SERVICES TO RETAIL OR INSTITUTIONAL CLIENTS: FINANCIAL PLANNING, BROKERAGE, INVESTMENT ADVICE, OR INSURANCE. POTENTIAL "PUBLIC MEMBER" CANDIDATES INCLUDE, BUT ARE NOT LIMITED TO, INDIVIDUALS WHO: (1) HAVE A BACKGROUND IN PUBLIC INTEREST, CERTIFICATION AND/OR ENFORCEMENT; (2) HAVE EXPERTISE IN ISSUES IMPACTING SENIORS; OR (3) ARE PROFESSORS OF LAW, ECONOMICS, FINANCE OR A RELATED FIELD. 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 PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW 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. THIS PROCESS WAS MOST RECENTLY UNDERTAKEN IN 2014 FOR THE CEO, K. KELLER. THE CEO AND DIRECTOR OF HUMAN RESOURCES ENGAGE 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 2014 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 513,757. MANAGEMENT AND GENERAL EXPENSES 48,596. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 562,353. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 2,436,881. MANAGEMENT AND GENERAL EXPENSES 124,899. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,561,780. RECRUITMENT: PROGRAM SERVICE EXPENSES 136,187. MANAGEMENT AND GENERAL EXPENSES 53,848. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 190,035. RESEARCH: PROGRAM SERVICE EXPENSES 180,948. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 180,948. TEMPORARY LABOR: PROGRAM SERVICE EXPENSES 344,952. MANAGEMENT AND GENERAL EXPENSES 34,543. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 379,495. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE FILING YEAR.