2014-11-14T13:09:30-06:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP 4250 N FAIRFAX DRIVE SUITE 1020 ARLINGTON VA 22203 990 2013-01-01 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 2014-10-23 1 KAREN GRIES P00078514 5712279500 2013 2015-11-30 17:44:51Z X KEVIN R KELLER 1425 K STREET NW NO 800 WASHINGTON DC 20005 49248296 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. 14 14 72 160 0 0 0 195000 25301024 27538713 1084587 411451 0 50317 26385611 28195481 25000 25000 0 0 7458312 8259546 0 0 0 19779626 21044761 27262938 29329307 -877327 -1133826 36689442 38477054 12838838 14817882 23850604 23659172 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 10155330 10155330 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 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 TV, 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 YOU PULL YOUR FINANCIAL LIFE TOGETHER. AS A RESULT OF THE PUBLIC AWARENESS CAMPAIGN, THE AWARENESS OF CFP CERTIFICATION HAS INCREASED BY 9 PERCENTAGE POINTS IN TOP OF MIND AWARENESS AND 7 PERCENTAGE POINTS IN TOTAL UNAIDED AWARENESS SINCE IT BEGAN IN 2011 (ACCORDING TO RESEARCH CONDUCTED IN 2013). AS A RESULT OF THIS INCREASE, CFP BOARD HAS APPROVED THE PUBLIC AWARENESS CAMPAIGN TO CONTINUE TO RUN INDEFINITELY. 2778736 25000 1171892 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 200 REGIONALLY-ACCREDITED COLLEGES AND UNIVERSITIES IN THE U.S., AT DEGREE (BACHELORS, MASTERS, PHD) AND CERTIFICATE LEVELS. IN 2013, CFP BOARD REGISTERED OVER 350 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 REQUIREMENTS FOR BIENNIAL RENEWAL REQUIREMENTS TO ASSURE THE PUBLIC OF CONTINUING COMPETENCY. CFP BOARD ANNUALLY REGISTERS OVER 1,400 CONTINUING EDUCATION ("CE") SPONSORS WHICH AGREE TO DELIVER HIGH QUALITY PROGRAMS BY QUALIFIED INSTRUCTORS THAT ALIGN WITH FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2013, CFP BOARD REVIEWED AND APPROVED OVER 17,000 CE PROGRAMS WHICH MET ESTABLISHED REQUIREMENTS. 6258093 189639 COMMUNICATIONS AND OUTREACH: DURING 2013, 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 20 LOCATIONS ACROSS THE U.S., AS WELL AS FINANCIAL PLANNING CLINICS PROVIDED TO VICTIMS OF FINANCIAL FRAUD, CONGRESSIONAL STAFF, OLDER AMERICANS, TEACHERS, AND COUNTY GOVERNMENT EMPLOYEES. 3763639 106000 ENFORCEMENT OF PROFESSIONAL STANDARDS: CFP BOARD PROVIDES A FAIR AND OBJECTIVE PROCESS FOR INVESTIGATING AND ADJUDICATING ALLEGATIONS OF VIOLATIONS BY CFP PROFESSIONALS OF CFP BOARD'S STANDARDS OF PROFESSIONAL CONDUCT. IN 2013, CFP BOARD STAFF OPENED IN EXCESS OF 500 INVESTIGATIONS, WHICH RESULTED IN 76 HEARINGS BEFORE THE DISCIPLINARY AND ETHICS COMMISSION, AN INDEPENDENT BODY COMPOSED OF CFP PROFESSIONALS AND PUBLIC REPRESENTATIVES. ADDITIONALLY IN 2013, CFP BOARD CONTINUED TO PROVIDE GUIDANCE TO CFP PROFESSIONALS TO ASSIST THEM IN COMPLYING WITH THE STANDARDS WHICH, AMONG OTHER PROVISIONS, INCLUDES A REQUIREMENT THAT CFP PROFESSIONALS PROVIDE SERVICE TO FINANCIAL PLANNING CLIENTS AT A FIDUCIARY STANDARD OF CARE. 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. 2203486 2954047 EXAMINATION: IN 2013, ALMOST 5,000 CFP PROFESSIONAL CANDIDATES REGISTERED TO TAKE THE CFP EXAM. 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. CFP BOARD ADHERES TO STANDARDS AND BEST PRACTICES IN THE HIGH STAKES TESTING AND CERTIFICATION INDUSTRIES. 1521434 PUBLIC ADVOCACY: DURING 2013, 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 URGED THE CONSUMER FINANCIAL PROTECTION BUREAU TO RECOMMEND REFORMS TO CONGRESS AND THE SEC TO ADDRESS THE USE OF FINANCIAL SERVICE DESIGNATIONS THAT MISLEAD AND EXPLOIT OLDER AMERICANS. 435748 12958442 CERTIFICATION: THERE WERE OVER 69,000 CFP PROFESSIONALS AT THE END OF 2013, OF WHICH 2,000 WERE GRANTED INITIAL CERTIFICATION DURING THE YEAR. SUCCESSFUL COMPLETION OF THE EXAM PLUS EDUCATION, EXPERIENCE, AND ETHICAL STANDARDS/REQUIREMENTS MUST BE MET BEFORE INITIAL CFP CERTIFICATION IS GRANTED. CFP BOARD'S CERTIFICATION PROGRAM IS ACCREDITED BY A THIRD PARTY ORGANIZATION, NCCA (NATIONAL COUNCIL ON CERTIFYING AGENCIES), TO ENSURE 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. 7924307 16018489 27116466 1 1 0 1 0 0 0 0 1 0 1 0 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 50 0 1 72 1 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X ROGER C MYERS JR 2023792269 1425 K STREET NW SUITE 800 WASHINGTON DC 20005 NANCY KISTNER CHAIR, BOARD OF DIRECTORS 3.00 X X 0 0 0 SUSAN MEISINGER MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 RICHARD ROJECK MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 RAY FERRERA MEMBER, BOARD OF DIRECTORS 1.00 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 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 TOM NELSON MEMBER, BOARD OF DIRECTORS 1.00 X 0 0 0 KEVIN R KELLER CHIEF EXECUTIVE OFFICER 50.00 X 691923 0 158287 ROGER C MYERS JR CHIEF FINANCIAL OFFICER 50.00 X 234111 0 71441 MICHAEL SHAW CORP SEC/MANAGING DIRECTOR 50.00 X 275163 0 62594 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR 50.00 X 305563 0 83418 MICHELE WARHOLIC MANAGING DIRECTOR 50.00 X 263804 0 68970 THOMAS CROWDER MANAGING DIRECTOR 50.00 X 254207 0 66825 DAN DRUMMOND DIRECTOR 50.00 X 154623 0 36502 STEVEN E BARKLEY DIRECTOR 50.00 X 168521 0 26869 JOSEPH MAUGERI DIRECTOR 50.00 X 177076 0 27663 REX STAPLES DIRECTOR 50.00 X 189502 0 11093 DAVID MAZZULLA DIRECTOR 50.00 X 168373 0 11429 2882866 0 625091 18 0 1 0 HAVAS MEDIA 200 HUDSON STREET NEW YORK NY 10013 PUBLIC AWARENESS CAMPAIGN ADVERTISING 9086706 ARNOLD WORLDWIDE LLC PO BOX 845518 BOSTON MA 022845518 PUBLIC AWARENESS CAMPAIGN ADVERTISING AG 1088064 PROMETRIC INC PO BOX 223608 PITTSBURGH PA 152512608 CERTIFICATION TESTING SERVICES 814805 FINANCIAL PLANNING STANDARDS BOARD 707 17TH STREET SUITE 2925 DENVER CO 80202 MEMBERSHIP 397407 CUSTOM DIRECT LLC 16163 W 45TH DRIVE UNIT H GOLDEN CO 80403 PRINTING 356993 21 195000 195000 CERTIFICATION FEES 900099 12512900 12512900 PUBLIC AWARENESS CAMPA 900099 10155330 10155330 EXAM FEES 900099 2954047 2954047 EDUCATIONAL FEES 900099 1121575 1121575 APPLICATION FEES 900099 445542 445542 349319 295639 53680 27538713 669887 669887 46704 46704 20750792 21009228 -258436 -258436 -258436 47200 43587 3613 3613 28195481 27535350 0 465131 X 25000 25000 2542208 2331824 210384 4647632 4263010 384622 225703 207025 18678 450119 412869 37250 393884 361288 32596 600648 568172 32476 49659 35727 13932 75000 75000 3823236 3495012 328224 10028252 10028252 1752131 1682004 70127 424338 311390 112948 1370497 986009 384488 741481 652223 89258 588411 537735 50676 968520 762973 205547 136429 98154 38275 PROFESSIONAL DUES 419849 308431 111418 PROFESSIONAL DEVELOPMEN 41603 31057 10546 MISCELLANEOUS EXPENSE 12910 8793 4117 RECOGNITION, AWARDS, GI 11797 9518 2279 29329307 27116466 2212841 0 617 219 3948727 1499131 151348 631395 265823 806472 6264969 3619773 1480634 2645196 30056497 31419347 785796 1475294 36689442 38477054 2801405 2351097 8891627 9121363 200 1145806 3345222 12838838 14817882 X 23850604 23659172 23850604 23659172 36689442 38477054 -1133826 942394 0 X X 0 1 X 1 0 X 10000 195000 205000 15863567 16535014 20896084 25301024 27827617 106423306 15863567 16545014 20896084 25301024 28022617 106628306 0 0 0 106628306 816232 1091861 1445476 1016316 716591 5086476 816232 1091861 1445476 1016316 716591 5086476 16679799 17636875 22341560 26317340 28739208 111714782 0.95450 0.94840 0.04550 0.05160 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 75226 75226 29297668 29372894 1000000 250000 0 0 896768 1000000 1000000 1000000 3896768 5845152 164882 75000 75923 75226 391031 224192 250000 250000 250000 974192 1461288 3386 3386 1 0 200 0 200 1 X 449450 417922 31528 553738 356439 197299 5261781 2845412 2416369 2645196 DEFERRED RENT 389120 CAPITAL LEASE OBLIGATION 17587 DEFERRED COMPENSATION 1524858 DEFERRED LIABILITY - TENANT IMPROVEMENT ALLOWANCE 1413657 3345222 X 27827617 43587 43587 27784030 411451 411451 28195481 29297894 43587 43587 29254307 75000 75000 29329307 PART IV, LINE 1B: SCHOLARSHIP FUND CONTRIBUTIONS PART IV, LINE 2B: SCHOLARSHIP FUND. PART X, LINE 2: CFP BOARD ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS ON JANUARY 1, 2009. CFP BOARD EVALUATED ITS TAX POSITIONS AND DETERMINED THAT ITS TAX POSITIONS ARE MORE-LIKELY-THAN-NOT TO BE SUSTAINED ON EXAMINATION. CFP BOARD'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. THE TAX RETURNS FOR THE YEARS 2010 TO 2012 ARE OPEN FOR EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 43,587. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT INCOME 411,451. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 43,587. 1 FINANCIAL PLANNING ASSOCIATION 7535 EAST HAMPDEN AVENUE SUITE 600 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 475726 0 213750 0 2447 0 132800 0 25487 0 850210 0 0 0 ROGER C MYERS JR CHIEF FINANCIAL OFFICER 203141 0 29100 0 1870 0 52154 0 19287 0 305552 0 0 0 MICHAEL SHAW CORP SEC/MANAGING DIRECTOR 240330 0 33649 0 1184 0 57560 0 5034 0 337757 0 0 0 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR 264374 0 37625 0 3564 0 62558 0 20860 0 388981 0 0 0 MICHELE WARHOLIC MANAGING DIRECTOR 229358 0 32588 0 1858 0 56922 0 12048 0 332774 0 0 0 THOMAS CROWDER MANAGING DIRECTOR 221906 0 31208 0 1093 0 56180 0 10645 0 321032 0 0 0 DAN DRUMMOND DIRECTOR 137600 0 16756 0 267 0 9913 0 26589 0 191125 0 0 0 STEVEN E BARKLEY DIRECTOR 160753 0 7000 0 768 0 8374 0 18495 0 195390 0 0 0 JOSEPH MAUGERI DIRECTOR 158271 0 18115 0 690 0 10799 0 16864 0 204739 0 0 0 REX STAPLES DIRECTOR 131257 0 15278 0 42967 0 4408 0 6685 0 200595 0 0 0 DAVID MAZZULLA DIRECTOR 156026 0 11873 0 474 0 5058 0 6371 0 179802 0 0 0 PART I, LINES 4A-B PART I, LINE 4A - SEVERANCE - REX STAPLES - $41,798 PART I, LINE 4B - 457(F) PLAN - THE CEO AND EXECUTIVE TEAM PARTICIPATE IN THE PLAN. A NON-QUALIFIED DEFERRED COMPENSATION PLAN IS MAINTAINED IN ACCORDANCE WITH SECTION 457(F) OF THE INTERNAL REVENUE CODE FOR THE BENEFIT OF THE ORGANIZATIONS 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. THOSE AMOUNTS DEFERRED ARE NOT VESTED UNTIL THE EXECUTIVE HAS COMPLETED THREE YEARS OF SERVICE WITH CFP BOARD. IN YEAR FOUR, THE DEFERRED AMOUNTS FOR YEARS ONE THROUGH THREE ARE PAID TO THE EXECUTIVE. 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, 2013. HOWEVER, THE FOLLOWING AMOUNTS WERE AWARDED. NAME TITLE AMOUNT KEVIN R. KELLER CHIEF EXECUTIVE OFFICER $100,000 ROGER C. MYERS, JR. CHIEF FINANCIAL OFFICER $ 31,050 MICHAEL SHAW CORP SEC/MANAGING DIRECTOR $ 36,077 MARILYN MOHRMAN-GILLIS MANAGING DIRECTOR $ 40,534 MICHELE WARHOLIC MANAGING DIRECTOR $ 34,940 THOMAS CROWDER MANAGING DIRECTOR $ 33,621 FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY THE ORGANIZATION'S INDEPENDENT CPA FIRM WITH SIGNIFICANT INPUT AND ASSISTANCE FROM CFP BOARD STAFF. THE RETURN IS PROVIDED IN DRAFT TO MANAGEMENT FOR THEIR DETAIL REVIEW BEFORE BEING PROVDIED TO THE AUDIT COMMITTEE FOR REVIEW. ONCE THE AUDIT COMMITTEE HAS APPROVED THE FILING, THE RETURN IS THEN PROVIDED TO THE BOARD OF DIRECTORS WITH THE FORM 990 BEING REVIEWED IN ITS ENTIRETY BY THE BOARD PRIOR TO ITS SUBMISSION. 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 VOLUNTEER 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 15A 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 2013 FOR THE CEO, K. KELLER. 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 2013 FOR ALL OFFICER AND KEY EMPLOYEE POSITIONS REPORTED IN FORM 990, PART VII. FORM 990, PART VI, SECTION C, LINE 19 THE AUDITED FINANCIAL STATEMENTS AND BYLAWS ARE AVAILABLE TO STAKEHOLDERS UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OUTSIDE SERVICES: PROGRAM SERVICE EXPENSES 467,619. MANAGEMENT AND GENERAL EXPENSES 41,288. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 508,907. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 2,386,633. MANAGEMENT AND GENERAL EXPENSES 208,512. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,595,145. RECRUITMENT ADVERTISING: PROGRAM SERVICE EXPENSES 117,061. MANAGEMENT AND GENERAL EXPENSES 45,644. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 162,705. RECRUITMENT PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 199,021. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 199,021. RECRUITMENT TRAVEL: PROGRAM SERVICE EXPENSES 324,678. MANAGEMENT AND GENERAL EXPENSES 32,780. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 357,458. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE FILING YEAR.