2012-11-14T20:24:42-06:00 2011-12-31 410746749 CLIFTONLARSONALLEN LLP 4250 N FAIRFAX DRIVE SUITE 1020 ARLINGTON VA 22203 990 2011-01-01 742385850 CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS INC CERT 2023792200 1425 K STREET NW NO 500 WASHINGTON DC 20005 ROGER C MYERS JR 2023792200 2012-11-13 1 KAREN GRIES P00078514 5712279500 2011 2016-02-24 21:20:13Z KEVIN R KELLER CEO 1425 K STREET NW NO 500 WASHINGTON DC 20005 29821392 0 X WWW.CFP.NET X 1985 CO 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 74 160 0 0 10000 0 16535014 20936366 1091861 1925953 0 0 17636875 22862319 9543 27000 0 0 6580235 6891933 0 0 0 8420575 18751427 15010353 25670360 2626522 -2808041 42918811 36903883 15565258 13985160 27353553 22918723 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 9205441 0 2205268 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. THE CURRENT PUBLIC AWARENESS OF THE CFP CERTIFICATION IS LOW (28% AIDED AWARENESS BASED ON A 2009 SURVEY); THE CFP BOARD HAS DETERMINED THAT AN IMPORTANT PRIORITY OF THE CFP BOARD SHOULD BE TO BUILD THE PUBLIC AWARENESS OF THE CFP CERTIFICATION. IN PURSUIT OF THIS PRIORITY THE CFP BOARD HAS CREATED A PUBLIC AWARENESS CAMPAIGN THAT INCLUDES A MIX OF ONLINE, CABLE TV AND PRINT ADVERTISING. ADDITIONALLY, THE "LET'S MAKE A PLAN" WEBSITE WAS CREATED 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. 4487082 27000 983911 EDUCATION: AS A FIRST STEP TOWARD CFP CERTIFICATION, AN INDIVIDUAL IS REQUIRED TO COMPLETE AN EDUCATION REQUIREMENT WHICH COVERS NEARLY 100 INTEGRATED FINANCIAL PLANNING TOPICS. THE COURSE OF STUDY IS OFFERED AT OVER 200 ACCREDITED COLLEGES AND UNIVERSITIES IN THE U.S., IN DEGREE (BACHELORS, MASTERS, PHD) AND CERTIFICATE PROGRAMS. ON AN ANNUAL BASIS, CFP BOARD REGISTERS OVER 300 FINANCIAL PLANNING PROGRAMS AND REVIEWS THEIR CURRICULUM AND FACULTY QUALIFICATIONS TO ENSURE THAT THE TEACHING AND LEARNING MEETS ESTABLISHED STANDARDS. AFTER INITIAL CERTIFICATION, CFP PROFESSIONALS ARE REQUIRED TO COMPLETE CONTINUING EDUCATION REQUIREMENTS FOR BIENNIAL RENEWAL REQUIREMENTS TO ENSURE THE PUBLIC OF ONGOING COMPETENCY. CFP BOARD ANNUALLY REGISTERS ALMOST 1,500 CONTINUING EDUCATION ("CE") SPONSORS WHICH AGREE TO DELIVER HIGH QUALITY PROGRAMS BY QUALIFIED INSTRUCTORS WHICH MEET FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2011, CFP BOARD REVIEWED AND APPROVED OVER 12,000 CE PROGRAMS WHICH MET ESTABLISHED STANDARDS. 3167251 0 270819 COMMUNICATIONS AND OUTREACH: CFP BOARD COMMUNICATIONS AND OUTREACH INCLUDES PUBLIC RELATIONS, CONSUMER ADVOCACY AND OUTREACH, CFP CERTIFICANT COMMUNICATIONS, BUSINESS DEVELOPMENT, EDUCATIONAL MATERIALS, CFP.NET WEBSITE AND OTHER INITIATIVES. OUR EFFORTS UTILIZE EARNED AND SOCIAL MEDIA, OUR WEBSITE AND SPEAKING APPEARANCES TO EDUCATE THE PUBLIC ABOUT THE BENEFITS OF PERSONAL FINANCIAL PLANNING. OUR CONSUMER OUTREACH EFFORTS CONSISTED OF PARTNERSHIPS WITH PUBLIC INTEREST GROUPS, SUCH AS THE FINANCIAL PLANNING DAYS PROGRAM THAT PROVIDED PRO BONO FINANCIAL ADVICE TO THOUSANDS OF CONSUMERS NATIONWIDE. 2849520 0 77100 ENFORCEMENT OF PROFESSIONAL STANDARDS: CFP BOARD PROVIDES A FAIR DISCIPLINARY AND INVESTIGATIVE PROCESS FOR REVIEWING ALLEGEDLY UNETHICAL CONDUCT. IN 2011, OVER 1,200 PROFESSIONAL REVIEW CASES WERE OPENED WHICH RESULTED IN 134 HEARINGS BEFORE THE DISCIPLINARY AND ETHICS COMMISSION. IN 2011, CFPBOARD CONTINUED ITS ENFORCEMENT OF THE STANDARDS OF PROFESSIONAL CONDUCT, WHICH INCLUDES A REQUIREMENT THAT CERTIFICANTS PROVIDE SERVICE TO FINANCIAL PLANNING CLIENTS AT A FIDUCIARY STANDARD OF CARE. CFP BOARD ALSO CONTINUED ITS WORK TO PROTECT THE CFP CERTIFICATION MARKS FROM UNAUTHORIZED USE AND MISUSE. 2397514 0 17275519 EXAMINATION AND CERTIFICATION: IN 2011, OVER 8,500 CFP PROFESSIONAL CANDIDATES REGISTERED TO TAKE THE CFP EXAM. SUCCESSFUL COMPLETION OF THE EXAM PLUS EDUCATIONAL, EXPERIENCE AND ETHICAL STANDARDS/REQUIREMENTS NEED TO BE MET BEFORE CFP CERTIFICATION IS GRANTED; THERE WERE OVER 64,000 CFP PROFESSIONALS AT THE END OF 2011, OF WHICH 3,400 WERE GRANTED INITIAL CERTIFICATION IN 2011. 2043272 0 0 PUBLIC ADVOCACY: DURING 2011, CFP BOARD WORKED TO PURSUE FINANCIAL REGULATORY REFORMS AIMED AT INVESTOR PROTECTION INCLUDING THE REGULATION OF THOSE WHO HOLD THEMSELVES OUT AS FINANCIAL PLANNERS, THE ESTABLISHMENT OF A FIDUCIARY STANDARD OF CARE FOR THE DELIVERY OF INVESTMENT ADVICE, AND THE APPROPRIATE OVERSIGHT OF REGISTERED INVESTMENT ADVISORS. CFP BOARD HELPED SECURE KEY INVESTOR PROTECTIONS IN THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT TO ADVANCE THESE POLICIES. 7290306 17352619 24150080 1 0 0 1 0 0 0 0 0 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 0 1 48 0 74 1 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X ROGER C MYERS JR 2023792260 1425 K STREET NW SUITE 500 WASHINGTON DC 20005 CHARLES A MORAN 3.00 X X 0 0 0 CHARLES GOLDMAN 1.00 X 0 0 0 ALAN K GOLDFARB 1.00 X 0 0 0 ROBERT HAYDEN 1.00 X 0 0 0 CHARLES D ROBINSON 1.00 X 0 0 0 JOAN SYLVESTER WISE 1.00 X 0 0 0 SUSAN MEISINGER 1.00 X 0 0 0 RICHARD SINCERE 1.00 X 0 0 0 RICHARD ROJECK 1.00 X 0 0 0 SUSAN HIRSHMAN 1.00 X 0 0 0 NANCY A KISTNER 1.00 X 0 0 0 TERRY LISTER 1.00 X 0 0 0 RAY FERRARA 1.00 X 0 0 0 KEVIN R KELLER 50.00 X 668926 0 169292 ROGER C MYERS JR 50.00 X 19169 0 1956 MICHAEL SHAW 50.00 X 254109 0 26343 MARILYN MOHRMAN-GILLIS 50.00 X 280613 0 38441 MICHELE WARHOLIC WETHERALD 50.00 X 242828 0 24636 THOMAS CROWDER 50.00 X 235338 0 28225 DAN DRUMMOND 50.00 X 135894 0 24083 STEVEN E BARKLEY 50.00 X 171096 0 25046 JOSEPH MAUGERI 50.00 X 129067 0 19271 ROBERT C NEDBAL 50.00 X 154774 0 24821 TIMOTHY B STIFEL 50.00 X 146462 0 21859 DON I THARPE 50.00 X 212703 0 9245 2650979 0 413218 17 1 1 0 ARNOLD WORLDWIDE LLC PO BOX 845518 BOSTON MA 022845518 MARKETING/ADVERTISING 9156305 UHY ADVISORS DC INC 30 SOUTH WACKER DRIVE SUITE 2850 CHICAGO IL 60606 FACILITY RENT 1178156 PROMETRIC INC PO BOX 223608 PITTSBURGH PA 152512608 CERTIFICATION TESTING SERVICES 849131 AVECTRA 75 REMITTANCE DRIVE SUITE 6012 CHICAGO IL 606756012 IT/SOFTWARE SERVICES 696332 THE BOSTON CONSULTING GROUP PO BOX 75200 CHICAGO IL 606755200 CONSULTING SERVICES 455000 42 CERTIFICATION FEES 900099 11402669 11402669 EXAM FEES 900099 5315740 5315740 PUBLIC AWARENESS CAMPA 900099 2205268 2205268 EDUCATIONAL FEES 900099 862299 862299 OTHER PROGRAM REVENUES 900099 802950 679201 123749 347440 347440 20936366 1445476 1445476 7439550 6959073 480477 480477 480477 22862319 20812617 0 2049702 27000 27000 1986910 1868421 118489 221948 221948 3652015 3616382 35633 243594 229067 14527 445315 445315 342151 321747 20404 355149 332555 22594 42252 31934 10318 69000 69000 75000 75000 3909508 3727036 182472 8481121 8481121 1963693 1889792 73901 301626 228355 73271 999999 755796 244203 611098 567480 43618 485893 439159 46734 852091 649247 202844 107598 81323 26275 PROFESSIONAL DUES 388530 296943 91587 PROFESSIONAL DEVELOPMEN 53195 42066 11129 RECOGNITION, AWARDS, GI 25671 21132 4539 CONTRIBUTION EXPENSE 25000 25000 5003 4209 794 25670360 24150080 1520280 0 2486 662 9215955 5403204 156484 102527 240648 236237 4001541 1977856 2323213 2023685 30617096 28687194 362929 450374 42918811 36903883 2067100 2434685 12701576 10663716 796582 886759 15565258 13985160 X 27353553 22918723 27353553 22918723 42918811 36903883 X -2808041 -1626789 X 0 1 1 X 0 X 10000 10000 15824513 16132980 15863567 16535014 20896084 85252158 15824513 16132980 15863567 16545014 20896084 85262158 0 0 0 85262158 1168667 780272 816232 1091861 1445476 5302508 1168667 780272 816232 1091861 1445476 5302508 60000 60000 17053180 16913252 16679799 17636875 22341560 90624666 0.94080 0.93540 0.05850 0.05680 X SCHEDULE A, PART II, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS 75000 75000 25595360 25670360 1000000 250000 0 0 828233 896768 1000000 2725001 4087502 105840 164882 75000 345722 207058 224192 250000 681250 1021875 3386 3386 449450 273514 175936 627617 534094 93523 2924474 1170248 1754226 2023685 DEFERRED RENT 184064 CAPITAL LEASE OBLIGATION 35935 DEFERRED COMPENSATION 666760 886759 22862319 25670360 -2808041 -1626989 200 -1626789 -4434830 20936365 -1626989 -1626989 22563354 75000 223965 298965 22862319 25595360 0 25595360 75000 75000 25670360 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: CFP BOARD IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. 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 2008 TO 2010 ARE OPEN FOR EXAMINATION BY FEDERAL, STATE, AND LOCAL AUTHORITIES. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT INCOME 223,965. 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 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ONE TIME 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 350630 0 82688 0 235608 0 150658 0 18634 0 838218 0 116150 0 MICHAEL SHAW 225091 0 29018 0 0 0 20691 0 5652 0 280452 0 0 0 MARILYN MOHRMAN-GILLIS 247224 0 33389 0 0 0 22950 0 15491 0 319054 0 0 0 MICHELE WARHOLIC WETHERALD 214198 0 28630 0 0 0 16270 0 8366 0 267464 0 0 0 THOMAS CROWDER 206750 0 20000 0 8588 0 21753 0 6472 0 263563 0 0 0 DAN DRUMMOND 127062 0 8832 0 0 0 8789 0 15294 0 159977 0 0 0 STEVEN E BARKLEY 155146 0 15950 0 0 0 10341 0 14705 0 196142 0 0 0 ROBERT C NEDBAL 142093 0 12681 0 0 0 17017 0 7804 0 179595 0 0 0 TIMOTHY B STIFEL 132831 0 13631 0 0 0 15956 0 5903 0 168321 0 0 0 DON I THARPE 83953 0 0 0 128750 0 7944 0 1301 0 221948 0 0 0 PART I, LINES 4A-B PART I, LINE 4A - SEVERANCE - DON I. THARPE- $128,750 PART I, LINE 4B - KEVIN R. KELLER - $235,608 PAYMENT; $119,658 ACCRUAL. KEVIN KELLER RECEIVED $235,608 AS A PAYOUT OF A 457F PLAN. $116,150 WAS PREVIOUSLY REPORTED IN PRIOR RETURNS AS A BENEFIT ACCRUED AND NOT PAID. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS PREPARED BY THE CPA FIRM CLIFTONLARSONALLEN LLP WITH SIGNIFICANT INPUT FROM STAFF. 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 REVIEWED IN ITS ENTIRETY BY THE BOARD OF DIRECTORS 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 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 2012 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 2010 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 ON THE CFP BOARD WEBSITE. THE CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,626,989. PRIOR PERIOD ADJUSTMENTS: 200. TOTAL TO FORM 990, PART XI, LINE 5: -1,626,789.