TY 2013 Form 990

- TIN:

Form990

Department of the Treasury
Internal Revenue Service

Return of Organization Exempt From Income Tax

Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations)

Do not enter Social Security numbers on this form as it may be made public. By law, the IRS

generally cannot redact the information on the form.

Information about Form 990 and its instructions is at www.IRS.gov/form990.

OMB No. 1545-0047

2013

Open to Public Inspection

A For the 2013 calendar year, or tax year beginning 09-01-2013 , 2013, and ending 08-31-2014

BCheck if applicable: Address change Name change Initial return Terminated Amended return Application pending

CName of organization
CFA INSTITUTE

Doing Business As

Number and street (or P.O. box if mail is not delivered to street address)
PO BOX 2083
Suite

Room/suite

City or town, state or province, country, and ZIP or foreign postal code
CHARLOTTESVILLE, VA229022083

D Employer identification number

54-1386480

E Telephone number

G Gross receipts $ 317,283,649

F Name and address of principal officer:
PAUL SMITH
915 EAST HIGH STREET
CHARLOTTESVILLE,VA229022083

Tax-exempt status: 501(c)(3) 501(c) ( 6 ) LeftBullet

(insert no.) 4947(a)(1) or 527

Website:

www.cfainstitute.org

H(a)

Is this a group return for
subordinates? Yes No

H(b)

Are all subordinates
included?

Yes No

If "No," attach a list. (see instructions)

H(c)

Group exemption number MediumBullet

K Form of organization: Corporation Trust Association Other MediumBullet

L Year of formation: 1986

M State of legal domicile: VA

Part I

Summary

1	Briefly describe the organization’s mission or most significant activities: TO LEAD THE INVESTMENT PROFESSION GLOBALLY BY PROMOTING THE HIGHEST STANDARDS OF ETHICS, EDUCATION, AND PROFESSIONAL EXCELLENCE FOR THE ULTIMATE BENEFIT OF SOCIETY.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	18
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	17
5	Total number of individuals employed in calendar year 2013 (Part V, line 2a) ......	5	1,181
6	Total number of volunteers (estimate if necessary) .............	6	3,400
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	703,409
b	Net unrelated business taxable income from Form 990-T, line 34 .........	7b	149,625

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	223,787,969	239,880,621
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	15,083,947	14,872,430
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	962,665	4,761,938
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	239,834,581	259,514,989
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	6,110,249	6,369,633
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	79,472,360	82,464,727
16a	Professional fundraising fees (Part IX, column (A), line 11e).....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	137,829,090	144,422,201
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	223,411,699	233,256,561
19	Revenue less expenses. Subtract line 18 from line 12.......	16,422,882	26,258,428
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	320,339,200	368,018,548
21	Total liabilities (Part X, line 26).............	158,868,624	164,296,435
22	Net assets or fund balances. Subtract line 21 from line 20.....	161,470,576	203,722,113

Part II

Signature Block

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than officer) is based on all information of which preparer has any knowledge.

Sign Here

	Signature of officer	Date

	Type or print name and title

Paid Preparer Use Only

Print/Type preparer's name

Preparer's signature

Date

Check if
self-employed

PTIN

Firm's name MediumBullet

Firm's EIN MediumBullet

Firm's address MediumBullet

Phone no.

May the IRS discuss this return with the preparer shown above? (see instructions) ............YesNo

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 11282Y

Form 990 (2013)

Page 2

Part III

Statement of Program Service Accomplishments

Check if Schedule O contains a response or note to any line in this Part III ..............

Briefly describe the organization’s mission: CFA INSTITUTE IS THE GLOBAL, NON-PROFIT PROFESSIONAL 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 129,373 AND WHO RESIDE IN 147 COUNTRIES. THIS MEMBERSHIP INCLUDES 122,250 CFA CHARTERHOLDERS. CFA INSTITUTE EXTENDS ITS REACH INTO LOCAL COMMUNITIES THROUGH A NETWORK OF 144 MEMBER SOCIETIES IN 69 COUNTRI

Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? ...................... Yes No

If "Yes," describe these new services on Schedule O.

Did the organization cease conducting, or make significant changes in how it conducts, any program services? ............................ Yes No

If "Yes," describe these changes on Schedule O.

Describe the organization’s program service accomplishments for each of its three largest program services, as measured by expenses. Section 501(c)(3) and 501(c)(4) organizations are required to report the amount of grants and allocations to others, the total expenses, and revenue, if any, for each program service reported.


4a	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	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 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.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	PROFESSIONAL DEVELOPMENT: 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.

4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	THOUGHT LEADERSHIP: THROUGH THE STANDARDS AND FINANCIAL MARKET INTEGRITY DIVISION OF CFA INSTITUTE, 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.

4d	Other program services (Describe in Schedule O.)
	(Expenses $ 0 including grants of $ 0 ) (Revenue $ 0 )
4e	Total program service expenses0

Form 990 (2013)

Page 3

Part IV

Checklist of Required Schedules

Yes

Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule A........................

Is the organization required to complete Schedule B, Schedule of Contributors (see instructions)? ...

Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office? If "Yes," complete Schedule C, Part I Click to see attachment

..........

Section 501(c)(3) organizations. Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year? If "Yes," complete Schedule C, Part II........

Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19? If "Yes," complete Schedule C,
Part III Click to see attachment

............................

Yes

Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts? If "Yes," complete Schedule D, Part I Click to see attachment

........................

Did the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or historic structures? If "Yes," complete Schedule D, Part II Click to see attachment

...

Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes," complete Schedule D, Part III Click to see attachment

....................

Did the organization report an amount in Part X, line 21 for escrow or custodial account liability; serve as a custodian for amounts not listed in Part X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes," complete Schedule D, Part IV Click to see attachment

..............

Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments? If "Yes," complete Schedule D, Part V Click to see attachment

......

If the organization’s answer to any of the following questions is "Yes," then complete Schedule D, Parts VI, VII, VIII, IX, or X as applicable.

Did the organization report an amount for land, buildings, and equipment in Part X, line 10?
If "Yes," complete Schedule D, Part VI. Click to see attachment

...................

11a

Yes

Did the organization report an amount for investments—other securities in Part X, line 12 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VII Click to see attachment

.......

11b

Did the organization report an amount for investments—program related in Part X, line 13 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VIII Click to see attachment

.......

11c

Did the organization report an amount for other assets in Part X, line 15 that is 5% or more of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part IX Click to see attachment

............

11d

Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part X Click to see attachment

11e

Yes

Did the organization’s separate or consolidated financial statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part X Click to see attachment

.........................

11f

Yes

12a

Did the organization obtain separate, independent audited financial statements for the tax year?
If "Yes," complete Schedule D, Parts XI and XII Click to see attachment

.................

12a

Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and if the organization answered "No" to line 12a, then completing Schedule D, Parts XI and XII is optional Click to see attachment

12b

Yes

Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E....

14a

Did the organization maintain an office, employees, or agents outside of the United States?.....

14a

Yes

Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV......... Click to see attachment

14b

Yes

Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or other assistance to or for any foreign organization? If “Yes,” complete Schedule F, Parts II and IV Click to see attachment

Yes

Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or other assistance to or for foreign individuals? If “Yes,” complete Schedule F, Parts III and IV... Click to see attachment

Did the organization report a total of more than $15,000 of expenses for professional fundraising services on Part IX, column (A), lines 6 and 11e? If "Yes," complete Schedule G, Part I (see instructions)....

Did the organization report more than $15,000 total of fundraising event gross income and contributions on Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part II............

Did the organization report more than $15,000 of gross income from gaming activities on Part VIII, line 9a? If "Yes," complete Schedule G, Part III...................

20a

Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....

20a

If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?

20b

Form 990 (2013)

Page 4

Part IV

Checklist of Required Schedules (continued)

Did the organization report more than $5,000 of grants or other assistance to any domestic organization or government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II... Click to see attachment

Yes

Did the organization report more than $5,000 of grants or other assistance to individuals in the United States on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........ Click to see attachment

Did the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5 about compensation of the organization’s current and former officers, directors, trustees, key employees, and highest compensated employees? If "Yes," complete Schedule J....................... Click to see attachment

Yes

24a

Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002? If “Yes,” answer lines 24b through 24d and complete Schedule K. If “No,” go to line 25a................

24a

Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...

24b

Did the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds?......................

24c

Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year?...

24d

25a

Section 501(c)(3) and 501(c)(4) organizations. Did the organization engage in an excess benefit transaction with a disqualified person during the year? If "Yes," complete Schedule L, Part I........

25a

Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization’s prior Forms 990 or 990-EZ? If "Yes," complete Schedule L, Part I...................

25b

Did the organization report any amount on Part X, line 5, 6, or 22 for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons? If so, complete Schedule L, Part II....................

Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons? If "Yes," complete Schedule L, Part III.........

Was the organization a party to a business transaction with one of the following parties (see Schedule L, Part IV instructions for applicable filing thresholds, conditions, and exceptions):

A current or former officer, director, trustee, or key employee? If "Yes," complete Schedule L, Part IV ..........................

28a

A family member of a current or former officer, director, trustee, or key employee? If "Yes,"
complete Schedule L, Part IV.....................

28b

An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner? If "Yes," complete Schedule L, Part IV...

28c

Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M..

Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M.............

Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N,
Part I...........................

Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II......................

Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3? If "Yes," complete Schedule R, Part I........ Click to see attachment

Yes

Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Part II, III, or IV, and Part V, line 1........................ Click to see attachment

Yes

35a

Did the organization have a controlled entity within the meaning of section 512(b)(13)?

35a

Yes

If ‘Yes’ to line 35a, did the organization receive any payment from or engage in any transaction with a controlled entity within the meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2... Click to see attachment

35b

Yes

Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable related organization? If "Yes," complete Schedule R, Part V, line 2.............

Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R, Part VI Click to see attachment

Did the organization complete Schedule O and provide explanations in Schedule O for Part VI, lines 11b and 19? Note. All Form 990 filers are required to complete Schedule O. ............

Yes

Form 990 (2013)

Page 5

Part V

Statements Regarding Other IRS Filings and Tax Compliance

Check if Schedule O contains a response or note to any line in this Part V ..............

Yes

Enter the number reported in Box 3 of Form 1096 Enter -0- if not applicable ..

397

Enter the number of Forms W-2G included in line 1a. Enter -0- if not applicable .

Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................

Yes

Enter the number of employees reported on Form W-3, Transmittal of Wage and
Tax Statements, filed for the calendar year ending with or within the year covered by this return ..................

1,181

If at least one is reported on line 2a, did the organization file all required federal employment tax returns?
Note. If the sum of lines 1a and 2a is greater than 250, you may be required to e-file (see instructions)

Yes

Did the organization have unrelated business gross income of $1,000 or more during the year?...

Yes

If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...

Yes

At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?..........................

Yes

If "Yes," enter the name of the foreign country: MediumBullet

HK , MY , AR , UK , CH
See instructions for filing requirements for Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts.

Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?..

Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?

If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............

Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?...

If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?........................

Organizations that may receive deductible contributions under section 170(c).

Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?....................

If "Yes," did the organization notify the donor of the value of the goods or services provided?.....

Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?...........................

If "Yes," indicate the number of Forms 8282 filed during the year ....

Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?............................

Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?..

If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?............................

If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?..........................

Sponsoring organizations maintaining donor advised funds and section 509(a)(3) supporting organizations. Did the supporting organization, or a donor advised fund maintained by a sponsoring organization, have excess business holdings at any time during the year?............

Sponsoring organizations maintaining donor advised funds.

Did the organization make any taxable distributions under section 4966?..........

Did the organization make a distribution to a donor, donor advisor, or related person?.......

Section 501(c)(7) organizations. Enter:

Initiation fees and capital contributions included on Part VIII, line 12 ...

10a

Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities

10b

Section 501(c)(12) organizations. Enter:

Gross income from members or shareholders .........

11a

Gross income from other sources (Do not net amounts due or paid to other sources against amounts due or received from them.) ..........

11b

12a

Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 in lieu of Form 1041?

12a

If "Yes," enter the amount of tax-exempt interest received or accrued during the year. ....................

12b

Section 501(c)(29) qualified nonprofit health insurance issuers.

Is the organization licensed to issue qualified health plans in more than one state?
Note. See the instructions for additional information the organization must report on Schedule O.

13a

Enter the amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans ....

13b

Enter the amount of reserves on hand ............

13c

14a

Did the organization receive any payments for indoor tanning services during the tax year?.....

14a

If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..

14b

Form 990 (2013)

Page 6

Part VI

Governance, Management, and Disclosure For each "Yes" response to lines 2 through 7b below, and for a "No" response to lines 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.

Check if Schedule O contains a response or note to any line in this Part VI ..............

Section A. Governing Body and Management

Yes

Enter the number of voting members of the governing body at the end of the tax year .....................

If there are material differences in voting rights among members of the governing body, or if the governing body delegated broad authority to an executive committee or similar committee, explain in Schedule O.

Enter the number of voting members included in line 1a, above, who are independent ...................

Did any officer, director, trustee, or key employee have a family relationship or a business relationship with any other officer, director, trustee, or key employee? .................

Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors or trustees, or key employees to a management company or other person? .

Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? ...........................

Did the organization become aware during the year of a significant diversion of the organization’s assets? .

Did the organization have members or stockholders? ................

Yes

Did the organization have members, stockholders, or other persons who had the power to elect or appoint one or more members of the governing body? ....................

Yes

Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................

Yes

Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:

The governing body? .........................

Yes

Each committee with authority to act on behalf of the governing body? ............

Yes

Is there any officer, director, trustee, or key employee listed in Part VII, Section A, who cannot be reached at the organization’s mailing address? If "Yes," provide the names and addresses in Schedule O.......

Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)

Yes

10a

Did the organization have local chapters, branches, or affiliates? ............

10a

If "Yes," did the organization have written policies and procedures governing the activities of such chapters, affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes?

10b

11a

Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form? ............................

11a

Yes

Describe in Schedule O the process, if any, used by the organization to review this Form 990. .....

12a

Did the organization have a written conflict of interest policy? If "No," go to line 13.......

12a

Yes

Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................

12b

Yes

Did the organization regularly and consistently monitor and enforce compliance with the policy? If "Yes," describe in Schedule O how this was done.......................

12c

Yes

Did the organization have a written whistleblower policy? ...............

Yes

Did the organization have a written document retention and destruction policy? .........

Yes

Did the process for determining compensation of the following persons include a review and approval by independent persons, comparability data, and contemporaneous substantiation of the deliberation and decision?

The organization’s CEO, Executive Director, or top management official ...........

15a

Yes

Other officers or key employees of the organization ................

15b

Yes

If "Yes" to line 15a or 15b, describe the process in Schedule O (see instructions).

16a

Did the organization invest in, contribute assets to, or participate in a joint venture or similar arrangement with a taxable entity during the year? ......................

16a

Yes

If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate its participation in joint venture arrangements under applicable federal tax law, and take steps to safeguard the organization’s exempt status with respect to such arrangements? ............

16b

Section C. Disclosure

List the States with which a copy of this Form 990 is required to be filed MediumBullet

Section 6104 requires an organization to make its Form 1023 (or 1024 if applicable), 990, and 990-T (501(c)(3)s only) available for public inspection. Indicate how you made these available. Check all that apply.

Own website Another's website Upon request Other (explain in Schedule O)

Describe in Schedule O whether (and if so, how) the organization made its governing documents, conflict of interest policy, and financial statements available to the public during the tax year.

State the name, physical address, and telephone number of the person who possesses the books and records of the organization:
MediumBullet

TIM MCLAUGHLIN915 EAST HIGH STREETCHARLOTTESVILLEVA229022083 (434) 951-5499

Form 990 (2013)

Page 7

Part VII

Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors

Check if Schedule O contains a response or note to any line in this Part VII ..............

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees

1a Complete this table for all persons required to be listed. Report compensation for the calendar year ending with or within the organization’s tax year.
RoundBullet

List all of the organization’s current officers, directors, trustees (whether individuals or organizations), regardless of amount
of compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.

List all of the organization’s current key employees, if any. See instructions for definition of "key employee."

List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the
organization and any related organizations.

List all of the organization’s former officers, key employees, or highest compensated employees who received more than $100,000
of reportable compensation from the organization and any related organizations.

List all of the organization’s former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.

List persons in the following order: individual trustees or directors; institutional trustees; officers; key employees; highest
compensated employees; and former such persons.

Check this box if neither the organization nor any related organization compensated any current officer, director, or trustee.

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)		(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(1) ALAN M MEDER CFA CPA........................................................................ IMMEDIATE PAST CHAIR	1.0 .......................	X	X	2,067		0
(2) COLIN W MCLEAN........................................................................ EXT REL & VOL INV COMMIT CHAIR	1.0 .......................	X
(3) CHARLES J YANG CFA........................................................................ CHAIRMAN OF THE BOARD	1.0 .......................	X	X
(4) AARON LOW CFA........................................................................ VICE CHAIRMAN OF THE BOARD	1.0 .......................	X	X
(5) ATTILA KOKSAL CFA........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(6) BETH HAMILTON-KEEN CFA........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(7) FREDERIC P LEBEL CFA........................................................................ PLANNING COMMITTEE CHAIR	1.0 .......................	X
(8) GIUSEPPE BALLOCCHI CFA........................................................................ AUDIT & RISK COMMITTEE CHAIR	1.0 .......................	X
(9) JAMES G JONES CFA........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(10) JANE SHAO CFA........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(11) MATTHEW H SCANLAN CFA........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(12) MARK J LAZBERGER CFA........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(13) ROGER URWIN........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(14) SAEED M AL-HAJERI CFA........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(15) JOHN ROGERS CFA........................................................................ PRESIDENT & CEO-EXITED 5/31/14	40.0 .......................1.0	X	X	1,380,137	0	89,459
(16) DWIGHT D CHURCHILL CFA........................................................................ PRESIDENT & CEO-ENTERED 6/2014	40.0 .......................1.0	X	X
(17) ROBERT JENKINS FSIP........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X

Form 990 (2013)

Page 8

Part VII

Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees (continued)

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)				(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(18) SUNIL SINGHANIA CFA........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(19) HEATHER BRILLIANT........................................................................ MEMBER, BOARD OF GOVERNORS	1.0 .......................	X
(20) JOSEPH P LANGE........................................................................ DIRECTOR, BOARD & CORP SVS.	40.0 .......................		X			107,886	0	29,965
(21) TIMOTHY G MCLAUGHLIN CFA........................................................................ CHIEF FINANCIAL OFFICER	40.0 .......................1.0		X			554,741	0	66,970
(22) ELAINE CHENG........................................................................ MANAGING DIRECTOR	40.0 .......................			X		403,475	0	64,978
(23) DONNA MARSHALL........................................................................ MANAGING DIRECTOR	40.0 .......................			X		476,140	0	63,315
(24) JAN R SQUIRES CFA........................................................................ MANAGING DIRECTOR	40.0 .......................			X		627,563	0	69,621
(25) CAROL J ANDERSON........................................................................ GENERAL COUNSEL-EXITED 8/31/14	40.0 .......................			X		500,859	0	68,795
(26) KURT N SCHACHT CFA........................................................................ MANAGING DIRECTOR	40.0 .......................			X		561,470	0	73,703
(27) NITIN MEHTA CFA........................................................................ MANAGING DIRECTOR	40.0 .......................			X		463,738	0	28,551
(28) RAYMOND J DEANGELO........................................................................ MANAGING DIRECTOR	40.0 .......................			X		606,989	0	69,021
(29) THOMAS ROBINSON CFA........................................................................ MANAGING DIRECTOR	40.0 .......................			X		625,879	0	69,562
(30) STEPHEN M HORAN CFA........................................................................ MANAGING DIRECTOR	40.0 .......................			X		393,082	0	58,514
(31) JOHN BOWMAN........................................................................ MANAGING DIRECTOR	40.0 .......................			X		1,288,225	0	66,682
(32) PAUL SMITH........................................................................ MANAGING DIRECTOR	40.0 .......................			X		524,544	0	46,497
(33) ASHVIN P VIBHAKAR CFA........................................................................ SENIOR ADVISOR	32.0 .......................				X	561,674	0	61,793
(34) PETER B MACKEY CFA........................................................................ HEAD CFA EXAMINATIONS	40.0 .......................				X	405,353	0	43,821
(35) SANDRA PETERS........................................................................ HEAD PROFESSIONAL EDUCATION	40.0 .......................				X	407,623	0	43,821
(36) ROBERT LAMY........................................................................ HEAD, CURRICULUM DEVELOPMENT	40.0 .......................				X	331,682	0	48,673
(37) DENNIS MCLEAVEY........................................................................ HEAD, REGULATOR(EXITED 2/2014)	40.0 .......................				X	303,940	0	43,506

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	10,527,067	0	1,107,247

Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization MediumBullet

130

Yes

Did the organization list any former officer, director or trustee, key employee, or highest compensated employee on line 1a? If "Yes," complete Schedule J for such individual ..............

For any individual listed on line 1a, is the sum of reportable compensation and other compensation from the organization and related organizations greater than $150,000? If "Yes," complete Schedule J for such individual...........................

Yes

Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual for services rendered to the organization? If "Yes," complete Schedule J for such person ........

Section B. Independent Contractors

Complete this table for your five highest compensated independent contractors that received more than $100,000 of compensation from the organization. Report compensation for the calendar year ending with or within the organization’s tax year.

(A) Name and business address	(B) Description of services	(C) Compensation
AMERICAN EXPRESS TRAVEL RELATED SVS, 200 VESEY STREETNEW YORKNY10285	TRAVEL	12,165,015
PBD INC, 1560 BLUEGRASS LAKES PKWYALPHARETTAGA30004	DISTRIBUTION	4,883,758
PROFESSIONAL EXAMINATION SERVICE, 475 RIVERSIDE DRIVENEW YORKNY10115	EXAM ADMINISTRATION	4,129,022
DOREMUS COMPANY, 200 VARICK STREETNEW YORKNY10014	MARKETING	8,132,066
JOHN WILEY SONS INC, PO BOX 416502BOSTONMA02241	PUBLISHING	6,629,084
2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 213

Form 990 (2013)

Page 9

Part VIII

Statement of Revenue

Check if Schedule O contains a response or note to any line in this Part VIII .............

				(A) Total revenue	(B) Related or exempt function revenue	(C) Unrelated business revenue	(D) Revenue excluded from tax under sections 512-514
1a	Federated campaigns..1a
b	Membership dues....1b
c	Fundraising events....1c
d	Related organizations...1d
e	Government grants (contributions)1e

f	All other contributions, gifts, grants, and similar amounts not included above1f

g	Noncash contributions included in lines 1a-1f:$
h	Total. Add lines 1a-1f.......			0
			Business Code
2a	CANDIDATE FEES		900099	161,846,629	161,846,629
b	EDUCATIONAL PRODUCTS		611710	44,271,013	44,271,013
c	MEMBERSHIP DUES		900099	33,059,570	33,059,570
d	ADVERTISING		541800	703,409		703,409
e
f	All other program service revenue .
g	Total. Add lines 2a–2f........			239,880,621
3	Investment income (including dividends, interest, and other similar amounts).......			6,304,434			6,304,434
4	Income from investment of tax-exempt bond proceeds..			0
5	Royalties...........			327,478			327,478
		(i) Real	(ii) Personal
6a	Gross rents
b	Less: rental expenses
c	Rental income or (loss)	0	0
d	Net rental income or (loss).......			0
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	66,336,656
b	Less: cost or other basis and sales expenses	57,186,040	582,620
c	Gain or (loss)	9,150,616	-582,620
d	Net gain or (loss)..........			8,567,996			8,567,996
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ..
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..			0
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities...			0
10a	Gross sales of inventory, less returns and allowances .
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..			0
Miscellaneous Revenue			Business Code
11a	SERVICE FEE REP. OFFICE		900099	164,186	164,186
b	RECOVERY OF PRIOR GRANT		900099	250,000	250,000
c	MAILING LISTS		900099	261,180	261,180
d	All other revenue ....			3,759,094	3,759,094
e	Total. Add lines 11a–11d ......			4,434,460
12	Total revenue. See Instructions......			259,514,989	243,611,672	703,409	15,199,908

Form 990 (2013)

Page 10

Part IX

Statement of Functional Expenses

Section 501(c)(3) and 501(c)(4) organizations must complete all columns. All other organizations must complete column (A).Check if Schedule O contains a response or note to any line in this Part IX ...............

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.		(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses
1	Grants and other assistance to governments and organizations in the United States. See Part IV, line 21	3,108,136
2	Grants and other assistance to individuals in the United States. See Part IV, line 22	5,000
3	Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16	3,256,497	0
4	Benefits paid to or for members	0
5	Compensation of current officers, directors, trustees, and key employees ....	8,368,974
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....	0
7	Other salaries and wages	56,671,472
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	5,791,346
9	Other employee benefits .......	7,434,757
10	Payroll taxes ...........	4,198,178
11	Fees for services (non-employees):
a	Management ......	77,111
b	Legal .........	3,483,637
c	Accounting ...........	1,826,646
d	Lobbying ...........	421,586
e	Professional fundraising services. See Part IV, line 17	0
f	Investment management fees ......	0
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) ........	2,827,467
12	Advertising and promotion ....	18,131,301
13	Office expenses .......	17,422,147
14	Information technology ......	12,021,789
15	Royalties ..	142,121
16	Occupancy ...........	8,763,679
17	Travel ............	25,418,544
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......	0
19	Conferences, conventions, and meetings ....	4,856,518
20	Interest ...........	0
21	Payments to affiliates .......	0
22	Depreciation, depletion, and amortization .....	6,194,742
23	Insurance ..............	1,625,661
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	EXAM ADMINISTRATION EXPENSES	26,710,088
b	PRODUCT MERCHANDISE COSTS	10,062,475
c	CONTRACT LABOR AND RECRUITMENT	2,279,545
d	STAFF TRAINING	1,673,106
e	All other expenses	484,038
25	Total functional expenses. Add lines 1 through 24e	233,256,561	0	0	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Form 990 (2013)

Page 11


				(A) Beginning of year		(B) End of year
1	Cash–non-interest-bearing .............			3,271,893	1	2,952,231
2	Savings and temporary cash investments .........			38,050,527	2	44,399,512
3	Pledges and grants receivable, net ...........			0	3	0
4	Accounts receivable, net .............			1,095,150	4	4,433,395
5	Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of Schedule L ..................
				0	5	0
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L
				0	6	0
7	Notes and loans receivable, net .............			0	7	0
8	Inventories for sale or use ..............			3,295,769	8	1,914,913
9	Prepaid expenses and deferred charges ..........			10,526,066	9	13,870,725
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	18,926,187
b	Less: accumulated depreciation .....	10b	12,493,951	5,438,444	10c	6,432,236
11	Investments—publicly traded securities ..........			242,022,601	11	270,423,653
12	Investments—other securities. See Part IV, line 11 .....			0	12	0
13	Investments—program-related. See Part IV, line 11 .....			0	13	0
14	Intangible assets ...............			10,010,261	14	9,873,811
15	Other assets. See Part IV, line 11 ...........			6,628,489	15	13,718,072
16	Total assets. Add lines 1 through 15 (must equal line 34)......			320,339,200	16	368,018,548
17	Accounts payable and accrued expenses .........			27,060,757	17	25,034,240
18	Grants payable .................			0	18	0
19	Deferred revenue ................			128,926,177	19	135,491,160
20	Tax-exempt bond liabilities .............			0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D..			0	21	0
22	Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........			0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..			0	23	0
24	Unsecured notes and loans payable to unrelated third parties ....			0	24	0
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D....................			2,881,690	25	3,771,035
26	Total liabilities. Add lines 17 through 25.........			158,868,624	26	164,296,435
	Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets ..............			161,470,576	27	203,722,113
28	Temporarily restricted net assets ...........			0	28	0
29	Permanently restricted net assets ...........			0	29	0
	Organizations that do not follow SFAS 117 (ASC 958), check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds ........				30
31	Paid-in or capital surplus, or land, building or equipment fund .....				31
32	Retained earnings, endowment, accumulated income, or other funds				32
33	Total net assets or fund balances ...........			161,470,576	33	203,722,113
34	Total liabilities and net assets/fund balances ........			320,339,200	34	368,018,548

Form 990 (2013)

Page 12

Part XI

Reconcilliation of Net Assets

Check if Schedule O contains a response or note to any line in this Part XI ..............

Total revenue (must equal Part VIII, column (A), line 12) ............

259,514,989

Total expenses (must equal Part IX, column (A), line 25) ............

233,256,561

Revenue less expenses. Subtract line 2 from line 1 ..............

26,258,428

Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) ..

161,470,576

Net unrealized gains (losses) on investments ...............

15,993,109

Donated services and use of facilities .................

Investment expenses .....................

Prior period adjustments .....................

Other changes in net assets or fund balances (explain in Schedule O) ........

Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 33, column (B))

203,722,113

Part XII

Financial Statements and Reporting

Check if Schedule O contains a response or note to any line in this Part XII .............

Yes

Accounting method used to prepare the Form 990: Cash Accrual Other
If the organization changed its method of accounting from a prior year or checked "Other," explain in
Schedule O.

Were the organization’s financial statements compiled or reviewed by an independent accountant?

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

Were the organization’s financial statements audited by an independent accountant?

Yes

If ‘Yes,’ check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both:

Separate basis Consolidated basis Both consolidated and separate basis

If "Yes," to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant?

Yes

If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.

As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Single Audit Act and OMB Circular A-133?

If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit or audits, explain why in Schedule O and describe any steps taken to undergo such audits.

Form 990 (2013)

Form 990, Special Condition Description:

Special Condition Description

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE C
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527
SchCMd Bullet

Complete if the organization is described below. SchCMd Bullet

Attach to Form 990 or Form 990-EZ.
SchCMd Bullet

See separate instructions. SchCMd Bullet

Information about Schedule C (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2013

Open to Public
Inspection

If the organization answered "Yes" to Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet

Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet

Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet

Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" to Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet

Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet

Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" to Form 990, Part IV, Line 5 (Proxy Tax) or Form 990-EZ, Part V, line 35c (Proxy Tax), then
Round Bullet

Section 501(c)(4), (5), or (6) organizations: Complete Part III.

Name of the organization

CFA INSTITUTE

Employer identification number

54-1386480

Part I-A

Complete if the organization is exempt under section 501(c) or is a section 527 organization.

Provide a description of the organization’s direct and indirect political campaign activities in Part IV.

Political expenditures .................................... SchCMd Bullet

Volunteer hours ........................................

Part I-B

Complete if the organization is exempt under section 501(c)(3).

Enter the amount of any excise tax incurred by the organization under section 4955 ......... SchCMd Bullet

Enter the amount of any excise tax incurred by organization managers under section 4955 ...... SchCMd Bullet

If the organization incurred a section 4955 tax, did it file Form 4720 for this year? ..............

Yes No

Was a correction made? .........................................

Yes No

If "Yes," describe in Part IV.

Part I-C

Complete if the organization is exempt under section 501(c), except section 501(c)(3).

Enter the amount directly expended by the filing organization for section 527 exempt function activities SchCMd Bullet

Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ................................... SchCMd Bullet

Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b.. SchCMd Bullet

Did the filing organization file Form 1120-POL for this year? ..........................

Yes No

Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.

(a) Name	(b) Address	(c) EIN	(d) Amount paid from filing organization's funds. If none, enter -0-.	(e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.

For Paperwork Reduction Act Notice, see the instructions for Form 990 or 990-EZ.

Cat. No. 50084S

Schedule C (Form 990 or 990-EZ) 2013

Page 2

Part II-A

Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).

A Check SchCMd Bullet

if the filing organization belongs to an affiliated group (and list in Part IV each affiliated group member's name, address, EIN, expenses, and share of excess lobbying expenditures).
B Check SchCMd Bullet

if the filing organization checked box A and "limited control" provisions apply.

Limits on Lobbying Expenditures (The term "expenditures" means amounts paid or incurred.)		(b) Affiliated group totals
1a	Total lobbying expenditures to influence public opinion (grass roots lobbying) ......
b	Total lobbying expenditures to influence a legislative body (direct lobbying) .......
c	Total lobbying expenditures (add lines 1a and 1b) ...................
d	Other exempt purpose expenditures ........................
e	Total exempt purpose expenditures (add lines 1c and 1d) ...............
f	Lobbying nontaxable amount. Enter the amount from the following table in both columns.
	If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
	Not over $500,00020% of the amount on line 1e.
	Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
	Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
	Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
	Over $17,000,000$1,000,000.

g	Grassroots nontaxable amount (enter 25% of line 1f) .................
h	Subtract line 1g from line 1a. If zero or less, enter -0-. ................
i	Subtract line 1f from line 1c. If zero or less, enter -0-. ................
j	If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting section 4911 tax for this year? ......................................	Yes No

4-Year Averaging Period Under Section 501(h) (Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the instructions for lines 2a through 2f on page 4.)
Lobbying Expenditures During 4-Year Averaging Period
	Calendar year (or fiscal year beginning in)	(a) 2010	(b) 2011	(c) 2012	(d) 2013	(e) Total

2a	Lobbying nontaxable amount

b	Lobbying ceiling amount (150% of line 2a, column(e))

c	Total lobbying expenditures

d	Grassroots nontaxable amount

e	Grassroots ceiling amount (150% of line 2d, column (e))

f	Grassroots lobbying expenditures

Schedule C (Form 990 or 990-EZ) 2013

Page 3

Part II-B

Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).

For each "Yes" response to lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.

(a)

Yes

(b)

Amount

During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:

Volunteers? .........................................

Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ....

Media advertisements? ....................................

Mailings to members, legislators, or the public? .........................

Publications, or published or broadcast statements? .......................

Grants to other organizations for lobbying purposes? .......................

Direct contact with legislators, their staffs, government officials, or a legislative body? ........

Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ......

Other activities? ..........................

Total. Add lines 1c through 1i ...............................

Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....

If "Yes," enter the amount of any tax incurred under section 4912 .................

If "Yes," enter the amount of any tax incurred by organization managers under section 4912 .....

If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? .......

Part III-A

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).

Yes

Were substantially all (90% or more) dues received nondeductible by members? ................

Did the organization make only in-house lobbying expenditures of $2,000 or less? ................

Did the organization agree to carry over lobbying and political expenditures from the prior year? ..........

Part III-B

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."

Dues, assessments and similar amounts from members .....................

33,059,570

Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political
expenses for which the section 527(f) tax was paid).

Current year .........................................

421,586

Carryover from last year ....................................

Total ............................................

421,586

Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .

If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ................................

Taxable amount of lobbying and political expenditures (see instructions) ..............

421,586

Part IV

Supplemental Information

Provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, line 5; Part II-A (affiliated group list); Part II-A, line 2; and Part ll-B, line 1. Also, complete this part for any additional information.

Return Reference	Explanation

Schedule C (Form 990 or 990EZ) 2013

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b
SchDMd Bullet

Attach to Form 990. SchDMd Bullet

See separate instructions. SchDMd Bullet

Information about Schedule D (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2013

Open to Public Inspection

Name of the organization

CFA INSTITUTE

Employer identification number

54-1386480

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate contributions to (during year) ...
3	Aggregate grants from (during year) .....
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements .......................	2a
b	Total acreage restricted by conservation easements ..................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ....................	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .......................................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenues included in Form 990, Part VIII, line 1 ........................ SchDMd Bullet

(ii)

Assets included in Form 990, Part X .............................. SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958) relating to these items:

Revenues included in Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2013

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No

If "Yes," explain the arrangement in Part XIII and complete the following table:


c	Beginning balance .................................	1c
d	Additions during the year ..............................	1d
e	Distributions during the year .............................	1e
f	Ending balance ...................................	1f

Did the organization include an amount on Form 990, Part X, line 21? .....................

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ........

Part V

Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.

		(a)Current year	(b)Prior year	b (c)Two years back	(d)Three years back	(e)Four years back
1a	Beginning of year balance ....
b	Contributions ........
c	Net investment earnings, gains, and losses
d	Grants or scholarships .....
e	Other expenditures for facilities and programs ........
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Temporarily restricted endowment SchDMd Bullet

The percentages in lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations ........................

3a(i)

(ii) related organizations ........................

3a(ii)

If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(b)Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value
1a	Land .................
b	Buildings ................
c	Leasehold improvements ............	3,979,897	2,873,601	1,106,296
d	Equipment ................	14,946,290	9,620,350	5,325,940
e	Other .................
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......				6,432,236

Schedule D (Form 990) 2013

Page 3

Part VII

InvestmentsOther Securities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)		(b)Book value	(c) Method of valuation: Cost or end-of-year market value
(1)Financial derivatives
(2)Closely-held equity interests
Other








Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

InvestmentsProgram Related. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment		(b) Book value	(c) Method of valuation: Cost or end-of-year market value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability		(b) Book value
Federal income taxes		0
SOCIETY PAYABLE		1,091,086
DEFERRED COMPENSATION		1,739,161
DUE TO AFFILIATE		6,474
UNCLAIMED PROPERTY		303,751
TRANSACTION PAYABLE		630,563




Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)		3,771,035
2. Liability for uncertain tax positions In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII ..................................................

Schedule D (Form 990) 2013

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	275,840,718
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains on investments ..........	2a	15,993,109
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d .....................			2e	15,993,109
3	Subtract line 2e from line 1.....................			3	259,847,609
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b	-332,620
c	Add lines 4a and 4b.......................			4c	-332,620
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	259,514,989

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........			1	233,589,181
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities ..........	2a
b	Prior year adjustments ..............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d	332,620
e	Add lines 2a through 2d......................			2e	332,620
3	Subtract line 2e from line 1.....................			3	233,256,561
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ............	4b
c	Add lines 4a and 4b.......................			4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	233,256,561

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
SCHEDULE D, PART X, LINE 2	CFA INSTITUTE HAS PERFORMED AN EVALUATION OF ITS UNRELATED BUSINESS INCOME AND HAS MAINTAINED ITS TAX EXEMPT STATUS. CFA INSTITUTE BELIEVES THAT IT HAS ADEQUATELY PROVIDED FOR ALL OPEN TAX YEARS UNDER THE INCOME TAXES TOPIC OF THE FASB ASC AND HAS NO UNCERTAIN TAX POSITIONS.
SCHEDULE D, PART XI, LINE 4B	LOSS ON DISPOSAL OF ASSETS ($582,620) RECOVERIES OF PRIOR YEAR GRANT $250,000
SCHEDULE D, PART XII, LINE 2D	LOSS ON DISPOSAL OF ASSETS $582,620 RECOVERIES OF PRIOR YEAR GRANT ($250,000)

Schedule D (Form 990) 2013

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE F(Form 990)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

Complete if the organization answered "Yes" to Form 990,Part IV, line 14b, 15, or 16. Right pointing arrow large image

Attach to Form 990. Right pointing arrow large image

See separate instructions. Right pointing arrow large image

Information about Schedule F (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2013

Open to Public Inspection

Name of the organization
CFA INSTITUTE

Employer identification number

54-1386480

Part I

General Information on Activities Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 14b.

For grantmakers.Does the organization maintain records to substantiate the amount of its grants and

other assistance, the grantees’ eligibility for the grants or assistance, and the selection criteria used

to award the grants or assistance? ...............................

Yes

For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.

Activites per Region. (The following Part I, line 3 table can be duplicated if additional space is needed.)

(a) Region		(b) Number of offices in the region	(c) Number of employees, agents, and independent contractors in region	(d) Activities conducted in region (by type) (e.g., fundraising, program services, investments, grants to recipients located in the region)	(e) If activity listed in (d) is a program service, describe specific type of service(s) in region	(f) Total expenditures for and investments in region
	Central America and the Caribbean			Program Services	MEMBER & EXAM SUPPORT	28,025
	South Asia			Grantmaking	N/A	255,522
	Sub-Saharan Africa			Grantmaking	N/A	79,068
	East Asia and the Pacific	4	46	Program Services	MEMBER & EXAM SUPPORT	25,857,668
	South Asia			Program Services	MEMBER & EXAM SUPPORT	740,571
	Central America and the Caribbean			Grantmaking	N/A	72,096
	East Asia and the Pacific			Grantmaking	N/A	800,213
	Europe (Including Iceland and Greenland)			Grantmaking	N/A	1,202,074
	Europe (Including Iceland and Greenland)	2	47	Program Services	MEMBER & EXAM SUPPORT	22,373,872
	Middle East and North Africa			Grantmaking	N/A	214,365
	Middle East and North Africa			Program Services	MEMBER & EXAM SUPPORT	468,642
	North America			Grantmaking	N/A	524,380
	North America			Program Services	MEMBER & EXAM SUPPORT	759,589
	Russia and the Newly Independent States			Grantmaking	N/A	33,848
	Russia and the Newly Independent States			Program Services	MEMBER & EXAM SUPPORT	13,929
	South America			Grantmaking	N/A	39,828
	South America			Program Services	MEMBER & EXAM SUPPORT	603,681
	Sub-Saharan Africa			Program Services	MEMBER & EXAM SUPPORT	167,508
3a	Sub-total .....	6	93			54,067,371
b	Total from continuation sheets to Part I ...					167,508
c	Totals (add lines 3a and 3b)	6	93			54,234,879

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2013

Schedule F (Form 990) 2013

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 15, for any recipient who received more than $5,000. Part II can be duplicated if additional space is needed.

(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement	(h) Description of non-cash assistance	(i) Method of valuation (book, FMV, appraisal, other)
CENTRAL AMERICA AND THE CARIBBEAN	GEN SUPPORT	12,314	WIRE/CHECK	N/A	N/A
CENTRAL AMERICA AND THE CARIBBEAN	GEN SUPPORT	20,250	WIRE/CHECK	N/A	N/A
CENTRAL AMERICA AND THE CARIBBEAN	GEN SUPPORT	39,432	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	16,830	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	172,132	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	33,775	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	28,087	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	19,446	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	46,536	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	18,494	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	85,969	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	128,633	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	13,269	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	40,184	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	22,790	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	11,226	WIRE/CHECK	N/A	N/A
EAST ASIA AND THE PACIFIC	GEN SUPPORT	152,406	WIRE/CHECK	N/A	N/A
SUB-SAHARAN AFRICA	GEN SUPPORT	11,370	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	15,780	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	15,696	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	19,812	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	19,316	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	12,120	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	11,427	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	20,886	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	72,262	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	48,550	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	22,346	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	26,903	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	42,402	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	197,951	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	17,186	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	13,269	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	29,567	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	20,780	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	116,292	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	11,284	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	125,000	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	13,899	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	14,712	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	149,580	WIRE/CHECK	N/A	N/A
EUROPE (INCLUDING ICELAND AND GREENLAND)	GEN SUPPORT	144,012	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	5,200	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	89,100	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	8,600	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	13,180	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	11,321	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	12,666	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	13,688	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	11,300	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	11,312	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	23,702	WIRE/CHECK	N/A	N/A
MIDDLE EAST AND NORTH AFRICA	GEN SUPPORT	13,577	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	16,026	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	44,084	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	19,510	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	22,299	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	15,901	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	14,807	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	57,071	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	14,166	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	17,412	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	71,199	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	13,240	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	217,430	WIRE/CHECK	N/A	N/A
RUSSIA AND THE NEWLY INDEPENDENT STATES	GEN SUPPORT	171,848	WIRE/CHECK	N/A	N/A
RUSSIA AND THE NEWLY INDEPENDENT STATES	GEN SUPPORT	12,000	WIRE/CHECK	N/A	N/A
SOUTH AMERICA	GEN SUPPORT	15,411	WIRE/CHECK	N/A	N/A
SOUTH AMERICA	GEN SUPPORT	24,417	WIRE/CHECK	N/A	N/A
SOUTH AMERICA	GEN SUPPORT	11,254	WIRE/CHECK	N/A	N/A
SOUTH ASIA	GEN SUPPORT	31,454	WIRE/CHECK	N/A	N/A
SOUTH ASIA	GEN SUPPORT	34,882	WIRE/CHECK	N/A	N/A
SOUTH ASIA	GEN SUPPORT	83,400	WIRE/CHECK	N/A	N/A
SUB-SAHARAN AFRICA	GEN SUPPORT	41,984	WIRE/CHECK	N/A	N/A
SUB-SAHARAN AFRICA	GEN SUPPORT	27,714	WIRE/CHECK	N/A	N/A

Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter .... MediumBullet

Enter total number of other organizations or entities ....................... MediumBullet

Schedule F (Form 990) 2013

Schedule F (Form 990) 2013Page 3

Part III

Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 16.

Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance		(b) Region	(c) Number of recipients	(d) Amount of cash grant	(e) Manner of cash disbursement	(f) Amount of non-cash assistance	(g) Description of non-cash assistance	(h) Method of valuation (book, FMV, appraisal, other)

Schedule F (Form 990) 2013

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) 2013

Page 5

Part V

Supplemental Information
Provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information (see instructions).

ReturnReference	Explanation
SCHEDULE F, PART I, 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.

Schedule F (Form 990) 2013

Additional Data

Software ID:
Software Version:

- TIN:

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," to Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990
lBullet

Information about Schedule I (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2013

Open to Public
Inspection

Name of the organization
CFA INSTITUTE

Employer identification number
54-1386480

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ....................................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Governments and Organizations in the United States. Complete if the organization answered "Yes" to
Form 990, Part IV, line 21, for any recipient that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC Code section if applicable	(d) Amount of cash grant	(f) Method of valuation (book, FMV, appraisal, other)	(g) Description of non-cash assistance	(h) Purpose of grant or assistance
(1) BELLARMINE PREPARATORY SCHOOL 2300 SOUTH WASHINGTON TACOMA,WA98405	91-1109930		10,000	N/A	N/A	GEN SUPPORT
(2) NIPA LTD DBA THE VOLCKER ALLIANCE INC 610 FIFTH AVENUE 420 NEW YORK,NY10020	45-4585989	501(C)(3)	8,000	N/A	N/A	GEN SUPPORT
(3) THE PEW CHARITABLE TRUSTS 901 E ST NW 10 FL WASHINGTON,DC20004	56-2307147	501(C)(3)	150,000	N/A	N/A	GEN SUPPORT
(4) INTERNATIONAL FORUM FOR INVEST 1911 N F MYER D 700 ARLINGTON,VA22209	52-1087193	501(C)(3)	10,000	N/A	N/A	GEN SUPPORT
(5) WESTERN KENTUCKY UNIVERSITY FOUNDATION 1906 CLG HGHT BLVD 8094 BOWLING GREEN,KY42101	61-1251555	501(C)(3)	8,000	N/A	N/A	GEN SUPPORT
(6) WESTERN MICHIGAN UNIVERSITY FOUNDATION 1903 W MICHIGAN AVE KALAMZAOO,MI49008	38-6007327		10,000	N/A	N/A	GEN SUPPORT
(7) CFA SOCIETIES OF TEXAS PO BOX 1467 AUSTIN,TX78767	45-4833185		26,313	N/A	N/A	GEN SUPPORT
(8) TUCSON SOCIETY OF CFA INSTITUTE 1820 E RIVER RD TUCSCON,AZ85714	27-0863018		12,271	N/A	N/A	GEN SUPPORT
(9) CFA SOCIETY OF MISSISSIPPI 1018 HIGHLND COLNY PKWY RIDGELAND,MS39157	64-0716591		12,266	N/A	N/A	GEN SUPPORT
(10) DAYTON CFA SOCIETY 10 N LUDLOW ST 800 DAYTON,OH45402	26-0659612		12,289	N/A	N/A	GEN SUPPORT
(11) CFA SOCIETY OF SOUTH CAROLINA 2711 MIDDLEBURG DR COLUMBIA,SC29204	57-1134283		12,613	N/A	N/A	GEN SUPPORT
(12) CFA SOCIETY OF NEW MEXICO PO BOX 36947 ALBUQUERQUE,NM87176	85-0454738		12,810	N/A	N/A	GEN SUPPORT
(13) CFA SOCIETY OF ARKANSAS 11 CENTER ST LITTE ROCK,AR72201	58-2055805		12,122	N/A	N/A	GEN SUPPORT
(14) MAINE CFA SOCIETY PO BOX 258 BAR HARBOR,ME04609	04-3547791		13,693	N/A	N/A	GEN SUPPORT
(15) CFA SOCIETY OF EAST TENNESSEE 1033 MASSCHSTTS AV CAMBRIDGE,MA02138	04-2103580		13,423	N/A	N/A	GEN SUPPORT
(16) CFA SOCIETY OF IDAHO 7661 W RIVERSIDE DR 105 OPEN,ID83714	04-3704521		11,451	N/A	N/A	GEN SUPPORT
(17) CFA SOCIETY OF BUFFALO INC PO BOX 539 BUFFALO,NY14205	20-5170662		13,045	N/A	N/A	GEN SUPPORT
(18) CFA SOCIETY OF LOUISIANA 228 ST CHARLES AVE NEW ORLEANS,LA70130	72-0947195		15,395	N/A	N/A	GEN SUPPORT
(19) THE PROVIDENCE SOCIETY OF FINANCIAL ANALYSTS 200 SEAPORT BLVD 32N BOSTON,MA02210	23-7069442		15,270	N/A	N/A	GEN SUPPORT
(20) CFA SOCIETY OF OKLAHOMA PO BOX 13006 OKLAHMOMA CITY,OK73113	20-3779358		14,871	N/A	N/A	GEN SUPPORT
(21) CFA SOCIETY OF ORLANDO PO BOX 2783 ORLANDO,FL32802	59-3213363		14,890	N/A	N/A	GEN SUPPORT
(22) CFA SOCIETY OF JACKSONVILLE 1579 GREENS W JACKSONVILLE BEACH,FL32250	59-1606008		14,816	N/A	N/A	GEN SUPPORT
(23) CFA SOCIETY OF SACRAMENTO 915 L ST STE C-252 SACRAMENTO,CA95814	94-3315268		16,225	N/A	N/A	GEN SUPPORT
(24) CFA SOCIETY OF SAN ANTONIO 12526 LA AVENTURA ST SAN ANTONIO,TX78233	74-1660459		16,387	N/A	N/A	GEN SUPPORT
(25) CFA SOCIETY OF NEBRASKA INC PO BOX 80685 LINCOLN,NE68501	47-0667513		16,843	N/A	N/A	GEN SUPPORT
(26) CFA MIAMI INC PO BOX 960901 MIAMI,FL33296	61-1572381		32,358	N/A	N/A	GEN SUPPORT
(27) CFA SOCIETY OF NEVADA 2251 S FT APADIE RD LAS VEGAS,NV89117	20-0195946		14,972	N/A	N/A	GEN SUPPORT
(28) CFA SOCIETY OF INDIANAPOLIS INC PO BOX 90232 INDIANAPOLIS,IN46290	23-7119206		18,297	N/A	N/A	GEN SUPPORT
(29) CFA WEST MICHIGAN SOCIETY 134 N LASALLE ST KALAMAZOO,MI49009	38-0892650		13,205	N/A	N/A	GEN SUPPORT
(30) CFA SOCIETY OF NAPLES 11094 RVR TRENT CT LEHIGH ACRES,FL33971	59-3405436		14,704	N/A	N/A	GEN SUPPORT
(31) CFA SOCIETY OF SALT LAKE 150 SOCIAL HALL SALT LAKE CITY,UT84145	61-1526448		15,169	N/A	N/A	GEN SUPPORT
(32) CFA SOCIETY OF ALABAMA 100 OFFICE PARK DR BIRMINGHAM,AL35223	63-1064381		15,676	N/A	N/A	GEN SUPPORT
(33) CFA HAWAII PO BOX 580 HONOLULU,HI96809	87-0753677		13,180	N/A	N/A	GEN SUPPORT
(34) CFA SOCIETY OF NASHVILLE 7003 CHADWICK DR 350 BRENTWOOD,TN37027	62-1181717		15,764	N/A	N/A	GEN SUPPORT
(35) CFA SOCIETY OF ROCHESTER 2 BERRYWOOD CIRCLE PENNFIELD,NY14526	16-0977751		15,389	N/A	N/A	GEN SUPPORT
(36) CFA SOCIETY OF MADISON 1241 JOHN Q HAMMONS DR MADISON,WI53717	39-1929703		16,809	N/A	N/A	GEN SUPPORT
(37) CFA SOCIETY OF MEMPHIS 5118 PARK AVE MEMPHIS,TN38117	62-1636928		16,504	N/A	N/A	GEN SUPPORT
(38) PHOENIX CFA SOCIETY 16435 N SCOTTSDALE RD SCOTTSDALE,AZ85254	86-0469879		21,934	N/A	N/A	GEN SUPPORT
(39) CFA SOCIETY OF SOUTH FLORIDA 8602 TOURMALINE BLVD BOYNTON BCH,FL33437	30-0325375		22,028	N/A	N/A	GEN SUPPORT
(40) CFA SOCIETY OF LOUISVILLE 1802 CROSSGATE LANE LOUISVILLE,KY40222	61-1333979		17,378	N/A	N/A	GEN SUPPORT
(41) CFA SOCIETY OF COLUMBUS PO BOX 25 BLACKLICK,OH43004	31-1393658		22,671	N/A	N/A	GEN SUPPORT
(42) VERMONT CFA SOCIETY 110 MAIN ST BURLINGTON,VT05401	04-3374500		21,030	N/A	N/A	GEN SUPPORT
(43) STAMFORD CFA SOCIETY 6 OLIVER ST S NORWALK,CT06854	06-1513527		25,281	N/A	N/A	GEN SUPPORT
(44) CFA SOCIETY OF AUSTIN PO BOX 1467 AUSTIN,TX78767	72-1621543		22,128	N/A	N/A	GEN SUPPORT
(45) CFA TAMPA BAY 12157 W LINEBAUGH AVE TAMPA,FL33626	51-0669210		22,007	N/A	N/A	GEN SUPPORT
(46) BALTIMORE CFA SOCIETY INC 575 S CHARLES ST BALTIMORE,MD21201	52-0895933		27,775	N/A	N/A	GEN SUPPORT
(47) CFA SOCIETY OF PORTLAND PO BOX 434 PORTLAND,OR79207	23-7358083		22,086	N/A	N/A	GEN SUPPORT
(48) CFA SOCIETY OF CINCINNATI INC 4010 EXEC PARK DR CINCINNATI,OH45241	23-7094427		22,387	N/A	N/A	GEN SUPPORT
(49) CFA SOCIETY OF SAN DIEGO PO BOX 928456 SAN DIEGO,CA92192	23-7069278		28,207	N/A	N/A	GEN SUPPORT
(50) CFA SOCIETY OF ORANGE COUNTY 4533 MACARTHUR BLVD NEWPORT BEACH,CA92660	33-0228558		24,189	N/A	N/A	GEN SUPPORT
(51) THE PITTSBURGH SOC OF FINANCIAL ANALYSTS INC PO BOX 1212 PITTSBURGH,PA15230	25-1421153		22,307	N/A	N/A	GEN SUPPORT
(52) KANSAS CITY CFA SOCIETY 330 WENNEKER DR ST LOUIS,MO63124	82-0560661		23,744	N/A	N/A	GEN SUPPORT
(53) CFA SOCIETY OF CLEVELAND 3637 MEDINA RD MEDINA,OH44256	23-7065462		25,607	N/A	N/A	GEN SUPPORT
(54) CFA SOCIETY OF MILWAUKEE INC 100 EAST WISCONCIN AVE MILWAUKEE,WI53202	23-7072850		28,448	N/A	N/A	GEN SUPPORT
(55) THE HARTFORD SOCIETY OF FINANCIAL ANALYSTS INC PO BOX 182 NORTH GRANDY,CT06060	06-0964607		31,940	N/A	N/A	GEN SUPPORT
(56) CFA SOCIETY OF IOWA INC 711 HIGH ST DES MOINES,IA53092	42-1152989		22,672	N/A	N/A	GEN SUPPORT
(57) CFA VIRGINIA 5808 PARAGON PL RICHMOND,VA23230	54-1429832		25,814	N/A	N/A	GEN SUPPORT
(58) CFA SOCIETY OF COLORADO 6957 LAKEVIEW ST LITTLETON,CO80120	84-0585027		37,253	N/A	N/A	GEN SUPPORT
(59) CFA NORTH CAROLINA SOCIETY 3004 EXBOW CT RALEIGH,NC27613	56-1824044		36,879	N/A	N/A	GEN SUPPORT
(60) CFA SOCIETY OF SEATTLE 18221-102ND AVENUE NE BOTHELL,WA98011	91-1164972		40,914	N/A	N/A	GEN SUPPORT
(61) CFA SOCIETY OF ST LOUIS 330 WENNEKER DR ST LOUIS,MO63124	43-6031785		35,058	N/A	N/A	GEN SUPPORT
(62) CFA SOCIETY OF DALLASFORT WORTH PO BOX 8205116 DALLAS,TX75382	23-7078748		42,796	N/A	N/A	GEN SUPPORT
(63) CFA SOCIETY OF HOUSTON 10401 WESTOFFICE DRIVE HOUSTON,TX77042	23-7004744		35,029	N/A	N/A	GEN SUPPORT
(64) CFA SOCIETY OF DETROIT 35464 JEFFERS CT HARRISON TWNSHP,MI48045	38-6087152		23,591	N/A	N/A	GEN SUPPORT
(65) CFA SOCIETY OF ATLANTA 248 CREEKSTONE RIDGE WOODSTOCK,GA30188	58-1105110		45,788	N/A	N/A	GEN SUPPORT
(66) CFA SOCIETY OF LOS ANGELES 350 S GRAND AVE LOS ANGELES,CA90071	95-6069970		65,576	N/A	N/A	GEN SUPPORT
(67) CFA SOCIETY OF MINNESOTA 1300 RAND TOWER MINNEAPOLIS,MN55402	41-1861989		42,405	N/A	N/A	GEN SUPPORT
(68) CFA SOCIETY OF PHILADELPHIA THE 100 NORTH 20 ST PHILADELPHIA,PA19103	23-6395738		59,409	N/A	N/A	GEN SUPPORT
(69) CFA SOCIETY OF WASHINGTON DC 1620 EYE ST NW WASHINGTON,DC20006	23-7360649		85,043	N/A	N/A	GEN SUPPORT
(70) THE SECURITY ANALYSTS OF SAN FRANCISCO 300 MONTGOMERY ST SAN FRANCISCO,CA94104	94-6078576		89,279	N/A	N/A	GEN SUPPORT
(71) BOSTON SECURITY ANALYSTS SOCIETY INC 260 FRANKLIN ST STE 1540 BOSTON,MA02110	23-7069432		120,431	N/A	N/A	GEN SUPPORT
(72) CFA SOCIETY OF CHICAGO 134 N LASALLE ST CHICAGO,IL60602	36-2595074		101,406	N/A	N/A	GEN SUPPORT
(73) HARVARD LAW SCHOOL 1033 MASSACHUSETTS AV CAMBRIDGE,MA02138	04-2103580	501(C)(3)	20,000	N/A	N/A	GEN SUPPORT
(74) THE SPOAKANE CHAPTER OF THE SEATTLE SOC OF FIN 808 W SOPKANE FALLS SPOKANE,WA99201	91-1592696		12,649	N/A	N/A	GEN SUPPORT
(75) NEW YORK SOCIETY OF SECURITY ANALYSTS 1540 BROADWAY SUITE 1010 NEW YORK,NY10036	13-5610350	501(C)(3)	160,297	N/A	N/A

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................ Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2013

Page 2

Part III

Grants and Other Assistance to Individuals in the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a)Type of grant or assistance	(b)Number of recipients	(c)Amount of cash grant	(d)Amount of non-cash assistance	(e)Method of valuation (book, FMV, appraisal, other)	(f)Description of non-cash assistance

Part IV

Supplemental Information. Provide the information required in Part I, line 2, Part III, column (b), and any other additional information.

Return Reference	Explanation
SCHEDULE I, PART I, 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.

Schedule I (Form 990) 2013

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" to Form 990, Part IV, line 23.
SchJMediumBullet

Attach to Form 990. SchJMediumBullet

See separate instructions.
SchJMediumBullet

Information about Schedule J (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2013

Open to Public Inspection

Name of the organization

CFA INSTITUTE

Employer identification number

54-1386480

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain....

Yes

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked in line 1a? ..

Yes

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? ................

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3) and 501(c)(4) organizations only must complete lines 5-9.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 5a or 5b, describe in Part III.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 6a or 6b, describe in Part III.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................

If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2013

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2 and/or 1099-MISC compensation			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation reported as deferred in prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation reported as deferred in prior Form 990
(1)JOHN ROGERS CFAPRESIDENT & CEO-EXITED 5/31/14	(i) (ii)	593,138 0	781,733 0	5,266 0	70,600 0	18,859 0	1,469,596 0	40,000 0
(2)TIMOTHY G MCLAUGHLIN CFACHIEF FINANCIAL OFFICER	(i) (ii)	327,308 0	219,090 0	8,343 0	52,916 0	14,054 0	621,711 0	22,316 0
(3)ASHVIN P VIBHAKAR CFASENIOR ADVISOR	(i) (ii)	304,075 0	200,115 0	57,484 0	48,178 0	13,615 0	623,467 0	21,974 0
(4)ELAINE CHENGMANAGING DIRECTOR	(i) (ii)	246,160 0	153,988 0	3,327 0	47,266 0	17,712 0	468,453 0	16,666 0
(5)DONNA MARSHALLMANAGING DIRECTOR	(i) (ii)	283,008 0	187,570 0	5,562 0	49,600 0	13,715 0	539,455 0	19,000 0
(6)JAN R SQUIRES CFAMANAGING DIRECTOR	(i) (ii)	363,358 0	253,470 0	10,735 0	55,320 0	14,301 0	697,184 0	24,720 0
(7)CAROL J ANDERSONGENERAL COUNSEL-EXITED 8/31/14	(i) (ii)	303,688 0	194,606 0	2,565 0	51,266 0	17,529 0	569,654 0	20,666 0
(8)KURT N SCHACHT CFAMANAGING DIRECTOR	(i) (ii)	364,460 0	189,766 0	7,244 0	55,320 0	18,383 0	635,173 0	24,720 0
(9)NITIN MEHTA CFAMANAGING DIRECTOR	(i) (ii)	330,440 0	126,028 0	7,270 0	21,636 0	6,915 0	492,289 0	21,636 0
(10)RAYMOND J DEANGELOMANAGING DIRECTOR	(i) (ii)	365,104 0	225,548 0	16,337 0	55,320 0	13,701 0	676,010 0	24,720 0
(11)THOMAS ROBINSON CFAMANAGING DIRECTOR	(i) (ii)	362,558 0	240,043 0	23,278 0	55,266 0	14,296 0	695,441 0	24,666 0
(12)PETER B MACKEY CFAHEAD CFA EXAMINATIONS	(i) (ii)	312,980 0	84,679 0	7,694 0	30,600 0	13,221 0	449,174 0	0 0
(13)SANDRA PETERSHEAD PROFESSIONAL EDUCATION	(i) (ii)	297,898 0	109,208 0	517 0	30,600 0	13,221 0	451,444 0	0 0
(14)STEPHEN M HORAN CFAMANAGING DIRECTOR	(i) (ii)	290,242 0	98,199 0	4,641 0	40,600 0	17,914 0	451,596 0	3,750 0
(15)JOHN BOWMANMANAGING DIRECTOR	(i) (ii)	267,920 0	95,211 0	925,094 0	48,934 0	17,748 0	1,354,907 0	3,438 0
(16)PAUL SMITHMANAGING DIRECTOR	(i) (ii)	372,490 0	152,054 0	0	24,662 0	21,835 0	571,041 0	0 0
(17)ROBERT LAMYHEAD, CURRICULUM DEVELOPMENT	(i) (ii)	281,917 0	41,500 0	8,265 0	30,600 0	18,073 0	380,355 0	0 0
(18)DENNIS MCLEAVEYHEAD, REGULATOR(EXITED 2/2014)	(i) (ii)	241,573 0	50,114 0	12,253 0	30,600 0	12,906 0	347,446 0	0 0

Schedule J (Form 990) 2013

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II.
Also complete this part for any additional information.

Return Reference	Explanation
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.
FORM 990 PART VII, COLUMN D	ALAN M MEDER; $2,067. RELATES TO 2 FOR 1 COMPANION TRAVEL.

Schedule J (Form 990) 2013

Additional Data

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SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.

OMB No. 1545-0047

2013

Open to Public
Inspection

Name of the organization

CFA INSTITUTE

Employer identification number

54-1386480

Return Reference	Explanation
PART III, LINE 4D, OTHER PROGRAM SERVICES	CFA INSTITUTE ALSO DEVELOPES A VARIETY OF PROGRAMS AND SERVICES IN ITS SERVICE TO MEMBERS AND TO THE GLOBAL INVESTMENT COMMUNITY AT LARGE. SUCH PROGRAMS INCLUDE THE CERTIFICATE IN INVESTMENT PERFORMANCE MEASUREMENT (CIPM) PROGRAM, A CERTIFICATION PROGRAM FOR PROFESSIONALS THAT INTERPRET, PRESENT AND EXPLAIN INVESTMENT PERFORMANCE AND PRODUCTS, INCLUDING SELECTIONS AND EVALUATING INVESTMENT MANAGERS, AND THE CLARITAS INVESTMENT CERTIFICATE; CAREER DEVELOPMENT SERVICES; AND OTHER NETWORKING-TYPE SERVICES DESIGNED TO FACILIATE DISCUSSION AND CAMARADERIE AMONG MEMBERS.
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	THE ORGANIZATION USED A SPECIALIST CONSULTING FIRM TO REVIEW MARKET DATA FOR THE PRESIDENT & CEO, CFO, AS WELL AS MANAGING DIRECTORS AT CFA INSTITUTE. 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 AND PUBLICLY DISCLOSED BY IRS FORM 990S. DATA FOR THE OTHER INDUSTRY SECTORS WAS SOURCED USING BOTH THIRD-PARTY SURVEY DATA AND INFORMATION DISCLOSED ON PUBLIC FILINGS. TO ENSURE ONGOING AND EFFECTIVE CORPORATE GOVERNANCE,THE BOARD OF GOVERNORS UTILIZES A COMPENSATION AND GOVERNANCE (CGC) COMMITTEE. 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 COMPENSATION AND GOVERNANCE COMMITTEE SETS THE COMPENSATION OF THE CEO AND ENSURES THAT INDEPENDENT COMPARATIVE COMPENSATION STUDIES ARE CONDUCTED PERIODICALLY TO GAUGE THE COMPETITIVENESS OF EXECUTIVE COMPENSATION OF CFA INSTITUTE.
PART VI, LINE 16B	THE ORGANIZATION HAS BEEN OPERATING UNDER A DRAFT POLICY DURING THE YEAR COVERED BY THIS RETURN. THE POLICY HAS SINCE BEEN APPROVED BY MANAGEMENT AND IS PENDING BOARD APPROVAL.
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.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2013

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBullet

Attach to Form 990. MediumBullet

See separate instructions.
MediumBullet

Information about Schedule R (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2013

Open to Public Inspection

Name of the organization

CFA INSTITUTE

Employer identification number

54-1386480

Part I

Identification of Disregarded Entities Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity
(1) CFA INSTITUTE CHINA LIMITED 1401 HUTCHISON HOUSE 10 HARCOURT RD HK 98-0615079	PROF. ORG	HK	-196,349	160,921	CFA INSTITUT
(2) CFA INSTITUTE INDIA PRIVATE LTD 103 NAMAN CENTER MUMBAI IN 98-1196398	PROF. ORG	IN	0	0	CFA INSTITUT
(3) CFA GLOBAL HOLDINGS LLC PO BOX 2083 CHARLOTTESVILLE,VA22902 47-1269465	HOLDINGS	VA	0	0	CFA INSTITUT

Part II

Identification of Related Tax-Exempt Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1) CFA INSTITUTE RESEARCH FOUNDATION PO BOX 2083 CHARLOTTESVILLE,VA22902 54-6063408	INV. RESEARCH	VA	501(C)(3)	7	CFA INSTITUT	Yes

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2013

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No
(1) CVILLE OPER HUB LLC PO BOX 2083 CHARLOTT,VA22902 90-0857224	R/E LEASING	VA	COH INC	18,481	49,211,244		No	0		No
(2) CVILLE MASTER TENANT LLC PO BOX 2083 CHARLOTT,VA22902 80-0825436	R/E LEASING	VA	COH INC	0	4,521		No	0		No

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets		Yes	No
(1) CVILLE OPERATIONS HOLDINGS INC PO BOX 2083 CHARLOTTESVILLE,VA22902 45-5449709	REAL ESTATE	VA	CFA INSTITUTE	C CORP.	13,699	6,949,845	100.000 %	Yes

Schedule R (Form 990) 2013

Page 3

Part V

Transactions With Related Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest (ii) annuities (iii) royalties or (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .

b Gift, grant, or capital contribution to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

c Gift, grant, or capital contribution from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d Loans or loan guarantees to or for related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

e Loans or loan guarantees by related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

f Dividends from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g Sale of assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

h Purchase of assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

i Exchange of assets with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

j Lease of facilities, equipment, or other assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

k Lease of facilities, equipment, or other assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

l Performance of services or membership or fundraising solicitations for related organization(s) . . . . . . . . . . . . . . . . . . . .

m Performance of services or membership or fundraising solicitations by related organization(s) . . . . . . . . . . . . . . . . . . . .

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) . . . . . . . . . . . . . . . . . . . . .

Yes

o Sharing of paid employees with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

p Reimbursement paid to related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

q Reimbursement paid by related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

r Other transfer of cash or property to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

s Other transfer of cash or property from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) CFA INSTITUTE RESEARCH FOUNDATION	N,O	728,000	HISTORICAL COST
(2) CFA INSTITUTE RESEARCH FOUNDATION	B	160,521	HISTORICAL COST
(3) CVILLE MASTER TENANTLLC	K	2,170,208	HISTORICAL COST

Schedule R (Form 990) 2013

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V?UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V?UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2013

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R (see instructions).

Return Reference	Explanation

Schedule R (Form 990) 2013

Additional Data

Software ID:
Software Version:

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes,"the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926)......................................	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner (see Instructions for Forms 3520 and 3520-A).......................................	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471)..............................	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621)...............................................	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships. (see Instructions for Form 8865)....................................	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to file Form 5713, International Boycott Report (see Instructions for Form 5713)................................................	Yes	No