Form990
Click to see attachment
Department of the TreasuryInternal 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)
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OMB No. 1545-0047
2019
Open to Public Inspection
A For the 2019 calendar year, or tax year beginning 09-01-2017 , and ending 08-31-2018
BCheck if applicable:
CName of organization
CFA INSTITUTE
 
% DIANE BASILE
Doing business as
 
 
Number and street (or P.O. box if mail is not delivered to street address)
PO BOX 2083
 
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 $ 370,140,224
F Name and address of principal officer:
PAUL SMITH
915 EAST HIGH STREET
CHARLOTTESVILLE,VA229022083
I
Tax-exempt status: ( 6 ) LeftBullet (insert no.) or
J
Website:MediumBullet
www.cfainstitute.org
H(a)
Is this a group return for
subordinates?
H(b)
Are all subordinates
included?
If "No," attach a list. (see instructions)
H(c)
Group exemption number MediumBullet  
K Form of organization:  
L Year of formation: 1986
M State of legal domicile: VA
Part I
Summary
Activities & Governance 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 MediumBullet
3 Number of voting members of the governing body (Part VI, line 1a) ........ 3 14
4 Number of independent voting members of the governing body (Part VI, line 1b) ..... 4 13
5 Total number of individuals employed in calendar year 2019 (Part V, line 2a) ...... 5 1,232
6 Total number of volunteers (estimate if necessary) ............. 6 4,455
7a Total unrelated business revenue from Part VIII, column (C), line 12 ........ 7a 586,696
b Net unrelated business taxable income from Form 990-T, line 39 ......... 7b 73,607
Revenues Prior Year Current Year
8 Contributions and grants (Part VIII, line 1h) ......... 0 318,704
9 Program service revenue (Part VIII, line 2g) ......... 310,654,368 354,274,605
10 Investment income (Part VIII, column (A), lines 3, 4, and 7d ) .... 9,336,404 14,131,731
11 Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e) 1,647,698 1,364,171
12 Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12) 321,638,470 370,089,211
Expenses; 13 Grants and similar amounts paid (Part IX, column (A), lines 1–3 )... 13,632,863 15,757,319
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) 98,143,533 103,151,806
16a Professional fundraising fees (Part IX, column (A), line 11e) ..... 0 0
b Total fundraising expenses (Part IX, column (D), line 25) MediumBullet0    
17 Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e).... 191,454,347 219,159,739
18 Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25) 303,230,743 338,068,864
19 Revenue less expenses. Subtract line 18 from line 12....... 18,407,727 32,020,347
Net Assets or Fund Balances; Beginning of Current Year End of Year
20 Total assets (Part X, line 16)............. 527,428,614 579,306,522
21 Total liabilities (Part X, line 26)............. 245,191,228 256,449,621
22 Net assets or fund balances. Subtract line 21 from line 20..... 282,237,386 322,856,901
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
JumboBullet
Signature of officer Date
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Type or print name and title
Paid Preparer Use Only
Print/Type preparer's name
Preparer's signature
Date
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) ..........
For Paperwork Reduction Act Notice, see the separate instructions.
Cat. No. 11282Y Form 990 (2019)
Form 990 (2019)
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..............
1
Briefly describe the organization’s mission: SEE SCHEDULE O
2
Did the organization undertake any significant program services during the year which were not listed on
the prior Form 990 or 990-EZ? .....................
If "Yes," describe these new services on Schedule O.
3
Did the organization cease conducting, or make significant changes in how it conducts, any program
services? ...........................
If "Yes," describe these changes on Schedule O.
4
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, A THREE-LEVEL, EDUCATION AND EXAMINATION PROGRAM COVERING TOPICS ESSENTIAL TO THE INVESTMENT DECISION-MAKING PROCESS. PROGRAM TOPICS FORM THE CANDIDATE BODY OF KNOWLEDGE AND INCLUDE ETHICAL AND PROFESSIONAL STANDARDS, QUANTITATIVE METHODS, ECONOMICS, FINANCIAL STATEMENT REPORTING AND ANALYSIS, CORPORATE FINANCE, EQUITY AND FIXED-INCOME ANALYSIS, ALTERNATIVE INVESTMENTS, DERIVATIVES, PORTFOLIO MANAGEMENT, AND WEALTH PLANNING.
4b (Code:   ) (Expenses $   including grants of $   ) (Revenue $   )
PROFESSIONAL DEVELOPMENT MEMBER SERVICES: THE ORGANIZATION PROMOTES LIFELONG LEARNING BY SPONSORING AND DISSEMINATING A VARIETY OF EDUCATIONAL CONTENT TO INVESTMENT PROFESSIONALS ON TOPICS RELEVANT TO THE PROFESSION. IT ALSO PROVIDES CAREER DEVELOPMENT RESOURCES, CREATES AFFILIATION AND NETWORKING OPPORTUNITIES, AND PROMOTES AWARENESS AND RECOGNITION OF MEMBER CREDENTIALS TO THE INDUSTRY AND INVESTING PUBLIC.
4c (Code:   ) (Expenses $   including grants of $   ) (Revenue $   )
STANDARDS ADVOCACY, AND THOUGHT LEADERSHIP: THE ORGANIZATION IS A LEADING VOICE ON ISSUES OF FAIRNESS, EFFICIENCY, AND INVESTOR PROTECTION IN GLOBAL CAPITAL MARKETS AND PROMOTES HIGH STANDARDS OF ETHICS, INTEGRITY, AND PROFESSIONAL EXCELLENCE WITHIN THE INVESTMENT COMMUNITY. THE ORGANIZATION ALSO PROMOTES AND ENFORCES THE CFA INSTITUTE CODE OF ETHICS AND STANDARDS OF PROFESSIONAL CONDUCT. ALL MEMBERS OF THE ORGANIZATION AND CANDIDATES IN THE CFA PROGRAM ARE REQUIRED TO ADHERE TO THIS CODE.
4d Other program services (Describe in Schedule O.)
(Expenses $   including grants of $   ) (Revenue $   )
4e Total program service expensesMediumBullet  
Form 990 (2019)
Form 990 (2019)
Page 3
Part IV
Checklist of Required Schedules
Yes
No
1
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes," complete Schedule A.....................
1
 
No
2
Is the organization required to complete Schedule B, Schedule of Contributors (see instructions)? ...
2
 
No
3
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 IClick to see attachment.............
3
 
No
4
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.........
4
 
 
5
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 IIIClick to see attachment..
5
Yes
 
6
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 IClick to see attachment.........................
6
 
No
7
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 IIClick to see attachment....
7
 
No
8
Did the organization maintain collections of works of art, historical treasures, or other similar assets? If "Yes,"
complete Schedule D, Part IIIClick to see attachment..............
8
 
No
9
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 IVClick to see attachment..............
9
 
No
10
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......
10
 
 
11
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.
a
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
 
b
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 VIIClick to see attachment.......
11b
 
No
c
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 VIIIClick to see attachment.......
11c
 
No
d
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 IXClick to see attachment............
11d
 
No
e
Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part XClick to see attachment
11e
Yes
 
f
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 XClick 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 XIIClick to see attachment......................
12a
 
No
b
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
 
13
Is the organization a school described in section 170(b)(1)(A)(ii)? If "Yes," complete Schedule E
13
 
No
14a
Did the organization maintain an office, employees, or agents outside of the United States? .....
14a
Yes
 
b
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
 
15
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
15
Yes
 
16
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
16
 
No
17
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) ....
17
 
No
18
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............
18
 
No
19
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...................
19
 
No
20a
Did the organization operate one or more hospital facilities? If "Yes," complete Schedule H....
20a
 
No
b
If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return?
20b
 
 
21
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government on Part IX, column (A), line 1? If “Yes,” complete Schedule I, Parts I and II.....Click to see attachment
21
Yes
 
Form 990 (2019)
Form 990 (2019)
Page 4
Part IV
Checklist of Required Schedules (continued)
Yes
No
22
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals on Part IX, column (A), line 2? If “Yes,” complete Schedule I, Parts I and III........Click to see attachment
22
 
No
23
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
23
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
 
No
b
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?...
24b
 
 
c
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
 
 
d
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), 501(c)(4), and 501(c)(29) 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
 
 
b
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
 
 
26
Did the organization report any amount on Part X, line 5 or 22 for receivables from or payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons? If "Yes," complete Schedule L, Part II...........
26
 
No
27
Did the organization provide a grant or other assistance to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or employee thereof, a grant selection committee member, or to a 35% controlled entity (including an employee thereof) or family member of any of these persons?
If "Yes," complete
Schedule L, Part III.........................
27
 
No
28
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
A current or former officer, director, trustee, key employee, creator or founder, or substantial contributor? If "Yes," complete Schedule L, Part IV......................
28a
 
No
b
A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV.....
28b
 
No
c
A 35% controlled entity of one or more individuals and/or organizations described in lines 28a or 28b? If "Yes," complete Schedule L, Part IV.....................
28c
 
 
29
Did the organization receive more than $25,000 in non-cash contributions? If "Yes," complete Schedule M..Click to see attachment
29
Yes
 
30
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions? If "Yes," complete Schedule M .................Click to see attachment
30
 
No
31
Did the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N, Part I
31
 
No
32
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes," complete Schedule N, Part II........................
32
 
No
33
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
33
Yes
 
34
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
34
Yes
 
35a
Did the organization have a controlled entity within the meaning of section 512(b)(13)?
35a
Yes
 
b
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
 
36
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.............
36
 
 
37
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 VIClick to see attachment
37
 
No
38
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. ............
38
Yes
 
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
No
1a
Enter the number reported in Box 3 of Form 1096. Enter -0- if not applicable ..
1a
447
b
Enter the number of Forms W-2G included in line 1a. Enter -0- if not applicable .
1b
0
c
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners? ..................
1c
Yes
 
Form 990 (2019)
Form 990 (2019)
Page 5
Part V
Statements Regarding Other IRS Filings and Tax Compliance (continued)
2a
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 ..................
2a
1,232
b
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)
2b
Yes
 
3a
Did the organization have unrelated business gross income of $1,000 or more during the year?...
3a
Yes
 
b
If “Yes,” has it filed a Form 990-T for this year? If “No” to line 3b, provide an explanation in Schedule O...
3b
Yes
 
4a
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)? ..
4a
Yes
 
b
If "Yes," enter the name of the foreign country: MediumBulletHK , CH , IN , UK , SN
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
5a
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? ..
5a
 
No
b
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?
5b
 
No
c
If "Yes," to line 5a or 5b, did the organization file Form 8886-T? ............
5c
 
 
6a
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? ...
6a
 
No
b
If "Yes," did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible? ......................
6b
 
 
7
Organizations that may receive deductible contributions under section 170(c).
a
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? ....................
7a
 
 
b
If "Yes," did the organization notify the donor of the value of the goods or services provided? .....
7b
 
 
c
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282? .........................
7c
 
 
d
If "Yes," indicate the number of Forms 8282 filed during the year ....
7d
 
e
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?
7e
 
 
f
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ..
7f
 
 
g
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required? ......................
7g
 
 
h
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? ..........................
7h
 
 
8
Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........
8
 
 
9
Sponsoring organizations maintaining donor advised funds.
a
Did the sponsoring organization make any taxable distributions under section 4966?........
9a
 
 
b
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?...
9b
 
 
10
Section 501(c)(7) organizations. Enter:
a
Initiation fees and capital contributions included on Part VIII, line 12 ...
10a
 
b
Gross receipts, included on Form 990, Part VIII, line 12, for public use of club facilities
10b
 
11
Section 501(c)(12) organizations. Enter:
a
Gross income from members or shareholders .........
11a
 
b
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
 
 
b
If "Yes," enter the amount of tax-exempt interest received or accrued during the year.
12b
 
13
Section 501(c)(29) qualified nonprofit health insurance issuers.
a
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
 
 
b
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
 
c
Enter the amount of reserves on hand ............
13c
 
14a
Did the organization receive any payments for indoor tanning services during the tax year?.....
14a
 
No
b
If "Yes," has it filed a Form 720 to report these payments? If "No," provide an explanation in Schedule O..
14b
 
 
15
Is the organization subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or excess parachute payment(s) during the year? ....................
If "Yes," see instructions and file Form 4720, Schedule N.
15
 
 
16
Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.
16
 
 
Form 990 (2019)
Form 990 (2019)
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
No
1a
Enter the number of voting members of the governing body at the end of the tax year
1a
14
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.
b
Enter the number of voting members included in line 1a, above, who are independent
1b
13
2
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? .................
2
Yes
 
3
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? .
3
 
No
4
Did the organization make any significant changes to its governing documents since the prior Form 990 was filed? .
4
 
No
5
Did the organization become aware during the year of a significant diversion of the organization’s assets? .
5
 
No
6
Did the organization have members or stockholders? ................
6
Yes
 
7a
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? ....................
7a
Yes
 
b
Are any governance decisions of the organization reserved to (or subject to approval by) members, stockholders, or persons other than the governing body? ...................
7b
Yes
 
8
Did the organization contemporaneously document the meetings held or written actions undertaken during the year by the following:
a
The governing body? .......................
8a
Yes
 
b
Each committee with authority to act on behalf of the governing body? ............
8b
Yes
 
9
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.......
9
 
No
Section B. Policies (This Section B requests information about policies not required by the Internal Revenue Code.)
Yes
No
10a
Did the organization have local chapters, branches, or affiliates? ............
10a
 
No
b
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
 
b
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
 
b
Were officers, directors, or trustees, and key employees required to disclose annually interests that could give rise to conflicts? ..........................
12b
Yes
 
c
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
 
13
Did the organization have a written whistleblower policy? ...............
13
Yes
 
14
Did the organization have a written document retention and destruction policy? .........
14
Yes
 
15
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?
a
The organization’s CEO, Executive Director, or top management official ...........
15a
Yes
 
b
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
 
No
b
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
17
List the states with which a copy of this Form 990 is required to be filedMediumBullet
18
Section 6104 requires an organization to make its Form 1023 (or 1024-A 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.
19
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.
20
State the name, address, and telephone number of the person who possesses the organization's books and records:
MediumBulletDIANE BASILE915 EAST HIGH STREET   CHARLOTTESVILLE,VA229022083 (434) 951-5499
Form 990 (2019)
Form 990 (2019)
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.

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

RoundBullet 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.

RoundBullet 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.

See instructions for the order in which to list the persons above.
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
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(1) COLIN W MCLEAN FSIP......................................................................
MEMBER, BOARD OF GOVERNORS
 1.0
.................
0.0 		X           0 0 0
(2) ZOUHEIR TAMIM EL JARKASS CFA......................................................................
MEMBER, BOARD OF GOVERNORS
 1.0
.................
0.0 		X           0 0 0
(3) ELIZABETH CORLEY FSIP......................................................................
MBR, BOARD OF GOV(EXIT 1/2018)
 1.0
.................
0.0 		X           0 0 0
(4) FREDERIC P LEBEL CFA......................................................................
BOARD PAST CHAIR
 1.0
.................
0.0 		X           5,854 0 0
(5) DIANE NORDIN CFA......................................................................
AUDIT & RISK COMMITTEE CHAIR
 1.0
.................
0.0 		X           7,697 0 0
(6) MARK J LAZBERGER CFA......................................................................
MEMBER, BOARD OF GOVERNORS
 1.0
.................
0.0 		X           9,501 0 0
(7) ROBERT JENKINS FSIP......................................................................
BOARD & EXEC. COMMITTEE CHAIR
 1.0
.................
0.0 		X   X       8,364 0 0
(8) SUNIL SINGHANIA CFA......................................................................
INVESTMENT COMMITTEE CHAIR
 1.0
.................
0.0 		X           0 0 0
(9) HEATHER BRILLIANT CFA......................................................................
BOARD VICE CHAIR
 1.0
.................
0.0 		X   X       0 0 0
(10) PAUL SMITH CFA......................................................................
PRES & CEO & RESRCH FDN BD MEM
 40.0
.................
1.0 		X   X       1,032,696 0 156,785
(11) HUA YU CFA......................................................................
MEMBER, BOARD OF GOVERNORS
 1.0
.................
0.0 		X           0 0 0
(12) LYNN STOUT......................................................................
MEMBER, BOG (EXIT 4/2018)
 1.0
.................
0.0 		X           0 0 0
(13) DANIEL GAMBA CFA......................................................................
SOCIETY ADVISORY CO-CHAIR
 1.0
.................
0.0 		X           0 0 0
(14) GEORGE SPENTZOSCFA FSIP......................................................................
MEMBER, BOARD OF GOVERNORS
 1.0
.................
0.0 		X           0 0 0
(15) LEAH BENNETT CFA......................................................................
MEMBER, BOARD OF GOVERNORS
 1.0
.................
0.0 		X           0 0 0
(16) MARIA WILTON CFA......................................................................
MEMBER, BOARD OF GOVERNORS
 1.0
.................
0.0 		X           0 0 0
(17) JOSEPH P LANGE......................................................................
CORPORATE SECRETARY
 40.0
.................
0.0 		    X       165,471 0 38,015
Form 990 (2019)
Form 990 (2019)
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
Individual Trustee or Director; Institutional Trustee; OfficerInd; Key Employee; Highest compensated employee; FormerOfcrDirectorTrusteeInd;
(18) DIANE BASILE CFA........................................................................
CHIEF FINANCIAL OFFICER
 40.0
.......................0.0 		    X       490,612 0 30,567
(19) ELAINE CHENG........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     438,806 0 53,477
(20) KURT N SCHACHT CFA........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     548,333 0 54,018
(21) NITIN MEHTA CFA........................................................................
MANAGING DIR. (EXIT 12/2017)
 40.0
.......................0.0 		      X     380,910 0 50,122
(22) STEPHEN M HORAN CFA........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     444,146 0 53,815
(23) JOHN BOWMAN CFA........................................................................
MANAGING DIRECTOR(EXIT 1/2018)
 40.0
.......................0.0 		      X     402,511 0 53,930
(24) SHERI LYNN LITTLEFIELD........................................................................
CHIEF LEGAL OFFICER
 40.0
.......................0.0 		      X     415,759 0 47,217
(25) MICHAEL COLLINS........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     411,502 0 54,150
(26) BJORN FORFANG........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     758,132 0 54,733
(27) DARIN GOODWILER........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     298,236 0 53,106
(28) GARY BAKER........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     433,709 0 24,859
(29) NICK POLLARD........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     466,750 0 56,078
(30) CHRIS AINSWORTH........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     314,597 0 23,096
(31) EMILY DUNBAR........................................................................
MANAGING DIRECTOR
 40.0
.......................0.0 		      X     232,392 0 31,037
(32) SANDRA PETERS CFA........................................................................
Head, Fin. Report Pol. Group
 40.0
.......................0.0 		        X   357,227 0 47,506
(33) ROBERT LAMY........................................................................
HEAD, PR. ANALYSIS (EXIT 6/17)
 40.0
.......................0.0 		        X   336,474 0 24,276
(34) LEILANI SANDERS HALL........................................................................
HEAD, PROFESSIONAL CONDUCT
 40.0
.......................0.0 		        X   329,681 0 39,816
(35) PETER MACKEY........................................................................
HEAD, CREDENTIAL. EXIT 12/2017
 40.0
.......................0.0 		        X   406,588 0 47,181
(36) TONY TAN........................................................................
HEAD, STANDARDS & FIN. MARKET
 40.0
.......................0.0 		        X   373,406 0 12,161
(37) TIMOTHY G MCLAUGHLIN CFA........................................................................
CFO/SENIOR ADV-EXIT 8/2016
 0.0
.......................0.0 		          X 780,000 0 0
(38) DONNA MARSHALL........................................................................
MANAGING DIRECTOR-EXIT 12/2016
 0.0
.......................0.0 		          X 364,293 0 31,800
1b Sub-Total................MediumBullet
c Total from continuation sheets to Part VII, Section A....MediumBullet
d Total (add lines 1b and 1c)...........MediumBullet 10,213,647 0 1,037,745
2
Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization MediumBullet235
Yes
No
3
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 ..............
3
Yes
 
4
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...........................
4
Yes
 
5
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 ........
5
 
No
Section B. Independent Contractors
1
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
MULLENLOWE PROFERO LLC,
386 PARK AVENUE SOUTH 13 FLOOR
NEW YORK,NY10016 		MARKETING 11,539,259
PAYMENTECH LLC,
4 NORTHEASTERN BLVD
SALEM,NH03079 		MERCHANT SERVICES 9,738,654
COGNIZANT TECHNOLOGY SOLUTIONS US C,
24721 NETWORK PLACE
CHICAGO,IL60673 		CONSULTING 7,152,598
OGILVY PUBLIC RELATIONS WORLDWIDE,
PO BOX 781983
PHILADELPHIA,PA191781983 		ADVERTISING 6,815,334
CONTRAVENT LLC,
916 SOUTH MAIN STREET
SALT LAKE CITY,UT84101 		MARKETING 5,638,124
2
Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization MediumBullet310
Form 990 (2019)
Form 990 (2019)
Page 9
Part VIII
Statement of Revenue
Check if Schedule O contains a response or note to any line in this Part VIII.............
(A)
Total revenue 		(B)
Related or
exempt
function
revenue 		(C)
Unrelated
business
revenue 		(D)
Revenue
excluded from
tax under sections
512 - 514
Contributions, Gifts, GrantAmt and OtherAmt Similar Amounts 1a Federated campaigns..1a  
b Membership dues..1b  
c Fundraising events..1c  
d Related organizations1d  
e Government grants (contributions)1e 318,704
f All other contributions, gifts, grants, and similar amounts not included above1f  
g Noncash contributions included in lines 1a - 1f:$ 1g 318,704
h Total. Add lines 1a-1f.......MediumBullet 318,704
Program Service RevenueAmt Business Code
2a CANDIDATE FEES 900099 254,822,958 254,822,958    
b EDUCATIONAL PRODUCTS 611710 57,665,196 57,665,196    
c MEMBERSHIP DUES 900099 41,199,755 41,199,755    
d ADVERTISING 900099 586,696   586,696  
e
f All other program service revenue.        
g Total. Add lines 2a–2f .....MediumBullet 354,274,605
OtherAmtRevenueAmt 3 Investment income (including dividends, interest, and othersimilar amounts) ......MediumBullet 12,274,993     12,274,993
4 Income from investment of tax-exempt bond proceedsMediumBullet 0      
5 Royalties...........MediumBullet 497,399     497,399
(ii) Personal (i) Real
6a Gross rents     6a
b Less: rental expenses     6b
c Rental income or (loss) 0 0 6c
d Net rental income or (loss).......MediumBullet 0      
(ii) Other (i) Securities
7a Gross amount from sales of assets other than inventory   1,907,751 7a
b Less: cost or other basis and sales expenses 51,013   7b
c Gain or (loss) -51,013 1,907,751 7c
d Net gain or (loss).........MediumBullet 1,856,738     1,856,738
8a Gross income from fundraising events (not including $   of contributions reported on line 1c). See Part IV, line 18 ....
8a 0
b Less: direct expenses ... 8b 0
c Net income or (loss) from fundraising events..MediumBullet 0    
9a Gross income from gaming activities.
See Part IV, line 19 ...
9a 0
b Less: direct expenses ... 9b 0
c Net income or (loss) from gaming activities..MediumBullet 0      
10a Gross sales of inventory, less
returns and allowances ..
10a 0
b Less: cost of goods sold .. 10b 0
c Net income or (loss) from sales of inventory..MediumBullet 0      
Business Code Miscellaneous Revenue
11a SERVICE FEE REP. OFFICE 900099 183,609 183,609    
b MISCELLANEOUS 900099 481,805 481,805    
c MAILING LISTS 900099 201,358 201,358    
d All other revenue ....        
e Total. Add lines 11a–11d ...... MediumBullet 866,772
12 Total revenue. See instructions.....MediumBullet 370,089,211 354,554,681 586,696 14,629,130
Form 990 (2019)
Form 990 (2019)
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 domestic organizations and domestic governments. See Part IV, line 21 .... 6,419,108  
2 Grants and other assistance to domestic individuals. See Part IV, line 22 ........... 0  
3 Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. ............. 9,338,211 0
4 Benefits paid to or for members ....... 0  
5 Compensation of current officers, directors, trustees, and key employees ........... 8,803,605      
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........ 72,681,959      
8 Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) .... 7,528,248      
9 Other employee benefits ....... 10,171,493      
10 Payroll taxes ........... 3,966,501      
11 Fees for services (non-employees):        
a Management ...... 0      
b Legal ......... 6,114,041      
c Accounting ........... 11,407,437      
d Lobbying ........... 481,330      
e Professional fundraising services. See Part IV, line 17 0  
f Investment management fees ...... 118,405      
g Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) 8,840,132      
12 Advertising and promotion .... 35,920,491      
13 Office expenses ....... 26,908,028      
14 Information technology ...... 21,550,255      
15 Royalties .. 94,079      
16 Occupancy ........... 11,644,248      
17 Travel ............ 29,585,357      
18 Payments of travel or entertainment expenses for any federal, state, or local public officials . 0      
19 Conferences, conventions, and meetings .... 5,334,676      
20 Interest ........... 12,005      
21 Payments to affiliates ....... 0      
22 Depreciation, depletion, and amortization .. 9,108,700      
23 Insurance ... 1,659,909      
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 32,469,483      
b PRODUCT MERCHANDISE COSTS 11,434,094      
c CONTRACT LABOR AND RECRUITMENT 3,019,755      
d STAFF TRAINING 1,142,860      
e All other expenses 2,314,454      
25 Total functional expenses. Add lines 1 through 24e 338,068,864 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 MediumBullet if following SOP 98-2 (ASC 958-720).        
Form 990 (2019)
Form 990 (2019)
Page 11
Part X
Balance Sheet
Check if Schedule O contains a response or note to any line in this Part IX..............
(A)
Beginning of year 		(B)
End of year
Assets 1 Cash–non-interest-bearing ........ 17,215,326 1 13,683,830
2 Savings and temporary cash investments ......... 67,681,647 2 69,850,460
3 Pledges and grants receivable, net ...... 0 3 0
4 Accounts receivable, net ............. 5,592,724 4 5,577,721
5 Loans and other payables to any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .......
0 5 0
6 Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), and persons described in section 4958(c)(3)(B) ...
0 6 0
7 Notes and loans receivable, net ........... 0 7 0
8 Inventories for sale or use ............ 1,465,154 8 1,431,247
9 Prepaid expenses and deferred charges ...... 15,083,655 9 15,277,496
10a Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D 10a 24,496,732
b Less: accumulated depreciation 10b 18,068,602 4,949,984 10c 6,428,130
11 Investments—publicly traded securities . 386,790,882 11 431,277,864
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 ............... 16,180,576 14 23,155,696
15 Other assets. See Part IV, line 11 ........... 12,468,666 15 12,624,078
16 Total assets. Add lines 1 through 15 (must equal line 33)... 527,428,614 16 579,306,522
Liabilities 17 Accounts payable and accrued expenses ..... 39,047,179 17 43,260,954
18 Grants payable ... 0 18 0
19 Deferred revenue ......... 196,325,729 19 207,775,365
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 any current or former officer, director, trustee, key employee, creator or founder, substantial contributor, or 35% controlled entity or family member of any of these persons .........
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 9,818,320 25 5,413,302
26 Total liabilities. Add lines 17 through 25.. 245,191,228 26 256,449,621
Net Assets or Fund Balance Organizations that follow FASB ASC 958, check here MediumBullet and complete lines 27, 28, 32, and 33.
27 Net assets without donor restrictions ..........   27  
28 Net assets with donor restrictions ...........   28  
Organizations that do not follow FASB ASC 958, check here MediumBullet and complete lines 29 through 33.
29 Capital stock or trust principal, or current funds .....   29  
30 Paid-in or capital surplus, or land, building or equipment fund ...   30  
31 Retained earnings, endowment, accumulated income, or other funds   31  
32 Total net assets or fund balances ........... 282,237,386 32 322,856,901
33 Total liabilities and net assets/fund balances ........ 527,428,614 33 579,306,522
Form 990 (2019)
Form 990 (2019)
Page 12
Part XI
Reconcilliation of Net Assets
Check if Schedule O contains a response or note to any line in this Part XI..............
1
Total revenue (must equal Part VIII, column (A), line 12) ............
1
370,089,211
2
Total expenses (must equal Part IX, column (A), line 25) ............
2
338,068,864
3
Revenue less expenses. Subtract line 2 from line 1 ..............
3
32,020,347
4
Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..
4
282,237,386
5
Net unrealized gains (losses) on investments ...............
5
8,599,168
6
Donated services and use of facilities .................
6
 
7
Investment expenses .....................
7
 
8
Prior period adjustments .....................
8
 
9
Other changes in net assets or fund balances (explain in Schedule O) ........
9
 
10
Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))
10
322,856,901
Part XII
Financial Statements and Reporting
Check if Schedule O contains a response or note to any line in this Part XII.............
Yes
No
1
Accounting method used to prepare the Form 990:  
If the organization changed its method of accounting from a prior year or checked "Other," explain in
Schedule O.
2a
Were the organization’s financial statements compiled or reviewed by an independent accountant?
2a
 
No
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:
b
Were the organization’s financial statements audited by an independent accountant?
2b
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:
c
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?
2c
Yes
 
If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O.
3a
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?
3a
 
No
b
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.
3b
 
 
Form 990 (2019)
Form 990 (2019)
Additional Data


Software ID:  
Software Version:  
Form 990, Special Condition Description:
Special Condition Description
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 BulletGo to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2019
Open to Public
Inspection
If the organization answered "Yes" on 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" on 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" on Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), 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.

1
Provide a description of the organization’s direct and indirect political campaign activities in Part IV (see instructions for definition of “political campaign activities")

2
Political campaign activity expenditures (see instructions) ....................................................................SchCMd Bullet
$  
3
Volunteer hours for political campaign activities (see instructions) ..................................................................
 

Part I-B
Complete if the organization is exempt under section 501(c)(3).
1
Enter the amount of any excise tax incurred by the organization under section 4955 ................................SchCMd Bullet
$  
2
Enter the amount of any excise tax incurred by organization managers under section 4955 .......................SchCMd Bullet
$  
3
If the organization incurred a section 4955 tax, did it file Form 4720 for this year? .........................................
4a
Was a correction made? ......................................................................................................................
b
If "Yes," describe in Part IV.
Part I-C
Complete if the organization is exempt under section 501(c), except section 501(c)(3).
1
Enter the amount directly expended by the filing organization for section 527 exempt function activities ..... SchCMd Bullet
$  
2
Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ............................................................................................................................SchCMd Bullet

$  
3
Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b...........SchCMd Bullet

$  
4
Did the filing organization file Form 1120-POL for this year? ...................................................................
5
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-.
1
2
3
4
5
6
For Paperwork Reduction Act Notice, see the instructions for Form 990 or 990-EZ.
Cat. No. 50084S
Schedule C (Form 990 or 990-EZ) 2019

Schedule C (Form 990 or 990-EZ) 2019
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 Bulletexpenses, and share of excess lobbying expenditures).
B Check SchCMd Bullet
Limits on Lobbying Expenditures
(The term "expenditures" means amounts paid or incurred.) 		(a) Filing
organization's
totals 		(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? ...................................................................................................................

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 separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
Calendar year (or fiscal year
beginning in) 		(a) 2016 (b) 2017 (c) 2018 (d) 2019 (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) 2019


Schedule C (Form 990 or 990-EZ) 2019
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 on lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.
(a)
Yes|No
(b)
Amount
1
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:
a
Volunteers? ...........................................................................................................
 
 
b
Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ........
 
 
c
Media advertisements? ...................................................................................................
 
 
 
d
Mailings to members, legislators, or the public? .............................................................................
 
 
 
e
Publications, or published or broadcast statements? ...........................................................
 
 
 
f
Grants to other organizations for lobbying purposes? ..........................................................
 
 
 
g
Direct contact with legislators, their staffs, government officials, or a legislative body? .......................
 
 
 
h
Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ..................
 
 
 
i
Other activities? ...................................................................................................................
 
 
 
j
Total. Add lines 1c through 1i ....................................................................................................
 
2a
Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....
 
 
b
If "Yes," enter the amount of any tax incurred under section 4912 ...........................................
 
c
If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ...................
 
d
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
No
1
Were substantially all (90% or more) dues received nondeductible by members? ...............................................
1
 
No
2
Did the organization make only in-house lobbying expenditures of $2,000 or less? ............................................
2
 
No
3
Did the organization agree to carry over lobbying and political expenditures from the prior year? .................................
3
 
No
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."
1
Dues, assessments and similar amounts from members ......................................................................
1
41,199,755
2
Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political expenses for which the section 527(f) tax was paid).
a
Current year .............................................................................................................................
2a
481,330
b
Carryover from last year ............................................................................................................
2b
0
c
Total ...........................................................................................................................................
2c
481,330
3
Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .
3
 
4
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? ......................................................................................................................
4
0
5
Taxable amount of lobbying and political expenditures (see instructions) .........................................
5
481,330
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, lines 1 and 2 (see instructions), and Part ll-B, line 1. Also, complete this part for any additional information.
Return Reference Explanation
Schedule C (Form 990 or 990EZ) 2019


Additional Data


Software ID:  
Software Version:  

SCHEDULE D
(Form 990)
Department of the Treasury
Internal Revenue Service
Supplemental Financial Statements
SchDMd Bullet Complete if the organization answered "Yes," on 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 Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2019
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" on Form 990, Part IV, line 6.
(a) Donor advised funds (b) Funds and other accounts
1 Total number at end of year .........    
2 Aggregate value of contributions to (during year)    
3 Aggregate value of grants from (during year)    
4 Aggregate value at end of year ........    
5
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? ............
6
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? ...................................
Part II
Conservation Easements.
Complete if the organization answered "Yes" on Form 990, Part IV, line 7.
1
Purpose(s) of conservation easements held by the organization (check all that apply).
2
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.
Held at the End of the 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 7/25/06, and not on a historic structure listed in the National Register ... 2d  
3
Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet  
4
Number of states where property subject to conservation easement is located SchDMd Bullet  
5
Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............
6
Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet  
7
Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet $  
8
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)? .............................
9
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" on Form 990, Part IV, line 8.
1a
If the organization elected, as permitted under FASB 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.
b
If the organization elected, as permitted under FASB 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)
Revenue included on Form 990, Part VIII, line 1 .........................SchDMd Bullet $  
(ii)
Assets included in Form 990, Part X ...............................SchDMd Bullet $  
2
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 FASB ASC 958 relating to these items:
a
Revenue included on Form 990, Part VIII, line 1 ..........................SchDMd Bullet $  
b
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) 2019

Schedule D (Form 990) 2019
Page 2
Part III
Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3
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):
a
d
b
e
 
c
4
Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.
5
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?...
Part IV
Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.
1a
Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................
b If "Yes," explain the arrangement in Part XIII and complete the following table: Amount
c Beginning balance ............................. 1c  
d Additions during the year ............................ 1d  
e Distributions during the year .......................... 1e  
f Ending balance ................................ 1f  
2a
Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...
b
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" on Form 990, Part IV, line 10.
(a) Current year (b) Prior year (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 ......          
2
Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a
Board designated or quasi-endowment SchDMd Bullet  
b
Permanent endowment SchDMd Bullet  
c
Term endowment SchDMd Bullet  
The percentages on lines 2a, 2b, and 2c should equal 100%.
3a
Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes
No
(i) Unrelated organizations .................
3a(i)
 
 
(ii) Related organizations .................
3a(ii)
 
 
b
If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........
3b
 
 
4
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" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.
Description of property (a) Cost or other basis
(investment) 		(b) Cost or other basis (other) (c) Accumulated depreciation (d) Book value
1a Land .....      
b Buildings ....        
c Leasehold improvements   6,679,111 3,587,797 3,091,314
d Equipment ....   17,817,621 14,480,805 3,336,816
e Other .....        
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..SchDMdBullet 6,428,130
Schedule D (Form 990) 2019

Schedule D (Form 990) 2019
Page 3
Part VII
Investments—Other Securities.
Complete if the organization answered "Yes" on 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........    
(3)Other
(B)
(C)
(D)
(E)
(F)
(G)
(H)
(I)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)Small Bullet  
Part VIII
Investments—Program Related. Complete if the organization answered 'Yes' on 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
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)Small Bullet  
Part IX
Other Assets.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.
(a) Description (b) Book value
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........Small Bullet  
Part X
Other Liabilities.
Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.
1.(a) Description of liability (b) Book value
(1) Federal income taxes 0
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)Small Bullet 5,413,302
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) 2019

Schedule D (Form 990) 2019
Page 4
Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total revenue, gains, and other support per audited financial statements ....... 1 378,739,392
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains (losses) on investments .... 2a 8,599,168
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 8,599,168
3 Subtract line 2e from line 1.................. 3 370,140,224
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 -51,013
c Add lines 4a and 4b.................... 4c -51,013
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ...... 5 370,089,211
Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1 Total expenses and losses per audited financial statements ........... 1 338,119,877
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 51,013
e Add lines 2a through 2d.................... 2e 51,013
3 Subtract line 2e from line 1................... 3 338,068,864
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.) ...... 5 338,068,864
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 HAS DETERMINED 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 ($51,013)
SCHEDULE D, PART XII, LINE 2D LOSS ON DISPOSAL OF ASSETS $51,013
Schedule D (Form 990) 2019


Additional Data


Software ID:  
Software Version:  




SCHEDULE F(Form 990)
Department of the Treasury
Internal Revenue Service
Statement of Activities Outside the United States
Right pointing arrow large image 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 Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2019
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" on Form 990, Part IV, line 14b.
1
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? . . . . . . . . . . . . . . . . . . . . . . . . .
2
For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other assistance outside the United States.
3
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 the region (d) Activities conducted in region (by type) (such as, 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 the region		 (f) Total expenditures
for and investments
in the region
Middle East and North Africa 1 2 Program Services MEMBER & ADMIN SUPPORT 750,653
Europe (Including Iceland and Greenland) 2 69 Program Services MEMBER & ADMIN SUPPORT 12,079,352
East Asia and the Pacific 6 77 Program Services MEMBER & ADMIN SUPPORT 37,764,861
South Asia 1 7 Program Services MEMBER & EXAM SUPPORT 26,018,975
Central America and the Caribbean     Program Services MEMBER & EXAM SUPPORT 28,653
North America     Program Services MEMBER & EXAM SUPPORT 1,222,284
Russia and the Newly Independent States     Program Services MEMBER & EXAM SUPPORT 54,259
South America     Program Services MEMBER & EXAM SUPPORT 945,648
Sub-Saharan Africa     Program Services MEMBER & EXAM SUPPORT 592,182
Central America and the Caribbean     Grantmaking N/A 133,726
East Asia and the Pacific     Grantmaking N/A 2,721,275
Europe (Including Iceland and Greenland)     Grantmaking N/A 3,169,482
Middle East and North Africa     Grantmaking N/A 292,375
North America     Grantmaking N/A 1,520,152
Russia and the Newly Independent States     Grantmaking N/A 180,985
South America     Grantmaking N/A 650,731
South Asia     Grantmaking NA/ 367,395
Sub-Saharan Africa     Grantmaking N/A 301,066
3a Sub-total .... 10 155 88,492,988
b Total from continuation sheets to Part I ...     301,066
c Totals (add lines 3a and 3b) 10 155 88,794,054
For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2019
Schedule F (Form 990) 2019
Page 2
Part II
Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" on 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.
1 (a) Name of organization (b) IRS code section
and EIN (if applicable)		 (c) Region (d) Purpose of
grant 		(e) Amount of
cash grant 		(f) Manner of
cash
disbursement 		(g) Amount
of noncash
assistance 		(h) Description
of noncash
assistance 		(i) Method of
valuation
(book, FMV,
appraisal, other)
Central America and the Caribbean GEN SUPPORT 37,469 WIRE/CHECK   N/A N/A
Central America and the Caribbean GEN SUPPORT 37,125 WIRE/CHECK   N/A N/A
Central America and the Caribbean GEN SUPPORT 27,797 WIRE/CHECK   N/A N/A
Central America and the Caribbean GEN SUPPORT 21,878 WIRE/CHECK   N/A N/A
Central America and the Caribbean GEN SUPPORT 21,617 WIRE/CHECK   N/A N/A
Central America and the Caribbean GEN SUPPORT 30,840 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 160,770 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 103,532 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 90,259 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 28,470 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 176,065 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 38,649 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 35,579 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 48,805 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 149,290 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 327,593 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 311,054 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 118,625 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 175,273 WIRE/CHECK   N/A N/A
East Asia and the Pacific GEN SUPPORT 14,878 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 20,528 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 40,131 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 53,357 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 47,740 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 125,402 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 42,675 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 40,875 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 26,515 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 831,878 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 21,870 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 91,367 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 18,639 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 28,915 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 60,357 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 72,550 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 155,560 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 58,600 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 519,363 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 88,947 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 23,293 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 43,281 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 30,923 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 65,000 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 650,905 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 23,132 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 22,267 WIRE/CHECK   N/A N/A
Europe (Including Iceland and Greenland) GEN SUPPORT 89,504 WIRE/CHECK   N/A N/A
Middle East and North Africa GEN SUPPORT 21,150 WIRE/CHECK   N/A N/A
Middle East and North Africa GEN SUPPORT 23,595 WIRE/CHECK   N/A N/A
Middle East and North Africa GEN SUPPORT 69,445 WIRE/CHECK   N/A N/A
Middle East and North Africa GEN SUPPORT 68,089 WIRE/CHECK   N/A N/A
Middle East and North Africa GEN SUPPORT 28,750 WIRE/CHECK   N/A N/A
Middle East and North Africa GEN SUPPORT 29,475 WIRE/CHECK   N/A N/A
Middle East and North Africa GEN SUPPORT 83,230 WIRE/CHECK   N/A N/A
Middle East and North Africa GEN SUPPORT 35,746 WIRE/CHECK   N/A N/A
Middle East and North Africa GEN SUPPORT 35,288 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 405,531 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 52,216 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 102,950 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 41,345 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 166,694 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 36,679 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 39,439 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 124,377 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 36,230 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 61,299 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 43,010 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 24,659 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 25,499 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 28,385 WIRE/CHECK   N/A N/A
North America GEN SUPPORT 615,925 WIRE/CHECK   N/A N/A
Russia and Neighboring States GEN SUPPORT 134,385 WIRE/CHECK   N/A N/A
Russia and Neighboring States GEN SUPPORT 100,700 WIRE/CHECK   N/A N/A
South America GEN SUPPORT 58,955 WIRE/CHECK   N/A N/A
South America GEN SUPPORT 355,158 WIRE/CHECK   N/A N/A
South America GEN SUPPORT 62,575 WIRE/CHECK   N/A N/A
South America GEN SUPPORT 61,210 WIRE/CHECK   N/A N/A
South America GEN SUPPORT 69,615 WIRE/CHECK   N/A N/A
South America GEN SUPPORT 47,548 WIRE/CHECK   N/A N/A
South Asia GEN SUPPORT 60,360 WIRE/CHECK   N/A N/A
South Asia GEN SUPPORT 69,713 WIRE/CHECK   N/A N/A
South Asia GEN SUPPORT 40,492 WIRE/CHECK   N/A N/A
South Asia GEN SUPPORT 398,299 WIRE/CHECK   N/A N/A
South Asia GEN SUPPORT 102,743 WIRE/CHECK   N/A N/A
Sub-Saharan Africa GEN SUPPORT 23,225 WIRE/CHECK   N/A N/A
Sub-Saharan Africa GEN SUPPORT 173,621 WIRE/CHECK   N/A N/A
Sub-Saharan Africa GEN SUPPORT 105,830 WIRE/CHECK   N/A N/A
Sub-Saharan Africa GEN SUPPORT 21,615 WIRE/CHECK   N/A N/A
2 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
 
3 Enter total number of other organizations or entities .......................MediumBullet
88
Schedule F (Form 990) 2019
Schedule F (Form 990) 2019Page 3
Part III
Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" on 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
noncash
assistance 		(g) Description
of noncash
assistance 		(h) Method of
valuation
(book, FMV,
appraisal, other)
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
Schedule F (Form 990) 2019
Schedule F (Form 990) 2019
Page 4
Part IV
Foreign Forms
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). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to separately 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; don't file with Form 990). . . . . . . . . . . . . . . . . . . . . . . .
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). . . . . . . . . . . . . . . . . . . . . . . . . . . .
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) .
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). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schedule F (Form 990) 2019
Schedule F (Form 990) 2019
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) 2019
Additional Data


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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," on Form 990, Part IV, line 21 or 22.
lBullet Attach to Form 990.
lBullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2019
Open to Public
Inspection
Name of the organization
CFA INSTITUTE
 
Employer identification number
54-1386480
Part I
General Information on Grants and Assistance
1
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? ........................
2
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 Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on 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 section
(if applicable)		 (d) Amount of cash grant (e) Amount of non-cash
assistance		 (f) Method of valuation
(book, FMV, appraisal,
other)		 (g) Description of
noncash assistance		 (h) Purpose of grant
or assistance
(1) Atlanta Society of Finance and Investment Professi
4355 Cobb Parkway
Atlanta,GA30339 		58-1105110   129,003   N/A N/A GEN SUPPORT
(2) CFA Society Baltimore
575 S Charles St Ste 500
Baltimore,MD21201 		52-0895933   86,006   N/A N/A GEN SUPPORT
(3) CFA Society Boston
260 Franklin Street
Boston,MA02110 		23-7069432   221,413   N/A N/A GEN SUPPORT
(4) CFA Society Hawaii
PO box 580
Honolulu,HI96809 		87-0753677   53,048   N/A N/A GEN SUPPORT
(5) CFA Society Miami
PO Box 960901
Miami,FL33296 		61-1572381   32,924   N/A N/A GEN SUPPORT
(6) CFA Society North Carolina
3004 Oxbow Ct
Raleigh,NC27613 		56-1824044   130,919   N/A N/A GEN SUPPORT
(7) CFA Society Texas
PO Box 1467
Austin,TX78767 		45-4833185   43,047   N/A N/A GEN SUPPORT
(8) CFA Society Alabama
100 Office Park Dr
Birmingham,AL35223 		63-1064381   31,645   N/A N/A GEN SUPPORT
(9) CFA Society Arkansas
111 Center Street 1st Floor
Little Rock,AR72201 		58-2055805   26,752   N/A N/A GEN SUPPORT
(10) CFA Society Austin
PO Box 1467
Austin,TX78767 		72-1621543   59,160   N/A N/A GEN SUPPORT
(11) CFA Society Buffalo
PO Box 529
Buffalo,NY14205 		20-5170662   34,345   N/A N/A GEN SUPPORT
(12) CFA Society Chicago
134 N Lasalle St
Chicago,IL60602 		36-2595074   212,115   N/A N/A GEN SUPPORT
(13) CFA Society Cincinnati
4010 Executive Park Drive
Cincinatti,OH45241 		23-7094427   31,270   N/A N/A GEN SUPPORT
(14) CFA Society Cleveland
3637 Medina Rd
Medina,OH44256 		23-7065462   46,721   N/A N/A GEN SUPPORT
(15) CFA Society Colorado
6057 Lakeview St
Littleton,CO80120 		84-0585027   89,448   N/A N/A GEN SUPPORT
(16) CFA Society Columbus
PO Box 25
Blacklick,OH43004 		31-1393658   31,684   N/A N/A GEN SUPPORT
(17) CFA Society DallasFort Worth
PO Box 8205116
Dallas,TX75382 		23-7078748   63,940   N/A N/A GEN SUPPORT
(18) CFA Society Detroit
35464 Jeffers Court
Harrison Township,MI48045 		38-6087152   46,549   N/A N/A GEN SUPPORT
(19) CFA Society East Tennessee
1301 Cowart Street Suite 131
Chattanooga,TN37402 		58-5301049   34,119   N/A N/A GEN SUPPORT
(20) CFA Society Houston
10401 Westoffice Drive
Houston,TX77042 		23-7004744   75,595   N/A N/A GEN SUPPORT
(21) CFA Society Idaho
7661 W Riverside Dr 105
Boise,ID83714 		04-3704521   29,514   N/A N/A GEN SUPPORT
(22) CFA Society Indianapolis
PO Box 90232
Indianapolis,IN46290 		23-7119206   26,918   N/A N/A GEN SUPPORT
(23) CFA Society Iowa Inc
711 High Street
Des Moines,IA50392 		42-1152989   59,584   N/A N/A GEN SUPPORT
(24) CFA Society Jacksonville
1579 The Greens Way Suite 20
Jacksonville Beach,FL32250 		59-1606008   53,739   N/A N/A GEN SUPPORT
(25) CFA Society Los Angeles
520 S Grand Avenue 655
Los Angeles,CA90071 		95-6069970   97,967   N/A N/A GEN SUPPORT
(26) CFA Society Louisiana
228 St Charles Ave Ste 200
New Orleans,LA70130 		72-0947195   33,395   N/A N/A GEN SUPPORT
(27) CFA Society Louisville
1802 Crossgate Lane
Louisville,KY40222 		61-1333979   37,094   N/A N/A GEN SUPPORT
(28) CFA Society Madison
1241 John Q Hammons Drive
Madison,WI53717 		39-1929703   37,689   N/A N/A GEN SUPPORT
(29) CFA Society Memphis
5118 Park Ave Suite 308
Memphis,TN38117 		62-1636928   34,409   N/A N/A GEN SUPPORT
(30) CFA Society Minnesota
1300 Rand Tower
Minneapolis,MN55402 		41-1861989   83,335   N/A N/A GEN SUPPORT
(31) CFA Society Mississippi
1018 Highland Colony Parkway
Ridgeland,MS39157 		64-0716591   32,855   N/A N/A GEN SUPPORT
(32) CFA Society Naples
11094 River Trent Court
Lehigh Acres,FL33971 		59-3405436   44,889   N/A N/A GEN SUPPORT
(33) CFA Society Nashville
7003 Chadwick Dr 350
Brentwood,TN37027 		62-1181717   37,898   N/A N/A GEN SUPPORT
(34) CFA Society Nebraska
PO Box 80685
Lincoln,NE68501 		47-0667513   46,110   N/A N/A GEN SUPPORT
(35) CFA Society Nevada
2251 S Ft Apadie Rd
Las Vegas,NV89117 		20-0195946   18,380   N/A N/A GEN SUPPORT
(36) CFA Society New Mexico
PO Box 36947
Albuquerque,NM87176 		85-0454738   40,253   N/A N/A GEN SUPPORT
(37) CFA Society Oklahoma
PO Box 13006
Oklahoma City,OK73113 		20-3779358   36,109   N/A N/A GEN SUPPORT
(38) CFA Society Orange County
4533 MacArthur Blvd
Newport Beach,CA92660 		33-0228558   51,418   N/A N/A GEN SUPPORT
(39) CFA Society Orlando
PO Box 2783
Orlando,FL32802 		59-3213363   43,071   N/A N/A GEN SUPPORT
(40) CFA Society Philadelphia
100 North 20th Street - 4th Floor
Philadelphia,PA19103 		23-6395738   190,342   N/A N/A GEN SUPPORT
(41) CFA Society Portland
PO Box 434
Portland,OR97207 		23-7358083   44,825   N/A N/A GEN SUPPORT
(42) CFA Society Rochester
2 Berrywood Circle
Penfield,NY14526 		16-0977751   35,276   N/A N/A GEN SUPPORT
(43) CFA Society Sacramento
915 L Street Suite C-252
Sacramento,CA95814 		94-3315268   24,139   N/A N/A GEN SUPPORT
(44) CFA Society Salt Lake
150 Social Hall
Salt Lake City,UT84145 		61-1526948   163,265   N/A N/A GEN SUPPORT
(45) CFA Society San Antonio
12526 La Aventura St
San Antonio,TX78233 		74-1660459   41,569   N/A N/A GEN SUPPORT
(46) CFA Society San Diego
PO Box 928456
San Diego,CA92192 		23-7069278   48,786   N/A N/A GEN SUPPORT
(47) CFA Society Seattle
18221-102nd Ave NE
Bothell,WA98011 		91-1164972   98,720   N/A N/A GEN SUPPORT
(48) CFA Society South Florida
8602 Tourmaline Blvd
Boynton Beach,FL33437 		30-0325375   29,802   N/A N/A GEN SUPPORT
(49) CFA Society St Louis
330 Wenneker Drive
St Louis,MO63124 		43-6031785   64,241   N/A N/A GEN SUPPORT
(50) CFA Society Washington DC
1620 Eye Street NW
Washington,DC20006 		23-7360649   107,442   N/A N/A GEN SUPPORT
(51) CFA Society Providence
PO Box 41027
Providence,RI02940 		23-7069442   20,314   N/A N/A GEN SUPPORT
(52) CFA Society Tampa Bay
12157 W Linebaugh Ave PMB 312
Tampa,FL33626 		51-0669210   43,922   N/A N/A GEN SUPPORT
(53) CFA Society Virginia
6806 Paragon Pl Suite 300
Richmond,VA23230 		54-1429832   57,001   N/A N/A GEN SUPPORT
(54) CFA Society West Michigan
134 N Lasalle St
Kalamazoo,MI49009 		38-0892650   54,333   N/A N/A GEN SUPPORT
(55) CFA Society Dayton
10 N Ludlow Street Suite 800
Dayton,OH45402 		26-0659612   19,973   N/A N/A GEN SUPPORT
(56) CFA Society Kansas City
330 Wenneker Drive
St Louis,MO63124 		82-0560661   48,420   N/A N/A GEN SUPPORT
(57) CFA Society Maine
PO Box 258
Bar Harbor,ME04609 		04-3547791   36,244   N/A N/A GEN SUPPORT
(58) CFA Society New York
1540 Broadway
New York,NY10036 		13-5610350 501 (C) (3) 634,026   N/A N/A GEN SUPPORT
(59) CFA Society Phoenix
16435 N Scottsdale Road 105
Scottsdale,AZ85254 		86-0469879   44,489   N/A N/A GEN SUPPORT
(60) CFA Society South Carolina
2711 Middleburg Dr
Columbia,SC29204 		57-1134283   34,986   N/A N/A GEN SUPPORT
(61) CFA Society Stamford
6 Oliver Street Harbor View
South Norwalk,CT06854 		06-1513527   59,084   N/A N/A GEN SUPPORT
(62) CFA Society Hartford
PO box 182
North Granby,CT06060 		06-0964607   55,677   N/A N/A GEN SUPPORT
(63) CFA Society Pittsburgh
PO Box 1212
Pittsburgh,PA15230 		25-1421153   78,408   N/A N/A GEN SUPPORT
(64) CFA Society San Francisco
300 Montgomery St 1130
San Francisco,CA94104 		94-6078576   174,231   N/A N/A GEN SUPPORT
(65) CFA Society Spokane
808 W Spokane Falls Blvd
Spokane,WA99201 		91-1592696   35,827   N/A N/A GEN SUPPORT
(66) CFA Society Tucson
1820 E River Road
Tucson,AZ85718 		46-2993396   32,474   N/A N/A GEN SUPPORT
(67) CFA Society Vermont
110 Main Street
Burlington,VT05401 		04-3374500   33,385   N/A N/A GEN SUPPORT
(68) National Association of Securities Professionals
901 K Street NW Ste 300
Washington,DC20001 		13-3314582 501 (C) (6) 15,000   N/A N/A GEN SUPPORT
(69) Charlottesville Pride Community Network
PO Box 1512
Charlottesville,VA22902 		45-5537813   10,000   N/A N/A GEN SUPPORT
(70) The Presidential Precinct
427 Park Street
Charlottesville,VA22902 		46-1084540 501 (C) (3) 10,000   N/A N/A GEN SUPPORT
(71) Ctr for Nonprofit Excellence
1701-A Allied Street
Charlottesville,VA22903 		20-3412827 501 (C) (3) 143,460   N/A N/A GEN SUPPORT
(72) CFA Institute Research Foundation
PO Box 2083
Charlottesville,VA22902 		54-6063408 501 (C) (3) 855,461   N/A N/A GEN SUPPORT
(73) Charlottesville City Schools
1562 Dairy Rd
Charlottesville,VA22903 		54-6001203   82,100   N/A N/A GEN SUPPORT
(74) The Principia Corporation
13201 Clayton Road
St Louis,MO63131 		43-0652667   10,000   N/A N/A GEN SUPPORT
(75) Senior Center
491 Hillsdale Drive
Charlottesville,VA22901 		54-0735666 501(C)(3) 81,000   N/A N/A GEN SUPPORT
(76) CFA Society Milwaukee
100 East Wisconsin Avenue
Milwaukee,WI53202 		23-7072850   58,244   N/A N/A GEN SUPPORT
(77) THE ASPEN INSTITUTE
ONE DUPONT CIRCLE NW
WASHINGTON,DC20036 		84-0399006 501(C)(3) 500,000   N/A N/A GEN SUPPORT
2
Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image
6
3
Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image
71
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50055P
Schedule I (Form 990) 2019

Schedule I (Form 990) 2019
Page 2
Part III
Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on 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
noncash assistance		 (e) Method of valuation (book,
FMV, appraisal, other)		 (f) Description of noncash assistance
(1)
(2)
(3)
(4)
(5)
(6)
(7)
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) 2019



Additional Data


Software ID:  
Software Version:  


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" on Form 990, Part IV, line 23.
SchJMediumBullet Attach to Form 990.
SchJMediumBullet Go to www.irs.gov/Form990 for instructions and the latest information.
OMB No. 1545-0047
2019
Open to Public Inspection
Name of the organization
CFA INSTITUTE
 
Employer identification number

54-1386480
Part I
Questions Regarding Compensation
Yes
No
1a
Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
b
If any of the boxes on 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 .........
1b
Yes
 
2
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 on Line 1a? ..
2
Yes
 
3
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.
4
During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:
a
Receive a severance payment or change-of-control payment? .............
4a
Yes
 
b
Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........
4b
 
No
c
Participate in, or receive payment from, an equity-based compensation arrangement? .........
4c
 
No
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), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.
5
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:
a
The organization? ....................
5a
 
 
b
Any related organization? .......................
5b
 
 
If "Yes," on line 5a or 5b, describe in Part III.
6
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:
a
The organization? ..................
6a
 
 
b
Any related organization? ......................
6b
 
 
If "Yes," on line 6a or 6b, describe in Part III.
7
For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............
7
 
 
8
Were any amounts reported on 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 ..........................
8
 
 
9
If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................
9
 
 
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 50053T
Schedule J (Form 990) 2019

Schedule J (Form 990) 2019
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 on 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 in column (B) reported as deferred on prior Form 990
(i) Base
compensation 		(ii) Bonus & incentive
compensation 		(iii) Other reportable compensation
1JOSEPH P LANGE
CORPORATE SECRETARY 		(i)

(ii)		 133,710
-------------
0 		30,092
-------------
0 		1,669
-------------
0 		20,167
-------------
0 		17,848
-------------
0 		203,486
-------------
0 		0
-------------
0
2TIMOTHY G MCLAUGHLIN CFA
CFO/SENIOR ADV-EXIT 8/2016 		(i)

(ii)		 0
-------------
0 		0
-------------
0 		780,000
-------------
0 		0
-------------
0 		0
-------------
0 		780,000
-------------
0 		0
-------------
0
3ELAINE CHENG
MANAGING DIRECTOR 		(i)

(ii)		 291,352
-------------
0 		144,392
-------------
0 		3,062
-------------
0 		31,800
-------------
0 		21,677
-------------
0 		492,283
-------------
0 		0
-------------
0
4DONNA MARSHALL
MANAGING DIRECTOR-EXIT 12/2016 		(i)

(ii)		 0
-------------
0 		282,380
-------------
0 		81,913
-------------
0 		31,800
-------------
0 		0
-------------
0 		396,093
-------------
0 		0
-------------
0
5KURT N SCHACHT CFA
MANAGING DIRECTOR 		(i)

(ii)		 367,152
-------------
0 		168,934
-------------
0 		12,247
-------------
0 		31,800
-------------
0 		22,218
-------------
0 		602,351
-------------
0 		0
-------------
0
6NITIN MEHTA CFA
MANAGING DIR. (EXIT 12/2017) 		(i)

(ii)		 283,293
-------------
0 		90,705
-------------
0 		6,912
-------------
0 		39,119
-------------
0 		11,003
-------------
0 		431,032
-------------
0 		0
-------------
0
7SANDRA PETERS CFA
Head, Fin. Report Pol. Group 		(i)

(ii)		 218,359
-------------
0 		135,075
-------------
0 		3,793
-------------
0 		31,800
-------------
0 		15,706
-------------
0 		404,733
-------------
0 		0
-------------
0
8STEPHEN M HORAN CFA
MANAGING DIRECTOR 		(i)

(ii)		 292,178
-------------
0 		146,086
-------------
0 		5,882
-------------
0 		31,800
-------------
0 		22,015
-------------
0 		497,961
-------------
0 		0
-------------
0
9JOHN BOWMAN CFA
MANAGING DIRECTOR(EXIT 1/2018) 		(i)

(ii)		 290,928
-------------
0 		108,352
-------------
0 		3,231
-------------
0 		31,800
-------------
0 		22,130
-------------
0 		456,441
-------------
0 		0
-------------
0
10PAUL SMITH CFA
PRES & CEO & RESRCH FDN BD MEM 		(i)

(ii)		 573,720
-------------
0 		458,976
-------------
0 		0
-------------
0 		118,137
-------------
0 		38,648
-------------
0 		1,189,481
-------------
0 		0
-------------
0
11ROBERT LAMY
HEAD, PR. ANALYSIS (EXIT 6/17) 		(i)

(ii)		 137,458
-------------
0 		7,295
-------------
0 		191,721
-------------
0 		20,552
-------------
0 		3,724
-------------
0 		360,750
-------------
0 		0
-------------
0
12SHERI LYNN LITTLEFIELD
CHIEF LEGAL OFFICER 		(i)

(ii)		 285,248
-------------
0 		123,984
-------------
0 		6,527
-------------
0 		31,800
-------------
0 		15,417
-------------
0 		462,976
-------------
0 		0
-------------
0
13MICHAEL COLLINS
MANAGING DIRECTOR 		(i)

(ii)		 272,743
-------------
0 		134,400
-------------
0 		4,359
-------------
0 		31,800
-------------
0 		22,350
-------------
0 		465,652
-------------
0 		0
-------------
0
14BJORN FORFANG
MANAGING DIRECTOR 		(i)

(ii)		 463,883
-------------
0 		285,000
-------------
0 		9,249
-------------
0 		31,800
-------------
0 		22,933
-------------
0 		812,865
-------------
0 		0
-------------
0
15DARIN GOODWILER
MANAGING DIRECTOR 		(i)

(ii)		 208,721
-------------
0 		84,319
-------------
0 		5,196
-------------
0 		31,800
-------------
0 		21,306
-------------
0 		351,342
-------------
0 		0
-------------
0
16LEILANI SANDERS HALL
HEAD, PROFESSIONAL CONDUCT 		(i)

(ii)		 246,109
-------------
  		73,425
-------------
  		10,147
-------------
  		31,800
-------------
  		8,016
-------------
  		369,497
-------------
  		0
-------------
 
17GARY BAKER
MANAGING DIRECTOR 		(i)

(ii)		 309,406
-------------
0 		118,317
-------------
0 		5,986
-------------
0 		18,564
-------------
0 		6,295
-------------
0 		458,568
-------------
0 		0
-------------
0
18NICK POLLARD
MANAGING DIRECTOR 		(i)

(ii)		 311,166
-------------
0 		124,467
-------------
0 		31,117
-------------
0 		14,893
-------------
0 		41,185
-------------
0 		522,828
-------------
0 		0
-------------
0
19DIANE BASILE CFA
CHIEF FINANCIAL OFFICER 		(i)

(ii)		 319,879
-------------
0 		150,000
-------------
0 		20,733
-------------
0 		26,350
-------------
0 		4,217
-------------
0 		521,179
-------------
0 		0
-------------
0
20CHRIS AINSWORTH
MANAGING DIRECTOR 		(i)

(ii)		 160,140
-------------
0 		140,000
-------------
0 		14,457
-------------
0 		15,000
-------------
0 		8,096
-------------
0 		337,693
-------------
0 		0
-------------
0
21PETER MACKEY
HEAD, CREDENTIAL. EXIT 12/2017 		(i)

(ii)		 335,165
-------------
0 		58,722
-------------
0 		12,701
-------------
0 		31,800
-------------
0 		15,381
-------------
0 		453,769
-------------
0 		0
-------------
0
22EMILY DUNBAR
MANAGING DIRECTOR 		(i)

(ii)		 174,954
-------------
0 		51,249
-------------
0 		6,189
-------------
0 		27,248
-------------
0 		3,789
-------------
0 		263,429
-------------
0 		0
-------------
0
23TONY TAN
HEAD, STANDARDS & FIN. MARKET 		(i)

(ii)		 292,780
-------------
0 		51,346
-------------
0 		29,280
-------------
0 		12,067
-------------
0 		94
-------------
0 		385,567
-------------
0 		0
-------------
0
Schedule J (Form 990) 2019

Schedule J (Form 990) 2019
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 MEMBERS OF THE LEADERSHIP TEAM ARE ELIGIBLE TO BOOK A BUSINESS CLASS FARE (REGARDLESS OF FLIGHT TIME OR SEGMENT MILEAGE). IF THE SELECTED FLIGHT OFFERS A 3-CABIN CONFIGURATION (ECONOMY/BUSINESS/FIRST), A BUSINESS CLASS TICKET IS APPROPRIATE. IF THE SELECTED FLIGHT ONLY OFFERS A 2-CABIN CONFIGURATION (ECONOMY/FIRST), A FIRST CLASS TICKET IS APPROPRIATE. LEADERSHIP TEAM TRAVELERS SHOULD CONSIDER BOTH A FLEXIBLE AND A RESTRICTED TICKET AND SELECT THE FARE THAT PROVIDES THE BEST OPTION FOR THEIR TRAVEL. A FLEXIBLE TICKET IS APPROPRIATE IF ONE'S SCHEDULE IS LIKELY TO CHANGE. A CHANGEABLE, NON-REFUNDABLE TICKET IS APPROPRIATE IF ONE'S SCHEDULE IS FIRM. TRAVEL FOR COMPANIONS: AN EMPLOYEE CAN EXCHANGE BUSINESS CLASS AIRFARE FOR TWO COACH AIRFARES TO INCLUDE COMPANION TRAVEL. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: TAX SERVICES 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 FOR RELOCATION HOUSING AND INCLUDES THIS IN THE EMPLOYEE'S COMPENSATION. AS CUSTOMARY IN LOCAL COUNTRY, CFA INSTITUTE EMPLOYEES WHO LIVE AND WORK IN HONG KONG OR INDIA ARE PROVIDED HOUSING ALLOWANCES WHICH ARE INCLUDED IN COMPENSATION. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: THE U.S. WELLNESS PROGRAM CHANGED IN CY2016 FROM A REIMBURSABLE PLAN TO A CREDIT-WELLNESS PROGRAM. HOWEVER, U.S. EMPLOYEES WHO ARE NOT COVERED BY A CFA INSTITUTE HEALTH PLAN, AND NON-U.S. EMPLOYEES ARE STILL ELIGIBLE FOR REIMBURSEMENTS ASSUMING THEY QUALIFY.
SCHEDULE J, PART I LINE 4A SEVERANCE PAYMENTS WERE MADE AS FOLLOWS: TIMOTHY MCLAUGHLIN $670,000 ROBERT LAMY $155,026 DONNA MARSHALL $73,436
FORM 990, PART VII, COLUMN D FREDERIC LEBEL RECEIVED $5,854 FOR VOLUNTEER REIMBURSEMENT OF A COMPANION TICKET. DIANE NORDIN RECEIVED $7,697 FOR VOLUNTEER REIMBURSEMENT OF A COMPANION TICKET. MARK LAZBERGER RECEIVED $9,501 FOR VOLUNTEER REIMBURSEMENT OF A COMPANION TICKET. ROBERT JENKINS RECEIVED $8,364 FOR VOLUNTEER REIMBURSEMENT OF A COMPANION TICKET. COMPENSATION FOR THESE INDIVIDUALS WAS NOT FOR SERVICE AS A BOARD MEMBER.
Schedule J (Form 990) 2019

Additional Data


Software ID:  
Software Version:  
SCHEDULE M
(Form 990)

Department of the Treasury
Internal Revenue Service
Noncash Contributions
Right pointing arrow large imageComplete if the organizations answered "Yes" on Form 990, Part IV, lines 29 or 30.
Right pointing arrow large image Attach to Form 990.
Right pointing arrow large imageGo to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2019
Open to Public Inspection
Name of the organization
CFA INSTITUTE
 
Employer identification number

54-1386480
Part I
Types of Property
(a)
Check if applicable 		(b)
Number of contributions or items contributed 		(c)
Noncash contribution amounts reported on
Form 990, Part VIII, line 1g 		(d)
Method of determining
noncash contribution amounts
1 Art—Works of art ....        
2 Art—Historical treasures .        
3 Art—Fractional interests ..        
4 Books and publications ..      
5 Clothing and household
goods ....... 		     
6 Cars and other vehicles ..        
7 Boats and planes ....        
8 Intellectual property ...        
9 Securities—Publicly traded .        
10 Securities—Closely held stock .        
11 Securities—Partnership, LLC,
or trust interests .... 		       
12 Securities—Miscellaneous ..        
13 Qualified conservation
contribution—Historic
structures ..... 		       
14 Qualified conservation
contribution—Other ... 		       
15 Real estate—Residential .        
16 Real estate—Commercial ..        
17 Real estate—Other ...        
18 Collectibles .....        
19 Food inventory ...        
20 Drugs and medical supplies .        
21 Taxidermy ......        
22 Historical artifacts ....        
23 Scientific specimens ..        
24 Archeological artifacts ...        
25 Other Right pointing arrow large image ( OFFICE RENT CREDIT ) X 1 318,704 FMV
26 Other Right pointing arrow large image ( )
27 Other Right pointing arrow large image ( )
28 Other Right pointing arrow large image ( )
29
Number of Forms 8283 received by the organization during the tax year for contributions
for which the organization completed Form 8283, Part IV, Donee Acknowledgement
29
 
Yes
No
30a
During the year, did the organization receive by contribution any property reported in Part I, lines 1 through 28, that it must hold for at least three years from the date of the initial contribution, and which isn't required to be used for exempt purposes for the entire holding period? ...................
30a
 
No
b
If "Yes," describe the arrangement in Part II.
31
Does the organization have a gift acceptance policy that requires the review of any nonstandard contributions?
31
 
No
32a
Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash
contributions? ..........................
32a
 
No
b
If "Yes," describe in Part II.
33
If the organization didn't report an amount in column (c) for a type of property for which column (a) is checked,
describe in Part II.
For Paperwork Reduction Act Notice, see the Instructions for Form 990.
Cat. No. 51227J
Schedule M (Form 990) (2019)
Schedule M (Form 990) (2019)
Page 2
Part IISupplemental Information. Provide the information required by Part I, lines 30b, 32b, and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the number of items received, or a combination of both. Also complete this part for any additional information.
Return Reference Explanation
Schedule M (Form 990) (2019)

Additional Data


Software ID:  
Software Version:  
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 990-EZ or to provide any additional information.
MediumBullet Attach to Form 990 or 990-EZ.
MediumBullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2019
Open to Public
Inspection
Name of the organization
CFA INSTITUTE
 
Employer identification number

54-1386480
Return Reference Explanation
PART III, LINE 1, ORGANIZATION'S MISSION CFA INSTITUTE IS THE GLOBAL, NON-PROFIT PROFESSIONAL MEMBERSHIP ASSOCIATION THAT ADMINISTERS THE CHARTERED FINANCIAL ANALYST (CFA) CERTIFICATE, THE CERTIFICATE IN INVESTMENT PERFORMANCE MEASUREMENT (CIPM) AND THE CFA INSTITUTE INVESTMENT FOUNDATIONS CURRICULUM. EXAMINATION PROGRAMS ARE CONDUCTED WORLDWIDE ALONG WITH RESEARCH, PROFESSIONAL DEVELOPMENT PROGRAMS AND PROFESSIONAL CONDUCT ENFORCEMENT FOR ITS INDIVIDUAL MEMBERS. THE ORGANIZATION 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 164,511 IN 165 COUNTRIES. CFA INSTITUTE'S MEMBERSHIP INCLUDES 157,683 CFA CHARTERHOLDERS AND EXTENDS ITS REACH INTO LOCAL COMMUNITIES THROUGH A NETWORK OF 151 MEMBER SOCIETIES IN 74 COUNTRIES. CFA INSTITUTE IS HEADQUARTERED IN CHARLOTTESVILLE, VIRGINIA, UNITED STATES, WITH BRANCH OFFICES IN LONDON, BRUSSELS, HONG KONG AND NEW YORK, AND SUBSIDIARY OFFICES IN BEIJING, HONG KONG, MUMBAI, SHANGHAI, SINGAPORE AND UAE. MORE INFORMATION ON THE ORGANIZATION CAN BE FOUND AT WWW.CFAINSTITUTE.ORG. PART III, LINE 4D, OTHER PROGRAM SERVICES CFA INSTITUTE ALSO PROVIDES A VARIETY OF PROGRAMS AND SERVICES TO ITS MEMBERS AND TO THE GLOBAL INVESTMENT COMMUNITY AT LARGE. PROGRAMS INCLUDE THE CERTIFICATE IN INVESTMENT PERFORMANCE MEASURMENT (CIPM), A DESIGNATION PROGRAM FOR PROFESSIONALS THAT PRODUCE, INTERPRET, PRESENT AND EXPLAIN INVESTMENT PERFORMANCE AND PRODUCTS (INCLUDING SELECTION AND EVALUATION OF INVESTMENT MANAGERS), AND THE CFA INSTITUTE INVESTMENT FOUNDATIONS, A PROGRAM FOR NON-PROFESSIONALS WORKING IN THE INVESTMENT MANAGEMENT INDUSTRY.
PART VI, LINE 2 HEATHER BRILLIANT AND MARK LAZBERGER HAVE A BUSINESS RELATIONSHIP.
PART VI, LINES 6, 7A & 7B THE FOUR CLASSES OF MEMBERSHIP IN CFA INSTITUTE ARE REGULAR, AFFILIATE, CHARTERHOLDER MEMBERS AND MEMBER SOCIETIES. REGULAR MEMBERS ARE ENTITLED TO ONE VOTE ON EACH MATTER SUBMITTED AT MEMBER MEETINGS AND 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 CONFLICT OF INTEREST STATEMENTS ARE COLLECTED ANNUALLY. EMPLOYEE AND BOARD OF GOVERNORS' DISCLOSURES ARE DIRECTED TO THE CHIEF COMPLIANCE, RISK, AND ETHICS OFFICER. THE CONFLICT OF INTEREST POLICY PROVIDES VARIOUS AVENUES FOR REPORTING, INCLUDING ANYONE WISHING TO ESCALATE CONCERNS DIRECTLY TO THE AUDIT AND RISK COMMITTEE CHAIR. COMPLIANCE TRAINING ON THE CODE OF CONDUCT, INCLUDING ON CONFLICTS OF INTEREST, IS REQUIRED FOR ALL NEW EMPLOYEES AND ONGOING ANNUALLY. ALL EMPLOYEES ACKNOWLEDGE THEIR UNDERSTANDING AND ADHERENCE TO POLICY WITHIN THE CODE OF CONDUCT ANNUALLY. THE RESTRICTIONS IMPOSED ON A PERSON WITH A CONFLICT VARY BASED ON THE NATURE OF THE CONFLICT AND THE SITUATION; HOWEVER, RESOLUTION OF A CONFLICT COULD INCLUDE PROHIBITING A BOARD MEMBER FROM PARTICIPATING IN A PARTICULAR DELIBERATION AND/OR DECISION.
PART VI, LINES 15A & 15B TO ENSURE ONGOING AND EFFECTIVE CORPORATE GOVERNANCE, THE BOARD OF GOVERNORS UTILIZES A COMPENSATION COMMITTEE COMPRISED OF FOUR GOVERNORS WHO ARE INDEPENDENT OF MANAGEMENT OF CFA INSTITUTE, AND ARE FREE OF ANY RELATIONSHIP THAT WOULD INTERFERE WITH THEIR EXERCISE OF INDEPENDENT JUDGMENT. THE COMPENSATION AND GOVERNANCE COMMITTEE (CGC) SETS THE COMPENSATION OF THE CEO, INCLUDING ANY INCENTIVE, AND ENGAGES INDEPENDENT CONSULTANTS AS NEEDED TO PROVIDE COMPENSATION RECOMMENDATIONS. THE COMMITTEE ENSURES THAT INDEPENDENT COMPARATIVE COMPENSATION STUDIES ARE CONDUCTED ON AN ANNUAL BASIS TO GAUGE THE COMPETITIVENESS OF EXECUTIVE COMPENSATION AT CFA INSTITUTE. THE MOST RECENT EXECUTIVE MARKET STUDY WAS CONDUCTED IN FY2018, WHEN CFA INSTITUTE RETAINED A GLOBAL MANAGEMENT CONSULTING FIRM TO PROVIDE COMPETITIVE PAY BENCHMARKS THAT REFLECT THE MARKETS FROM WHICH CFA INSTITUTE WOULD MOST LIKELY RECRUIT EXECUTIVE TALENT. PEER GROUP SELECTION SPANNED DIFFERENT INDUSTRY SECTORS, INCLUDING NOT-FOR-PROFIT AND 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 WAS COLLECTED FROM PUBLICLY DISCLOSED IRS FORM 990S. DATA FOR THE OTHER INDUSTRY SECTORS WAS SOURCED USING BOTH THIRD-PARTY SURVEY DATA AND INFORMATION DISCLOSED ON PUBLIC FILINGS. THE CONSULTING FIRM PERFORMED THIS STUDY ON AN INDEPENDENT FEE BASIS. ADDITIONALLY, THE CFA INSTITUTE COMPENSATION COMMITTEE ALSO ENGAGES INDEPENDENT ADVISORS TO HELP INTERPRET HOW THE REPORTED MARKET DATA APPLIES TO CFA INSTITUTE'S EXECUTIVE POSITIONS.
PART VI, LINE 19 THE ORGANIZATION'S FINANCIAL STATEMENTS, GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC THROUGH THE ORGANIZATION'S WEBSITE, WWW.CFAINSTITUTE.ORG.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2019


Additional Data


Software ID:  
Software Version:  
SCHEDULE R
(Form 990)
Department of the Treasury
Internal Revenue Service
Related Organizations and Unrelated Partnerships
MediumBulletComplete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBulletAttach to Form 990.
MediumBullet Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047
2019
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
HARCOURT RD    
HK
98-0615079 		PROF. ORG HK 188,129 2,795,725 CFA INSTITUT
 
(2) CFA INSTITUTE INDIA PRIVATE LTD
103 NAMAN CENTER
MUMBAI    
IN
98-1196398 		PROF. ORG IN 2,443,878 2,176,903 CFA INSTITUT
 
(3) CFA GLOBAL HOLDINGS LLC
PO BOX 2083
CHARLOTTESVILLE,VA22902
47-1269465 		HOLDINGS VA 0 0 CFA INSTITUT
 
(4) SI WEI BEIJING ENTERPRISE MGMT
ORIENTAL PLAZA
BEIJING CHINA   100738
CH
98-1228213 		PROF. ORG CH 2,942,249 2,685,058 CFA CHINA
 
(5) CFA INSTITUTE SINGAPORE PVT LTD
19 FLORENCE ROAD
SINGAPORE   549480
SN
98-1261400 		PROF. ORG SN 618,157 477,732 CFA INSTITUT
 
(6) CFA INSTITUTE LTD
PART OF FL 7 AL MAQAM TOWER
ADGM SQUARE    
AE
98-1442588 		PROF. ORG AE 318,704 651,232 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?
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) 2019
Schedule R (Form 990) 2019
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



 		(e)
Predominant income(related, unrelated, excluded from tax under sections 512-514)

(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?



 		(k)
Percentage
ownership
Yes No Yes No
(1) CVILLE OPER HUB LLC

PO BOX 2083
CHARLOTT,VA22902
90-0857224 		R/E LEASING VA NA
  		N/A                
(2) CVILLE MASTER TENANT LLC

PO BOX 2083
CHARLOTT,VA22902
80-0825436 		R/E LEASING VA NA
  		N/A                










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?
Yes No
(1) CVILLE OPERATIONS HOLDINGS INC

PO BOX 2083
CHARLOTTESVILLE,VA22902
45-5449709 		REAL ESTATE VA CFA INSTITUTE
  		C CORP. 0 7,264,234 100.000 % Yes  












Schedule R (Form 990) 2019
Schedule R (Form 990) 2019
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
No
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 .....................
1a
 
No
b Gift, grant, or capital contribution to related organization(s) ............................
1b
Yes
 
c Gift, grant, or capital contribution from related organization(s) ............................
1c
 
No
d Loans or loan guarantees to or for related organization(s) ............................
1d
 
No
e Loans or loan guarantees by related organization(s) ............................
1e
 
No
f Dividends from related organization(s) ............................
1f
 
No
g Sale of assets to related organization(s) ............................
1g
 
No
h Purchase of assets from related organization(s) ............................
1h
 
No
i Exchange of assets with related organization(s) ............................
1i
 
No
j Lease of facilities, equipment, or other assets to related organization(s) .......................
1j
 
No
k Lease of facilities, equipment, or other assets from related organization(s) ......................
1k
Yes
 
l Performance of services or membership or fundraising solicitations for related organization(s) .....................
1l
 
No
m Performance of services or membership or fundraising solicitations by related organization(s) .................
1m
 
No
n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................
1n
Yes
 
o Sharing of paid employees with related organization(s) ............................
1o
Yes
 
p Reimbursement paid to related organization(s) for expenses ............................
1p
Yes
 
q Reimbursement paid by related organization(s) for expenses ............................
1q
Yes
 
r Other transfer of cash or property to related organization(s) ............................
1r
Yes
 
s Other transfer of cash or property from related organization(s) ............................
1s
Yes
 
2
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 653,100 HISTORICAL COST
(2) CFA INSTITUTE RESEARCH FOUNDATION

 B,P 202,361 HISTORICAL COST




Schedule R (Form 990) 2019
Schedule R (Form 990) 2019
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) 		(d)
Predominant income (related, unrelated, excluded from tax under sections 512-514)

(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? 		(k)
Percentage
ownership
Yes No Yes No Yes No






























Schedule R (Form 990) 2019
Schedule R (Form 990) 2019
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) 2019

Additional Data


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