TY 2023 Form 990

- TIN:

Form990

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)

Do not enter social security numbers on this form as it may be made public.

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

A For the 2023 calendar year, or tax year beginning 09-01-2023 , and ending 08-31-2024

BCheck if applicable: Address change Name change Initial return Final return/terminated Amended return Application pending

CName of organization
CFA INSTITUTE

Doing business as

Number and street (or P.O. box if mail is not delivered to street address)
915 EAST HIGH STREET

Room/suite

City or town, state or province, country, and ZIP or foreign postal code
CHARLOTTESVILLE, VA22902

D Employer identification number

54-1386480

E Telephone number

G Gross receipts $ 922,103,798

F Name and address of principal officer:
MARGARET FRANKLIN
915 EAST HIGH ST
CHARLOTTESVILLE,VA229022083

Tax-exempt status: 501(c)(3) 501(c) ( 6 ) (insert no.) 4947(a)(1) or 527

Website:

WWW.CFAINSTITUTE.ORG

H(a)

Is this a group return for
subordinates? Yes No

H(b)

Are all subordinates
included?

Yes No

If "No," attach a list. See instructions.

H(c)

Group exemption number

K Form of organization: Corporation Trust Association Other

L Year of formation: 1986

M State of legal domicile: VA

Part I

Summary

1	Briefly describe the organization’s mission or most significant activities: SEE STATEMENT O
2	Check this box
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 2023 (Part V, line 2a) ......	5	468
6	Total number of volunteers (estimate if necessary) .............	6	4,205
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	326,444
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	55,183

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	327,156,040	365,965,547
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	19,291,055	91,882,739
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	13,898,180	5,043,712
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	360,345,275	462,891,998
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	15,034,322	15,459,313
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)	102,328,540	108,198,875
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	154,628,435	174,697,056
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	271,991,297	298,355,244
19	Revenue less expenses. Subtract line 18 from line 12.......	88,353,978	164,536,754
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	774,533,858	912,886,795
21	Total liabilities (Part X, line 26).............	376,977,607	347,786,928
22	Net assets or fund balances. Subtract line 21 from line 20.....	397,556,251	565,099,867

Part II

Signature Block

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

Sign Here

	Signature of officer	Date

	Type or print name and title

Paid Preparer Use Only

Print/Type preparer's name

Preparer's signature

Date

Check if
self-employed

PTIN

Firm's name

Firm's EIN

Firm's address

Phone no.

May the IRS discuss this return with the preparer shown above? See Instructions. ..........YesNo

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 11282Y Form 990 (2023)

Form 990 (2023)

Page 2

Part III

Statement of Program Service Accomplishments

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

Briefly describe the organization’s mission: SEE STATEMENT O

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

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

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

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

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


4a	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	THE CHARTERED FINANCIAL ANALYST (CFA) PROGRAM: THE ORGANIZATION ADMINISTERS THE 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 SERVICES: THE ORGANIZATION PROMOTES LIFELONG LEARNING BY DEVELOPING AND DISSEMINATING A VARIETY OF EDUCATIONAL COURSES AND CERTIFICATES TO INVESTMENT PROFESSIONALS ON TOPICS RELEVANT TO THE PROFESSION, INCLUDING CERTIFICATE IN ESG INVESTING; CLIMATE RISK, VALUATION AND INVESTING CERTIFICATE, PRIVATE MARKETS AND ALTERNATIVE INVESTMENTS CERTIFICATES, DATA SCIENCE FOR INVESTMENT PROFESSIONS CERTIFICATE, THE CERTIFICATE IN INVESTMENT PERFORMANCE MANAGEMENT AND INVESTMENT FOUNDATIONS CERTIFICATE.

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 expenses

Form 990 (2023)

Page 3

Part IV

Checklist of Required Schedules

Yes

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

Is the organization required to complete Schedule B, Schedule of Contributors? See instructions. ...

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

List of Attached Documents:

// Content

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

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

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

List of Attached Documents:

// Content

Yes

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

List of Attached Documents:

// Content

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

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

List of Attached Documents:

// Content

....

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

List of Attached Documents:

// Content

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

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

List of Attached Documents:

// Content

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

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......

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

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

List of Attached Documents:

// Content

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

11a

Yes

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

List of Attached Documents:

// Content

.......

11b

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

List of Attached Documents:

// Content

.......

11c

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

List of Attached Documents:

// Content

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

11d

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

List of Attached Documents:

// Content

11e

Yes

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

List of Attached Documents:

// Content

11f

Yes

12a

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

List of Attached Documents:

// Content

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

12a

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

List of Attached Documents:

// Content

12b

Yes

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

14a

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

14a

Yes

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

List of Attached Documents:

// Content

14b

Yes

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

List of Attached Documents:

// Content

Yes

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

List of Attached Documents:

// Content

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

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

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

20a

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

20a

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

20b

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

List of Attached Documents:

// Content

Yes

Form 990 (2023)

Page 4

Part IV

Checklist of Required Schedules (continued)

Yes

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

List of Attached Documents:

// Content

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

List of Attached Documents:

// Content

Yes

24a

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

24a

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

24b

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

24c

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

24d

25a

Section 501(c)(3), 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

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

25b

Did the organization report any amount on Part X, line 5 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...........

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

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

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

28a

A family member of any individual described in line 28a? If "Yes," complete Schedule L, Part IV.....

28b

A 35% controlled entity of one or more individuals and/or organizations described in line 28a or 28b? If "Yes," complete Schedule L, Part IV.....................

28c

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

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

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

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

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

List of Attached Documents:

// Content

Yes

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

List of Attached Documents:

// Content

Yes

35a

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

35a

Yes

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

List of Attached Documents:

// Content

35b

Yes

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

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

List of Attached Documents:

// Content

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

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

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

241

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

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

Yes

Form 990 (2023)

Page 5

Part V

Statements Regarding Other IRS Filings and Tax Compliance (continued)

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

468

If at least one is reported on line 2a, did the organization file all required federal employment tax returns?

Yes

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

Yes

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

Yes

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

Yes

If "Yes," enter the name of the foreign country: HK , CH , IN , UK , SN , AE , BE
See instructions for filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sponsoring organizations maintaining donor advised funds. Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year? ........

Sponsoring organizations maintaining donor advised funds.

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

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

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

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

10a

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

10b

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

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

11a

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

11b

12a

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

12a

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

12b

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

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

13a

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

13b

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

13c

14a

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

14a

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

14b

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 the instructions and file Form 4720, Schedule N.

Yes

Is the organization an educational institution subject to the section 4968 excise tax on net investment income? ..
If "Yes," complete Form 4720, Schedule O.

Section 501(c)(21) organizations. Did the trust, or any disqualified or other person engage in any activities that would result in the imposition of an excise tax under section 4951, 4952, or 4953? ..
If "Yes," complete Form 6069.

Form 990 (2023)

Page 6

Part VI

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

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

Section A. Governing Body and Management

Yes

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

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

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

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

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

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

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

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

Yes

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

Yes

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

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

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

Yes

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

Yes

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

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

Yes

10a

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

10a

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

10b

11a

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

11a

Yes

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

12a

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

12a

Yes

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

12b

Yes

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

12c

Yes

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

Yes

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

Yes

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

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

15a

Yes

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

15b

Yes

If "Yes" to line 15a or 15b, describe the process on 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

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

16b

Section C. Disclosure

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

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

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

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

State the name, address, and telephone number of the person who possesses the organization's books and records:
STEVEN HENDRY915 EAST HIGH STREET CHARLOTTESVILLE,VA229022083 (434) 951-5499

Form 990 (2023)

Page 7

Part VII

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

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

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

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

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

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

List the organization’s five current highest compensated employees (other than an officer, director, trustee or key employee)
who received reportable compensation (box 5 of Form W-2, box 6 of Form 1099-MISC, and/or box 1 of Form 1099-NEC) of more than $100,000 from the organization and any related organizations.

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

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

See the 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/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(1) MARGARET FRANKLIN CFA...................................................................... PRES & CEO & RESRCH FDN BD MEM	40.00 ................. 1.00	X	X		1,413,115	0	42,890
(2) MARK LAZBERGER CFA...................................................................... BOG CHAIR	1.00 ................. 0.00	X	X		0	0	0
(3) HEINZ HOCKMANN PHD...................................................................... BOG VICE CHAIR	1.00 ................. 0.00	X	X		0	0	0
(4) GEOFFREY NG CFA...................................................................... BOARD MEMBER	1.00 ................. 0.00	X			7,561	0	0
(5) TRICIA ROTHSCHILD CFA...................................................................... BOARD MEMBER	1.00 ................. 0.00	X			0	0	0
(6) PUNITA KUMAR-SINHA CFA...................................................................... BOARD MEMBER	1.00 ................. 1.00	X			8,295	0	0
(7) MARIA WILTON CFA...................................................................... BOARD MEMBER	1.00 ................. 0.00	X			0	0	0
(8) MARSHALL BAILEY CFA...................................................................... BOARD MEMBER	1.00 ................. 0.00	X			0	0	0
(9) ALEXANDER BIRKIN...................................................................... BOARD MEMBER	1.00 ................. 0.00	X			0	0	0
(10) PAMELA YANG CFA...................................................................... BOARD MEMBER	1.00 ................. 0.00	X			0	0	0
(11) OYEBANJI FEHINTOLA CFA...................................................................... BOARD MEMBER	1.00 ................. 0.00	X			0	0	0
(12) MEI GAO CFA...................................................................... BOARD MEMBER	1.00 ................. 0.00	X			0	0	0
(13) JOANNE HILL PHD...................................................................... BOARD MEMBER	1.00 ................. 1.00	X			0	0	0
(14) YIMEI LI CFA...................................................................... BOARD MEMBER	1.00 ................. 0.00	X			0	0	0
(15) STEVEN HENDRY...................................................................... CHIEF FINANCIAL OFFICER	40.00 ................. 0.00		X		583,742	0	66,674
(16) JOE LANGE...................................................................... CORPORATE SECRETARY	40.00 ................. 0.00		X		226,811	0	52,251
(17) MARTIN COLBURN...................................................................... MANAGING DIRECTOR	40.00 ................. 0.00			X	602,690	0	48,846

Form 990 (2023)

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)				(D) Reportable compensation from the organization (W-2/1099-MISC/1099-NEC)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and title
(18) SHERI KELLY........................................................................ MANAGING DIRECTOR	40.00 .......................0.00	X			576,830	0	57,632
(19) PAUL ANDREWS........................................................................ MANAGING DIRECTOR	40.00 .......................0.00	X			547,094	0	57,696
(20) CHRIS WIESE........................................................................ MANAGING DIRECTOR	40.00 .......................0.00	X			537,939	0	66,472
(21) PAUL MOODY........................................................................ MANAGING DIRECTOR	40.00 .......................0.00	X			560,819	0	3,367
(22) ANDREW ROME........................................................................ MANAGING DIRECTOR	40.00 .......................0.00	X			480,693	0	57,973
(23) CAROLE CRAWFORD END 72023........................................................................ MANAGING DIRECTOR	40.00 .......................0.00		X		516,628	0	44,829
(24) MIKE PETERSON........................................................................ CHIEF TECHNOLOGY OFFICER	40.00 .......................0.00		X		412,301	0	58,883
(25) SANDY PETERS........................................................................ SENIOR HEAD, FIN. RPT POLICY	40.00 .......................0.00		X		402,569	0	58,793
(26) VITO LORE........................................................................ SENIOR HEAD, STRATEGY & PLAN.	40.00 .......................0.00		X		393,343	0	63,719
(27) ANNE O'BRIEN........................................................................ CHIEF OF STAFF	40.00 .......................0.00		X		379,857	0	57,226
(28) LEILANI HALL END 52024........................................................................ SENIOR HEAD, CODES AND STAND.	40.00 .......................0.00			X	406,635	0	47,418
(29) KURT SCHACHT CFA END 122022........................................................................ SENIOR HEAD ADV	40.00 .......................0.00			X	557,825	0	17,116
(30) NICK POLLARD END 92023........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X	683,963	0	54,664

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	9,298,710	0	856,449

Total number of individuals (including but not limited to those listed above) who received more than $100,000 of reportable compensation from the organization 310

Yes

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

Yes

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

Yes

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

Section B. Independent Contractors

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

(A) Name and business address	(B) Description of services	(C) Compensation
PROMETRIC LLC PO BOX 223608 PITTSBURGH,PA15251	PROFESSIONAL SVS	29,774,223
DATAART SOLUTIONS INC 475 PARK AVENUE SOUTH 15TH FLOOR NEW YORK,NY10016	PROFESSIONAL SVS	10,924,277
THE GATE WORLDWIDE LLC 71 5TH AVE 8TH FLOOR NEW YORK,NY10003	ADVERTISING	10,308,033
BRITISH COUNCIL 1 REDMAN PLACE STRATFORD LONDON E20 1JQ UK	PROFESSIONAL SVS	5,841,744
WATERMELON EXPRESS INC DBA BENCHPREP 111 S WACKER DR STE 1200 CHICAGO,IL60606	PROFESSIONAL SVS	5,610,000
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 104

Form 990 (2023)

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

(D)
Revenue
excluded from
tax under sections
512 - 514

1a	Federated campaigns..	1a
b	Membership dues..	1b
c	Fundraising events..	1c
d	Related organizations	1d
e	Government grants (contributions)	1e

f	All other contributions, gifts, grants, and similar amounts not included above	1f

g	Noncash contributions included in lines 1a - 1f:$	1g

h Total. Add lines 1a-1f.......

		Business Code
2a	CANDIDATE FEES	900099	255,424,861	255,424,861
b	MEMBERSHIP DUES	900099	55,320,056	55,320,056
c	EDUCATIONAL PRODUCTS	611710	55,220,630	55,220,630
d
e
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		365,965,547

3 Investment income (including dividends, interest, and othersimilar amounts) ......			23,587,758			23,587,758
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........			827,198			827,198
			(i) Real	(ii) Personal
6a	Gross rents	6a	38,329
b	Less: rental expenses	6b	0
c	Rental income or (loss)	6c	38,329
d	Net rental income or (loss).......			38,329			38,329
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a	527,506,781
b	Less: cost or other basis and sales expenses	7b	459,211,800
c	Gain or (loss)	7c	68,294,981
d	Net gain or (loss).........			68,294,981			68,294,981
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
			8a
b	Less: direct expenses ...		8b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
			9a
b	Less: direct expenses ...		9b
c	Net income or (loss) from gaming activities..
10a	Gross sales of inventory, less returns and allowances ..
			10a
b	Less: cost of goods sold ..		10b
c	Net income or (loss) from sales of inventory..

Business Code
11a	MISCELLANEOUS		900099	3,696,643	3,696,643
b	CAREER CENTER REVENUE		541900	326,444		326,444
c	SERVICE FEE REP. OFFICE		900099	155,098	155,098
d	All other revenue ....
e	Total. Add lines 11a–11d ......			4,178,185
12	Total revenue. See instructions.....			462,891,998	369,817,288	326,444	92,748,266

Form 990 (2023)

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 ....	4,144,638
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ...........
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16. .............	11,314,675
4	Benefits paid to or for members .......
5	Compensation of current officers, directors, trustees, and key employees ...........	6,142,202
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) .........
7	Other salaries and wages........	78,755,911
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	8,943,178
9	Other employee benefits .......	8,527,184
10	Payroll taxes ...........	5,830,400
11	Fees for services (non-employees):
a	Management ......
b	Legal .........	2,742,855
c	Accounting ...........	2,511,157
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......	559,677
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	18,659,872
12	Advertising and promotion ....	17,603,199
13	Office expenses .......	15,911,815
14	Information technology ......	35,721,827
15	Royalties ..
16	Occupancy ...........	6,346,191
17	Travel ............	6,434,527
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	1,156,453
20	Interest ...........	3,448
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	10,824,487
23	Insurance ...	948,782
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 ADMIN EXPENSES	38,895,001
b	CONTRACT LABOR & RECRUI	6,276,123
c	PRODUCT MERCH COSTS	6,162,436
d	STAFF TRAINING	551,766
e	All other expenses	3,387,440
25	Total functional expenses. Add lines 1 through 24e	298,355,244
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Form 990 (2023)

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

1	Cash–non-interest-bearing ........			22,301,469	1	14,552,871
2	Savings and temporary cash investments .........			177,060,774	2	270,686,746
3	Pledges and grants receivable, net ......				3
4	Accounts receivable, net .............			8,188,525	4	1,362,733
5	Loans and other receivables from 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 .......
					5
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) ...
					6
7	Notes and loans receivable, net ...........				7
8	Inventories for sale or use ............				8
9	Prepaid expenses and deferred charges ......			17,263,214	9	17,794,402
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	26,339,907
b	Less: accumulated depreciation	10b	12,881,782	14,919,213	10c	13,458,125
11	Investments—publicly traded securities .			497,808,221	11	568,688,781
12	Investments—other securities. See Part IV, line 11 .....				12
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets ...............			18,016,314	14	18,588,284
15	Other assets. See Part IV, line 11 ...........			18,976,128	15	7,754,853
16	Total assets. Add lines 1 through 15 (must equal line 33)...			774,533,858	16	912,886,795

17	Accounts payable and accrued expenses .....	48,271,795	17	44,722,576
18	Grants payable ...		18
19	Deferred revenue .........	306,689,592	19	283,939,616
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D		21
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 .........
			22
23	Secured mortgages and notes payable to unrelated third parties ..		23
24	Unsecured notes and loans payable to unrelated third parties ..		24
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	22,016,220	25	19,124,736
26	Total liabilities. Add lines 17 through 25..	376,977,607	26	347,786,928

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	397,556,251	27	565,099,867
28	Net assets with donor restrictions ...........		28
	Organizations that do not follow FASB ASC 958, check here 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 ...........	397,556,251	32	565,099,867
33	Total liabilities and net assets/fund balances ........	774,533,858	33	912,886,795

Form 990 (2023)

Page 12

Part XI

Reconcilliation of Net Assets

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

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

462,891,998

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

298,355,244

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

164,536,754

Net assets or fund balances at beginning of year (must equal Part X, line 32, column (A)) ..

397,556,251

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

-4,048,917

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

-280,200

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

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

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

7,335,979

Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 32, column (B))

565,099,867

Part XII

Financial Statements and Reporting

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

Yes

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

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

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

Separate basis Consolidated basis Both consolidated and separate basis

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

Yes

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

Separate basis Consolidated basis Both consolidated and separate basis

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

Yes

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

As a result of a federal award, was the organization required to undergo an audit or audits as set forth in the Uniform Guidance, 2 C.F.R. Part 200, Subpart F?

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

Form 990 (2023)

Additional Data

Software ID:
Software Version:

Form 990, Special Condition Description:

Special Condition Description

- TIN:

SCHEDULE C
(Form 990)

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

right arrow

Complete if the organization is described below. right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

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.

Provide a description of the organization’s direct and indirect political campaign activities in Part IV. See instructions for definition of “political campaign activities."

Political campaign activity expenditures. See instructions .................................................................... right arrow

Volunteer hours for political campaign activities. See instructions ..................................................................

Part I-B

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

Enter the amount of any excise tax incurred by the organization under section 4955 ................................ right arrow

Enter the amount of any excise tax incurred by organization managers under section 4955 ....................... right arrow

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

Yes No

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

Yes No

If "Yes," describe in Part IV.

Part I-C

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

Enter the amount directly expended by the filing organization for section 527 exempt function activities ..... right arrow

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

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

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

Yes No

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

(a) Name	(b) Address	(c) EIN	(d) Amount paid from filing organization's funds. If none, enter -0-.	(e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.
1
2
3
4
5
6

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

Cat. No. 50084S

Schedule C (Form 990) 2022

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 right arrow

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

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

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

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

4-Year Averaging Period Under Section 501(h) (Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
	Calendar year (or fiscal year beginning in)	(a) 2019	(b) 2020	(c) 2021	(d) 2022	(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) 2022

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Part III-A

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

Yes

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

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

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

Part III-B

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

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

55,320,056

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

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

65,296

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

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

65,296

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

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

Taxable amount of lobbying and political expenditures. See Instructions .........................................

65,296

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) 2022

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
right arrow

Attach to Form 990.
right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2022

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 ........

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

Yes No

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

Yes No

Part II

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

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

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

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

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


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after July 25, 2006, and not on a historic structure listed in the National Register ...	2d

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

Number of states where property subject to conservation easement is located right arrow

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

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
right arrow

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

Yes No

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

Part III

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

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.

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 ......................... right arrow

(ii)

Assets included in Form 990, Part X ............................... right arrow

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:

Revenue included on Form 990, Part VIII, line 1 .......................... right arrow

Assets included in Form 990, Part X ............................... right arrow

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

Cat. No. 52283D

Schedule D (Form 990) 2022

Page 2

Part III

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

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

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

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

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

Yes No

Part IV

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

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

Yes No


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

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

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

Part V

Endowment Funds.
Complete if the organization answered "Yes" 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 ......

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

Board designated or quasi-endowment right arrow

Permanent endowment right arrow

Term endowment right arrow

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

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

Yes

(i) Unrelated organizations .................

3a(i)

(ii) Related organizations .................

3a(ii)

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

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

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" 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	5,632,597	3,414,626	2,217,971
d	Equipment ....	20,707,310	9,467,156	11,240,154
e	Other .....
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				13,458,125

Schedule D (Form 990) 2022

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
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

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

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

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

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

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
LEASE OBLIGATIONS AND FINANCE LIABILITY	16,742,141
OTHER TAXES PAYABLE	1,886,692
UNCLAIMED PROPERTY	324,145
FEDERAL EXCISE TAX	147,832
DUE TO AFFILIATES	22,733
SOCIETY DUES PAYABLE	1,193



Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	19,124,736
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) 2022

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	462,922,670
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	-4,048,917
b	Donated services and use of facilities .........	2b	4,639,266
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	2d	-559,677
e	Add lines 2a through 2d .....................			2e	30,672
3	Subtract line 2e from line 1..................			3	462,891,998
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
c	Add lines 4a and 4b....................			4c	0
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	462,891,998

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	302,715,033
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a	4,919,466
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d....................			2e	4,919,466
3	Subtract line 2e from line 1...................			3	297,795,567
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	559,677
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.....................			4c	559,677
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	298,355,244

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
PART X, LINE 2:	CFA INSTITUTE HAS PERFORMED AN EVALUATION OF ALL UNRELATED BUSINESS INCOME AND HAS MAINTAINED ITS TAX-EXEMPT STATUS. CFA INSTITUTE HAS DETERMINED THAT IT HAS ADEQUATELY PROVIDED FOR ALL OPEN TAX YEARS AND HAS NO UNCERTAIN TAX POSITIONS.
PART XI, LINE 2D - OTHER ADJUSTMENTS:	INVESTMENT MANAGEMENT FEES -559,677.

Schedule D (Form 990) 2022

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE F(Form 990)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

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

Attach to Form 990. Right arrow

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

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.

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

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

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

Yes

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

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

(a) Region		(b) Number of offices in the region	(c) Number of employees, agents, and independent contractors in 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
	CENTRAL AMERICA & THE CARRIBEAN			PROGRAM SERVICES	MEMBER & ADMIN SUPPORT	2,053
	EAST ASIA & THE PACIFIC	5	54	PROGRAM SERVICES	MEMBER & ADMIN SUPPORT	22,847,169
	EUROPE	2	73	PROGRAM SERVICES	MEMBER & ADMIN SUPPORT	19,062,861
	MIDDLE EAST & NORTH AFRICA	1	3	PROGRAM SERVICES	MEMBER & ADMIN SUPPORT	1,984,971
	NORTH AMERICA			PROGRAM SERVICES	MEMBER & ADMIN SUPPORT	105,983
	SOUTH AMERICA			PROGRAM SERVICES	MEMBER & ADMIN SUPPORT	30,257
	SOUTH ASIA	1	30	PROGRAM SERVICES	MEMBER & ADMIN SUPPORT	6,714,880
	SUB-SAHARAN AFRICA			PROGRAM SERVICES	MEMBER & ADMIN SUPPORT	33,892
	CENTRAL AMERICA & THE CARRIBEAN			GRANTMAKING	N/A	173,138
	EAST ASIA & THE PACIFIC			GRANTMAKING	N/A	2,648,322
	EUROPE			GRANTMAKING	N/A	4,036,692
	MIDDLE EAST & NORTH AFRICA			GRANTMAKING	N/A	630,674
	NORTH AMERICA			GRANTMAKING	N/A	1,857,990
	RUSSIA & NEIGHBORING STATES			GRANTMAKING	N/A	33,885
	SOUTH AMERICA			GRANTMAKING	N/A	459,170
	SOUTH ASIA			GRANTMAKING	N/A	957,828
	SUB-SAHARAN AFRICA			GRANTMAKING	N/A	516,976
3a	Sub-total ....	9	160			50,782,066
b	Total from continuation sheets to Part I ...	0	0			11,314,675
c	Totals (add lines 3a and 3b)	9	160			62,096,741

For Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2023

Schedule F (Form 990) 2023

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.

(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement	(h) Description of noncash assistance	(i) Method of valuation (book, FMV, appraisal, other)
CENTRAL AMERICA & THE CARRIBEAN	GEN SUPPORT	27,370	WIRE/CHECK	N/A	N/A
CENTRAL AMERICA & THE CARRIBEAN	GEN SUPPORT	27,699	WIRE/CHECK	N/A	N/A
CENTRAL AMERICA & THE CARRIBEAN	GEN SUPPORT	36,930	WIRE/CHECK	N/A	N/A
CENTRAL AMERICA & THE CARRIBEAN	GEN SUPPORT	25,035	WIRE/CHECK	N/A	N/A
CENTRAL AMERICA & THE CARRIBEAN	GEN SUPPORT	27,340	WIRE/CHECK	N/A	N/A
CENTRAL AMERICA & THE CARRIBEAN	GEN SUPPORT	28,765	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	68,874	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	342,445	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	72,736	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	115,121	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	398,570	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	156,608	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	96,058	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	138,276	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	35,245	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	58,626	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	374,985	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	423,596	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	106,631	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	114,833	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	50,000	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	5,791	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	59,332	WIRE/CHECK	N/A	N/A
EAST ASIA & THE PACIFIC	GEN SUPPORT	26,595	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	32,358	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	42,190	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	35,935	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	66,639	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	37,995	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	34,305	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	49,195	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	371,928	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	370,127	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	118,896	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	32,445	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	74,746	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	157,586	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	70,628	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	28,429	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	64,051	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	152,173	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	66,333	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	77,180	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	202,204	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	77,944	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	72,126	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	31,565	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	31,060	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	31,590	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	187,918	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	58,220	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	506,526	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	75,161	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	526,067	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	50,000	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	139,752	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	23,450	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	84,000	WIRE/CHECK	N/A	N/A
EUROPE	GEN SUPPORT	53,970	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	36,770	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	89,186	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	34,045	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	59,031	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	137,424	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	27,410	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	61,660	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	34,055	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	33,865	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	31,905	WIRE/CHECK	N/A	N/A
MIDDLE EAST & NORTH AFRICA	GEN SUPPORT	85,324	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	164,312	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	35,785	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	695,696	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	40,236	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	86,130	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	43,443	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	70,980	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	21,716	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	38,805	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	21,591	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	479,313	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	82,401	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	22,733	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	34,849	WIRE/CHECK	N/A	N/A
NORTH AMERICA	GEN SUPPORT	20,000	WIRE/CHECK	N/A	N/A
RUSSIA & NEIGHBORING STATES	GEN SUPPORT	33,885	WIRE/CHECK	N/A	N/A
SOUTH AMERICA	GEN SUPPORT	51,374	WIRE/CHECK	N/A	N/A
SOUTH AMERICA	GEN SUPPORT	258,884	WIRE/CHECK	N/A	N/A
SOUTH AMERICA	GEN SUPPORT	40,726	WIRE/CHECK	N/A	N/A
SOUTH AMERICA	GEN SUPPORT	29,405	WIRE/CHECK	N/A	N/A
SOUTH AMERICA	GEN SUPPORT	30,725	WIRE/CHECK	N/A	N/A
SOUTH AMERICA	GEN SUPPORT	48,056	WIRE/CHECK	N/A	N/A
SOUTH ASIA	GEN SUPPORT	33,725	WIRE/CHECK	N/A	N/A
SOUTH ASIA	GEN SUPPORT	689,121	WIRE/CHECK	N/A	N/A
SOUTH ASIA	GEN SUPPORT	130,799	WIRE/CHECK	N/A	N/A
SOUTH ASIA	GEN SUPPORT	101,518	WIRE/CHECK	N/A	N/A
SUB-SAHARAN AFRICA	GEN SUPPORT	115,054	WIRE/CHECK	N/A	N/A
SUB-SAHARAN AFRICA	GEN SUPPORT	31,705	WIRE/CHECK	N/A	N/A
SUB-SAHARAN AFRICA	GEN SUPPORT	32,850	WIRE/CHECK	N/A	N/A
SUB-SAHARAN AFRICA	GEN SUPPORT	93,549	WIRE/CHECK	N/A	N/A
SUB-SAHARAN AFRICA	GEN SUPPORT	239,317	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 .......	0
3	Enter total number of other organizations or entities .......................	101

Schedule F (Form 990) 2023

Schedule F (Form 990) 2023Page 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) 2023

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) 2023

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
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. ADDITIONALLY AS PART OF THE GRANT MONITORING PROCEDURES, THE GRANT RECIPIENTS HAVE TO PROVIDE CFA INSTITUTE THEIR FINANCIALS ANNUALLY. CFA INSTITUTE IS ALSO ABLE TO CONDUCT AN AUDIT OF THE SOCIETY GRANT RECIPIENTS AT ANY TIME. CFA INSTITUTE ENSURES THAT ITS GRANT AGREEMENTS CONTAIN LANGUAGE RESTRICTING THE USE OF GRANT FUNDS TO BE USED FOR ANY PURPOSE OTHER THAN AS SPECIFIED IN THE INDIVIDUAL GRANT. THE GRANT FUNDS CAN NEITHER BE USED TO REIMBURSE THE EXPENSES THAT SOCIETY GRANT RECIPIENTS INCURRED PRIOR TO THE GRANT'S APPROVAL, NOR CAN THE GRANT FUNDS RESULT IN AN UNEXPECTED SURPLUS FOR THE SOCIETY GRANT RECIPIENTS. THESE PROCEDURES ENSURE THAT NO AMOUNTS CAN BE USED FOR THE INUREMENT OF PRIVATE INDIVIDUALS, INCLUDING INDIVIDUAL MEMBERS.

Schedule F (Form 990) 2023

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

2023

Open to Public
Inspection

Name of the organization
CFA INSTITUTE

Employer identification number
54-1386480

Part I

General Information on Grants and Assistance

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

Yes No

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

Part II

Grants and Other Assistance to 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	(f) Method of valuation (book, FMV, appraisal, other)	(g) Description of noncash assistance	(h) Purpose of grant or assistance
(1) CFA INSTITUTE RESEARCH FOUNDATION 915 EAST HIGH STREET CHARLOTTESVILLE,VA229022083	54-6063408	501(C)(3)	159,776	N/A	N/A	GEN SUPPORT
(2) ARKANSAS FINANCIAL ANALYSTS SOCIETY 1915 MONROE STREET LITTLE ROCK,AR72207	58-2055805	501(C)(6)	18,650	N/A	N/A	GEN SUPPORT
(3) CFA HAWAII PO BOX 580 HONOLULU,HI96809	87-0753677	501(C)(6)	21,248	N/A	N/A	GEN SUPPORT
(4) CFA MIAMI INC PO BOX 960901 MIAMI,FL33296	61-1572381	501(C)(6)	48,712	N/A	N/A	GEN SUPPORT
(5) CFA SOCIETIES OF TEXAS 416 CANNA LILY CIRCLE DRIFTWOOD,TX78619	45-4833185	501(C)(6)	47,886	N/A	N/A	GEN SUPPORT
(6) CFA SOCIETY ATLANTA INC 4355 COBB PARKWAY J-533 ATLANTA,GA30339	58-1105110	501(C)(6)	50,394	N/A	N/A	GEN SUPPORT
(7) CFA SOCIETY BALTIMORE INC BROWN ADVISORY 901 S BOND ST 400 BALTIMORE,MD21231	52-0895933	501(C)(6)	50,074	N/A	N/A	GEN SUPPORT
(8) CFA SOCIETY BOSTON INC 2 FINANCIAL CTR STE 1010 60 S ST BOSTON,MA02111	23-7069432	501(C)(6)	274,734	N/A	N/A	GEN SUPPORT
(9) CFA SOCIETY CHICAGO 33 N LASALLE ST 910 CHICAGO,IL60602	36-2595074	501(C)(6)	238,415	N/A	N/A	GEN SUPPORT
(10) CFA SOCIETY CLEVELAND 24199 LYMAN BLVD SHAKER HEIGHTS,OH44122	23-7065462	501(C)(6)	42,208	N/A	N/A	GEN SUPPORT
(11) CFA SOCIETY DALLASFORT WORTH 909 LAKE CAROLYN PKWY STE 320 IRVING,TX75039	23-7078748	501(C)(6)	101,964	N/A	N/A	GEN SUPPORT
(12) CFA SOCIETY HARTFORD INC PO BOX 266 GRANBY,CT06035	90-0770635	501(C)(6)	46,002	N/A	N/A	GEN SUPPORT
(13) CFA SOCIETY KANSAS CITY PO BOX 26285 OVERLAND PARK,KS66225	82-0560661	501(C)(6)	45,892	N/A	N/A	GEN SUPPORT
(14) CFA SOCIETY MEMPHIS PO BOX 382282 GERMANTOWN,TN38183	62-1636928	501(C)(6)	24,073	N/A	N/A	GEN SUPPORT
(15) CFA SOCIETY NEW YORK INC 1540 BROADWAY 1010 NEW YORK,NY10036	83-3591457	501(C)(6)	458,061	N/A	N/A	GEN SUPPORT
(16) CFA SOCIETY OF ALABAMA INC 2712 18TH PLACE SOUTH BIRMINGHAM,AL35209	63-1064381	501(C)(6)	23,087	N/A	N/A	GEN SUPPORT
(17) CFA SOCIETY OF AUSTIN 3267 BEE CAVE ROAD STE 107-273 AUSTIN,TX78746	72-1621543	501(C)(6)	42,236	N/A	N/A	GEN SUPPORT
(18) CFA SOCIETY OF BUFFALO INC 100 CORPORATE PKWY SUITE 338 SNYDER,NY14226	20-5170662	501(C)(6)	20,639	N/A	N/A	GEN SUPPORT
(19) CFA SOCIETY OF CININNATI INC 4010 EXECUTIVE PARK DRIVE STE 100 CINCINNATI,OH45241	23-7094427	501(C)(6)	48,970	N/A	N/A	GEN SUPPORT
(20) CFA SOCIETY OF COLORADO 12110 PECOS ST SUITE 220 WESTMINSTER,CO80234	84-0585027	501(C)(6)	100,416	N/A	N/A	GEN SUPPORT
(21) CFA SOCIETY OF COLUMBUS 157 N 20TH STREET COLUMBUS,OH43203	31-1393658	501(C)(6)	37,911	N/A	N/A	GEN SUPPORT
(22) CFA SOCIETY OF EAST TENNESSEE 735 BROAD ST SUITE 709 CHATTANOOGA,TN37402	46-3796519	501(C)(6)	22,743	N/A	N/A	GEN SUPPORT
(23) CFA SOCIETY OF HOUSTON 1321 ANTOINE DRIVE HOUSTON,TX77055	23-7004744	501(C)(6)	49,215	N/A	N/A	GEN SUPPORT
(24) CFA SOCIETY OF IDAHO INC 1406 E HAYS ST BOISE,ID83712	04-3704521	501(C)(6)	22,194	N/A	N/A	GEN SUPPORT
(25) CFA SOCIETY OF IOWA INC DBA CFA SOCIETY IOWA PO BOX 307 WAUKEE,IA50263	42-1152989	501(C)(6)	41,231	N/A	N/A	GEN SUPPORT
(26) CFA SOCIETY OF JACKSONVILLE INC 1579 THE GREENS WAY SUITE 20 JACKSONVILLE BEACH,FL32250	59-1606008	501(C)(6)	22,224	N/A	N/A	GEN SUPPORT
(27) CFA SOCIETY OF LOS ANGELES INC 13400 RIVERSIDE DR STE 215 SHERMAN OAKS,CA91423	95-6069970	501(C)(6)	169,126	N/A	N/A	GEN SUPPORT
(28) CFA SOCIETY OF LOUISIANA 3445 NORTH CAUSEWAY BLVD 300 METAIRIE,LA70002	72-0947195	501(C)(6)	21,246	N/A	N/A	GEN SUPPORT
(29) CFA SOCIETY OF LOUISVILLE PO BOX 5502 LOUISVILLE,KY40255	90-0838184	501(C)(6)	26,616	N/A	N/A	GEN SUPPORT
(30) CFA SOCIETY OF MADISON 720 ROVALIA DRIVE VERONA,WI53593	39-1929703	501(C)(6)	29,272	N/A	N/A	GEN SUPPORT
(31) CFA SOCIETY OF MILWAUKEE INC 14845 SAN MARCOS DRIVE BROOKFIELD,WI53005	23-7072850	501(C)(6)	49,785	N/A	N/A	GEN SUPPORT
(32) CFA SOCIETY OF MINNESOTA 121 SOUTH 8TH STREET SUITE 825 MINNEAPOLIS,MN55402	41-1861989	501(C)(6)	102,815	N/A	N/A	GEN SUPPORT
(33) CFA SOCIETY OF MISSISSIPPI 1200 EASTOVER DRIVE 300 JACKSON,MS39211	64-0716591	501(C)(6)	20,510	N/A	N/A	GEN SUPPORT
(34) CFA SOCIETY OF NAPLES INC 801 LAUREL OAK DRIVE 600 NAPLES,FL34108	59-3405436	501(C)(6)	20,184	N/A	N/A	GEN SUPPORT
(35) CFA SOCIETY OF NASHVILLE 1718 CHURCH ST 330352 NASHVILLE,TN37203	62-1181717	501(C)(6)	52,925	N/A	N/A	GEN SUPPORT
(36) CFA SOCIETY OF NEBRASKA INC PO BOX 80685 LINCOLN,NE68501	47-0667513	501(C)(6)	36,850	N/A	N/A	GEN SUPPORT
(37) CFA SOCIETY OF NEVADA 11340 ESPADRILLE CT LAS VEGAS,NV89138	20-0195946	501(C)(6)	14,650	N/A	N/A	GEN SUPPORT
(38) CFA SOCIETY OF PITTSBURGH PO BOX 1212 PITTSBURGH,PA152301212	25-1421153	501(C)(6)	51,795	N/A	N/A	GEN SUPPORT
(39) CFA SOCIETY OF PORTLAND INC PO BOX 1388 PORTLAND,OR97207	23-7358083	501(C)(6)	40,431	N/A	N/A	GEN SUPPORT
(40) CFA SOCIETY OF ROCHESTER PO BOX 390 PITTSFORD,NY14534	16-0977751	501(C)(6)	27,209	N/A	N/A	GEN SUPPORT
(41) CFA SOCIETY OF SACRAMENTO 915 L STREET SUITE C252 SACRAMENTO,CA95814	94-3315268	501(C)(6)	22,373	N/A	N/A	GEN SUPPORT
(42) CFA SOCIETY OF SALT LAKE 299 S MAIN SUITE 1300 PMB 9092 SALT LAKE CITY,UT84111	61-1526448	501(C)(6)	40,297	N/A	N/A	GEN SUPPORT
(43) CFA SOCIETY OF SEATTLE PO BOX 8388 COVINGTON,WA98042	91-1164972	501(C)(6)	96,516	N/A	N/A	GEN SUPPORT
(44) CFA SOCIETY OF SOUTH FLORIDA INC 6752 146TH ROAD NORTH PALM BEACH GARDENS,FL33418	30-0325375	501(C)(6)	37,967	N/A	N/A	GEN SUPPORT
(45) CFA SOCIETY OF ST LOUIS 330 WENNEKER DRIVE ST LOUIS,MO63124	43-6031785	501(C)(6)	56,723	N/A	N/A	GEN SUPPORT
(46) CFA SOCIETY OF STAMFORD INC 1127 HIGH RIDGE RD SUITE 307 STAMFORD,CT069051203	06-1513527	501(C)(6)	41,082	N/A	N/A	GEN SUPPORT
(47) CFA SOCIETY OKLAHOMA PO BOX 2694 OKLAHOMA CITY,OK73101	20-3779358	501(C)(6)	25,232	N/A	N/A	GEN SUPPORT
(48) CFA SOCIETY ORANGE COUNTY 4533 MACARTHUR BLVD 182 NEWPORT BEACH,CA92660	33-0228558	501(C)(6)	51,819	N/A	N/A	GEN SUPPORT
(49) CFA SOCIETY PHILADELPHIA INC 1900 MARKET STREET 8TH FLOOR PHILADELPHIA,PA19103	23-6395738	501(C)(6)	134,822	N/A	N/A	GEN SUPPORT
(50) CFA SOCIETY PHOENIX 233 E SOUTHERN AVE STE 27225 TEMPE,AZ85282	86-0469879	501(C)(6)	46,407	N/A	N/A	GEN SUPPORT
(51) CFA SOCIETY PROVIDENCE PO BOX 41027 PROVIDENCE,RI02940	23-7069442	501(C)(6)	21,249	N/A	N/A	GEN SUPPORT
(52) CFA SOCIETY SAN ANTONIO 13139 WILLOWTHORN LN SAN ANTONIO,TX78249	74-1660459	501(C)(6)	20,649	N/A	N/A	GEN SUPPORT
(53) CFA SOCIETY SAN DIEGO INC PO BOX 928456 SAN DIEGO,CA92192	23-7069278	501(C)(6)	45,979	N/A	N/A	GEN SUPPORT
(54) CFA SOCIETY SAN FRANCISCO 201 SPEAR STREET NO 1100 SAN FRANCISCO,CA94105	94-6078576	501(C)(6)	166,372	N/A	N/A	GEN SUPPORT
(55) CFA SOCIETY SOUTH CAROLINA PO BOX 12612 CHARLESTON,SC29422	57-1134283	501(C)(6)	21,046	N/A	N/A	GEN SUPPORT
(56) CFA SOCIETY SPOKANE INC PO BOX 21110 SPOKANE,WA99201	91-1592696	501(C)(6)	23,272	N/A	N/A	GEN SUPPORT
(57) CFA SOCIETY TUCSON 2910 N SWAN RD SUITE 110 TUCSON,AZ85712	46-2993396	501(C)(6)	21,249	N/A	N/A	GEN SUPPORT
(58) CFA SOCIETY WASHINGTON DC 1101 WILSON BLVD 6TH FLOOR ARLINGTON,VA22209	23-7360649	501(C)(6)	123,385	N/A	N/A	GEN SUPPORT
(59) CFA TAMPA BAY INC CO IDEAS INC 12191 W LINEBAUGH AVE 312 TAMPA,FL33626	51-0669210	501(C)(6)	38,773	N/A	N/A	GEN SUPPORT
(60) CFA VIRGINIA PO BOX 31441 RICHMOND,VA23294	54-1429832	501(C)(6)	39,550	N/A	N/A	GEN SUPPORT
(61) CFA WEST MICHIGAN SOCIETY 500 DAVIS STREET SUITE 1004 EVANSTON,IL60201	03-0560080	501(C)(6)	27,387	N/A	N/A	GEN SUPPORT
(62) DAYTON CFA SOCIETY 2500 KETTERING TOWER DAYTON,OH45423	26-0659612	501(C)(6)	13,648	N/A	N/A	GEN SUPPORT
(63) INDIANAPOLIS SOCIETY OF FINANCIAL ANALYSTS INC DBA CFA SOCIETY OF INDIANAP PO BOX 1225 CARMEL,IN46032	23-7119206	501(C)(6)	39,258	N/A	N/A	GEN SUPPORT
(64) MAINE SECURITY ANALYSTS SOCIETY 36 CEDAR RIDGE ROAD YARMOUTH,ME04096	04-3547791	501(C)(6)	22,037	N/A	N/A	GEN SUPPORT
(65) NORTH CAROLINA SOCIETY OF FINANCIAL ANALYSTS INC DBA CFA SOCIETY NORTH CAROLINA INC 3004 OXBOW COURT RALEIGH,NC27613	56-1824044	501(C)(6)	97,771	N/A	N/A	GEN SUPPORT
(66) THE CFA SOCIETY OF DETROIT INC 525 E MICHIGAN AVE 409 SALINE,MI48176	38-6087152	501(C)(6)	38,433	N/A	N/A	GEN SUPPORT
(67) THE CFA SOCIETY OF NEW MEXICO PO BOX 36947 ALBUQUERQUE,NM87176	85-0454738	501(C)(6)	22,337	N/A	N/A	GEN SUPPORT
(68) THE CFA SOCIETY OF ORLANDO INC PO BOX 4387 ORLANDO,FL32802	59-3213363	501(C)(6)	33,796	N/A	N/A	GEN SUPPORT
(69) VERMONT CFA SOCIETY 135 COOPER ROAD MILTON,VT05468	04-3374500	501(C)(6)	15,649	N/A	N/A	GEN SUPPORT
(70) INSTITUTE OF MANAGEMENT ACCOUNTANTS INC 10 PARAGON DR MONTVALE,NJ07645	22-2659674	501(C)(3)	10,000	N/A	N/A	GEN SUPPORT
(71) QUINNIPIAC UNIVERSITY 275 MOUNT CARMEL AVENUE HAMDEN,CT065181908	06-0646701	501(C)(3)	20,000	N/A	N/A	GEN SUPPORT

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

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

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

Cat. No. 50055P

Schedule I (Form 990) 2023

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

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. ADDITIONALLY AS PART OF THE GRANT MONITORING PROCEDURES, THE GRANT RECIPIENTS HAVE TO PROVIDE CFA INSTITUTE THEIR FINANCIALS ANNUALLY. CFA INSTITUTE IS ALSO ABLE TO CONDUCT AN AUDIT OF THE SOCIETY GRANT RECIPIENTS AT ANY TIME. ALL DOMESTIC GRANTEES HAVE BEEN DEEMED TO BE TAX-EXEMPT ENTITIES THAT ARE SUBJECT TO PRIVATE INUREMENT PROHIBITIONS JUST AS CFA INSTITUTE IS. THESE GRANTS ARE NOT USED TO PROVIDE FUNDS TO ANY INDIVIDUAL MEMBERS.

Schedule I (Form 990) 2023

Additional Data

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Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
medium right arrow graphic

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
medium right arrow graphic

Attach to Form 990.
medium right arrow graphic

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

Name of the organization

CFA INSTITUTE

Employer identification number

54-1386480

Part I

Questions Regarding Compensation

Yes

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

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

Travel for companions Payments for business use of personal residence

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

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

If any of the boxes 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 .....

Yes

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

Yes

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

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

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

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

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

Yes

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

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

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

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

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:

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

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

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

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:

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

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

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

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

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

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

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

Cat. No. 50053T

Schedule J (Form 990) 2023

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, 1099-MISC compensation, and/or 1099-NEC			(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
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1MARGARET FRANKLIN CFA PRES & CEO & RESRCH FDN BD MEM	(i) (ii)	703,250 ------------- 0	694,160 ------------- 0	15,705 ------------- 0	39,600 ------------- 0	3,290 ------------- 0	1,456,005 ------------- 0	0 ------------- 0
2NICK POLLARD END 92023 MANAGING DIRECTOR	(i) (ii)	289,169 ------------- 0	132,097 ------------- 0	262,697 ------------- 0	45,322 ------------- 0	9,342 ------------- 0	738,627 ------------- 0	0 ------------- 0
3MARTIN COLBURN MANAGING DIRECTOR	(i) (ii)	341,667 ------------- 0	241,260 ------------- 0	19,763 ------------- 0	39,600 ------------- 0	9,246 ------------- 0	651,536 ------------- 0	0 ------------- 0
4STEVEN HENDRY CHIEF FINANCIAL OFFICER	(i) (ii)	339,167 ------------- 0	241,260 ------------- 0	3,315 ------------- 0	39,600 ------------- 0	27,074 ------------- 0	650,416 ------------- 0	0 ------------- 0
5SHERI KELLY MANAGING DIRECTOR	(i) (ii)	353,333 ------------- 0	218,900 ------------- 0	4,597 ------------- 0	39,600 ------------- 0	18,032 ------------- 0	634,462 ------------- 0	0 ------------- 0
6PAUL ANDREWS MANAGING DIRECTOR	(i) (ii)	352,500 ------------- 0	183,900 ------------- 0	10,694 ------------- 0	39,600 ------------- 0	18,096 ------------- 0	604,790 ------------- 0	0 ------------- 0
7CHRIS WIESE MANAGING DIRECTOR	(i) (ii)	311,667 ------------- 0	222,232 ------------- 0	4,040 ------------- 0	39,600 ------------- 0	26,872 ------------- 0	604,411 ------------- 0	0 ------------- 0
8KURT SCHACHT CFA END 122022 SENIOR HEAD ADV	(i) (ii)	165,194 ------------- 0	111,240 ------------- 0	281,391 ------------- 0	17,116 ------------- 0	0 ------------- 0	574,941 ------------- 0	0 ------------- 0
9PAUL MOODY MANAGING DIRECTOR	(i) (ii)	334,408 ------------- 0	191,552 ------------- 0	34,859 ------------- 0	0 ------------- 0	3,367 ------------- 0	564,186 ------------- 0	0 ------------- 0
10CAROLE CRAWFORD END 72023 MANAGING DIRECTOR	(i) (ii)	163,497 ------------- 0	170,879 ------------- 0	182,252 ------------- 0	39,600 ------------- 0	5,229 ------------- 0	561,457 ------------- 0	0 ------------- 0
11ANDREW ROME MANAGING DIRECTOR	(i) (ii)	302,500 ------------- 0	175,246 ------------- 0	2,947 ------------- 0	39,600 ------------- 0	18,373 ------------- 0	538,666 ------------- 0	0 ------------- 0
12MIKE PETERSON CHIEF TECHNOLOGY OFFICER	(i) (ii)	300,619 ------------- 0	99,869 ------------- 0	11,813 ------------- 0	39,600 ------------- 0	19,283 ------------- 0	471,184 ------------- 0	0 ------------- 0
13SANDY PETERS SENIOR HEAD, FIN. RPT POLICY	(i) (ii)	304,002 ------------- 0	93,098 ------------- 0	5,469 ------------- 0	39,600 ------------- 0	19,193 ------------- 0	461,362 ------------- 0	0 ------------- 0
14VITO LORE SENIOR HEAD, STRATEGY & PLAN.	(i) (ii)	291,417 ------------- 0	98,964 ------------- 0	2,962 ------------- 0	39,600 ------------- 0	24,119 ------------- 0	457,062 ------------- 0	0 ------------- 0
15LEILANI HALL END 52024 SENIOR HEAD, CODES AND STAND.	(i) (ii)	301,740 ------------- 0	95,683 ------------- 0	9,212 ------------- 0	39,600 ------------- 0	7,818 ------------- 0	454,053 ------------- 0	0 ------------- 0
16ANNE O'BRIEN CHIEF OF STAFF	(i) (ii)	276,762 ------------- 0	96,475 ------------- 0	6,620 ------------- 0	39,600 ------------- 0	17,626 ------------- 0	437,083 ------------- 0	0 ------------- 0
17JOE LANGE CORPORATE SECRETARY	(i) (ii)	177,077 ------------- 0	46,385 ------------- 0	3,349 ------------- 0	26,816 ------------- 0	25,435 ------------- 0	279,062 ------------- 0	0 ------------- 0

Schedule J (Form 990) 2023

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
PART I, LINE 1A	FIRST-CLASS OR CHARTER TRAVEL: MEMBERS OF THE LEADERSHIP TEAM AS WELL AS OTHER MANAGING DIRECTORS ARE ELIGIBLE FOR FIRST CLASS AIR TRAVEL. MEMBERS OF THE LEADERSHIP TEAM, MANAGING DIRECTORS, AND THE BOARD OF GOVERNORS ARE ELIGIBLE FOR FIRST CLASS RAIL TRAVEL. TRAVEL FOR COMPANION: COMPANION TRAVEL IS AVAILABLE AS OF THE POLICY REVISION DATE FOR THE FOLLOWING GROUPS WITH THE COST OF THE SECOND TICKET COVERED BY CFA INSTITUTE BUT REPRESENTING TAXABLE INCOME TO THE TRAVELER. THIS BENEFIT DOES NOT ROLL OVER IF NOT USED WITHIN THE FISCAL YEAR. MEMBERS OF THE LEADERSHIP TEAM ARE ELIGIBLE ON ONE TRIP PER FISCAL YEAR TO PURCHASE AN ADDITIONAL TICKET FOR ONE COMPANION IN THE SAME CLASS OF SERVICE. THIS DOES NOT APPLY TO NON-LEADERSHIP TEAM MANAGING DIRECTORS. MEMBERS OF THE BOARD OF GOVERNORS ARE ELIGIBLE TO PURCHASE AN ADDITIONAL TICKET FOR ONE COMPANION IN THE SAME CLASS OF SERVICE FOR ONE BUSINESS TRIP PER FISCAL YEAR. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: CFA INSTITUTE PROVIDED A GROSS UP ON INCOME REPORTED TO CEO TO COVER IMPUTED INCOME ASSOCIATED WITH THE PROVISION OF OUTSIDE TAX PREPARATION SERVICES. HOUSING ALLOWANCE OR RESIDENT 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, INDIA, OR UNITED ARAB EMIRATES ARE PROVIDED HOUSING ALLOWANCES WHICH ARE INCLUDED IN COMPENSATION. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: EFFECTIVE 1 JANUARY 2023, LIFESTYLE SPENDING ACCOUNTS (LSA'S) WERE ESTABLISHED FOR ALL CFA INSTITUTE EMPLOYEES. FUNDS ALLOCATED TO THE LSA'S CAN BE USED FOR REIMBURSEMENT OF APPROVED EXPENSES RELATED TO MEMBER HEALTH AND WELLNESS, UP TO A MAXIMUM AMOUNT. PRIOR TO THAT, THE U.S. WELLNESS PROGRAM CHANGED IN CY2016 FROM A REIMBURSABLE PLAN TO A CREDIT-WELLNESS PROGRAM. HOWEVER, U.S. EMPLOYEES WHO WERE NOT COVERED BY A CFA INSTITUTE HEALTH PLAN, AND NON-U.S. EMPLOYEES WERE STILL ELIGIBLE FOR REIMBURSEMENTS ASSUMING THEY QUALIFY.
PART I, LINE 4A	SEVERANCE PAYMENTS WERE MADE AS FOLLOWS: KURT SCHACHT $250,000
FORM 990, PART VII, COLUMN D & SCHEDULE J, PART I, LINE 1A:	PUNITA KUMAR-SINHA RECEIVED $8,295 FOR A TRAVEL COMPANION TICKET GEOFFREY NG RECEIVED $7,561 FOR A TRAVEL COMPANION TICKET.

Schedule J (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)

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.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2023

Open to Public
Inspection

Name of the organization

CFA INSTITUTE

Employer identification number

54-1386480

Return Reference	Explanation
PART 1, LINE 1:	TO LEAD THE INVESTMENT PROFESSION GLOBALLY BY PROMOTING THE HIGHEST STANDARDS OF ETHICS, EDUCATION, AND PROFESSIONAL EXCELLENCE FOR THE ULTIMATE BENEFIT OF SOCIETY.
PART III, LINE 1:	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 CERTIFICATE IN ESG INVESTING AND ALSO PROVIDES PROFESSIONAL LEARNING COURSES. 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 211,157 IN 170 MARKETS. CFA INSTITUTE'S MEMBERSHIP INCLUDES 205,109 CFA CHARTERHOLDERS AND EXTENDS ITS REACH INTO LOCAL COMMUNITIES THROUGH A NETWORK OF 158 MEMBER SOCIETIES IN 82 MARKETS. CFA INSTITUTE IS HEADQUARTERED IN CHARLOTTESVILLE, VIRGINIA, UNITED STATES, WITH BRANCH OFFICES IN LONDON, BRUSSELS, HONG KONG, NEW YORK, AND WASHINGTON D.C. AND SUBSIDIARY OFFICES IN BEIJING, HONG KONG, MUMBAI, SHANGHAI, SINGAPORE AND ABU DHABI. MORE INFORMATION ON THE ORGANIZATION CAN BE FOUND AT WWW.CFAINSTITUTE.ORG.
FORM 990, PART VI, SECTION A, LINE 6	THE FOUR CLASSES OF MEMBERSHIP IN CFA INSTITUTE ARE REGULAR, AFFILIATE, CHARTER-HOLDER MEMBERS AND MEMBER SOCIETIES. REGULAR MEMBERS ARE ENTITLED TO ONE VOTE ON EACH MATTER SUBMITTED AT MEMBER MEETINGS.
FORM 990, PART VI, SECTION A, LINE 7A	REGULAR MEMBERS HAVE ONE VOTE PER EACH MATTER SUBMITTED INCLUDING THE RIGHT TO ELECT THE OFFICERS (CHAIR AND VICE CHAIR) AND MEMBERS OF THE CFA INSTITUTE BOARD OF GOVERNORS.
FORM 990, PART VI, SECTION B, LINE 11B	FORM 990 IS PRESENTED TO THE AUDIT AND FINANCE COMMITTEE AND DISCUSSED IN DETAIL. IN ADDITION, COPIES ARE PROVIDED TO EACH OF THE BOARD OF GOVERNORS. THESE PRESENTATIONS TAKE PLACE PRIOR TO FILING THE FORM 990 WITH THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	CONFLICT OF INTEREST STATEMENTS ARE COLLECTED ANNUALLY. EMPLOYEE AND BOARD OF GOVERNORS' DISCLOSURES ARE DIRECTED TO THE CHIEF COMPLIANCE OFFICER. THE CONFLICT OF INTEREST POLICY PROVIDES VARIOUS AVENUES FOR REPORTING, INCLUDING ANYONE WISHING TO ESCALATE CONCERNS DIRECTLY TO THE 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.
FORM 990, PART VI, SECTION B, LINE 15	TO ENSURE ONGOING AND EFFECTIVE CORPORATE GOVERNANCE, THE BOARD OF GOVERNORS UTILIZES A COMMITTEE - THE PEOPLE AND CULTURE (PAC) COMMITTEE - COMPRISED OF THREE 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 PAC COMMITTEE 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 BIENNIAL BASIS TO GAUGE THE COMPETITIVENESS OF EXECUTIVE COMPENSATION AT CFA INSTITUTE. THE MOST RECENT EXECUTIVE MARKET STUDY WAS CONDUCTED IN FY2023, 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, 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 PAC COMMITTEE ALSO ENGAGES INDEPENDENT ADVISORS TO HELP INTERPRET HOW THE REPORTED MARKET DATA APPLIES TO CFA INSTITUTE'S EXECUTIVE POSITIONS.
FORM 990, PART VI, SECTION C, 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.
FORM 990, PART XI, LINE 9:	LIQUIDATION OF CVILLE OPERATIONS HOLDINGS INC 7,335,979.

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

Cat. No. 51056K

Schedule O (Form 990) 2023

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
Attach to Form 990.
Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2023

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 27/F HENLEY BUILDING 5 QUEENS ROA HONG KONG HK 98-0615079	PROF. ORG	HK	155,098	1,483,586	CFA INSTITUTE
(2) CFA INSTITUTE INDIA PRIVATE LTD 702 7TH FLOOR ONE BKC TOWER G BL MUMBAI,MAHARASHTRA400051 IN 98-1196398	PROF. ORG	IN	3,973,408	4,219,810	CFA INSTITUTE
(3) CFA GLOBAL HOLDINGS LLC 915 EAST HIGH STREET CHARLOTTESVILLE,VA22902 47-1269465	HOLDINGS	VA	0	0	CFA INSTITUTE
(4) SI WEI BEIJING ENTERPRISE MGMT FL 55 UNITS 01 11B 12 CHINA WOR BEIJING 100004 CH 98-1228213	PROF. ORG	CH	7,006,148	6,369,776	CFA INSTITUTE CHINA LIMITED
(5) CFA INSTITUTE SINGAPORE PVT LTD 30 RAFFLES PL 23-01 SINGAPORE 048622 SN 98-1261400	PROF. ORG	SN	24,212	559,852	CFA INSTITUTE
(6) CFA INSTITUTE LTD PART OF FL 7 AL MAQAM TOWER ADGM SQUARE AE 98-1442588	PROF. ORG	AE	985,619	1,449,385	CFA INSTITUTE

Part II

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

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)CFA INSTITUTE RESEARCH FOUNDATION 915 EAST HIGH STREET CHARLOTTESVILLE,VA22902 54-6063408	INV.RESEARCH	VA	501 (C)(3)	LINE 7	CFA INSTITUTE	Yes

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

Cat. No. 50135Y

Schedule R (Form 990) 2023

Page 2

Part III

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

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No	(k) Percentage ownership

Part IV

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

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	Yes	No
(1) CVILLE OPERATIONS HOLDINGS INC 915 EAST HIGH STREET CHARLOTTESVILLE,VA22902 45-5449709	REAL ESTATE	VA	CFA INSTITUTE	C	-3,108,308		100.000 %	Yes

Schedule R (Form 990) 2023

Page 3

Part V

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

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

Yes

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

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

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

Yes

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

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

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

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

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

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

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

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

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

Yes

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

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

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

Yes

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

Yes

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

Yes

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

Yes

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

Yes

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

Yes

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

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) CFA INSTITUTE RESEARCH FOUNDATION	O	280,200	HISTORICAL COST
(2) CFA INSTITUTE RESEARCH FOUNDATION	B	159,776	FAIR MARKET VALUE
(3) CVILLE OPERATIONS HOLDINGS INC	S	23,010,491	FAIR MARKET VALUE
(4) CFA INSTITUTE RESEARCH FOUNDATION	Q	69,600	FAIR MARKET VALUE

Schedule R (Form 990) 2023

Page 4

Part VI

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

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

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

Schedule R (Form 990) 2023

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) 2023

Additional Data

Software ID:
Software Version:

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation (see Instructions for Form 926). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If "Yes," the organization may be required to 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). . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. (see Instructions for Form 5471). . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If “Yes,” the organization may be required to file Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see Instructions for Form 8621) .	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships (see Instructions for Form 8865). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to separately file Form 5713, International Boycott Report (see Instructions for Form 5713; don't file with Form 990).. . . . . . . . . . . . . . . . . . . . . . . . . . . .	Yes	No