TY 2023 Form 990

(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)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)
(1) KENNETH E BENTSEN JR...................................................................... PRESIDENT & CEO	40.00 ................. 0.00	X	X	2,788,424	87,380
(2) KENNETH CELLA...................................................................... CHAIR	2.00 ................. 0.00	X	X	0	0
(3) LAURA CHEPUCAVAGE...................................................................... CHAIR-ELECT	2.00 ................. 0.00	X	X	0	0
(4) JIM REYNOLDS...................................................................... CHAIR-EMERITUS	2.00 ................. 0.00	X	X	0	0
(5) RONALD KRUSZEWSKI...................................................................... VICE CHAIR	2.00 ................. 0.00	X	X	0	0
(6) LISA KIDD HUNT...................................................................... TREASURER	2.00 ................. 0.00	X	X	0	0
(7) KEVIN BAILEY...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(8) MATT BENCHENER...................................................................... DIRECTOR (AS OF 11/2023)	1.00 ................. 0.00	X		0	0
(9) ALTHEA BROWN...................................................................... DIRECTOR (AS OF 04/2024)	1.00 ................. 0.00	X		0	0
(10) LIBBY CANTRILL...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(11) SAMARA COHEN...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(12) MICHAEL DURBIN...................................................................... DIRECTOR (AS OF 01/2024)	1.00 ................. 0.00	X		0	0
(13) KATIE FALLON...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(14) ANN FOGARTY...................................................................... DIRECTOR (AS OF 11/2023)	1.00 ................. 0.00	X		0	0
(15) SOL GINDI...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(16) BRENT GLEDHILL...................................................................... DIRECTOR (AS OF 11/2023)	1.00 ................. 0.00	X		0	0
(17) GARY HALL...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0

(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)	(E) Reportable compensation from related organizations (W-2/1099-MISC/1099-NEC)
(18) NAUREEN HASSAN........................................................................ DIRECTOR (THRU 01/2024)	1.00 .......................0.00	X				0	0
(19) ROBERT HAWLEY........................................................................ DIRECTOR (THRU 10/2024)	1.00 .......................0.00	X				0	0
(20) GARY KANE........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(21) MICHAEL KISBER........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(22) DAVID LEFKOWITZ........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(23) JACQUELINE LICALZI........................................................................ DIRECTOR (AS OF 01/2024)	1.00 .......................0.00	X				0	0
(24) LARRY MARTINEZ........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(25) CHARLOTTE MCLAUGHLIN........................................................................ DIRECTOR (THRU 11/2023)	1.00 .......................0.00	X				0	0
(26) CRAIG MESSINGER........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(27) CHANCE MIMS........................................................................ DIRECTOR (AS OF 11/2023)	1.00 .......................0.00	X				0	0
(28) THOMAS PLUTA........................................................................ DIRECTOR (AS OF 11/2023)	1.00 .......................0.00	X				0	0
(29) ROBERT POPOWSKI........................................................................ DIRECTOR (THRU 10/2023)	1.00 .......................0.00	X				0	0
(30) DOUGLAS PREISER........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(31) JAMIE PRICE........................................................................ DIRECTOR (THRU 01/2024)	1.00 .......................0.00	X				0	0
(32) SHAWN QUANT........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(33) SAMUEL RAMIREZ JR........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(34) GARY RAPP........................................................................ DIRECTOR (AS OF 11/2023)	1.00 .......................0.00	X				0	0
(35) PAUL REILLY........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(36) BRENDAN REILLY........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(37) JOHN FW ROGERS........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(38) JEFFREY ROSEN........................................................................ DIRECTOR (THRU 11/2023)	1.00 .......................0.00	X				0	0
(39) CLAIRE SANTANIELLO........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(40) ANDY SAPERSTEIN........................................................................ DIRECTOR (THRU 01/2024)	1.00 .......................0.00	X				0	0
(41) PETER SCHNEIDER........................................................................ DIRECTOR (THRU 11/2023)	1.00 .......................0.00	X				0	0
(42) KABIR SETHI........................................................................ DIRECTOR (THRU 04/2024)	1.00 .......................0.00	X				0	0
(43) MARK STEFFENSEN........................................................................ DIRECTOR (THRU 05/2024)	1.00 .......................0.00	X				0	0
(44) JOSEPH E SWEENEY........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(45) JOHN TAFT........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(46) RYAN TAYLOR........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(47) JOHN VACCARO........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(48) THOMAS WIPF........................................................................ DIRECTOR (AS OF 01/2024)	1.00 .......................0.00	X				0	0
(49) KASHIF ZAFAR........................................................................ DIRECTOR	1.00 .......................0.00	X				0	0
(50) JOSEPH SEIDEL........................................................................ COO	40.00 .......................0.00		X			1,333,852	99,421
(51) DAVID B KRASNER........................................................................ CFO & CAO	40.00 .......................0.00		X			759,703	96,851
(52) CHERYL L CRISPEN........................................................................ EXECUTIVE VICE PRESIDENT	40.00 .......................0.00		X			638,408	99,156
(53) SALVATORE CHIARELLI........................................................................ EXECUTIVE VICE PRESIDENT	40.00 .......................0.00		X			460,019	77,526
(54) SAIMA AHMED........................................................................ EVP & GEN. COUNSEL	40.00 .......................0.00		X			930,090	74,802
(55) JOSH WILSUSSEN........................................................................ EXECUTIVE VICE PRESIDENT	40.00 .......................0.00		X			742,944	93,763
(56) ROBERT TOOMEY........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X		587,357	98,795
(57) LISA BLEIER........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X		553,695	94,664
(58) CARTER K MCDOWELL........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X		537,598	62,042
(59) KEVIN CARROLL........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X		550,719	41,463
(60) LINDSEY KELJO........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X		588,834	77,614
(61) IRA D HAMMERMAN - FORMER........................................................................ EVP & GENERAL COUNSEL	0.00 .......................0.00				X	172,053	0

(A) Name and business address	(B) Description of services	(C) Compensation
MORGAN LEWIS & BOCKIUS LLP 1701 MARKET STREET PHILADELPHIA,PA191032921	LEGAL	1,678,282
DELOITTE & TOUCHE LLP PO BOX 844708 DALLAS,TX752844708	CONSULTING	1,525,000
WASHINGTON COUN ERNST & YOUNG LLP PO BOX 640382 PITTSBURGH,PA152640382	CONSULTING	1,088,930
SULLIVAN & CROMWELL LLP 125 BROAD STREET NEW YORK,NY100042498	LEGAL	744,333
CLEARY GOTTLIEB STEEN & HAMILTON LLP 2000 PA AVENUE NW WASHINGTON,DC200061801	LEGAL	453,000
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 23

- 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

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Complete if the organization is described below. right arrow

Attach to Form 990 or Form 990-EZ.
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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
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Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
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Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
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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
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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.
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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

SECURITIES INDUSTRY AND FINANCIAL
MARKETS ASSOCIATION

Employer identification number

32-0178959

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? .................................

Yes

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

40,983,488

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

6,646,000

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

-310,685

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

6,335,315

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

6,762,276

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

-426,961

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.
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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

SECURITIES INDUSTRY AND FINANCIAL
MARKETS ASSOCIATION

Employer identification number

32-0178959

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
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Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
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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	6,327,318	1,481,608	4,845,710
d	Equipment ....	3,758,436	2,250,729	1,507,707
e	Other .....
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				6,353,417

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)OPERATING LEASE RIGHT-OF-USE ASSETS				19,168,568
(2)OTHER LONG-TERM ASSETS				1,206,311
(3)DUE FROM THIRD PARTIES				656,969
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........				21,031,848

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
OPERATING LEASE LIABILITIES	28,027,816
EMPLOYEE BENEFITS PAYABLE	4,536,221







Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	32,564,037
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	63,109,122
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	1,330,062
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ...........	2d
e	Add lines 2a through 2d .....................			2e	1,330,062
3	Subtract line 2e from line 1..................			3	61,779,060
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	61,779,060

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	62,712,426
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ...........	2d	453,145
e	Add lines 2a through 2d....................			2e	453,145
3	Subtract line 2e from line 1...................			3	62,259,281
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.....................			4c	0
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	62,259,281

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 IV, LINE 2B:	CUSTODIAL ARRANGEMENTS IN ORDER TO FINANCE CERTAIN MEMBER DRIVEN PROJECTS THAT ARE BEYOND SIFMA'S OPERATING BUDGET RESOURCES AND WHICH IMPACT ONLY A SUBSET OF MEMBERS, SIFMA SYNDICATES OUT SUCH PROJECT COSTS TO PARTICIPATING MEMBER FIRMS. THIRD-PARTY PROJECT COSTS (AND ASSOCIATED MEMBER REIMBURSEMENTS) ARE INCLUDED IN SIFMA'S BALANCE SHEET. IN 2024, THE SYNDICATED FUNDS COLLECTED FROM MEMBERS AND DISBURSED FOR SUCH SPECIAL PROJECTS TOTALED $3,722,552 AND $2,214,353, RESPECTIVELY.
PART X, LINE 2:	FIN 48 THE ASSOCIATION FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. THE ASSOCIATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE, THOUGH IT IS SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. THE ASSOCIATION HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE ASSOCIATION HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS.
PART XII, LINE 2D - OTHER ADJUSTMENTS:	NET PERIODIC POST RETIREMENT BENEFIT COST 453,145.

Schedule D (Form 990) 2022

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
SECURITIES INDUSTRY AND FINANCIAL
MARKETS ASSOCIATION

Employer identification number
32-0178959

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	(h) Purpose of grant or assistance
(1) COMMITTEE ON CAPITAL MARKETS REGULATION INC 134 MOUNT AUBURN STREET CAMBRIDGE,MA02138	30-0406260	501(C)(3)	55,000	PROGRAM SUPPORT
(2) FORMER MEMBERS OF CONGRESS INC 1401 K STREET NW SUITE 901 WASHINGTON,DC20005	54-0883744	501(C)(3)	8,000	PROGRAM SUPPORT
(3) NATIONAL ADULT PROTECTIVE SERVICES ASSOCIATION 1612 K STREET NW SUITE 200 WASHINGTON,DC20090	30-0044497	501(C)(3)	10,000	PROGRAM SUPPORT
(4) NCSL FOUNDATION FOR STATE LEGISLATURES 7700 EAST FIRST PLACE DENVER,CO80230	74-2232576	501(C)(3)	10,000	PROGRAM SUPPORT
(5) PREVENT CANCER FOUNDATION 333 JOHN CARLYLE STREET SUITE 635 ALEXANDRIA,VA22314	52-1429544	501(C)(3)	12,000	PROGRAM SUPPORT
(6) SECURITIES AND EXCHANGE COMMISSION HISTORICAL SOCIETY 1101 PENNSYLVANIA AVENUE NW SUITE 600 WASHINGTON,DC20004	52-2213646	501(C)(3)	10,000	PROGRAM SUPPORT
(7) SIFMA FOUNDATION FOR INVESTOR EUDCATION (FIE) INC 140 BROADWAY NEW YORK,NY10005	52-1087193	501(C)(3)	20,000	PROGRAM SUPPORT
(8) US CAPITOL HISTORICAL SOCIETY 200 MARYLAND AVE NE WASHINGTON,DC20002	52-0796820	501(C)(3)	10,000	PROGRAM SUPPORT
(9) WASHINGTON TENNIS & EDUCATION FOUNDATION 5220 16TH ST NW WASHINGTON,DC20011	52-6046504	501(C)(3)	8,000	PROGRAM SUPPORT
(10) WOMENS INSTITUTE FOR A SECURE RETIREMENT 1001 CONNECTICUT AVE NW 730 WASHINGTON,DC20036	52-1997317	501(C)(3)	15,000	PROGRAM 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:	GRANT MONITORING SIFMA PROVIDES SUPPORT TO CHARITABLE ORGANIZATIONS TO HELP THOSE ORGANIZATIONS FURTHER THEIR EXEMPT PROGRAMS. SIFMA IS NOT A GRANT MAKING ORGANIZATION BUT WILL OCCASIONALLY AWARD A GRANT TO ORGANIZATIONS IN SUPPORT OF A PROJECT THAT ALIGNS ITSELF WITH SIFMA'S MISSION OF PROMOTING AND SUPPORTING A STRONG FINANCIAL INDUSTRY. SIFMA MAINTAINS IN ITS RECORDS THE ACKNOWLEDGMENT LETTER FROM THE RECIPIENT ORGANIZATION AND ANY FOLLOW UP REPORTS ON THE USE OF GRANT FUNDS.

Return Reference

Explanation

PART I, LINE 2:

GRANT MONITORING SIFMA PROVIDES SUPPORT TO CHARITABLE ORGANIZATIONS TO HELP THOSE ORGANIZATIONS FURTHER THEIR EXEMPT PROGRAMS. SIFMA IS NOT A GRANT MAKING ORGANIZATION BUT WILL OCCASIONALLY AWARD A GRANT TO ORGANIZATIONS IN SUPPORT OF A PROJECT THAT ALIGNS ITSELF WITH SIFMA'S MISSION OF PROMOTING AND SUPPORTING A STRONG FINANCIAL INDUSTRY. SIFMA MAINTAINS IN ITS RECORDS THE ACKNOWLEDGMENT LETTER FROM THE RECIPIENT ORGANIZATION AND ANY FOLLOW UP REPORTS ON THE USE OF GRANT FUNDS.

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

SECURITIES INDUSTRY AND FINANCIAL
MARKETS ASSOCIATION

Employer identification number

32-0178959

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? .............

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)
1KENNETH E BENTSEN JR PRESIDENT & CEO	(i) (ii)	1,482,880 ------------- 0	1,300,000 ------------- 0	5,544 ------------- 0	39,600 ------------- 0	47,780 ------------- 0	2,875,804 ------------- 0	0 ------------- 0
2JOSEPH SEIDEL COO	(i) (ii)	679,496 ------------- 0	650,000 ------------- 0	4,356 ------------- 0	39,600 ------------- 0	59,821 ------------- 0	1,433,273 ------------- 0	0 ------------- 0
3SAIMA AHMED EVP & GEN. COUNSEL	(i) (ii)	594,100 ------------- 0	335,000 ------------- 0	990 ------------- 0	39,600 ------------- 0	35,202 ------------- 0	1,004,892 ------------- 0	0 ------------- 0
4DAVID B KRASNER CFO & CAO	(i) (ii)	388,591 ------------- 0	367,500 ------------- 0	3,612 ------------- 0	39,600 ------------- 0	57,251 ------------- 0	856,554 ------------- 0	0 ------------- 0
5JOSH WILSUSSEN EXECUTIVE VICE PRESIDENT	(i) (ii)	556,426 ------------- 0	185,000 ------------- 0	1,518 ------------- 0	36,253 ------------- 0	57,510 ------------- 0	836,707 ------------- 0	0 ------------- 0
6CHERYL L CRISPEN EXECUTIVE VICE PRESIDENT	(i) (ii)	344,796 ------------- 0	290,000 ------------- 0	3,612 ------------- 0	39,600 ------------- 0	59,556 ------------- 0	737,564 ------------- 0	0 ------------- 0
7ROBERT TOOMEY MANAGING DIRECTOR	(i) (ii)	386,813 ------------- 0	195,000 ------------- 0	5,544 ------------- 0	42,744 ------------- 0	56,051 ------------- 0	686,152 ------------- 0	0 ------------- 0
8LINDSEY KELJO MANAGING DIRECTOR	(i) (ii)	387,994 ------------- 0	200,000 ------------- 0	840 ------------- 0	39,600 ------------- 0	38,014 ------------- 0	666,448 ------------- 0	0 ------------- 0
9LISA BLEIER MANAGING DIRECTOR	(i) (ii)	356,763 ------------- 0	195,000 ------------- 0	1,932 ------------- 0	39,600 ------------- 0	55,064 ------------- 0	648,359 ------------- 0	0 ------------- 0
10CARTER K MCDOWELL MANAGING DIRECTOR	(i) (ii)	431,930 ------------- 0	95,000 ------------- 0	10,668 ------------- 0	39,600 ------------- 0	22,442 ------------- 0	599,640 ------------- 0	0 ------------- 0
11KEVIN CARROLL MANAGING DIRECTOR	(i) (ii)	359,107 ------------- 0	188,000 ------------- 0	3,612 ------------- 0	39,600 ------------- 0	1,863 ------------- 0	592,182 ------------- 0	0 ------------- 0
12SALVATORE CHIARELLI EXECUTIVE VICE PRESIDENT	(i) (ii)	226,407 ------------- 0	230,000 ------------- 0	3,612 ------------- 0	39,600 ------------- 0	37,926 ------------- 0	537,545 ------------- 0	0 ------------- 0
13IRA D HAMMERMAN - FORMER EVP & GENERAL COUNSEL	(i) (ii)	0 ------------- 0	0 ------------- 0	172,053 ------------- 0	0 ------------- 0	0 ------------- 0	172,053 ------------- 0	172,053 ------------- 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 TRAVEL PER THE EMPLOYMENT CONTRACT, SIFMA PROVIDED FIRST CLASS AIR TRAVEL OF 3 HOURS OR MORE WHEN TRAVELING FOR SIFMA BUSINESS FOR KENNETH E. BENTSEN, JR., PRESIDENT AND CEO. THE FIRST-CLASS AIR TRAVEL WAS EXCLUDED FROM TAXABLE COMPENSATION ON THE INDIVIDUAL'S FORM W-2 BECAUSE IT WAS INCURRED FOR BUSINESS REASONS.

Schedule J (Form 990) 2023

Additional Data

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Software Version:

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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

SECURITIES INDUSTRY AND FINANCIAL
MARKETS ASSOCIATION

Employer identification number

32-0178959

Return Reference	Explanation
FORM 990, PART I, LINE 6:	VOLUNTEERS THE NUMBER OF VOLUNTEERS WAS DERIVED FROM SIFMA COMMITTEE PARTICIPANTS PER THE MEMBERSHIP DATABASE.
FORM 990, PART III, LINE 4A	STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS CONTINUED DEVELOPMENT AND MAINTENANCE OF BEST PRACTICES THAT ARE CONDUCIVE TO EFFICIENT CONDUCT OF THE BUSINESS AND MEMBERS OF THE ORGANIZATION: BUSINESS CONTINUITY PLANNING: WWW.SIFMA.ORG/BCP THE FINANCIAL SERVICES SECTOR IS IDENTIFIED AS CRITICAL INFRASTRUCTURE BY THE U.S. DEPARTMENT OF HOMELAND SECURITY. SIFMA AND ITS MEMBER FIRMS ARE DEDICATED TO PREPARING FOR THE RISK OF POTENTIAL DISRUPTIONS AT BOTH THE FIRM AND BROADER INDUSTRY LEVELS. SIFMA PLAYS A KEY ROLE IN COORDINATING THE INDUSTRY'S RESPONSE TO INCIDENTS THAT CAN INTERRUPT BUSINESS AND MARKET FUNCTIONS AND WORKS TO SUPPORT FIRM-LEVEL BCP PLANNING AS WELL. INDUSTRY-WIDE BUSINESS CONTINUITY TEST: WWW.SIFMA.ORG/BCP-TEST THE INDUSTRY-WIDE BUSINESS CONTINUITY TEST IS A CRITICAL EXERCISE THAT HIGHLIGHTS OUR INDUSTRY'S ABILITY TO OPERATE THROUGH A SIGNIFICANT EMERGENCY USING BACKUP SITES, RECOVERY FACILITIES AND BACKUP COMMUNICATIONS CAPABILITIES ACROSS THE INDUSTRY. THE TEST IS SUPPORTED BY ALL MAJOR EXCHANGES, MARKETS AND INDUSTRY UTILITIES. IT INVOLVES TEST TRANSACTIONS FOR COMMERCIAL PAPER, EQUITIES, OPTIONS, FUTURES, FIXED INCOME, SETTLEMENT, PAYMENTS, TREASURY AUCTIONS AND MARKET DATA. SIFMA ALSO FACILITATES A COORDINATED REG SCI TESTING PROGRAM WHICH IS COMPLETED IN PARALLEL WITH THE SIFMA INDUSTRY TEST. THE TEST OCCURS ON THE SAME DAY AS FUTURES MARKET TESTING COORDINATED BY THE FUTURES INDUSTRY ASSOCIATION (FIA), AND ON ALTERNATE YEARS WITH CANADIAN MARKET PARTICIPANT TEST THROUGH THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC). EMERGENCY CRISIS MANAGEMENT COMMAND CENTER: WWW.SIFMA.ORG/EMERGENCY IN THE EVENT OF AN INDUSTRY-WIDE INCIDENT, SIFMA CONVENES MARKET PARTICIPANTS; ISSUES MARKET CLOSE RECOMMENDATIONS; AND COORDINATES WITH MARKET INFRASTRUCTURE PROVIDERS, REGULATORS AND EMERGENCY PERSONNEL INCLUDING THE U.S. DEPARTMENT OF THE TREASURY, U.S. DEPARTMENT OF HOMELAND SECURITY, NEW YORK CITY OFFICE OF EMERGENCY MANAGEMENT, LAW ENFORCEMENT AND OTHER OFFICIAL SECTOR PARTICIPANTS. SIFMA ORGANIZES MARKET RESPONSE COMMITTEES FOR THE FIXED INCOME AND EQUITY MARKETS TO DELIVER AN INDUSTRY PERSPECTIVE IN THE EVENT OF DISRUPTIONS TO MARKET INFRASTRUCTURE WHICH MAY MAKE UNSCHEDULED MARKET CLOSES OR CHANGES TO SETTLEMENT CONVENTION NECESSARY. THE COMMITTEES HAVE DEVELOPED PRINCIPLES AND OBJECTIVE DECISION MAKING PROCESSES THAT RECOGNIZE THE SIGNIFICANT IMPROVEMENTS THE INDUSTRY HAS MADE WITH RESPECT TO BUSINESS CONTINUITY AND THE EXPECTATIONS OF REGULATORS. THESE PRINCIPLES ALSO REFLECT EXPECTATIONS FOR STRONG RESILIENCY PLANS OF CRITICAL FINANCIAL MARKET INFRASTRUCTURE AND FINANCIAL INSTITUTIONS. FOR FIXED INCOME, THE COMMITTEE HAS DEVELOPED PROCEDURES TO DETERMINE IF IT IS NECESSARY FOR SIFMA TO RECOMMEND AN UNSCHEDULED CLOSE IN U.S. FIXED INCOME MARKETS. CYBERSECURITY: WWW.SIFMA.ORG/CYBERSECURITY CYBERATTACKS HAVE BECOME BOLDER AND THE THREAT HIGHER. HOWEVER, INDUSTRY-WIDE EFFORTS OVER THE LAST DECADE HAVE ALSO EVOLVED AND GROWN TO BUILD EFFECTIVE CYBER DEFENSES. SIFMA IS ACTIVELY ENGAGED IN COORDINATING THE EFFORT TO SUPPORT A SAFE, SECURE INFORMATION INFRASTRUCTURE, WITH CYBERSECURITY RESOURCES INCLUDING BEST PRACTICES FOR INSIDER THREATS, DATA PROTECTION PRINCIPLES, FRAMEWORKS FOR PENETRATION TESTING AND MORE THAT PROVIDE SECURITY OF CUSTOMER INFORMATION AND EFFICIENT, RELIABLE EXECUTION OF TRANSACTIONS. WE CONTINUALLY WORK WITH INDUSTRY AND GOVERNMENT LEADERS TO IDENTIFY AND COMMUNICATE CYBERSECURITY BEST PRACTICES FOR FIRMS OF ALL SIZES AND CAPABILITIES AND EDUCATE THE INDUSTRY ON EVOLVING THREATS AND APPROPRIATE RESPONSES. SIFMA'S CYBER-RESILIENCY EFFORTS SEEK TO: - PROMOTE ENHANCED REGULATORY HARMONIZATION TO ENCOURAGE A MORE EFFECTIVE ALLOCATION OF CYBER RESOURCES; - PROMOTE A ROBUST INDUSTRY-GOVERNMENT PARTNERSHIP GROUNDED IN INFORMATION SHARING; - DESIGN EXERCISES AND INDUSTRY TESTS TO IMPROVE PROTOCOLS FOR INCIDENT PREPAREDNESS, RESPONSE AND RECOVERY; AND - USE THE LESSONS LEARNED TO REFINE INDUSTRY BEST PRACTICES, INCLUDING FOR MANAGING INSIDER THREATS, THIRD PARTY RISK; PENETRATION TESTING AND DATA SECURITY, INCLUDING SECURE DATA STORAGE AND RECOVERY. SHORTENED SETTLEMENT CYCLE: MARKET RESILIENCY IS A TOP PRIORITY FOR SIFMA AND ITS MEMBERS. ENHANCING OUR SECURITIES SETTLEMENT PROCESS IS CRITICAL TO THE CONTINUED RESILIENCY OF OUR MARKETS AND MARKET OPERATIONS. THE T+1 SETTLEMENT CYCLE FOR CORPORATE BONDS, MUNICIPAL BONDS, AND EQUITIES TRANSACTIONS IN THE U.S. IS NOW IN PLACE. THE FINANCIAL INDUSTRY TRANSITIONED TO A T+1 SETTLEMENT CYCLE IN THE UNITED STATES ON TUESDAY, MAY 28, 2024, AND IN CANADA ON MONDAY, MAY 27, 2024. THERE ARE MANY MOVING PIECES AND MANY OPERATIONS PROFESSIONALS INVOLVED IN THIS TRANSITION.
FORM 990, PART III, LINE 4B	STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS ADVOCACY: ADVOCACY FOR ISSUES OF IMPORTANCE TO ITS MEMBERS: SIFMA BRINGS TOGETHER THE SHARED INTERESTS OF HUNDREDS OF BROKER-DEALERS, BANKS AND ASSET MANAGERS. WE ADVOCATE IN SUPPORT OF EFFECTIVE AND RESILIENT CAPITAL MARKETS. SIFMA, ON BEHALF OF THE FINANCIAL SERVICES INDUSTRY, ENGAGES WITH POLICYMAKERS AND REGULATORS ON A STATE, FEDERAL AND GLOBAL LEVEL THROUGH COMMENT LETTERS, TESTIMONY, STUDIES AND MORE. SIFMA'S GOAL IS TO ENSURE REGULATION IS EFFECTIVE, BALANCED AND CONSISTENT WITH ITS INTENDED PURPOSE, APPROPRIATELY COORDINATED WITH OTHER REGULATORS AND REGULATORY REGIMES, AND AVOIDS CONSTRAINING CAPITAL FORMATION AND CREDIT AVAILABILITY, OR OTHERWISE IMPEDING THE FUNCTIONING OF THE MARKETS AND THE INDIVIDUALS THEY SERVE. TREASURY CLEARING: WWW.SIFMA.ORG/EXPLORE-ISSUES/TREASURY-CLEARING THE U.S. TREASURY MARKET IS A BEDROCK OF THE GLOBAL FINANCIAL SYSTEM. TODAY, THERE ARE $28 TRILLION OF TREASURY SECURITIES OUTSTANDING. AN AVERAGE OF OVER $910 BILLION IS TRADED EVERY DAY. NEW RULES FROM THE U.S. SECURITIES EXCHANGE COMMISSION (SEC), FINALIZED IN DECEMBER 2023, WILL REQUIRE MOST MARKET PARTICIPANTS TO CENTRALLY CLEAR CASH AND REPO U.S. TREASURIES. THE RULE CHANGE TRIGGERS A SIGNIFICANT CHANGE IN U.S. TREASURY MARKET STRUCTURE AND WILL HAVE MATERIAL IMPACTS TO MARKET PARTICIPANTS INCLUDING BROKER-DEALERS, INSTITUTIONAL INVESTORS, INTERDEALER BROKERS, PRINCIPAL TRADING FIRMS, AND COVERED CLEARING AGENCIES. TREASURY CASH CLEARING IS REQUIRED TO GO INTO EFFECT BY THE END OF 2025, AND REPO CLEARING IS REQUIRED TO GO INTO EFFECT BY JUNE 30, 2026. THE RULE'S TIMELINE FOR IMPLEMENTATION IS AGGRESSIVE AND, AS WE NEAR THE FIRST DEADLINE, THERE ARE SEVERAL SIGNIFICANT OPEN QUESTIONS REQUIRING FORMAL GUIDANCE FROM REGULATORS AND OTHER MARKET PARTICIPANTS TO ENSURE A SMOOTH TRANSITION TO AVOID UNNECESSARY DISRUPTION IN THE TREASURY MARKET. ON BEHALF OF OUR MEMBERS, SIFMA IS WORKING TO ADVANCE MULTIPLE WORKSTREAMS AND SHORT-TERM DELIVERABLES THAT WILL SET THE STAGE FOR LONG-TERM IMPLEMENTATION. THESE INCLUDE DEVELOPMENT OF MARKET STANDARD DOCUMENTATION, CONSIDERATIONS FOR A FIRM'S IMPLEMENTATION, AND NECESSARY REGULATORY REFORMS. PRUDENTIAL REGULATION: WWW.SIFMA.ORG/EXPLORE-ISSUES/PRUDENTIAL-REGULATION/ PRUDENTIAL REGULATION REQUIRES BANKING ORGANIZATIONS TO PRUDENTLY MEASURE AND MANAGE RISKS, MAINTAIN ADEQUATE CAPITAL AND LIQUIDITY LEVELS, AND HAVE IN PLACE WORKABLE RECOVERY AND RESOLUTION PLANS. OUR REGULATORY REGIME MUST ACCOUNT FOR THE VITAL ROLE THE CAPITAL MARKETS PLAY IN PROVIDING CREDIT AND FINANCING THE REAL ECONOMY, PARTICULARLY AS REGULATORS CONSIDER THE FINALIZATION OF ELEMENTS OF THE BASEL III ENDGAME AND THE GSIB SURCHARGE PROPOSALS. THOSE RULES MUST BE IMPLEMENTED IN A MANNER THAT DOES NOT OVERLY PENALIZE BANKS' CAPITAL MARKETS ACTIVITIES, WHICH IN TURN COULD REDUCE LIQUIDITY IN VITAL CORPORATE AND OTHER FUNDING MARKETS, THEREBY HURTING GROWTH IN THE REAL ECONOMY. WHILE BANK CAPITAL REQUIREMENTS ARE AN UNDOUBTEDLY COMPLEX SUBJECT, THERE IS NO QUESTION THAT THEY HAVE MATERIAL IMPACTS ACROSS THE ENTIRE ECONOMY, AFFECTING THE ABILITY OF CORPORATIONS, SMALL BUSINESSES, GOVERNMENTAL ORGANIZATIONS, AND CONSUMERS TO FUND THEIR ACTIVITIES AND MANAGE ALL TYPES OF RISKS. GIVEN THESE IMPACTS, IT'S CRUCIAL THAT POLICYMAKERS CONDUCT SUFFICIENT ANALYSIS AND OVERSIGHT TO ENSURE THAT BANK CAPITAL REQUIREMENTS STRIKE THE APPROPRIATE BALANCE BETWEEN ENSURING FINANCIAL STABILITY AND MACROECONOMIC GROWTH. IN THIS CONTEXT, IT IS WORTH NOTING THAT THE QUANTITY OF HIGH-QUALITY CAPITAL IN THE U.S. BANKING SYSTEM HAS INCREASED THREE-FOLD SINCE THE GLOBAL FINANCIAL CRISIS, WHILE TOTAL LOSS ABSORBING CAPACITY HAS INCREASED SIX-FOLD AND LIQUIDITY LEVELS HAVE INCREASED TWELVE-FOLD. MANY INDEPENDENT STUDIES HAVE ALSO FOUND CAPITAL LEVELS AT THE LARGEST U.S. BANKS TO EITHER BE AT OR CLOSE TO THEIR "OPTIMAL" LEVELS. AND SENIOR POLICYMAKERS, INCLUDING INCOMING TREASURY SECRETARY SCOTT BESSENT, FORMER TREASURY SECRETARY JANET YELLEN, FEDERAL RESERVE CHAIR JEROME POWELL, AND OUTGOING FEDERAL RESERVE VICE CHAIR FOR SUPERVISION MICHAEL BARR, HAVE CONSISTENTLY STATED THAT THE U.S. BANKING SYSTEM IS STRONG, RESILIENT, AND "WELL-CAPITALIZED." IN OTHER WORDS, CAPITAL LEVELS ARE ALREADY ROBUST AND ANY FURTHER PROPOSED INCREASES SHOULD BE SUFFICIENTLY SCRUTINIZED TO DETERMINE BOTH THE TANGIBLE BENEFITS, AND COSTS TO THE BROADER U.S. ECONOMY. IT IS PARTICULARLY IMPORTANT THAT POLICYMAKERS STRIKE THE RIGHT BALANCE WHEN IT COMES TO CAPITAL REQUIREMENTS AFFECTING THE ABILITY OF LARGE BANKING ORGANIZATIONS TO ACT AS INTERMEDIARIES IN OUR CAPITAL MARKETS, GIVEN THAT THOSE MARKETS FUND ROUGHLY THREE QUARTERS OF ALL ECONOMIC ACTIVITY IN THE UNITED STATES. THIS IS A CRITICAL REASON THAT THE U.S. ECONOMY IS MORE EFFICIENT, RESILIENT AND GROWTH ORIENTED THAN OTHER MAJOR ECONOMIES, WHERE THE VAST MAJORITY OF COMMERCIAL AND ECONOMIC ACTIVITY IS HEAVILY RELIANT ON DIRECT LENDING BY BANKS. IN FACT, THE EU AND MANY ASIAN NATIONS ASPIRE TO DEVELOP THEIR CAPITAL MARKETS TO MIMIC THE U.S. MODEL. EXCESSIVE CAPITAL REQUIREMENTS ON BANKS' MARKETS ACTIVITIES WOULD NEGATIVELY IMPACT THE DEPTH, LIQUIDITY AND RESILIENCY OF THE CAPITAL MARKETS AND INCREASE COSTS AT THE EXPENSE OF CONSUMERS AND COMMERCIAL ENTITIES WHO BENEFIT DIRECTLY AND INDIRECTLY FROM BANK INVOLVEMENT IN SUCH ACTIVITIES. EQUITY MARKET STRUCTURE: WWW.SIFMA.ORG/EXPLORE-ISSUES/EQUITY-MARKET-STRUCTURE/ THE U.S. EQUITY MARKETS FACILITATE CAPITAL FORMATION. THEY ARE THE MOST ROBUST IN THE WORLD AND CONTINUE TO BE AMONG THE DEEPEST, MOST COMPETITIVE, MOST LIQUID AND MOST EFFICIENT. THEY ARE ALSO AMONG THE MOST REGULATED. EFFICIENT AND RESILIENT MARKET STRUCTURE IS KEY TO SUSTAINING INVESTOR CONFIDENCE AND PARTICIPATION IN THE EQUITY MARKETS. MARKET STRUCTURE CAN DRIVE LIQUIDITY AND TRADE COSTS FOR BUSINESSES AND INVESTORS ALIKE. THEREFORE, MARKET PARTICIPANTS CONTINUALLY STRIVE TO CREATE THE MOST EFFICIENT MARKETS. THIS INCLUDES ADAPTING NEW TECHNOLOGIES TO ACHIEVE OPERATIONAL EFFICIENCIES, SEARCHING FOR NEW WAYS TO TRANSACT AND, GENERALLY, OPTIMIZING MARKET STRUCTURE TO MAXIMIZE EFFICIENCIES. MARKET MAKERS EXIST TO PROVIDE LIQUIDITY IN SECURITIES AND EXECUTE CUSTOMER TRADES, PLAYING AN IMPORTANT ROLE IN EQUITY MARKET STRUCTURE BY ENABLING LIQUIDITY AND BALANCING BUY AND SELL DEMAND. IMPORTANTLY, INVESTORS, PARTICULARLY RETAIL INVESTORS, BENEFIT FROM THIS EFFICIENCY AND RESILIENCY THROUGH REDUCED COSTS INCLUDING NO OR LOW COMMISSIONS, BEST EXECUTION AND COMPETITION. ALL MARKET PARTICIPANTS SEEK TO DRIVE INNOVATION TO FURTHER IMPROVE EQUITY MARKET EFFICIENCY, RESILIENCY AND MOST IMPORTANTLY THE BENEFIT TO INVESTORS. HOWEVER, REGULATORS MUST CAREFULLY WEIGH THE IMPACT OF ANY CHANGES ON INVESTORS. SPECIFICALLY, AS THE SEC CONSIDERS PROPOSING MAJOR CHANGES TO OUR CURRENT EQUITY MARKET STRUCTURE SYSTEM, IT IS CRITICAL THAT ANY CHANGES BE DATA-DRIVEN WITH ROBUST COST-BENEFIT ANALYSIS. THERE WERE SEVERAL SIGNIFICANT UPDATES IN 2024: - IN MARCH 2024, THE SEC ADOPTED A FINAL RULE AMENDING RULE 605, MODERNIZING DISCLOSURE REQUIREMENTS FOR ORDER EXECUTION. - IN SEPTEMBER 2024, THE SEC ADOPTED AMENDMENTS TO REGULATION NMS. THE AMENDMENTS ESTABLISH A NEW MINIMUM $0.005 QUOTING INCREMENT FOR CERTAIN TICK CONSTRAINED STOCKS; REDUCES THE MAXIMUM ACCESS FEE CAP FOR EXCHANGE TRANSACTIONS; REQUIRES EXCHANGES TO DISCLOSE TRANSACTION FEES AT THE TIME OF EXECUTION; AND ACCELERATES THE IMPLEMENTATION OF THE NEW ROUND LOT REQUIREMENTS AND THE DISPLAY OF ODD-LOT INFORMATION TO ENHANCE THE TRANSPARENCY OF BETTER PRICED ORDERS. - IN OCTOBER 2024, TWO NATIONAL SECURITIES EXCHANGES FILED A CHALLENGE TO THE AMENDMENTS TO RULES 610 (ACCESS FEES) AND 612 (TICK SIZES) IN THE D.C. CIRCUIT. IN DECEMBER 2024, THE COMMISSION STAYED THE EFFECTIVENESS OF THE TICK SIZE AND ACCESS FEE AMENDMENTS PENDING THE OUTCOME OF THE EXCHANGES' LITIGATION. THE REMAINING AMENDMENTS TO REGULATION NMS ARE NOT AFFECTED BY THE STAY. TAX POLICY: WWW.SIFMA.ORG/EXPLORE-ISSUES/TAX-POLICY/ TAXES IMPACT THE SAVINGS AND INVESTMENT DECISIONS OF INDIVIDUALS AND CORPORATIONS AND ARE A NECESSARY MEANS FOR FUNDING THE GOVERNMENT. TAX REFORM IS EXPECTED TO BE A MASSIVE UNDERTAKING IN 2025 AS MANY OF THE PROVISIONS IN THE 2017 TAX CUTS AND JOBS ACT (TCJA) EXPIRE. WE EXPECT SIGNIFICANT LEGISLATION AROUND TAX POLICY TO COME UP FOR DEBATE AS REPUBLICAN LAWMAKERS SEEK TO EXTEND THE EXPIRING PROVISIONS, AND MAKING SURE THAT THE FINANCIAL SERVICES INDUSTRY IS AT THE TABLE IS CRITICAL.
FORM 990, PART III, LINE 4B	SIFMA BELIEVES REASONABLE TAXATION AND ECONOMIC GROWTH ARE NOT MUTUALLY EXCLUSIVE AND ENCOURAGES POLICYMAKERS TO WEIGH IMPACTS ON GROWTH AND COMPETITIVENESS WHEN CONTEMPLATING CHANGES TO THE TAX CODE. MANY OF SIFMA'S MEMBERS ARE GLOBAL TAXPAYERS AS WELL, THEREFORE INTERNATIONAL STANDARDS FOR RAISING REVENUE SHOULD CONSIDER THE HIGHLY REGULATED NATURE OF THE FINANCIAL SERVICES INDUSTRY. SIFMA'S MEMBER FIRMS ARE WILLING AND PREPARED TO HELP POLICYMAKERS WADE THROUGH THE NUANCES AND GOALS OF THEIR RESPECTIVE TAX POLICY. SIFMA BELIEVES TAXES IMPACT SAVINGS AND INVESTMENTS FOR BOTH INDIVIDUALS AND BUSINESSES BUT REMAIN NECESSARY FOR GOVERNMENT PROGRAMS AND SUPPORT FOR DOMESTIC ECONOMIC GROWTH. WE REMAIN FOCUSED ON INTERNATIONAL TAX, CAPITAL GAINS AND DIVIDENDS, AND PROTECTING INVESTORS AND SAVERS FROM TAXES THAT COULD HURT THEIR SAVINGS AND FUTURE RETIREMENT SECURITY. AML & FINANCIAL CRIME: WWW.SIFMA.ORG/EXPLORE-ISSUES/AML-AND-FINANCIAL-CRIME/ AN EFFECTIVE ANTI-MONEY LAUNDERING PROGRAM IS A CRITICAL TOOL TO FIGHT FINANCIAL CRIME AND PROTECT THE INTEGRITY OF THE CAPITAL MARKETS AND GLOBAL FINANCIAL SYSTEM. ANTI-MONEY LAUNDERING AND FINANCIAL CRIME PROFESSIONALS AT BROKER-DEALERS HAVE A UNIQUE ROLE IN COMBATTING ILLICIT FINANCE. NEVER HAS THERE BEEN A MORE DYNAMIC AND HOPEFUL TIME FOR THEIR EFFORTS TO PROTECT AND ENSURE THE PREEMINENCE OF THE U.S. CAPITAL MARKETS. THESE PROFESSIONALS CONDUCT SUBSTANTIAL SURVEILLANCE OF FUND MOVEMENTS IN ADDITION TO TRANSACTION MONITORING; THEY USE KNOW YOUR CUSTOMER (KYC) PROCESSES TO LOOK CRITICALLY AT SOURCES OF FUNDS FOR THEIR CUSTOMERS TO IDENTIFY SUSPICIOUS ACCOUNT OPENINGS OR ACCOUNT FUNDINGS; AND THEY REGULARLY ANALYZE ACTIVITY TO IDENTIFY ILLICIT SCHEMES THAT MAY BE NEW TO THEIR FIRMS. THEY FILE A SIGNIFICANT NUMBER OF SUSPICIOUS ACTIVITY REPORTS (SARS), PROVIDING CRITICAL LEADS FOR LAW ENFORCEMENT INVESTIGATIONS. THE ANTI-MONEY LAUNDERING ACT OF 2020, WHICH BECAME LAW ON JANUARY 1, 2021, IS THE MOST SIGNIFICANT PIECE OF AML RELATED LEGISLATION SINCE THE USA PATRIOT ACT OF 2001. SIFMA IS COMMITTED TO HELPING OUR MEMBERS INCORPORATE IT INTO THEIR RISK-BASED PROGRAMS, AND WE CONTINUE TO ENGAGE WITH THE TREASURY AND OTHER POLICYMAKERS ON NEW AND MODIFIED REQUIREMENTS FOCUSED ON MITIGATING FINANCIAL CRIME RISKS ACROSS THE SECURITIES INDUSTRY. BROKER-DEALERS AND OTHER FINANCIAL INSTITUTIONS REMAIN HOPEFUL THAT REGULATORS TASKED WITH IMPLEMENTING THE ACT REMAIN FAITHFUL IN THEIR RULEMAKINGS TO THE AML ACT'S PURPOSE TO MODERNIZE EXISTING, CUMBERSOME REGULATIONS THAT DRAIN CRITICAL RESOURCES AWAY FROM THE MOST THREATENING ILLICIT FINANCE RISKS. IT IS CRITICAL THAT WE ALSO LOOK TO NEW BUSINESS LINES AND PRODUCTS, INCLUDING THE MARIJUANA INDUSTRY AND DIGITAL ASSETS, WHICH MAY PRESENT THE SAME OR ADDITIONAL ILLICIT FINANCE RISKS. SIFMA HAS BEEN AT THE FOREFRONT IN ASSISTING OUR MEMBERS AS THEY NAVIGATE THIS EVER-CHANGING AND MORE COMPLEX LANDSCAPE. IN SEPTEMBER 2024, THE FINANCIAL CRIMES ENFORCEMENT NETWORK (FINCEN) OF THE U.S. DEPARTMENT OF THE TREASURY ADOPTED A FINAL RULE APPLYING ANTI-MONEY LAUNDERING RULES TO INVESTMENT ADVISERS. COVERED ADVISERS WOULD BE REQUIRED TO IMPLEMENT A RISK-BASED AML PROGRAM, DESIGNATE A PERSON RESPONSIBLE FOR PROGRAM ADMINISTRATION, CONDUCT TRAINING, ARRANGE FOR INDEPENDENT PROGRAM REVIEWS, KEEP RECORDS RELATING TO THE TRANSMITTAL OF FUNDS, AND FILE SUSPICIOUS ACTIVITY REPORTS. THE RULE IS EFFECTIVE ON JANUARY 1, 2026. WHILE FINCEN TAILORED SOME REQUIREMENTS, OTHERS WERE NOT TAILORED TO THE UNIQUE NATURE OF ADVISORY BUSINESSES, CREATING UNNECESSARY BURDENS THAT WILL NEED TO BE ADDRESSED THROUGH GUIDANCE OR A REVISED RULE. FINCEN ALSO PROPOSED CUSTOMER IDENTIFICATION PROGRAM (CIP) REQUIREMENTS FOR INVESTMENT ADVISERS. GIVEN CIP IS A PREDICATE COMPONENT TO A WELL-FUNCTIONING AML PROGRAM AND HAS NOT BEEN FINALIZED YET (AS OF EARLY JANUARY 2025), FINCEN MAY NEED TO EXTEND THE COMPLIANCE DATE FOR THE AML PROGRAM RULE TO GIVE ADVISERS ENOUGH TIME TO BUILD OUT THEIR PROGRAMS. THE FINANCIAL INDUSTRY DEDICATES TREMENDOUS TIME, DILIGENCE AND RESOURCES TO PROTECTING OUR FINANCIAL SYSTEM. WE REMAIN COMMITTED TO WORKING TOGETHER, SHARING INFORMATION AND BEST PRACTICES, AND LEARNING FROM EACH OTHER, ALL WITH THE GOAL OF PROTECTING OUR MARKETS FROM ILLICIT FINANCIAL ACTIVITY AND STAYING A STEP OF THOSE LOOKING TO EXPLOIT THEM. RETIREMENT & SAVINGS: WWW.SIFMA.ORG/EXPLORE-ISSUES/RETIREMENT-SAVINGS/ HELPING AMERICANS GROW SAVINGS AND PLAN FOR A SECURE RETIREMENT IS AMONG THE MOST IMPORTANT ROLES OF THE U.S. CAPITAL MARKETS. INDIVIDUALS OF ALL INCOME LEVELS CAN INVEST, SAVE FOR THE LONG-TERM, AND ACCESS A PROFESSIONAL FINANCIAL ADVISOR WHO SERVES AS A CRITICAL LINK IN HELPING INVESTORS MEET THEIR GOALS. WORKING WITH OUR MEMBERS WHO SERVE RETAIL INVESTORS, SIFMA SEEKS TO RAISE AWARENESS OF HOW FINANCIAL ADVICE AND FINANCIAL LITERACY PROGRAMS CAN POSITIVELY IMPACT THE FINANCIAL HEALTH OF AMERICANS WORKING TO REACH THEIR FINANCIAL GOALS, INCLUDING PURCHASING A HOME, SENDING CHILDREN TO COLLEGE AND SAVING FOR RETIREMENT.
FORM 990, PART III, LINE 4C	STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS CONFERENCES AND EVENTS: HTTPS://EVENTS.SIFMA.ORG/ SIFMA CONFERENCES, EVENTS AND WEBINARS FOSTER MEANINGFUL CONVERSATIONS ABOUT THE CAPITAL MARKETS AND OFFER VALUABLE PROFESSIONAL DEVELOPMENT OPPORTUNITIES. SIFMA ANNUAL MEETING: CAPITAL MARKETS FINANCE THE REAL ECONOMY, ALLOCATE RISK, AND SUPPORT ECONOMIC GROWTH AND FINANCIAL STABILITY. AS THE VOICE FOR THE NATION'S SECURITIES INDUSTRY, WHICH DELIVERS A BROAD RANGE OF FINANCIAL SERVICES TO CLIENTS INCLUDING CORPORATIONS, GOVERNMENTS AND INDIVIDUALS, SIFMA BRINGS TOGETHER HUNDREDS OF INVESTMENT BANKS, WEALTH MANAGERS, BROKER-DEALERS AND ASSET MANAGERS TO ADVOCATE FOR THEIR EFFECTIVENESS AND RESILIENCY CAPITAL MARKETS. TOGETHER, WE ARE INVESTED IN AMERICA. SIFMA COMPLIANCE & LEGAL SOCIETY ANNUAL SEMINAR: SIFMA'S C&L ANNUAL SEMINAR IS THE PREEMINENT MEETING PLACE FOR COMPLIANCE AND LEGAL PROFESSIONALS IN FINANCIAL SERVICES. THROUGH EDUCATION, OUR COMMUNITY PROTECTS OUR INDUSTRY AND FURTHER ENHANCES ITS INTEGRITY. OPERATIONS CONFERENCE & EXHIBITION: FOR MORE THAN 50 YEARS, SIFMA'S OPERATIONS CONFERENCE & EXHIBITION HAS GATHERED OPERATIONS AND TECHNOLOGY LEADERS FROM ACROSS THE CAPITAL MARKETS ECOSYSTEM. BRINGING TOGETHER THE BUY AND SELL SIDES, WE SHARE PERSPECTIVES, DRIVE INDUSTRY-LEADING INITIATIVES, AND EXPLORE CUTTING-EDGE SOLUTIONS TO ACCELERATE CHANGE. THE SECURITIES INDUSTRY INSTITUTE: THE SECURITIES INDUSTRY INSTITUTE (SII) IS THE PREMIER EXECUTIVE DEVELOPMENT PROGRAM FOR SECURITIES INDUSTRY PROFESSIONALS, HOSTED BY SIFMA AND WHARTON. FOR 74 YEARS, SIFMA AND THE WHARTON SCHOOL HAVE PARTNERED TO DEVELOP THE INDUSTRY'S HIGH-POTENTIAL RISING LEADERS. OVER THREE CONSECUTIVE YEARS SII PARTICIPANTS LEARN FROM AUTHORITIES ON TOPICS WHICH DEVELOP LEADERSHIP AND MANAGERIAL SKILLS AND ENHANCE INVESTMENT AND INDUSTRY KNOWLEDGE. SII'S COST-EFFECTIVE TALENT DEVELOPMENT APPROACH DELIVERS ACTIONABLE KNOWLEDGE THAT IS IMPLEMENTABLE TODAY: THE MISSION OF THE INSTITUTE IS TO EQUIP EACH PARTICIPANT WITH PRACTICAL INFORMATION, IDEAS, AND ANSWERS DIRECTLY APPLICABLE TO THEIR PRESENT AND FUTURE RESPONSIBILITIES. ITS CUSTOMIZED CURRICULUM IS REDESIGNED EACH YEAR TO REFLECT THE NEEDS OF AN EVER-CHANGING INDUSTRY LANDSCAPE.
FORM 990, PART VI, SECTION A, LINE 6	MEMBERS SIFMA IS A MEMBERSHIP ORGANIZATION WITH THE FOLLOWING CLASSES OF MEMBERSHIP: BROKER-DEALER MEMBERS AND ASSET MANAGER MEMBERS EACH BROKER-DEALER MEMBER AND ASSET MANAGER MEMBER SHALL BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE. ASSOCIATE MEMBERS ASSOCIATE MEMBERS SHALL NOT BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE, AND SHALL NOT BE ELIGIBLE TO SERVE AS DIRECTORS OF THE ASSOCIATION.
FORM 990, PART VI, SECTION A, LINE 7A	SIMFA IS A MEMBERSHIP ORGANIZATION AND MEMBERS HAVE THE FOLLOWING POWERS WITH RESPECT TO THE GOVERNING BODY: BROKER-DEALER MEMBERS AND ASSET MANAGER MEMBERS: EACH BROKER-DEALER MEMBER AND ASSET MANAGER MEMBER SHALL BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE. ASSOCIATE MEMBERS: ASSOCIATE MEMBERS SHALL NOT BE ENTITLED TO VOTE WITH RESPECT TO THE ELECTION OF DIRECTORS AND OTHER MATTERS AS MAY BE SUBMITTED AT ANY ANNUAL OR OTHER MEETING OF MEMBERS ENTITLED TO VOTE, AND SHALL NOT BE ELIGIBLE TO SERVE AS DIRECTORS OF THE ASSOCIATION.
FORM 990, PART VI, SECTION B, LINE 11B	FORM 990 REVIEW PROCESS: THE ACCOUNTING DEPARTMENT OF THE ORGANIZATION PREPARES THE FORM 990 BASED ON AUDITED FINANCIAL INFORMATION. THE DRAFT FORM 990 IS THEN REVIEWED BY MANAGEMENT AND AN EXTERNAL INDEPENDENT ACCOUNTING FIRM. THE AUDIT AND FINANCE COMMITTEE WILL REVIEW THE FINAL DRAFT SIGNED OFF BY THE EXTERNAL INDEPENDENT TAX ACCOUNTANT. THIS REVIEW WILL BE NOTED AS AN AGENDA ITEM AT AN AUDIT AND FINANCE COMMITTEE MEETING AND WILL BE DULY NOTED IN THE MINUTES. THE FORM 990 WILL BE PROVIDED TO ALL VOTING MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO SUBMISSION TO THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	CONFLICT OF INTEREST POLICY MONITORING & ENFORCEMENT: ANY EMPLOYEE IN A POSITION WHERE HIS OR HER OBJECTIVITY MAY BE QUESTIONED BECAUSE OF AN INDIVIDUAL INTEREST OR FAMILY OR PERSONAL RELATIONSHIP IS REQUIRED TO NOTIFY THE GENERAL COUNSEL. SIMILARLY, ANY EMPLOYEE AWARE OF ANY TRANSACTION OR RELATIONSHIP THAT COULD REASONABLY BE EXPECTED TO GIVE RISE TO A PERSONAL CONFLICT OF INTEREST IS REQUIRED TO DISCUSS THE MATTER PROMPTLY WITH THE GENERAL COUNSEL. IN ADDITION, ONCE EVERY YEAR, DIRECTORS, OFFICERS, KEY EMPLOYEES, AND ALL THE EMPLOYEES OF SIFMA ARE REQUIRED TO REVIEW A COPY OF THE CONFLICT OF INTEREST POLICY AND TO ACKNOWLEDGE IN WRITING THAT HE OR SHE IS COMPLIANT.
FORM 990, PART VI, SECTION B, LINE 15	PROCESS FOR DETERMINING COMPENSATION: THE EXECUTIVE COMMITTEE AND THE BOARD ACTING AS COMPENSATION COMMITTEE HIRE CONSULTANTS TO REVIEW COMPARABLE PACKAGES FOR ANY NEW INCOMING CEO AND OFFICERS. THE CONSULTANT PRESENTS DATA FOR COMPARABLE POSITIONS BOTH LOCALLY AND NATIONALLY AND THE BOARD'S EXECUTIVE COMMITTEE MAKES THE FINAL DECISION FOR THE SALARY PACKAGE. CURRENTLY, THE CEO AND COO HAVE EMPLOYMENT CONTRACTS WHICH WERE APPROVED BY THE EXECUTIVE COMMITTEE AND THE BOARD, GOVERNING ANNUAL SALARY INCREASE AND ANY BONUS PAYMENTS. FOR THE REMAINING SENIOR OFFICERS, THE ANNUAL SALARY INCREASE AND BONUS PAYMENTS ARE DETERMINED BY THE ANNUAL EVALUATION PROCESS WHICH MUST BE APPROVED BY THE BOARD'S COMPENSATION COMMITTEE.
FORM 990, PART VI, SECTION C, LINE 19	AVAILABILITY OF DOCUMENTS ANY REQUEST FOR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS WILL BE PROVIDED UPON REQUEST AT MANAGEMENT'S DISCRETION.
FORM 990, PART XI, LINE 9 - PROCEEDS FROM LEGAL SETTLEMENT	DURING THE YEAR ENDED OCTOBER 31, 2024, THE ASSOCIATION RECEIVED AN $8.15 MILLION CASH SETTLEMENT RELATED TO LITIGATION ON AN EVENT CANCELLATION INSURANCE CLAIM, WHICH IS REPORTED AS PROCEEDS FROM LEGAL SETTLEMENT WITHIN THE ACCOMPANYING STATEMENT OF ACTIVITIES FOR THE YEAR ENDED OCTOBER 31, 2024. THE ASSOCIATION'S BOARD OF DIRECTORS REVIEWED THE ASSOCIATION'S RESERVE LEVEL FOLLOWING THE COLLECTION OF THESE PROCEEDS AND AUTHORIZED A $7 MILLION MEMBER REBATE APPLIED TO FISCAL 2025 IN THE FORM OF A ONE-TIME DUES CREDIT TO FULL MEMBERS.
FORM 990, PART XI, LINE 9:	POST-RET. RELATED CHANGES OTHER THAN NET PERIODIC POST RET. BENEFIT COST -453,145. PROCEEDS FROM LEGAL SETTLEMENT 8,150,000.

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:

1	Briefly describe the organization’s mission or most significant activities: SIFMA IS THE VOICE OF THE NATION'S SECURITIES INDUSTRY, BRINGING TOGETHER (CONT. ON SCH. O) THE SHARED INTERESTS OF HUNDREDS OF BROKER-DEALERS, INVESTMENT BANKS AND ASSET MANAGERS. WE ADVOCATE FOR EFFECTIVE AND RESILIENT CAPITAL MARKETS.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	40
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	39
5	Total number of individuals employed in calendar year 2023 (Part V, line 2a) ......	5	149
6	Total number of volunteers (estimate if necessary) .............	6	19,164
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	175,824
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	44,764

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	57,517,180	58,376,406
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	1,979,827	2,620,141
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	796,960	782,513
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	60,293,967	61,779,060
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	203,400	180,639
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)	37,892,811	40,027,014
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)....	19,383,748	22,051,628
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	57,479,959	62,259,281
19	Revenue less expenses. Subtract line 18 from line 12.......	2,814,008	-480,221
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	72,929,787	80,889,764
21	Total liabilities (Part X, line 26).............	50,236,088	49,649,369
22	Net assets or fund balances. Subtract line 21 from line 20.....	22,693,699	31,240,395

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	SEE SCHEDULE O

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	SEE SCHEDULE O

4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	SEE SCHEDULE O

	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )
	CONTINUED SERVING AS A SOURCE OF MARKET INFORMATION, INCLUDING STATISTICS ON MANY FACETS OF THE MARKET PLACE AND PUBLISHING RESEARCH REPORTS, TRADE NEWSLETTERS AND OTHER PERIODICALS AND BOOKS.

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

1b	Sub-Total..............
c	Total from continuation sheets to Part VII, Section A..
d	Total (add lines 1b and 1c).........	10,643,696	0	1,003,477

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	MEMBER DUES	541900	40,983,488	40,983,488
b	CONFERENCES	541900	17,269,158	17,269,158
c	PUBLICATION SALES	900099	123,760	123,760
d
e
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		58,376,406

3 Investment income (including dividends, interest, and othersimilar amounts) ......			2,620,141			2,620,141
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........			178,533		175,824	2,709
			(i) Real	(ii) Personal
6a	Gross rents	6a
b	Less: rental expenses	6b
c	Rental income or (loss)	6c
d	Net rental income or (loss).......
			(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	7a
b	Less: cost or other basis and sales expenses	7b
c	Gain or (loss)	7c
d	Net gain or (loss).........
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	SHARED SERVICE AGREEMENTS		561000	486,821			486,821
b	MISCELLANEOUS REVENUE		900099	117,159			117,159
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			603,980
12	Total revenue. See instructions.....			61,779,060	58,376,406	175,824	3,226,830

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	180,639
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. .............
4	Benefits paid to or for members .......
5	Compensation of current officers, directors, trustees, and key employees ...........	8,381,188
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........	25,111,037
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	2,314,291
9	Other employee benefits .......	2,587,951
10	Payroll taxes ...........	1,632,547
11	Fees for services (non-employees):
a	Management ......	148,579
b	Legal .........	2,937,527
c	Accounting ...........	154,175
d	Lobbying ...........	402,880
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	2,345,060
12	Advertising and promotion ....
13	Office expenses .......	290,071
14	Information technology ......	851,718
15	Royalties ..
16	Occupancy ...........	2,837,553
17	Travel ............	1,106,518
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	8,062,223
20	Interest ...........
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	843,751
23	Insurance ...
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	SUBSCRIPTION AND BOOKS	704,375
b	UBTI/EXCISE TAX EXPENSE	456,975
c	DUES & REGISTRATION	241,384
d	BANK CHARGES & CC FEES	230,371
e	All other expenses	438,468
25	Total functional expenses. Add lines 1 through 24e	62,259,281
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).

1	Cash–non-interest-bearing ........			2,838,804	1	1,500,665
2	Savings and temporary cash investments .........			23,527,293	2	16,276,367
3	Pledges and grants receivable, net ......				3
4	Accounts receivable, net .............			46,667	4	63,514
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 ......			2,234,507	9	2,600,400
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	10,085,754
b	Less: accumulated depreciation	10b	3,732,337	7,107,287	10c	6,353,417
11	Investments—publicly traded securities .			13,592,039	11	33,063,553
12	Investments—other securities. See Part IV, line 11 .....				12
13	Investments—program-related. See Part IV, line 11 ..				13
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........			23,583,190	15	21,031,848
16	Total assets. Add lines 1 through 15 (must equal line 33)...			72,929,787	16	80,889,764

17	Accounts payable and accrued expenses .....	11,982,067	17	12,051,136
18	Grants payable ...		18
19	Deferred revenue .........	4,158,794	19	3,334,554
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D	191,443	21	1,699,642
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	33,903,784	25	32,564,037
26	Total liabilities. Add lines 17 through 25..	50,236,088	26	49,649,369

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	22,693,699	27	31,240,395
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 ...........	22,693,699	32	31,240,395
33	Total liabilities and net assets/fund balances ........	72,929,787	33	80,889,764