TY 2024 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	2,891,954	94,775
(2) LAURA CHEPUCAVAGE...................................................................... CHAIR	2.00 ................. 0.00	X	X	0	0
(3) RONALD KRUSZEWSKI...................................................................... CHAIR-ELECT	2.00 ................. 0.00	X	X	0	0
(4) KENNETH CELLA...................................................................... CHAIR-EMERITUS	2.00 ................. 0.00	X	X	0	0
(5) DAVID LEFKOWITZ...................................................................... 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 (THRU 04/2025)	1.00 ................. 0.00	X		0	0
(8) MATT BENCHENER...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(9) ALTHEA BROWN...................................................................... DIRECTOR (THRU 06/2025)	1.00 ................. 0.00	X		0	0
(10) LIBBY CANTRILL...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(11) JON CHERRY...................................................................... DIRECTOR (AS OF 10/2024)	1.00 ................. 0.00	X		0	0
(12) SAMARA COHEN...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(13) JIM DEUTSCH...................................................................... DIRECTOR (AS OF 10/2024)	1.00 ................. 0.00	X		0	0
(14) MICHAEL DURBIN...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(15) KATIE FALLON...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(16) ANN FOGARTY...................................................................... DIRECTOR	1.00 ................. 0.00	X		0	0
(17) SOL GINDI...................................................................... 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) BRENT GLEDHILL........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(19) GARY HALL........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(20) ANERI JAMBUSARIA........................................................................ DIRECTOR (AS OF 06/2025)	1.00 .......................0.00	X			0	0
(21) GARY KANE........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(22) MICHAEL KISBER........................................................................ DIRECTOR (THRU 12/2024)	1.00 .......................0.00	X			0	0
(23) KIPP KRANBUHL........................................................................ DIRECTOR (AS OF 05/2025)	1.00 .......................0.00	X			0	0
(24) JACQUELINE LICALZI........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(25) LARRY MARTINEZ........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(26) ANTHONY M MILLER........................................................................ DIRECTOR (AS OF 10/2024)	1.00 .......................0.00	X			0	0
(27) CHANCE MIMS........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(28) DAVID MOORE........................................................................ DIRECTOR (AS OF 10/2024)	1.00 .......................0.00	X			0	0
(29) STEPHEN PHILIPSON........................................................................ DIRECTOR (AS OF 10/2024)	1.00 .......................0.00	X			0	0
(30) SHAWN QUANT........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(31) SAMUEL RAMIREZ JR........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(32) GARY RAPP........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(33) PAUL REILLY........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(34) BRENDAN T REILLY........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(35) JIM REYNOLDS JR........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(36) JOHN FW ROGERS........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(37) BRIAN RUANE........................................................................ DIRECTOR (AS OF 01/2025)	1.00 .......................0.00	X			0	0
(38) CLAIRE SANTANIELLO........................................................................ DIRECTOR (THRU 01/2025)	1.00 .......................0.00	X			0	0
(39) DARREN SHAMES........................................................................ DIRECTOR (AS OF 01/2025)	1.00 .......................0.00	X			0	0
(40) JOSEPH SWEENEY........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(41) JOHN TAFT........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(42) RYAN TAYLOR........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(43) THOMAS WIPF........................................................................ DIRECTOR	1.00 .......................0.00	X			0	0
(44) JOSEPH SEIDEL........................................................................ COO	40.00 .......................0.00		X		1,365,900	108,061
(45) SAIMA AHMED........................................................................ EVP & GENERAL COUNSEL	40.00 .......................0.00		X		992,547	81,105
(46) DAVID B KRASNER........................................................................ CFO & CAO	40.00 .......................0.00		X		777,567	105,311
(47) JOSH WILSUSEN........................................................................ EXECUTIVE VICE PRESIDENT	40.00 .......................0.00		X		839,736	101,990
(48) CHERYL L CRISPEN........................................................................ EXECUTIVE VICE PRESIDENT	40.00 .......................0.00		X		654,310	105,095
(49) SALVATORE CHIARELLI........................................................................ EXECUTIVE VICE PRESIDENT	40.00 .......................0.00		X		476,386	81,794
(50) LINDSEY KELJO........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X	607,185	83,695
(51) ROBERT TOOMEY........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X	592,593	95,112
(52) KEVIN CARROLL........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X	548,470	43,266
(53) CARTER K MCDOWELL........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X	547,615	65,673
(54) LISA BLEIER........................................................................ MANAGING DIRECTOR	40.00 .......................0.00			X	538,559	102,449

(A) Name and business address	(B) Description of services	(C) Compensation
ERNST & YOUNG US LLP 200 PLAZA DRIVE SECAUCUS,NJ07094	CONSULTING	1,073,094
CODE AND THEORY ONE WORLD TRADE CENTER NEW YORK,NY10007	CONSULTING	410,400
SULLIVAN & CROMWELL LLP 125 BROAD STREET NEW YORK,NY100042498	LEGAL	299,000
CLEARY GOTTLIEB STEEN & HAMILTON LLP 2000 PA AVENUE NW WASHINGTON,DC200061801	LEGAL	285,000
GIBSON DUNN & CRUTCHER LLP PO BOX 840723 LOS ANGELES,CA90084	LEGAL	259,997
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 19

- 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

2024

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

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) 2024

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) 2021	(b) 2022	(c) 2023	(d) 2024	(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) 2024

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

(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 ......................................................................

42,214,305

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

7,569,000

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

-426,961

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

7,142,039

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

6,965,360

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

176,679

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) 2024

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

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
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) (Rev. 1-2025)

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	1,920,361	4,406,957
d	Equipment ....	3,693,984	2,011,125	1,682,859
e	Other .....
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				6,089,816

Schedule D (Form 990) (Rev. 1-2025)

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				17,879,264
(2)OTHER LONG-TERM ASSETS				859,459
(3)DUE FROM THIRD PARTIES				782,063
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........				19,520,786

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	26,049,529
EMPLOYEE BENEFITS PAYABLE	4,393,097







Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	30,442,626
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) (Rev. 1-2025)

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	57,658,034
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a	954,905
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	954,905
3	Subtract line 2e from line 1..................			3	56,703,129
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	56,703,129

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	62,743,302
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	196,963
e	Add lines 2a through 2d....................			2e	196,963
3	Subtract line 2e from line 1...................			3	62,546,339
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	62,546,339

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 2025, THE SYNDICATED FUNDS COLLECTED FROM MEMBERS AND DISBURSED FOR SUCH SPECIAL PROJECTS TOTALED $1,306,212 AND $2,466,832 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 196,963.

Schedule D (Form 990) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule I
(Form 990)
(Rev. January 2025)

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 instructions and the latest information.

OMB No. 1545-0047

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) ASSOCIATION OF SECURITIES AND EXCHANGE COMMISSION ALUMN INC PO BOX 5767 WASHINGTON,DC20016	22-3036796	501(C)(3)	8,000	PROGRAM SUPPORT
(2) COMMITTEE ON CAPITAL MARKETS REGULATION INC 134 MOUNT AUBURN STREET CAMBRIDGE,MA02138	30-0406260	501(C)(3)	55,000	PROGRAM SUPPORT
(3) FORMER MEMBERS OF CONGRESS INC 1401 K STREET NW SUITE 901 WASHINGTON,DC20005	54-0883744	501(C)(3)	8,000	PROGRAM SUPPORT
(4) MERIDIAN INTERNATIONAL CENTER 1630 CRESCENT PLACE NW WASHINGTON,DC20009	53-0259663	501(C)(3)	10,000	PROGRAM SUPPORT
(5) NATIONAL ADULT PROTECTIVE SERVICES ASSOCIATION 1612 K STREET NW SUITE 200 WASHINGTON,DC20090	30-0044497	501(C)(3)	10,000	PROGRAM SUPPORT
(6) NCSL FOUNDATION FOR STATE LEGISLATURES PO BOX 17474 DENVER,CO802170474	74-2232576	501(C)(3)	10,000	PROGRAM SUPPORT
(7) PREVENT CANCER FOUNDATION 333 JOHN CARLYLE STREET SUITE 635 ALEXANDRIA,VA22314	52-1429544	501(C)(3)	12,000	PROGRAM SUPPORT
(8) PROGRAM ON INTERNATIONAL FINANCIAL SYSTEM INC 134 MOUNT AUBURN ST CAMBRIDGE,MA02138	82-2586755	501(C)(3)	10,000	PROGRAM SUPPORT
(9) SECURITIES AND EXCHANGE COMMISSION HISTORICAL SOCIETY 1455 PENNSYLVANIA AVE NW SUITE 400 WASHINGTON,DC20004	52-2213646	501(C)(3)	10,000	PROGRAM SUPPORT
(10) SIFMA FOUNDATION FOR INVESTOR EUDCATION (FIE) INC 140 BROADWAY NEW YORK,NY10005	52-1087193	501(C)(3)	25,000	PROGRAM SUPPORT
(11) TAX FOUNDATION 1325 G ST NW STE 950 WASHINGTON,DC20005	52-1703065	501(C)(3)	45,000	PROGRAM SUPPORT
(12) THE ECONOMIC CLUB OF WASHINGTON D C 1601 K STREET NW SUITE 210 WASHINGTON,DC20006	52-1469926	501(C)(3)	7,500	PROGRAM SUPPORT
(13) US CAPITOL HISTORICAL SOCIETY 200 MARYLAND AVE NE WASHINGTON,DC20002	52-0796820	501(C)(3)	10,000	PROGRAM SUPPORT
(14) WASHINGTON TENNIS & EDUCATION FOUNDATION 5220 16TH ST NW WASHINGTON,DC20011	52-6046504	501(C)(3)	8,000	PROGRAM SUPPORT
(15) WOMEN IN FINANCIAL MARKETS 26 LAFAYETTE DRIVE PORT CHESTER,NY10573	47-1467214	501(C)(3)	10,000	PROGRAM SUPPORT
(16) 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) Rev. 1-2025

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) Rev. 1-2025

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)
(Rev. January 2025)

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

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) (Rev. 1-2025)

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)	1,481,286 ------------- 0	1,400,000 ------------- 0	10,668 ------------- 0	41,400 ------------- 0	53,375 ------------- 0	2,986,729 ------------- 0	0 ------------- 0
2JOSEPH SEIDEL COO	(i) (ii)	677,518 ------------- 0	680,000 ------------- 0	8,382 ------------- 0	41,400 ------------- 0	66,661 ------------- 0	1,473,961 ------------- 0	0 ------------- 0
3SAIMA AHMED EVP & GENERAL COUNSEL	(i) (ii)	594,057 ------------- 0	397,500 ------------- 0	990 ------------- 0	41,400 ------------- 0	39,705 ------------- 0	1,073,652 ------------- 0	0 ------------- 0
4JOSH WILSUSEN EXECUTIVE VICE PRESIDENT	(i) (ii)	558,218 ------------- 0	280,000 ------------- 0	1,518 ------------- 0	41,400 ------------- 0	60,590 ------------- 0	941,726 ------------- 0	0 ------------- 0
5DAVID B KRASNER CFO & CAO	(i) (ii)	387,023 ------------- 0	385,000 ------------- 0	5,544 ------------- 0	41,400 ------------- 0	63,911 ------------- 0	882,878 ------------- 0	0 ------------- 0
6CHERYL L CRISPEN EXECUTIVE VICE PRESIDENT	(i) (ii)	345,698 ------------- 0	305,000 ------------- 0	3,612 ------------- 0	41,400 ------------- 0	63,695 ------------- 0	759,405 ------------- 0	0 ------------- 0
7LINDSEY KELJO MANAGING DIRECTOR	(i) (ii)	396,345 ------------- 0	210,000 ------------- 0	840 ------------- 0	41,400 ------------- 0	42,295 ------------- 0	690,880 ------------- 0	0 ------------- 0
8ROBERT TOOMEY MANAGING DIRECTOR	(i) (ii)	401,925 ------------- 0	180,000 ------------- 0	10,668 ------------- 0	44,769 ------------- 0	50,343 ------------- 0	687,705 ------------- 0	0 ------------- 0
9LISA BLEIER MANAGING DIRECTOR	(i) (ii)	366,627 ------------- 0	170,000 ------------- 0	1,932 ------------- 0	41,400 ------------- 0	61,049 ------------- 0	641,008 ------------- 0	0 ------------- 0
10CARTER K MCDOWELL MANAGING DIRECTOR	(i) (ii)	438,448 ------------- 0	102,500 ------------- 0	6,667 ------------- 0	41,400 ------------- 0	24,273 ------------- 0	613,288 ------------- 0	0 ------------- 0
11KEVIN CARROLL MANAGING DIRECTOR	(i) (ii)	371,858 ------------- 0	173,000 ------------- 0	3,612 ------------- 0	41,400 ------------- 0	1,866 ------------- 0	591,736 ------------- 0	0 ------------- 0
12SALVATORE CHIARELLI EXECUTIVE VICE PRESIDENT	(i) (ii)	227,774 ------------- 0	245,000 ------------- 0	3,612 ------------- 0	41,400 ------------- 0	40,394 ------------- 0	558,180 ------------- 0	0 ------------- 0

Schedule J (Form 990) (Rev. 1-2025)

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 THREE 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) (Rev. 1-2025)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990)
(Rev. January 2025)
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 instructions and the latest information.

OMB No. 1545-0047

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 AND CRISIS MANAGEMENT SIFMA LEADS INDUSTRY-WIDE EFFORTS TO ENSURE FIRMS CAN OPERATE THROUGH SIGNIFICANT EMERGENCIES USING BACKUP SYSTEMS, RECOVERY FACILITIES, AND REDUNDANT COMMUNICATIONS NETWORKS. INDUSTRY-WIDE BUSINESS CONTINUITY TEST WWW.SIFMA.ORG/BCP-TEST EACH YEAR, SIFMA COORDINATES A LARGE-SCALE INDUSTRY-WIDE BUSINESS CONTINUITY TEST TO EVALUATE FIRMS' ABILITY TO OPERATE UNDER STRESS. SUPPORTED BY ALL MAJOR EXCHANGES, UTILITIES, AND MARKET PARTICIPANTS, THE TEST INCLUDES TRANSACTIONS ACROSS EQUITIES, OPTIONS, FUTURES, FIXED INCOME, SETTLEMENT, PAYMENTS, TREASURY AUCTIONS, AND MARKET DATA. THE EXERCISE RUNS IN COORDINATION WITH THE FUTURES INDUSTRY ASSOCIATION (FIA) AND, IN ALTERNATE YEARS, WITH THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC). INDUSTRY-WIDE BUSINESS CONTINUITY TEST WWW.SIFMA.ORG/BCP-TEST EACH YEAR, SIFMA COORDINATES A LARGE-SCALE INDUSTRY-WIDE BUSINESS CONTINUITY TEST TO EVALUATE FIRMS' ABILITY TO OPERATE UNDER STRESS. SUPPORTED BY ALL MAJOR EXCHANGES, UTILITIES, AND MARKET PARTICIPANTS, THE TEST INCLUDES TRANSACTIONS ACROSS EQUITIES, OPTIONS, FUTURES, FIXED INCOME, SETTLEMENT, PAYMENTS, TREASURY AUCTIONS, AND MARKET DATA. THE EXERCISE RUNS IN COORDINATION WITH THE FUTURES INDUSTRY ASSOCIATION (FIA) AND, IN ALTERNATE YEARS, WITH THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC). EMERGENCY CRISIS MANAGEMENT COMMAND CENTER WWW.SIFMA.ORG/EMERGENCY DURING AN INDUSTRY-WIDE INCIDENT, SIFMA CONVENES MARKET PARTICIPANTS, COORDINATES WITH THE U.S. DEPARTMENT OF THE TREASURY, DEPARTMENT OF HOMELAND SECURITY, NEW YORK CITY OFFICE OF EMERGENCY MANAGEMENT, AND OTHER AGENCIES, AND ISSUES MARKET CLOSE RECOMMENDATIONS. MARKET RESPONSE COMMITTEES FOR THE FIXED INCOME AND EQUITY MARKETS ENSURE DECISIONS ARE OBJECTIVE, TRANSPARENT, AND CONSISTENT WITH REGULATORS' EXPECTATIONS FOR RESILIENCY AND CONTINUITY. CYBERSECURITY WWW.SIFMA.ORG/CYBERSECURITY CYBERSECURITY REMAINS ONE OF THE HIGHEST PRIORITIES FOR THE FINANCIAL SERVICES INDUSTRY. PROTECTING CLIENT INFORMATION AND ENSURING THE SECURE, RELIABLE EXECUTION OF TRANSACTIONS ARE CENTRAL TO MAINTAINING MARKET INTEGRITY AND PUBLIC TRUST. SIFMA WORKS WITH MEMBERS TO ADVANCE A RISK-BASED, HARMONIZED APPROACH TO CYBERSECURITY POLICY THAT PROMOTES EFFICIENCY, COORDINATION, AND INFORMATION SHARING. KEY PRIORITIES INCLUDE: -REGULATORY HARMONIZATION TO ALIGN CYBERSECURITY EXPECTATIONS AND REDUCE DUPLICATIVE REQUIREMENTS. -PUBLIC-PRIVATE PARTNERSHIPS TO ENHANCE THREAT INTELLIGENCE AND DATA SHARING. -INCIDENT RESPONSE EXERCISES TO STRENGTHEN PREPAREDNESS, DETECTION, AND RECOVERY PROTOCOLS. -BEST PRACTICES DEVELOPMENT FOR INSIDER THREAT MANAGEMENT, THIRD-PARTY RISK OVERSIGHT, AND SECURE DATA STORAGE AND RECOVERY.
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 THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) ADOPTED RULES REQUIRING MOST ADDITIONAL CLASSES OF TREASURY TRANSACTIONS, INCLUDING REPO AND CAST, TO BE CENTRALLY CLEARED. THIS REPRESENTS ONE OF THE MOST SIGNIFICANT STRUCTURAL CHANGES TO THE TREASURY MARKET IN DECADES - WITH MAJOR IMPLICATIONS FOR MARKET PARTICIPANTS, INFRASTRUCTURE PROVIDERS, AND REGULATORS ALIKE. SUPPORTING IMPLEMENTATION AND INDUSTRY READINESS ON BEHALF OF OUR MEMBERS, SIFMA IS LEADING COORDINATED WORKSTREAMS TO PREPARE THE INDUSTRY FOR IMPLEMENTATION. THESE EFFORTS INCLUDE DEVELOPING OPERATIONAL TIMELINES, ENHANCING MARKET STRUCTURE, AND ENSURING READINESS ACROSS BOTH THE BUY- AND SELL-SIDE. DEVELOPING MARKET STANDARD DOCUMENTATION TO PROMOTE CONSISTENCY AND EFFICIENCY AS NEW PARTICIPANTS ENTER THE CLEARING ECOSYSTEM, SIFMA HAS CONVENED CROSS-INDUSTRY WORKING GROUPS TO ESTABLISH MARKET STANDARD DOCUMENTATION FOR KEY ACCESS MODELS: - "DONE-WITH" MODEL: AVAILABLE HERE. - "DONE-AWAY" MODEL: IN DEVELOPMENT. SIFMA HAS ALSO PARTNERED WITH ARTERIA AI TO LAUNCH A DATA-DRIVEN DOCUMENTATION PLATFORM THAT STREAMLINES ONBOARDING, ENSURES COMPLIANCE, AND ACCELERATES OPERATIONAL INTEGRATION. ADVANCING REGULATORY REFORMS AND CLARIFICATIONS THIS RULEMAKING IS EXTRAORDINARILY COMPLEX, AND SEVERAL OPEN QUESTIONS REMAIN. SIFMA CONTINUES TO ENGAGE WITH REGULATORS TO: - CLARIFY INTER-AFFILIATE EXEMPTIONS THAT ARE CURRENTLY IMPRACTICAL TO IMPLEMENT. - ADDRESS IMPLICATIONS FOR REGISTERED FUNDS AND OFFSHORE ENTITIES THAT MAY BE WITHIN THE SCOPE OF THE RULE. SIFMA HAS COMPLETED A REVIEW OF THE FICC'S AGENT CLEARING SERVICE AND ENGAGED WITH THE SEC'S OFFICE OF THE CHIEF ACCOUNTANT TO RESOLVE ACCOUNTING ISSUES, WITH THE WORKING GROUP'S CONCLUSIONS AND CORRESPONDENCE MADE PUBLICLY AVAILABLE. THE BOTTOM LINE CENTRAL CLEARING OF U.S. TREASURIES REPRESENTS A HISTORIC TRANSFORMATION IN THE WORLD'S MOST IMPORTANT SECURITIES MARKET. SIFMA IS COMMITTED TO SUPPORTING A SMOOTH, COORDINATED TRANSITION - ONE THAT ENHANCES MARKET RESILIENCY, PROMOTES EFFICIENCY, AND PRESERVES THE LIQUIDITY AND DEPTH THAT DEFINE THE U.S. TREASURY MARKET. DIGITAL ASSETS DIGITAL ASSETS ARE RESHAPING GLOBAL FINANCE, DRIVING INNOVATION ACROSS MARKET INFRASTRUCTURE, CLEARING, AND SETTLEMENT. AS TECHNOLOGY EVOLVES, SO TOO MUST THE FRAMEWORKS THAT SUPPORT INVESTOR PROTECTION, FINANCIAL STABILITY, AND FAIR COMPETITION. SIFMA AND ITS MEMBERS ARE ENGAGING WITH POLICYMAKERS AND REGULATORS TO ENSURE THAT DIGITAL ASSET MARKETS DEVELOP IN A SAFE, TRANSPARENT, AND WELL-REGULATED MANNER - ONE THAT PROMOTES EFFICIENCY AND INNOVATION WHILE MAINTAINING THE SAME TRUSTED SAFEGUARDS THAT DEFINE U.S. CAPITAL MARKETS. KEY FOCUS AREAS SUPPORTING INNOVATION WHILE PRESERVING REGULATORY PROTECTIONS DISTRIBUTED LEDGER TECHNOLOGY (DLT) AND TOKENIZATION POTENTIALLY OFFER NEW, COST-EFFICIENT WAYS TO ISSUE, TRADE, AND SETTLE SECURITIES. TOKENIZED SECURITIES - DIGITAL REPRESENTATIONS OF TRADITIONAL SECURITIES, THOUGH THEY COME IN DIFFERENT FORMS - HAVE THE POTENTIAL TO STREAMLINE MARKET OPERATIONS AND REDUCE FRICTION. SIFMA'S MEMBER WORKING GROUPS ARE IDENTIFYING KEY POLICY QUESTIONS AROUND THE APPLICATION OF DECENTRALIZED TRADING MODELS TO TOKENIZED SECURITIES MARKETS TO HELP FIRMS ADOPT THESE INNOVATIONS RESPONSIBLY WHILE PROTECTING INVESTORS, MAINTAINING MARKET INTEGRITY, AND PRESERVING CONFIDENCE. DEVELOPING CLEAR REGULATORY FRAMEWORKS A CONSISTENT REGULATORY FRAMEWORK IS ESSENTIAL FOR DIGITAL ASSET MARKET GROWTH. SIFMA ADVOCATES COORDINATION AMONG PRUDENTIAL AND MARKET REGULATORS TO REDUCE FRAGMENTATION, PROMOTE COMPETITIVE EQUITY, AND PREVENT REGULATORY ARBITRAGE, AND ENSURE THAT THE SAME HIGH STANDARDS OF REGULATION HAVE SHAPED THE U.S. CAPITAL MARKETS ARE CONSISTENTLY APPLIED TO EMERGING DIGITAL ASSET PRODUCTS AND PLATFORMS. WE ARE WORKING CLOSELY WITH US REGULATORS AND SUPERVISORS TO BUILD ON THE STRENGTHS OF ESTABLISHED REGULATORY FRAMEWORKS AS THE INTEGRATE DIGITAL ASSET, AND HAVE CALLED ON THE BASEL COMMITTEE ON BANKING SUPERVISION TO REFINE ITS APPROACH TO THE PRUDENTIAL TREATMENT OF CRYPTO ASSET EXPOSURES - ENABLING REGULATED FINANCIAL INSTITUTIONS TO PARTICIPATE IN THESE MARKETS SAFELY AND EFFECTIVELY. WE ALSO SUPPORT THE WORK OF CONGRESS TO DEVELOP MARKET STRUCTURE LEGISLATION TO PROVIDE THE FOUNDATIONAL "RULES OF THE ROAD" FOR DIGITAL ASSETS IN PARALLEL WITH WORK BEING DONE AT THE AGENCY LEVEL. EXTENDING INVESTOR PROTECTIONS TO NEW MARKETS SIFMA BELIEVES THAT EXISTING, WELL-ESTABLISHED SECURITIES LAWS PROVIDE A STRONG FOUNDATION FOR REGULATING DIGITAL ASSETS. IN OUR RESPONSES TO THE SEC CRYPTO TASK FORCE, WE EMPHASIZED FOUR GUIDING PRINCIPLES: - APPLY ROBUST INVESTOR PROTECTION AND MARKET INTEGRITY STANDARDS TO DIGITAL ASSETS; - USE EXISTING, WELL-UNDERSTOOD SECURITIES REGULATORY PRINCIPLES; - MAINTAIN A TECHNOLOGY-NEUTRAL APPROACH; AND - ENSURE RISK-EQUIVALENT REGULATION FOR DIGITAL AND TRADITIONAL ASSETS ALIKE. FOSTERING INDUSTRY REGULATOR DIALOGUE AS ADOPTION ACCELERATES, ONGOING ENGAGEMENT BETWEEN INDUSTRY PARTICIPANTS AND REGULATORS IS ESSENTIAL. SIFMA CONTINUES TO CONVENE MEMBERS AND POLICYMAKERS TO DISCUSS OPERATIONAL READINESS, RISK MANAGEMENT, AND THE POLICY FRAMEWORKS NEEDED TO ENABLE RESPONSIBLE INNOVATION ACROSS THE DIGITAL ASSET ECOSYSTEM. THE BOTTOM LINE DIGITAL ASSETS REPRESENT THE POTENTIAL FOR A PIVOTAL EVOLUTION IN THE CAPITAL MARKETS. THROUGH THOUGHTFUL REGULATION, GLOBAL COORDINATION, AND CONTINUED DIALOGUE, SIFMA IS WORKING TO ENSURE THAT INNOVATION ENHANCES EFFICIENCY, TRANSPARENCY, AND INVESTOR PROTECTION - STRENGTHENING U.S. MARKETS FOR THE FUTURE. EXTENDED TRADING HOURS U.S. EQUITY MARKETS ARE ADVANCING TOWARD NEAR "ROUND-THE-CLOCK" TRADING, PROVIDING GLOBAL INVESTORS WITH UNPRECEDENTED ACCESS AND LIQUIDITY. THIS SHIFT BY MORE FIRMS - TO 23 HOURS A DAY, FIVE DAYS A WEEK - REPRESENTS A MAJOR STRUCTURAL EVOLUTION THAT WILL IMPACT TRADING STRATEGIES, INFRASTRUCTURE, RISK MANAGEMENT, AND OPERATIONS ACROSS THE INDUSTRY. NATIONAL SECURITIES EXCHANGES ARE MOVING TOWARD EXTENDED TRADING HOURS. THE SEC HAS GRANTED PRELIMINARY APPROVAL FOR 24X EXCHANGE AND THE NEW YORK STOCK EXCHANGE TO OPERATE ON A 235 SCHEDULE; NASDAQ ISSUED ITS PROPOSAL IN DECEMBER 2025; PROPOSALS ARE EXPECTED FROM CBOE AND MEMX. THE DEPOSITORY TRUST & CLEARING CORPORATION'S (DTCC) NATIONAL SECURITIES CLEARING CORPORATION (NSCC) HAS ANNOUNCED PLANS TO SUPPORT EXTENDED CLEARING HOURS BY MID-2026, AND THREE ALTERNATIVE TRADING SYSTEMS (ATSS) OPERATE IN THE OVERNIGHT SESSION. ON MAY 6, 2025, THE OPERATING COMMITTEES OF THE SECURITIES INFORMATION PROCESSORS (SIPS) ANNOUNCED PLANS TO EXTEND SIP OPERATING HOURS FROM 8:00 P.M. ET SUNDAY THROUGH 8:00 P.M. ET FRIDAY, WITH A ONE-HOUR TECHNICAL PAUSE MONDAY THROUGH THURSDAY FROM 8:00 THROUGH 9:00 P.M. ET. ON DECEMBER 19, 2025, THE SIPS SUBMITTED A PLAN AMENDMENT TO THE SEC TO EXTEND SIP OPERATING HOURS TO SUPPORT OVERNIGHT TRADING, WITH A TARGET LAUNCH OF DECEMBER 2026 (PENDING SEC APPROVAL). FINRA HAS STATED THAT THE TRADE REPORTING FACILITIES (TRFS) WILL ALIGN WITH THE SIP GOING FORWARD. THIS PROPOSAL ALIGNS MARKET DATA DISSEMINATION WITH THE BROADER PUSH FOR NEARLY CONTINUOUS TRADING AND REFLECTS KEY RECOMMENDATIONS ADVANCED BY SIFMA AND ITS MEMBERS. KEY FOCUS AREAS ESTABLISHING STANDARD MARKET HOURS SIFMA RECOMMENDS A CONSISTENT MARKET STRUCTURE BUILT AROUND THREE FOUNDATIONAL ELEMENTS: - TRADE DATE END: THE U.S. TRADE DATE SHOULD END AT 8:00 P.M. ET (E.G., TRADES BETWEEN 8:00 P.M. AND MIDNIGHT MONDAY WILL HAVE A TUESDAY TRADE DATE AND WEDNESDAY SETTLEMENT). - EXCHANGE HOURS: EXCHANGES OPERATE 23 HOURS A DAY, FIVE DAYS A WEEK, FROM SUNDAY 9:00 P.M. ET TO FRIDAY 8:00 P.M. ET. - MAINTENANCE WINDOW: A DAILY ONE-HOUR PAUSE FROM 8:009:00 P.M. ET PROVIDES TIME FOR PROCESSING, RECONCILIATION, AND SYSTEM RESILIENCE. ALIGNING START AND END TIMES ACROSS EXCHANGES AND ATSS IS CRITICAL FOR EFFICIENCY, COORDINATION, AND OPERATIONAL READINESS.
FORM 990, PART III, LINE 4B	SUPPORTING INDUSTRY FLEXIBILITY PARTICIPATION IN THE EXTENDED WINDOW SHOULD REMAIN OPTIONAL, ALLOWING FIRMS TO ALIGN INVESTMENT IN INFRASTRUCTURE AND STAFFING WITH CLIENT DEMAND AND BUSINESS STRATEGY. ADDRESSING OPERATIONAL AND REGULATORY IMPLICATIONS AS MORE FIRMS EXPAND TRADING TO A 23/5 MODEL, THE INDUSTRY MUST ADDRESS A RANGE OF OPEN QUESTIONS - MANY REQUIRING COORDINATION WITH REGULATORS - INCLUDING: - VOLATILITY MECHANISMS: CIRCUIT BREAKERS, HALTS, AND VOLATILITY CONTROLS SUITED FOR CONTINUOUS SESSIONS. - TRADE REPORTING & CAT: ADJUSTMENTS TO REAL-TIME REPORTING, TIMESTAMPS, AND SESSION IDENTIFIERS. - SUPERVISION & BEST EXECUTION: UPDATES TO SUPERVISORY COVERAGE AND EXECUTION STANDARDS DURING LOWER-LIQUIDITY PERIODS. - SETTLEMENT & CORPORATE ACTIONS: STANDARDIZED TREATMENT OF RECORD DATES, CUT-OFFS, AND OVERNIGHT PROCESSING. - CYBER & OPERATIONAL RESILIENCE: 24-HOUR MONITORING, INCIDENT RESPONSE, AND RISK MANAGEMENT COVERAGE. PREPARING FOR IMPLEMENTATION FIRMS SHOULD BEGIN EVALUATING THE IMPACT OF EXTENDED TRADING ON BUSINESS MODELS, OPERATIONS, AND INFRASTRUCTURE BY: - MONITORING REGULATORY AND EXCHANGE GUIDANCE. - ASSESSING CLIENT DEMAND AND READINESS. - REVIEWING RISK MANAGEMENT, LIQUIDITY, AND CREDIT FRAMEWORKS. - COORDINATING WITH VENDORS AND THIRD-PARTY SERVICE PROVIDERS. - ESTABLISHING FIRM-WIDE GOVERNANCE FOR IMPLEMENTATION PLANNING. CONVENING INDUSTRY COORDINATION SIFMA, IN COLLABORATION WITH DTCC, EXCHANGES, AND INDUSTRY STAKEHOLDERS, IS LEADING WORKING GROUPS FOCUSED ON: - CLEARING AND SETTLEMENT - MARKET STRUCTURE AND VOLATILITY MECHANISMS - CORPORATE ACTIONS AND TRADE REPORTING - MARGIN, RISK MANAGEMENT, AND SUPERVISION THESE EFFORTS AIM TO ALIGN OPERATIONAL STANDARDS, ENSURE MARKET INTEGRITY, AND SUPPORT A SEAMLESS INDUSTRY-WIDE TRANSITION. THE BOTTOM LINE THE MOVE OF MORE FIRMS TOWARD 23/5 TRADING IS A DEFINING STEP IN THE MODERNIZATION OF U.S. EQUITY MARKETS. WITH OPPORTUNITY COMES COMPLEXITY - AND THE SUCCESS OF THIS TRANSITION WILL DEPEND ON THOUGHTFUL COORDINATION ACROSS THE INDUSTRY AND WITH REGULATORS. SIFMA IS COMMITTED TO ENSURING THIS EVOLUTION STRENGTHENS MARKET EFFICIENCY, TRANSPARENCY, AND RESILIENCE FOR ALL PARTICIPANTS. INVESTOR PROTECTION PROTECTING INVESTORS IS CENTRAL TO SIFMA'S MISSION. EVERY INVESTOR - WHETHER SAVING FOR RETIREMENT, PURCHASING A HOME, OR INVESTING FOR THE FUTURE - DESERVES ACCESS TO TRANSPARENT MARKETS, SOUND ADVICE, AND SAFEGUARDS AGAINST FRAUD AND ABUSE. WORKING WITH OUR MEMBERS, REGULATORS, AND POLICYMAKERS, SIFMA ADVANCES POLICIES AND PRACTICES THAT UPHOLD THE HIGHEST STANDARDS OF INTEGRITY AND STRENGTHEN INVESTOR CONFIDENCE IN THE FINANCIAL SYSTEM. KEY FOCUS AREAS ENSURING STRONG STANDARDS AND OVERSIGHT SIFMA SUPPORTS ROBUST REGULATORY FRAMEWORKS THAT PROTECT INVESTORS WHILE ENSURING ACCESS TO FINANCIAL ADVICE AND CHOICE IN HOW THEY INVEST. WE ADVOCATE FOR BALANCED OVERSIGHT THAT PROMOTES BOTH INVESTOR PROTECTION AND MARKET EFFICIENCY, INCLUDING EFFECTIVE IMPLEMENTATION OF THE SEC'S REGULATION BEST INTEREST (REG BI) AND RELATED FIDUCIARY STANDARDS. PROTECTING VULNERABLE AND SENIOR INVESTORS SAFEGUARDING OLDER AND AT-RISK INVESTORS REMAINS A TOP PRIORITY. SIFMA COLLABORATES WITH INDUSTRY MEMBERS, ACADEMICS, AND STATE AND FEDERAL REGULATORS TO STRENGTHEN TOOLS AND TRAINING THAT HELP PREVENT FINANCIAL EXPLOITATION AND COGNITIVE-RELATED ABUSE. INITIATIVES INCLUDE OUR SENIOR INVESTOR PROTECTION TOOLKIT, THE AARP BANKSAFE TRAINING PROGRAM, AND THE HELPVUL UNIFIED REPORTING PORTAL, DEVELOPED IN PARTNERSHIP WITH NAPSA AND EVERSAFE. ADVANCING FINANCIAL EDUCATION AND LITERACY EMPOWERING INVESTORS WITH THE KNOWLEDGE TO MAKE INFORMED DECISIONS IS VITAL TO PROTECTION AND CONFIDENCE. THROUGH THE WORK OF THE SIFMA FOUNDATION, SIFMA SUPPORTS FINANCIAL LITERACY PROGRAMS AND COLLABORATES WITH SCHOOLS, NONPROFITS, AND COMMUNITY ORGANIZATIONS TO HELP INDIVIDUALS UNDERSTAND RISK, DIVERSIFY PORTFOLIOS, AND SPOT POTENTIAL SCAMS. STRENGTHENING INDUSTRY COLLABORATION INVESTOR PROTECTION IS MOST EFFECTIVE WHEN THE INDUSTRY, REGULATORS, AND ADVOCATES WORK TOGETHER. SIFMA CONVENES WORKSHOPS, SHARES BEST PRACTICES, AND ENGAGES WITH PARTNERS SUCH AS AARP, EVERSAFE, WISER, AND THE NASPA TO PROMOTE COORDINATED EFFORTS TO DETECT AND PREVENT EXPLOITATION. THE BOTTOM LINE INVESTOR PROTECTION IS THE FOUNDATION OF MARKET INTEGRITY. THROUGH ADVOCACY, EDUCATION, AND PARTNERSHIP, SIFMA WORKS TO ENSURE INVESTORS OF ALL AGES AND EXPERIENCE LEVELS CAN PARTICIPATE IN THE CAPITAL MARKETS WITH CONFIDENCE, ACCESS TRUSTED ADVICE, AND SAFEGUARD THEIR FINANCIAL FUTURES. PRIVATE MARKETS PRIVATE MARKETS PLAY A VITAL AND GROWING ROLE IN FINANCING U.S. BUSINESSES AND SUPPORTING ECONOMIC GROWTH. THROUGH PRIVATE OFFERINGS, COMPANIES CAN RAISE CAPITAL EFFICIENTLY, DIVERSIFY FUNDING SOURCES, AND ACCESS LONG-TERM INVESTORS - INCLUDING PENSION FUNDS, ENDOWMENTS, AND OTHER INVESTORS THAT RELY ON THESE MARKETS TO MEET THEIR FINANCIAL OBJECTIVES. SIFMA SUPPORTS POLICIES THAT PROMOTE CAPITAL FORMATION AND ENHANCE INVESTOR ACCESS TO PRIVATE MARKETS WHILE MAINTAINING CRITICAL PROTECTIONS AND GUARDRAILS FOR INVESTORS AND RETIREMENT SAVERS. KEY FOCUS AREAS STRENGTHENING CAPITAL FORMATION PRIVATE MARKETS ARE A CORNERSTONE OF U.S. ECONOMIC DYNAMISM, ALLOWING COMPANIES OF ALL SIZES TO RAISE CAPITAL OUTSIDE TRADITIONAL PUBLIC OFFERINGS. THESE MARKETS HAVE EXPANDED SIGNIFICANTLY OVER THE PAST DECADE, PROVIDING VITAL FUNDING FOR COMPANIES THAT MAY NOT DESIRE OR YET BE READY - OR SUITED - FOR PUBLIC LISTINGS. SIFMA SUPPORTS REGULATORY APPROACHES THAT FACILITATE EFFICIENT ACCESS TO CAPITAL, PARTICULARLY FOR ENTREPRENEURS, SMALL AND MID-SIZED BUSINESSES, AND JOB CREATORS. WE ENCOURAGE POLICYMAKERS TO RECOGNIZE THE IMPORTANT ROLE PRIVATE MARKETS PLAY IN DRIVING INNOVATION AND SUPPORTING ECONOMIC RESILIENCE. SUPPORTING INVESTOR ACCESS AND EDUCATION INSTITUTIONAL INVESTORS - INCLUDING PENSION PLANS, INSURANCE COMPANIES, AND ENDOWMENTS - HAVE HISTORICALLY FUNCTIONED AS KEY PARTICIPANTS IN PRIVATE MARKETS, HELPING TO FINANCE INNOVATION AND GROWTH ACROSS INDUSTRIES. SIFMA SUPPORTS EFFORTS TO INCREASE INVESTOR ACCESS TO PRIVATE MARKETS, PROVIDING INDIVIDUAL INVESTORS AND RETIREMENT SAVERS ENHANCED OPPORTUNITIES TO GAIN EXPOSURE TO PRIVATE MARKETS WHILE ENSURING CRITICAL INVESTOR PROTECTIONS. SIFMA ALSO SUPPORTS EDUCATIONAL EFFORTS TO IMPROVE POLICYMAKER, PLAN SPONSOR, AND INVESTOR UNDERSTANDINGS OF THE RISKS, PRODUCT STRUCTURES, AND LIQUIDITY CHARACTERISTICS OF PRIVATE MARKET INVESTMENTS. COORDINATING REGULATORY EFFORTS RECENT PROPOSALS BY REGULATORS HAVE SOUGHT TO EXPAND INVESTOR ACCESS TO PRIVATE MARKET INVESTMENTS. SIFMA ENCOURAGES COORDINATION AMONG THE SEC, DOL, AND OTHER REGULATORS TO IMPLEMENT CLEAR AND CONSISTENT APPROACHES THAT INCREASE INVESTOR OPPORTUNITIES RESPONSIBLY. A COHERENT, HARMONIZED APPROACH WILL SUPPORT BOTH CAPITAL FORMATION AND INVESTOR PROTECTION. THE BOTTOM LINE PRIVATE MARKETS ARE A CRITICAL SOURCE OF FINANCING FOR AMERICAN BUSINESSES AND A KEY DRIVER OF INNOVATION, GROWTH, AND JOB CREATION. SIFMA SUPPORTS A THOUGHTFUL REGULATORY FRAMEWORK THAT APPROPRIATELY BALANCES INVESTOR ACCESS AND INVESTOR PROTECTION WHILE PRESERVING THE FLEXIBILITY AND EFFICIENCY THAT MAKE THESE MARKETS THRIVE.
FORM 990, PART III, LINE 4C	STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS CONFERENCES AND EVENTS WWW.SIFMA.ORG/EVENTS AS THE VOICE OF THE U.S. SECURITIES INDUSTRY, SIFMA HOSTS A DYNAMIC CALENDAR OF CONFERENCES AND EVENTS DESIGNED TO INFORM, ENGAGE, AND CONNECT PROFESSIONALS ACROSS EVERY CORNER OF THE CAPITAL MARKETS. SIFMA ANNUAL MEETING AS THE VOICE OF THE U.S. SECURITIES INDUSTRY, SIFMA REPRESENTS INVESTMENT BANKS, WEALTH MANAGERS, BROKER-DEALERS, AND ASSET MANAGERS IN ADVOCATING FOR RESILIENT, EFFECTIVE CAPITAL MARKETS THAT SERVE CORPORATIONS, GOVERNMENTS, INDIVIDUALS, AND MORE. TOGETHER, WE ARE INVESTED IN AMERICA. SIFMA'S ANNUAL MEETING IS AN INVITATION-ONLY GATHERING THAT CONVENES THE MOST INFLUENTIAL VOICES IN PUBLIC POLICY AND FINANCE TO EXAMINE THE ISSUES AND OPPORTUNITIES SHAPING THE MARKETS, THE INDUSTRY, AND THE ECONOMY. COMPLIANCE & LEGAL ANNUAL SEMINAR FOR MORE THAN 50 YEARS, SIFMA'S C&L ANNUAL SEMINAR HAS BROUGHT TOGETHER COMPLIANCE AND LEGAL PROFESSIONALS TO LEARN, COLLABORATE, AND STRENGTHEN THE INTEGRITY OF OUR INDUSTRY. OPERATIONS CONFERENCE & EXHIBITION SIFMA OPS CONVENES THE SENIOR LEADERS WHO BUILD, RUN, AND OVERSEE CAPITAL MARKETS OPERATIONS. REPRESENTING 300+ ORGANIZATIONS ACROSS THE BUY SIDE, SELL SIDE, AND MARKET INFRASTRUCTURE, ATTENDEES INCLUDE: - COOS, CTOS, CROS, AND PRESIDENTS - MANAGING DIRECTORS AND EXECUTIVE DIRECTORS - HEADS OF OPERATIONS, POST-TRADE, CLEARING, AND CUSTODY - HEADS OF TECHNOLOGY, PRODUCT, AND OPERATIONS TRANSFORMATION - RISK, COMPLIANCE, AND CONTROL LEADERS - STRATEGY AND CLIENT LEADERSHIP - REGULATORS AND MARKET OVERSIGHT OFFICIALS SECURITIES INDUSTRY INSTITUTE THE SECURITIES INDUSTRY INSTITUTE (SII) IS THE PREMIER EXECUTIVE DEVELOPMENT PROGRAM FOR SECURITIES INDUSTRY PROFESSIONALS, HOSTED BY SIFMA AND WHARTON. FOR 75 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 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 VIII: DUES REDUCTION EXPLANATION	FOR FISCAL YEAR 2025, THE BOARD OF DIRECTORS APPROVED A ONE-TIME REBATE OF APPROXIMATELY $7 MILLION TO MEMBERS. FOLLOWING A REGULAR REVIEW OF THE ASSOCIATION'S RESERVE LEVELS AND PROJECTED OPERATING NEEDS, MANAGEMENT AND THE BOARD DETERMINED THAT RESERVES EXCEEDED THE AMOUNT NECESSARY TO SUPPORT ONGOING OPERATIONS AND STRATEGIC INITIATIVES. THE REBATE WAS DISTRIBUTED TO MEMBERS IN ACCORDANCE WITH APPLICABLE MEMBERSHIP CRITERIA. THE REBATE REDUCED REPORTED REVENUE AND THE CHANGE IN NET ASSETS FOR FISCAL YEAR 2025 AND IS NOT EXPECTED TO RECUR AS PART OF NORMAL OPERATIONS.
FORM 990, PART XI, LINE 9:	POST-RETIREMENT RELATED CHANGES OTHER THAN NET PERIODIC POST RETIREMENT BENEFIT COST -196,963.

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

Cat. No. 51056K

Schedule O (Form 990) (Rev. 1-2025)

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	39
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	38
5	Total number of individuals employed in calendar year 2024 (Part V, line 2a) ......	5	148
6	Total number of volunteers (estimate if necessary) .............	6	18,797
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	212,402
b	Net unrelated business taxable income from Form 990-T, Part I, line 11 .........	7b	45,184

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	58,376,406	53,534,764
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	2,620,141	2,418,945
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	782,513	749,420
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	61,779,060	56,703,129
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	180,639	286,964
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)	40,027,014	40,755,718
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)....	22,051,628	21,503,657
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	62,259,281	62,546,339
19	Revenue less expenses. Subtract line 18 from line 12.......	-480,221	-5,843,210
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	80,889,764	72,959,755
21	Total liabilities (Part X, line 26).............	49,649,369	46,804,628
22	Net assets or fund balances. Subtract line 21 from line 20.....	31,240,395	26,155,127

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 $ )
	STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS: OTHER PROGRAM SERVICES 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).........	10,832,822	0	1,068,326

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	42,214,305	42,214,305
b	CONFERENCES	541900	18,170,247	18,170,247
c	PUBLICATION SALES	900099	118,596	118,596
d	ONE TIME MEMBER DUES CREDIT	541900	-6,968,384	-6,968,384
e
f	All other program service revenue.
g	Total. Add lines 2a–2f .....		53,534,764

3 Investment income (including dividends, interest, and othersimilar amounts) ......			2,418,945			2,418,945
4 Income from investment of tax-exempt bond proceeds
5 Royalties...........			217,038		212,402	4,636
			(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	504,742			504,742
b	MISCELLANEOUS REVENUE		900099	27,640			27,640
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			532,382
12	Total revenue. See instructions.....			56,703,129	53,534,764	212,402	2,955,963

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....	286,964
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 ...........	7,879,478
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........	26,072,764
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	2,162,877
9	Other employee benefits .......	2,888,656
10	Payroll taxes ...........	1,751,943
11	Fees for services (non-employees):
a	Management ......	15,980
b	Legal .........	2,387,018
c	Accounting ...........	157,070
d	Lobbying ...........	933,392
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)	2,196,408
12	Advertising and promotion ....
13	Office expenses .......	413,210
14	Information technology ......	881,825
15	Royalties ..
16	Occupancy ...........	2,926,778
17	Travel ............	1,248,359
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .
19	Conferences, conventions, and meetings ....	7,497,724
20	Interest ...........
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization ..	729,524
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	750,116
b	UBTI/EXCISE TAX EXPENSE	525,452
c	BANK CHARGES & CC FEES	249,552
d	DUES & REGISTRATION	242,502
e	All other expenses	348,747
25	Total functional expenses. Add lines 1 through 24e	62,546,339
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 ........			1,500,665	1	1,526,156
2	Savings and temporary cash investments .........			16,276,367	2	20,916,864
3	Pledges and grants receivable, net ......				3
4	Accounts receivable, net .............			63,514	4	1,260
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 ......			2,600,400	9	2,528,762
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	10,021,302
b	Less: accumulated depreciation	10b	3,931,486	6,353,417	10c	6,089,816
11	Investments—publicly traded securities .			33,063,553	11	22,376,111
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 ...........			21,031,848	15	19,520,786
16	Total assets. Add lines 1 through 15 (must equal line 33)...			80,889,764	16	72,959,755

17	Accounts payable and accrued expenses .....	12,051,136	17	12,220,389
18	Grants payable ...		18
19	Deferred revenue .........	3,334,554	19	3,602,591
20	Tax-exempt bond liabilities .........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D	1,699,642	21	539,022
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	32,564,037	25	30,442,626
26	Total liabilities. Add lines 17 through 25..	49,649,369	26	46,804,628

	Organizations that follow FASB ASC 958, check here and complete lines 27, 28, 32, and 33.
27	Net assets without donor restrictions ..........	31,240,395	27	26,155,127
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 ...........	31,240,395	32	26,155,127
33	Total liabilities and net assets/fund balances ........	80,889,764	33	72,959,755