2024-11-11T08:28:05-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 901 NORTH GLEBE ROAD SUITE 200 ARLINGTON VA 22203 990 2023-01-01 352787547 CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS INC CERT 2023792200 1425 K STREET NW 800 WASHINGTON DC 20005 KEVIN YEA CPA CHIEF FINANCIAL OFFICER 2023792200 2024-11-05 1 0 ROBERT WILLIAMS P01345960 5712279500 2024-11-05 2023 2024-10-15 13:58:12Z X KEVIN R KELLER CEO 1425 K STREET NW 800 WASHINGTON DC 20005 62342918 0 X CFPBOARD.NET X 2023 DC THE MISSION OF CFP BOARD OF STANDARDS IS TO CREDENTIAL COMPETENT AND ETHICAL FINANCIAL PLANNERS, UPHOLD CFP CERTIFICATION AS THE RECOGNIZED STANDARD AND ADVANCE THE FINANCIAL PLANNING PROFESSION 14 14 0 452 588937 0 0 56207545 441873 2093274 58742692 336643 0 17332609 0 0 38063562 55732814 3009878 51515055 47133272 4381783 X THE MISSION OF CFP BOARD OF STANDARDS, INC IS TO CREDENTIAL COMPETENT AND ETHICAL FINANCIAL PLANNERS, UPHOLD CFP CERTIFICATION AS THE RECOGNIZED STANDARD AND ADVANCE THE FINANCIAL PLANNING PROFESSION. 0 0 PUBLIC AWARENESS CAMPAIGN: ONE OF THE CFP BOARD'S STRATEGIC PRIORITIES IS TO BUILD PUBLIC AWARENESS OF THE CFP CERTIFICATION. IN PURSUIT OF THIS PRIORITY, CFP BOARD HAS DEVELOPED AND IMPLEMENTED A PUBLIC AWARENESS CAMPAIGN THAT INCLUDES A MIX OF BROADCAST, CABLE AND STREAMING TELEVISION, RADIO, SOCIAL MEDIA, ONLINE ADVERTISING, AND MEDIA SPONSORSHIP. ADDITIONALLY, CFP BOARD IS MAINTAINING AND REGULARLY UPDATING RELEVANT CONTENT ON LETSMAKEAPLAN.ORG, A CONSUMER-TARGETED WEBSITE DEVELOPED TO INCREASE THE PUBLIC'S AWARENESS AND UNDERSTANDING OF THE VALUE OF FINANCIAL PLANNING AND HOW A CFP PROFESSIONAL CAN HELP IMPROVE FINANCIAL WELL-BEING. SINCE ITS LAUNCH IN 2011, OUR CAMPAIGN HAS INCREASED THE AWARENESS OF CFP CERTIFICATION AMONG OUR TARGET AUDIENCE WITH AN OVERWHELMING MAJORITY STATING THAT THEY HAVE HEARD OF THE DESIGNATION. EDUCATION: THE FIRST STEP TO CFP CERTIFICATION IS TO ACQUIRE THE KNOWLEDGE REQUIRED TO DELIVER PROFESSIONAL, COMPETENT, AND ETHICAL FINANCIAL PLANNING SERVICES TO CLIENTS, AS OUTLINED IN THE PERSONAL FINANCIAL PLANNING TOPIC AREAS IDENTIFIED BY CFP BOARD'S MOST RECENT JOB ANALYSIS RESEARCH. CFP BOARD'S EDUCATION COMPONENT REQUIRES THE COMPLETION OF A COLLEGE-LEVEL PROGRAM OF STUDY IN PERSONAL FINANCIAL PLANNING, INCLUDING COMPLETION OF A FINANCIAL PLAN DEVELOPMENT (CAPSTONE) COURSE. THE COURSE OF STUDY IS OFFERED AT 235 ACCREDITED COLLEGES AND UNIVERSITIES IN THE U.S., AT DEGREE (BACHELORS, MASTERS, PH.D.) AND CERTIFICATE LEVELS. IN 2023, CFP BOARD REGISTERED OVER 345 FINANCIAL PLANNING PROGRAMS WHICH INCLUDED REVIEW OF THEIR CURRICULUM AND FACULTY QUALIFICATIONS TO ENSURE THAT THE TEACHING AND LEARNING MET ESTABLISHED STANDARDS. AFTER INITIAL CERTIFICATION, CFP PROFESSIONALS ARE REQUIRED TO COMPLETE 30 HOURS OF CONTINUING EDUCATION ("CE") AS PART OF THE BIENNIAL RENEWAL REQUIREMENT TO ASSURE THE PUBLIC OF CONTINUING COMPETENCY IN FINANCIAL PLANNING. CFP BOARD ANNUALLY REGISTERS APPROXIMATELY 1,100 CE SPONSORS, WHO ARE REQUIRED TO DELIVER HIGH QUALITY CONTENT DEVELOPED BY QUALIFIED INSTRUCTORS AND AUTHORS, ALIGNING WITH DEFINED FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2023, CFP BOARD REVIEWED AND APPROVED OVER 14,900 CE PROGRAMS WHICH MET ESTABLISHED REQUIREMENTS. PROFESSIONAL CONDUCT, ENFORCEMENT AND LEGAL: AS A CONDITION TO CERTIFICATION, ALL CFP PROFESSIONALS AGREE TO ABIDE BY CFP BOARD'S CODE OF ETHICS AND STANDARDS OF CONDUCT AND PREDECESSOR VERSIONS (CODE AND STANDARDS), WHICH INCLUDES THE PRACTICE STANDARDS FOR THE FINANCIAL PLANNING PROCESS. THE CODE AND STANDARDS BECAME EFFECTIVE ON OCTOBER 1, 2019 WITH AN ENFORCEMENT DATE OF JUNE 30, 2020, REPLACING CFP BOARD'S PRIOR ETHICAL STANDARDS SET FORTH IN THE STANDARDS OF PROFESSIONAL CONDUCT (STANDARDS) BOOKLET. CFP BOARD FORMED A STANDARDS RESOURCE COMMISSION (SRC) TO DEVELOP GUIDANCE FOR CFP PROFESSIONALS AND THEIR FIRMS REGARDING THE CODE AND STANDARDS. THE SRC BEGAN TO PUBLISH GUIDANCE MATERIALS REGARDING THE CODE AND STANDARDS IN 2018, AND ITS WORK CONTINUED THROUGHOUT 2023. IN 2023, CFP BOARD'S SANCTIONS AND FITNESS COMMISSION COMPLETED ITS WORK OFFERING REVISIONS TO CFP BOARD'S SANCTION GUIDELINES AND FITNESS STANDARDS AND RECOMMENDING TO THE BOARD THAT THOSE REVISIONS BE PUT OUT FOR PUBLIC COMMENT. WITH CERTAIN MODIFICATIONS, THE BOARD PUBLISHED THE PROPOSED SANCTIONS GUIDELINES AND FITNESS STANDARDS SEEKING PUBLIC COMMENT.CFP BOARD HAS ESTABLISHED A FAIR PROCESS FOR ENFORCING CFP BOARD'S CODE AND STANDARDS (AND THE PREDECESSOR STANDARDS). THIS PROCESS IS SET FORTH IN THE PROCEDURAL RULES, WHICH CFP BOARD REVISED EFFECTIVE SEPTEMBER 1, 2023. FIRST, CFP BOARD SEEKS TO DETECT POTENTIAL MISCONDUCT. CFP BOARD RECEIVES COMPLAINTS (GRIEVANCES) FROM CONSUMERS AND OTHER INDIVIDUALS, COLLECTS SELF-REPORTED INFORMATION FROM CFP PROFESSIONALS AND CANDIDATES, AND CONDUCTS BACKGROUND CHECKS THAT INVOLVE A REVIEW OF BROKERCHECK, THE INVESTMENT ADVISER PUBLIC DISCLOSURE DATABASE, STATE INSURANCE AND SECURITIES REGULATORY DATABASES, AND OTHER PUBLIC RECORDS TO DETECT EVIDENCE OF POTENTIAL MISCONDUCT. CFP BOARD PERFORMS BACKGROUND CHECKS ON THOSE SEEKING CFP CERTIFICATION, CFP PROFESSIONALS, AND THOSE SEEKING REINSTATEMENT OF THEIR CFP CERTIFICATION. IN 2019, CFP BOARD DEVELOPED AUTOMATED PROCESSES FOR REVIEWING THESE PUBLIC SOURCES, ALLOWING IT TO CONTINUOUSLY DETECT EVIDENCE OF POTENTIAL MISCONDUCT BY CFP PROFESSIONALS. IN 2023, THESE DETECTION EFFORTS RESULTED IN CFP BOARD STAFF OPENING 848 INVESTIGATIONS.SECOND, CFP BOARD INVESTIGATES POTENTIAL MISCONDUCT. CFP BOARD PROVIDES NOTICE TO THOSE WHO ARE UNDER INVESTIGATION, IDENTIFIES THE GENERAL NATURE OF THE INVESTIGATION, AND OFFERS THEM AN OPPORTUNITY TO RESPOND. AT THE CONCLUSION OF THE INVESTIGATION, CFP BOARD MAKES A PROBABLE CAUSE DETERMINATION AS TO WHETHER GROUNDS FOR SANCTIONS EXIST. CFP BOARD ENFORCEMENT DEPARTMENT STAFF MAY ISSUE A COMPLAINT THAT SETS FORTH THE GROUNDS FOR SANCTIONS, INCLUDING A DETAILED FACTUAL DESCRIPTION OF THE CONDUCT AND A SPECIFIC STATEMENT OF THE ALLEGED VIOLATION. THE RESPONDENT HAS AN OPPORTUNITY TO RESPOND, TO SUBMIT DOCUMENTS, TO FILE MOTIONS, TO PRODUCE AND CROSS-EXAMINE WITNESSES, AND TO BE REPRESENTED BY COUNSEL AT A HEARING ON THE RECORD. THIRD, WHEN A RESPONDENT RESPONDS TO THE COMPLAINT, CFP BOARD'S DISCIPLINARY AND ETHICS COMMISSION (DEC), A PEER-REVIEW BODY MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, ADJUDICATES EACH MATTER AND DETERMINES WHETHER THE RESPONDENT VIOLATED THE CODE AND STANDARDS, AND IF SO, WHAT SANCTION IS APPROPRIATE. A THREE-PERSON HEARING PANEL CONDUCTS A REVIEW OR HOLDS A HEARING, CONSIDERS THE EVIDENCE, AND RECOMMENDS TO THE DEC WHETHER TO FIND THAT A VIOLATION HAS OCCURRED AND WHETHER THERE ARE GROUNDS FOR SANCTION, AND, IF SO, THE APPROPRIATE SANCTION. THE DEC THEN MUST REVIEW DE NOVO AND ACCEPT, REJECT, OR MODIFY THE HEARING PANEL'S FINDINGS AND RECOMMENDATIONS. A RESPONDENT HAS THE RIGHT TO APPEAL AN ADVERSE DECISION TO THE APPEALS COMMISSION, A PEER-REVIEW BODY MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, WHICH ISSUES THE FINAL DECISION OF CFP BOARD. RESPONDENT AND ENFORCEMENT COUNSEL ALSO MAY AGREE UPON A SETTLEMENT OFFER, IN THE FORM OF A PROPOSED CONSENT ORDER, WHICH A THREE-PERSON SETTLEMENT REVIEW PANEL REVIEWS AND THEN RECOMMENDS TO THE DEC WHETHER TO ACCEPT OR REJECT THE PROPOSED CONSENT ORDER. THE DEC THEN MUST REVIEW DE NOVO AND ACCEPT OR REJECT THE SETTLEMENT PANEL'S RECOMMENDATION. COUNSEL TO THE DEC (DEC COUNSEL) CAN ISSUE AN ADMINISTRATIVE SANCTION UPON MOTION BY ENFORCEMENT COUNSEL IF A RESPONDENT IS IN DEFAULT, INCLUDING BY FAILING TO COOPERATE WITH AN INVESTIGATION OR RESPOND TO A COMPLAINT.IN 2023, THE TOTAL NUMBER OF FINAL SANCTIONS ISSUED BY THE DEC AND CFP BOARD STAFF WAS 85, INCLUDING 40 REVOCATIONS OR PERMANENT BARS, 20 SUSPENSIONS OR TEMPORARY BARS, 9 INTERIM SUSPENSIONS, 5 PUBLIC CENSURES, AND 11 PRIVATE CENSURES. IN ADDITION TO UNDERTAKING OR SUPPORTING THE ACTIVITIES DESCRIBED ABOVE, CFP BOARD'S PROFESSIONAL STANDARDS & LEGAL DEPARTMENT ALSO REVIEWS, MONITORS AND ENFORCES CFP BOARD'S TRADEMARK RIGHTS; PROVIDES SUPPORT TO THE CODE AND STANDARDS ENFORCEMENT AND GOVERNANCE COMMITTEES OF THE BOARD OF DIRECTORS; DEVELOPS GUIDANCE RESOURCES THAT INTERPRET THE CODE AND STANDARDS; PROPOSES REVISED VERSIONS OF THE CODE AND STANDARDS, PROCEDURAL RULES, FITNESS STANDARDS, AND SANCTION GUIDELINES; REVIEWS, FINALIZES, AND ENFORCES CONTRACTS; MEETS WITH CFP BOARD'S BUSINESS MODEL COUNCIL; AND PROVIDES OTHER LEGAL, GOVERNANCE AND EXECUTIVE LEADERSHIP ADVICE. COMMUNICATIONS AND OUTREACH: IN 2023, CFP BOARD'S COMMUNICATIONS AND OUTREACH INCLUDED MEDIA RELATIONS, PUBLIC RELATIONS, CFP PROFESSIONAL COMMUNICATIONS, DISTRIBUTION OF EDUCATIONAL MATERIALS THROUGH CFP.NET AND LETSMAKEAPLAN.ORG WEBSITES, AS WELL AS OTHER OUTREACH TACTICS DESIGNED TO INCREASE AND ENHANCE AWARENESS OF CFP CERTIFICATION AND THE BENEFITS OF FINANCIAL PLANNING. EFFORTS UTILIZED TRADITIONAL EARNED AND PAID MEDIA, CFP BOARD WEBSITES, DIRECT MAIL AND EMAIL AND SPEAKING APPEARANCES TO EDUCATE CFP PROFESSIONALS AND INFORM THE PUBLIC ABOUT THE VALUE OF A CFP PROFESSIONAL IN PROVIDING COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING SERVICES IN THEIR BEST INTEREST. EXAMINATION AND CERTIFICATION: IN 2023, 9839 CANDIDATES SAT FOR THE CFP EXAMINATION. THE CFP CERTIFICATION EXAMINATION ASSESSES A CANDIDATE'S ABILITY TO APPLY FINANCIAL PLANNING KNOWLEDGE, IN AN INTEGRATED FORMAT, TO REAL-LIFE FINANCIAL PLANNING SCENARIOS. THE EXAM IS DEVELOPED WITH SUBJECT MATTER EXPERTISE PROVIDED BY EXPERIENCED CFP PROFESSIONALS. UNDER CFP BOARD'S DIRECTION, THE EXAM IS ADMINISTERED BY ONE OF THE WORLD'S LEADING TESTING PARTNERS AND IS NOW, SINCE NOVEMBER 2014, DELIVERED IN A COMPUTER-BASED FORMAT. CFP BOARD ADHERES TO STANDARDS AND BEST PRACTICES IN THE HIGH STAKES TESTING AND CERTIFICATION INDUSTRIES.THERE WERE 98,875 CFP PROFESSIONALS AT THE END OF 2023, OF WHICH 6,090 WERE GRANTED INITIAL CERTIFICATION DURING THE YEAR. SUCCESSFUL COMPLETION OF THE EXAMINATION, EDUCATION, EXPERIENCE, AND ETHICS REQUIREMENTS IS A PREREQUISITE TO INITIAL CFP CERTIFICATION. CFP BOARD'S CERTIFICATION PROGRAM IS ACCREDITED BY AN INDEPENDENT THIRD-PARTY ORGANIZATION, THE NATIONAL COMMISSION FOR CERTIFYING AGENCIES (NCCA), TO ENSURE THAT ALL REQUIREMENTS FOR INITIAL CERTIFICATION AND RENEWAL ARE CONSISTENT WITH BEST PRACTICES AND STANDARDS IN THE CERTIFICATION INDUSTRY. FURTHER, NCCA REQUIRES CERTIFYING ORGANIZATIONS TO MEET GOVERNANCE, STAFF QUALIFICATION, FINANCIAL AND RESOURCE TRANSPARENCY, FAIRNESS, DUE PROCESS, AND NON-DISCRIMINATION STANDARDS. CAREER CENTERCFP BOARD OF STANDARDS SEEKS TO CREATE A MORE DIVERSE AND SUSTAINABLE FINANCIAL PLANNING WORKFORCE SO THAT CONSUMERS HAVE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING ADVICE. THE CFP BOARD CAREER CENTER AND BI-ANNUAL CAREER FAIRS FACILITATE ENTRY POINTS INTO THE FINANCIAL PLANNING PROFESSION BY CONNECTING THOUSANDS OF QUALIFIED JOB SEEKERS TO JOB AND INTERNSHIP OPPORTUNITIES AT HIRING FIRMS. PUBLIC ADVOCACY: CFP BOARD'S CORE PUBLIC POLICY OBJECTIVES ARE TO INFLUENCE POLICY TO BENEFIT THE PUBLIC AND TO INCREASE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNERS. DURING 2023, CFP BOARD ENCOURAGED FEDERAL POLICYMAKERS TO USE CFP BOARD'S CODE OF ETHICS & STANDARDS OF CONDUCT AS A FRAMEWORK FOR UPDATED STANDARDS OF CONDUCT FOR PERSONALIZED INVESTMENT ADVICE. CFP BOARD MONITORED LEGISLATIVE AND REGULATORY PROPOSALS RELATED TO ISSUES INVOLVING PRIVATE CERTIFICATION AT THE STATE AND FEDERAL LEVELS. CFP BOARD ENGAGED IN CONVERSATIONS WITH POLICYMAKERS AND OTHER INTERESTED PARTIES ABOUT POLICIES THAT WOULD HELP MORE AMERICANS ENJOY A FINANCIALLY SECURE RETIREMENT. CFP BOARD WORKED WITH COLLEAGUES IN THE FINANCIAL PLANNING COMMUNITY TO ADDRESS ISSUES RELATED TO STATE REGULATION OF NON-TRADITIONAL FEES FOR FINANCIAL PLANNING SERVICES SO THAT MORE AMERICANS HAVE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNERS. CFP BOARD OFFERED SUPPORT FOR THE DEPARTMENT OF LABOR'S RETIREMENT SECURITY RULE. 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X KEVIN YEA CFO 2023792260 1425 K STREET NW WASHINGTON DC 20005 DAN MOISAND CFP BOARD CHAIR 3.00 2.00 X X 0 0 0 MATT BOERSEN CFP CFA BOARD MEMBER 3.00 2.00 X 0 0 0 ELIZABETH K MILLER CFP CFA BOARD MEMBER 3.00 2.00 X 0 0 0 ANERI JAMBUSARIA CFP MBA BOARD MEMBER 3.00 2.00 X 0 0 0 RICK SHERLOCK BOARD MEMBER 3.00 2.00 X 0 0 0 NANCY SMITH JD BOARD MEMBER 3.00 2.00 X 0 0 0 TERRI KALLSEN CFP BOARD MEMBER 3.00 2.00 X 0 0 0 LOUIS BARAJAS CFP MBA BOARD MEMBER 3.00 2.00 X 0 0 0 PETER ROHR CFP BOARD MEMBER 3.00 2.00 X 0 0 0 MARTIN SEAY PH D CFP BOARD MEMBER 3.00 2.00 X 0 0 0 MARGUERITA CHENG CFP BOARD MEMBER 3.00 2.00 X 0 0 0 RICHARD SHAW CFP MBA BOARD MEMBER 3.00 2.00 X 0 0 0 ROBERTA KARMEL BOARD MEMBER 3.00 2.00 X 0 0 0 ALEX ROZMAN BOARD MEMBER 3.00 2.00 X 0 0 0 KEVIN KELLER CHIEF EXECUTIVE OFFICER 40.00 5.00 X 0 1628423 182811 LEO RYDZEWSKI GENERAL COUNSEL 40.00 5.00 X 0 612833 115226 KEVIN YEA CHIEF FINANCIAL OFFICER 40.00 5.00 X 0 384505 98224 ROGER MYERS JR STRATEGIC ADVISOR 8.00 1.00 X 0 369064 32876 ELIZABETH STEWART CHIEF OPERATING OFFICER 40.00 5.00 X 0 550284 117661 MAUREEN THOMPSON VP OF PUBLIC POLICY 40.00 5.00 X 0 452632 29453 CATHERINE HEALY MANAGING DIRECTOR 5.00 40.00 X 0 188457 23326 THOMAS SPORKIN MANAGING DIRECTOR 40.00 5.00 X 0 447657 119321 JOHN LOPER MANAGING DIRECTOR 40.00 5.00 X 0 276758 47305 ERIN KOEPPEL MANAGING DIRECTOR 40.00 5.00 X 0 304982 34616 ADAM ZAJAC DIRECTOR 40.00 5.00 X 0 291635 23538 JAMES KATSAOUNIS MANAGING DIRECTOR 40.00 5.00 X 0 300028 38710 JOSEPH MAUGERI MANAGING DIRECTOR 5.00 40.00 X 0 389519 86084 0 6196777 949151 0 0 1 0 0 CERTIFICATION FEES 900099 25830095 25830095 PUBLIC AWARENESS CAMPAIGN 900099 15185390 15185390 EXAM FEES 900099 9034618 9034618 EDUCATIONAL FEES 900099 4523646 4523646 APPLICATION FEES 900099 1217400 1217400 416396 416396 56207545 557186 557186 3464453 3579766 -115313 -115313 -115313 39604 20460 19144 19144 SHARED SERVICES 900099 1485193 1485193 CAREER CENTER 900099 588937 588937 2074130 58742692 56226689 588937 1927066 X 336643 5140970 9466461 798854 838545 1087779 1089291 100000 241353 90941 8865128 17083758 2414965 764579 1704729 1532086 934527 818681 1109286 374750 PROFESSIONAL DUES 528971 SHARED SERVICES 173096 PROFESSIONAL DEVELOPMEN 130259 RECOGNITION, AWARDS & G 58465 48697 55732814 8191475 274308 722825 5888498 1071227 0 4817271 8916142 1589166 531553 0 26472315 0 51515055 4342345 25254962 11261 0 17524704 0 47133272 X 4381783 0 4381783 0 51515055 3009878 1371905 0 X 0 1 X 1 0 0 0 0 241353 241353 0 0 SCHEDULE C, PART III-B, LINE 1 THE ORGANIZATION DOES NOT HAVE MEMBERSHIP DUES AS DEFINED IN REV. PROC. 98-19. RATHER, INDIVIDUAL CERTIFICATION HOLDERS MAY PROVIDE NONDEDUCTIBLE LOBBYING CONTRIBUTIONS AT THEIR OWN DISCRETION. AS A RESULT, PART III-B, LINE 3 IS NOT APPLICABLE. 2768135 466181 2301954 823731 173708 650023 2296632 431338 1865294 4817271 DUE FROM RELATED PARTY 13628988 RIGHT OF USE ASSETS 12843327 26472315 LEASE LIABILITY 17524704 17524704 X PART X, LINE 2: THE BOARD OF STANDARDS IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(6) OF THE IRC AND HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION. UNDER PROVISIONS OF THE IRC SECTION 501(C)(6), AND APPLICABLE STATE REGULATIONS, CFP BOARD IS EXEMPT FROM TAXES EXCEPT FOR UNRELATED BUSINESS INCOME. FOR CONSOLIDATED FINANCIAL STATEMENT PURPOSES, THE ORGANIZATION IS REQUIRED TO RECORD A LIABILITY FOR ANY MATERIAL TAX POSITION TAKEN WHICH DOES NOT MEET THE MINIMUM THRESHOLDS OF MORE LIKELY THAN NOT TO BE SUCCESSFUL UNDER REGULATORY CHALLENGE. NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED IN 2023, SINCE MANAGEMENT BELIEVES THERE ARE NO MATERIAL UNRELATED BUSINESS INCOME OR MATERIAL UNCERTAIN TAX POSITIONS REQUIRING THE RECOGNITION OF A LIABILITY. 0 GIRL SCOUTS OF THE USA 420 FIFTH AVENUE NEW YORK NY 10018 131624016 501(C)(3) 150000 0 N/A N/A SPONSORSHIP-BOOTH SPONSORSHIP AT GIRL SCOUTS ANNUAL CONVENTION IN JUNE 2023, OPPORTUNITY TO TALK WITH HUNDREDS/THOUSANDS OF HIGH SCHOOL AGED GIRLS FROM ACCRSS THE COUNTRY ABOUT THE FINANCIAL PLANNING DEGREE AND CAREER CFP BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNING 1425 K STREET NW STE 800 WASHINGTON DC 20005 742385850 501(C)(3) 186643 0 N/A N/A TO SUPPORT THE CENTER'S ONGOING EFFORTS TO ADVANCE COMPETENT AND ETHICAL FINANCIAL PLANNING AND EXPAND CFP PROFESSIONAL DIVERSITY FOR THE BENEFIT OF THE PUBLIC. 2 0 0 1 0 KEVIN KELLER CHIEF EXECUTIVE OFFICER 0 706862 0 356870 0 564691 0 142300 0 40511 0 1811234 0 564691 LEO RYDZEWSKI GENERAL COUNSEL 0 461644 0 72000 0 79189 0 110400 0 4826 0 728059 0 79189 ELIZABETH STEWART CHIEF OPERATING OFFICER 0 399095 0 72000 0 79189 0 93750 0 23911 0 667945 0 79189 THOMAS SPORKIN MANAGING DIRECTOR 0 375657 0 72000 0 0 0 97635 0 21686 0 566978 0 0 KEVIN YEA CHIEF FINANCIAL OFFICER 0 334505 0 50000 0 0 0 89355 0 8869 0 482729 0 0 MAUREEN THOMPSON VP OF PUBLIC POLICY 0 195774 0 40000 0 216858 0 25752 0 3701 0 482085 0 216858 JOSEPH MAUGERI MANAGING DIRECTOR 0 278956 0 53999 0 56564 0 67424 0 18660 0 475603 0 56564 ROGER MYERS JR STRATEGIC ADVISOR 0 11434 0 58218 0 299412 0 31050 0 1826 0 401940 0 299412 ERIN KOEPPEL MANAGING DIRECTOR 0 263751 0 41231 0 0 0 29449 0 5167 0 339598 0 0 JAMES KATSAOUNIS MANAGING DIRECTOR 0 255778 0 44250 0 0 0 29156 0 9554 0 338738 0 0 JOHN LOPER MANAGING DIRECTOR 0 237162 0 39596 0 0 0 28126 0 19179 0 324063 0 0 ADAM ZAJAC DIRECTOR 0 250592 0 41043 0 0 0 17368 0 6170 0 315173 0 0 CATHERINE HEALY MANAGING DIRECTOR 0 176457 0 12000 0 0 0 17385 0 5941 0 211783 0 0 PART I, LINE 4B 457(F) PLAN MAINTAINED BY RELATED 501(C)(3) ENTITY, CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNING - ALL APPROVED EXECUTIVES PARTICIPATE IN THE PLAN. A NON-QUALIFIED DEFERRED COMPENSATION PLAN IS MAINTAINED IN ACCORDANCE WITH SECTION 457(F) OF THE INTERNAL REVENUE CODE FOR THE BENEFIT OF THE ORGANIZATION'S CHIEF EXECUTIVE OFFICER (CEO) AND APPROVED EXECUTIVES. UNDER THE TERMS OF THE PLAN, BEGINNING JANUARY 1 OF EACH CALENDAR YEAR, EXECUTIVES WHO WERE EMPLOYED AT THE ORGANIZATION IN THE PREVIOUS CALENDAR YEAR MAY EARN A COMPENSATION AWARD AS DETERMINED BY THE CEO. SUCH A COMPENSATION AWARD IS ALSO REVIEWED BY THE CEO OVERSIGHT AND COMPENSATION COMMITTEE. THE CEO MAY EARN AN ADDITIONAL AMOUNT AS DETERMINED BY THE BOARD OF DIRECTORS. THE CEO'S DEFERRED COMPENSATION IS VESTED AND PAID OUT IN ACCORDANCE WITH THE TERMS OF HIS CONTRACT. EACH DEFERRED COMPENSATION AWARD FOR ALL OTHER APPROVED EXECUTIVES IS GENERALLY VESTED THREE YEARS FROM THE GRANT DATE. UPON VESTING THE AWARD IS PAID OUT TO THE EXECUTIVE. THE AWARD IS AT RISK OF FORFEITURE UNTIL IT IS FULLY VESTED. THE CASH DISTRIBUTION AMOUNTS REFLECTED ON THE SECOND LIST OF THE FOLLOWING PAGE WERE AWARDED PREVIOUSLY AND MET THE VESTING REQUIREMENTS DURING THE YEAR IN WHICH THEY WERE PAID OUT. THE FOLLOWING EXECUTIVES PARTICIPATED IN THE PLAN: NAME TITLE AMOUNT KEVIN R. KELLER CHIEF EXECUTIVE OFFICER $100,000 KEVIN YEA CHIEF FINANCIAL OFFICER $58,305 JOSEPH MAUGERI MANAGING DIRECTOR $36,374 LEO RYDZEWSKI GENERAL COUNSEL $79,350 ELIZABETH STEWART CHIEF OPERATING OFFICER $62,700 THOMAS SPORKIN MANAGING DIRECTOR $66,585 THE FOLLOWING EXECUTIVES RECEIVED A 457F CASH DISTRIBUTION: NAME TITLE AMOUNT KEVIN R. KELLER CHIEF EXECUTIVE OFFICER $564,691 ROGER MYERS STRATEGIC ADVISOR $299,412 JOSEPH MAUGERI MANAGING DIRECTOR $56,564 LEO RYDZEWSKI GENERAL COUNSEL $79,189 ELIZABETH STEWART CHIEF OPERATING OFFICER $79,189 MAUREEN THOMPSON VP OF PUBLIC POLICY $216,858 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE CPA FIRM CLIFTONLARSONALLEN LLP WITH SIGNIFICANT INPUT FROM CFP BOARD MANAGEMENT AND STAFF. IT IS THEN REVIEWED BY THE AUDIT COMMITTEE AND RISK COMMITTEE. ONCE THE AUDIT AND RISK COMMITTEE HAS APPROVED, THE FORM IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C CFP BOARD CENTER FOR FINANCIAL PLANNING ADDRESSES CONFLICTS OF INTEREST IN ITS EMPLOYEE HANDBOOK FOR EMPLOYEES AND VOLUNTEER AGREEMENT FOR VOLUNTEERS. CFP BOARD REQUIRES EMPLOYEES TO ADVISE THE DIRECTOR OF HUMAN RESOURCES, AND VOLUNTEERS TO NOTIFY CFP BOARD'S GENERAL COUNSEL, OF ANY TRANSACTION OR OTHER ACTIVITY THAT MIGHT PRESENT A CONFLICT OF INTEREST. STAFF CONFLICTS ARE REVIEWED BY THE HR DIRECTOR, AND VOLUNTEER CONFLICTS ARE REVIEWED BY EITHER THE GOVERNANCE COMMITTEE OR THE CEO, DEPENDING ON THE INDIVIDUAL INVOLVED. IN 2023, THE GOVERNANCE COMMITTEE REPORTED TO THE BOARD ON CONFLICTS THAT WERE REVIEWED WHERE ACTION WAS TAKEN AS WELL AS POTENTIAL CONFLICTS THAT WERE REVIEWED AND DETERMINED THAT WERE NOT ACTUAL OR PERCEIVED CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO OVERSIGHT AND COMPENSATION COMMITTEE ESTABLISHES AND MONITORS CEO COMPENSATION TO ENSURE THAT IT IS COMPETITIVE WITH OTHER NON-PROFIT INSTITUTIONS THAT FOCUS ON FINANCIAL SERVICES, LOCATED IN WASHINGTON, DC. THE COMMITTEE CONSISTS OF MEMBERS OF THE BOARD OF DIRECTORS AND DOES NOT INCLUDE THE CEO. THE COMMITTEE ENGAGED A COMPENSATION CONSULTANT TO EVALUATE THE CURRENT CEO SALARY AND STRUCTURE. THE CONSULTANT UTILIZED COMPARABLE DATA IN ORDER TO SUBSTANTIATE THEIR SALARY RECOMMENDATIONS FOR THE CEO. THIS PROCESS TOOK PLACE IN 2023. THE CEO ENGAGES A COMPENSATION CONSULTANT TO REVIEW AND EVALUATE OTHER OFFICER AND KEY EMPLOYEE SALARIES. THE CONSULTANT UTILIZED COMPARABLE DATA IN ORDER TO SUBSTANTIATE THEIR SALARY RECOMMENDATIONS FOR OTHER OFFICER AND KEY EMPLOYEE SALARIES. THIS PROCESS TOOK PLACE IN 2023. FORM 990, PART VI, SECTION C, LINE 19 CFP BOARD'S BYLAWS ARE AVAILABLE FOR DOWNLOAD FROM THE ORGANIZATION'S WEBSITE. THE CONFLICT-OF-INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G OUTSIDE SERVICES 1,082,315. PROFESSIONAL SERVICES 5,935,041. RECRUITMENT, ADVERTISING AND PROFESSIONAL SERVICES 888,642. RESEARCH 354,887. TEMPORARY LABOR 604,243. CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNIN 1425 K STREET NW STE 800 WASHINGTON CT 20005 742385850 ADVANCING COMPETENT AND ETHICAL FINANCIAL PLANNING AND EXPAND CFP PROFESSIO DC 501(C)(3) LINE 10 0 0 1 0 0 1 0 0 1 0 0 0 1 1 1 1 1 1 0 1 CFP BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNING B 186643 COST CFP BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNING E 13628988 COST CFP BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNING N 1485193 COST CFP BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNING O 173096 COST CFP BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNING S 1704729 COST