Nonprofit · EIN 52-1042433
MUNICIPAL SECURITIES RULEMAKING BOARD
Tax-exempt · WASHINGTON, DC 20005
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| September 30, 2025 | 990 | $64,107,674 | $49,653,681 | $14,453,993 | $97,493,666 | $15,634,015 | $81,859,651 |
| September 30, 2024 | 990 | $56,050,435 | $49,151,258 | $6,899,177 | $84,065,143 | $17,055,530 | $67,009,613 |
| September 30, 2023 | 990 | $48,594,053 | $46,879,987 | $1,714,066 | $76,222,195 | $17,515,794 | $58,706,401 |
Financial details: 990 for the year ended September 30, 2025
Revenue
- Contributions, gifts and grants
- $58,893,518
- Membership dues
- $58,893,518
- Program service revenue
- $3,563,579
- Investment income
- $1,570,057
- Net gain from sales of assets
- -$113,857
- Other revenue
- $80,520
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $6,633,146
- Other salaries and wages
- $17,653,534
- Salaries, compensation and benefits (total)
- $28,907,224
- Professional fundraising fees
- $0
- Legal fees
- $600,533
- Accounting fees
- $516,890
- Occupancy
- $2,264,459
- Travel
- $403,660
- Depreciation
- $3,023,524
Balance sheet and other
- Total assets, start of year
- $84,065,143
- Total assets, end of year
- $97,493,666
- Total liabilities, end of year
- $15,634,015
- Net assets, end of year
- $81,859,651
- Land, buildings and equipment
- $18,514,393
- Publicly traded securities
- $48,412,903
- Net assets without donor restrictions
- $81,859,651
- Gross receipts
- $64,236,920
- Employees
- 147
- Volunteers
- 0
- Year formed
- 1975
- State of legal domicile
- VA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended September 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MARK T KIM | PRESIDENT AND CEO Officer | 40 | $822,742 | $70,193 |
| JOHN A BAGLEY | CHIEF MARKET STRUCTURE OFFICER Key employee | 40 | $559,653 | $71,274 |
| ERNESTO LANZA | CHIEF REGULATORY & POLICY OFFICER Key employee | 40 | $506,335 | $67,092 |
| JACOB LESSER | GENERAL COUNSEL Key employee | 40 | $538,814 | $29,366 |
| BRIAN ANTHONY | CHIEF PRODUCT OFFICER Key employee | 40 | $479,809 | $58,557 |
| JOHN TOYE | CHIEF INFORMATION OFFICER Key employee | 40 | $400,662 | $59,227 |
| TANGIE DAVIS | CHIEF OF STAFF Key employee | 40 | $387,002 | $47,296 |
| SIMON WU | CHIEF ECONOMIST Highest-paid employee | 40 | $348,172 | $46,729 |
| SALLY KLEMPERER | SENIOR ASSOCIATE GENERAL COUNSEL Highest-paid employee | 40 | $334,439 | $45,316 |
| ALEIS STOKES AS OF 012024 | CHIEF EXTERNAL RELATIONS OFFICER Key employee | 40 | $310,354 | $61,517 |
| OMER AHMED | CHIEF FINANCIAL OFFICER Officer | 40 | $304,079 | $65,828 |
| FRANK MAZZARELLI | DIRECTOR, MARKET REGULATION Highest-paid employee | 40 | $289,075 | $57,538 |
| MARCELO VIEIRA | SENIOR DIR, RESEARCH & MRKT TRANSP. Highest-paid employee | 40 | $312,918 | $32,793 |
| SHAMBREIA JOINER | SR. DIRECTOR, REGULATORY COMPL. Highest-paid employee | 40 | $286,873 | $42,980 |
| RONALD SMITH | CORPORATE SECRETARY Officer | 40 | $274,136 | $38,189 |
21 more people on this return
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| IJEOMA LASEBIKAN | DIRECTOR, HUMAN RESOURCES Key employee | 40 | $196,094 | $53,320 |
| SARA MAJROH | FMR. OFF./SR. MGR., CORP. GOVERNANCE Former | 40 | $209,391 | $30,542 |
| JESSICA FAUCETTE | FMR. OFF/SR. GOVT. & PUBLIC AFF. Former | 40 | $116,891 | $27,874 |
| WARREN DANIELS | DIRECTOR, BOARD CHAIR Trustee or director, Officer | 6 | $82,500 | $0 |
| JENNIE HUANG BENNETT | DIRECTOR, BOARD VICE CHAIR Trustee or director, Officer | 6 | $78,750 | $0 |
| MEREDITH L HATHORN | FORMER DIRECTOR, BOARD CHAIR Former | 0 | $78,750 | $0 |
| KATANO KASAINE | DIRECTOR Trustee or director | 6 | $75,000 | $0 |
| HORATIO L PORTER | DIRECTOR Trustee or director | 6 | $75,000 | $0 |
| NATASHA A HOLIDAY | DIRECTOR Trustee or director | 6 | $67,500 | $0 |
| DAVID F BELTON | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| ELIZABETH SWEENEY | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| ALEXANDER CHILTON | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| MICHAEL CRAFT | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| PAMELA FREDERICK | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| WENDELL GAERTNER | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| CHRIS KENDALL | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| ANGELIA SCHMIDT | FORMER DIRECTOR, BOARD VICE CHAIR Former | 0 | $60,000 | $0 |
| THALIA MEEHAN | FORMER DIRECTOR Former | 0 | $48,750 | $0 |
| AHMED ABONAMAH | DIRECTOR (AS OF 10/2024) Trustee or director | 6 | $16,250 | $0 |
| DAN WILES | DIRECTOR (AS OF 10/2024) Trustee or director | 6 | $16,250 | $0 |
| HEATHER GRZANKA | DIRECTOR (AS OF 10/2024) Trustee or director | 6 | $16,250 | $0 |
990 for the year ended September 30, 2024: 44 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MARK T KIM | PRESIDENT AND CEO Officer | 40 | $721,384 | $61,597 |
| JOHN A BAGLEY | CHIEF MARKET STRUCTURE OFFICER Key employee | 40 | $513,519 | $67,954 |
| JACOB LESSER | GENERAL COUNSEL Key employee | 40 | $467,611 | $25,606 |
| BRIAN ANTHONY | CHIEF PRODUCT OFFICER Key employee | 40 | $396,117 | $57,068 |
| JOHN TOYE | CHIEF INFORMATON OFFICER Key employee | 40 | $355,359 | $62,416 |
| NANETTE LAWSON | FORMER CHIEF OPERATING OFFICER Former | 0 | $321,119 | $47,605 |
| TANGIE DAVIS | CHIEF OF STAFF (AS OF 08/2024) Key employee | 40 | $323,363 | $45,318 |
| OMER AHMED | CHIEF FINANCIAL OFFICER Officer | 40 | $304,894 | $61,644 |
| SIMON WU | CHIEF ECONOMIST Highest-paid employee | 40 | $324,903 | $40,791 |
| SALIHA OLGUN | INTERIM CHIEF REG OFF.(THRU 10/2023) Key employee | 40 | $304,677 | $60,919 |
| SALLY KLEMPERER | SENIOR ASSOCIATE GENERAL COUNSEL Highest-paid employee | 40 | $314,053 | $45,436 |
| JILL FURICK | CHIEF PEOPLE OFFICER (THRU 12/2023) Key employee | 40 | $320,283 | $39,119 |
| LEAH SZAREK | CHIEF OF EXT. RELAT.(THRU 12/2023) Key employee | 40 | $316,006 | $30,097 |
| MARCELO VIEIRA | SENIOR DIR, RESEARCH & MRKT TRANSP. Highest-paid employee | 40 | $290,647 | $30,439 |
| RONALD SMITH | CORPORATE SECRETARY Officer | 40 | $270,971 | $36,562 |
| SHAMBREIA JOINER | SR. DIRECTOR, REGULATORY COMPL. Highest-paid employee | 40 | $262,093 | $39,158 |
| BONNIE MOYNIHAN | CONTROLLER Highest-paid employee | 40 | $258,772 | $29,146 |
| SARA MAJROH | FMR. OFF./SR. MGR., CORP. GOVERNANCE Former | 40 | $192,198 | $28,166 |
| IJEOMA LASEBIKAN | DIRECTOR, HUMAN RESOURCES Key employee | 40 | $161,371 | $46,493 |
| ERNESTO LANZA | CHIEF REGULATORY & POLICY OFFICER Key employee | 40 | $170,553 | $19,696 |
| EMMETT CUSSON | FORMER CHIEF TECHNOLOGY OFFICER Former | 0 | $153,586 | $9,641 |
| GAIL MARSHALL | FORMER CHIEF REGULATORY OFFICER Former | 0 | $122,083 | $15,448 |
| JESSICA FAUCETTE | FMR. OFF/SR. GOVT. & PUBLIC AFF. Former | 40 | $108,120 | $19,998 |
| MEREDITH L HATHORN | DIRECTOR, BOARD CHAIR Trustee or director, Officer | 8 | $105,000 | $0 |
| ANGELIA SCHMIDT | DIR, BOARD VICE CHAIR(AS OF 10/2023) Trustee or director, Officer | 6 | $76,250 | $0 |
| JENNIE HUANG BENNETT | DIRECTOR Trustee or director | 6 | $75,000 | $0 |
| THALIA MEEHAN | DIRECTOR Trustee or director | 6 | $72,500 | $0 |
| WARREN DANIELS | DIRECTOR Trustee or director | 6 | $67,500 | $0 |
| KATANO KASAINE | DIRECTOR Trustee or director | 6 | $67,500 | $0 |
| HORATIO L PORTER | DIRECTOR Trustee or director | 6 | $67,500 | $0 |
| CAROL KOSTIK | FORMER DIRECTOR, BOARD VICE CHAIR Former | 0 | $67,500 | $0 |
| DAVID F BELTON | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| NATASHA A HOLIDAY | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| ELIZABETH SWEENEY | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| FRANCIS E FAIRMAN IV | FORMER DIRECTOR Former | 0 | $48,750 | $0 |
| DANIEL KILEY | FORMER DIRECTOR Former | 0 | $48,750 | $0 |
| DONNA M SIMONETTI | FORMER DIRECTOR Former | 0 | $48,750 | $0 |
| JILL JAWORSKI | FORMER DIRECTOR Former | 0 | $27,291 | $0 |
| JERRY W FORD | FORMER DIRECTOR Former | 0 | $19,277 | $0 |
| ALEXANDER CHILTON | DIRECTOR (AS OF 10/2023) Trustee or director | 6 | $16,250 | $0 |
| MICHAEL CRAFT | DIRECTOR (AS OF 10/2023) Trustee or director | 6 | $16,250 | $0 |
| PAMELA FREDERICK | DIRECTOR (AS OF 10/2023) Trustee or director | 6 | $16,250 | $0 |
| WENDELL GAERTNER | DIRECTOR (AS OF 10/2023) Trustee or director | 6 | $16,250 | $0 |
| CHRIS KENDALL | DIRECTOR (AS OF 10/2023) Trustee or director | 6 | $16,250 | $0 |
990 for the year ended September 30, 2023: 38 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MARK T KIM | PRESIDENT & CEO Officer | 40 | $667,361 | $59,155 |
| NANETTE D LAWSON | CHIEF OPERATING OFFICER Key employee | 40 | $519,862 | $66,964 |
| JOHN A BAGLEY | CHIEF MARKET STRUCTURE OFFICER Key employee | 40 | $507,395 | $63,589 |
| E ADAM CUSSON | CHIEF TECHNOLOGY OFFICER Key employee | 40 | $452,591 | $26,957 |
| GAIL MARSHALL | CHIEF REGULATORY OFFICER Key employee | 40 | $401,314 | $52,256 |
| JACOB LESSER | GENERAL COUNSEL Key employee | 40 | $422,381 | $28,824 |
| BRIAN ANTHONY | CHIEF DATA OFFICER Key employee | 40 | $332,900 | $56,190 |
| JOHN TOYE | DEPUTY CHIEF TECHNOLOGY OFFCR Highest-paid employee | 40 | $294,022 | $61,476 |
| SALLY KLEMPERER | SR. ASSOCIATE GENERAL COUNSEL Highest-paid employee | 40 | $297,315 | $51,593 |
| TANGIE DAVIS | DEPUTY CHIEF TECHNOLOGY OFFICR Highest-paid employee | 40 | $304,326 | $42,982 |
| SIMON WU | CHIEF ECONOMIST Highest-paid employee | 40 | $307,317 | $35,573 |
| JILL FURICK | CHIEF PEOPLE OFFICER Key employee | 40 | $301,283 | $36,021 |
| SALIHA OLGUN | INTERIM CHIEF REGULATORY OFFCR Key employee | 40 | $280,252 | $55,823 |
| OMER S AHMED | Chief Financial Officer Key employee | 40 | $270,308 | $59,367 |
| LEAH SZAREK | CHIEF OF EXTERNAL RELATIONS Key employee | 40 | $282,914 | $41,708 |
| DAVID HODAPP | DIRECTOR, MARKET REGULATION Highest-paid employee | 40 | $247,369 | $56,746 |
| RONALD W SMITH | CORPORATE SECRETARY Officer | 40 | $251,014 | $36,232 |
| SARA MAJROH | FORMER ASST. CORPORATE SEC. Former | 0 | $178,070 | $27,798 |
| JESSICA FAUCETTE | FORMER ASST. CORPORATE SEC. Former | 0 | $116,506 | $19,039 |
| MEREDITH L HATHORN | DIRECTOR, BOARD CHAIR Trustee or director, Officer | 8 | $93,750 | $0 |
| CAROL KOSTIK | DIRECTOR, BOARD VICE CHAIR Trustee or director, Officer | 6 | $78,750 | $0 |
| PATRICK BRETT | DIRECTOR, Former Board Chair Former | 0 | $78,750 | $0 |
| FRANCIS E FAIRMAN IV | DIRECTOR Trustee or director | 6 | $72,500 | $0 |
| JENNIE HUANG BENNETT | DIRECTOR Trustee or director | 6 | $67,500 | $0 |
| THALIA MEEHAN | DIRECTOR Trustee or director | 6 | $67,500 | $0 |
| ANGELIA SCHMIDT | DIRECTOR Trustee or director | 6 | $67,500 | $0 |
| WARREN DANIELS | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| KATANO KASAINE | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| DANIEL KILEY | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| DONNA M SIMONETTI | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| ELIZABETH SWEENEY | DIRECTOR Trustee or director | 6 | $65,000 | $0 |
| JOSEPH P DARCY | FORMER DIRECTOR Former | 0 | $56,250 | $0 |
| CAROLINE CRUISE | Former DIRECTOR Former | 0 | $48,750 | $0 |
| SEEMA MOHANTY | FORMER DIRECTOR Former | 0 | $48,750 | $0 |
| DAVID F BELTON | DIRECTOR Trustee or director | 6 | $16,250 | $0 |
| NATASHA A HOLIDAY | DIRECTOR Trustee or director | 6 | $16,250 | $0 |
| JILL JAWORSKI | DIRECTOR Trustee or director | 6 | $16,250 | $0 |
| HORATIO L PORTER | DIRECTOR Trustee or director | 6 | $16,250 | $0 |
Address and contacts
- Address (IRS master file)
- 1300 I ST NW STE 1000, WASHINGTON, DC 20005-3335
- In care of
- % BONNIE MOYNIHAN
- Principal officer (990 for 2024)
- MARK T KIM, 1300 I STREET NW STE 1000, WASHINGTON, DC 20005
- Signed the 990
- MARK T KIM, CEO
- Phone
- (202) 838-1500
- Website
- WWW.MSRB.ORG
- Return prepared by
- GRANT THORNTON ADVISORS LLC
Mission
SEE SCHEDULE OMSRB'S MISSION IS TO PROTECT AND STRENGTHEN THE MUNICIPAL BOND MARKET, ENABLING ACCESS TO CAPITAL, ECONOMIC GROWTH, AND SOCIETAL PROGRESS IN TENS OF THOUSANDS OF COMMUNITIES ACROSS THE COUNTRY.-WE CREATE TRUST IN OUR MARKET THROUGH INFORMED REGULATION OF DEALERS AND MUNICIPAL ADVISORS THAT PROTECTS INVESTORS, ISSUERS AND THE PUBLIC INTEREST.-WE BUILD TECHNOLOGY SYSTEMS THAT POWER OUR MARKET AND PROVIDE TRANSPARENCY FOR THE INVESTING PUBLIC AND OTHER MARKET PARTICIPANTS.-WE SERVE AS THE STEWARD OF MARKET DATA THAT EMPOWERS BETTER DECISION MAKING AND FUELS INNOVATION FOR THE FUTURE.
Program accomplishments
- MARKET REGULATION: MSRB WAS ESTABLISHED BY CONGRESS TO REGULATE SECURITIES FIRMS, BANKS AND MUNICIPAL ADVISORS THAT TRANSACT IN MUNICIPAL SECURITIES AND ENGAGE IN MUNICIPAL ADVISORY ACTIVITIES (COLLECTIVELY "REGULATED ENTITIES") WITH THE GOAL OF PROTECTING INVESTORS, MUNICIPAL ENTITIES, OBLIGATED PERSONS, AND THE PUBLIC INTEREST. (CONTINUED ON SCHEDULE O)MSRB WORKS TO PROTECT INVESTORS AND ISSUERS BY CREATING FAIR, CLEAR, AND EFFECTIVE RULES FOR THE MUNICIPAL SECURITIES MARKET. ITS GOAL IS TO MAKE THE MARKET STRONGER AND MORE COMPETITIVE BY LEVELING THE PLAYING FIELD FOR MARKET PARTICIPANTS AND PROMOTING CAPITAL FORMATION. MSRB'S REGULATORY ACCOMPLISHMENTS IN FISCAL YEAR (FY) 2025 INCLUDE:-TRADE REPORTING: MSRB RESCINDED THE NOT YET EFFECTIVE AMENDMENTS TO RULE G-14 REQUIRING TRADES TO BE REPORTED WITHIN ONE MINUTE. MSRB RETAINED THE CURRENT 15-MINUTE REPORTING STANDARD AFTER DISCUSSION WITH MARKET PARTICIPANTS BUT AMENDED THE RULE TO REQUIRE DEALERS, BEGINNING IN JULY 2026, TO REPORT TRADES "AS SOON AS PRACTICABLE AND HAVE CLEAR POLICIES IN PLACE TO MEET THIS NEW REQUIREMENT.-MSRB ALSO MAINTAINED ITS FOCUS ON RETROSPECTIVE RULE REVIEWS TO ENSURE ITS RULES ARE ACHIEVING THEIR INTENDED PURPOSES AND DON'T CREATE UNNECESSARY BURDENS. MSRB LAUNCHED FIVE MAJOR REVIEWS OF EXISTING RULES:-ADAPTING DEALER SUPERVISION RULES TO THE MODERN WORKPLACE (RULE G-27)-STREAMLINING THE PRIMARY MARKET DISCLOSURE AND DATA SUBMISSION PROCESS (RULE G-32 AND RULE G-34)-UPDATING MUNICIPAL ADVISOR RULES; AND-MODERNIZING DISCLOSURE AND OTHER OBLIGATIONS FOR MUNICIPAL FUND SECURITIES
- MARKET TRANSPARENCY: MSRB HELPS PROTECT AND IMPROVE THE MUNICIPAL SECURITIES MARKET BY RUNNING THE TECHNOLOGY INFRASTRUCTURE. AT THE CENTER OF THIS SYSTEM IS THE (EMMA) ELECTRONIC MUNICIPAL MARKET ACCESS WEBSITE AT EMMA.MSRB.ORG., WHICH GIVES ALL MUNICIPAL MARKET PARTICIPANTS AND THE PUBLIC ACCESS, FREE OF CHARGE, TO KEY MUNICIPAL SECURITIES DATA. (CONTINUED ON SCHEDULE O)IN 2025, MSRB CONTINUED TO INVEST IN A MAJOR REDESIGN OF ITS EMMA WEBSITE, SET TO LAUNCH IN 2026.THIS MULTI-YEAR PROJECT HAS INCLUDED STAKEHOLDER FEEDBACK FROM EMMA USERS THROUGHOUT THE PROCESS, INCLUDING MORE THAN 100 INDUSTRY EXPERTS AND MARKET PARTICIPANTS DURING BETA TESTING OVER THE LAST YEAR. THE NEW EMMA WILL OFFER A MODERN LOOK AND FEEL, EASIER NAVIGATION, A CUSTOMIZABLE DASHBOARD, ENHANCED SEARCH TOOLS, AND NEW DATA, INCLUDING OBLIGOR INFORMATION FOR THE FIRST TIME IN MSRB HISTORY.
- MARKET INTEGRITY: MSRB REGULARLY ANALYZES THE DATA IT COLLECTS TO IDENTIFY TRENDS AND INFORM REGULATORY DECISION MAKING AND PUBLISHES RESEARCH TO ASSISTPOLICYMAKERS, MARKET PARTICIPANTS AND THE PUBLIC IN UNDERSTANDING THE MUNICIPAL SECURITIES MARKET. (CONTINUED ON SCHEDULE O)RESEARCH REPORTS PUBLISHED OVER THE PAST YEAR COVERED A VARIETY OF TOPICS INCLUDING:-LIQUIDITY IMPACT OF MUNICIPAL BOND ETFS ON MUNICIPAL SECURITIES MARKET: AN UPDATED ANALYSIS-MAJOR TRENDS IN THE MUNICIPAL SECURITIES PRIMARY MARKET-TRENDS IN MUNICIPAL SECURITIES TRADING: BROKER'S BROKERS VS. ALTERNATIVE TRADING SYSTEMS-PERFORMANCE OF MUNICIPAL BOND EXCHANGE-TRADED FUNDS DURING APRIL 2025-A COMPARISON OF TRANSACTION COSTS FOR MUNICIPAL SECURITIES AND OTHER FIXED INCOME SECURITIES-CONVERGENCE OF INDIVIDUAL AND INSTITUTIONAL TRADING DYNAMICS IN SMALL SIZE TRADES-WHAT DRIVES TRADING VOLUME IN THE MUNICIPAL SECURITIES MARKET? A STUDY OF LIKELY FACTORSMSRB ALSO PUBLISHES QUARTERLY AND ANNUAL MUNICIPAL SECURITIES MARKET SUMMARIES HIGHLIGHTING KEY DEVELOPMENTS IN YIELDS, TRADING VOLUME, NEW ISSUANCE, AND MUTUAL FUNDFLOWS, AS WELL AS MONTHLY DATA AND AN ANNUAL MSRB FACT BOOK.
- FINANCIAL STEWARDSHIP:AS A SELF REGULATORY ORGANIZATION, MSRB RELIES ON FEES PAID BY REGULATED ENTITIES TO FUND ITS OPERATIONS AS OPPOSED TO APPROPRIATIONS FROM THE FEDERAL GOVERNMENT. MSRB IS COMMITTED TO PRUDENT STEWARDSHIP OF THE RESOURCES IT RECEIVES FROM REGULATED ENTITIES.IN FY 2025, MSRB ADOPTED A NEW MULTI-YEAR RATE CARD. THE MULTI-YEAR RATE CARD SETS RATES FOR CALENDAR YEARS 2026 THROUGH 2029, OFFERING REGULATED FIRMS GREATER FEE PREDICTABILITY. AS PART OF THIS CHANGE, MSRB WILL RETURN TO THE INDUSTRY MORE THAN $23 MILLION IN SURPLUS RESERVES-GENERATED BY EXTRAORDINARY MARKET ACTIVITY OVER THE PAST TWO YEARS-VIA TEMPORARY FEES CREDITS ON DEALER MARKET ACTIVITY FEES THROUGH 2027.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | September 30, 2026 | February 16, 2027 | Not due yet |
| 2024 | September 30, 2025 | February 17, 2026 | 990 on file |
| 2023 | September 30, 2024 | February 18, 2025 | 990 on file |
IRS record
- EIN
- 52-1042433
- Tax-exempt status
- 501(c)(6): Business league or chamber of commerce
- Donations deductible
- No
- Exempt since
- 1989
- Accounting year ends
- September
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $97,493,666
- Income (IRS master file)
- $64,236,920
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | September 2025 | $64,107,674 | $49,653,681 | $97,493,666 | XML |
| 990 | September 2024 | $56,050,435 | $49,151,258 | $84,065,143 | XML |
| 990 | September 2023 | $48,594,053 | $46,879,987 | $76,222,195 | XML |
| 990 | September 2022 | $32,395,479 | $41,558,950 | $68,082,981 | IRS |
| 990 | September 2021 | – | – | – | IRS |
| 990 | September 2020 | – | – | – | IRS |
| 990 | September 2019 | – | – | – | IRS |
| 990 | September 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 52-1042433).
Questions about MUNICIPAL SECURITIES RULEMAKING BOARD
- What is the EIN of MUNICIPAL SECURITIES RULEMAKING BOARD?
- The employer identification number (EIN) of MUNICIPAL SECURITIES RULEMAKING BOARD is 52-1042433.
- Is MUNICIPAL SECURITIES RULEMAKING BOARD tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(6) since 1989.
- Are donations to MUNICIPAL SECURITIES RULEMAKING BOARD tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does MUNICIPAL SECURITIES RULEMAKING BOARD file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of MUNICIPAL SECURITIES RULEMAKING BOARD due?
- The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MUNICIPAL SECURITIES RULEMAKING BOARD last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended September 2025.
- Who is the principal officer of MUNICIPAL SECURITIES RULEMAKING BOARD?
- The 990 for the year ended September 30, 2025 names MARK T KIM.
- Who are the officers and directors of MUNICIPAL SECURITIES RULEMAKING BOARD?
- The 990 for the year ended September 30, 2025 lists 36 people; 36 received compensation from the organization, the highest $822,742 (MARK T KIM, PRESIDENT AND CEO).
- How much revenue does MUNICIPAL SECURITIES RULEMAKING BOARD have?
- On its 990 for the year ended September 30, 2025 it reported revenue of $64,107,674, expenses of $49,653,681 and total assets of $97,493,666 at year end.
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