2023-11-10T10:22:01-06:00 2022-12-31 042442519 EDELSTEIN & COMPANY LLP 160 FEDERAL STREET 9TH FLOOR BOSTON MA 02110 990 2022-01-01 822586755 PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS INC PROG 8572426747 134 MT AUBURN STREET CAMBRIDGE MA 02138 HAL S SCOTT PRESIDENT/DIRECTOR 8572426747 2023-11-09 1 HAL SCOTT 999009999 0 EUGENE BORGONZI P01269879 6172276161 2023-11-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HAL S SCOTT 134 MT AUBURN STREET CAMBRIDGE MA 02138 3827861 0 X WWW.PIFSINTERNATIONAL.ORG X 2017 DE THE PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS (PIFS) IS A 501(C)(3) ORGANIZATION THAT HOSTS INTERNATIONAL SYMPOSIA, EXECUTIVE EDUCATION PROGRAMS AND SPECIAL EVENTS THAT FOSTER DIALOGUE AND PROMOTE EDUCATION ON ISSUES AFFECTING THE GLOBAL FINANCIAL SYSTEM. PIFS ALSO SUPPORTS ACADEMIC SCHOLARSHIP ON THESE ISSUES. 6 5 12 120 0 0 1261650 2971334 331173 524351 29061 10418 1427 6305 1623311 3512408 0 0 0 0 1621765 1634883 0 0 278153 422666 1059085 2044431 2693968 -421120 818440 2926831 3725139 120669 339288 2806162 3385851 X THE PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS (PIFS) IS A 501(C)(3) ORGANIZATION THAT HOSTS INTERNATIONAL SYMPOSIA, EXECUTIVE EDUCATION PROGRAMS AND SPECIAL EVENTS THAT FOSTER DIALOGUE AND PROMOTE EDUCATION ON ISSUES IMPACTING THE GLOBAL FINANCIAL SYSTEM. PIFS ALSO SUPPORTS ACADEMIC SCHOLARSHIP ON THESE ISSUES. 0 0 1995833 0 524351 THE PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS (PIFS) IS A 501(C)(3) ORGANIZATION THAT HOSTS INTERNATIONAL SYMPOSIA, EXECUTIVE EDUCATION PROGRAMS AND SPECIAL EVENTS THAT FOSTER DIALOGUE AND PROMOTE EDUCATION ON ISSUES IMPACTING THE GLOBAL FINANCIAL SYSTEM. PIFS ALSO SUPPORTS ACADEMIC SCHOLARSHIP ON THESE ISSUES. IN 2022, PIFS HOSTED THREE SYMPOSIA WITH EUROPE, CHINA, AND JAPAN. EACH EVENT INCLUDED APPROXIMATELY 100 SENIOR POLICYMAKERS, FINANCIAL SECTOR EXECUTIVES, AND PROMINENT ACADEMICS TO FOSTER DIALOGUE ON POLICY ISSUES IMPACTING THE GLOBAL FINANCIAL SYSTEM. PIFS ALSO HOSTED SIX EXECUTIVE EDUCATION PROGRAMS FOR GOVERNMENT OFFICIALS FROM FOREIGN COUNTRIES, THREE OF WHICH WERE PARTNERSHIPS WITH HARVARD LAW SCHOOL EXECUTIVE EDUCATION, AND TWO OF WHICH WERE PARTNERSHIPS WITH THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS (IOSCO). PIFS ALSO HOSTED SPECIAL EVENTS ON DISCRETE POLICY ISSUES, INCLUDING EVENTS ON INSTITUTIONAL INVESTORS AND CRYPTO ASSETS AND CLIMATE-RELATED FINANCIAL REGULATION, AS WELL AS A ROUNDTABLE WITH THE CHIEF EXECUTIVE OFFICER OF THE U.K. FINANCIAL CONDUCT AUTHORITY. 1995833 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 31 0 12 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 5 1 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 1 0 MA X CRISTINA LEONE 8572426747 134 MT AUBURN STREET CAMBRIDGE MA 02138 HAL S SCOTT PRESIDENT/DIRECTOR 30.00 X X 600000 0 0 DON KANAK DIRECTOR 0.50 X 0 0 0 SATORU MURASE DIRECTOR 0.50 X 0 0 0 THIERRY PORTE DIRECTOR 0.50 X 0 0 0 SHAWN FAGAN DIRECTOR (RESIGNED 4/12/22) 0.50 X 0 0 0 JAMES FEBEO DIRECTOR 0.50 X 0 0 0 HEATH TARBET DIRECTOR (APPOINTED 4/12/22) 0.50 X 0 0 0 JACQUELINE MCCABE SECRETARY 20.00 X 70000 0 0 CRISTINA LEONE TREASURER/CFO 24.00 X 87500 0 7177 JOHN A GULLIVER EXECUTIVE DIRECTOR 30.00 X 339897 0 17340 WHITNEY VASEY DIRECTOR OF EVENTS 40.00 X 161500 0 15670 1258897 0 40187 3 0 1 0 0 2971334 2971334 PROGRAM FEES 900099 524351 524351 524351 30805 30805 295066 315453 -20387 -20387 -20387 OTHER INCOME 900099 6305 6305 6305 3512408 530656 0 10418 1121915 702719 246443 172753 394213 288917 45015 60281 9977 6525 1918 1534 29352 17768 7408 4176 79426 51949 15269 12208 39749 477 39272 8573 8573 213865 196430 12723 4712 993 497 496 31708 27044 3644 1020 19119 8150 10819 150 64550 38090 14121 12339 145927 136707 2240 6980 443403 443403 4838 4838 6781 288 6493 HONORARIUM 76184 76184 FEES, LICENSES & REGIST 3395 685 710 2000 2693968 1995833 419982 278153 182577 183422 628425 455960 342500 1590500 54984 31487 164905 123891 54944 35812 23102 19132 1530338 1311199 0 9548 2926831 3725139 110824 327638 9845 11650 120669 339288 X 2389601 2479667 416561 906184 2806162 3385851 2926831 3725139 X 818440 -240998 2247 X X 0 1 X 1 0 X 3459127 1983888 320000 1261650 2971334 9995999 3459127 1983888 320000 1261650 2971334 9995999 5373600 4622399 45100 41427 2145 21299 30805 140776 1427 6305 7732 10144507 2454357 0.45570 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: CREDIT CARD CASH BACK REWARDS - 2021 AMOUNT: $ 1,427. 2022 AMOUNT: $ 6,305. SCHEDULE A, PART VI, LIST OF UNUSUAL GRANTS: DESCRIPTION: SPECIAL ONE-TIME CONTRIBUTION TO RAISE START-UP FUNDING FOR THE DATE: 07/11/18 AMOUNT: 1000000. FORM 990, SCHEDULE A - PUBLIC SUPPORT SHORT YEAR THE ORGANIZATION WAS FORMED ON AUGUST 4, 2017. THEREFORE THE 2017 TAX YEAR WAS A SHORT YEAR. THE BOARD OF DIRECTORS VOTED TO AMEND THE BYLAWS TO CHANGE THE ORGANIZATION'S YEAR END FROM JULY 31 TO DECEMBER 31 EFFECTIVE DECEMBER 31, 2020. THEREFORE THE 2020 TAX YEAR WAS A SHORT YEAR RUNNING FROM AUGUST 1, 2020 TO DECEMBER 31, 2020. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 54944 35812 19132 19132 3265084 -240998 2247 -238751 3503835 8573 8573 3512408 2685395 0 2685395 8573 8573 2693968 PART XI, LINE 2D - OTHER ADJUSTMENTS: WRITE OFF OF PRIOR YEAR ACCRUED EXPENSES 2,247. EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 FUNDRAISING ACTIVITIES N/A EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 FUNDRAISING ACTIVITIES N/A MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 FUNDRAISING ACTIVITIES N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 PART I, LINE 3: ACCRUAL METHOD OF ACCOUNTING WAS USED TO ACCOUNT FOR EXPENDITURES PART III ACCOUNTING METHOD: FORM 990, SCHEDULE F, PART I, LINE 3 THE ORGANIZATION RECEIVED CONTRIBUTIONS FROM FOREIGN CORPORATIONS LOCATED IN THE REGIONS OF EAST ASIA AND THE PACIFIC, EUROPE, AND MIDDLE EAST AND NORTH AFRICA. NO EXPENDITURES WERE MADE IN THESE REGIONS IN ORDER TO OBTAIN THESE CONTRIBUTIONS. THE DONORS WERE REPORTED ON SCHEDULE B IN ACCORDANCE WITH IRS REGULATIONS. X 1 1 X X X X 0 0 0 0 0 0 0 1 0 HAL S SCOTT PRESIDENT/DIRECTOR 500000 0 100000 0 0 0 0 0 0 0 600000 0 0 0 JOHN A GULLIVER EXECUTIVE DIRECTOR 289897 0 50000 0 0 0 6530 0 10810 0 357237 0 0 0 WHITNEY VASEY DIRECTOR OF EVENTS 137500 0 0 0 24000 0 4845 0 10825 0 177170 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL IS PROVIDED FOR HAL S. SCOTT, PRESIDENT, IN THE CASE OF LONG TRIPS WHERE PRIVACY IS NEEDED FOR WORKING ON CONFIDENTIAL DOCUMENTS, WHEN BUSINESS CLASS TICKETS ARE NOT AVAILABLE, OR A FREE UPGRADE TO FIRST CLASS IS AVAILABLE. PART I, LINE 7 ALL OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES RECEIVED A DISCRETIONARY BONUS IN 2022. THE BONUSES ARE DETERMINED BASED ON THE MARKET RATE FOR SIMILAR ROLES AT OTHER SIMILAR ORGANIZATIONS. THE BONUS WAS APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 2 HAL S. SCOTT & JOHN A. GULLIVER - BUSINESS RELATIONSHIP HAL S. SCOTT & JACQUELINE MCCABE - BUSINESS RELATIONSHIP HAL S. SCOTT & CRISTINA LEONE - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS ONE CLASS OF MEMBERSHIP. THE SOLE MEMBER MAY APPOINT ADDITIONAL OR SUCCESSOR MEMBERS. THE MEMBER SHALL ALSO ELECT THE DIRECTORS AND OFFICERS. THE MEMBER HAS THE POWER TO AMEND, REPEAL AND ADOPT THE BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS SHALL ELECT THE DIRECTORS. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED THOROUGHLY BY THE CORPORATION'S OFFICERS BEFORE FILING. A COPY OF THE FORM 990 IS PROVIDED TO AND REVIEWED BY THE BOARD OF DIRECTORS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C AT WEEKLY STATUS MEETINGS, ALL MAJOR ACTIVITIES OF THE CORPORATION ARE DISCUSSED BY THE CORPORATION'S OFFICERS WHERE ANY POTENTIAL CONFLICTS OF INTEREST CAN BE IDENTIFIED. IN ADDITION, EACH DIRECTOR AND EACH OFFICER IS REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST DISCLOSURE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION OF THE ORGANIZATION'S TOP MANAGEMENT (OFFICERS AND KEY EMPLOYEES) INCLUDED A REVIEW AND APPROVAL BY INDEPENDENT MEMBERS OF THE BOARD OF DIRECTORS WHO WERE PROVIDED A REPORT FROM AN INDEPENDENT PROFESSIONAL COMPENSATION CONSULTANT PROVIDING, INTER ALIA, COMPARABILITY DATA, AND THE BOARD'S DELIBERATION AND DECISION WERE CONTEMPORANEOUSLY MEMORIALIZED IN THE MINUTES OF THE BOARD MEETING. THE INDEPENDENT PROFESSIONAL COMPENSATION CONSULTANT WAS HIRED TO PROVIDE 2022 COMPENSATION PLANNING INFORMATION UPDATES AS APPROPRIATE FOR THE FOLLOWING: HAL S. SCOTT JOHN GULLIVER JACQUELINE MCCABE CRISTINA LEONE FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, WHICH INCLUDE ITS CONFLICT OF INTEREST POLICY, AND ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9: WRITE OFF OF PRIOR YEAR ACCRUED EXPENSES 2,247.