2024-06-27T13:30:56-05:00 2023-08-31 410746749 CliftonLarsonAllen LLP 220 S 6th Street Suite 300 Minneapolis MN 55402 990 2022-09-01 411861989 CFA Society of Minnesota CFAS 6129304000 121 South 8th Street 825 Minneapolis MN 55402 Shannon Schaaf Executive Director 6129304000 2024-06-17 1 Shannon Schaaf 999009999 1 John Tauer P00294068 6123764500 2024-06-17 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Shannon Schaaf 121 South 8th Street 825 Minneapolis MN 55402 462913 0 X www.cfamn.org X 1952 MN To advance professional excellence while promoting ethical behavior and fellowship through development and engagement opportunities for our members. 14 14 4 100 0 0 14459 0 472688 457741 899 3922 491 1250 488537 462913 0 0 0 0 203602 232777 0 0 0 210814 231438 414416 464215 74121 -1302 646817 626469 224917 205871 421900 420598 OUR MISSION: To advance professional excellence while promoting ethical behavior and fellowship through development and engagement opportunities for our members. 0 0 ANNUAL DINNER - The CFAMN Annual Dinner is our largest public awareness event, designed to raise the level of awareness of our members in the broader community as well as bring together as large a group of members as possible to continue working toward development of "community." A veritable "Who's Who" of the local investment community - clients, spouses and employers as well as the general membership - is invited and encouraged to attend. The Annual Dinner was held in February 2023 with 300 attendees. PROFESSIONAL LEARNING - Professional learning events are held throughout our active months (September through June). Programs typically are offered in an evening format and provide updates on current industry topics and best practices. Meetings are open to members, other industry professionals and students. Speakers are representatives from the financial services industry, both local and national perspectives. In FY2023 (Sep 2022-Aug 2023), we offered more than 24 in person and virtual events, attended by more than 900. NEW CFA CHARTERHOLDER RECOGNITION - The Chartered Financial Analyst (CFA) designation is a globally recognized standard for measuring the competence and integrity of investment professionals. The three levels of examination verify a candidate's ability to apply these principles across all areas of the investment decision-making process. The program's professional conduct requirements demand that both CFA candidates and charterholders adhere to the highest standards of ethical responsibility. In FY 23 we held 1 dinner with more than 60 attendees. 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 0 1 4 1 0 0 0 0 0 0 0 0 X 14 14 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X Shannon Schaaf 6129304000 121 South 8th street Suite 825 Minneapolis MN 55402 Chris May Immediate Past President 5.00 X X 0 0 0 Kate Lyons President 10.00 X X 0 0 0 Rob Britton Vice President 10.00 X X 0 0 0 Cory Markling Treasurer 10.00 X X 0 0 0 Melissa Gilbertson Secretary 5.00 X X 0 0 0 Christy Bipes Director 2.00 X 0 0 0 Matt Grimes Director 2.00 X 0 0 0 Jonathan Levy Director 2.00 X 0 0 0 Andrew Rem Director 5.00 X 0 0 0 David Slegh Director 5.00 X 0 0 0 Phil Stern Director 2.00 X 0 0 0 Zac Wanzek Director 10.00 X 0 0 0 KC Connors Director 5.00 X 0 0 0 Mackenzie Merrill Director 5.00 X 0 0 0 Katy Farley Director 5.00 X 0 0 0 Mark Salter Executive Director 40.00 X 104604 0 2117 Shannon Schaaf Executive Director 40.00 X 15096 0 0 119700 0 2117 1 0 0 0 0 Membership Dues 900099 171448 171448 Registration and Event 611430 137599 137599 CFA Institute Support 611430 100056 100056 Sponsorships 900099 48638 48638 457741 3922 3922 Miscellaneous Income 900099 1250 1250 1250 462913 457741 0 5172 136416 78050 1633 16678 81 14868 5885 268 12109 28418 40906 6872 5274 1477 Annual Dinner Expense 61006 Other Events 23440 Luncheons Expense 8826 Miscellaneous 8222 13786 464215 8445 14586 570234 570942 51532 16158 10506 18683 6100 6100 646817 626469 67962 44732 156955 161139 224917 205871 X 421900 420598 421900 420598 646817 626469 -1302 0 X X 0 1 X 1 0 0 1 0 0 X 462913 0 462913 0 462913 464215 0 464215 0 464215 Part X, Line 2: The Society is exempt from income taxes under section 501(c)(6) of the Internal Revenue Code. It has been classified as an association that is not a private foundation under the Internal Revenue Code and charitable contributions by donors are tax deductible. CFA Society of Minnesota is also exempt from state income taxes. CFA Society of Minnesota did not have any unrelated income. CFA Society of Minnesota follows the provisions of accounting for uncertainty in income taxes. This standard clarifies the accounting for uncertainty in income taxes recognized in an entity's financial statement and prescribes a recognition threshold for the financial statement recognition of tax positions taken or expected to be taken on a tax return that are not certain to be realized. Form 990, Part VI, Section A, line 1a From our January 2019 bylaws - The four Officers (President, Vice-President, Secretary and Treasurer) plus the immediate Past President plus the Ex-Officio Executive Director (non-voting committee member) shall compose the Executive Committee. The Executive Committee shall act only in the interval between the meetings of the Board of Directors, and shall at times be subject to the control and discretion of the Board. To the extent determined by the Board, and as permitted by law, the Executive Committee shall have the authority of the Board of Directors in the management of the business of the corporation. The Board may authorize the Executive Committee (excluding the Executive Director) to (i) arrange for the periodic evaluation of the Executive Director's performance by the Board; (ii) determine the compensation to be paid to the Executive Director; (iii) review and approve the executive compensation plan and periodically review executive compensation (including total compensation, base salaries, annual incentives, deferred compensation, special benefits and executive perquisites) and any employment agreements for the Executive Director; (iv) recommend to the Board any substantial changes to compensation policies and pension plans; and (v) arrange for periodic review by the Board of the succession plan for the office of the Executive Director. Form 990, Part VI, Section A, line 6 The Society recognizes four classes of active membership; Regular, Affiliate, Local-Only, and Student Members. Form 990, Part VI, Section A, line 7a Regular members may vote to elect directors and change bylaws; bylaws changes require a quorum of directors for a passing board vote. Form 990, Part VI, Section A, line 7b Bylaw amendments require approval by the Board and adoption by a majority vote of the regular members. Form 990, Part VI, Section B, line 11b The Form 990 is developed by the Executive Director and the bookkeeper, reviewed initially by the Treasurer, and then sent to the entire Board of Directors for final review. Form 990, Part VI, Section B, line 12c Compliance is monitored by self-reporting for all board members, officers and the Executive Director. Directors are responsible for promptly making full disclosures of any conflict of interest to the qualified directors of the board (directors with no conflict of interest with regards to the transaction or situation). Qualified directors then discuss the conflict of interest and, depending on the nature of the conflict of interest, vote on continuing with the transaction. Directors subject to a conflict of interest shall not be permitted to be present or to participate in the deliberations or vote of the qualified directors with respect to such conflict of interest. Proceedings are documented in the meeting minutes. Form 990, Part VI, Section B, line 15 The Executive Committee meets annually to determine salary increase and bonus pool for all staff, and reviews current ED comp against market, using data from sources such as Associations North and the Minnesota Council of Nonprofits. The process described here was last completed in 2022. Form 990, Part VI, Section C, line 19 The Society's governing documents, conflict of interest policy and financial statements are made available upon request. FORM 990, PART XII, LINE 1 The Society uses a modified cash method of accounting. Entries are made on a cash basis, however, the organization will record unpaid invoices in accounts receivable, accrue prepaid expenses and deferred revenue.