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← NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION INC

Form 990 for tax year 2023

Filed by NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION INC.

Totals

Total revenue
$15,739,705
Total expenses
$11,298,527
Contributions and grants received
$0
Grants paid
$100,000
Program service revenue
$14,614,672
Investment income
$891,422
Other revenue
$233,611
Total assets, end of year
$36,598,745
Total liabilities, end of year
$3,294,884
Net assets or fund balances, end of year
$33,303,861
Program services expenses (Part IX)
$7,663,525
Management and general expenses
$3,635,002
Fundraising expenses
$0
Program service expenses (Part III)
$7,663,525

Program services were 67.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: EXAMINATION FEES

    total $8,185,300 · related or exempt $8,185,300

  • 2b · Program service revenue: ELECTRONIC FILING DEPOSITORY

    total $3,297,911 · related or exempt $3,297,911

  • 2c · Program service revenue: IAR CE REVENUE

    total $2,316,153 · related or exempt $2,316,153

  • 2d · Program service revenue: EVEP REVENUE

    total $442,330 · related or exempt $442,330

  • 2e · Program service revenue: MEMBERSHIP DUES

    total $167,500 · related or exempt $167,500

  • 2f · All other program service revenue

    total $205,478 · related or exempt $205,478

  • 3 · Investment income

    total $891,572 · excluded $891,572

  • 5 · Royalties

    total $49,022 · excluded $49,022

  • 6a · Gross rents

    real property $3,960

  • 6b · Less rental expenses

    real property $3,558

  • 6c · Rental income or loss

    real property $402

  • 6d · Net rental income or loss

    total $402 · excluded $402

  • 7b · Less cost or other basis and sales expenses

    securities $150

  • 7c · Gain or loss

    securities -$150

  • 7d · Net gain or loss

    total -$150 · excluded -$150

  • 11a · Other revenue: SETTLEMENT INCOME

    total $175,000 · excluded $175,000

  • 11b · Other revenue: MISCELLANEOUS

    total $9,187 · excluded $9,187

  • 11e · Other revenue, total

    $184,187

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $100,000 · program services $100,000

  • 5 · Compensation of officers, directors and key employees

    total $863,026 · program services $261,565 · management and general $601,461

  • 7 · Other salaries and wages

    total $2,774,664 · program services $1,440,990 · management and general $1,333,674

  • 8 · Pension plan contributions

    total $297,164 · program services $152,436 · management and general $144,728

  • 9 · Other employee benefits

    total $285,088 · program services $141,802 · management and general $143,286

  • 10 · Payroll taxes

    total $236,212 · program services $111,771 · management and general $124,441

  • 11b · Fees: legal

    total $64,478 · program services $45,738 · management and general $18,740

  • 11c · Fees: accounting

    total $165,851 · management and general $165,851

  • 11d · Fees: lobbying

    total $61,550 · program services $61,550

  • 11f · Fees: investment management

    total $48,406 · management and general $48,406

  • 11g · Fees: other

    total $1,378,020 · program services $1,019,505 · management and general $358,515

  • 13 · Office expenses

    total $231,547 · program services $173,509 · management and general $58,038

  • 14 · Information technology

    total $520,765 · program services $381,793 · management and general $138,972

  • 16 · Occupancy

    total $311,148 · program services $148,913 · management and general $162,235

  • 17 · Travel

    total $1,222,133 · program services $1,171,505 · management and general $50,628

  • 19 · Conferences, conventions and meetings

    total $2,190,526 · program services $2,010,543 · management and general $179,983

  • 22 · Depreciation, depletion and amortization

    total $384,347 · program services $364,222 · management and general $20,125

  • 23 · Insurance

    total $71,368 · program services $23,479 · management and general $47,889

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $58,612 · program services $27,734 · management and general $30,878

  • 24b · Other expenses: MISCELLANEOUS EXPENSES

    total $16,609 · program services $13,405 · management and general $3,204

  • 24c · Other expenses: CREDIT CARD FEES

    total $11,506 · program services $8,836 · management and general $2,670

  • 24d · Other expenses: PAYROLL PROCESSING FEES

    total $5,507 · program services $4,229 · management and general $1,278

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,685,079 · end of year $2,168,408

  • 2 · Savings and temporary cash investments

    beginning of year $1,178,476 · end of year $1,238,265

  • 4 · Accounts receivable

    beginning of year $715,298 · end of year $1,018,079

  • 9 · Prepaid expenses and deferred charges

    beginning of year $606,089 · end of year $581,667

  • 10a · Land, buildings and equipment: cost or other basis

    $1,766,777

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,534,607

  • 10c · Land, buildings and equipment, net

    beginning of year $590,084 · end of year $232,170

  • 11 · Investments: publicly traded securities

    beginning of year $22,858,719 · end of year $29,329,432

  • 15 · Other assets

    beginning of year $2,280,107 · end of year $2,030,724

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,098,022 · end of year $1,097,553

  • 19 · Deferred revenue

    beginning of year $390 · end of year $4,350

  • 25 · Other liabilities

    beginning of year $2,297,231 · end of year $2,192,981

  • 27 · Net assets without donor restrictions

    beginning of year $26,518,209 · end of year $33,303,861

Mission and programs · 2023

Mission

NASAA REPRESENTS AND SERVES ITS MEMBERS THROUGH ADVOCACY, EDUCATION, SUBJECT MATTER EXPERTISE, COMMUNICATION, AND COORDINATION.

Activities or mission (Part I)

SEE PART III, LINE 1.

  • OTHER ACTIVITIES ARE ORGANIZED THROUGHOUT THE YEAR TO PROVIDE EDUCATION AND COLLABORATIVE OPPORTUNITIES TO MEMBERS WHO DEAL WITH SECURITIES REGULATION AND ENFORCEMENT MATTERS. AMONG THESE ACTIVITIES, NASAA ROUTINELY PROVIDES NEW CONTENT FOR SERIES 63, SERIES 65 AND SERIES 66 EXAMINATIONS, WHICH ARE OWNED BY NASAA AND ARE UTILIZED IN THE FINANCIAL SERVICES INDUSTRY.

    Expenses $1,965,182 · Revenue $8,627,630

  • NASAA'S MULTI-PRONGED MISSION INCLUDES SERVING MEMBERS THROUGH EDUCATION. IN FULFILLING THIS ASPECT OF THE ORGANIZATION'S MISSION, NASAA MAINTAINS A TRAINING AND EDUCATION PROGRAM COMPRISED OF A SERIES OF IN-PERSON TRAINING EVENTS AND WEBINARS THAT TAKE PLACE THROUGHOUT THE YEAR. THE EVENTS ARE LARGELY FUNDED BY THE ORGANIZATION AND AVAILABLE PRIMARILY TO NASAA MEMBERS AND THEIR STAFF. TRAINING EVENTS FOCUSED ON THE FOLLOWING AREAS ARE HELD ANNUALLY: ENFORCEMENT, INVESTMENT ADVISER REGULATION, INVESTOR EDUCATION, BROKER-DEALER REGULATION, CORPORATION FINANCE AND FRANCHISE REGULATION. LITIGATION AND DEPOSITION SKILLS TRAINING SEMINARS ARE HELD IN ALTERNATING YEARS. NASAA RECORDS THESE TRAINING EVENTS AND MAKES THEM AVAILABLE TO MEMBERS ON THE DISTANCE LEARNING SECTION OF THE NASAA WEBSITE.

    Expenses $1,723,041 · Grants $100,000 · Revenue $203,675

  • NASAA, UNDER THE LEADERSHIP OF ITS STATE SECURITIES REGULATOR MEMBERS, OPERATES THE ELECTRONIC FILING DEPOSITORY ("EFD"). THE EFD SYSTEM BENEFITS FROM THE OVERSIGHT OF THE NASAA BOARD OF DIRECTORS AND SUBJECT MATTER EXPERTISE FROM THE EFD STEERING COMMITTEE. EFD IS AN INTERNET ACCESSIBLE DATABASE SYSTEM THAT ALLOWS ISSUERS TO SUBMIT REGULATORY FILINGS AND PAY RELATED FEES TO STATE SECURITIES REGULATORS. THE FILINGS THAT CAN BE SUBMITTED THROUGH THE EFD MANAGED FUNCTIONALITY INCLUDE FORM D FOR REGULATION D, RULE 506 FILINGS, FORM NF-UIT FILINGS, FRANCHISE REGISTRATION FILINGS, FORM NF-MUTUAL FUND FILINGS, AS WELL AS OTHER CORPORATE FINANCE FILINGS. EFD ALSO PROVIDES A PUBLIC FACING WEBSITE TO SEARCH AND VIEW, FREE OF CHARGE, FILINGS MADE THROUGH THE SYSTEM TO STATE SECURITIES REGULATORS. THE EFD SYSTEM ALLOWS FILERS AND STATE REGULATORY AGENCIES TO TRANSITION FROM PAPER-BASED FILING SYSTEMS TO AN ELECTRONIC SYSTEM. BY FOSTERING UNIFORMITY IN STATE REGULATORY FILINGS, AND SIMPLIFYING COMMUNICATIONS BETWEEN FILER AND REGULATOR, EFD SERVES ITS MEMBER REGULATORS WITH A MORE EFFICIENT AND EFFECTIVE MEANS TO RECEIVE AND MONITOR SECURITIES FILINGS.

    Expenses $1,533,581 · Revenue $3,297,911

  • AN ANNUAL FALL CONFERENCE IS HELD EACH YEAR IN A DIFFERENT CITY IN CONJUNCTION WITH A FULL MEMBERSHIP MEETING. BOTH SERVE TO UPDATE PARTICIPANTS AND MEMBERS ON CURRENT EVENTS PERTAINING TO SECURITIES ADMINISTRATION.

    Expenses $957,497 · Revenue $141,003

  • IAR CONTINUING EDUCATION ("IAR CE")

    Expenses $792,056 · Revenue $2,316,153

  • SPRING CONFERENCE IN WASHINGTON DC

    Expenses $393,973 · Revenue $28,300

  • NASAA EXAMS MODULE ("NEMO") SYSTEM

    Expenses $298,195

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Claire McHenry

    PRESIDENT

    Total calculated
    $0
    Hours/week
    8

  • Tom Cotter

    TREASURER

    Total calculated
    $0
    Hours/week
    8

  • Diane Young-Spitzer

    SECRETARY

    Total calculated
    $0
    Hours/week
    8

  • Andrea Seidt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    8

  • Andrew Hartnett

    DIRECTOR

    Total calculated
    $0
    Hours/week
    8

  • Elizabeth Bowling

    DIRECTOR, (FROM 9/12/2023)

    Total calculated
    $0
    Hours/week
    8

  • Eric Pistilli

    DIRECTOR, (UNTIL 9/12/2023)

    Total calculated
    $0
    Hours/week
    8

  • Leslie M Van Buskirk

    DIRECTOR

    Total calculated
    $0
    Hours/week
    8

  • Marni Rock Gibson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    8

  • Melanie Senter-Lubin

    DIRECTOR, (UNTIL 9/12/2023)

    Total calculated
    $0
    Hours/week
    8

  • Stephen Bouchard

    DIRECTOR, (FROM 9/12/2023)

    Total calculated
    $0
    Hours/week
    8

  • Joseph Brady

    EXECUTIVE DIRECTOR

    Total calculated
    $576,724
    From this org
    $507,532
    From related orgs
    $0
    Other
    $69,192
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $442,282
    Bonus
    $65,250
    Other
    $0
    Deferred
    $43,500
    Nontaxable benefits
    $25,692
    Filer's total
    $576,724

  • Marina Alonso-Mendoza

    DIR. OF FINANCE AND OPERATIONS

    Total calculated
    $286,302
    From this org
    $234,293
    From related orgs
    $0
    Other
    $52,009
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $232,793
    Bonus
    $1,500
    Other
    $0
    Deferred
    $33,488
    Nontaxable benefits
    $18,521
    Filer's total
    $286,302

  • Vincente Martinez

    GENERAL COUNSEL

    Total calculated
    $344,015
    From this org
    $271,795
    From related orgs
    $0
    Other
    $72,220
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,295
    Bonus
    $1,500
    Other
    $0
    Deferred
    $41,291
    Nontaxable benefits
    $30,929
    Filer's total
    $344,015

  • James Apistolas

    DIR. OF ED, EVENTS, & M/SHIP

    Total calculated
    $245,558
    From this org
    $191,756
    From related orgs
    $0
    Other
    $53,802
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,256
    Bonus
    $1,500
    Other
    $0
    Deferred
    $26,112
    Nontaxable benefits
    $27,690
    Filer's total
    $245,558

  • Zachary Knepper

    DEPUTY GENERAL COUNSEL

    Total calculated
    $243,948
    From this org
    $212,874
    From related orgs
    $0
    Other
    $31,074
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,374
    Bonus
    $1,500
    Other
    $0
    Deferred
    $29,444
    Nontaxable benefits
    $1,630
    Filer's total
    $243,948

  • Kristen Hutchens

    DIR. OF POLICY AND GOV'T AFFAIRS

    Total calculated
    $216,544
    From this org
    $182,931
    From related orgs
    $0
    Other
    $33,613
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,431
    Bonus
    $1,500
    Other
    $0
    Deferred
    $24,257
    Nontaxable benefits
    $9,356
    Filer's total
    $216,544

  • Frederick Baldasarro

    DIR. OF COMMUNICATIONS

    Total calculated
    $198,553
    From this org
    $180,631
    From related orgs
    $0
    Other
    $17,922
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,631
    Bonus
    $1,000
    Other
    $0
    Deferred
    $16,476
    Nontaxable benefits
    $1,446
    Filer's total
    $198,553

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
THE FOLLOWING OFFICERS AND HIGHLY COMPENSATED EMPLOYEES RECEIVED PERFORMANCE BASED BONUSES DURING 2023: JOSEPH BRADY $65,250 VINCENTE MARTINEZ $1,500 MARINA ALONSO-MENDOZA $1,500 ZACHARY KNEPPER $1,500 JAMES APISTOLAS $1,500 KRISTEN HUTCHENS $1,500 FREDERICK BALDASARRO $1,000

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
30 October 2024
IRS schema version
2023v5.1
Source object
202433049349301618

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