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Nonprofiteer
← PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS INC

Form 990 for tax year 2023

Filed by PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS INC.

Totals

Total revenue
$3,017,976
Total expenses
$2,887,901
Contributions and grants received
$2,329,999
Grants paid
$0
Program service revenue
$623,770
Investment income
$55,601
Other revenue
$8,606
Total assets, end of year
$4,034,257
Total liabilities, end of year
$330,339
Net assets or fund balances, end of year
$3,703,918
Program services expenses (Part IX)
$2,114,413
Management and general expenses
$459,032
Fundraising expenses
$314,456
Program service expenses (Part III)
$2,114,413

Program services were 73.2% 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.

  • 1f · All other contributions, gifts and grants

    $2,329,999

  • 2a · Program service revenue: PROGRAM FEES

    total $623,770 · related or exempt $623,770

  • 3 · Investment income

    total $75,563 · excluded $75,563

  • 7a · Gross sales of assets other than inventory

    securities $232,323

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

    securities $252,285

  • 7c · Gain or loss

    securities -$19,962

  • 7d · Net gain or loss

    total -$19,962 · excluded -$19,962

  • 11a · Other revenue: OTHER INCOME

    total $8,606 · related or exempt $8,606

  • 11e · Other revenue, total

    $8,606

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,216,932 · program services $757,538 · management and general $271,758 · fundraising $187,636

  • 7 · Other salaries and wages

    total $419,805 · program services $311,439 · management and general $45,935 · fundraising $62,431

  • 8 · Pension plan contributions

    total $9,172 · program services $5,991 · management and general $1,780 · fundraising $1,401

  • 9 · Other employee benefits

    total $29,478 · program services $15,214 · management and general $10,705 · fundraising $3,559

  • 10 · Payroll taxes

    total $85,590 · program services $55,900 · management and general $16,613 · fundraising $13,077

  • 11c · Fees: accounting

    total $50,980 · management and general $50,980

  • 11e · Fees: professional fundraising services

    total $2,250 · fundraising $2,250

  • 11f · Fees: investment management

    total $8,617 · management and general $8,617

  • 11g · Fees: other

    total $138,257 · program services $130,978 · management and general $5,540 · fundraising $1,739

  • 12 · Advertising and promotion

    total $673 · program services $319 · management and general $354

  • 13 · Office expenses

    total $35,885 · program services $28,416 · management and general $4,897 · fundraising $2,572

  • 14 · Information technology

    total $22,898 · program services $15,517 · management and general $6,049 · fundraising $1,332

  • 16 · Occupancy

    total $64,591 · program services $39,841 · management and general $14,656 · fundraising $10,094

  • 17 · Travel

    total $370,148 · program services $339,223 · management and general $2,560 · fundraising $28,365

  • 19 · Conferences, conventions and meetings

    total $370,244 · program services $367,902 · management and general $2,342

  • 22 · Depreciation, depletion and amortization

    total $7,442 · management and general $7,442

  • 23 · Insurance

    total $12,077 · program services $3,806 · management and general $8,271

  • 24a · Other expenses: HONORARIUM

    total $41,041 · program services $41,041

  • 24b · Other expenses: FEES, LICENSES & REGIST

    total $1,821 · program services $1,288 · management and general $533

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $183,422 · end of year $133,443

  • 2 · Savings and temporary cash investments

    beginning of year $455,960 · end of year $1,605,821

  • 3 · Pledges and grants receivable

    beginning of year $1,590,500 · end of year $496,000

  • 4 · Accounts receivable

    beginning of year $31,487 · end of year $375

  • 9 · Prepaid expenses and deferred charges

    beginning of year $123,891 · end of year $273,440

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

    $54,944

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

    $39,782

  • 10c · Land, buildings and equipment, net

    beginning of year $19,132 · end of year $15,162

  • 11 · Investments: publicly traded securities

    beginning of year $1,311,199 · end of year $1,503,940

  • 14 · Intangible assets

    beginning of year $9,548 · end of year $6,076

  • 17 · Accounts payable and accrued expenses

    beginning of year $327,638 · end of year $318,489

  • 19 · Deferred revenue

    beginning of year $11,650 · end of year $11,850

  • 27 · Net assets without donor restrictions

    beginning of year $2,479,667 · end of year $2,565,418

  • 28 · Net assets with donor restrictions

    beginning of year $906,184 · end of year $1,138,500

Mission and programs · 2023

Mission

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.

Activities or mission (Part I)

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.

  • 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 2023, 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 TWELVE 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 TWO EVENTS CO-HOSTED WITH THE BANK OF JAPAN, AS WELL AS ROUNDTABLES ON CENTRAL BANK DIGITAL CURRENCIES (CBDCS), POLICY ISSUES IN ASSET MANAGEMENT, AND THE FUTURE OF CRYPTOASSETS & INVESTOR PROTECTION.

    Expenses $2,114,413 · Revenue $623,770

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

Listed in Part VII

  • Hal S Scott

    PRESIDENT/DIRECTOR

    Total calculated
    $625,000
    From this org
    $625,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $525,000
    Bonus
    $100,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $625,000

  • Don Kanak

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Satoru Murase

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Thierry Porte

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Stephen Berger

    DIRECTOR (APPT. 6/13/23)

    Total calculated
    $0
    Hours/week
    0.5

  • James Febeo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Heath Tarbet

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jacqueline McCabe

    SECRETARY

    Total calculated
    $77,000
    From this org
    $77,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Cristina Leone

    TREASURER/CFO

    Total calculated
    $106,220
    From this org
    $97,641
    From related orgs
    $0
    Other
    $8,579
    Hours/week
    25

  • John A Gulliver

    EXECUTIVE DIRECTOR

    Total calculated
    $408,951
    From this org
    $390,181
    From related orgs
    $0
    Other
    $18,770
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $340,181
    Bonus
    $50,000
    Other
    $0
    Deferred
    $7,345
    Nontaxable benefits
    $11,425
    Filer's total
    $408,951

  • Whitney Vasey

    DIRECTOR OF EVENTS

    Total calculated
    $188,401
    From this org
    $177,550
    From related orgs
    $0
    Other
    $10,851
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,500
    Bonus
    $5,000
    Other
    $35,050
    Deferred
    $5,326
    Nontaxable benefits
    $5,525
    Filer's total
    $188,401

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

  • 1a · First-class or charter travel
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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 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 2023. 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.

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202423199349304292

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