Skip to content
Nonprofiteer
← PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS INC

Form 990 for tax year 2022

Filed by PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS INC.

Totals

Total revenue
$3,512,408
Total expenses
$2,693,968
Contributions and grants received
$2,971,334
Grants paid
$0
Program service revenue
$524,351
Investment income
$10,418
Other revenue
$6,305
Total assets, end of year
$3,725,139
Total liabilities, end of year
$339,288
Net assets or fund balances, end of year
$3,385,851
Program services expenses (Part IX)
$1,995,833
Management and general expenses
$419,982
Fundraising expenses
$278,153
Program service expenses (Part III)
$1,995,833

Program services were 74.1% 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

    $2,971,334

  • 2a · Program service revenue: PROGRAM FEES

    total $524,351 · related or exempt $524,351

  • 3 · Investment income

    total $30,805 · excluded $30,805

  • 7a · Gross sales of assets other than inventory

    securities $295,066

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

    securities $315,453

  • 7c · Gain or loss

    securities -$20,387

  • 7d · Net gain or loss

    total -$20,387 · excluded -$20,387

  • 11a · Other revenue: OTHER INCOME

    total $6,305 · related or exempt $6,305

  • 11e · Other revenue, total

    $6,305

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,121,915 · program services $702,719 · management and general $246,443 · fundraising $172,753

  • 7 · Other salaries and wages

    total $394,213 · program services $288,917 · management and general $45,015 · fundraising $60,281

  • 8 · Pension plan contributions

    total $9,977 · program services $6,525 · management and general $1,918 · fundraising $1,534

  • 9 · Other employee benefits

    total $29,352 · program services $17,768 · management and general $7,408 · fundraising $4,176

  • 10 · Payroll taxes

    total $79,426 · program services $51,949 · management and general $15,269 · fundraising $12,208

  • 11c · Fees: accounting

    total $39,749 · program services $477 · management and general $39,272

  • 11f · Fees: investment management

    total $8,573 · management and general $8,573

  • 11g · Fees: other

    total $213,865 · program services $196,430 · management and general $12,723 · fundraising $4,712

  • 12 · Advertising and promotion

    total $993 · program services $497 · management and general $496

  • 13 · Office expenses

    total $31,708 · program services $27,044 · management and general $3,644 · fundraising $1,020

  • 14 · Information technology

    total $19,119 · program services $8,150 · management and general $10,819 · fundraising $150

  • 16 · Occupancy

    total $64,550 · program services $38,090 · management and general $14,121 · fundraising $12,339

  • 17 · Travel

    total $145,927 · program services $136,707 · management and general $2,240 · fundraising $6,980

  • 19 · Conferences, conventions and meetings

    total $443,403 · program services $443,403

  • 22 · Depreciation, depletion and amortization

    total $4,838 · management and general $4,838

  • 23 · Insurance

    total $6,781 · program services $288 · management and general $6,493

  • 24a · Other expenses: HONORARIUM

    total $76,184 · program services $76,184

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

    total $3,395 · program services $685 · management and general $710 · fundraising $2,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $182,577 · end of year $183,422

  • 2 · Savings and temporary cash investments

    beginning of year $628,425 · end of year $455,960

  • 3 · Pledges and grants receivable

    beginning of year $342,500 · end of year $1,590,500

  • 4 · Accounts receivable

    beginning of year $54,984 · end of year $31,487

  • 9 · Prepaid expenses and deferred charges

    beginning of year $164,905 · end of year $123,891

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

    $54,944

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

    $35,812

  • 10c · Land, buildings and equipment, net

    beginning of year $23,102 · end of year $19,132

  • 11 · Investments: publicly traded securities

    beginning of year $1,530,338 · end of year $1,311,199

  • 14 · Intangible assets

    beginning of year $0 · end of year $9,548

  • 17 · Accounts payable and accrued expenses

    beginning of year $110,824 · end of year $327,638

  • 19 · Deferred revenue

    beginning of year $9,845 · end of year $11,650

  • 27 · Net assets without donor restrictions

    beginning of year $2,389,601 · end of year $2,479,667

  • 28 · Net assets with donor restrictions

    beginning of year $416,561 · end of year $906,184

Mission and programs · 2022

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 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.

    Expenses $1,995,833 · Revenue $524,351

As filed on the 2022 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
    $600,000
    From this org
    $600,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $500,000
    Bonus
    $100,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $600,000

  • 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

  • Shawn Fagan

    DIRECTOR (RESIGNED 4/12/22)

    Total calculated
    $0
    Hours/week
    0.5

  • James Febeo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Heath Tarbet

    DIRECTOR (APPOINTED 4/12/22)

    Total calculated
    $0
    Hours/week
    0.5

  • Jacqueline McCabe

    SECRETARY

    Total calculated
    $70,000
    From this org
    $70,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Cristina Leone

    TREASURER/CFO

    Total calculated
    $94,677
    From this org
    $87,500
    From related orgs
    $0
    Other
    $7,177
    Hours/week
    24

  • John A Gulliver

    EXECUTIVE DIRECTOR

    Total calculated
    $357,237
    From this org
    $339,897
    From related orgs
    $0
    Other
    $17,340
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $289,897
    Bonus
    $50,000
    Other
    $0
    Deferred
    $6,530
    Nontaxable benefits
    $10,810
    Filer's total
    $357,237

  • Whitney Vasey

    DIRECTOR OF EVENTS

    Total calculated
    $177,170
    From this org
    $161,500
    From related orgs
    $0
    Other
    $15,670
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,500
    Bonus
    $0
    Other
    $24,000
    Deferred
    $4,845
    Nontaxable benefits
    $10,825
    Filer's total
    $177,170

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 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.

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
2022
Filed
9 November 2023
IRS schema version
2022v5.0
Source object
202313149349302076

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.