Form 990 for tax year 2023

Totals

Total revenue

$58,742,692

Total expenses

$55,732,814

Contributions and grants received

$0

Grants paid

$336,643

Program service revenue

$56,207,545

Investment income

$441,873

Other revenue

$2,093,274

Total assets, end of year

$51,515,055

Total liabilities, end of year

$47,133,272

Net assets or fund balances, end of year

$4,381,783

Program services expenses (Part IX)

— not reported

Management and general expenses

— not reported

Fundraising expenses

— not reported

Program service expenses (Part III)

— not reported

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.

Mission and programs · 2023

• PUBLIC AWARENESS CAMPAIGN: ONE OF THE CFP BOARD'S STRATEGIC PRIORITIES IS TO BUILD PUBLIC AWARENESS OF THE CFP CERTIFICATION. IN PURSUIT OF THIS PRIORITY, CFP BOARD HAS DEVELOPED AND IMPLEMENTED A PUBLIC AWARENESS CAMPAIGN THAT INCLUDES A MIX OF BROADCAST, CABLE AND STREAMING TELEVISION, RADIO, SOCIAL MEDIA, ONLINE ADVERTISING, AND MEDIA SPONSORSHIP. ADDITIONALLY, CFP BOARD IS MAINTAINING AND REGULARLY UPDATING RELEVANT CONTENT ON LETSMAKEAPLAN.ORG, A CONSUMER-TARGETED WEBSITE DEVELOPED TO INCREASE THE PUBLIC'S AWARENESS AND UNDERSTANDING OF THE VALUE OF FINANCIAL PLANNING AND HOW A CFP PROFESSIONAL CAN HELP IMPROVE FINANCIAL WELL-BEING. SINCE ITS LAUNCH IN 2011, OUR CAMPAIGN HAS INCREASED THE AWARENESS OF CFP CERTIFICATION AMONG OUR TARGET AUDIENCE WITH AN OVERWHELMING MAJORITY STATING THAT THEY HAVE HEARD OF THE DESIGNATION.

• EDUCATION: THE FIRST STEP TO CFP CERTIFICATION IS TO ACQUIRE THE KNOWLEDGE REQUIRED TO DELIVER PROFESSIONAL, COMPETENT, AND ETHICAL FINANCIAL PLANNING SERVICES TO CLIENTS, AS OUTLINED IN THE PERSONAL FINANCIAL PLANNING TOPIC AREAS IDENTIFIED BY CFP BOARD'S MOST RECENT JOB ANALYSIS RESEARCH. CFP BOARD'S EDUCATION COMPONENT REQUIRES THE COMPLETION OF A COLLEGE-LEVEL PROGRAM OF STUDY IN PERSONAL FINANCIAL PLANNING, INCLUDING COMPLETION OF A FINANCIAL PLAN DEVELOPMENT (CAPSTONE) COURSE. THE COURSE OF STUDY IS OFFERED AT 235 ACCREDITED COLLEGES AND UNIVERSITIES IN THE U.S., AT DEGREE (BACHELORS, MASTERS, PH.D.) AND CERTIFICATE LEVELS. IN 2023, CFP BOARD REGISTERED OVER 345 FINANCIAL PLANNING PROGRAMS WHICH INCLUDED REVIEW OF THEIR CURRICULUM AND FACULTY QUALIFICATIONS TO ENSURE THAT THE TEACHING AND LEARNING MET ESTABLISHED STANDARDS. AFTER INITIAL CERTIFICATION, CFP PROFESSIONALS ARE REQUIRED TO COMPLETE 30 HOURS OF CONTINUING EDUCATION ("CE") AS PART OF THE BIENNIAL RENEWAL REQUIREMENT TO ASSURE THE PUBLIC OF CONTINUING COMPETENCY IN FINANCIAL PLANNING. CFP BOARD ANNUALLY REGISTERS APPROXIMATELY 1,100 CE SPONSORS, WHO ARE REQUIRED TO DELIVER HIGH QUALITY CONTENT DEVELOPED BY QUALIFIED INSTRUCTORS AND AUTHORS, ALIGNING WITH DEFINED FINANCIAL PLANNING TOPIC REQUIREMENTS. IN 2023, CFP BOARD REVIEWED AND APPROVED OVER 14,900 CE PROGRAMS WHICH MET ESTABLISHED REQUIREMENTS.

• PROFESSIONAL CONDUCT, ENFORCEMENT AND LEGAL: AS A CONDITION TO CERTIFICATION, ALL CFP PROFESSIONALS AGREE TO ABIDE BY CFP BOARD'S CODE OF ETHICS AND STANDARDS OF CONDUCT AND PREDECESSOR VERSIONS (CODE AND STANDARDS), WHICH INCLUDES THE PRACTICE STANDARDS FOR THE FINANCIAL PLANNING PROCESS. THE CODE AND STANDARDS BECAME EFFECTIVE ON OCTOBER 1, 2019 WITH AN ENFORCEMENT DATE OF JUNE 30, 2020, REPLACING CFP BOARD'S PRIOR ETHICAL STANDARDS SET FORTH IN THE STANDARDS OF PROFESSIONAL CONDUCT (STANDARDS) BOOKLET. CFP BOARD FORMED A STANDARDS RESOURCE COMMISSION (SRC) TO DEVELOP GUIDANCE FOR CFP PROFESSIONALS AND THEIR FIRMS REGARDING THE CODE AND STANDARDS. THE SRC BEGAN TO PUBLISH GUIDANCE MATERIALS REGARDING THE CODE AND STANDARDS IN 2018, AND ITS WORK CONTINUED THROUGHOUT 2023. IN 2023, CFP BOARD'S SANCTIONS AND FITNESS COMMISSION COMPLETED ITS WORK OFFERING REVISIONS TO CFP BOARD'S SANCTION GUIDELINES AND FITNESS STANDARDS AND RECOMMENDING TO THE BOARD THAT THOSE REVISIONS BE PUT OUT FOR PUBLIC COMMENT. WITH CERTAIN MODIFICATIONS, THE BOARD PUBLISHED THE PROPOSED SANCTIONS GUIDELINES AND FITNESS STANDARDS SEEKING PUBLIC COMMENT.CFP BOARD HAS ESTABLISHED A FAIR PROCESS FOR ENFORCING CFP BOARD'S CODE AND STANDARDS (AND THE PREDECESSOR STANDARDS). THIS PROCESS IS SET FORTH IN THE PROCEDURAL RULES, WHICH CFP BOARD REVISED EFFECTIVE SEPTEMBER 1, 2023. FIRST, CFP BOARD SEEKS TO DETECT POTENTIAL MISCONDUCT. CFP BOARD RECEIVES COMPLAINTS (GRIEVANCES) FROM CONSUMERS AND OTHER INDIVIDUALS, COLLECTS SELF-REPORTED INFORMATION FROM CFP PROFESSIONALS AND CANDIDATES, AND CONDUCTS BACKGROUND CHECKS THAT INVOLVE A REVIEW OF BROKERCHECK, THE INVESTMENT ADVISER PUBLIC DISCLOSURE DATABASE, STATE INSURANCE AND SECURITIES REGULATORY DATABASES, AND OTHER PUBLIC RECORDS TO DETECT EVIDENCE OF POTENTIAL MISCONDUCT. CFP BOARD PERFORMS BACKGROUND CHECKS ON THOSE SEEKING CFP CERTIFICATION, CFP PROFESSIONALS, AND THOSE SEEKING REINSTATEMENT OF THEIR CFP CERTIFICATION. IN 2019, CFP BOARD DEVELOPED AUTOMATED PROCESSES FOR REVIEWING THESE PUBLIC SOURCES, ALLOWING IT TO CONTINUOUSLY DETECT EVIDENCE OF POTENTIAL MISCONDUCT BY CFP PROFESSIONALS. IN 2023, THESE DETECTION EFFORTS RESULTED IN CFP BOARD STAFF OPENING 848 INVESTIGATIONS.SECOND, CFP BOARD INVESTIGATES POTENTIAL MISCONDUCT. CFP BOARD PROVIDES NOTICE TO THOSE WHO ARE UNDER INVESTIGATION, IDENTIFIES THE GENERAL NATURE OF THE INVESTIGATION, AND OFFERS THEM AN OPPORTUNITY TO RESPOND. AT THE CONCLUSION OF THE INVESTIGATION, CFP BOARD MAKES A PROBABLE CAUSE DETERMINATION AS TO WHETHER GROUNDS FOR SANCTIONS EXIST. CFP BOARD ENFORCEMENT DEPARTMENT STAFF MAY ISSUE A COMPLAINT THAT SETS FORTH THE GROUNDS FOR SANCTIONS, INCLUDING A DETAILED FACTUAL DESCRIPTION OF THE CONDUCT AND A SPECIFIC STATEMENT OF THE ALLEGED VIOLATION. THE RESPONDENT HAS AN OPPORTUNITY TO RESPOND, TO SUBMIT DOCUMENTS, TO FILE MOTIONS, TO PRODUCE AND CROSS-EXAMINE WITNESSES, AND TO BE REPRESENTED BY COUNSEL AT A HEARING ON THE RECORD. THIRD, WHEN A RESPONDENT RESPONDS TO THE COMPLAINT, CFP BOARD'S DISCIPLINARY AND ETHICS COMMISSION (DEC), A PEER-REVIEW BODY MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, ADJUDICATES EACH MATTER AND DETERMINES WHETHER THE RESPONDENT VIOLATED THE CODE AND STANDARDS, AND IF SO, WHAT SANCTION IS APPROPRIATE. A THREE-PERSON HEARING PANEL CONDUCTS A REVIEW OR HOLDS A HEARING, CONSIDERS THE EVIDENCE, AND RECOMMENDS TO THE DEC WHETHER TO FIND THAT A VIOLATION HAS OCCURRED AND WHETHER THERE ARE GROUNDS FOR SANCTION, AND, IF SO, THE APPROPRIATE SANCTION. THE DEC THEN MUST REVIEW DE NOVO AND ACCEPT, REJECT, OR MODIFY THE HEARING PANEL'S FINDINGS AND RECOMMENDATIONS. A RESPONDENT HAS THE RIGHT TO APPEAL AN ADVERSE DECISION TO THE APPEALS COMMISSION, A PEER-REVIEW BODY MADE UP OF CFP PROFESSIONALS AND PUBLIC MEMBERS, WHICH ISSUES THE FINAL DECISION OF CFP BOARD. RESPONDENT AND ENFORCEMENT COUNSEL ALSO MAY AGREE UPON A SETTLEMENT OFFER, IN THE FORM OF A PROPOSED CONSENT ORDER, WHICH A THREE-PERSON SETTLEMENT REVIEW PANEL REVIEWS AND THEN RECOMMENDS TO THE DEC WHETHER TO ACCEPT OR REJECT THE PROPOSED CONSENT ORDER. THE DEC THEN MUST REVIEW DE NOVO AND ACCEPT OR REJECT THE SETTLEMENT PANEL'S RECOMMENDATION. COUNSEL TO THE DEC (DEC COUNSEL) CAN ISSUE AN ADMINISTRATIVE SANCTION UPON MOTION BY ENFORCEMENT COUNSEL IF A RESPONDENT IS IN DEFAULT, INCLUDING BY FAILING TO COOPERATE WITH AN INVESTIGATION OR RESPOND TO A COMPLAINT.IN 2023, THE TOTAL NUMBER OF FINAL SANCTIONS ISSUED BY THE DEC AND CFP BOARD STAFF WAS 85, INCLUDING 40 REVOCATIONS OR PERMANENT BARS, 20 SUSPENSIONS OR TEMPORARY BARS, 9 INTERIM SUSPENSIONS, 5 PUBLIC CENSURES, AND 11 PRIVATE CENSURES. IN ADDITION TO UNDERTAKING OR SUPPORTING THE ACTIVITIES DESCRIBED ABOVE, CFP BOARD'S PROFESSIONAL STANDARDS & LEGAL DEPARTMENT ALSO REVIEWS, MONITORS AND ENFORCES CFP BOARD'S TRADEMARK RIGHTS; PROVIDES SUPPORT TO THE CODE AND STANDARDS ENFORCEMENT AND GOVERNANCE COMMITTEES OF THE BOARD OF DIRECTORS; DEVELOPS GUIDANCE RESOURCES THAT INTERPRET THE CODE AND STANDARDS; PROPOSES REVISED VERSIONS OF THE CODE AND STANDARDS, PROCEDURAL RULES, FITNESS STANDARDS, AND SANCTION GUIDELINES; REVIEWS, FINALIZES, AND ENFORCES CONTRACTS; MEETS WITH CFP BOARD'S BUSINESS MODEL COUNCIL; AND PROVIDES OTHER LEGAL, GOVERNANCE AND EXECUTIVE LEADERSHIP ADVICE.

• COMMUNICATIONS AND OUTREACH: IN 2023, CFP BOARD'S COMMUNICATIONS AND OUTREACH INCLUDED MEDIA RELATIONS, PUBLIC RELATIONS, CFP PROFESSIONAL COMMUNICATIONS, DISTRIBUTION OF EDUCATIONAL MATERIALS THROUGH CFP.NET AND LETSMAKEAPLAN.ORG WEBSITES, AS WELL AS OTHER OUTREACH TACTICS DESIGNED TO INCREASE AND ENHANCE AWARENESS OF CFP CERTIFICATION AND THE BENEFITS OF FINANCIAL PLANNING. EFFORTS UTILIZED TRADITIONAL EARNED AND PAID MEDIA, CFP BOARD WEBSITES, DIRECT MAIL AND EMAIL AND SPEAKING APPEARANCES TO EDUCATE CFP PROFESSIONALS AND INFORM THE PUBLIC ABOUT THE VALUE OF A CFP PROFESSIONAL IN PROVIDING COMPETENT AND ETHICAL PERSONAL FINANCIAL PLANNING SERVICES IN THEIR BEST INTEREST.

• Withheld by Nonprofiteer: this text may name a private individual.

• CAREER CENTERCFP BOARD OF STANDARDS SEEKS TO CREATE A MORE DIVERSE AND SUSTAINABLE FINANCIAL PLANNING WORKFORCE SO THAT CONSUMERS HAVE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNING ADVICE. THE CFP BOARD CAREER CENTER AND BI-ANNUAL CAREER FAIRS FACILITATE ENTRY POINTS INTO THE FINANCIAL PLANNING PROFESSION BY CONNECTING THOUSANDS OF QUALIFIED JOB SEEKERS TO JOB AND INTERNSHIP OPPORTUNITIES AT HIRING FIRMS.

• PUBLIC ADVOCACY: CFP BOARD'S CORE PUBLIC POLICY OBJECTIVES ARE TO INFLUENCE POLICY TO BENEFIT THE PUBLIC AND TO INCREASE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNERS. DURING 2023, CFP BOARD ENCOURAGED FEDERAL POLICYMAKERS TO USE CFP BOARD'S CODE OF ETHICS & STANDARDS OF CONDUCT AS A FRAMEWORK FOR UPDATED STANDARDS OF CONDUCT FOR PERSONALIZED INVESTMENT ADVICE. CFP BOARD MONITORED LEGISLATIVE AND REGULATORY PROPOSALS RELATED TO ISSUES INVOLVING PRIVATE CERTIFICATION AT THE STATE AND FEDERAL LEVELS. CFP BOARD ENGAGED IN CONVERSATIONS WITH POLICYMAKERS AND OTHER INTERESTED PARTIES ABOUT POLICIES THAT WOULD HELP MORE AMERICANS ENJOY A FINANCIALLY SECURE RETIREMENT. CFP BOARD WORKED WITH COLLEAGUES IN THE FINANCIAL PLANNING COMMUNITY TO ADDRESS ISSUES RELATED TO STATE REGULATION OF NON-TRADITIONAL FEES FOR FINANCIAL PLANNING SERVICES SO THAT MORE AMERICANS HAVE ACCESS TO COMPETENT AND ETHICAL FINANCIAL PLANNERS. CFP BOARD OFFERED SUPPORT FOR THE DEPARTMENT OF LABOR'S RETIREMENT SECURITY RULE.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

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

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

• CFP BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNING

  $186,643

  TO SUPPORT THE CENTER'S ONGOING EFFORTS TO ADVANCE COMPETENT AND ETHICAL FINANCIAL PLANNING AND EXPAND CFP PROFESSIONAL DIVERSITY FOR THE BENEFIT OF THE PUBLIC.

• GIRL SCOUTS OF THE USA

  $150,000

  SPONSORSHIP-BOOTH SPONSORSHIP AT GIRL SCOUTS ANNUAL CONVENTION IN JUNE 2023, OPPORTUNITY TO TALK WITH HUNDREDS/THOUSANDS OF HIGH SCHOOL AGED GIRLS FROM ACCRSS THE COUNTRY ABOUT THE FINANCIAL PLANNING DEGREE AND CAREER

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

• CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS CENTER FOR FINANCIAL PLANNIN

  501(C)(3) · ADVANCING COMPETENT AND ETHICAL FINANCIAL PLANNING AND EXPAND CFP PROFESSIO · DC

Provenance

Return type

form_990

Tax year

2023

Filed

5 November 2024

IRS schema version

2023v5.1

Source object

202403169349301215

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.