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← FINRA INVESTOR EDUCATION FOUNDATION

Form 990 for tax year 2023

Filed by FINRA INVESTOR EDUCATION FOUNDATION.

Totals

Total revenue
$9,397,096
Total expenses
$5,045,365
Contributions and grants received
$6,980,741
Grants paid
$456,441
Program service revenue
$0
Investment income
$2,416,355
Other revenue
$0
Total assets, end of year
$79,051,155
Total liabilities, end of year
$1,206,167
Net assets or fund balances, end of year
$77,844,988
Program services expenses (Part IX)
$4,832,615
Management and general expenses
$212,750
Fundraising expenses
$0
Program service expenses (Part III)
$4,832,615

Program services were 95.8% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $6,980,741

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,792,618 · excluded $1,792,618

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $17,663,869 · other assets $0

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

    securities $17,040,132

  • 7c · Gain or loss

    securities $623,737 · other assets $0

  • 7d · Net gain or loss

    total $623,737 · excluded $623,737

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $442,534 · program services $442,534

  • 2 · Grants to domestic individuals

    total $13,907 · program services $13,907

  • 11c · Fees: accounting

    total $53,376 · management and general $53,376

  • 11f · Fees: investment management

    total $85,573 · management and general $85,573

  • 11g · Fees: other

    total $4,043,803 · program services $4,043,472 · management and general $331 · fundraising $0

  • 12 · Advertising and promotion

    total $27,185 · program services $27,185

  • 13 · Office expenses

    total $9,990 · program services $9,502 · management and general $488

  • 14 · Information technology

    total $24,346 · program services $24,082 · management and general $264

  • 17 · Travel

    total $98,373 · program services $49,852 · management and general $48,521

  • 19 · Conferences, conventions and meetings

    total $155,714 · program services $141,239 · management and general $14,475

  • 24a · Other expenses: Dues/Membership Fee

    total $29,000 · program services $27,500 · management and general $1,500

  • 24b · Other expenses: PUBLICATIONS/PRINTING

    total $23,053 · program services $23,024 · management and general $29

  • 24e · All other expenses

    total $38,511 · program services $30,318 · management and general $8,193 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $832,312 · end of year $999,675

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $5,840 · end of year $4,199,920

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,761 · end of year $298,634

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

    $0

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $55,316,022 · end of year $62,741,532

  • 12 · Investments: other securities

    beginning of year $12,229,105 · end of year $10,671,643

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $81,995 · end of year $139,751

  • 17 · Accounts payable and accrued expenses

    beginning of year $582,188 · end of year $1,206,165

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,700 · end of year $2

  • 27 · Net assets without donor restrictions

    beginning of year $67,829,636 · end of year $77,770,848

  • 28 · Net assets with donor restrictions

    beginning of year $75,511 · end of year $74,140

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

THE MISSION IS TO EMPOWER UNDERSERVED AMERICANS WITH THE KNOWLEDGE, SKILLS AND TOOLS TO MAKE SOUND FINANCIAL DECISIONS THROUGHOUT LIFE.

  • FOSTER SUSTAINABLE, INCLUSIVE FINANCIAL CAPABILITY - See Schedule O

    Expenses $2,717,396 · Grants $367,619

  • UNDERTAKE AND SUPPORT RESEARCH TO IMPROVE CONSUMER FINANCIAL OUTCOMES - See Schedule O

    Expenses $1,084,580 · Grants $74,915

  • PROTECT CONSUMERS FROM FINANCIAL FRAUD AND AMELIORATE THE CONSEQUENCES OF FRAUD - See Schedule O

    Expenses $949,661

  • COMMUNICATE RESEARCH FINDINGS AND INNOVATIONS. THE FOUNDATION LEVERAGES ONLINE, SOCIAL MEDIA, PRINT, AND IN-PERSON DISTRIBUTION CHANNELS TO ADVANCE THE FINANCIAL INCLUSION AND CAPABILITY OF UNDERSERVED GROUPS AND TO PROVIDE DECISION-MAKERS WITH AN EMPIRICAL UNDERSTANDING OF FINANCIAL INCLUSION/EXCLUSION IN THE U.S. THE FOUNDATION PUBLISHES NFCS DATA SETS, METHODOLOGICAL DOCUMENTS, AND FINDINGS IN USER-FRIENDLY FORMATS, PARTICIPATES IN AND DIRECTS RESEARCH AND OTHER PROFESSIONAL FORUMS, AND PROMOTES THE WORK OF BOTH SEASONED LEADERS AND YOUNG RESEARCHERS ACTIVE IN THE FIELD OF FINANCIAL CAPABILITY. IN FURTHERANCE OF THIS GOAL, THE FOUNDATION MAINTAINS ALLIANCES WITH FEDERAL AGENCIES, STATE GOVERNMENT, AND LEADING NONPROFIT ORGANIZATIONS ACTIVE IN THE FIELD OF FINANCIAL CAPABILITY.

    Expenses $80,978 · Grants $13,907

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

Listed in Part VII

  • John W Thiel

    Board Member

    Total calculated
    $40,000
    From this org
    $0
    From related orgs
    $40,000
    Other
    $0
    Hours/week
    1 + 2 related

  • Laura Fisher

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Mari J Buechner

    Board Member

    Total calculated
    $0
    Hours/week
    1

  • Menekse Gencer

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Peggy Ho

    BOARD MEMBER

    Total calculated
    $100,179
    From this org
    $0
    From related orgs
    $100,179
    Other
    $0
    Hours/week
    1 + 2 related

  • Robert W Cook

    Chairman

    Total calculated
    $3,839,147
    From this org
    $0
    From related orgs
    $3,243,336
    Other
    $595,811
    Hours/week
    1 + 59 related

    Schedule J breakdown matched by us

    Base
    $0 + $1,059,762 related
    Bonus
    $0 + $2,150,000 related
    Other
    $0 + $33,574 related
    Deferred
    $0 + $588,753 related
    Nontaxable benefits
    $0 + $7,058 related
    Filer's total
    $0 + $3,839,147 related

  • Eileen M Famiglietti

    Treasurer

    Total calculated
    $719,250
    From this org
    $0
    From related orgs
    $550,638
    Other
    $168,612
    Hours/week
    6 + 54 related

    Schedule J breakdown matched by us

    Base
    $0 + $324,117 related
    Bonus
    $0 + $172,900 related
    Other
    $0 + $53,621 related
    Deferred
    $0 + $126,899 related
    Nontaxable benefits
    $0 + $41,713 related
    Filer's total
    $0 + $719,250 related

  • Geraldine M Walsh

    President

    Total calculated
    $707,537
    From this org
    $0
    From related orgs
    $582,234
    Other
    $125,303
    Hours/week
    48 + 12 related

    Schedule J breakdown matched by us

    Base
    $0 + $353,383 related
    Bonus
    $0 + $200,000 related
    Other
    $0 + $28,851 related
    Deferred
    $0 + $115,306 related
    Nontaxable benefits
    $0 + $9,997 related
    Filer's total
    $0 + $707,537 related

  • Jennifer P Mitchell

    Corporate Secretary

    Total calculated
    $592,672
    From this org
    $0
    From related orgs
    $487,158
    Other
    $105,514
    Hours/week
    3 + 57 related

    Schedule J breakdown matched by us

    Base
    $0 + $284,794 related
    Bonus
    $0 + $200,000 related
    Other
    $0 + $2,364 related
    Deferred
    $0 + $59,783 related
    Nontaxable benefits
    $0 + $45,731 related
    Filer's total
    $0 + $592,672 related

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
FINRA'S SUPPLEMENTAL DEFINED CONTRIBUTION PLAN IS A NON-QUALIFIED PLAN THAT IS OPEN TO VICE PRESIDENTS AND ABOVE WITH AN ANNUAL BASE PAY ABOVE THE QUALIFIED LIMIT. IT IS ONLY OPEN TO THOSE NOT PARTICIPATING IN THE CLOSED NON-QUALIFIED DEFINED BENEFIT PLAN. IT IS A FINRA-FUNDED PLAN WITH A THREE YEAR VESTING CYCLE WITH ANNUAL VESTING BEGINNING AT AGE 62. PARTICIPANTS IN THE SUPPLEMENTAL NON-QUALIFIED DEFINED CONTRIBUTION PLAN WHO HAD A VESTING EVENT OR RECEIVED A PAYOUT DURING TAX YEAR 2023: Eileen M. Famiglietti - $50,061 (vesting)
Schedule J, Part I, Line 3
THE FOUNDATION DOES NOT HAVE ANY EMPLOYEES. ALL SERVICES ARE PROVIDED BY EMPLOYEES OF FINRA OR ITS SUBSIDIARIES. THE FOUNDATION DOES NOT COMPENSATE THESE EMPLOYEES FOR THEIR SERVICES. Line 3) COMPENSATION FOR THE CEO/EXECUTIVE DIRECTOR IS ESTABLISHED AT AND PAID BY THE PARENT ORGANIZATION, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FOR FURTHER DETAILS REGARDING COMPENSATION OF OFFICERS, PLEASE REFER TO THE 2023 RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX - FORM 990 OF THE FOUNDATION'S PARENT ORGANIZATION, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC.

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

  • UNIVERSITY OF TENNESSEE EXTENSION

    $51,168

    To examine the condition of financial education in high schools across Tennessee, giving particular attention to Title I schools and comparing the situation in urban, suburban, and rural schools.

  • CLAYTON COLLABORATIVE AUTHORITY

    $25,000

    To enable the Clayton County Library System to integrate activity-based financial education experiences into entrepreneurship and workforce development efforts, especially those related to the region's film industry.

  • FARMINGTON PUBLIC LIBRARY FNDT

    $25,000

    To collaborate with a coalition of public- and private-sector partners to deliver multigenerational financial capability experiences and services informed by an interactive polling process to ensure alignment with community priorities.

  • NOVA SOUTHEASTERN UNIVERSITY

    $25,000

    To enable Alvin Sherman Library at Nova Southeastern University to educate and counsel Broward County veterans on financial literacy, sustainable homeownership, and foreclosure and homelessness prevention.

  • SARA HIGHTOWER REGIONAL LIBRARY SYSTEM

    $25,000

    To partner with the University of West Georgia's Center for Economic Education and Financial Literacy to deliver customized financial education for adults, teens, and children, especially in ways that align with existing social service initiatives maintained by local nonprofits and agencies.

  • WEST GEORGIA REGIONAL LIBRARY SYSTEM

    $25,000

    To collaborate with the University of West Georgia's Center for Economic Education and Financial Literacy to roll out "Financial Literacy on Wheels," an initiative that brings personal finance experiences to lower-income and underserved families in the region through enhanced bookmobile services.

  • ORANGE COUNTY LIBRARY DISTRICT

    $24,965

    To collaborate with the University of Central Florida to help English language learners acquire essential personal finance skills and knowledge.

  • FNDT FOR BALTIMORE CTY PUBLIC LIBRARY

    $24,915

    To undertake financial capability programming for various age groups with the aim of building generational wealth, especially within high-need and underserved communities.

  • RESEARCH FNDT CITY UNIVERSITY OF NY

    $24,819

    To enable LaGuardia Community College Library to provide financial and investor education to college students and the wider community using Open Educational Resources, giving particular attention to the challenges experienced by lower-income households when living in high-cost urban areas.

  • EBRI

    $23,748

    To examine trends in aggregate out-of-pocket healthcare spending by type of health plan and analyze how cost-sharing has been changing due to shifts toward less comprehensive and/or high-deductible insurance plans.

The 10 largest by cash amount. The API serves every itemized grant.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • HIGHVISTA II LP

    N/A · INVESTMENT · DE

    Directly controlled by NA

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202433209349321658

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

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