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Nonprofiteer
← CALIFORNIA INSTITUTE OF TECHNOLOGY

Form 990 for tax year 2023

Filed by CALIFORNIA INSTITUTE OF TECHNOLOGY.

Totals

Total revenue
$4,165,188,000
Total expenses
$3,686,750,000
Contributions and grants received
$938,592,000
Grants paid
$131,635,000
Program services expenses (Part IX)
$3,563,524,000
Management and general expenses
$112,222,000
Fundraising expenses
$11,004,000
Program service expenses (Part III)
$3,563,524,000

Program services were 96.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • SCOTT H RICHLAND

    CHIEF INVESTMENT OFFICER

    Total calculated
    $1,985,980
    From this org
    $1,323,751
    From related orgs
    $0
    Other
    $662,229
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $619,387
    Bonus
    $685,614
    Other
    $18,750
    Deferred
    $631,227
    Nontaxable benefits
    $31,002
    Filer's total
    $1,985,980

  • THOMAS F ROSENBAUM

    PRESIDENT & TRUSTEE

    Total calculated
    $1,936,827
    From this org
    $1,792,256
    From related orgs
    $0
    Other
    $144,571
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $1,541,730
    Bonus
    $250,000
    Other
    $526
    Deferred
    $50,269
    Nontaxable benefits
    $94,302
    Filer's total
    $1,936,827

  • LAURIE A LESHIN

    VP & DIRECTOR, JPL

    Total calculated
    $1,420,888
    From this org
    $1,364,626
    From related orgs
    $0
    Other
    $56,262
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $880,646
    Bonus
    $429,225
    Other
    $54,755
    Deferred
    $24,990
    Nontaxable benefits
    $31,272
    Filer's total
    $1,420,888

  • KAREN L SISSON

    FORMER VP ADMIN & CFO

    Total calculated
    $1,109,598
    From this org
    $1,041,722
    From related orgs
    $0
    Other
    $67,876
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $371,247
    Bonus
    $0
    Other
    $670,475
    Deferred
    $50,269
    Nontaxable benefits
    $17,607
    Filer's total
    $1,109,598

  • DOUGLAS N MACBEAN

    SR MANAGING DIR INVESTMENTS

    Total calculated
    $929,365
    From this org
    $717,505
    From related orgs
    $0
    Other
    $211,860
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $427,887
    Bonus
    $267,118
    Other
    $22,500
    Deferred
    $181,569
    Nontaxable benefits
    $30,291
    Filer's total
    $929,365

  • DAVID A TIRRELL

    PROVOST

    Total calculated
    $911,481
    From this org
    $846,666
    From related orgs
    $0
    Other
    $64,815
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $846,666
    Bonus
    $0
    Other
    $0
    Deferred
    $50,269
    Nontaxable benefits
    $14,546
    Filer's total
    $911,481

  • DEXTER A BAILEY

    VP ADV & ALUMNI RELATIONS

    Total calculated
    $872,596
    From this org
    $793,904
    From related orgs
    $0
    Other
    $78,692
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $699,478
    Bonus
    $0
    Other
    $94,426
    Deferred
    $37,069
    Nontaxable benefits
    $41,623
    Filer's total
    $872,596

  • ROBERT P KIRSHNER

    ASTRONOMY PROF & EXEC DIR, TIO

    Total calculated
    $858,538
    From this org
    $803,719
    From related orgs
    $0
    Other
    $54,819
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $774,180
    Bonus
    $0
    Other
    $29,539
    Deferred
    $24,990
    Nontaxable benefits
    $29,829
    Filer's total
    $858,538

  • JENNIFER T LUM

    GENERAL COUNSEL

    Total calculated
    $833,952
    From this org
    $705,456
    From related orgs
    $0
    Other
    $128,496
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $682,347
    Bonus
    $0
    Other
    $23,109
    Deferred
    $50,269
    Nontaxable benefits
    $78,227
    Filer's total
    $833,952

  • KIRK KAWASAWA

    SR MNG DIR INVESTMENT OPS

    Total calculated
    $782,088
    From this org
    $613,645
    From related orgs
    $0
    Other
    $168,443
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $349,846
    Bonus
    $248,190
    Other
    $15,609
    Deferred
    $130,269
    Nontaxable benefits
    $38,174
    Filer's total
    $782,088

  • CATHY A LIGHT

    SECRETARY, BOARD OF TRUSTEES

    Total calculated
    $751,936
    From this org
    $668,134
    From related orgs
    $0
    Other
    $83,802
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $451,014
    Bonus
    $100,000
    Other
    $117,120
    Deferred
    $50,269
    Nontaxable benefits
    $33,533
    Filer's total
    $751,936

  • LARRY D JAMES

    DEPUTY DIRECTOR, JPL

    Total calculated
    $720,671
    From this org
    $659,412
    From related orgs
    $0
    Other
    $61,259
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $533,496
    Bonus
    $103,416
    Other
    $22,500
    Deferred
    $50,269
    Nontaxable benefits
    $10,990
    Filer's total
    $720,671

  • FREDERIC FARINA

    CHIEF INNOV & CORP PARTN

    Total calculated
    $614,922
    From this org
    $545,263
    From related orgs
    $0
    Other
    $69,659
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $496,779
    Bonus
    $25,000
    Other
    $23,484
    Deferred
    $50,269
    Nontaxable benefits
    $19,390
    Filer's total
    $614,922

  • DIANA JERGOVIC

    VP STRATEGY IMPLEMENTATION

    Total calculated
    $607,925
    From this org
    $559,006
    From related orgs
    $0
    Other
    $48,919
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $558,480
    Bonus
    $0
    Other
    $526
    Deferred
    $37,069
    Nontaxable benefits
    $11,850
    Filer's total
    $607,925

  • SHARON E PATTERSON

    CFO & TREASURER AS OF 10/23

    Total calculated
    $543,771
    From this org
    $471,109
    From related orgs
    $0
    Other
    $72,662
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $450,609
    Bonus
    $0
    Other
    $20,500
    Deferred
    $50,269
    Nontaxable benefits
    $22,393
    Filer's total
    $543,771

  • SAMMY A KAYALI

    CFO & DIR FOR LAB OPS INTEGRA

    Total calculated
    $499,636
    From this org
    $419,369
    From related orgs
    $0
    Other
    $80,267
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $387,343
    Bonus
    $9,000
    Other
    $23,026
    Deferred
    $50,269
    Nontaxable benefits
    $29,998
    Filer's total
    $499,636

  • KEVIN M GILMARTIN

    VP STUDENT AFFAIRS

    Total calculated
    $400,321
    From this org
    $329,837
    From related orgs
    $0
    Other
    $70,484
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $329,077
    Bonus
    $0
    Other
    $760
    Deferred
    $50,269
    Nontaxable benefits
    $20,215
    Filer's total
    $400,321

  • MATTHEW W BREWER

    CONTROLLER

    Total calculated
    $395,225
    From this org
    $323,060
    From related orgs
    $0
    Other
    $72,165
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $322,573
    Bonus
    $0
    Other
    $487
    Deferred
    $37,069
    Nontaxable benefits
    $35,096
    Filer's total
    $395,225

  • JOSEPH E SHEPHERD

    FORMER VP STUDENT AFFAIRS

    Total calculated
    $390,252
    From this org
    $316,662
    From related orgs
    $0
    Other
    $73,590
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $316,101
    Bonus
    $0
    Other
    $561
    Deferred
    $48,874
    Nontaxable benefits
    $24,716
    Filer's total
    $390,252

  • MICHAEL M WATKINS

    FORMER VP & DIRECTOR, JPL

    Total calculated
    $366,801
    From this org
    $306,068
    From related orgs
    $0
    Other
    $60,733
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $283,028
    Bonus
    $0
    Other
    $23,040
    Deferred
    $46,759
    Nontaxable benefits
    $13,974
    Filer's total
    $366,801

  • CAROL J SCHUIL

    FORMER EA TO PRES/ASST SEC

    Total calculated
    $349,391
    From this org
    $287,918
    From related orgs
    $0
    Other
    $61,473
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,453
    Bonus
    $0
    Other
    $465
    Deferred
    $38,986
    Nontaxable benefits
    $22,487
    Filer's total
    $349,391

  • MARGARET A STEURBAUT

    INT VP ADMIN & CFO until 11/23

    Total calculated
    $302,352
    From this org
    $282,940
    From related orgs
    $0
    Other
    $19,412
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,693
    Bonus
    $0
    Other
    $37,247
    Deferred
    $19,041
    Nontaxable benefits
    $371
    Filer's total
    $302,352

  • DEBORAH K RODDAY

    SR DIR/ASST SEC

    Total calculated
    $266,333
    From this org
    $222,685
    From related orgs
    $0
    Other
    $43,648
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,292
    Bonus
    $0
    Other
    $393
    Deferred
    $31,447
    Nontaxable benefits
    $12,201
    Filer's total
    $266,333

  • ARTURO AGUAYO

    ASSISTANT TREASURER

    Total calculated
    $261,126
    From this org
    $203,871
    From related orgs
    $0
    Other
    $57,255
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $203,502
    Bonus
    $0
    Other
    $369
    Deferred
    $20,490
    Nontaxable benefits
    $36,765
    Filer's total
    $261,126

  • CHARLES E LANE

    VP & COO AS OF 10/23

    Total calculated
    $253,301
    From this org
    $236,658
    From related orgs
    $0
    Other
    $16,643
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,034
    Bonus
    $0
    Other
    $50,624
    Deferred
    $7,083
    Nontaxable benefits
    $9,560
    Filer's total
    $253,301

  • SEAN BAILEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • BARBARA M BARRETT

    TRUSTEE, VICE CHAIR

    Total calculated
    $0
    Hours/week
    10

  • REBECKA BELLDEGRUN

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    14

  • ROBERT C BONNER

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • LYNN A BOOTH

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • BRIGITTE M BREN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1.75

  • MILTON M CHANG

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • PEGGY T CHERNG

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • ROBERT B CHESS

    TRUSTEE UNTIL 10/23

    Total calculated
    $0
    Hours/week
    0

  • FRANCE A CORDOVA

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • WILLIAM H DAVIDOW

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • DAVID T DREIER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • JOSHUA S FRIEDMAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • WILLIAM T GROSS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • FREDERICK J HAMEETMAN

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVID D HO

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MARIA D HUMMER-TUTTLE

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • BOBBY R INMAN

    SENIOR TRUSTEE UNTIL 10/23

    Total calculated
    $0
    Hours/week
    1

  • ROBERT T JENKINS

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • G BRADFORD JONES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • PETER D KAUFMAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • MASSI JOSEPH KIANI

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • LOUISE KIRKBRIDE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • WALTER G KORTSCHAK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • KENT KRESA

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    3

  • JON B KUTLER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • TAYLOR W LAWRENCE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • DAVID L LEE

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • A MICHAEL LIPPER

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • LI LU

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • SHIRLEY M MALCOM

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • FARIBORZ MASEEH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • MICHELLE J MATHEWS-SPRADLIN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • DEBORAH D MCWHINNEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • ALEXANDER R MEHRAN SR

    SENIOR TRUSTEE until 10/23

    Total calculated
    $0
    Hours/week
    0

  • RICHARD N MERKIN

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • KENNETH G MOORE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • PRINEHA NARANG

    YOUNG ALUM. TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • PETER NORTON

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • RONALD L OLSON

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • STEPHEN R ONDERDONK

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • PEDRO J PIZARRO

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • DAVID E I PYOTT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • EDUARDO A REPETTO

    TRUSTEE

    Total calculated
    $0
    Hours/week
    4

  • STEWART A RESNICK

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • RICHARD H SCHELLER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • AMY SCHULMAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • TIMOTHY J SLOAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    6

  • MASON SMITH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • SUBRA SURESH

    TRUSTEE AS OF 05/24

    Total calculated
    $0
    Hours/week
    2

  • DAVID W THOMPSON

    TRUSTEE, CHAIR

    Total calculated
    $0
    Hours/week
    10

  • CHARLES R TRIMBLE

    SENIOR TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • RICHMOND A WOLF

    TRUSTEE

    Total calculated
    $0
    Hours/week
    10

  • KNEELAND YOUNGBLOOD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

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 — 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
  • 1a · Tax indemnification and gross-up payments
  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception
  • 9 · Followed the rebuttable-presumption procedure

Answered no

  • 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

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1A
FIRST CLASS TRAVEL: PURSUANT TO A WRITTEN POLICY, FIRST CLASS OR BUSINESS TRAVEL IS PERMITTED FOR CERTAIN EMPLOYEES UNDER CERTAIN CIRCUMSTANCES FOR BUSINESS PURPOSES. DURING CALENDAR YEAR 2023, THREE OFFICERS RECEIVED FIRST CLASS OR CHARTER TRAVEL BENEFITS. TRAVEL FOR BUSINESS PURPOSES IS NOT INCLUDED IN TAXABLE WAGES. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: DURING CALENDAR YEAR 2023, TWO OFFICERS AND ONE HIGHEST COMPENSATED EMPLOYEE RECEIVED TAX INDEMNIFICATION AND GROSS-UP PAYMENTS. HOUSING ALLOWANCE: HOUSING ALLOWANCES ARE PROVIDED TO CERTAIN OFFICERS, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES AS PART OF THE INSTITUTE'S SALARY SUPPLEMENT HOUSING PROGRAM, WHICH IS GOVERNED BY A WRITTEN POLICY. DURING CALENDAR YEAR 2023, FOUR OFFICERS RECEIVED HOUSING ALLOWANCE BENEFITS. PAYMENTS UNDER THIS PROGRAM ARE INCLUDED IN TAXABLE WAGES. ADDITIONALLY, THE PRESIDENT OCCUPIES AN INSTITUTE-OWNED RESIDENCE ON ITS CAMPUS AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE INSTITUTE. THE PRESIDENT'S NONTAXABLE BENEFITS IN SCHEDULE J, PART II, COLUMN (D) INCLUDE $79,054, WHICH IS AN ESTIMATE OF THE ANNUAL RENTAL VALUE OF THE PERSONAL SPACE OCCUPIED IN THAT RESIDENCE.
SCHEDULE J, PART I, LINE 4A
IN 2023, KAREN SISSON, FORMER VP OF ADMINISTRATION AND CFO, RECEIVED A SEVERANCE PAYMENT OF $616,667 UPON HER SEPARATION FROM THE INSTITUTE. THIS PAYMENT WAS MADE PURSUANT TO THE TERMS OF HER EMPLOYMENT AGREEMENT. THE TOTAL REPORTED FOR KAREN SISSON ABOVE IN COLUMN B(III) (OTHER REPORTABLE COMPENSATION) INCLUDES THIS PAYMENT.
SCHEDULE J, PART I, LINE 4B
TERMS AND CONDITIONS OF PERFORMANCE COMPENSATION PLANS FOR INVESTMENT PROFESSIONALS: IN 2011, THE INSTITUTE ESTABLISHED A PERFORMANCE COMPENSATION PLAN ("PLAN") TO ASSIST WITH RECRUITMENT AND RETENTION FOR ITS INVESTMENT OFFICE. UNDER THE TERMS OF THE PLAN, PARTICIPANTS ARE ELIGIBLE FOR CERTAIN AWARDS BASED UPON THE PERFORMANCE OF THE INSTITUTE'S INVESTMENT OFFICE EACH CALENDAR YEAR, AS MEASURED BY CERTAIN QUANTITATIVE AND QUALITATIVE FACTORS. IN 2017, THE PLAN WAS SPLIT INTO TWO SEPARATE PERFORMANCE COMPENSATION PLANS, ONE FOR THE CHIEF INVESTMENT OFFICER AND ONE FOR THE INVESTMENT OFFICE STAFF. UNDER THE TERMS OF THE CHIEF INVESTMENT OFFICER PERFORMANCE COMPENSATION PLAN, EFFECTIVE JANUARY 1, 2023, THE PARTICIPANT IMMEDIATELY VESTS IN ANY UNVESTED BONUS AMOUNTS AT THE END OF THE PLAN YEAR (WHICH COINCIDES WITH THE CALENDAR YEAR). THEREFORE, FOR THE INSTITUTE'S PURPOSES, NO PORTION OF THE AWARD EARNED IS CONSIDERED DEFERRED. HOWEVER, FOR PURPOSES OF REPORTING ON SCHEDULE J, THE PORTION OF THE AWARD PAID SUBSEQUENT TO MARCH 15TH OF THE FOLLOWING CALENDAR YEAR IS TREATED AS "DEFERRED." UNDER THE TERMS OF THE INVESTMENT OFFICE STAFF PERFORMANCE COMPENSATION PLAN, 50% OF THE AWARDS ARE PAID AFTER THE CONCLUSION OF THE PLAN YEAR, WHILE THE REMAINING 50% OF EACH YEAR'S AWARD IS DEFERRED, VESTS, AND IS PAID IN THREE ANNUAL INSTALLMENTS, AS ADJUSTED BY THE POSITIVE OR NEGATIVE PERFORMANCE OF THE ENDOWMENT EACH YEAR. ADDITIONALLY, UNDER CERTAIN CIRCUMSTANCES, AND SUBJECT TO A MINIMUM NUMBER OF YEARS OF PARTICIPATION IN THE PLAN, PREVIOUSLY DEFERRED, BUT UNVESTED, AMOUNTS MAY BE PAID TO THE PARTICIPANT BASED UPON THEIR AGE AND LENGTH OF SERVICE ("SPECIAL VESTING"). DURING CALENDAR YEAR 2023, THREE INDIVIDUALS REPORTED IN SCHEDULE J RECEIVED SUCH COMPENSATION. SCOTT RICHLAND (CHIEF INVESTMENT OFFICER) PARTICIPATES IN THE CHIEF INVESTMENT OFFICER PERFORMANCE COMPENSATION PLAN. DOUGLAS MACBEAN (SENIOR MANAGING DIRECTOR OF INVESTMENTS) AND KIRK KAWASAWA (SENIOR MANAGING DIRECTOR OF INVESTMENT OPERATIONS) PARTICIPATE IN THE INVESTMENT OFFICE STAFF PERFORMANCE COMPENSATION PLAN. THE INDIVIDUAL AMOUNTS IN COLUMN B(II) (BONUS AND INCENTIVE COMPENSATION) REFLECT CASH AMOUNTS PAID PURSUANT TO THE PLAN DURING CALENDAR YEAR 2023. FOR SCOTT RICHLAND AND KIRK KAWASAWA, THESE AMOUNTS INCLUDE THE TOTAL OF EACH EMPLOYEE'S RESPECTIVE AWARD EARNED IN PLAN YEAR 2022, AS WELL AS INSTALLMENTS OF AMOUNTS DEFERRED FROM PLAN YEAR 2021. KIRK KAWASAWA SPECIAL VESTED IN HIS AWARDS IN AUGUST 2023, RESULTING IN THE PAYOUT OF ALL REMAINING DEFERRED AWARD INSTALLMENTS DURING 2023. FOR DOUGLAS MACBEAN, THE AMOUNT IN COLUMN B(II) INCLUDES THE AGGREGATE OF 50% OF THE AWARD EARNED IN PLAN YEAR 2022, AS WELL AS PREVIOUSLY DEFERRED INSTALLMENTS FROM AWARDS EARNED IN PLAN YEARS 2019 THROUGH 2021. FOR ALL PLAN PARTICIPANTS, AMOUNTS IN COLUMN C (RETIREMENT AND OTHER DEFERRED COMPENSATION) REFLECT THE DEFERRED PORTION OF AWARDS EARNED IN CALENDAR YEAR 2023, WHICH IS EQUAL TO THE TOTAL CALENDAR YEAR AWARD EARNED LESS THE PORTION OF THAT AWARD PAID PRIOR TO MARCH 15, 2024. THE DEFERRED PORTION OF THESE AWARDS IS SUBJECT TO FORFEITURE UNDER CERTAIN CIRCUMSTANCES AND THE REMAINING INSTALLMENTS WILL BE PAID IN SUBSEQUENT PLAN YEARS.
SCHEDULE J, PART I, LINE 7
Certain individuals listed in Part II of Schedule J received bonuses in recognition of excellent job performance or as a negotiated payment at the beginning of an employment arrangement. For example, the Institute offers performance-based compensation to certain investment professionals based upon the Institute's investment performance and other factors (see response to Line 4B above). Bonus recipients' names and amounts paid are shown in Schedule J, Part II, Column B(II) (Bonus and Incentive Compensation).
SCHEDULE J, PART I, LINE 8
SHARON PATTERSON (CFO & TREASURER), MARGARET STEURBAUT (INTERIM VP ADMINISTRATION & CFO), AND CHARLES LANE (VP & CHIEF OPERATING OFFICER) RECEIVED FIXED AMOUNTS UNDER INITIAL CONTRACT EXCEPTIONS.

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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
5 August 2025
IRS schema version
2023v6.0
Source object
202512239349302301

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