Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: CANDIDATE FEES

  total $247,460,809 · related or exempt $247,460,809

• 2b · Program service revenue: MEMBERSHIP DUES

  total $50,504,684 · related or exempt $50,504,684

• 2c · Program service revenue: EDUCATIONAL PRODUCTS

  total $29,190,547 · related or exempt $29,190,547

• 3 · Investment income

  total $20,172,069 · excluded $20,172,069

• 5 · Royalties

  total $539,909 · excluded $539,909

• 6a · Gross rents

  real property $73,743

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $73,743

• 6d · Net rental income or loss

  total $73,743 · excluded $73,743

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

  other assets $881,014

• 7c · Gain or loss

  other assets -$881,014

• 7d · Net gain or loss

  total -$881,014 · excluded -$881,014

• 11a · Other revenue: MISCELLANEOUS

  total $12,641,791 · related or exempt $12,641,791

• 11b · Other revenue: CAREER CENTER REVENUE

  total $476,706 · unrelated business $476,706

• 11c · Other revenue: SERVICE FEE REP. OFFICE

  total $166,031 · related or exempt $166,031

• 11e · Other revenue, total

  $13,284,528

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $4,080,606

• 3 · Grants to foreign organizations and individuals

  total $10,953,716

• 5 · Compensation of officers, directors and key employees

  total $6,186,400

• 7 · Other salaries and wages

  total $74,077,922

• 8 · Pension plan contributions

  total $8,447,918

• 9 · Other employee benefits

  total $8,230,664

• 10 · Payroll taxes

  total $5,385,636

• 11a · Fees: management

  total $821

• 11b · Fees: legal

  total $1,553,934

• 11c · Fees: accounting

  total $2,421,548

• 11f · Fees: investment management

  total $248,576

• 11g · Fees: other

  total $13,366,052

• 12 · Advertising and promotion

  total $10,858,491

• 13 · Office expenses

  total $13,948,129

• 14 · Information technology

  total $28,744,372

• 16 · Occupancy

  total $9,677,194

• 17 · Travel

  total $6,179,282

• 19 · Conferences, conventions and meetings

  total $997,199

• 20 · Interest

  total $202

• 22 · Depreciation, depletion and amortization

  total $10,124,842

• 23 · Insurance

  total $1,033,577

• 24a · Other expenses: EXAM ADMIN EXPENSES

  total $35,925,764

• 24b · Other expenses: PRODUCT MERCH COSTS

  total $11,065,233

• 24c · Other expenses: CONTRACT LABOR & RECRUI

  total $5,097,898

• 24d · Other expenses: STAFF TRAINING

  total $418,154

• 24e · All other expenses

  total $2,967,167

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $26,500,161 · end of year $22,301,469

• 2 · Savings and temporary cash investments

  beginning of year $121,370,794 · end of year $177,060,774

• 4 · Accounts receivable

  beginning of year $6,140,290 · end of year $8,188,525

• 9 · Prepaid expenses and deferred charges

  beginning of year $16,013,659 · end of year $17,263,214

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

  $30,682,706

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

  $15,763,493

• 10c · Land, buildings and equipment, net

  beginning of year $4,550,228 · end of year $14,919,213

• 11 · Investments: publicly traded securities

  beginning of year $464,572,076 · end of year $497,808,221

• 14 · Intangible assets

  beginning of year $15,209,514 · end of year $18,016,314

• 15 · Other assets

  beginning of year $9,021,063 · end of year $18,976,128

• 17 · Accounts payable and accrued expenses

  beginning of year $52,216,426 · end of year $48,271,795

• 19 · Deferred revenue

  beginning of year $317,242,347 · end of year $306,689,592

• 25 · Other liabilities

  beginning of year $2,366,168 · end of year $22,016,220

• 27 · Net assets without donor restrictions

  beginning of year $291,552,844 · end of year $397,556,251

The filer's explanations (Part III)

PART I, LINE 1A

FIRST-CLASS OR CHARTER TRAVEL: MEMBERS OF THE LEADERSHIP TEAM AS WELL AS OTHER MANAGING DIRECTORS ARE ELIGIBLE FOR FIRST CLASS AIR TRAVEL. MEMBERS OF THE LEADERSHIP TEAM, MANAGING DIRECTORS, AND THE BOARD OF GOVERNORS ARE ELIGIBLE FOR FIRST CLASS RAIL TRAVEL. TRAVEL FOR COMPANION: COMPANION TRAVEL IS AVAILABLE AS OF THE POLICY REVISION DATE FOR THE FOLLOWING GROUPS WITH THE COST OF THE SECOND TICKET COVERED BY CFA INSTITUTE BUT REPRESENTING TAXABLE INCOME TO THE TRAVELER. THIS BENEFIT DOES NOT ROLL OVER IF NOT USED WITHIN THE FISCAL YEAR. *MEMBERS OF THE LEADERSHIP TEAM ARE ELIGIBLE ON ONE TRIP PER FISCAL YEAR TO PURCHASE AN ADDITIONAL TICKET FOR ONE COMPANION IN THE SAME CLASS OF SERVICE. THIS DOES NOT APPLY TO NON-LEADERSHIP TEAM MANAGING DIRECTORS. *MEMBERS OF THE BOARD OF GOVERNORS ARE ELIGIBLE TO PURCHASE AN ADDITIONAL TICKET FOR ONE COMPANION IN THE SAME CLASS OF SERVICE FOR ONE BUSINESS TRIP PER FISCAL YEAR. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: CFA INSTITUTE PROVIDED A GROSS UP ON INCOME REPORTED TO CEO TO COVER IMPUTED INCOME ASSOCIATED WITH THE PROVISION OF OUTSIDE TAX PREPARATION SERVICES. HOUSING ALLOWANCE OR RESIDENT FOR PERSONAL USE: CFA INSTITUTE PAYS FOR RELOCATION HOUSING AND INCLUDES THIS IN THE EMPLOYEE'S COMPENSATION. AS CUSTOMARY IN LOCAL COUNTRY, CFA INSTITUTE EMPLOYEES WHO LIVE AND WORK IN HONG KONG, INDIA, OR UNITED ARAB EMIRATES ARE PROVIDED HOUSING ALLOWANCES WHICH ARE INCLUDED IN COMPENSATION. HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES: EFFECTIVE 1 JANUARY 2023, LIFESTYLE SPENDING ACCOUNTS (LSA'S) WERE ESTABLISHED FOR ALL CFA INSTITUTE EMPLOYEES. FUNDS ALLOCATED TO THE LSA'S CAN BE USED FOR REIMBURSEMENT OF APPROVED EXPENSES RELATED TO MEMBER HEALTH AND WELLNESS, UP TO A MAXIMUM AMOUNT. PRIOR TO THAT, THE U.S. WELLNESS PROGRAM CHANGED IN CY2016 FROM A REIMBURSABLE PLAN TO A CREDIT-WELLNESS PROGRAM. HOWEVER, U.S. EMPLOYEES WHO WERE NOT COVERED BY A CFA INSTITUTE HEALTH PLAN, AND NON-U.S. EMPLOYEES WERE STILL ELIGIBLE FOR REIMBURSEMENTS ASSUMING THEY QUALIFY.

PART I, LINE 4A

SEVERANCE PAYMENTS WERE MADE AS FOLLOWS: MICHAEL COLLINS $176,167 HEIDI DIEDRICH $187,975

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• CFA INSTITUTE CHINA LIMITED

  PROF. ORG · HK · income $166,031 · assets $1,417,555

  Directly controlled by CFA INSTITUTE

• CFA INSTITUTE INDIA PRIVATE LTD

  PROF. ORG · IN · income $2,940,590 · assets $3,744,888

  Directly controlled by CFA INSTITUTE

• CFA GLOBAL HOLDINGS LLC

  HOLDINGS · VA · income $0 · assets $0

  Directly controlled by CFA INSTITUTE

• SI WEI BEIJING ENTERPRISE MGMT

  PROF. ORG · CH · income $5,137,784 · assets $6,651,472

  Directly controlled by CFA INSTITUTE CHINA LIMITED

• CFA INSTITUTE SINGAPORE PVT LTD

  PROF. ORG · SN · income $38,890 · assets $544,303

  Directly controlled by CFA INSTITUTE

• CFA INSTITUTE LTD

  PROF. ORG · AE · income $1,125,869 · assets $1,483,428

  Directly controlled by CFA INSTITUTE

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• CVILLE OPERATIONS HOLDINGS INC

  C · REAL ESTATE · VA · 100% owned · share of income $3,225,270 · share of assets $44,438,921 · controlled entity

  Directly controlled by CFA INSTITUTE