Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $0

• 1c · Fundraising events

  $0

• 1d · Related organizations

  $0

• 1e · Government grants (contributions)

  $0

• 1f · All other contributions, gifts and grants

  $0

• 1g · Noncash contributions included above

  $0

• 2a · Program service revenue: Regulatory Fees

  total $714,624,505 · related or exempt $714,624,505 · unrelated business $0 · excluded $0

• 2b · Program service revenue: User Fees

  total $198,487,866 · related or exempt $198,487,866 · unrelated business $0 · excluded $0

• 2c · Program service revenue: Contract Service Fees

  total $82,554,335 · related or exempt $82,554,335 · unrelated business $0 · excluded $0

• 2d · Program service revenue: Fines

  total $88,411,435 · related or exempt $88,411,435 · unrelated business $0 · excluded $0

• 2e · Program service revenue: Dispute resolution fees

  total $34,046,085 · related or exempt $34,046,085 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

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

• 3 · Investment income

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

• 4 · Income from investment of tax-exempt bond proceeds

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

• 5 · Royalties

  total $3,260 · related or exempt $3,260 · unrelated business $0 · excluded $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

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

• 7c · Gain or loss

  securities $0 · other assets $0

• 7d · Net gain or loss

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

• 8c · Net income from fundraising events

  total $0 · unrelated business $0 · excluded $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

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

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0 · related or exempt $0 · unrelated business $0 · excluded $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 $7,403,998

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $0

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $0

• 8 · Pension plan contributions

  total $0

• 9 · Other employee benefits

  total $0

• 10 · Payroll taxes

  total $0

• 11a · Fees: management

  total $555,823,722

• 11b · Fees: legal

  total $898,756

• 11c · Fees: accounting

  total $468,314

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $25,367,136

• 12 · Advertising and promotion

  total $320

• 13 · Office expenses

  total $2,128,977

• 14 · Information technology

  total $3,267,528

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $32,907,423

• 17 · Travel

  total $11,583,319

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $2,511,392

• 20 · Interest

  total $0

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $0

• 23 · Insurance

  total $39,519

• 24a · Other expenses: Overhead Allocation

  total $130,240,564

• 24b · Other expenses: Temporary Help

  total $5,715,631

• 24c · Other expenses: Bad Debt

  total $2,558,896

• 24d · Other expenses: Publications and Printing

  total $230,048

• 24e · All other expenses

  total $297,839

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 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 $30,977,462 · end of year $60,411,994

• 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 $0 · end of year $0

• 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 $0 · end of year $0

• 12 · Investments: other securities

  beginning of year $0

• 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 $0 · end of year $0

• 17 · Accounts payable and accrued expenses

  beginning of year $67,196,833 · end of year $92,599,684

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $82,112,396 · end of year $84,567,688

• 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 $0 · end of year $0

• 27 · Net assets without donor restrictions

  beginning of year $0 · end of year $0

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $0

• 29 · Capital stock, trust principal or current funds

  beginning of year $12,592,800 · end of year $12,592,800

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

  beginning of year $50,000,000 · end of year $50,000,000

• 31 · Retained earnings, endowment or other funds

  beginning of year -$180,924,567 · end of year -$179,348,178

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

FINRA REGULATION IS A WHOLLY-CONTROLLED SUBSIDIARY OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA). AS THE PARENT ORGANIZATION, FINRA INCURS ALL DIRECT AND INDIRECT EXPENSES, INCLUDING SALARY AND BENEFITS. COMPENSATION FOR THE CEO/EXECUTIVE DIRECTOR IS ESTABLISHED AT AND PAID BY FINRA. FOR FURTHER DETAILS REGARDING COMPENSATION OF OFFICERS, PLEASE REFER TO THE 2023 RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX - FORM 990 OF FINRA REGULATION'S PARENT ORGANIZATION, THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

FINRA OFFERS TWO NON-QUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS. CLIFF VESTING EVENTS AND PAYOUT DIFFERENTIALS ARE TAXABLE IN THE YEAR IN WHICH THEY OCCUR AND ARE REPORTED IN COLUMN B(III) OF SCHEDULE J, PART II. UNVESTED BENEFIT AND CONTRIBUTION ACCRUALS ARE TAX DEFERRED AND ARE REPORTED IN COLUMN C OF SCHEDULE J, PART II. FINRA'S SUPPLEMENTAL DEFINED BENEFIT PLAN IS A NON-QUALIFIED DEFINED BENEFIT PLAN THAT IS PROVIDED TO MEMBERS OF A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES SUCH AS THOSE DESCRIBED UNDER 201(2), 301(A)(3), AND 401(A)(1) OF ERISA. IT IS A FINRA FUNDED PLAN IN WHICH PARTICIPANTS TYPICALLY HAD A ONE-TIME CLIFF VESTING EVENT AT A SPECIFIED MILESTONE BASED ON BOTH AGE AND YEARS OF SERVICE. THIS PLAN WAS CLOSED TO NEW ENTRANTS AS OF 12/31/05. ALL PARTICIPANTS HAVE COMPLETED VESTING. NO PARTICIPANTS RECEIVED A PAYOUT FROM THE SUPPLEMENTAL DEFINED BENEFIT PLAN IN 2023. THE AMOUNTS BELOW, IF ANY, REPRESENT THE ACCUMULATED BENEFITS RECOGNIZED IN THE CURRENT YEAR FOR FEDERAL INCOME TAX PURPOSES UPON THE INDIVIDUALS' SEPARATION FROM FINRA AND THE PLAN. THE BENEFITS WERE EARNED WITHIN THE NON-QUALIFIED DEFINED BENEFIT PLAN OVER THE DURATION OF THE INDIVIDUALS' YEARS OF SERVICE TO FINRA. THESE AMOUNTS VARY BY INDIVIDUAL BASED ON YEARS OF SERVICE, COMPENSATION LEVELS AND PAY GRADE, AGE AT SEPARATION, AND PREVIOUS VESTING EVENTS. NO EMPLOYEES WHO PARTICIPATED IN THE NON-QUALIFIED DEFINED BENEFIT PLAN RECOGNIZED ACCUMULATED BENEFITS IN 2023. THE DEFINED BENEFIT PLANS NOTED ABOVE, BOTH PENSION AND SUPPLEMENTAL, MAY EXPERIENCE FLUCTUATIONS DUE TO CHANGES IN DISOUNT RATES AND OTHER ACTUARIAL FACTORS. THESE FLUCTUATIONS MAY RESULT IN SIGNIFICANT VALUATION CHANGES, BOTH POSITIVE AND NEGATIVE, THAT AFFECT THE REPORTED COMPENSATION IN ANY GIVEN YEAR. 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 A FINRA FUNDED PLAN WITH A 3 YEAR VESTING CYCLE WITH ANNUAL VESTING BEGINNING AT AGE 62. PARTICIPANTS IN THE SUPPLEMENTAL NON-QUALIFIED DEFINED CONTRIBUTION PLAN WITH CONTRIBUTIONS VESTING IN 2023 INCLUDE: ROBERT L.D. COLBY - $125,340 Todd T. Diganci - $152,809 GREGORY RUPPERT - $343,151 PARTICIPANTS IN THE SUPPLEMENTAL NON-QUALIFIED DEFINED CONTRIBUTION PLAN RECEIVED A PAYOUT IN 2023: NONE

Related partnerships

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

• HIGHVISTA DESIGNATED PORTFOLIO

  N/A · Investment · DE

  Directly controlled by NA