Civic Intelligence

Closed End Fund Association Inc

990 • Fiscal year 2016 • EIN 04-3403082

Jul 01, 2015 to Jun 30, 2016 • Filed on Nov 03, 2016

Organization ProfileWWW.CEFA.COM
2345 Grand Boulevard Suite 1750Kansas City, MO 64108

(816) 413-8900

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

98th percentile

1.41x

Higher debt load relative to assets than 98% of similar nonprofits.

2016 filings • 501(c)6 • <$500k nonprofits • Source year 2016

Liabilities / Revenue

92nd percentile

0.40x

Higher debt load relative to revenue than 92% of similar nonprofits.

2016 filings • 501(c)6 • <$500k nonprofits • Source year 2016

Net Margin

55th percentile

4.2%

Higher net margin than 55% of similar nonprofits.

2016 filings • 501(c)6 • <$500k nonprofits • Source year 2016

Top Officer Pay

69th percentile

$0

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2016 filings • 501(c)6 • <$500k nonprofits • Source year 2016

Asset Growth

100th percentile

3944%

Faster asset growth than 100% of similar nonprofits.

2016 filings • 501(c)6 • <$500k nonprofits • Annualized from 2015 to 2016

Revenue Growth

85th percentile

28%

Faster revenue growth than 85% of similar nonprofits.

2016 filings • 501(c)6 • <$500k nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets98th percentile

Assets

Up

$122,786

Up $119,750 (+3944%) from 2015

Net Assets

Down

-$50,626

Down $53,193 (-2072%) from 2015

Liabilities

Up

$173,412

Up $172,943 (+36875%) from 2015

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin55th percentile

Revenue

Up

$430,765

Up $94,597 (+28%) from 2015

Expenses

Down

$412,491

Down $30,082 (-6.8%) from 2015

Net Income

Up

$18,274

Up $124,679 (+117%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300K$200K$100K$0-$100K-$200KAssets 2011: $70,037Net Assets 2011: $70,0372011Assets 2012: $94,692Liabilities 2012: $0Net Assets 2012: $94,6922012Assets 2013: $86,272Liabilities 2013: $0Net Assets 2013: $86,2722013Assets 2014: $108,972Liabilities 2014: $0Net Assets 2014: $108,9722014Assets 2015: $3,036Liabilities 2015: $469Net Assets 2015: $2,5672015Assets 2016: $122,786Liabilities 2016: $173,412Net Assets 2016: -$50,6262016Assets 2017: $105,340Liabilities 2017: $203,658Net Assets 2017: -$98,3182017Assets 2018: $22,285Liabilities 2018: $93,074Net Assets 2018: -$70,7892018Assets 2019: $104,098Liabilities 2019: $132,610Net Assets 2019: -$28,5122019Assets 2020: $92,264Liabilities 2020: $57,495Net Assets 2020: $34,7692020Assets 2021: $54,181Liabilities 2021: $57,786Net Assets 2021: -$3,6052021Assets 2022: $31,242Liabilities 2022: $73,320Net Assets 2022: -$42,0782022Assets 2023: $13,814Liabilities 2023: $73,671Net Assets 2023: -$59,8572023Assets 2024: $72,293Liabilities 2024: $159,790Net Assets 2024: -$87,4972024Assets 2025: $24,203Liabilities 2025: $134,747Net Assets 2025: -$110,5442025

Highlighted filing

2016

Assets$122,786
Liabilities$173,412
Net Assets-$50,626
Open 2016 Filing

Operations Trend

Revenue Growth85th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$800K$600K$400K$200K$0-$200KRevenue 2011: $187,728Expenses 2011: $211,969Net Income 2011: -$24,2412011Expenses 2012: $212,9942012Revenue 2013: $287,481Expenses 2013: $295,901Net Income 2013: -$8,4202013Revenue 2014: $398,651Expenses 2014: $375,951Net Income 2014: $22,7002014Revenue 2015: $336,168Expenses 2015: $442,573Net Income 2015: -$106,4052015Revenue 2016: $430,765Expenses 2016: $412,491Net Income 2016: $18,2742016Revenue 2017: $553,482Expenses 2017: $601,174Net Income 2017: -$47,6922017Revenue 2018: $339,770Expenses 2018: $514,241Net Income 2018: -$174,4712018Revenue 2019: $351,071Expenses 2019: $308,795Net Income 2019: $42,2762019Revenue 2020: $286,219Expenses 2020: $281,348Net Income 2020: $4,8712020Revenue 2021: $219,701Expenses 2021: $258,075Net Income 2021: -$38,3742021Revenue 2022: $205,769Expenses 2022: $244,242Net Income 2022: -$38,4732022Revenue 2023: $240,964Expenses 2023: $256,527Net Income 2023: -$15,5632023Revenue 2024: $252,980Expenses 2024: $280,355Net Income 2024: -$27,3752024Revenue 2025: $218,261Expenses 2025: $241,309Net Income 2025: -$23,0482025

Highlighted filing

2016

Revenue$430,765
Expenses$412,491
Net Income$18,274
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Nov 3, 2016
Return Version
2015v2.1
Gross Receipts
$430,765
Mission and Program Overview

Mission

Cefa is committed to educating the investing public about the many benefits of closed end products and to provide a resource for information about its members and their offerings

Cefa is committed to educating the investing public about the many benefits of closed end fund products and to provide a resource for information about its members and their offerings.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$90,037-
Prepaid Expenses and Deferred Charges-$14,002-
Cash and Non-Interest-Bearing Accounts-$12,497-
Accounts Receivable-$6,250-
Total Assets$3,036$122,786▲ $119,750
Other Assets Total$3,036--
Liabilities
Deferred Revenue-$130,958-
Accounts Payable and Accrued Expenses$469$42,454▲ $41,985
Total Liabilities$469$173,412▲ $172,943
Net Assets / Fund Balance
Unrestricted Net Assets$2,567$-50,626▼ $53,193
Total Net Assets Fund Balance$2,567$-50,626▼ $53,193
Total Liabilities and Net Assets / Fund Balance$3,036$122,786▲ $119,750
Compensation and Service Providers
Top Officer Pay69th percentile

Board Members and Trustees

NameTitle
Agnes MulladyBoard Member
Bob BushBoard Member
Brian BinderBoard Member
Brian HurleyBoard Member
David ChristensenBoard Member
David LeggetteBoard Member
Grier EliasekBoard Member
Jeff SmithBoard Member
Jonathan IsaacBoard Member
Laura WoodwardBoard Member
Lelia LongBoard Member
Mark HaleyBoard Member
Mark StoeckleBoard Member
Michelle KellyBoard Member
Mike TwohigBoard Member
Ted ValentiBoard Member
Will KorverBoard Member
Anne KritzmireBoard Presid
Brian SmithDirector
Chris LarsenMember at La
Jon DiorioMember at La
Jonathan MorganMember at La
Rennie McconnochieMember at La

Highest Paid Contractors

ContractorServicesLocationCompensation
Smith Group INCManagement Co2345 GRAND BOULEVARD SUITE 1750, Kansas City, MO 64108$268,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$430,750
Investment Income
$15
Other Revenue
$0
Change in Net Assets
$18,274

Audited Revenue Reconciliation

Revenue per Audited Statements
$430,765
Total Revenue per Audited Statements
$430,765
Total Revenue per Form 990
$430,765
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$412,491
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management---$288,000
Conferences and Meetings---$71,677
Information Technology---$28,500
Occupancy---$12,000
Fees for Services Accounting---$3,860
Office Expenses---$1,173
Other Expenses---$17
Total Functional Expenses$0$0$0$412,491

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$412,491
Total Expenses per Audited Statements$412,491
Total Expenses per Form 990$412,491
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
Yes
Subject to proxy tax
Yes
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Smith Group IncManagement CoMgmt Co ServicesNo$268,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“The organization contracts with smith group, inc. To perform management duties and day to day operations of the organization. No employee of smith group, inc. Holds voting rights with respect to the organization.”

Form 990, Page 6, Part VI, Line 11B

“The organization's completed form 990 is reviewed by the organization's management. The board of governors is given an opportunity to view the form 990 as well. After the return has been reviewed by all interested parties, and all questions have been answered satisfactorily, the return is filed as final”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Closed End Fund Association Inc
EIN
04-3403082
Phone
8164138900
Address
2345 GRAND BOULEVARD SUITE 1750, KANSAS CITY, MO 64108

Signing Officer

Name
Brian Smith
Title
Director
Phone
8164138900
Signed
2016-11-03

Organization Details

Principal Officer
Smith Group Inc
Formed
1998
Legal Domicile
Mo
Voting Board Members
22
Independent Board Members
22
Employees
0

Preparer

Firm
Steven T Osborne CPA
Address
2101 BURLINGTON STREET, N KANSAS CITY, MO 64116
Preparer
Steven T Osborne
Phone
8168420960
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Prior period adjustment of -71,467 represents calculated section 481 adjustment from changing to accrual method of accounting from cash method of accounting for the organization's overall accounting method.”

Form 990, Page 12, Part XII, Line 1

“The organization previously kept it's books and records on the cash basis for prior years. Beginning with the year ended june 30, 2016, the organization's books and records have been kept on the accrual basis.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt20BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt21BOARD MEMBER
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IRS990/MethodOfAccountingAccrualInd0X
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IRS990/MissionDesc0CEFA IS COMMITTED TO EDUCATING THE INVESTING PUBLIC ABOUT THE MANY BENEFITS OF CLOSED END FUND PRODUCTS AND TO PROVIDE A RESOURCE FOR INFORMATION ABOUT ITS MEMBERS AND THEIR OFFERINGS.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/OccupancyGrp/TotalAmt012000
IRS990/OfficeExpensesGrp/TotalAmt01173
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IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherExpensesGrp/Desc0OTHER OPERATING EXPENSE
IRS990/OtherExpensesGrp/Desc1DUES AND SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc2MEALS AND ENTERTAINMENT
IRS990/OtherExpensesGrp/Desc3TAXES AND LICENSES
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IRS990/OtherExpensesGrp/TotalAmt1279
IRS990/OtherExpensesGrp/TotalAmt277
IRS990/OtherExpensesGrp/TotalAmt317
IRS990/PartialLiquidationInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt014002
IRS990/PrincipalOfficerNm0SMITH GROUP INC
IRS990/PriorPeriodAdjustmentsAmt0-71467
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0MEMBERSHIP DUES
IRS990/ProgramServiceRevenueGrp/Desc1MEMBERSHIP EVENTS
IRS990/ProgramServiceRevenueGrp/Desc2ASSOCIATE DUES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1165000
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt218958
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0246792
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1165000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt218958
IRS990/ProgSrvcAccomActy2Grp/Desc0CONFERENCES AND SEMINARS PROVIDE A FORUM FOR INDIVIDUALS IN THE CLOSED END FUND INDUSTRY TO COMMUNICATE, ENHANCE BUSINESS RELATIONSHIPS AND INCREASE KNOWLEDGE OF RELEVANT INDUSTRY ISSUES.
IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/PYRevenuesLessExpensesAmt0-106405
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IRS990ScheduleC/OnlyInHouseLobbyingInd0true
IRS990ScheduleC/SubstantiallyAllDuesNondedInd0false
IRS990ScheduleD/ExpensesSubtotalAmt0412491
IRS990ScheduleD/RevenueSubtotalAmt0430765
IRS990ScheduleD/TotalExpensesPerForm990Amt0412491
IRS990ScheduleD/TotalRevenuePerForm990Amt0430765
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0SMITH GROUP INC
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0MANAGEMENT CO
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt0268000
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0MGMT CO SERVICES
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0SCHEDULE L, PART IV, ADDITIONAL INFORMATION: BRIAN SMITH SERVES AS THE DIRECTOR (A NON VOTING POSITION) OF THE ORGANIZATION. BRIAN SMITH HOLDS AN OWNERSHIP INTEREST IN SMITH GROUP, INC. SMITH GROUP, INC. PROVIDES MANAGEMENT SERVICES TO THE ORGANIZATION AS AN INDEPENDENT CONTRACTOR. AMOUNTS PAID TO SMITH GROUP, INC. ARE DISCLOSED IN PART VII, SECTION B. BRIAN SMITH'S COMPENSATION IS PAID BY SMITH GROUP, INC.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION CONTRACTS WITH SMITH GROUP, INC. TO PERFORM MANAGEMENT DUTIES AND DAY TO DAY OPERATIONS OF THE ORGANIZATION. NO EMPLOYEE OF SMITH GROUP, INC. HOLDS VOTING RIGHTS WITH RESPECT TO THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S COMPLETED FORM 990 IS REVIEWED BY THE ORGANIZATION'S MANAGEMENT. THE BOARD OF GOVERNORS IS GIVEN AN OPPORTUNITY TO VIEW THE FORM 990 AS WELL. AFTER THE RETURN HAS BEEN REVIEWED BY ALL INTERESTED PARTIES, AND ALL QUESTIONS HAVE BEEN ANSWERED SATISFACTORILY, THE RETURN IS FILED AS FINAL
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PRIOR PERIOD ADJUSTMENT OF -71,467 REPRESENTS CALCULATED SECTION 481 ADJUSTMENT FROM CHANGING TO ACCRUAL METHOD OF ACCOUNTING FROM CASH METHOD OF ACCOUNTING FOR THE ORGANIZATION'S OVERALL ACCOUNTING METHOD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION PREVIOUSLY KEPT IT'S BOOKS AND RECORDS ON THE CASH BASIS FOR PRIOR YEARS. BEGINNING WITH THE YEAR ENDED JUNE 30, 2016, THE ORGANIZATION'S BOOKS AND RECORDS HAVE BEEN KEPT ON THE ACCRUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 12, PART XII, LINE 1
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IRS990/TerminateOperationsInd0false
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IRS990/TotalGrossUBIAmt00
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02345 GRAND BOULEVARD 1750
IRS990/USAddress/CityNm0KANSAS CITY
IRS990/USAddress/StateAbbreviationCd0MO
IRS990/USAddress/ZIPCd064108
IRS990/VotingMembersGoverningBodyCnt022
IRS990/VotingMembersIndependentCnt022
IRS990/WebsiteAddressTxt0WWW.CEFA.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0BRIAN SMITH
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum08164138900
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-11-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CLOSED END FUND ASSOCIATION INC
ReturnHeader/Filer/BusinessNameControlTxt0CLOS
ReturnHeader/Filer/EIN0043403082
ReturnHeader/Filer/PhoneNum08164138900

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$122,786
Liabilities
$173,412
Net assets
-$50,626
Revenue
$430,765
Expenses
$412,491
Net income
$18,274
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.24$1.35$1.11$2.18$2.41$0.23
2024Detailed filing. Detailed filing data is available for this year.$0.72$1.60$0.87$2.53$2.80$0.27
2023Detailed filing. Detailed filing data is available for this year.$0.14$0.74$0.60$2.41$2.57$0.16
2022Detailed filing. Detailed filing data is available for this year.$0.31$0.73$0.42$2.06$2.44$0.38
2021Detailed filing. Detailed filing data is available for this year.$0.54$0.58$0.04$2.20$2.58$0.38
2020Detailed filing. Detailed filing data is available for this year.$0.92$0.57$0.35$2.86$2.81$0.05
2019Detailed filing. Detailed filing data is available for this year.$1.04$1.33$0.29$3.51$3.09$0.42
2018Detailed filing. Detailed filing data is available for this year.$0.22$0.93$0.71$3.40$5.14$1.74
2017Detailed filing. Detailed filing data is available for this year.$1.05$2.04$0.98$5.53$6.01$0.48
2016Detailed filing. Detailed filing data is available for this year.$1.23$1.73$0.51$4.31$4.12$0.18
2015Detailed filing. Detailed filing data is available for this year.$0.03$0.00$0.03$3.36$4.43$1.06
2014Detailed filing. Detailed filing data is available for this year.$1.09$0.00$1.09$3.99$3.76$0.23
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.86$0.00$0.86$2.87$2.96$0.08
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.95$0.00$0.95$2.13
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.70$0.70$1.88$2.12$0.24