Practising Law Institute

“990 review process the practising law institute's form 990 was prepared by a nationally renowned accounting firm in conjunction with the organization's financial department. A copy of the draft form 990 was circulated to the board of trustees after review by senior management and the audit committee. Each board member was provided ample opportunity to comment on the information contained in the 990 prior to its electronic filing with the internal revenue service.”

“Conflict of interest policy monitoring & enforcement each trustee of the practising law institute is required to annually disclose any conflicts of interest that arise by virtue of employment, board service, or position with the organization. Practising law institute monitors compliance with its conflict of interest policy through an annual questionnaire/disclosure statement that is distributed to these individuals. Potential conflicts are investigated immediately.”

“Process for determining compensation practising law institute undertakes a thorough process to ensure that the executive compensation it pays to its management and all of the officers and key employees of the organization is reasonable given the market in which it operates. In relevant part, the board of trustees has established a compensation committee of independent persons that have no personal interests in the proposed compensation agreement. The compensation committee utilized benchmark data, surveys, and other reports to derive the president's salary. The president has no decision-making authority with respect to her own compensation arrangement. The board of trustees, based on the recommendations from the institute's compensation committee, who reviews comparability data, will approve annual raises for all officers and key employees in addition to a range of salary increases for all other employees. Employees are eligible for merit increases based on performance evaluations, which are summarized and submitted to the institute's president and then reviewed by the institute's president and then reviewed by the institute's compensation committee.”

“Availability of documents to the public the institute makes its form 990 available to the public by retaining a copy at its place of business. The institute's financial statements are available on their website. The governing documents and conflict of interest policy are not ordinarily made available to the public, however, if requested, they will be provided at the institute's discretion.”

“Volunteer volunteer instructional services are provided by attorneys and others in the legal profession. The value of the volunteer services has not been reflected in the financial statements as the nature of these services does not meet the criteria for recognition of contributed services under generally accepted accounting principles in the united states of america.”

“Organization's mission (continued) the institute is chartered by the regents of the university of the state of new york, and was founded in 1933 by harold p. Seligson. The institute provides the highest quality, accredited, continuing legal and professional education programs in a variety of formats which are delivered by 3,897 volunteer faculty including prominent lawyers, judges, investment bankers, accountants, corporate counsel, and u.s. And international government regulators. The institute publishes a comprehensive library of treatises, course handbooks and answer books that are also available through the pli plus online platform. A significant part of the institute's mission is a commitment to the pro bono community.”

“Pension related adjustment other than net periodic pension expense -2,016,733.”

“In march of 2020, the world health organization officially declared covid-19, a disease caused by the novel coronavirus, a pandemic. This caused many local and national governments, including new york state and the state of california, to impose restrictions on business operations, travel and time spent outside the home. The outbreak has adversely impacted the level of economic activity around the world and disrupted normal business activity in every sector of the economy. The full impact of the covid-19 outbreak continues to evolve as of the date of this report. External factors, including the duration and intensity of the pandemic, the shape of the economic recovery across the globe, as well as timing and widespread adoption of vaccines, will all have an impact on the institute's operating results. Due to the many uncertainties associated with the pandemic, management is unable to determine the full magnitude it may have on the institute's financial condition, liquidity and future results, or the implications on programs and the customer experience. As a result of the pandemic, the institute closed its office locations and conference centers beginning in mid-march 2020 and operated the remainder of the year in a remote, online environment. A robust remote learning plan was adopted and implemented for the institute's customers. In keeping with best practices and core principles, program participants received instruction to support a learning experience that was positive and productive. To mitigate the impact of the virus, the institute has incorporated enhanced social distancing, use of personal protective equipment, and a combination of remote and in-person programs in 2021. The institute continues to provide instruction remotely in the first half of 2021. In the second half of 2021 the institute envisions gradually increasing the number of in-person instructional days with only faculty present in our conference centers in the beginning and with participants attending towards the end of 2021.”