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 through 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 compensation committee reviews comparability data and makes a recommendation to the board with respect to the reasonable compensation of the president. The board approves the president's salary. The institute's president and senior vice president review comparability and market data and performance reviews and makes a recommendation to the compensation committee with respect to 1) annual raises for all officers and 2) a range of merit-based salary increases for all employees. The compensation committee approves these raises and the range of salary increases. The full pli board approves the overall budget, which includes all personnel expenses for the upcoming budget year.”

“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 4,324 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.”

“During the year ended december 31, 2021 the institute determined that the decline in seci revenues resulting from the covid-19 pandemic to be a triggering event and as such performed an impairment analysis of its intangibles and goodwill. As a result, the institute determined the carrying value of its trademark exceeded the fair value by $410,000 and accordingly recorded an impairment charge as of december 31, 2021.”

“Pension related adjustment 6,250,980.”

“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 adversely impacted the level of economic activity around the world and disrupted normal business activity in every sector of the economy during 2020 and much of 2021. External factors, including the duration of the declaration and intensity of the pandemic, the shape of the economic recovery across the globe, as well as continued proliferation of vaccines, will all have an impact on the institute's operating results going forward. As a result of the pandemic, the institute kept its office locations and conference centers closed for most of 2020 and 2021 while operating 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 implemented practices of enhanced social distancing, use of personal protective equipment, and a combination of remote and in-person programs in 2021 and 2022. The institute continued to proivde instruction remotely in the first half of 2022. The return to in-person attendance has been markedly subdued, but online attendance has continued at the high levels seen during the height of the pandemic. Due to some continued uncertainties associated with covid-19 and related economic impacts, management is unable to determine the full magnitude it may have on the institute's future financial condition, liquidity and results, or the implications on programs, however, management is confident that the current approach by public health officials in managing covid-19 going forward is the correct approach and will assist businesses to return to normal operations, albeit with some operating changes such as hybrid work environments, more online delivery of content and a more connected and aware user. This "new normal" presents opportunities that the institute is embracing with renewed fervor by investing and upgrading its channels of delivering the ever-current content that the institute is known for. Leveraging technology and being ultra-focused on the consumer and their learning needs will assist the institute to continue growth in market share and remain a leader in the legal and professional education arena.”