Civic Intelligence

Financial Services Forum

990 • Fiscal year 2023 • EIN 52-2241644

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 07, 2024

601 13th Street NW 750SWashington, DC 20005

(202) 457-5765

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$7,957,921

Flat from 2023

Net Assets

Flat

$4,158,441

Flat from 2023

Liabilities

Flat

$3,799,480

Flat from 2023

Revenue And Expenses

Revenue

Flat

$16,000,000

Flat from 2023

Expenses

Flat

$14,877,202

Flat from 2023

Net Income

Flat

$1,122,798

Flat from 2023

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0-$5.0MAssets 2011: $6,889,238Liabilities 2011: $2,853,750Net Assets 2011: $4,035,4882011Assets 2012: $6,307,555Liabilities 2012: $2,507,941Net Assets 2012: $3,799,6142012Assets 2013: $6,993,628Liabilities 2013: $3,415,830Net Assets 2013: $3,577,7982013Assets 2014: $8,235,387Liabilities 2014: $5,135,549Net Assets 2014: $3,099,8382014Assets 2015: $4,287,237Liabilities 2015: $1,507,168Net Assets 2015: $2,780,0692015Assets 2016: $1,454,136Liabilities 2016: $1,576,306Net Assets 2016: -$122,1702016Assets 2017: $835,051Liabilities 2017: $230,609Net Assets 2017: $604,4422017Assets 2018: $5,297,255Liabilities 2018: $3,269,038Net Assets 2018: $2,028,2172018Assets 2019: $6,858,413Liabilities 2019: $5,390,448Net Assets 2019: $1,467,9652019Assets 2020: $8,121,022Liabilities 2020: $6,064,903Net Assets 2020: $2,056,1192020Assets 2021: $7,821,055Liabilities 2021: $4,936,376Net Assets 2021: $2,884,6792021Assets 2022: $7,099,343Liabilities 2022: $4,063,700Net Assets 2022: $3,035,6432022Assets 2023: $7,957,921Liabilities 2023: $3,799,480Net Assets 2023: $4,158,4412023Assets 2023: $7,957,921Liabilities 2023: $3,799,480Net Assets 2023: $4,158,4412023Assets 2024: $8,623,462Liabilities 2024: $5,953,040Net Assets 2024: $2,670,4222024

Highlighted filing

2023

Assets$7,957,921
Liabilities$3,799,480
Net Assets$4,158,441

Operations Trend

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

$30M$20M$10M$0-$10MRevenue 2011: $4,007,181Expenses 2011: $3,841,535Net Income 2011: $165,6462011Revenue 2012: $4,005,715Expenses 2012: $4,241,589Net Income 2012: -$235,8742012Revenue 2013: $6,033,702Expenses 2013: $6,255,518Net Income 2013: -$221,8162013Revenue 2014: $4,772,960Expenses 2014: $5,250,920Net Income 2014: -$477,9602014Revenue 2015: $5,607,303Expenses 2015: $5,927,102Net Income 2015: -$319,7992015Revenue 2016: $1,043,796Expenses 2016: $3,946,052Net Income 2016: -$2,902,2562016Revenue 2017: $3,951,953Expenses 2017: $3,218,160Net Income 2017: $733,7932017Revenue 2018: $8,000,000Expenses 2018: $6,576,225Net Income 2018: $1,423,7752018Revenue 2019: $7,951,279Expenses 2019: $8,511,531Net Income 2019: -$560,2522019Revenue 2020: $8,010,311Expenses 2020: $7,422,157Net Income 2020: $588,1542020Revenue 2021: $8,000,250Expenses 2021: $7,171,690Net Income 2021: $828,5602021Revenue 2022: $8,000,000Expenses 2022: $7,849,036Net Income 2022: $150,9642022Revenue 2023: $16,000,000Expenses 2023: $14,877,202Net Income 2023: $1,122,7982023Revenue 2023: $16,000,000Expenses 2023: $14,877,202Net Income 2023: $1,122,7982023Revenue 2024: $27,400,000Expenses 2024: $28,888,019Net Income 2024: -$1,488,0192024

Highlighted filing

2023

Revenue$16,000,000
Expenses$14,877,202
Net Income$1,122,798
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 7, 2024
Return Version
2023v5.1
Gross Receipts
$16,000,000
Mission and Program Overview

Mission

Promoting open and competitive financial markets.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$5,254,723$6,433,580▲ $1,178,857
Rtn Earn Endowment Incm Other Fnds$3,035,643$4,158,441▲ $1,122,798
Land, Buildings, and Equipment, Net$655,456$486,888▼ $168,568
Prepaid Expenses and Deferred Charges$66,568$79,076▲ $12,508
Accounts Receivable$179$14▼ $165
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$7,099,343$7,957,921▲ $858,578
Other Assets Total$1,122,417$958,363▼ $164,054
Liabilities
Deferred Revenue$2,000,000$2,000,000→ $0
Other Liabilities$1,977,971$1,724,438▼ $253,533
Accounts Payable and Accrued Expenses$85,729$75,042▼ $10,687
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$4,063,700$3,799,480▼ $264,220
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,035,643$4,158,441▲ $1,122,798
Total Liabilities and Net Assets / Fund Balance$7,099,343$7,957,921▲ $858,578

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$466,284$466,191$932,475
Other Land Buildings$12,120$295,745$307,865
Equipment$8,484$133,127$141,611
Other Assets Org$958,363--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin FromerPresident & CEOFT$1,693,602$269,755$1,963,357
Sean CampbellCHF Economist, Hd Policy&ReschFT$721,136$51,938$773,074
Tiffany HaasHead of Government AffairsFT$597,017$38,055$635,072
Barbara HagenbaughChief Communications OfficerFT$566,074$52,583$618,657
Chip BartlettVP, Gov't AffairsFT$346,855$40,311$387,166
Kaitlyn Eisner-poor BrookeSecretary and TreasurerFT$154,076$35,494$189,570
Brigid RichelieuSr. Manager, CommunicationsFT$155,000$761$155,761

Board Members and Trustees

NameTitle
RON O'HANLEYMember/Chairman
Jane FraserMember/Vice Chair
Brian MoynihanMember
Charlie ScharfMember
David SolomonMember
James GormanMember
Jamie DimonMember
Robin VinceMember

Highest Paid Contractors

ContractorServicesLocationCompensation
Penta Group LLCAdvertisingPO BOX 24146, New York, NY 10087$5,588,500
Debevoise PlimptonConsulting801 Pennsylvania Avenue NW, Washington, DC 20004$690,000
Hilltop Public Solutions LLCConsulting3000 K Street NW Suite 320, Washington, DC 20007$680,250
Fgs Global US LLC Dba Fgh HoldingConsulting1025 F Street NW 9TH FLOOR, Washington, DC 20004$478,675
Akin Gump Strauss Hauer Feld LLPConsulting/Lobbying2001 K Street NW, Washington, DC 20006$180,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$16,000,000
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$1,122,798
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$9,418,566
Salaries, Compensation, and Employee Benefits$5,458,636
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Advertising---$6,279,783
Other Salaries and Wages---$2,862,481
Current Officers, Directors, Trustees, and Key Employees---$2,152,928
Fees for Services Legal---$745,000
Fees for Services Other---$605,118
Occupancy---$428,252
Fees for Services Lobbying---$397,903
Payroll Taxes---$183,378
Other Employee Benefits---$182,199
Conferences and Meetings---$177,591
Depreciation Depletion---$168,569
Fees for Services Accounting---$104,394
Pension Plan Contributions---$77,650
Travel---$70,375
Office Expenses---$68,255
Information Technology---$61,792
Insurance---$9,425
Other Expenses---$346
Total Functional Expenses$0$0$0$14,877,202
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
No
Subject to proxy tax
Yes

Reported Spending and Taxes

Line ItemAmount
Current Year Nondeductible Lobbying and Political Cost$2,375,000
Total Nondeductible Lobbying and Political Cost$2,375,000
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$1,526,250
Accrued Excise Tax$198,188
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6:

Members are ceo of large financial institutions doing business in the united states.

Form 990, Part VI, Section A, Line 7A:

Each Founding Member of the Forum appoints a representative to serve on the Board of Directors, which is the governing body of the Forum.

Form 990, Part VI, Section B, Line 11B:

The forum's form 990 undergoes a number of internal and external reviews before it is filed with the irs. The return is prepared by the forum's external tax advisors, bdo usa, llp and is reviewed by the forum's ceo, executive management and by outside legal counsel.

Form 990, Part VI, Section B, Line 12C:

All employees are required to sign upon employment.

Form 990, Part VI, Section B, Line 15A & 15B:

The compensation of the forum's president is proposed by the chairman and approved by the membership in conjunction of a review of the 990s of other organizations. Comparability data is used in evaluating compensation of other forum employees.

Form 990, Part VI, Section C, Line 19:

These documents are not made available to the public.

Form 990, Part VII, Contact Addresses for Officers, Directors, Etc.

Mr. Ron O'Hanley, State Street Corporation, State Street Financial Center, One Lincoln Street, 11th floor, Boston MA 02111.

Filing and Contact Details

Filer

Filer Name
Financial Services Forum
EIN
52-2241644
In Care Of
% KEVIN FROMER
Phone
2024575765
Address
601 13TH STREET NW 750S, WASHINGTON, DC 20005

Signing Officer

Name
Kevin Fromer
Title
CEO
Phone
2024575765
Signed
2024-11-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Fromer
Formed
2000
Legal Domicile
Dc
Voting Board Members
8
Independent Board Members
8
Employees
14
Volunteers
0

Preparer

Firm
Bdo USA
Address
8401 GREENSBORO DRIVE 800, MCLEAN, VA 22102
Preparer
Marc Berger
Phone
7038930600
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1Chf Economist, Hd Policy&Resch
IRS990/Form990PartVIISectionAGrp/TitleTxt2Head of Government Affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt3Chief Communications Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt4VP, Gov't Affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary and Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt6Sr. Manager, Communications
IRS990/Form990PartVIISectionAGrp/TitleTxt7Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Member/Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt9Member
IRS990/Form990PartVIISectionAGrp/TitleTxt10Member
IRS990/Form990PartVIISectionAGrp/TitleTxt11Member/Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt12Member
IRS990/Form990PartVIISectionAGrp/TitleTxt13Member
IRS990/Form990PartVIISectionAGrp/TitleTxt14Member
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IRS990/FormationYr02000
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IRS990/FSAuditedInd0false
IRS990/FundraisingActivitiesInd0false
IRS990/FundraisingDirectExpensesAmt00
IRS990/FundraisingGrossIncomeAmt00
IRS990/GamingActivitiesInd0false
IRS990/GamingDirectExpensesAmt00
IRS990/GamingGrossIncomeAmt00
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IRS990/GrantsToDomesticOrgsGrp/TotalAmt00
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IRS990/GrantsToOrganizationsInd0false
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IRS990/InfoInScheduleOPartVIInd0X
IRS990/InformationTechnologyGrp/TotalAmt061792
IRS990/InsuranceGrp/TotalAmt09425
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IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/TotalAmt00
IRS990/InventoriesForSaleOrUseGrp/BOYAmt00
IRS990/InventoriesForSaleOrUseGrp/EOYAmt00
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IRS990/InvestmentsPubTradedSecGrp/BOYAmt00
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IRS990/MembersOrStockholdersInd0true
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0PROMOTING OPEN AND COMPETITIVE FINANCIAL MARKETS.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt00
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IRS990/NetAssetsOrFundBalancesEOYAmt04158441
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/OccupancyGrp/TotalAmt0428252
IRS990/OfficeExpensesGrp/TotalAmt068255
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt01122417
IRS990/OtherAssetsTotalGrp/EOYAmt0958363
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0182199
IRS990/OtherExpensesGrp/Desc0EXCISE TAX
IRS990/OtherExpensesGrp/Desc1DUES & SUBSCRIPTIONS
IRS990/OtherExpensesGrp/Desc2SALES TAX
IRS990/OtherExpensesGrp/Desc3DC PROPERTY & FRANCHISE TAX
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IRS990/OtherExpensesGrp/TotalAmt1100448
IRS990/OtherExpensesGrp/TotalAmt23127
IRS990/OtherExpensesGrp/TotalAmt3346
IRS990/OtherLiabilitiesGrp/BOYAmt01977971
IRS990/OtherLiabilitiesGrp/EOYAmt01724438
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IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt077650
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt079076
IRS990/PrincipalOfficerNm0KEVIN FROMER
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IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/BusinessCd1900099
IRS990/ProgramServiceRevenueGrp/Desc0MEMBERSHIP DUES
IRS990/ProgramServiceRevenueGrp/Desc1SPECIAL ASSESSMENT - CAPITAL CAMPAIGN
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt18000000
IRS990/ProgSrvcAccomActy2Grp/Desc0INFLUENCE THE NATIONAL AND INTERNATIONAL REGULATORY DIALOGUE AND ENCOURAGE A COMPETITIVE GLOBAL MARKETPLACE.
IRS990/ProgSrvcAccomActy3Grp/Desc0PROMOTE TRADE AND THE FREE FLOW OF CAPITAL IN ORDER TO ENHANCE GLOBAL PROSPERITY.
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IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
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IRS990/PYOtherExpensesAmt02599090
IRS990/PYOtherRevenueAmt00
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IRS990/PYRevenuesLessExpensesAmt0150964
IRS990/PYSalariesCompEmpBnftPaidAmt05249946
IRS990/PYTotalExpensesAmt07849036
IRS990/PYTotalProfFndrsngExpnsAmt00
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IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt01122798
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/RentalIncomeOrLossGrp/RealAmt00
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt03035643
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt04158441
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
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IRS990ScheduleC/AgreeCarryoverPriorYearInd0false
IRS990ScheduleC/DuesAssessmentsAmt016000000
IRS990ScheduleC/NonDeductibleLbbyngPltclCYAmt02375000
IRS990ScheduleC/NonDeductibleLbbyngPltclTotAmt02375000
IRS990ScheduleC/OnlyInHouseLobbyingInd0false

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Summary only. Only limited summary data is available for this year.$8.62$5.95$2.67$27.4$28.9$1.49
2023Detailed filing. Detailed filing data is available for this year.$7.96$3.80$4.16$16.0$14.9$1.12
2023Summary only. Only limited summary data is available for this year.$7.96$3.80$4.16$16.0$14.9$1.12
2022Summary only. Only limited summary data is available for this year.$7.10$4.06$3.04$8.00$7.85$0.15
2021Summary only. Only limited summary data is available for this year.$7.82$4.94$2.88$8.00$7.17$0.83
2020Summary only. Only limited summary data is available for this year.$8.12$6.06$2.06$8.01$7.42$0.59
2019Summary only. Only limited summary data is available for this year.$6.86$5.39$1.47$7.95$8.51$0.56
2018Summary only. Only limited summary data is available for this year.$5.30$3.27$2.03$8.00$6.58$1.42
2017Summary only. Only limited summary data is available for this year.$0.84$0.23$0.60$3.95$3.22$0.73
2016Summary only. Only limited summary data is available for this year.$1.45$1.58$0.12$1.04$3.95$2.90
2015Summary only. Only limited summary data is available for this year.$4.29$1.51$2.78$5.61$5.93$0.32
2014Summary only. Only limited summary data is available for this year.$8.24$5.14$3.10$4.77$5.25$0.48
2013Summary only. Only limited summary data is available for this year.$6.99$3.42$3.58$6.03$6.26$0.22
2012Summary only. Only limited summary data is available for this year.$6.31$2.51$3.80$4.01$4.24$0.24
2011Summary only. Only limited summary data is available for this year.$6.89$2.85$4.04$4.01$3.84$0.17