Civic Intelligence

Interactive Financial Exchange Forum Inc

990 • Fiscal year 2015 • EIN 54-1964448

Jul 01, 2014 to Jun 30, 2015 • Filed on Oct 23, 2015

Organization Profilewww.ifxforum.org
401 Edgewater Place Suite 600Wakefield, MA 01880

(781) 246-0500

Siviq Scores

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

Liabilities / Assets

95th percentile

0.82x

Higher debt load relative to assets than 95% of similar nonprofits.

2015 filings • 501(c)6 • <$500k nonprofits • Source year 2015

Liabilities / Revenue

96th percentile

0.61x

Higher debt load relative to revenue than 96% of similar nonprofits.

2015 filings • 501(c)6 • <$500k nonprofits • Source year 2015

Net Margin

47th percentile

1.7%

Higher net margin than 47% of similar nonprofits.

2015 filings • 501(c)6 • <$500k nonprofits • Source year 2015

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.

2015 filings • 501(c)6 • <$500k nonprofits • Source year 2015

Asset Growth

47th percentile

1.1%

Faster asset growth than 47% of similar nonprofits.

2015 filings • 501(c)6 • <$500k nonprofits • Annualized from 2014 to 2015

Revenue Growth

68th percentile

10%

Faster revenue growth than 68% of similar nonprofits.

2015 filings • 501(c)6 • <$500k nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets95th percentile

Assets

Up

$172,491

Up $1,802 (+1.1%) from 2014

Net Assets

Up

$30,469

Up $4,068 (+15%) from 2014

Liabilities

Down

$142,022

Down $2,266 (-1.6%) from 2014

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin47th percentile

Revenue

Up

$234,559

Up $21,364 (+10%) from 2014

Expenses

Down

$230,491

Down $9,336 (-3.9%) from 2014

Net Income

Up

$4,068

Up $30,700 (+115%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth47th percentile

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

$200K$150K$100K$50K$0-$50KAssets 2012: $161,780Liabilities 2012: $143,323Net Assets 2012: $18,4572012Assets 2013: $185,999Liabilities 2013: $132,966Net Assets 2013: $53,0332013Assets 2014: $170,689Liabilities 2014: $144,288Net Assets 2014: $26,4012014Assets 2015: $172,491Liabilities 2015: $142,022Net Assets 2015: $30,4692015Assets 2016: $139,008Liabilities 2016: $125,091Net Assets 2016: $13,9172016Assets 2017: $130,809Liabilities 2017: $139,631Net Assets 2017: -$8,8222017

Highlighted filing

2015

Assets$172,491
Liabilities$142,022
Net Assets$30,469
Open 2015 Filing

Operations Trend

Revenue Growth68th percentile

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

$300K$200K$100K$0-$100KRevenue 2012: $229,531Expenses 2012: $211,427Net Income 2012: $18,1042012Revenue 2013: $232,399Expenses 2013: $197,823Net Income 2013: $34,5762013Revenue 2014: $213,195Expenses 2014: $239,827Net Income 2014: -$26,6322014Revenue 2015: $234,559Expenses 2015: $230,491Net Income 2015: $4,0682015Revenue 2016: $198,497Expenses 2016: $215,049Net Income 2016: -$16,5522016Revenue 2017: $196,517Expenses 2017: $219,256Net Income 2017: -$22,7392017

Highlighted filing

2015

Revenue$234,559
Expenses$230,491
Net Income$4,068
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Oct 23, 2015
Return Version
2014v5.0
Gross Receipts
$234,559
Mission and Program Overview

Mission

The purpose of the Interactive Financial Exchange Forum is to facilitate the development of a robust XML framework for the electronic business to business exchange of data among financial service institutions around the world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$80,465$80,868▲ $403
Cash and Non-Interest-Bearing Accounts$67,114$49,144▼ $17,970
Accounts Receivable$21,985$40,965▲ $18,980
Prepaid Expenses and Deferred Charges$1,125$1,514▲ $389
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$170,689$172,491▲ $1,802
Other Assets Total-$0-
Liabilities
Deferred Revenue$130,810$124,483▼ $6,327
Accounts Payable and Accrued Expenses$13,478$14,788▲ $1,310
Other Liabilities-$2,751-
Total Liabilities$144,288$142,022▼ $2,266
Net Assets / Fund Balance
Unrestricted Net Assets$26,401$30,469▲ $4,068
Total Net Assets Fund Balance$26,401$30,469▲ $4,068
Total Liabilities and Net Assets / Fund Balance$170,689$172,491▲ $1,802
Compensation and Service Providers
Top Officer Pay69th percentile

Board Members and Trustees

NameTitle
Richard DuvallChairman
Charles WashburnDirector
David MossDirector
Ewan McGuireDirector
Murray HeldonDirector
Terri WillisDirector
Mark TiggasSecretary
Victor DosseyTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Virtual IncManagement401 Edgewater Place Ste 600, Wakefield, MA 01880$101,344
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$234,156
Investment Income
$403
Other Revenue
$0
Change in Net Assets
$4,068
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$196,787
Salaries, Compensation, and Employee Benefits$33,704
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management---$117,960
Other Salaries and Wages---$24,167
Conferences and Meetings---$13,348
Travel---$12,685
Fees for Services Legal---$6,360
Payroll Taxes---$5,537
Other Employee Benefits---$4,000
Office Expenses---$3,055
Other Expenses---$2,484
All Other Expenses---$1,717
Insurance---$1,682
Fees for Services Accounting---$1,200
Total Functional Expenses$0$0$0$230,491
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Accrued Payroll$1,938
Accrued Payroll Taxes$813
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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, Part VI, Line 3: Description of Delegated Duties to Management Company

“Virtual, Inc. is a management company that handles all financial recordkeeping for the Organization. They also handle public relations, advertising and other Administrative duties.”

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“The Organization has two classes of members, Voting and Non-Voting. A member can be an individual, a firm, a partnership, a corporation or a governmental body. All members can participate in the development of the IFX specification to ensure your business needs and requirements are met.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Only the signatory reviews the Form 990 prior to its signing/filing.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The Organization's financial statements, governing documents and tax returns are available only upon request.”

Filing and Contact Details

Filer

Filer Name
Interactive Financial Exchange Forum
EIN
54-1964448
Phone
7812460500
Address
401 Edgewater Place Suite 600, Wakefield, MA 01880

Signing Officer

Name
Richard Duvall
Title
Chairman
Signed
2015-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Duvall
Formed
1997
Legal Domicile
Ma
Voting Board Members
8
Independent Board Members
8
Employees
0

Preparer

Firm
Ruane & Company LLP
Address
22 Mill Street Suite 108, Arlington, MA 02476
Preparer
Thomas M Ruane CPA
Phone
7816430090
Raw XML Appendix365 raw XML fields

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

Path#Value
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IRS990/AccountsReceivableGrp/EOYAmt040965
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IRS990/ActivityOrMissionDesc0The purpose of the Interactive Financial Exchange Forum is to facilitate the development of a robust XML framework for the electronic business to business exchange of data among financial service institutions around the world.
IRS990/AdvertisingGrp/TotalAmt00
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IRS990/AllOtherExpensesGrp/TotalAmt01717
IRS990/AnnualDisclosureCoveredPrsnInd0false
IRS990/BackupWthldComplianceInd0true
IRS990/BenefitsToMembersGrp/TotalAmt00
IRS990/BooksInCareOfDetail/PersonNm0Virtual Inc
IRS990/BooksInCareOfDetail/PhoneNum07812460500
IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0401 Edgewater Place Suite 600
IRS990/BooksInCareOfDetail/USAddress/CityNm0Wakefield
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0MA
IRS990/BooksInCareOfDetail/USAddress/ZIPCd001880
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IRS990/CollectionsOfArtInd0false
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IRS990/CompDisqualPersonsGrp/TotalAmt00
IRS990/CompensationFromOtherSrcsInd0false
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IRS990/ConferencesMeetingsGrp/TotalAmt013348
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IRS990/ConservationEasementsInd0false
IRS990/ConsolidatedAuditFinclStmtInd0false
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IRS990/ContractorCompensationGrp/ServicesDesc0Management
IRS990/CreditCounselingInd0false
IRS990/CYBenefitsPaidToMembersAmt00
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IRS990/DAFExcessBusinessHoldingsInd0false
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IRS990/DeferredRevenueGrp/EOYAmt0124483
IRS990/DelegationOfMgmtDutiesInd0true
IRS990/DepreciationDepletionGrp/TotalAmt00
IRS990/Desc0The Interactive Financial Exchange Forum was formed in 1997 to create a messaging standard for financial services that would address the challenges faced with the advent of network-based computing models. Through the use of Committees and working groups, the Forum works to facilitate the design of a next generetion XML standard that would be usable in many types of environments, extensible to cover many types of financial transactions, and globally focused in recognition of the increased need to communicate around the world.
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IRS990/EmployeeCnt00
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IRS990/FeesForServicesLegalGrp/TotalAmt06360
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IRS990/FeesForServicesProfFundraising/TotalAmt00
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IRS990/ForeignFinancialAccountInd0false
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IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd1X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd2X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd3X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd4X
IRS990/Form990PartVIISectionAGrp/OfficerInd0X
IRS990/Form990PartVIISectionAGrp/OfficerInd1X
IRS990/Form990PartVIISectionAGrp/OfficerInd2X
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt00
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt20
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt50
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
IRS990/Form990PartVIISectionAGrp/PersonNm0Ewan McGuire
IRS990/Form990PartVIISectionAGrp/PersonNm1David Moss
IRS990/Form990PartVIISectionAGrp/PersonNm2Terri Willis
IRS990/Form990PartVIISectionAGrp/PersonNm3Murray Heldon
IRS990/Form990PartVIISectionAGrp/PersonNm4Charles Washburn
IRS990/Form990PartVIISectionAGrp/PersonNm5Richard Duvall
IRS990/Form990PartVIISectionAGrp/PersonNm6Victor Dossey
IRS990/Form990PartVIISectionAGrp/PersonNm7Mark Tiggas
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Director
IRS990/Form990PartVIISectionAGrp/TitleTxt2Director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt6Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt7Secretary
IRS990/Form990ProvidedToGvrnBodyInd0false
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IRS990/FSAuditedInd0false
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IRS990/IRPDocumentCnt03
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt00
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IRS990/LocalChaptersInd0false
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IRS990/MethodOfAccountingAccrualInd0X
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/Organization501cInd0X
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IRS990/OtherExpensesGrp/Desc0Marketing Communications
IRS990/OtherExpensesGrp/Desc1Liason expenses
IRS990/OtherExpensesGrp/Desc2Webex & Kavi
IRS990/OtherExpensesGrp/Desc3Hosting
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
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IRS990/ReportOtherAssetsInd0false
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IRS990/RoyaltiesGrp/TotalAmt00
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt080465
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IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01938
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1813
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Accrued Payroll
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Accrued Payroll Taxes
IRS990ScheduleD/TotalLiabilityAmt02751
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Virtual, Inc. is a management company that handles all financial recordkeeping for the Organization. They also handle public relations, advertising and other Administrative duties.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Organization has two classes of members, Voting and Non-Voting. A member can be an individual, a firm, a partnership, a corporation or a governmental body. All members can participate in the development of the IFX specification to ensure your business needs and requirements are met.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Only the signatory reviews the Form 990 prior to its signing/filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Organization's financial statements, governing documents and tax returns are available only upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0170689
IRS990/TotalAssetsEOYAmt0172491
IRS990/TotalAssetsGrp/BOYAmt0170689
IRS990/TotalAssetsGrp/EOYAmt0172491
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0230491
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0144288
IRS990/TotalLiabilitiesEOYAmt0142022
IRS990/TotalLiabilitiesGrp/BOYAmt0144288
IRS990/TotalLiabilitiesGrp/EOYAmt0142022
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt026401
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt030469
IRS990/TotalProgramServiceRevenueAmt0234156
IRS990/TotalRevenueGrp/ExclusionAmt0403
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0234156
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0234559
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0170689
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0172491
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/TotalAmt012685
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt026401
IRS990/UnrestrictedNetAssetsGrp/EOYAmt030469
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0401 Edgewater Place Suite 600
IRS990/USAddress/CityNm0Wakefield
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd001880
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0www.ifxforum.org
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Richard Duvall
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Chairman
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-10-23
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Interactive Financial Exchange Forum
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0Inc
ReturnHeader/Filer/BusinessNameControlTxt0INTE
ReturnHeader/Filer/EIN0541964448
ReturnHeader/Filer/PhoneNum07812460500
ReturnHeader/Filer/USAddress/AddressLine1Txt0401 Edgewater Place Suite 600
ReturnHeader/Filer/USAddress/CityNm0Wakefield
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
ReturnHeader/Filer/USAddress/ZIPCd001880
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Ruane & Company LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt022 Mill Street Suite 108
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Arlington
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd002476
ReturnHeader/PreparerPersonGrp/PhoneNum07816430090
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Thomas M Ruane CPA
ReturnHeader/ReturnTs02015-10-23T05:42:36-07:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-07-01
ReturnHeader/TaxPeriodEndDt02015-06-30
ReturnHeader/TaxYr02014

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$172,491
Liabilities
$142,022
Net assets
$30,469
Revenue
$234,559
Expenses
$230,491
Net income
$4,068
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.31$1.40$0.09$1.97$2.19$0.23
2016Detailed filing. Detailed filing data is available for this year.$1.39$1.25$0.14$1.98$2.15$0.17
2015Detailed filing. Detailed filing data is available for this year.$1.72$1.42$0.30$2.35$2.30$0.04
2014Detailed filing. Detailed filing data is available for this year.$1.71$1.44$0.26$2.13$2.40$0.27
2013Summary only. Only limited summary data is available for this year.$1.86$1.33$0.53$2.32$1.98$0.35
2012Summary only. Only limited summary data is available for this year.$1.62$1.43$0.18$2.30$2.11$0.18
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