Civic Intelligence

The Society for Financial Studies

EIN 95-4143302 • 501(c)3 • Raleigh, NC

Profile

A global, non-profit academic society in finance that edits and publishes top academic journals in finance, organizes and runs a large annual academic conference in finance, and provides financial support to other conferences in finance and to outstanding researchers.

PO Box 28494Raleigh, NC 27611

www.sfs.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

48th percentile

0.16x

Higher debt load relative to assets than 48% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

83rd percentile

1.23x

Higher debt load relative to revenue than 83% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

64th percentile

11%

Higher net margin than 64% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

21st percentile

$50,949

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 3.3% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

77th percentile

17%

Faster asset growth than 77% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

80th percentile

32%

Faster revenue growth than 80% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Assets

Up

$12,127,576

Up $1,760,156 (+17%) from 2023

Liabilities

Up

$1,922,466

Up $427,513 (+29%) from 2023

Net Assets

Up

$10,205,110

Up $1,332,643 (+15%) from 2023

Revenue

Up

$1,565,656

Up $375,528 (+32%) from 2023

Expenses

Down

$1,386,263

Down $41,398 (-2.9%) from 2023

Net Income

Up

$179,393

Up $416,926 (+176%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2010: $2,656,478Liabilities 2010: $0Net Assets 2010: $2,656,4782010Assets 2011: $2,965,741Liabilities 2011: $0Net Assets 2011: $2,965,7412011Assets 2012: $3,220,701Liabilities 2012: $0Net Assets 2012: $3,220,7012012Assets 2013: $3,994,047Liabilities 2013: $0Net Assets 2013: $3,994,0472013Assets 2014: $4,976,208Liabilities 2014: $321,996Net Assets 2014: $4,654,2122014Assets 2015: $5,002,552Liabilities 2015: $397,176Net Assets 2015: $4,605,3762015Assets 2016: $5,558,719Liabilities 2016: $464,585Net Assets 2016: $5,094,1342016Assets 2017: $7,028,379Liabilities 2017: $528,848Net Assets 2017: $6,499,5312017Assets 2018: $6,416,702Liabilities 2018: $601,921Net Assets 2018: $5,814,7812018Assets 2019: $7,801,569Liabilities 2019: $677,917Net Assets 2019: $7,123,6522019Assets 2020: $9,143,703Liabilities 2020: $817,966Net Assets 2020: $8,325,7372020Assets 2021: $10,269,539Liabilities 2021: $920,580Net Assets 2021: $9,348,9592021Assets 2022: $8,896,085Liabilities 2022: $1,302,604Net Assets 2022: $7,593,4812022Assets 2023: $10,367,420Liabilities 2023: $1,494,953Net Assets 2023: $8,872,4672023Assets 2024: $12,127,576Liabilities 2024: $1,922,466Net Assets 2024: $10,205,1102024

Highlighted filing

2024

Assets$12,127,576
Liabilities$1,922,466
Net Assets$10,205,110

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.5M$1.0M$500K$0-$500KExpenses 2010: $304,1852010Expenses 2011: $426,3592011Expenses 2012: $525,5012012Revenue 2013: $1,075,399Expenses 2013: $464,195Net Income 2013: $611,2042013Revenue 2014: $1,665,266Expenses 2014: $1,005,101Net Income 2014: $660,1652014Revenue 2015: $951,794Expenses 2015: $1,000,630Net Income 2015: -$48,8362015Revenue 2016: $1,222,892Expenses 2016: $734,134Net Income 2016: $488,7582016Revenue 2017: $1,051,191Expenses 2017: $846,500Net Income 2017: $204,6912017Revenue 2018: $1,196,482Expenses 2018: $1,003,251Net Income 2018: $193,2312018Revenue 2019: $1,111,296Expenses 2019: $1,016,194Net Income 2019: $95,1022019Revenue 2020: $1,195,936Expenses 2020: $944,987Net Income 2020: $250,9492020Revenue 2021: $1,203,829Expenses 2021: $1,305,769Net Income 2021: -$101,9402021Revenue 2022: $1,220,921Expenses 2022: $1,135,559Net Income 2022: $85,3622022Revenue 2023: $1,190,128Expenses 2023: $1,427,661Net Income 2023: -$237,5332023Revenue 2024: $1,565,656Expenses 2024: $1,386,263Net Income 2024: $179,3932024

Highlighted filing

2024

Revenue$1,565,656
Expenses$1,386,263
Net Income$179,393

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.1$1.92$10.2$1.57$1.39$0.18
2023Summary only. Only limited summary data is available for this year.$10.4$1.49$8.87$1.19$1.43$0.24
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.90$1.30$7.59$1.22$1.14$0.09
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.3$0.92$9.35$1.20$1.31$0.10
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.14$0.82$8.33$1.20$0.94$0.25
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.80$0.68$7.12$1.11$1.02$0.10
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.42$0.60$5.81$1.20$1.00$0.19
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.03$0.53$6.50$1.05$0.85$0.20
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.56$0.46$5.09$1.22$0.73$0.49
2015Detailed filing. Detailed filing data is available for this year.$5.00$0.40$4.61$0.95$1.00$0.05
2014Detailed filing. Detailed filing data is available for this year.$4.98$0.32$4.65$1.67$1.01$0.66
2013Summary only. Only limited summary data is available for this year.$3.99$0.00$3.99$1.08$0.46$0.61
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.22$0.00$3.22$0.53
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.97$0.00$2.97$0.43
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.66$0.00$2.66$0.30
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 12, 2025
Return Version
2024v5.0
Gross Receipts
$1,831,740
Mission and Program Overview

Mission

A global, non-profit academic society in finance that edits and publishes three top academic journals in finance, organizes and runs two large annual academic conferences in finance, and provides financial support to other conferences in finance and to outstanding researchers.

Sfs is a global, nonprofit academic finance society that edits and publishes three top academic journals in finance. The organization also hosts academic conferences in finance and awards grants and prizes.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$9,826,236$11,281,238▲ $1,455,002
Cash and Non-Interest-Bearing Accounts$291,963$614,339▲ $322,376
Accounts Receivable$225,763$211,414▼ $14,349
Prepaid Expenses and Deferred Charges$12,000$11,627▼ $373
Land, Buildings, and Equipment, Net$11,458$8,958▼ $2,500
Total Assets$10,367,420$12,127,576▲ $1,760,156
Liabilities
Other Liabilities$1,411,035$1,770,880▲ $359,845
Accounts Payable and Accrued Expenses$83,918$145,736▲ $61,818
Deferred Revenue-$5,850-
Total Liabilities$1,494,953$1,922,466▲ $427,513
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$8,872,467$10,205,110▲ $1,332,643
Total Net Assets Fund Balance$8,872,467$10,205,110▲ $1,332,643
Total Liabilities and Net Assets / Fund Balance$10,367,420$12,127,576▲ $1,760,156

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$8,958$3,542$12,500
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Lalitha NaveenSecretary/trPT$50,949$50,949

Board Members and Trustees

NameTitle
Renee AdamsChair, Sfs C
Jan EberleyPresident
Wei JiangPresident
Alexandra Niessen-ruenziMember, Sfs
Alon BravMember, Sfs
Carola FrydmanMember, Sfs
Daniel FerreiraMember, Sfs
Jonathan KarpoffMember, Sfs
Kai LiMember, Sfs
Liyan YangMember, Sfs
Margarita TsoutsouraMember, Sfs
Zhi DaMember, Sfs
Yishay YafehVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$3,300
Program Service Revenue
$1,262,676
Investment Income
$301,752
Other Revenue
$-2,072
All Other Contributions
$3,300
Change in Net Assets
$179,393

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,565,656
Revenue Not Reported on Form 990
$1,153,250
Total Revenue per Audited Statements
$2,718,906
Total Revenue per Form 990
$1,565,656
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$997,141
Salaries, Compensation, and Employee Benefits$314,498
Grants and Similar Amounts Paid$74,624
Total Fundraising Expense$200
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$713,888--$713,888
Other Salaries and Wages$226,099$18,721-$244,820
Grants to Domestic Individuals$52,473--$52,473
Current Officers, Directors, Trustees, and Key Employees-$50,949-$50,949
Fees for Services Accounting-$31,983-$31,983
Occupancy$26,920--$26,920
Information Technology$25,391$1,230-$26,621
Travel$25,445--$25,445
Payroll Taxes$17,297$1,432-$18,729
Foreign Grants$17,000--$17,000
Advertising$7,223$1,092-$8,315
Fees for Services Legal$4,981$2,955-$7,936
Grants to Domestic Orgs$5,151--$5,151
Depreciation Depletion$2,309$191-$2,500
Other Expenses$2,211$134-$2,345
Insurance$418--$418
Office Expenses$149$226-$375
All Other Expenses-$111$200$311
Total Functional Expenses$1,277,039$109,024$200$1,386,263

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,386,263
Total Expenses per Audited Statements$1,386,263
Total Expenses per Form 990$1,386,263
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
University of North CarolinaChapel Hill, NC501c3Finance Conference$5,151

International Summary

Spending
$5,000

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia & PacificProfessional AwardsJournal & Conference--$5,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Referee Liability$1,770,880
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
No
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, Page 6, Part VI, Line 6

The organization has four classes of members. (1) administrative members, which include executive editors and the founding committee. These members have rights to vote and hold office. (2) regular members, individuals interested in financial economics who apply for and are accepted as a member. These members have rights to vote and hold office. (3) student members, individuals who are a degree candidate for any undergraduate or graduate degree at any educational instutition accredited in the jurisdiction where it is located who apply for and are accepted as a member. (4) institutional members, any institution interested in furthering the study of financial economics who apply for and are accepted as a member.

Form 990, Page 6, Part VI, Line 7A

Administrative and regular members are given the right to vote to elect officers.

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

The organizations form 990 was prepared by the organizations cpa in consultation with the organizations treasurer. It was reviewed it detail by the organizations treasurer and managing director for accuracy and reasonability. A complete copy of the form 990 was provided to the organizations board of directors before it was filed.

Form 990, Page 6, Part VI, Line 12C

The organization's conflict of interest policy requires that all officers and directors, as well as editors of all the journals, to submit in writing any potential conflicts of interest that they have. Potential conflicts are reviewed annually by the executive committee. If a conflict is determined to exist, the executive committee will determine appropriate action to eliminate or mitigate the impact of the potential conflict. Such action may include recusal of directors from voting and other actions.

Form 990, Page 6, Part VI, Line 15B

The only officer or director who receives compensation is the treasurer. The treasurer's compensation is established by the executive committee, excluding the treasurer. The deliberation and determination of such compensation is contemporaneously documented. However, because the compensation has historically been low, the executive committee has not referred to salary surveys or similar data for comparability purposes.

Form 990, Page 6, Part VI, Line 19

The organizations governing documents, conflict of interest policy, and financial statements for the most recent three years are available on the organizations website. In addition, the organizations 990s for the past several years are available through guidestar.org.

Filing and Contact Details

Filer

Filer Name
The Society for Financial Studies
EIN
95-4143302
Address
PO BOX 28494, RALEIGH, NC 27611

Signing Officer

Name
Lalitha Naveen
Title
Secretary/treasurer
Signed
2025-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jan Eberley
Formed
1988
Legal Domicile
CA
Voting Board Members
10
Independent Board Members
9
Employees
2
Volunteers
34

Preparer

Firm
Bountiful Peak Advisors
Address
1564 SOUTH 500 WEST SUITE 201, BOUNTIFUL, UT 84010-7400
Preparer
Shalaun T Howell CPA
Phone
8012943155
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Copy editors 49,396 0 0 executive editor 102,560 0 0 post doctoral editors 40,194 0 0 referee fees 503,700 0 0 other 18,038 0 0 total 713,888 0 0

Financial Statement Notes

Schedule D, Page 3, Part X

The organization has been recognized by the internal revenue service (irs) as exempt from federal income taxes under section 501(c)(3), qualifying for the charitable contribution deduction under section 170(b)(1)(a)(vi) and has been determined not to be a private foundation under section 509(a). The organization is annually required to file a return of organization exempt from income tax (form 990) and is subject to income tax on net income that is derived from business activities that are unrelated to their exempt purposes. Management has determined that the organization is not subject to unrelated business income tax. Management believes that the organization has appropriate support for any tax positions taken in its annual filing and does not have any uncertain tax positions that are material to the financial statements. The organizations forms 990 are no longer subject to tax examination for years before 2021.

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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/TitleTxt0SECRETARY/TR
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt4CHAIR, SFS C
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER, SFS
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER, SFS
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER, SFS
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IRS990/MissionDesc0SFS IS A GLOBAL, NONPROFIT ACADEMIC FINANCE SOCIETY THAT EDITS AND PUBLISHES THREE TOP ACADEMIC JOURNALS IN FINANCE. THE ORGANIZATION ALSO HOSTS ACADEMIC CONFERENCES IN FINANCE AND AWARDS GRANTS AND PRIZES.
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IRS990/ProgSrvcAccomActy2Grp/Desc0CONFERENCES WE ORGANIZE TWO MAJOR ANNUAL FINANCE CONFERENCES: THE SFS CAVALCADE NORTH AMERICA AND THE SFS CAVALCADE ASIA-PACIFIC. THESE CONFERENCES ARE HIGHLY SELECTIVE AND BRING TOGETHER ACADEMICS FROM AROUND THE WORLD. THE FIRST IS ORGANIZED ANNUALLY IN THE US, WITH A DIFFERENT HOST SCHOOL EACH YEAR, AND THE SECOND IS ORGANIZED ANNUALLY IN THE ASIA-PACIFIC REGION, AGAIN WITH A DIFFERENT HOST SCHOOL EACH YEAR. ADDITIONALLY, WE ORGANIZE A THIRD CONFERENCE, THE RCFS WINTER CONFERENCE. THIS IS A SMALLER CONFERENCE COMPARED TO THE CAVALCADES, BUT IT HAS BEEN GROWING IN SIZE AND VISIBILITY OVER TIME. THIS IS AN ANNUAL CONFERENCE ON SELECTED FINANCE TOPICS, WITH PARTICIPATION FROM ACADEMICS AROUND THE WORLD.
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IRS990/ProgSrvcAccomActy3Grp/Desc0OTHER PROGRAM PROVIDED FINANCIAL SUPPORT TO OTHER ACADEMIC FINANCE CONFERENCES. PROVIDED AN ANNUAL AWARD FOR BEST YOUNG RESEARCHER IN FINANCE. PROVIDED TRAVEL AWARDS FOR PHD STUDENTS TRAVELLING TO THE CAVALCADE NORTH AMERICA CONFERENCE.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0OTHER INCOME 59,767
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART III, LINE 12
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