2024-05-10T12:38:46-05:00 2023-06-30 BDO USA 8401 GREENSBORO DRIVE 800 MCLEAN VA 22102 990 2022-07-01 581424769 Association for Financial Professionals % FRANCINE HOPE-PRESSLEY ASSO 3019618863 12345 PARKLAWN DR SUITE Suite 200 ROCKVILLE MD 208521725 FRANCINE HOPE-PRESSLEY CFO 3019618863 2024-05-08 true FRANCINE HOPE-PRESSLEY 999009999 Marc Berger P01871563 7038930600 2 2022 2023-04-26 12:10:37Z X JEFF GLENZER 12345 PARKLAWN DR SUITE200 ROCKVILLE MD 208521725 28150012 false X www.afponline.org X 1980 MD SEE SCHEDULE O 15 15 57 425 960667 186946 1386905 0 17529762 21189460 1503824 288333 0 1580 20420491 21479373 3000 0 0 0 9854031 10628538 0 0 0 10560348 11119618 20417379 21748156 3112 -268783 26607143 29647623 15734750 17681156 10872393 11966467 X AFP'S MISSION IS TO DRIVE THE FUTURE OF FINANCE AND TREASURY AND DEVELOP THE LEADERS OF TOMORROW THROUGH CERTIFICATION, TRAINING, AND THE PREMIER EVENT FOR TREASURY AND FINANCE AND TO BE THE PREFERRED GLOBAL RESOURCE AND ADVOCATE FOR THE FINANCE PROFESSION. false false PROFESSIONAL DEVELOPMENT: INCLUDES CERTIFICATION AND EDUCATION. THE CERTIFIED TREASURY PROFESSIONAL (CTP) EXAM WAS ADMINISTERED TO APPROXIMATELY 2,300 CANDIDATES AND 450 CERTIFIED CORPORATE FINANCIAL PLANNING AND ANALYSIS (FP&A) EXAM PARTS WERE DELIVERED. IN ADDITION, APPROXIMATELY 2,900 CTPS AND 230 FP&AS, WHO MET THE REQUIREMENT FOR CONTINUING PROFESSIONAL EDUCATION CREDITS OVER A THREE-YEAR PERIOD, WERE RECERTIFIED. EDUCATION: CONDUCTED WORKSHOPS, WEBINARS AND SEMINARS ON A VARIETY OF TOPICS IN CORPORATE FINANCE. ANNUAL CONFERENCE: PREMIER NETWORKING AND EDUCATIONAL EVENT INCLUDING MORE THAN 140 WORKSHOPS, PEER REVIEWED LECTURES, AND PRESENTATIONS ON CORPORATE FINANCIAL MANAGEMENT TOPICS SUCH AS TREASURY AND CASH, BANK RELATIONSHIPS, LIQUIDITY, WORKING CAPITAL, PAYMENTS, FINANCIAL PLANNING AND ANALYSIS, AND PENSION AND EMPLOYEE PLANS. ATTENDANCE AT THE CONFERENCE WAS APPROXIMATELY 3,450 CORPORATE PRACTITIONERS, ASSOCIATES, AND ACADEMICS. COMMUNICATIONS: PUBLISHED A WEEKLY MEMBERSHIP NEWSLETTER, TWO MONTHLY NEWSLETTERS AND ONE ISSUE OF EXCHANGE MAGAZINE WITH TOPICS COVERING ECONOMICS, CORPORATE PAYMENTS, RISK AND FINANCIAL MANAGEMENT, CAREER DEVELOPMENT, AND LEGAL AND REGULATORY DEVELOPMENTS. 0 0 0 MEMBERSHIP & MARKETING 0 0 0 RESEARCH 0 0 0 0 false false false true false false false false false true true false true true true true false false true true false false false false false false false false true false false false false false false false false false false false true true false false true 63 0 true 57 true true true false false false false false true false X 15 15 false false false false true true true true false false true true true true true true true true true true false X FRANCINE HOPE-PRESSLEY 3019618863 12345 PARKLAWN DR SUITE 200 ROCKVILLE MD 208521725 X JAMES KAITZ PRESIDENT, CEO 50.0 0.0 X 1068166 0 55605 HIMASHI SORIANO DIRECTOR - APAC 40.0 0.0 X 502912 0 92804 JEFF GLENZER EXECUTIVE VP, COO 50.0 0.0 X 418053 0 62661 PATRICK CULKIN EXECUTIVE VP 50.0 0.0 X 417251 0 62667 FRANCINE HOPE-PRESSLEY CHIEF FINANCIAL OFFICER 50.0 0.0 X 279717 0 45962 GALINA KOZACHENKO MD - STRATEGY, ANALYTICS, TECH 50.0 0.0 X 271946 0 51925 MELISSA RAWAK MD - MEMBERSHIP, MKTG, EVENTS 50.0 0.0 X 278756 0 41761 KEVIN BOYLE DIR - ACCESS SALES 40.0 0.0 X 245382 0 40983 BRYAN LAPIDUS DIRECTOR, FP&A 40.0 0.0 X 224028 0 37797 BINIAM DAWIT DIR - TRAINING PROGRAMS 40.0 0.0 X 205879 0 38878 DIANE HARRIS DIR - IT & PROJECT MGMT OFFICE 40.0 0.0 X 201970 0 19852 MICHAEL HIGH FPAC CHAIRMAN 5.0 0.0 X X 0 0 0 GINA COLLIS CTP VICE CHAIR 5.0 0.0 X X 0 0 0 GEETANJALI TANDON VICE CHAIR 5.0 0.0 X X 0 0 0 TERRY CRAWFORD CTP SPECIAL COUNSEL TO THE BOD 5.0 0.0 X 0 0 0 JEFF ALTMAN DIRECTOR 5.0 0.0 X 0 0 0 TRACY BUTLER CTP DIRECTOR 5.0 0.0 X 0 0 0 JOEL CAMPBELL DIRECTOR 5.0 0.0 X 0 0 0 ERIC ELLIS DIRECTOR 5.0 0.0 X 0 0 0 SUSAN GLASS CTP DIRECTOR 5.0 0.0 X 0 0 0 TERRI MIMMS CTP FPAC DIRECTOR 5.0 0.0 X 0 0 0 SASSAN PARANDEH CTP DIRECTOR 5.0 0.0 X 0 0 0 TAMARA SARONT-EISNER CTP DIRECTOR 5.0 0.0 X 0 0 0 FRED SCHACKNIES CTP DIRECTOR 5.0 0.0 X 0 0 0 GAILEON THOMPSON CTP FPAC DIRECTOR 5.0 0.0 X 0 0 0 MEREDITH VANCE CTP DIRECTOR 5.0 0.0 X 0 0 0 MAY VANG CTP DIRECTOR 5.0 0.0 X 0 0 0 4114060 0 550895 29 false true false O'KEEFE Communication LLC 2 Bethesda Metro Center Suite 310 BETHESDA MD 20814 Event Management 357781 The Caviart Group LLC 9556 Pine Cluster Circle VIENNA VA 22181 Test Development 187123 Higher Logic 1919 N Lynn Street Suite 500 ARLINGTON VA 22209 Community Platform 106756 Hill and Associates LLC 3119 Lacoste Drive JONESBORO AR 72404 Training Instructor 104500 4 0 CONFERENCES 541900 10231986 9980890 251096 MEMBERSHIP DUES 900099 4253009 4253009 PROFESSIONAL DEVELOPMENT 541900 3499248 3118026 381222 CERTIFICATIONS 900099 2873776 2873776 COMMUNICATIONS 511120 331441 3092 328349 21189460 577119 577119 0 1580 1580 0 0 0 6381853 6670639 -288786 -288786 -288786 0 0 0 0 0 0 0 0 0 0 21479373 20228793 960667 289913 X 0 0 0 0 3494461 0 5396083 562206 671370 504418 0 74545 57022 0 0 48378 4934650 0 469118 1239138 0 672529 484942 0 2036878 0 0 784672 173420 TAXES 70568 DUES & SUBSCRIPTIONS 42974 PROFESSIONAL DEVELOPMENT 17884 MISCELLENEOUS EXPENSES 12900 21748156 0 0 6296206 7202667 0 0 208333 119398 0 0 0 0 0 0 0 0 1149829 1663211 4011709 3559225 798221 452484 1038888 1368083 13764690 14636649 0 0 830744 854114 2520232 3351017 26607143 29647623 2715949 2869459 0 0 9647579 11475611 0 0 0 0 0 0 0 0 0 0 3371222 3336086 15734750 17681156 X 10872393 11966467 0 0 10872393 11966467 26607143 29647623 -268783 1362857 X X false true X true false false true false 646497 557733 88764 11369 11369 0 3353843 2990123 363720 452484 TOTAL MUTUAL FUND, EQUITIES 10964505 F TOTAL MUTUAL FUNDS, FIXED INC 2854493 F EXCHANGE TRADED FUNDS 817651 F 14636649 DEFERRED COMPENSATION 3331102 DEPOSITS 19915 3351017 0 DEFERRED COMPENSATION 3336086 3336086 X 22793852 1362857 1362857 21430995 48378 48378 21479373 21699778 21699778 48378 48378 21748156 SCHEDULE D, PART X, LINE 2: AFP IS EXEMPT FROM THE PAYMENT OF FEDERAL INCOME TAXES ON ITS EXEMPT ACTIVITIES UNDER SECTION 501(C)(6) OF THE IRC. HOWEVER, AFP IS SUBJECT TO INCOME TAX ON UNRELATED BUSINESS INCOME ACTIVITY. FOR THE YEARS ENDED JUNE 30, 2023, AND 2022, THE ASSOCIATION HAD NET UNRELATED BUSINESS INCOME OF APPROXIMATELY $204,977 AND $127,000, RESPECTIVELY. FOR THE YEARS ENDED JUNE 30, 2023, AND 2022, THE ASSOCIATION HAD $43,045 AND $26,700 OF ESTIMATED BUSINESS INCOME TAX LIABILITY, RESPECTIVELY. AFP FOLLOWS GUIDANCE THAT CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS GUIDANCE PROVIDES THAT THE TAX EFFECTS FROM AN UNCERTAIN TAX POSITION CAN ONLY BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. AFP HAS PROCESSES PRESENTLY IN PLACE TO ENSURE THE MAINTENANCE OF ITS TAX-EXEMPT STATUS; TO IDENTIFY AND REPORT UNRELATED BUSINESS INCOME; TO DETERMINE ITS FILING AND TAX OBLIGATIONS IN JURISDICTIONS FOR WHICH IT HAS NEXUS; AND TO IDENTIFY AND EVALUATE OTHER MATTERS THAT MAY BE CONSIDERED TAX POSITIONS. THE TAX YEARS ENDED JUNE 30, 2020, AND THEREAFTER ARE STILL OPEN TO AUDIT FOR BOTH FEDERAL AND STATE PURPOSES. AFP HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. AFPS IS A BRANCH OF AFP AND A FOR-PROFIT COMPANY SUBJECT TO TAX UNDER THE REGULATIONS OF SINGAPORE. FOR US FEDERAL INCOME TAX PURPOSES, AFPS IS A FOREIGN DISREGARDED ENTITY. THERE WAS NO PROVISION FOR INCOME TAX FOR AFPS FOR THE YEARS ENDED JUNE 30, 2023, AND 2022, AS THE BRANCH HAS CONTINUED TO GENERATE TAXABLE LOSSES SINCE ITS INCEPTION. East Asia and the Pacific 1 1 Program Services SEE PART V 290910 Middle East and North Africa 0 0 Program Services SEE PART V 102000 Europe (Including Iceland and Greenland) 0 0 Program Services SEE PART V 69350 North America 0 0 Program Services SEE PART V 51942 1 1 1 1 514202 514202 false false false false false false SCHEDULE F, PART I, LINE 3 Coloumn (E): PROGRAM SERVICE DESCRIPTION: MARKETING AND SELLING AFP PRODUCTS. MARKET DEVELOPMENT. X X true true X X X X X X false true false JAMES KAITZ PRESIDENT, CEO 773818 0 255192 0 39156 0 43946 0 11659 0 1123771 0 0 0 HIMASHI SORIANO DIRECTOR - APAC 184618 0 27484 0 290810 0 27595 0 65209 0 595716 0 0 0 JEFF GLENZER EXECUTIVE VP, COO 325186 0 88524 0 4343 0 43950 0 18711 0 480714 0 0 0 PATRICK CULKIN EXECUTIVE VP 325186 0 88524 0 3541 0 43956 0 18711 0 479918 0 0 0 FRANCINE HOPE-PRESSLEY CHIEF FINANCIAL OFFICER 227010 0 43974 0 8733 0 38442 0 7520 0 325679 0 0 0 GALINA KOZACHENKO MD - STRATEGY, ANALYTICS, TECH 218794 0 48880 0 4272 0 37648 0 14277 0 323871 0 0 0 MELISSA RAWAK MD - MEMBERSHIP, MKTG, EVENTS 227782 0 50974 0 0 0 28543 0 13218 0 320517 0 0 0 KEVIN BOYLE DIR - ACCESS SALES 127618 0 117764 0 0 0 25694 0 15289 0 286365 0 0 0 BRYAN LAPIDUS DIRECTOR, FP&A 190261 0 33767 0 0 0 22842 0 14955 0 261825 0 0 0 BINIAM DAWIT DIR - TRAINING PROGRAMS 178618 0 27261 0 0 0 21532 0 17346 0 244757 0 0 0 DIANE HARRIS DIR - IT & PROJECT MGMT OFFICE 170467 0 29658 0 1845 0 19324 0 528 0 221822 0 0 0 SCHEDULE J, PART I, LINE 1A: THE EX-PATRIATE AGREEMENT FOR ONE EMPLOYEE INCLUDES FAMILY TRAVEL, HOUSING & A RELOCATION ALLOWANCE. ALSO, THE CEO RECEIVES AN ALLOWANCE FOR CONTRACTED HEALTH CLUB DUES PER THEIR EMPLOYMENT CONTRACT. SCHEDULE J, PART I, LINE 4B: JAMES KAITZ PARTICIPATES IN A 457(F) PLAN. NO DISTRIBTUIONS OR CONTRIBUTIONS WERE MADE DURING THE PERIOD. 6 SENIOR STAFF MEMBERS PARTICIPATE IN A 457B PLAN. FORM 990, PART I, LINE 1 ORGANIZATION'S MISSION: THE PROFESSIONAL SOCIETY THAT REPRESENTS FINANCE EXECUTIVES GLOBALLY. THE ASSOCIATION ESTABLISHED AND ADMINISTERS THE CERTIFIED TREASURY PROFESSIONALS AND CERTIFIED CORPORATE FP&A PROFESSIONAL CREDENTIALS, WHICH SET STANDARDS OF EXCELLENCE IN FINANCE. MEMBERS ARE SUPPORTED THROUGH RESEARCH, EDUCATION, CERTIFICATION, PUBLICATIONS AND REPRESENTATION. FORM 990, PART VI, SECTION A, LINE 6: THE ORGANIZATION HAS THE FOLLOWING TYPES OF MEMBERS: PRACTITIONER MEMBER - AN INDIVIDUAL IS A PRACTITIONER MEMBER IF HE/ SHE IS INVOLVED IN FINANCIAL MANAGEMENT FUNCTIONS WITHIN HIS/ HER ORGANIZATION AND IS A MAJOR PARTICIPANT IN DECISION- MAKING REGARDING SUCH FUNCTIONS. ASSOCIATE MEMBER - AN INDIVIDUAL WILL BE CONSIDERED AN ASSOCIATE MEMBER IF HE/ SHE DOES NOT MEET THE MEMBERSHIP CRITERIA TO BE A PRACTITIONER MEMBER, BUT IS INVOLVED IN, OR INTERESTED IN, FINANCIAL MANAGEMENT ACTIVITIES SUCH AS BANKING, CONSULTING, ETC. ACADEMIC MEMBER - AN INDIVIDUAL IS AN ACADEMIC MEMBER IF HE/ SHE IS EMPLOYED FULL TIME BY A POST- SECONDARY EDUCATIONAL INSTITUTION AND HIS/ HER PRINCIPAL DUTIES INVOLVE TEACHING AND RESEARCH IN MATTERS RELATED TO TREASURY AND FINANCIAL MANAGEMENT. STUDENT MEMBER - AN INDIVIDUAL IS A STUDENT MEMBER IF HE/ SHE IS A COLLEGE OR UNIVERSITY JUNIOR, SENIOR OR GRADUATE LEVEL STUDENT MAJORING IN A BUSINESS OR FINANCE RELATED FIELD. FORM 990, PART VI, SECTION A, LINE 7A: ONLY PRACTITIONER MEMBERS ARE ALLOWED TO VOTE ON ASSOCIATION FOR FINANCIAL PROFESSIONALS MATTERS AND HOLD OFFICE IN THE ASSOCIATION FOR FINANCIAL PROFESSIONALS. PRACTITIONERS ELECT A SLATE BOARD OF CANDIDATES BY DIRECT BALLOTS. FORM 990, PART VI, SECTION A, LINE 7B: PRACTITIONER MEMBERS CAN VOTE ON ALL ASSOCIATION FOR FINANCIAL PROFESSIONAL MATTERS INCLUDING CHANGES TO GOVERNING DOCUMENTS. FORM 990, PART VI, SECTION A, LINE 8A: SOME OF THE COMMITTEES ARE NOT REQUIRED TO RECORD MINUTES. FORM 990, PART VI, SECTION B, LINE 10B: AFP SINGAPORE BRANCH OPENED IN MARCH 2019. THE BRANCH IS AN EXTENSION OF THE US ENTITY AND AS SUCH THE POLICIES AND PROCEDURES ARE THE SAME. FORM 990, PART VI, SECTION B, LINE 11B: THE ASSOCIATION'S MANAGEMENT REVIEWS THE FORM 990 IN DETAIL. AFP WILL PROVIDE AN ELECTRONIC COPY OF THE FORM TO THE BOARD MEMBERS TO ACCESS FOR REVIEW AND ASK QUESTIONS BEFORE FILING WITH THE IRS. THE AUDIT COMMITTEE OF THE BOARD REVIEWED THE FORM 990 AND, PRIOR TO ITS FILING, RECOMMENDED APPROVAL TO THE FULL BOARD. FORM 990, PART VI, SECTION B, LINE 12C: ALL EMPLOYEES AND MEMBERS OF THE BOARD OF DIRECTORS ARE REQUIRED TO CERTIFY ANNUALLY THAT THEY WILL COMPLY WITH ASSOCIATION POLICY ON CONFLICTS OF INTEREST AND DISCLOSE CONFLICTS OF INTEREST. INFORMATION CONCERNING POSSIBLE VIOLATIONS OF ASSOCIATION POLICY ARE TO BE REPORTED TO SENIOR MANAGEMENT (CEO, COO, CFO OR DIRECTOR OF HR) OR, IN THE CASE OF INFORMATION CONCERNING FINANCIAL CONFLICTS OF INTEREST, MAY BE REPORTED DIRECTLY TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. POTENTIAL CONFLICTS ARE ADDRESSED ON A CASE- BY- CASE BASIS BY THE APPROPRIATE LEVEL OF MANAGEMENT OR BY THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. IF A CONFLICT IS DETERMINED TO EXIST AT THE BOARD LEVEL, THE INDIVIDUAL IS NOT PERMITTED TO VOTE ON THE TRANSACTION. ALL PROCEEDINGS RELATED TO CONFLICT OF INTEREST ARE NOTED IN THE MEETING MINUTES. FORM 990, PART VI, SECTION B, LINE 15 A/B: THE BOARD RETAINS AN INDEPENDENT CONSULTANT TO RECOMMEND CHANGES TO PRESIDENT/ CEO COMPENSATION. THE CONSULTANT MAKES RECOMMENDATIONS TO THE OVERSIGHT COMMITTEE OF THE BOARD BASED ON ANALYSIS OF PRESIDENT/ CEO COMPENSATION AT PEER ORGANIZATIONS AS DETERMINED BY THE BOARD OF DIRECTORS. THE PROCESS FOR DETERMINING COMPENSATION LEVELS FOR THE OTHER OFFICERS AND KEY EMPLOYEES INCLUDING ANALYSIS OF EACH POSITION BASED ON BENCHMARKS AGAINST OTHER ORGANIZATIONS OF SIMILAR SIZE AND COMPLEXITY BY THE HUMAN RESOURCES DEPARTMENT. ANNUAL EMPLOYEE REVIEWS ARE CONDUCTED BY THE CEO AND OR DIRECT SUPERVISOR. FORM 990, PART VI, SECTION B, LINE 19: THE ASSOCIATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C: THIS YEAR (FY 2023), THE AUDIT COMMITTEE WILL REVIEW THE 990 AND 990T TAX RETURNS PRIOR TO FILING. FORM 990 PART IX LINE 11G DESCRIPTION:OTHER PROFESSIONAL FEES TOTAL FEES:3777603 FORM 990 PART IX LINE 11G DESCRIPTION:HONORARIA TOTAL FEES:632169 FORM 990 PART IX LINE 11G DESCRIPTION:BANK AND CREDIT CARD FEES TOTAL FEES:524878 ASSOCIATION FOR FINANCIAL PROFESSIONALS 12345 Parklawn DR Suite 200 Rockville MD 208521725 812529279 PAC Activity MD 527 AFP true false false false false false false false false false false false false false true true false false false false