2024-07-11T17:27:58-05:00 2023-10-31 742920819 ATCHLEY & ASSOCIATES LLP 1005 LA POSADA DRIVE AUSTIN TX 78752 990 2022-11-01 741213601 MUNICIPAL ADVISORY COUNCIL OF TEXAS MUNI 5124766947 600 W 8TH ST AUSTIN TX 78701 LAURA SLAUGHTER EXECUTIVE DIRECTOR 5124766947 2024-07-11 1 LAURA SLAUGHTER 999009999 1 RENAE DUNCAN P01257722 5123462086 2024-07-03 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z LAURA SLAUGHTER 600 W 8TH ST AUSTIN TX 78701 6583500 0 X WWW.MACTEXAS.COM X 1954 TX THE MAC IS THE ONLY SOURCE, IN TEXAS, OF COMPREHENSIVE FINANCIAL INFORMATION REGARDING MUNICIPAL DEBT ISSUERS. ITS INFORMATION SERVICES PROVIDE BENEFITS TO ISSUERS, BROKER-DEALERS, INVESTORS, STATE GOVERNMENT AND THE CITIZENS OF TEXAS. 10 10 34 10 44583 0 0 0 5135355 5171495 181082 384960 31000 44583 5347437 5601038 0 0 0 0 3460146 3711708 0 0 0 1450143 1596790 4910289 5308498 437148 292540 11102952 11338252 1065116 985266 10037836 10352986 X THE PURPOSE OF THE MUNICIPAL ADVISORY COUNCIL OF TEXAS IS TO PROMOTE EFFECTIVE AND EFFICIENT INVESTMENT BANKING, UNDERWRITING, TRADING AND SALES OF MUNICIPAL DEBT BY COLLECTING, MAINTAINING AND DISTRIBUTING INFORMATION RELATING TO ISSUING ENTITIES. 0 0 TEXAS MUNICIPAL REPORTS - THE MAC PUBLISHES AND REGULARLY UPDATES NEARLY 5,000 TEXAS MUNICIPAL REPORTS (TMRS), WHICH ARE A COLLECTION OF FINANCIAL AND ECONOMIC DATA ON EACH STATE AGENCY AND LOCAL GOVERNMENT ISSUER. EACH TMR INCLUDES, AT A MINIMUM, AN ISSUER'S OUTSTANDING DEBT AND DEBT SERVICE SCHEDULE, ITS BASIC FINANCIAL OPERATING STATEMENTS, ITS ECONOMIC BACKGROUND, AND A LIST OF ITS FINANCE-RELATED OFFICIALS. THE TMRS ALSO INCLUDE VITAL TAX INFORMATION FOR ISSUERS WITH TAX-SUPPORTED DEBT. TO FACILITATE TMR PRODUCTION, MAC ANALYSTS UTILIZE DATA FROM AUDITS, CONTINUING DISCLOSURE FILINGS, OFFICIAL STATEMENTS, COUNTY APPRAISAL DISTRICTS, THE STATE COMPTROLLER'S OFFICE, AND VARIOUS WEBSITES. THE MAC USES THE INFORMATION FROM ISSUERS WITH OVERLAPPING JURISDICTIONS TO CALCULATE THEIR OVERLAPPING TAX-SUPPORTED DEBT BURDENS. TMRS AND ADDITIONAL INFORMATION, SUCH AS BOND RATINGS, TRADE DATA FROM THE MUNICIPAL SECURITIES RULEMAKING BOARD (MSRB) AND ASSOCIATED DOCUMENTS, ARE AVAILABLE ON-LINE AND ARE UPDATED BY THE MAC DAILY. TEXAS BOND REPORTER - THE MAC PUBLISHES THE TEXAS BOND REPORTER, A WEEKLY MAGAZINE THAT PROVIDES THE UPCOMING WEEK'S COMPETITIVE AND NEGOTIATED SALE CALENDAR, SCHEDULED BOND ELECTIONS, MATERIAL EVENT NOTICES, AND OTHER TIMELY ISSUER UPDATES. THE TEXAS BOND REPORTER QUALIFIES AS A FINANCIAL JOURNAL PUBLISHED IN THE STATE FOR PURPOSES OF LAWS AND BOND COVENANTS REQUIRING PUBLICATION OF NOTICES. THE MAC PUBLISHES ISSUER NOTICES WITHOUT CHARGE. SERVICE TO STATE AGENCIES - MAC SUPPLIES INFORMATION REGARDING TEXAS MUNICIPAL DEBT ISSUERS TO SEVERAL STATE AGENCIES FOR USE IN RELATED PROGRAMS - THE TEXAS WATER DEVELOPMENT BOARD, WHICH RUNS A STATE BOND BANK TO FINANCE WATER RESOURCE AND CLEANWATER PROJECTS BY PURCHASING LOCAL GOVERNMENT DEBT ISSUED FOR THAT PURPOSE; THE TEXAS EDUCATION AGENCY, WHICH MANAGES A FINANCIAL GUARANTY PROGRAM FOR SCHOOL DISTRICT DEBT BACKED BY THE STATE'S PERMANENT SCHOOL FUND (PSF); AND THE TEXAS PUBLIC FINANCE AUTHORITY, WHICH PROVIDES FINANCING FOR THE CONSTRUCTION OR ACQUISITION OF FACILITIES FOR STATE AGENCIES. 0 0 0 1 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 8 0 1 34 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X LAURA LUSK 5124766947 600 W 8TH ST AUSTIN TX 78701 DANIELLE CODY IMMEDIATE PAST CHAIRMAN 1.00 X X 0 0 0 DEREK HONEA TRUSTEE 1.00 X 0 0 0 MARK MCGRUDER CHAIRMAN 2.00 X X 0 0 0 DESRYE MORGAN TRUSTEE 1.00 X 0 0 0 ESTER FLORES TRUSTEE 1.00 X 0 0 0 DONALD GONZALES VICE CHAIRMAN 1.00 X X 0 0 0 SHAWNELL HOLMAN TRUSTEE 1.00 X 0 0 0 STEPHEN EUSTIS TRUSTEE 1.00 X 0 0 0 RANDALL HAWKINS TRUSTEE 1.00 X 0 0 0 ROBIN REDFORD TRUSTEE 1.00 X 0 0 0 LAURA SLAUGHTER EXECUTIVE DIRECTOR 40.00 X 410509 0 63286 LAURA LUSK SECRETARY/CFO 40.00 X 168529 0 62333 TERRENCE SPENCER SENIOR IT CONSULTANT 40.00 X 360186 0 59289 DEBORAH FENLEY CHIEF DATA ANALYST 40.00 X 104666 0 19092 ELISSA BOESHART SENIOR FINANCIAL ANALYST 40.00 X 105635 0 20696 BRANDON DALTON DIRECTOR OF SOFTWARE DEVELOPMENT 40.00 X 141774 0 20815 STERLING JAYNES DIRECTOR OF IT OPERATIONS 40.00 X 146577 0 23056 1437876 0 268567 8 0 1 0 0 UNDERWRITING ASSESSMEN 900099 4059296 4059296 SUBSCRIPTION FEES 900099 688528 688528 SPECIALTY PUBLICATIONS 900099 212851 212851 ANNUAL MEETING/CONFERE 900099 210820 210820 5171495 380960 380960 982462 4000 982462 0 0 4000 4000 4000 ADMINISTRATIVE SERVICE 900099 44583 44583 44583 5601038 5175495 44583 380960 1122847 2024215 97438 263925 203283 12287 81675 127724 75573 161323 154291 41648 442169 111709 49792 DUES AND SUBSCRIPTIONS 330504 BANK FEES 8095 5308498 147553 380825 539343 510978 239829 308725 2335194 1418963 957939 916231 9218288 9221493 11102952 11338252 751934 554086 98605 112644 214577 318536 1065116 985266 X 10037836 10352986 10037836 10352986 11102952 11338252 292540 22610 0 X 0 1 X 1 0 0 1 0 337184 337184 1506562 1071860 434702 322914 238003 84911 168534 109100 59434 916231 DEFERRED COMPENSATION OBLIGATION 318536 318536 5623648 22610 22610 5601038 0 5601038 5308498 0 5308498 0 5308498 X X X X 0 1 0 LAURA SLAUGHTER EXECUTIVE DIRECTOR 275553 0 85000 0 49956 0 46894 0 16392 0 473795 0 28889 0 TERRENCE SPENCER SENIOR IT CONSULTANT 146805 0 188000 0 25381 0 22278 0 37011 0 419475 0 18056 0 LAURA LUSK SECRETARY/CFO 128529 0 40000 0 0 0 25622 0 36711 0 230862 0 0 0 STERLING JAYNES DIRECTOR OF IT OPERATIONS 131577 0 15000 0 0 0 9963 0 13093 0 169633 0 0 0 BRANDON DALTON DIRECTOR OF SOFTWARE DEVELOPMENT 130274 0 11500 0 0 0 9572 0 11243 0 162589 0 0 0 PART I, LINE 4B DURING THE YEAR, THE EXECUTIVE DIRECTOR, SENIOR IT CONSULTANT, CHIEF FINANCIAL OFFICER, DIRECTOR OF IT OPERATIONS, AND DIRECTOR OF SOFTWARE DEVELOPMENT PARTICIPATED IN DEFERRED COMPENSATION AGREEMENTS. THE AGREEMENTS PROVIDE FOR ANNUAL AWARDS THAT ARE VESTED AFTER THREE YEARS OF SERVICE AT WHICH TIME THE EMPLOYEES ARE 100% VESTED. JEFFERIES LLC MAC MEMBER 329450 UNDERWRITING ASSESSMENTS 0 RAYMOND JAMES & ASSOCIATES INC MAC MEMBER 319822 UNDERWRITING ASSESSMENTS 0 BAIRD MAC MEMBER 318970 UNDERWRITING ASSESSMENTS 0 RBC CAPITAL MARKETS MAC MEMBER 295649 UNDERWRITING ASSESSMENTS 0 PIPER SANDLER & CO MAC MEMBER 265248 UNDERWRITING ASSESSMENTS 0 SAMCO CAPITAL MARKETS MAC MEMBER 234245 UNDERWRITING ASSESSMENTS 0 SIEBERT WILLIAMS SHANK & CO LLC MAC MEMBER 210257 UNDERWRITING ASSESSMENTS 0 HILLTOP SECURITIES INC MAC MEMBER 209781 UNDERWRITING ASSESSMENTS 0 FHN FINANCIAL SECURITIES MAC MEMBER 199676 UNDERWRITING ASSESSMENTS 0 JPMORGAN CHASE & CO MAC MEMBER 194806 UNDERWRITING ASSESSMENTS 0 BOK FINANCIAL SECURITIES MAC MEMBER 175576 UNDERWRITING ASSESSMENTS 0 STIFEL NICOLAUS & COMPANY INC MAC MEMBER 115883 UNDERWRITING ASSESSMENTS 0 FMSBONDS INC MAC MEMBER 110169 UNDERWRITING ASSESSMENTS 0 WELLS FARGO PUBLIC FINANCE MAC MEMBER 104184 UNDERWRITING ASSESSMENTS 0 FORM 990, PART VI, SECTION A, LINE 6 MAC HAS TWO CLASSES OF MEMBERS, VOTING MEMBERS AND NON-VOTING MEMBERS. ANY CORPORATION, FIRM OR OTHER ENTITY AUTHORIZED TO TRANSACT INVESTMENT BANKING, UNDERWRITING, OR TRADING AND SALES OF MUNICIPAL DEBT UNDER THE LAWS OF THE STATE OF TEXAS AND HAVING A PLACE OF BUSINESS IN THE STATE OF TEXAS AND ACTIVELY ENGAGED IN THE BUSINESS OF UNDERWRITING, OR BUYING OR SELLING BONDS AND OTHER SECURITIES ISSUED BY THE STATE OF TEXAS OR BY SUBORDINATE OF LOCAL GOVERNMENT CORPORATIONS OR AGENCIES, ARE ELIGIBLE TO APPLY TO BE A VOTING MEMBER, PROVIDED HOWEVER, THAT THE APPLICANT FOR MEMBERSHIP IS REGISTERED AS A MUNICIPAL SECURITES DEALER WITH THE SECURITIES AND EXCHANGE COMMISSION OR WITH THE TEXAS STATE SECURITIES BOARD IF REQUIRED BY LAW. FORM 990, PART VI, SECTION A, LINE 7A EACH VOTING MEMBER IS ENTITLED TO ONE VOTE ON EACH MATTER SUBMITTED TO A VOTE OF THE VOTING MEMBERS. AT EACH ELECTION FOR TRUSTEES, EVERY VOTING MEMBER ENTITLED TO A VOTE AT SUCH ELECTION HAS THE RIGHT TO VOTE IN PERSON OR BY PROXY, FOR AS MANY PERSONS AS THERE ARE TRUSTEES TO BE ELECTED. FORM 990, PART VI, SECTION A, LINE 7B THE ANNUAL BUDGET OF MAC IS APPROVED BY THE VOTING MEMBERS. OTHER DECISIONS OF SIGNIFICANCE TO MAC ARE PUT TO A VOTE OF THE VOTING MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY A CPA AND REVIEWED BY THE EXECUTIVE DIRECTOR. AN ELECTRONIC COPY IS PROVIDED TO THE BOARD OF TRUSTEES BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C TO MONITOR THE CONFLICT OF INTEREST POLICY ADOPTED BY MAC, TRUSTEES ARE REQUIRED TO SIGN STATEMENTS ANNUALLY AND ARE ASKED AT THE BEGINNING OF EACH BOARD MEETING ABOUT ANY CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 PROCEDURE FOR APPROVING COMPENSATION - IN REVIEWING AND APPROVING THE COMPENSATION OF ANY COVERED INDIVIDUAL (WHICH INCLUDES THE CHIEF EXECUTIVE) OFFICERS AND KEY EMPLOYEES, THE MAC BOARD OF TRUSTEES, OR A DELEGATED COMMITTEE, SUCH AS A COMPENSATION COMMITTEE OF THE BOARD (REFERRED TO AS THE "APPROVAL BODY" BELOW) WILL UTILIZE THE FOLLOWING PROCESS: (1) IMPARTIAL DECISION MAKERS - THE COMPENSATION ARRANGEMENT MUST BE APPROVED IN ADVANCE (BEFORE ANY PAYMENT IS MADE) BY THE APPROVAL BODY OF MAC COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT (EXAMPLE: NEITHER THE EXECUTIVE WHOSE COMPENSATION IS BEING DETERMINED NOR ANY OF HIS/HER FAMILY MEMBERS MAY BE PRESENT DURING DISCUSSION/DEBATE OR PARTICIPATE IN THE VOTE. (2) COMPARABILITY DATA - WHEN THE APPROVAL BODY IS CONSIDERING COMPENSATION TO COVERED INDIVIDUALS, IT MUST RELY ON COMPARABILITY DATA THAT DEMONSTRATES THE FAIR MARKET VALUE OF THE COMPENSATION IN QUESTION. FOR EXAMPLE, WHEN CRAFTING COMPENSATION PACKAGES, THE APPROVAL BODY MUST SECURE DATA THAT DOCUMENTS COMPENSATION LEVELS FOR SIMILARLY QUALIFIED INDIVIDUALS IN LIKE POSITIONS AT LIKE ORGANIZATIONS. THE DATA MAY INCLUDE THE FOLLOWING: (A) EXPERT COMPENSATION STUDIES BY INDEPENDENT FIRMS, (B) WRITTEN JOB OFFERS FOR POSITIONS AT SIMILAR ORGANIZATIONS, (C) DOCUMENTED TELEPHONE CALLS ABOUT SIMILAR POSITIONS AT BOTH NONPROFIT AND FOR PROFIT ORGANIZATIONS, (D) INFORMATION OBTAINED FROM THE IRS FORM 990 FILINGS OF SIMILAR ORGANIZATIONS, AND (E) HISTORICAL COMPENSATION PAID TO EMPLOYEES OF MAC HOLDING SIMILAR POSITIONS. (3) CONCURRENT DOCUMENTATION - THE APPROVAL BODY MUST DOCUMENT HOW IT REACHED ITS DECISIONS, INCLUDING THE DATA ON WHICH IT RELIED. TO QUALIFY AS CONCURRENT DOCUMENTATION, WRITTEN OR ELECTRONIC RECORDS OF THE APPROVAL BODY (SUCH AS MEETING MINUTES) MUST NOTE (A) THE TERMS OF THE COMPENSATION AND THE DATE IT WAS APPROVED. (B) THE MEMBERS OF THE APPROVAL BODY WHO WERE PRESENT DURING THE DEBATE ON THE COMPENSATION THAT WAS APPROVED AND THOSE WHO VOTED ON IT, (C) THE COMPARABILITY DATA OBTAINED AND RELIED UPON AND HOW THE DATA WAS OBTAINED, AND (D) ANY ACTIONS TAKEN WITH RESPECT TO CONSIDERATION OF THE COMPENSATION BY ANYONE WHO IS OTHERWISE A MEMBER OF THE APPROVAL BODY BUT WHO HAD A CONFLICT OF INTEREST WITH RESPECT TO THE DECISION ON THE COMPENSATION IN REVIEWING AND APPROVING THE COMPENSATION OF ANY COVERED INDIVIDUAL THAT IS NOT THE CHIEF EXECUTIVE, PROVIDED THAT (I) THE CHIEF EXECUTIVE COMPLIES IN ALL MATERIAL RESPECTS WITH STEPS 2 AND 3 ABOVE AND (II) THE APPROVAL BODY COMPLIES IN ALL MATERIAL RESPECTS WITH STEP 1 ABOVE. FORM 990, PART VI, SECTION C, LINE 19 CERTAIN OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST TO THE PUBLIC AND POSTED ON WEBSITE FOR MEMBERS AND SUBSCRIBERS.