2025-09-08T12:36:57-05:00 2024-12-31 521392008 GELMAN ROSENBERG & FREEDMAN 4550 MONTGOMERY AVE SUITE 800N BETHESDA MD 208142930 990 2024-01-01 470730228 NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION INC NORT 2027370900 750 FIRST STREET NE 990 WASHINGTON DC 20002 JOSEPH BRADY EXECUTIVE DIRECTOR 2027370900 2025-09-08 1 0 ELIZABETH W HELLER P00397829 3019519090 2024 2025-03-06 01:10:19Z JOSEPH BRADY 750 FIRST STREET NE 990 WASHINGTON DC 20002 23156298 0 X WWW.NASAA.ORG X 1919 DC SEE PART III, LINE 1. 9 9 30 12 0 0 0 3498856 14614672 18346946 891422 1215704 233611 53842 15739705 23115348 100000 758 0 0 4456154 5242113 0 0 0 6742373 7769321 11298527 13012192 4441178 10103156 36598745 49034976 3294884 3969436 33303861 45065540 X NASAA REPRESENTS AND SERVES ITS MEMBERS THROUGH ADVOCACY, EDUCATION, SUBJECT MATTER EXPERTISE, COMMUNICATION, AND COORDINATION. 0 0 1973108 6270032 IAR CONTINUING EDUCATION ("IAR CE"): INVESTMENT ADVISER REPRESENTATIVE CONTINUING EDUCATION (IAR CE) IS A PROGRAM MANAGED BY NASAA FOR RELEVANT NASAA MEMBERS THAT REQUIRES ANNUAL CONTINUING EDUCATION REQUIREMENTS AND INFORMATION FOR APPLICABLE INVESTMENT ADVISER REPRESENTATIVES. THE NASAA MEMBERSHIP APPROVED A MODEL RULE THAT HAS SINCE BEEN ADOPTED BY MANY NASAA MEMBERS REQUIRING 12 CREDITS OF APPROVED CE ANNUALLY. THE NASAA CORPORATE OFFICE AND ITS VENDORS MANAGE THE DAILY OPERATIONS OF THE PROGRAM. 1932744 8999744 OTHER ACTIVITIES ARE ORGANIZED THROUGHOUT THE YEAR TO PROVIDE EDUCATION AND COLLABORATIVE OPPORTUNITIES TO MEMBERS WHO DEAL WITH SECURITIES REGULATION AND ENFORCEMENT MATTERS. AMONG THESE ACTIVITIES, NASAA ROUTINELY PROVIDES NEW CONTENT FOR SERIES 63, SERIES 65 AND SERIES 66 EXAMINATIONS, WHICH ARE OWNED BY NASAA AND ARE UTILIZED IN THE FINANCIAL SERVICES INDUSTRY. 1914648 2730836 NASAA, UNDER THE LEADERSHIP OF ITS STATE SECURITIES REGULATOR MEMBERS, OPERATES THE ELECTRONIC FILING DEPOSITORY ("EFD"). THE EFD SYSTEM BENEFITS FROM THE OVERSIGHT OF THE NASAA BOARD OF DIRECTORS AND SUBJECT MATTER EXPERTISE FROM THE EFD STEERING COMMITTEE. EFD IS AN INTERNET ACCESSIBLE DATABASE SYSTEM THAT ALLOWS ISSUERS TO SUBMIT REGULATORY FILINGS AND PAY RELATED FEES TO STATE SECURITIES REGULATORS. THE FILINGS THAT CAN BE SUBMITTED THROUGH THE EFD MANAGED FUNCTIONALITY INCLUDE FORM D FOR REGULATION D, RULE 506 FILINGS, FORM NF-UIT FILINGS, FRANCHISE REGISTRATION FILINGS, FORM NF-MUTUAL FUND FILINGS, AS WELL AS OTHER CORPORATE FINANCE FILINGS. EFD ALSO PROVIDES A PUBLIC FACING WEBSITE TO SEARCH AND VIEW, FREE OF CHARGE, FILINGS MADE THROUGH THE SYSTEM TO STATE SECURITIES REGULATORS. THE EFD SYSTEM ALLOWS FILERS AND STATE REGULATORY AGENCIES TO TRANSITION FROM PAPER-BASED FILING SYSTEMS TO AN ELECTRONIC SYSTEM. BY FOSTERING UNIFORMITY IN STATE REGULATORY FILINGS, AND SIMPLIFYING COMMUNICATIONS BETWEEN FILER AND REGULATOR, EFD SERVES ITS MEMBER REGULATORS WITH A MORE EFFICIENT AND EFFECTIVE MEANS TO RECEIVE AND MONITOR SECURITIES FILINGS. 763713 122759 AN ANNUAL FALL CONFERENCE IS HELD EACH YEAR IN A DIFFERENT CITY IN CONJUNCTION WITH A FULL MEMBERSHIP MEETING. BOTH SERVE TO UPDATE PARTICIPANTS AND MEMBERS ON CURRENT EVENTS PERTAINING TO SECURITIES ADMINISTRATION. 1625615 758 187625 NASAA'S MULTI-PRONGED MISSION INCLUDES SERVING MEMBERS THROUGH EDUCATION. IN FULFILLING THIS ASPECT OF THE ORGANIZATION'S MISSION, NASAA MAINTAINS A TRAINING AND EDUCATION PROGRAM COMPRISED OF A SERIES OF IN-PERSON TRAINING EVENTS AND WEBINARS THAT TAKE PLACE THROUGHOUT THE YEAR. THE EVENTS ARE LARGELY FUNDED BY THE ORGANIZATION AND AVAILABLE PRIMARILY TO NASAA MEMBERS AND THEIR STAFF. TRAINING EVENTS FOCUSED ON THE FOLLOWING ARE HELD ANNUALLY: ENFORCEMENT, INVESTMENT ADVISER REGULATION, INVESTOR EDUCATION, BROKER-DEALER REGULATION, CORPORATION FINANCE AND FRANCHISE REGULATION, LICENSING AND REGISTRATION. LITIGATION AND DEPOSITION SKILLS TRAINING SEMINARS ARE HELD IN ALTERNATING YEARS. NASAA RECORDS THESE EVENTS AND MAKES THEM AVAILABLE TO MEMBERS ON THE DISTANCE LEARNING SECTION OF THE NASAA WEBSITE. 423007 35950 SPRING CONFERENCE IN WASHINGTON DC 315832 NASAA EXAMS MODULE ("NEMO") SYSTEM 3128167 758 346334 8948667 1 1 0 1 0 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 22 0 1 30 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X MARINA ALONSO-MENDOZA 2027370900 750 FIRST STREET NE 990 WASHINGTON DC 20002 LESLIE M VAN BUSKIRK PRESIDENT 8.00 X X 0 0 0 ELIZABETH BOWLING TREASURER 8.00 X X 0 0 0 STEPHEN BOUCHARD SECRETARY 8.00 X X 0 0 0 ANDREA SEIDT DIRECTOR 8.00 X 0 0 0 ANDREW HARTNETT DIRECTOR, (UNTIL 9/10/2024) 8.00 X 0 0 0 TOM COTTER DIRECTOR, (UNTIL 9/10/2024) 8.00 X 0 0 0 JESSE DEVINE DIRECTOR, (FROM 9/10/2024) 8.00 X 0 0 0 CLAIRE MCHENRY DIRECTOR 8.00 X 0 0 0 MARNI ROCK GIBSON DIRECTOR 8.00 X 0 0 0 MELANIE SENTER-LUBIN DIRECTOR, (FROM 9/10/2024) 8.00 X 0 0 0 DIANE YOUNG-SPITZER DIRECTOR, (UNTIL 9/10/2024) 8.00 X 0 0 0 HELEN JANE ANDERSON DIRECTOR, (FROM 9/10/2024) 8.00 X 0 0 0 JOSEPH BRADY EXECUTIVE DIRECTOR 40.00 X 512555 0 74299 MARINA ALONSO-MENDOZA DIR. OF FINANCE AND OPERATIONS 40.00 X 253548 0 55626 VINCENTE MARTINEZ GENERAL COUNSEL 40.00 X 293615 0 79805 JAMES APISTOLAS DIR. OF EDU, EVENTS, AND MEMBERSHIP 40.00 X 206454 0 58904 ZACHARY KNEPPER DEPUTY GENERAL COUNSEL 40.00 X 227752 0 32333 KRISTEN HUTCHENS DIR. OF POLICY AND GOVERNMENT AFFAIRS 40.00 X 197889 0 36065 FREDERICK BALDASARRO DIR. OF COMMUNICATIONS 40.00 X 202830 0 28467 1894643 0 365499 15 0 1 0 BREAKTHROUGH TECHNOLOGIES LLC 1880 OAK AVENUE SUITE 135 EVANSTON IL 60201 EFD SYSTEM SERVICES 2677523 PROMETRIC LLC PO BOX 223608 PITTSBURGH PA 15251 IARCE AND SERIES EXAM PROG. ADMIN. 1521965 SOFTWARE CONSULTING SERVICES LLC PO BOX 321269 FLOWOOD MS 39232 EFD SOFTWARE DEV. AND ADMIN. 734327 GLOBAL MEETING PARTNERS INC 420 APPLE STREET POTTSTOWN PA 19464 AUDIO VISUAL SERVICES FOR EVENTS 419888 AUDITBOARD INC 12900 PARK PLAZA DRIVE SUITE 200 CERRITOS CA 90703 NEMO SOFTWARE DEV. AND SUPPORT 284321 8 3498856 3498856 EXAMINATION FEES 900099 7937844 7937844 IAR CE REVENUE 900099 6270032 6270032 ELECTRONIC FILING DEPOSITORY 900099 2730836 2730836 EVEP REVENUE 900099 1060325 1060325 MEMBERSHIP DUES 900099 170000 170000 177909 177909 18346946 1206428 1206428 39457 39457 1800 3268 -1468 -1468 -1468 46958 37682 9276 9276 9276 MISCELLANEOUS 900099 15853 15853 15853 23115348 18346946 0 1269546 X 758 758 896027 204569 691458 3297959 1741756 1556203 386816 201153 185663 380374 190430 189944 280937 132389 148548 197980 170713 27267 273923 236197 37726 57500 49581 7919 46958 46958 2491607 2009107 482500 231714 170511 61203 551931 425045 126886 311655 146865 164790 1269001 1202877 66124 1971883 1818653 153230 189952 167877 22075 80366 27630 52736 DUES & SUBSCRIPTIONS 67942 32017 35925 CREDIT CARD FEES 12612 9374 3238 PAYROLL PROCESSING FEES 9747 7245 2502 MISCELLANEOUS EXPENSES 4550 3920 630 13012192 8948667 4063525 0 2168408 3241471 1238265 2571746 1018079 1686301 581667 654017 3255778 387385 232170 2868393 29329432 36262040 2030724 1751008 36598745 49034976 1097553 1886262 4350 1800 2192981 2081374 3294884 3969436 X 33303861 41566684 0 3498856 33303861 45065540 36598745 49034976 10103156 1658523 0 X 0 1 X 1 0 X 3498856 3498856 7293880 11696348 13726590 14614672 18346946 65678436 7293880 11696348 13726590 14614672 21845802 69177292 3498856 3498856 0 3498856 3498856 65678436 400810 621353 608868 944554 1247685 3823270 400810 621353 608868 944554 1247685 3823270 90023 8798 6888 184187 15853 305749 7784713 12326499 14342346 15743413 23109340 73306311 0.89590 0.94370 0.05220 0.05120 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 5,023. 2021 AMOUNT: $ 8,798. 2022 AMOUNT: $ 6,888. 2023 AMOUNT: $ 9,187. 2024 AMOUNT: $ 15,853. SETTLEMENT INCOME - 2020 AMOUNT: $ 85,000. 2023 AMOUNT: $ 175,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 41371 261511 302882 12662352 12965234 798262 199566 0 0 471490 587370 712506 798262 2569628 3854442 170738 254964 309231 302882 1037815 117873 146843 178127 199566 642409 963614 41371 41371 PART II-A, LINE 1B, LOBBYING ACTIVITIES ACTIVITIES IN WHICH NASAA ENGAGES TO INFLUENCE FEDERAL LEGISLATION INCLUDE: COMMUNICATIONS BETWEEN CONGRESSIONAL OFFICES AND NASAA STAFF AND/OR CONSULTANTS AND/OR NASAA MEMBERS; COMMUNICATIONS TO NASAA MEMBERS; AND RESEARCH AND ANALYSIS TO SUPPORT THESE ACTIVITIES. IN ADDITION TO THESE EFFORTS, NASAA SUPPORTS CONGRESSIONAL OFFICES ON A NONPARTISAN BASIS BY EDUCATING CONGRESSIONAL OFFICES ABOUT SECURITIES REGULATION AND PROVIDING TECHNICAL FEEDBACK ON LEGISLATIVE PROPOSALS. NASAA DOES NOT TREAT THESE EDUCATIONAL ACTIVITIES AS LOBBYING. ACTIVITIES IN WHICH NASAA ENGAGES TO INFLUENCE STATE LEGISLATION ARE RELATIVELY LIMITED. EACH STATE SECURITIES REGULATOR, EITHER INDEPENDENTLY OR IN COORDINATION WITH ANOTHER OFFICE WITHIN ITS STATE GOVERNMENT, IS RESPONSIBLE FOR CONDUCTING ITS OWN STATE LEGISLATIVE OUTREACH. ON LIMITED OCCASIONS, NASAA AGREES TO AUTHORIZE NASAA STAFF AND/OR CONSULTANTS TO SUPPORT A STATE SECURITIES REGULATOR IN ITS EFFORTS TO ADVOCATE FOR OR AGAINST A STATE BILL. WHILE NASAA STATE LOBBYING EFFORTS ARE RARE, NASAA REGULARLY SUPPORTS STATE GOVERNMENTS ON A NONPARTISAN BASIS BY EDUCATING STATE SECURITIES REGULATORS AND THEIR STATE COLLEAGUES, INCLUDING STATE LEGISLATORS, ABOUT NASAA MODEL ACTS OR LANGUAGE AND STATE LEGISLATIVE TRENDS AFFECTING SECURITIES REGULATION. MUCH OF THIS EDUCATIONAL WORK OCCURS THROUGH ASSOCIATIONS THAT INCLUDE OR REPRESENT STATE LEGISLATORS SUCH AS THE NATIONAL CONFERENCE OF STATE LEGISLATORS. NASAA DOES NOT TREAT THESE EDUCATIONAL ACTIVITIES AS LOBBYING. 6150 4783 1367 104340 62976 41364 3145288 319626 2825662 2868393 OPERATING LEASE LIABILITY 2081374 2081374 24730181 1658523 3268 1661791 23068390 46958 46958 23115348 12968502 3268 3268 12965234 46958 46958 13012192 PART XI, LINE 2D - OTHER ADJUSTMENTS: SUBLEASE RENTAL EXPENSE REPORTED AS EXPENSE ON THE 3,268. FINANCIAL STATEMENTS AND NETTED AGAINST REVENUE ON FORM 990, PART VIII, LINE 6B PART XII, LINE 2D - OTHER ADJUSTMENTS: SUBLEASE RENTAL EXPENSES REPORTED AS EXPENSE ON THE 3,268. FINANCIAL STATEMENTS AND NETTED AGAINST REVENUE ON FORM 990, PART VIII, LINE 6B X X X 0 0 0 0 0 0 0 1 0 JOSEPH BRADY EXECUTIVE DIRECTOR 456549 0 56006 0 0 0 46000 0 28299 0 586854 0 0 0 VINCENTE MARTINEZ GENERAL COUNSEL 292015 0 1600 0 0 0 44407 0 35398 0 373420 0 0 0 MARINA ALONSO-MENDOZA DIR. OF FINANCE AND OPERATIONS 251948 0 1600 0 0 0 36184 0 19442 0 309174 0 0 0 JAMES APISTOLAS DIR. OF EDU, EVENTS, AND MEMBERSHIP 204854 0 1600 0 0 0 28004 0 30900 0 265358 0 0 0 ZACHARY KNEPPER DEPUTY GENERAL COUNSEL 226152 0 1600 0 0 0 31323 0 1010 0 260085 0 0 0 KRISTEN HUTCHENS DIR. OF POLICY AND GOVERNMENT AFFAIR 196289 0 1600 0 0 0 26158 0 9907 0 233954 0 0 0 FREDERICK BALDASARRO DIR. OF COMMUNICATIONS 201230 0 1600 0 0 0 26872 0 1595 0 231297 0 0 0 PART I, LINE 7 THE FOLLOWING OFFICERS AND HIGHLY COMPENSATED EMPLOYEES RECEIVED PERFORMANCE BASED BONUSES DURING 2024: JOSEPH BRADY $56,006 VINCENTE MARTINEZ $1,600 MARINA ALONSO-MENDOZA $1,600 ZACHARY KNEPPER $1,600 JAMES APISTOLAS $1,600 KRISTEN HUTCHENS $1,600 FREDERICK BALDASARRO $1,600 FORM 990, PART VI, SECTION A, LINE 6 NASAA IS A PROFESSIONAL ASSOCIATION OF SECURITIES ADMINISTRATORS WITH 68 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A NASAA'S DIRECTORS ARE ELECTED BY A VOTE OF THE FULL MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B PROPOSED AMENDMENTS TO THE ORGANIZATION'S BY-LAWS, IF INITIATED BY THE GOVERNING BODY, REQUIRE APPROVAL BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE EXECUTIVE DIRECTOR IS PROVIDED WITH A DRAFT OF THE FORM 990 PREPARED BY THE ORGANIZATION'S OUTSIDE CPA. THE EXECUTIVE DIRECTOR, WITH ASSISTANCE FROM THE DIRECTOR OF FINANCE, REVIEWS THE DRAFT AND PROVIDES FEEDBACK TO THE OUTSIDE CPA. THE FINAL DRAFT OF THE FORM 990 IS THEN PROVIDED TO THE BOARD OF DIRECTORS. THE RETURN IS FINALIZED ONCE ALL ISSUES RAISED DURING THE REVIEW PROCESS HAVE BEEN PROPERLY RESOLVED. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS, AND EMPLOYEES (COLLECTIVELY, "COVERED INDIVIDUALS") OF NASAA EACH HAVE AN AFFIRMATIVE OBLIGATION TO ACT AT ALL TIMES IN THE BEST INTERESTS OF NASAA. EACH COVERED INDIVIDUAL DISCLOSES ANY AND ALL FACTS THAT MAY BE CONSTRUED AS A CONFLICT OF INTEREST. DISCLOSURES ARE MADE AT THE TIME OF HIRE, ELECTION OR APPOINTMENT; THROUGH AN ANNUAL DISCLOSURE PROCESS; AND WHENEVER AN ACTUAL OR POTENTIAL CONFLICT ARISES. THE BOARD OF DIRECTORS OR A DESIGNATED WORKING GROUP OF THE BOARD REVIEWS SUBMITTED DISCLOSURES, DETERMINES WHETHER OR NOT A CONFLICT OF INTEREST EXISTS, AND DETERMINES WHETHER OR NOT SUCH CONFLICT MATERIALLY AND ADVERSELY AFFECTS NASAA'S INTERESTS. IF THE BOARD OF DIRECTORS OR THE DESIGNATED WORKING GROUP OF THE BOARD DETERMINES THAT AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST EXIST, IT DETERMINES AN APPROPRIATE REMEDY. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE DIRECTOR'S SALARY IS DETERMINED BY THE CORPORATE OFFICE REVIEW COMMITTEE, COMPRISED OF THE PRESIDENT, THE PRESIDENT-ELECT, THE IMMEDIATE PAST PRESIDENT, AND THE TREASURER. THE CORPORATE OFFICE REVIEW COMMITTEE USES COMPARABLE DATA IN ESTABLISHING THE EXECUTIVE DIRECTOR'S SALARY AND DOCUMENTS THE PROCESS. THE MOST RECENT COMPENSATION REVIEW TOOK PLACE IN AUGUST 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G CONSULTING: PROGRAM SERVICE EXPENSES 14,711. MANAGEMENT AND GENERAL EXPENSES 163,953. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 178,664. EXAM MAINTENANCE: PROGRAM SERVICE EXPENSES 161,601. MANAGEMENT AND GENERAL EXPENSES 25,811. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 187,412. EFD ENHANCEMENTS: PROGRAM SERVICE EXPENSES 32,942. MANAGEMENT AND GENERAL EXPENSES 5,261. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 38,203. EFD CONSULTING & REDEVELOPMENT: PROGRAM SERVICE EXPENSES 11,671. MANAGEMENT AND GENERAL EXPENSES 1,864. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 13,535. OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 308,940. MANAGEMENT AND GENERAL EXPENSES 49,344. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 358,284. IAR CE FEES: PROGRAM SERVICE EXPENSES 1,479,242. MANAGEMENT AND GENERAL EXPENSES 236,267. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,715,509.