2026-07-14T09:18:13+00:00 2025-08-31 135565207 KPMG LLP 8350 Broad Street Suite 900 McLean VA 22102 990 2024-09-01 546063408 CFA Institute Research Foundation CFAI 4349515499 915 EAST HIGH STREET CHARLOTTESVILLE VA 22902 PATRICIA ROTHSCHILD CFAI INTERIM PRES. & CEO & RF BOT 2026-07-14 true Brian Kearns P02061479 7032868000 2026-07-06 2024 2025-03-06 01:10:19Z PATRICIA ROTHSCHILD 915 EAST HIGH ST CHARLOTTESVILLE VA 22902 2232439 false X HTTPS://RPC.CFAINSTITUTE.ORG/RESEARCH-FOUNDATION X 1965 VA CFA INSTITUTE RESEARCH FOUNDATION'S MISSION IS TO PROVIDE INDEPENDENT, HIGH QUALITY RESEARCH TO INFUSE THE FINANCE COMMUNITY WITH KNOWLEDGE, EDUCATION, AND IDEAS FOR BETTER INVESTMENT DECISION-MAKING. 11 10 0 10 0 332718 303026 2116 1896 2055537 1223951 245 683 2390616 1529556 36000 10000 0 0 0 0 0 0 0 757993 831442 793993 841442 1596623 688114 21326131 23038972 119025 171572 21207106 22867400 SEE SCHEDULE O false false 740271 10000 1896 MEMBER VALUE PROGRAMS: CFA INSTITUTE RESEARCH FOUNDATION SPONSORED, PUBLISHED, AND DISTRIBUTED RESEARCH THAT CONTRIBUTED TO THE GLOBAL BODY OF KNOWLEDGE THAT INVESTMENT PROFESSIONALS AROUND THE WORLD USE IN THEIR DAY-TO-DAY PRACTICE. THE FOUNDATION ALSO OFFERED COMPLIMENTARY ACCESS TO INVESTMENT INFORMATION SERVICES FOR INVESTMENT PROFESSIONALS, INCLUDING CFA INSTITUTE MEMBERS. OVER THE PAST YEAR, THE FOUNDATION PUBLISHED: I. FINANCIAL ENTREPRENEURSHIP II. OPTIMAL DESIGN OF LIFE-CYCLE FUNDS IN EMERGING MARKET COUNTRIES. III. A COMPREHENSIVE GUIDE TO ETFs (2ND EDITION) IV. DE-RISKING GLOBAL PENSION SYSTEMS V. MACROECONOMIC DRIVERS OF STOCKS AND BONDS VI. STOCKS FOR THE LONG RUN? NEW EVIDENCE, OLD DEBATES 740271 true true false false false false false false false true false false false false true true true true false false false false false false false false false false false true false false false false false false false false false false false false false false false true false false true false true 15 0 true 0 false false false false false false false false X 11 10 false false false false true true true true true false false false true true true true true true false false false false CA CO CT DC FL GA AL HI IL KS KY LA ME AK MD MA MI MN MS NV NH NJ NM NY NC ND OK OR PA RI SC TN UT VA AR WA WV WI X X ALICIA MARTINEZ 4349515499 915 EAST HIGH STREET CHARLOTTESVILLE VA 22902 AARON LOW VICE-CHAIR 1.0 0 X X 0 0 0 JEFFREY BAILEY CHAIR 1.0 0 X X 0 0 0 MARGARET FRANKLIN BOARD MEMBER 1.0 40.0 X X 0 1444710 44589 AARON BROWN BOARD MEMBER 1.0 0 X 0 0 0 DAVE UDUANU BOARD MEMBER 1.0 0 X 0 0 0 GIUSEPPE BALLOCCHI BOARD MEMBER 1.0 0 X 0 0 0 JOANNE HILL BOARD MEMBER 1.0 1.0 X 0 0 0 KURT WINKLEMAN BOARD MEMBER 1.0 0 X 0 0 0 LOTTA MOBERG BOARD MEMBER 1.0 0 X 0 0 0 PHILIP GRAHAM BOARD MEMBER 1.0 0 X 0 0 0 SUSAN SPINNER BOARD MEMBER 1.0 0 X 0 0 0 KIMBALL E MAYNARD TREASURER 2.0 40.0 X 0 246134 49461 LYDIA OOGHE SECRETARY 2.0 40.0 X 0 68081 25350 WALTER V HASLETT JR EXEC. DIRECTOR/BOARD MEMBER (END 8/2023) 0.0 0.0 X 125000 0 0 125000 1758925 119400 1 true true false 1 128575 174451 303026 PUBLICATIONS 513120 1896 1896 0 0 0 0 1896 586834 586834 683 683 0 0 1340000 702883 637117 0 637117 637117 0 0 0 0 0 1529556 1896 0 1224634 X 10000 10000 0 0 49434 49434 472617 472617 0 0 0 0 16352 12540 3812 128790 128790 42646 42646 18908 18908 95300 47700 47600 Other 7395 7395 0 0 0 0 0 841442 740596 100846 0 36559 121845 0 0 0 0 0 366 0 0 62583 7000 0 0 0 21131809 22852940 0 0 95180 56821 21326131 23038972 119025 96342 0 0 75230 119025 171572 X 21207106 22867400 21207106 22867400 21326131 23038972 688114 972180 0 X false true true false X 341684 254501 381101 332718 303026 1613030 0 0 341684 254501 381101 332718 303026 1613030 454232 1158798 374217 487709 458895 573909 587517 2482247 0 0 0 0 0 0 0 4095277 13450 0.28296 0.2984 X Schedule A, Part II, Line 17a BASED ON PUBLIC SUPPORT SUPPLEMENTAL INFORMATION FOR THE 4 TAX YEARS IMMEDIATELY BEFORE THE CURRENT TAX YEAR, THE ORGANIZATION RECEIVED MORE THAN 10% OF ITS SUPPORT FROM THE GENERAL PUBLIC. IN ADDITION, THE ORGANIZATION MAINTAINS A CONTINUOUS AND BONA FIDE PROGRAM FOR SOLICITATION OF FUNDS FROM THE GENERAL PUBLIC AND CFA INSTITUTE MEMBERS. CFA INSTITUTE RESEARCH FOUNDATION ALSO PROVIDES COMPLIMENTARY ACCESS TO INVESTMENT INFORMATION SERVICES AND RESEARCH TO THE PUBLIC, AS WELL AS GRANTS TO RESEARCHERS. CFA INSTITUTE RESEARCH FOUNDATION INTENDS ON RECEIVING MORE PUBLIC SUPPORT TO EXCEED THE 33 1/3% PUBLIC SUPPORT TEST IN THE FUTURE. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 955000 40000 10000 985000 960000 31000 36000 955000 955000 45205 40205 960000 1026300 23065 5 94370 955000 1180300 27025 100 181125 1026300 1.0 false false Federal Income Taxes DUE TO AFFILIATES 75230 75230 X 2810936 972180 309200 0 1281380 1529556 0 0 1529556 1150642 309200 0 309200 841442 0 0 841442 Schedule D, Part V, Line 4 Intended uses of endowment funds CFA INSTITUTE RESEARCH FOUNDATION INTENDS TO UTILIZE ITS ENDOWMENT TO SUPPORT THE RESEARCH ACTIVITIES OF THE FOUNDATION IN PERPETUITY. THE FOUNDATION GRANTS PARTIAL INITIAL FUNDING TO AUTHORS FOR THEIR PROPOSED RESEARCH PROJECTS. UPON COMPLETION AND FINAL APPROVAL OF THE RESEARCH PRODUCT, THE REMAINING GRANT FUNDING IS PAID. THE AMOUNT OF COMMITTED AND UNPAID GRANTS IS DESIGNATED AS NET ASSETS IN THE STATEMENTS OF FINANCIAL POSITION. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE FOUNDATION HAS PERFORMED AN EVALUATION OF ITS TAX POSITION AND HAS MAINTAINED ITS TAX-EXEMPT STATUS. THE FOUNDATION DETERMINED THAT IT HAS ADEQUATELY PROVIDED FOR ALL OPEN TAX YEARS AND HAS NO UNCERTAIN TAX POSITIONS. X X true true false false false false false false false false false MARGARET FRANKLIN BOARD MEMBER 0 729500 0 699886 0 15324 0 41400 0 3189 0 1489299 0 0 WALTER V HASLETT JR EXEC. DIRECTOR/BOARD MEMBER (END 8/2023) 125000 0 0 0 0 0 0 0 0 0 125000 0 0 0 KIMBALL E MAYNARD TREASURER 0 197117 0 44250 0 4767 0 28964 0 20497 0 295595 0 0 Schedule J, Part I, Line 1a First-class or charter travel THE BOARD OF TRUSTEES MAY BE ELIGIBLE FOR FIRST CLASS RAIL TRAVEL. Schedule J, Part I, Line 1a Travel for companions THE BOARD OF TRUSTEES ARE ELIGIBLE TO PURCHASE AN ADDITIONAL TICKET FOR ONE COMPANION IN THE SAME CLASS OF SERVICE FOR ONE BUSINESS TRIP PER FISCAL YEAR. THE COST OF THE SECOND TICKET IS COVERED BY CFA INSTITUTE RESEARCH FOUNDATION BUT REPRESENTS TAXABLE INCOME TO THE TRAVELER. THIS BENEFIT DOES NOT ROLL OVER IF NOT USED WITHIN THE FISCAL YEAR. Form 990, Part III, Line 1 DESCRIPTION OF ORGANIZATION MISSION: CFA INSTITUTE RESEARCH FOUNDATION'S MISSION IS TO PROVIDE INDEPENDENT, HIGH-QUALITY RESEARCH TO INFUSE THE FINANCE COMMUNITY WITH KNOWLEDGE, EDUCATION, AND IDEAS FOR BETTER INVESTMENT DECISION-MAKING. THE FOUNDATION EMPHASIZES RESEARCH OF PRACTICAL VALUE TO INVESTMENT PROFESSIONALS, WHILE EXPLORING NEW AND CHALLENGING TOPICS THAT PROVIDE A UNIQUE PERSPECTIVE IN THE EVOLVING PROFESSION OF INVESTMENT MANAGEMENT. Form 990, Part VI, Line 6 Classes of members or stockholders CFA INSTITUTE RESEARCH FOUNDATION HAS ONE SOLE VOTING MEMBER, CFA INSTITUTE. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body CFA INSTITUTE RESEARCH FOUNDATION HAS ONE SOLE VOTING MEMBER, CFA INSTITUTE, WHICH HAS THE EXCLUSIVE RIGHT TO ELECT AND REMOVE ELECTED TRUSTEES. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders CFA INSTITUTE RESEARCH FOUNDATION HAS ONE SOLE VOTING MEMBER, CFA INSTITUTE, WHICH HAS THE EXCLUSIVE RIGHT TO ELECT AND REMOVE ELECTED TRUSTEES. Form 990, Part VI, Line 11b Review of form 990 by governing body FORM 990 IS PROVIDED TO THE FINANCE AND RISK COMMITTEE AND TO EACH MEMBER OF THE BOARD OF TRUSTEES PRIOR TO FILING. Form 990, Part VI, Line 12c Conflict of interest policy CONFLICT OF INTEREST STATEMENTS ARE COLLECTED ANNUALLY FROM EACH BOARD OF TRUSTEE MEMBER AND OFFICER AND COMPLIANCE TRAINING ON CONFLICTS OF INTEREST AND THE CODE OF CONDUCT IS REQUIRED FOR ALL BOARD MEMBERS. ANY DISCLOSURES ARE DIRECTED TO THE CFA INSTITUTE CHIEF COMPLIANCE OFFICER. THE RESTRICTIONS IMPOSED ON A PERSON WITH A CONFLICT VARY BASED ON THE NATURE OF THE CONFLICT AND THE SITUATION; HOWEVER, RESOLUTION COULD INCLUDE PROHIBITING A BOARD MEMBER FROM PARTICIPATING IN A PARTICULAR DELIBERATION AND/OR DECISION. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION'S FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND THE CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC THROUGH THE ORGANIZATION'S WEBSITE OR UPON REQUEST. Form 990, Part IX, Line 11g Other Fees Consulting - Total Expense: 472617, Program Service Expense: 472617, Management and General Expenses: , Fundraising Expenses: ; CFA INSTITUTE 915 EAST HIGH STREET CHARLOTTESVILLE VA 22902 541386480 NP PROF ASSOC VA 501(c)(6) NA false false false true false false false false false false false false false false true true true true true true CFA INSTITUTE O 309200 HISTORICAL COST CFA INSTITUTE C 128575 FAIR MARKET VALUE CFA INSTITUTE P 95300 FAIR MARKET VALUE