MUNICIPAL SECURITIES RULEMAKING BOARD (EIN 521042433) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1975

Legal Domicile

Principal Officer

MARK T KIM

Phone

2028381500

Tax Period

2023-10-01 to 2024-09-30

MUNICIPAL SECURITIES RULEMAKING BOARD, founded in 1975, is a mid-sized nonprofit that reported $56.1M in total revenue in fiscal year 2023. Revenue grew 15% year-over-year, indicating healthy expansion. Expenses of $49.2M left a modest 12% surplus.

Mission

ADDITIONAL BENEFITS PROVIDED: THE MSRB REIMBURSES BOARD MEMBERS, THE CHIEF EXECUTIVE OFFICER, AND ALL OTHER EMPLOYEES FOR THE COST OF COACH CLASS AIR TRAVEL FOR FLIGHTS OF 3 HOURS OR LESS IN TOTAL ONE-WAY TRIP DURATION. FOR AIR TRAVEL MORE THAN 3 HOURS IN TOTAL ONE-WAY TRIP DURATION, THE MSRB REIMBURSES BOARD MEMBERS FOR THE USE OF BUSINESS CLASS WHEN AVAILABLE, OR IF ONLY TWO CLASSES OF SERVICE ARE OFFERED, FIRST CLASS. THE MSRB HAS DETERMINED THIS MEETS THE BUSINESS REQUIREMENT STANDARD FOR NOT TREATING THE BENEFIT AS COMPENSATORY ON THE FORM W-2 OR 1099.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $51,015,785

Program Service Revenue $3,831,775

Investment Income $1,195,868

Other Revenue $7,007

TOTAL REVENUE $56,050,435

Expense Breakdown

Grants Paid $0

Salaries & Benefits $26,905,164

Fundraising Expenses $0

Other Expenses $22,246,094

TOTAL EXPENSES $49,151,258

Year-over-Year Comparison

	2023	2022	Change
Revenue	$56,050,435	$48,594,053	+0.2%
Expenses	$49,151,258	$46,879,987	+0.0%
Net Income	$6,899,177	$1,714,066	+3.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

148

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,638,302

Total Directors

$807,500

Key Employees

$3,783,545

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MEREDITH L HATHORN	DIRECTOR, BOARD CHAIR	8.00	Officer Director	$105,000	$0	$105,000
ANGELIA SCHMIDT	DIR, BOARD VICE CHAIR(AS OF 10/2023)	6.00	Officer Director	$76,250	$0	$76,250
JENNIE HUANG BENNETT	DIRECTOR	6.00	Director	$75,000	$0	$75,000
THALIA MEEHAN	DIRECTOR	6.00	Director	$72,500	$0	$72,500
WARREN DANIELS	DIRECTOR	6.00	Director	$67,500	$0	$67,500
KATANO KASAINE	DIRECTOR	6.00	Director	$67,500	$0	$67,500
HORATIO L PORTER	DIRECTOR	6.00	Director	$67,500	$0	$67,500
DAVID F BELTON	DIRECTOR	6.00	Director	$65,000	$0	$65,000
NATASHA A HOLIDAY	DIRECTOR	6.00	Director	$65,000	$0	$65,000
ELIZABETH SWEENEY	DIRECTOR	6.00	Director	$65,000	$0	$65,000
ALEXANDER CHILTON	DIRECTOR (AS OF 10/2023)	6.00	Director	$16,250	$0	$16,250
MICHAEL CRAFT	DIRECTOR (AS OF 10/2023)	6.00	Director	$16,250	$0	$16,250
PAMELA FREDERICK	DIRECTOR (AS OF 10/2023)	6.00	Director	$16,250	$0	$16,250
WENDELL GAERTNER	DIRECTOR (AS OF 10/2023)	6.00	Director	$16,250	$0	$16,250
CHRIS KENDALL	DIRECTOR (AS OF 10/2023)	6.00	Director	$16,250	$0	$16,250
MARK T KIM	PRESIDENT AND CEO	40.00	Officer	$721,384	$61,597	$782,981
OMER AHMED	CHIEF FINANCIAL OFFICER	40.00	Officer	$304,894	$61,644	$366,538
RONALD SMITH	CORPORATE SECRETARY	40.00	Officer	$270,971	$36,562	$307,533
JOHN A BAGLEY	CHIEF MARKET STRUCTURE OFFICER	40.00	Key Emp	$513,519	$67,954	$581,473
JACOB LESSER	GENERAL COUNSEL	40.00	Key Emp	$467,611	$25,606	$493,217
BRIAN ANTHONY	CHIEF PRODUCT OFFICER	40.00	Key Emp	$396,117	$57,068	$453,185
JOHN TOYE	CHIEF INFORMATON OFFICER	40.00	Key Emp	$355,359	$62,416	$417,775
TANGIE DAVIS	CHIEF OF STAFF (AS OF 08/2024)	40.00	Key Emp	$323,363	$45,318	$368,681
SALIHA OLGUN	INTERIM CHIEF REG OFF.(THRU 10/2023)	40.00	Key Emp	$304,677	$60,919	$365,596
JILL FURICK	CHIEF PEOPLE OFFICER (THRU 12/2023)	40.00	Key Emp	$320,283	$39,119	$359,402
LEAH SZAREK	CHIEF OF EXT. RELAT.(THRU 12/2023)	40.00	Key Emp	$316,006	$30,097	$346,103
IJEOMA LASEBIKAN	DIRECTOR, HUMAN RESOURCES	40.00	Key Emp	$161,371	$46,493	$207,864
ERNESTO LANZA	CHIEF REGULATORY & POLICY OFFICER	40.00	Key Emp	$170,553	$19,696	$190,249
SIMON WU	CHIEF ECONOMIST	40.00	Highest	$324,903	$40,791	$365,694
SALLY KLEMPERER	SENIOR ASSOCIATE GENERAL COUNSEL	40.00	Highest	$314,053	$45,436	$359,489
MARCELO VIEIRA	SENIOR DIR, RESEARCH & MRKT TRANSP.	40.00	Highest	$290,647	$30,439	$321,086
BONNIE MOYNIHAN	CONTROLLER	40.00	Highest	$258,772	$29,146	$287,918
SHAMBREIA JOINER	SR. DIRECTOR, REGULATORY COMPL.	40.00	Highest	$262,093	$39,158	$301,251
CAROL KOSTIK	FORMER DIRECTOR, BOARD VICE CHAIR	0.00		$67,500	$0	$67,500
FRANCIS E FAIRMAN IV	FORMER DIRECTOR	0.00		$48,750	$0	$48,750
DANIEL KILEY	FORMER DIRECTOR	0.00		$48,750	$0	$48,750
DONNA M SIMONETTI	FORMER DIRECTOR	0.00		$48,750	$0	$48,750
JILL JAWORSKI	FORMER DIRECTOR	0.00		$27,291	$0	$27,291
JERRY W FORD	FORMER DIRECTOR	0.00		$19,277	$0	$19,277
SARA MAJROH	FMR. OFF./SR. MGR., CORP. GOVERNANCE	40.00		$192,198	$28,166	$220,364
JESSICA FAUCETTE	FMR. OFF/SR. GOVT. & PUBLIC AFF.	40.00		$108,120	$19,998	$128,118
NANETTE LAWSON	FORMER CHIEF OPERATING OFFICER	0.00		$321,119	$47,605	$368,724
EMMETT CUSSON	FORMER CHIEF TECHNOLOGY OFFICER	0.00		$153,586	$9,641	$163,227
GAIL MARSHALL	FORMER CHIEF REGULATORY OFFICER	0.00		$122,083	$15,448	$137,531

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$56,050,435	$49,151,258	$84,065,143	$6,899,177
2023	$48,594,053	$46,879,987	$76,222,195	$1,714,066
2022	$32,395,479	$41,558,950	$68,082,981	$-9,163,471
2021	$35,699,202	$41,164,114	$78,531,119	$-5,464,912
2020	$46,866,502	$43,872,714	$83,153,694	$2,993,788
2019	$32,877,847	$42,302,498	$80,231,181	$-9,424,651
2018	$42,100,901	$37,378,304	$88,567,608	$4,722,597

MUNICIPAL SECURITIES RULEMAKING BOARD