WASHINGTON, DC
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Sign In — Free (10 views/day)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.
MSRB'S MISSION IS TO PROTECT AND STRENGTHEN THE MUNICIPAL BOND MARKET, ENABLING ACCESS TO CAPITAL, ECONOMIC GROWTH, AND SOCIETAL PROGRESS IN TENS OF THOUSANDS OF COMMUNITIES ACROSS THE COUNTRY. -WE CREATE TRUST IN OUR MARKET THROUGH INFORMED REGULATION OF DEALERS AND MUNICIPAL ADVISORS THAT PROTECTS INVESTORS, ISSUERS AND THE PUBLIC INTEREST. -WE BUILD TECHNOLOGY SYSTEMS THAT POWER OUR MARKET AND PROVIDE TRANSPARENCY FOR THE INVESTING PUBLIC AND OTHER MARKET PARTICIPANTS. -WE SERVE AS THE OFFICIAL SOURCE OF MARKET DATA THAT EMPOWERS BETTER DECISION MAKING AND FUELS INNOVATION FOR THE FUTURE.
MARKET REGULATION: MSRB WAS ESTABLISHED BY CONGRESS TO REGULATE SECURITIES FIRMS, BANKS AND MUNICIPAL ADVISORS THAT TRANSACT IN MUNICIPAL SECURITIES AND ENGAGE IN MUNICIPAL ADVISORY ACTIVITIES...
MARKET REGULATION: MSRB WAS ESTABLISHED BY CONGRESS TO REGULATE SECURITIES FIRMS, BANKS AND MUNICIPAL ADVISORS THAT TRANSACT IN MUNICIPAL SECURITIES AND ENGAGE IN MUNICIPAL ADVISORY ACTIVITIES (COLLECTIVELY "REGULATED ENTITIES") WITH THE GOAL OF PROTECTING INVESTORS, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND THE PUBLIC INTEREST. (CONTINUED ON SCHEDULE O)MSRB'S REGULATORY ACCOMPLISHMENTS IN FISCAL YEAR (FY) 2024 INCLUDE: - MSRB RECEIVED SEC APPROVAL TO AMEND MSRB RULE G-47, ON TIME OF TRADE DISCLOSURE, TO PROVIDE THREE NEW TIME OF TRADE DISCLOSURE SCENARIOS AND TO CODIFY, CONSOLIDATE AND RETIRE CERTAIN INTERPRETIVE GUIDANCE.- MSRB AMENDED MSRB RULE G-27 TO ALLOW DEALERS TO CONDUCT REMOTE OFFICE INSPECTIONS OF OFFICES AND LOCATIONS DURING A THREE-YEAR PILOT PROGRAM AND TO ALLOW FINRA-MEMBER DEALERS TO DESIGNATE AN ASSOCIATED PERSON'S PRIVATE RESIDENCE WHERE SUPERVISORY ACTIVITIES ARE CONDUCTED AS A RESIDENTIAL SUPERVISORY LOCATION, ALIGNING WITH AMENDMENTS BY THE FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA).
MARKET TRANSPARENCY: MSRB COLLECTS MUNICIPAL MARKET DATA AND DISCLOSURE DOCUMENTS FROM REGULATED ENTITIES, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND/OR THEIR AGENTS. MSRB PROMOTES MARKET TRANSPARENCY...
MARKET TRANSPARENCY: MSRB COLLECTS MUNICIPAL MARKET DATA AND DISCLOSURE DOCUMENTS FROM REGULATED ENTITIES, MUNICIPAL ENTITIES, OBLIGATED PERSONS AND/OR THEIR AGENTS. MSRB PROMOTES MARKET TRANSPARENCY AND EFFICIENCY BY MAKING THIS INFORMATION AVAILABLE TO THE PUBLIC, FREE OF CHARGE, ON ITS ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA) WEBSITE AT EMMA.MSRB.ORG. (CONTINUED ON SCHEDULE O)IN 2024, MSRB MADE SEVERAL ENHANCEMENTS TO ITS EMMA WEBSITE, INCLUDING THE ADDITION OF A NEW AAA-RATED MUNICIPAL YIELD CURVE, WHICH IS UPDATED HOURLY. MSRB ALSO IMPROVED THE TRANSPARENCY OF DISCLOSURE INFORMATION AVAILABLE TO MARKET PARTICIPANTS BY CLARIFYING WHETHER THE ISSUER OR THE OBLIGATED PERSON ASSOCIATED WITH A MUNICIPAL BOND ISSUE HAS AGREED TO PROVIDE DISCLOSURE INFORMATION AS REQUIRED BY SEC RULE 15C2-12. IN 2025, MSRB EXPECTS TO LAUNCH A MODERNIZED EMMA FEATURING A REDESIGNED USER INTERFACE AND USER EXPERIENCE, ONE THAT WILL ALLOW A MORE PERSONALIZED EXPERIENCE, IMPROVED NAVIGATION AND ENHANCED SEARCH FEATURES AND FUNCTIONALITY. THIS HAS BEEN A MULTI-YEAR ENDEAVOR, WHICH HAS BENEFITED FROM EXTENSIVE INPUT FROM A WIDE VARIETY OF MARKET PARTICIPANTS.
MARKET INTEGRITY: MSRB REGULARLY ANALYZES THE DATA IT COLLECTS TO IDENTIFY TRENDS AND INFORM REGULATORY DECISION MAKING, AND PUBLISHES RESEARCH TO ASSIST POLICYMAKERS, MARKET PARTICIPANTS AND THE...
MARKET INTEGRITY: MSRB REGULARLY ANALYZES THE DATA IT COLLECTS TO IDENTIFY TRENDS AND INFORM REGULATORY DECISION MAKING, AND PUBLISHES RESEARCH TO ASSIST POLICYMAKERS, MARKET PARTICIPANTS AND THE PUBLIC IN UNDERSTANDING THE MUNICIPAL SECURITIES MARKET. (CONTINUED ON SCHEDULE O)RESEARCH REPORTS PUBLISHED OVER THE PAST YEAR COVERED A VARIETY OF TOPICS INCLUDING:- AN ANALYSIS OF PRIMARY VS. RECENTLY ISSUED AND COMPETITIVE VS. NEGOTIATED MUNICIPAL SECURITIES MARKETS- AN ANALYSIS OF THE TIMING OF ANNUAL FINANCIAL DISCLOSURES BY ISSUERS OF MUNICIPAL SECURITIES- A REVIEW OF RECENT DEVELOPMENTS IN PRE-TRADE MARKET ACTIVITY IN MUNICIPAL SECURITIES- A REVIEW OF TRADING PATTERNS IN THE MUNICIPAL SECURITIES MARKET- QUARTERLY AND ANNUAL SUMMARIES OF DEVELOPMENTS IN THE MUNICIPAL SECURITIES MARKETIN ADDITION, CONSISTENT WITH ITS MANDATE TO PROTECT INVESTORS, ISSUERS AND THE PUBLIC INTEREST, MSRB PROVIDES OBJECTIVE MUNICIPAL MARKET EDUCATION, OFFERING FREE EDUCATIONAL RESOURCES TO HELP INVESTORS, ISSUERS AND OTHER MARKET PARTICIPANTS MAKE INFORMED DECISIONS. CONTINUING ITS EFFORT TO IMPROVE THE ACCESSIBILITY OF INFORMATION IN ITS ONLINE EDUCATION CENTER, MSRB PUBLISHED A SERIES OF NEW WEB PAGES TO STREAMLINE ITS EXISTING CONTENT, MAKING IT EASIER FOR MARKET PARTICIPANTS TO ACCESS AND UNDERSTAND. MSRB ALSO REVISED ITS PROFESSIONAL QUALIFICATIONS WEB PAGES, PROVIDING MORE DETAILED INFORMATION AND BREAKING UP THE CONTENT TO MAKE IT EASIER FOR DEALERS AND MUNICIPAL ADVISORS TO FIND RELEVANT INFORMATION ABOUT QUALIFICATIONS, EXAMS AND CONTINUING EDUCATION.
Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency
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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)
Sign In — Free (10 views/day)| 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% |
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
Sign In| 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 |
| 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 |
Compare MUNICIPAL SECURITIES RULEMAKING BOARD with other nonprofits in District of Columbia and across the country.