CFA INSTITUTE RESEARCH FOUNDATION

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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

1965

Legal Domicile

Principal Officer

MARGARET FRANKLIN

Phone

4349515499

Tax Period

2023-09-01 to 2024-08-31

CFA INSTITUTE RESEARCH FOUNDATION, founded in 1965, is a community nonprofit in the Education sector that reported $2.4M in total revenue in fiscal year 2023. Revenue surged 165% from the prior year, signaling strong growth momentum. The organization ran a surplus of $1.6M, a strong 67% operating margin.

Mission

CFA INSTITUTE RESEARCH FOUNDATION'S MISSION IS TO PROVIDE INDEPENDENT, HIGH-QUALITY RESEARCH THAT HELPS INVESTMENT PROFESSIONALS EFFECTIVELY FULFILL THEIR DUTIES WITH PRUDENCE, LOYALTY, AND CARE. 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.

Program Service Accomplishments

Program 1

Expenses: $717,909 Revenue: $2,116

SEVERANCE PAYMENTS WERE MADE AS FOLLOWS: WALTER V. HASLETT JR.: $129,969

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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 $332,718

Program Service Revenue $2,116

Investment Income $2,055,537

Other Revenue $245

TOTAL REVENUE $2,390,616

Expense Breakdown

Grants Paid $36,000

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $717,909

Other Expenses $757,993

TOTAL EXPENSES $793,993

Year-over-Year Comparison

	2023	2022	Change
Revenue	$2,390,616	$902,437	+1.6%
Expenses	$793,993	$620,419	+0.3%
Net Income	$1,596,623	$282,018	+4.7%

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

N/A

Volunteers

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

$1,907,918

Total Directors

$1,464,300

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARGARET FRANKLIN CFA	BOARD MEMBER	1.00	Officer Director	$0	$42,890	$1,456,005
AARON LOW CFA	CHAIR	1.00	Officer Director	$0	$0	$0
JEFFERY BAILEY CFA	VICE-CHAIR	1.00	Officer Director	$0	$0	$0
GIUSEPPE BALLOCCHI PHD CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
AARON BROWN CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
PHILIP GRAHAM CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
JOANNE HILL PHD	BOARD MEMBER	1.00	Director	$0	$0	$0
PUNITA KUMAR-SINHA CFA	BOARD MEMBER	1.00	Director	$0	$0	$8,295
LOTTA MOBERG PHD CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
SUSAN SPINNER CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
DAVE UDUANU CFA	BOARD MEMBER	1.00	Director	$0	$0	$0
KURT WINKELMANN PHD	BOARD MEMBER	1.00	Director	$0	$0	$0
KIMBALL E MAYNARD	TREASURER	2.00	Officer	$0	$37,425	$273,841
JESSICA LAWSON END 22024	SECRETARY	2.00	Officer	$0	$22,615	$96,880
LYDIA OOGHE	SECRETARY	2.00	Officer	$0	$22,904	$81,192
WALTER V HASLETT JR CFA	EXEC. DIRECTOR/BOARD (END 8/2023)	0.00		$0	$39,122	$408,047

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	$2,390,616	$793,993	$21,326,131	$1,596,623
2023	$902,437	$620,419	$19,036,392	$282,018
2022	$3,613,196	$585,333	$17,781,846	$3,027,863
2021	$1,062,651	$490,710	$20,673,964	$571,941
2020	$1,144,692	$976,692	$17,228,240	$168,000
2019	$908,777	$799,059	$15,596,962	$109,718
2018	$1,130,713	$686,811	$15,492,750	$443,902