THE SOCIETY FOR FINANCIAL STUDIES

EIN: 954143302 501(c)(3) Education

RALEIGH, NC

Total Revenue
$1,190,128
Total Expenses
$1,427,661
Total Assets
$10,367,420
Net Assets
$8,872,467
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Financial Trends

Organization Details

Formation Year
1988
Legal Domicile
CA
Principal Officer
WEI JIANG
Tax Period
2023-01-01 to 2023-12-31

THE SOCIETY FOR FINANCIAL STUDIES, founded in 1988, is a community nonprofit in the Education sector that reported $1.2M in total revenue in fiscal year 2023. Expenses of $1.4M exceeded revenue, resulting in a 20% operating deficit.

Mission

SFS IS A GLOBAL, NONPROFIT ACADEMIC FINANCE SOCIETY THAT EDITS AND PUBLISHES THREE TOP ACADEMIC JOURNALS IN FINANCE. THE ORGANIZATION ALSO HOSTS ACADEMIC CONFERENCES IN FINANCE AND AWARDS GRANTS AND PRIZES.

Program Service Accomplishments

Program 1
Expenses: $990,664 Revenue: $892,509

JOURNALS WE PUBLISH THREE TOP ACADEMIC JOURNALS IN FINANCE: (1) THE REVIEW OF FINANCIAL STUDIES, (2) THE REVIEW OF ASSET PRICING STUDIES, AND (3) THE REVIEW OF CORPORATE FINANCE STUDIES. THE REVIEW...

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JOURNALS WE PUBLISH THREE TOP ACADEMIC JOURNALS IN FINANCE: (1) THE REVIEW OF FINANCIAL STUDIES, (2) THE REVIEW OF ASSET PRICING STUDIES, AND (3) THE REVIEW OF CORPORATE FINANCE STUDIES. THE REVIEW OF FINANCIAL STUDIES PUBLISHES ARTICLES ON MAINSTREAM FINANCE TOPICS, THE REVIEW OF ASSET PRICING STUDIES PUBLISHES ARTICLES THAT HAVE A PRIMARILY ASSET PRICING FOCUS, AND THE REVIEW OF CORPORATE FINANCE STUDIES PUBLISHES ARTICLES THAT HAVE A PRIMARILY CORPORATE FINANCE FOCUS. EACH OF THESE JOURNALS ALSO PROVIDES ANNUAL AWARDS FOR BEST PAPER AND BEST REFEREE.

Program 2
Expenses: $323,568 Revenue: $193,705

CONFERENCES WE ORGANIZE TWO MAJOR ANNUAL FINANCE CONFERENCES: THE SFS CAVALCADE NORTH AMERICA AND THE SFS CAVALCADE ASIA-PACIFIC. THESE CONFERENCES ARE HIGHLY SELECTIVE AND BRING TOGETHER ACADEMICS...

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CONFERENCES WE ORGANIZE TWO MAJOR ANNUAL FINANCE CONFERENCES: THE SFS CAVALCADE NORTH AMERICA AND THE SFS CAVALCADE ASIA-PACIFIC. THESE CONFERENCES ARE HIGHLY SELECTIVE AND BRING TOGETHER ACADEMICS FROM AROUND THE WORLD. THE FIRST IS ORGANIZED ANNUALLY IN THE US, WITH A DIFFERENT HOST SCHOOL EACH YEAR, AND THE SECOND IS ORGANIZED ANNUALLY IN THE ASIA-PACIFIC REGION, AGAIN WITH A DIFFERENT HOST SCHOOL EACH YEAR. ADDITIONALLY, WE ORGANIZE A THIRD CONFERENCE, THE RCFS WINTER CONFERENCE. THIS IS A SMALLER CONFERENCE COMPARED TO THE CAVALCADES, BUT IT HAS BEEN GROWING IN SIZE AND VISIBILITY OVER TIME. THIS IS AN ANNUAL CONFERENCE ON SELECTED FINANCE TOPICS, WITH PARTICIPATION FROM ACADEMICS AROUND THE WORLD.

Program 3
Expenses: $34,516

OTHER PROGRAM PROVIDED FINANCIAL SUPPORT TO OTHER ACADEMIC FINANCE CONFERENCES. PROVIDED AN ANNUAL AWARD FOR BEST YOUNG RESEARCHER IN FINANCE. PROVIDED TRAVEL AWARDS FOR PHD STUDENTS TRAVELLING TO...

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OTHER PROGRAM PROVIDED FINANCIAL SUPPORT TO OTHER ACADEMIC FINANCE CONFERENCES. PROVIDED AN ANNUAL AWARD FOR BEST YOUNG RESEARCHER IN FINANCE. PROVIDED TRAVEL AWARDS FOR PHD STUDENTS TRAVELLING TO THE CAVALCADE NORTH AMERICA CONFERENCE.

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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%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,086,214
Investment Income $103,914
Other Revenue $0
TOTAL REVENUE $1,190,128

Expense Breakdown

Grants Paid $90,846
Salaries & Benefits $310,985
Fundraising Expenses $400
Program Expenses $1,348,748
Other Expenses $1,025,830
TOTAL EXPENSES $1,427,661

Year-over-Year Comparison

2023 2022 Change
Revenue $1,190,128 $1,220,921 0.0%
Expenses $1,427,661 $1,135,559 +0.3%
Net Income $-237,533 $85,362 -3.8%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Governance

Voting Members
10
Independent Members
9
Employees
2
Volunteers
34

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
3
$31,650
Total Directors
13
$31,650
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
LALITHA NAVEEN SECRETARY/TR 8.00
Officer Director
$31,650 $0 $31,650
WEI JIANG PRESIDENT 3.00
Officer Director
$0 $0 $0
YISHAY YAFEH VICE PRESIDE 3.00
Officer Director
$0 $0 $0
RENEE ADAMS CHAIR, SFS C 3.00
Director
$0 $0 $0
ALON BRAV MEMBER, SFS 1.00
Director
$0 $0 $0
KAI LI MEMBER, SFS 1.00
Director
$0 $0 $0
LIYAN YANG MEMBER, SFS 1.00
Director
$0 $0 $0
PAOLA SAPIENZA MEMBER, SFS 1.00
Director
$0 $0 $0
ALLAUDEEN HAMEED MEMBER, SFS 1.00
Director
$0 $0 $0
KARIN THORBURN MEMBER, SFS 1.00
Director
$0 $0 $0
CAROLA FRYDMAN MEMBER, SFS 1.00
Director
$0 $0 $0
ALEXANDRA NIESSEN-RUENZI MEMBER, SFS 1.00
Director
$0 $0 $0
JONATHAN KARPOFF MEMBER, SFS 1.00
Director
$0 $0 $0
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 No data No data No data No data
2023 $1,190,128 $1,427,661 $10,367,420 $-237,533
2022 $1,220,921 $1,135,559 $8,896,085 $85,362
2021 $1,203,829 $1,305,769 $10,269,539 $-101,940
2020 $1,195,936 $944,987 $9,143,703 $250,949
2019 $1,111,296 $1,016,194 $7,801,569 $95,102
2018 $1,196,482 $1,003,251 $6,416,702 $193,231
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