CFA Institute filed Form 990, Return of Organization Exempt From Income Tax, earlier this month for our fiscal year 2019 that ended on 31 August 2019.
The Form 990 requires organizations to complete Schedule I, Grants and Other Assistance to Organizations, Governments, and Individuals in the United States, listing those United States recipients receiving more than $5,000. Each United States member society that received more than $5,000 from CFA Institute during FY2019 (1 September 2018 – 31 August 2019) will be reflected on this schedule. Specifically, the name and address of the society, its employer identification number, the funding amount, and purpose of the funding will be reflected.
Please note, the inclusion of grant payments to societies on the CFA Institute 990 tax return does not replace the responsibility of an individual society to file its own income tax return each year (Form 990 in the US or similar form if required outside the US). Each local society is solely responsible for filing its own income tax return and should seek advice from a local tax advisor if there is uncertainty regarding the filing requirements.
No further action is required; we simply wanted you to be aware of this inclusion on the CFA Institute Form 990, and to remind society leaders of their responsibility to confirm their local society is compliant with its own income tax filings.
Please contact us if you have any questions or comments.
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