CFA Institute requests that each local society submits an annual business plan and budget for the upcoming fiscal year to enable us to focus resources and support common objectives and planned activities. Additional operating standards for FY21 are detailed below and must be met to qualify for operational funding.
What is changing?
FY21 Operational Funding Requirements
Operational funding supports general operational costs, from staffing to events and other member services. Societies must meet the following requirements by the stated deadlines to receive FY21 operational funding.
Our Operational Funding formula for FY21 will remain the same as FY20. It is important to note, if a society qualified for and received incremental funding in FY20, then incremental funding will automatically be a part of their FY21 Operational Funding. For those societies that were awarded incremental funding in FY20 and did not meet all requirements, they must submit their outstanding requirements to their Relationship Manager by 30 September 2020.
New Submission Process
The FY21 annual business planning and operating standards process (formerly referred to as ‘SMSS’) is broken down into three parts: FY21 Annual Business Planning, FY21 Contractual Agreements, and FY20 Year-End Report. Details below will be focused primarily on the first two parts as the details of the Year-End Report have not been finalized. The successful completion of this process, in addition to meeting this year’s Society Leader Orientation course requirement, will qualify each society for operational funding.
How does the new process work?
This year, the Society Relations team will be leveraging existing tools to help facilitate the solicitation and collection of FY21 Annual Business Plans, signed Contractual Agreements, and FY20 Year-End Reports from CFA Societies.
You can find the details of the process and how to submit your requirements, along with key supporting documents including the FY21 Business Plan Template and previews of the three Contractual Agreements here on Society Center.
Click the link below to get started on your society’s FY21 business plan and budget.
Separate communications will be sent closer to July with details regarding the FY20 Year-End Report submission process.