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Closed-End Fund Association FY2021 filing

Not tax-deductible

Kansas City, MO501(c)(6)Mutual / membership EIN 04-3403082Revenue $220K in FY2021

On file with the IRScefa.com2323 Grand Boulevard Suite 250, 64108-3558 · Kansas City, MOTax-exempt since Jul 1998

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Closed End Fund Association is committed to educating the investing public about the many benefits of Closed End Fund products and to provide a resource for information about its members and their offerings

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $29K a year · 13% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 2.4 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$58K
107% of total assets
Concern: liabilities are 107% of assets; over 80%.
Pt X · Ln 26
Independent board members
20
of 20 voting members
Looks good: 20 of 20 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$220K
Spent
$258K
To programs
100%
Net assets
−$4K
By yearFY2021–FY2025
Revenue
$220K
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$220K
FY2022$206K
FY2023$241K
FY2024$253K
FY2025$218K
Expenses
$258K
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$258K
FY2022$244K
FY2023$257K
FY2024$280K
FY2025$241K
Net assets
−$4K
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021−$4K
FY2022−$42K
FY2023−$60K
FY2024−$87K
FY2025−$111K

From the FY2021 Form 990 (year ending June 2021) · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1998.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $258K

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

21 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Rennie McConnochie
Board President
$0Pt VII · Sec A
Dennis Emanuel
Board Member
$0Pt VII · Sec A
Robert Bush
Board Member
$0Pt VII · Sec A
David Leggette
Board Member
$0Pt VII · Sec A
Ted Valenti
Board Member
$0Pt VII · Sec A
Jonathan Isaac
Member at Large
$0Pt VII · Sec A
Jeff Keele
Member at Large
$0Pt VII · Sec A
Chris Larsen
Member at Large
$0Pt VII · Sec A
See Closed-End Fund Association executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Educates investors on closed-end fund benefits and offers member information.

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Provided by the organization

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2 programs · $258K · in their own filed words · FY2020
01

Focus on closed-end fund investing issues and promotion of benefits of closed-end fund investing through education, research studies and enhanced data reporting

$250Kprogram expense
02

Through conferences and seminars individuals in the closed-end fund induustry are provided a forum to communicate, enhance business relationships and increase knowledge of relevant industry issues

$8Kprogram expense

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$220K
Ln 12
Fees for servicesLn 2g$219K
Other incomeLn 4–11$261
Investment incomeLn 3$40
Money outPt IX
$258K
Ln 25
Programscol B$258K
Owns and owesPt X
−$4K
net assets · Ln 32
Cash and savingsLn 1–2$52K
Total assetsLn 16$54K
LiabilitiesLn 26$58K
PeoplePt VI, VII
21
listed · VII A
PaidVII A0
Voting boardVI 1a20
IndependentVI 1b20
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$219K
Investment incomeLn 3$40
Other incomeLn 4–11$261
Total revenueLn 12$220K
Assets in detailPt X, end of year
CashLn 1$8K
SavingsLn 2$44K
Cash and savings togetherLn 1–2$52K
Total assetsLn 16$54K
LiabilitiesLn 26$58K
Net assetsLn 32−$4K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$90K$52K
Total assetsLn 16$92K$54K
LiabilitiesLn 26$57K$58K
Net assetsLn 32$35K−$4K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$180K$180K
Accounting feesLn 11c$3K$3K
Other fees for servicesLn 11g$2K$2K
Information technologyLn 14$33K$33K
OccupancyLn 16$21K$21K
Conferences, conventions and meetingsLn 19$8K$8K
Other expenses (24a–d)Ln 24$11K$11K
All other expensesLn 24e$465$465
Total functional expensesLn 25$258K$258K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $218K$241K−$23K−$111K 990 PDF
FY2024 $253K$280K−$27K−$87K 990 PDF
FY2023 $241K$257K−$16K−$60K 990 PDF
FY2022 $206K$244K−$38K−$42K 990 PDF
FY2021 Viewing $220K$258K−$38K−$4K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $219,701 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $285,700$219,400
I-10 Investment incomePrior year $70$40
I-11 Other revenuePrior year $449$261
I-12 Total revenuePrior year $286,219$219,701
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $281,348$258,075
I-18 Total expensesPrior year $281,348$258,075
I-19 Revenue less expensesPrior year $4,871−$38,374
Part VI · Governance 20 of 20 board members independent, 4 to look at
VI-1a Voting members of the governing body20
VI-1b Independent voting members20
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $219,701 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $219,400$219,400
VIII-3 Investment incomeExcluded from tax $40$40
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $261$261
VIII-12 Total revenueRelated to mission $219,400 · Unrelated business $0 · Excluded from tax $301$219,701
Part IX · Statement of functional expenses $258,075 across 8 lines filed
IX-11a Management feesPrograms $180,000$180,000
IX-11c Accounting feesPrograms $3,290$3,290
IX-11g Other fees for servicesPrograms $2,150$2,150
IX-14 Information technologyPrograms $32,676$32,676
IX-16 OccupancyPrograms $20,700$20,700
IX-19 Conferences, conventions and meetingsPrograms $7,789$7,789
IX-24 Other expenses (24a–d)Programs $11,005$11,005
IX-24e All other expensesPrograms $465$465
IX-25 Total functional expensesPrograms $258,075 · Management $0 · Fundraising $0$258,075
Part X · Balance sheet $54,181 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $4,713$7,929
X-2 Savings and temporary cash investmentsStart of year $85,370$44,071
X-4 Accounts receivableStart of year $2,181$2,181
X-16 Total assetsStart of year $92,264$54,181
X-17 Accounts payable and accrued expensesStart of year $57,495$57,786
X-26 Total liabilitiesStart of year $57,495$57,786
X-27 Net assets without donor restrictionsStart of year $34,769−$3,605
X-32 Total net assets or fund balancesStart of year $34,769−$3,605
X-33 Total liabilities and net assetsStart of year $92,264$54,181
Part XI · Reconciliation of net assets −$3,605 net assets at year end
XI-1 Total revenue$219,701
XI-2 Total expenses$258,075
XI-3 Revenue less expenses−$38,374
XI-4 Net assets at start of year$34,769
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$3,605

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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