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Financial Planning Association FY2020 filing

Not tax-deductible

Minneapolis, MN501(c)(6)Mutual / membership EIN 41-1957604Revenue $471K in FY2020

On file with the IRSfpamn.org1601 Utica Ave S Ste 213, 55416-3487 · Minneapolis, MNTax-exempt since Sep 2000

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Provide membership education, meetings, and annual conference covering informational topics.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
94¢ of each $1 spent went to programs.
$96K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $49K 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
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$96K
to officers and key staff · 20% of spending
Fine: pay to officers and key staff is 20% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Plus $338K in investments, Pt X · Ln 11–13
Looks good: 3.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$19K
4% of total assets
Looks good: liabilities are 4% of assets; 50% or less.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$471K
Spent
$484K
To programs
94%
Net assets
$462K
By yearFY2020–FY2024
Revenue
$471K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$471K
FY2021$320K
FY2022$229K
FY2023$507K
FY2024$387K
Expenses
$484K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$484K
FY2021$341K
FY2022$339K
FY2023$526K
FY2024$471K
Net assets
$462K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$462K
FY2021$443K
FY2022$272K
FY2023$264K
FY2024$194K

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 2000.

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

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $456K

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

15 people listed on the 990; $96K paid to officers and key staff.

Part VII, Section A · reportable compensation
Jessica Hawthorne
Executive Director
$95,880Pt VII · Sec A
$0Pt VII · Sec A
Ryan Antkowiak
President-Elect
$0Pt VII · Sec A
Ronald Evans
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Financial Planning 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 15aYes

Programs and updates

Offers education, meetings, and an annual conference on informational topics.

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Provided by the organization

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3 programs · $456K · in their own filed words · FY2020
01

Held 10 virtual educational meetings covering informational topics that members need to keep current on and use in providing financial planning services to the public. Members earn educational credits as required by the CFP Board of Standards, the State of Minnesota, the State of Wisconsin, the Minnesota Board of Continuing Legal…

$248Kprogram expense
02

Held an annual conference for the financial planning industry and members to learn about financial planning issues and earn educational credits as required by the CFP Board of Standards, the State of Minnesota, the State of Wisconsin, the National Association of State of the state Board of Accountancy, the Investment Management…

$182Kprogram expense
03

Held special events online for consumers, financial planning industry and members to learn about financial planning issues, including focus on educating consumers about financial planning, as well a students and career changers with scholarships provided for their continued education to attain the certified financial planner designation.

$26Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$471K
Ln 12
Fees for servicesLn 2g$306K
Gifts and grantsLn 1h$155K
Investment incomeLn 3$10K
Money outPt IX
$484K
Ln 25
Programscol B$456K
Owns and owesPt X
$462K
net assets · Ln 32
Cash and savingsLn 1–2$132K
Total assetsLn 16$481K
LiabilitiesLn 26$19K
PeoplePt VI, VII
15
listed · VII A
PaidVII A1
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$155K
Fees for servicesLn 2g$306K
Investment incomeLn 3$10K
Other incomeLn 4–11$100
Total revenueLn 12$471K
Assets in detailPt X, end of year
CashLn 1$94K
SavingsLn 2$38K
Cash and savings togetherLn 1–2$132K
InvestmentsLn 11–13$338K
Total assetsLn 16$481K
LiabilitiesLn 26$19K
Net assetsLn 32$462K
OperationsPt I, VI
EmployeesI 50
VolunteersI 685
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$221K$132K
InvestmentsLn 11–13$303K$338K
Total assetsLn 16$532K$481K
LiabilitiesLn 26$83K$19K
Net assetsLn 32$449K$462K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$1K
Pay of current officers, directors and key staffLn 5$96K
Management feesLn 11a$83K
Accounting feesLn 11c$13K
Other fees for servicesLn 11g$69K
Advertising and promotionLn 12$38K
Office expensesLn 13$19K
Information technologyLn 14$80K
Conferences, conventions and meetingsLn 19$41K
InsuranceLn 23$689
Other expenses (24a–d)Ln 24$44K
All other expensesLn 24e$47
Total functional expensesLn 25$484K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $387K$471K−$84K$194K 990 PDF
FY2023 $507K$526K−$19K$264K 990 PDF
FY2022 $229K$339K−$110K$272K 990 PDF
FY2021 $320K$341K−$21K$443K 990 PDF
FY2020 Viewing $471K$484K−$12K$462K 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 FY2020 990 (6 parts)
Part I · Summary $471,456 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $10,575$155,394
I-9 Program service revenuePrior year $398,627$305,846
I-10 Investment incomePrior year $8,698$10,116
I-11 Other revenuePrior year $275$100
I-12 Total revenuePrior year $418,175$471,456
I-13 Grants and similar amounts paidPrior year $4,375$1,263
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $99,768$95,880
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $374,610$386,682
I-18 Total expensesPrior year $478,753$483,825
I-19 Revenue less expensesPrior year −$60,578−$12,369
Part VI · Governance 14 of 14 board members independent, no flags
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $471,456 across 6 lines filed
VIII-1f All other contributions, gifts and grants$155,394
VIII-1h Total contributions, gifts and grants$155,394
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $305,846$305,846
VIII-3 Investment incomeExcluded from tax $10,116$10,116
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $100$100
VIII-12 Total revenueRelated to mission $305,846 · Unrelated business $100 · Excluded from tax $10,116$471,456
Part IX · Statement of functional expenses $483,825 across 12 lines filed
IX-2 Grants to domestic individuals$1,263
IX-5 Pay of current officers, directors and key staff$95,880
IX-11a Management fees$83,107
IX-11c Accounting fees$12,776
IX-11g Other fees for services$68,675
IX-12 Advertising and promotion$37,585
IX-13 Office expenses$19,305
IX-14 Information technology$79,889
IX-19 Conferences, conventions and meetings$41,068
IX-23 Insurance$689
IX-24 Other expenses (24a–d)$43,541
IX-24e All other expenses$47
IX-25 Total functional expenses$483,825
Part X · Balance sheet $481,120 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $182,783$93,721
X-2 Savings and temporary cash investmentsStart of year $37,897$37,998
X-9 Prepaid expenses and deferred chargesStart of year $8,406$11,208
X-11 Publicly traded securitiesStart of year $303,281$338,193
X-16 Total assetsStart of year $532,367$481,120
X-19 Deferred revenueStart of year $74,976$19,286
X-26 Total liabilitiesStart of year $83,425$19,286
X-27 Net assets without donor restrictionsStart of year $448,942$461,834
X-32 Total net assets or fund balancesStart of year $448,942$461,834
X-33 Total liabilities and net assetsStart of year $532,367$481,120
Part XI · Reconciliation of net assets $461,834 net assets at year end
XI-1 Total revenue$471,456
XI-2 Total expenses$483,825
XI-3 Revenue less expenses−$12,369
XI-4 Net assets at start of year$448,942
XI-5 Net unrealized gains (losses) on investments$25,261
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$461,834

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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