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Managed Funds Association FY2024 filing

Not tax-deductible

Washington, DC501(c)(6)Since 1991EIN 77-0277826Revenue $31.7M in FY2024

On file with the IRSmfaalts.org1301 Pennsylvania Ave Nw Ste 350, 20004-1734 · Washington, DCTax-exempt since Apr 1994

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Managed Funds Association (mfa), based in washington, d.c., new york city, brussels, and london, represents the global alternative asset management industry. Mfa's mission is to advance the ability of alternative asset managers to raise capital, invest IT, and generate returns for their beneficiaries. Mfa advocates on behalf of its membership and convenes stakeholders to address global regulatory, operational, and business issues. Mfa has more than 180 fund manager members, including traditional hedge Funds, private credit Funds, and hybrid Funds, that employ a diverse set of investment strategies. Member firms help pension plans, university endowments, charitable foundations, and other institutional investors diversify their investments, manage risk, and generate attractive returns throughout the economic cycle.

$8.2M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2024 · 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
3 of 6
filings with a surplus
Average deficit $43K a year · under 1% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Pay to officers and key staff
$8.2M
to officers and key staff · 27% of spending
Worth a look: pay to officers and key staff is 27% of spending; over 20%.
Pt VII · Sec A
Cash reserves
12 mo
of spending, in cash
Looks good: 11.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$25.2M
68% of total assets
Worth a look: liabilities are 68% of assets; over 65%.
Pt X · Ln 26
Independent board members
38
of 38 voting members
Looks good: 38 of 38 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$31.7M
+13% vs prior year
Spent
$31.1M
Net assets
$11.9M
By yearFY2020–FY2025
Revenue
$31.7M
FY2024▲ +13%
Tap a bar for its year
Revenue by fiscal year
FY2020$19.9M
FY2021$21.2M
FY2022$24.4M
FY2023$28.0M
FY2024$31.7M
FY2025$30.2M
Expenses
$31.1M
FY2024▲ +15%
Tap a bar for its year
Expenses by fiscal year
FY2020$20.8M
FY2021$21.6M
FY2022$25.2M
FY2023$27.0M
FY2024$31.1M
FY2025$30.0M
Net assets
$11.9M
FY2024▲ +8%
Tap a bar for its year
Net assets by fiscal year
FY2020$11.3M
FY2021$10.9M
FY2022$9.9M
FY2023$11.0M
FY2024$11.9M
FY2025$12.0M

From the FY2024 Form 990 (year ending September 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 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 Apr 1994.

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

Who runs it and what they're paid

49 people listed on the 990; $8.2M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Bryan Corbett
President & CEO
$2,856,675Pt VII · Sec A
$834,939Pt VII · Sec A
Jennifer Han
EVP, Chief Counsel, Head Reg Affairs
$833,160Pt VII · Sec A
Jillien Flores
EVP, Head of US Government Affairs
$820,768Pt VII · Sec A
Noah Theran
Global Head of Communications
$564,892Pt VII · Sec A
Brooke Harlow
Former Chief Commerical Officer
$505,471Pt VII · Sec A
Nora Richardson
VP, Membership & Inv Servs
$453,968Pt VII · Sec A
Matthew Daigler
VP, Regulatory Affairs
$379,674Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Bryan Corbett$3,092,376$2,856,675$2,672,699$2,491,296$940,390—
Richard Baker—————$1,526,295
Richard Baker Term 22020————$940,770—
Jennifer Han$888,196$833,160$700,645$517,790$458,432$392,589
Peter Donovan$876,532$834,939$661,160$629,670$624,529$589,753
Jillien Flores$874,571$820,768$710,175$433,873——
Brooke Harlow—$505,471$414,201$740,423$740,943$685,714
Mark Epley———$140,680$659,997$623,334

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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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

Advocates for the global alternative investment industry by promoting sound public policies, sharing best practices, and educating the public on hedge funds' economic contributions.

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Provided by the organization

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3 programs · in their own filed words · FY2023
01

Communication

Through outreach to journalists and thought leaders, mfa informs coverage of the alternative asset management industry and highlights the work our members do to provide retirement security for workers, capital for businesses, and increased resources for endowments and foundations.

Pt IX · col B
02

Advocacy

Mfa promotes public policies that foster efficient, transparent, and fair capital markets. With input from our members, mfa works constructively with policy makers around the globe to help inform the legislative and regulatory processes.

Pt IX · col B
03

Education

Each year, mfa holds dozens of conferences, forums, and other events that give our members the tools and information they need to thrive in an evolving global regulatory landscape.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$31.7M
Ln 12
Fees for servicesLn 2g$30.3M
Investment incomeLn 3$1.4M
Other incomeLn 4–11$32K
Money outPt IX
$31.1M
Ln 25
Owns and owesPt X
$11.9M
net assets · Ln 32
Cash and savingsLn 1–2$30.2M
Total assetsLn 16$37.1M
LiabilitiesLn 26$25.2M
PeoplePt VI, VII
49
listed · VII A
PaidVII A11
Voting boardVI 1a38
IndependentVI 1b38
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$30.3M
Investment incomeLn 3$1.4M
Other incomeLn 4–11$32K
Total revenueLn 12$31.7M
Assets in detailPt X, end of year
CashLn 1$12.0M
SavingsLn 2$18.2M
Cash and savings togetherLn 1–2$30.2M
Land, buildings, equipmentLn 10c$1.3M
Other assetsLn 15$4.4M
Total assetsLn 16$37.1M
LiabilitiesLn 26$25.2M
Net assetsLn 32$11.9M
OperationsPt I, VI
EmployeesI 50
VolunteersI 643
Fiscal year endsHeaderSeptember
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 FY24End FY24
Cash and savingsLn 1–2$27.3M$30.2M
Land, buildings, equipmentLn 10c$1.5M$1.3M
Total assetsLn 16$34.9M$37.1M
LiabilitiesLn 26$23.9M$25.2M
Net assetsLn 32$11.0M$11.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$7.1M
Other salaries and wagesLn 7$7.1M
Pension plan contributionsLn 8$228K
Other employee benefitsLn 9$537K
Payroll taxesLn 10$645K
Legal feesLn 11b$3.4M
Accounting feesLn 11c$40K
Lobbying feesLn 11d$1.9M
Investment management feesLn 11f$50K
Other fees for servicesLn 11g$1.7M
Advertising and promotionLn 12$230K
Office expensesLn 13$586K
Information technologyLn 14$991K
OccupancyLn 16$1.2M
TravelLn 17$1.0M
Conferences, conventions and meetingsLn 19$3.0M
Depreciation, depletion and amortizationLn 22$336K
InsuranceLn 23$35K
Other expenses (24a–d)Ln 24$999K
All other expensesLn 24e$17K
Total functional expensesLn 25$31.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $30.2M$30.0M$220K$12.0M 990 PDF
FY2024 Viewing $31.7M$31.1M$654K$11.9M 990 PDF
FY2023 $28.0M$27.0M$1.0M$11.0M 990 PDF
FY2022 $24.4M$25.2M−$819K$9.9M 990 PDF
FY2021 $21.2M$21.6M−$399K$10.9M 990 PDF
FY2020 $19.9M$20.8M−$921K$11.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $31,707,591 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $27,069,083$30,292,299
I-10 Investment incomePrior year $895,718$1,383,073
I-11 Other revenuePrior year $5,000$32,219
I-12 Total revenuePrior year $27,969,801$31,707,591
I-13 Grants and similar amounts paidPrior year $5,000$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $14,421,892$15,530,384
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $12,533,495$15,522,751
I-18 Total expensesPrior year $26,960,387$31,053,135
I-19 Revenue less expensesPrior year $1,009,414$654,456
Part VI · Governance 38 of 38 board members independent, no flags
VI-1a Voting members of the governing body38
VI-1b Independent voting members38
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 $31,707,591 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $30,292,299$30,292,299
VIII-3 Investment incomeExcluded from tax $1,383,073$1,383,073
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $32,219$32,219
VIII-12 Total revenueRelated to mission $30,292,299 · Unrelated business $0 · Excluded from tax $1,415,292$31,707,591
Part IX · Statement of functional expenses $31,053,135 across 20 lines filed
IX-5 Pay of current officers, directors and key staff$7,060,440
IX-7 Other salaries and wages$7,060,334
IX-8 Pension plan contributions$227,628
IX-9 Other employee benefits$536,658
IX-10 Payroll taxes$645,324
IX-11b Legal fees$3,432,382
IX-11c Accounting fees$39,816
IX-11d Lobbying fees$1,922,208
IX-11f Investment management fees$50,250
IX-11g Other fees for services$1,679,375
IX-12 Advertising and promotion$230,066
IX-13 Office expenses$585,574
IX-14 Information technology$990,766
IX-16 Occupancy$1,217,195
IX-17 Travel$1,010,053
IX-19 Conferences, conventions and meetings$2,977,104
IX-22 Depreciation, depletion and amortization$335,987
IX-23 Insurance$35,439
IX-24 Other expenses (24a–d)$999,387
IX-24e All other expenses$17,149
IX-25 Total functional expenses$31,053,135
Part X · Balance sheet $37,124,683 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $7,328,513$12,023,929
X-2 Savings and temporary cash investmentsStart of year $19,967,963$18,218,147
X-4 Accounts receivableStart of year $584,308$736,068
X-9 Prepaid expenses and deferred chargesStart of year $540,884$473,681
X-10c Land, buildings and equipment, netStart of year $1,462,369$1,252,286
X-15 Other assetsStart of year $5,025,021$4,420,572
X-16 Total assetsStart of year $34,909,058$37,124,683
X-17 Accounts payable and accrued expensesStart of year $5,470,650$7,997,494
X-19 Deferred revenueStart of year $11,303,147$10,930,757
X-25 Other liabilitiesStart of year $7,102,828$6,320,676
X-26 Total liabilitiesStart of year $23,876,625$25,248,927
X-27 Net assets without donor restrictionsStart of year $11,032,433$11,875,756
X-32 Total net assets or fund balancesStart of year $11,032,433$11,875,756
X-33 Total liabilities and net assetsStart of year $34,909,058$37,124,683
Part XI · Reconciliation of net assets $11,875,756 net assets at year end
XI-1 Total revenue$31,707,591
XI-2 Total expenses$31,053,135
XI-3 Revenue less expenses$654,456
XI-4 Net assets at start of year$11,032,433
XI-5 Net unrealized gains (losses) on investments$188,867
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$11,875,756

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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