Global Associations Of Risk Proffesionals Inc
- Assets
- $64.4m
- Revenue
- $42.6m
- Investments
- $0.0
- Employees
- 109
- Location
- Jersey City, NJ
- Founding
- 02/2004
- Data as of
- 12/2022
- EIN
- 02-0571577
Organization Overview
Global Associations Of Risk Proffesionals Inc is located in Jersey City, NJ. The organization was established in 2004. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Global Associations Of Risk Proffesionals Inc employed 109 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Global Associations Of Risk Proffesionals Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Global Associations Of Risk Proffesionals Inc generated $42.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $42.5m during the year ending 12/2022. While expenses have increased by 7.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE THE RISK PROFESSION THRU EDUCATION, TRAINING & THE PROMOTION OF BEST PRACTICES GLOBALLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE OPROFESSIONAL CERTIFICATION & EDUCATIONAL PROGRAMS CERTIFICATION: GARP SETS THE GLOBAL STANDARD IN PROFESSIONAL CERTIFICATION WITH THE FRM (FINANCIAL RISK MANAGER) CERTIFICATION AND THE SCR (SUSTAINABILITY AND CLIMATE RISK) CERTIFICATE. IT OFFERS THESE EXAMS ANNUALLY. THESE PROGRAMS ARE RIGOROUS AND VERY WELL RESPECTED ACROSS THE GLOBE. BY DEMONSTRATING EXPERTISE AND COMMITMENT TO BETTER RISK MANAGEMENT PRACTICES, CERTIFIED FRMS AND SCR HOLDERS STAND APART IN THEIR RESPECTIVE ORGANIZATIONS. EDUCATION AND AWARENESS: EVERYONE HAS AN IMPORTANT ROLE TO PLAY IN SUPPORTING A ROBUST RISK CULTURE. WHETHER IT IS EDUCATING AN ENTERPRISE, OR EDUCATING FINANCIAL PROFESSIONALS ACROSS AN ENTIRE COUNTRY, GARP PARTNERS WITH FIRMS AND CENTRAL BANKS TO DELIVER FOUNDATIONAL AND ADVANCED RISK AWARENESS PROGRAMS. THROUGH THESE PROGRAMS WE HAVE ENABLED TENS OF THOUSANDS OF FINANCE PROFESSIONALS GLOBALLY TO PROMOTE A RISK-AWARE CULTURE.
CONNECTING THE RISK LEADERSHIP AND THE GLOBAL RISK COMMUNITY: ADDRESSING RISK IS A TEAM EFFORT, AND WITH OVER 260,000 MEMBERS IN 195 COUNTRIES AND TERRITORIES - GARP MEMBERS ARE MAKING A DIFFERENCE. GARP MEMBERSHIP PROVIDES THE COMMUNITY WITH ENGAGEMENT OPPORTUNITIES TO HAVE A VOICE IN INDUSTRY RESEARCH, UNPARALLELED NETWORKING OPPORTUNITIES, ACCESS TO RISK INTELLIGENCE, AND MUCH, MUCH MORE. OUR CONVENTIONS, TOGETHER WITH 51 CHAPTER DIRECTORS REPRESENTING 28 CHAPTERS IN MORE THAN A DOZEN COUNTRIES AROUND THE WORLD, GIVE THE COMMUNITY THE OPPORTUNITY TO MEET AND LEARN FROM ONE ANOTHER. ADDITIONALLY, OUR CONTINUING PROFESSIONAL DEVELOPMENT (CPD) PROGRAM OFFERS RISK PROFESSIONALS ACCESS TO THE VERY LATEST IN RISK EDUCATION, PAVING THE WAY FOR A CLEAR VIEW OF THE RISK HORIZON.ONGOING DIALOG BETWEEN REGULATORS, PRACTITIONERS AND LEADING ACADEMIC EXPERTS IS CRITICAL TO HELP BETTER UNDERSTAND AND SOLVE FOR THE EVER-INCREASING NUMBER OF FINANCIAL AND OPERATIONAL RISK CHALLENGES FACING THE WORLD'S MARKETS TODAY. IT'S IMPORTANT FOR THIS KIND OF DIALOG TO BE OPEN, OBJECTIVE AND NOT MOTIVATED BY PARTISAN AGENDA. WE FACILITATE OBJECTIVE AND NON-PARTISAN DIALOGUE THROUGH REGULARLY HOSTING GLOBAL RISK FORUMS WHERE REGULATORS, PRACTITIONERS, AND LEADING ACADEMICS COLLECTIVELY AND COLLABORATIVELY ADDRESS IMPORTANT RISK ISSUES.
SEE SCHEDULE OBENCHMARKING INITIATIVE AND RISK INTELLIGENCE GARP BENCHMARKING INITIATIVE (GBI): IN THIS TIME OF INCREASING ECONOMIC GLOBALIZATION AND MARKET INTERCONNECTEDNESS, THE CAUSES OF AND APPROACHES TO DEALING WITH GLOBAL SYSTEMIC RISK ISSUES ARE OF IMMENSE IMPORTANCE. BANKS AS WELL AS THEIR REGULATORS ARE IN NEED OF WAYS TO APPROPRIATELY DEVELOP, IMPLEMENT AND ANALYZE STUDIES TO TEST AND BENCHMARK BANK RISK SYSTEMS AND APPROACHES. GBI IS PLAYING A MAJOR AND GLOBALLY UNIQUE ROLE IN ANALYZING THE PROCESSES RELATED TO HYPOTHETICAL PORTFOLIO EXERCISES, QUANTITATIVE IMPACT STUDIES, AND OTHER MUCH NEEDED BENCHMARKING ACTIVITIES.RISK INTELLIGENCE: KEEPING UP WITH THE EVER-EVOLVING RISK LANDSCAPE IS CHALLENGING, BUT ESSENTIAL FOR RISK PROFESSIONALS AND THE INDUSTRY TO COLLECTIVELY SAFEGUARD THE WORLD'S FINANCIAL MARKETS. GARP DELIVERS CRITICAL RISK INTELLIGENCE: INDUSTRY SURVEYS, SPECIAL REPORTS, NEWS, ANALYSIS, WHITEPAPERS, WEBINARS AND MORE, TO ENSURE THAT THE COMMUNITY HAS THE VERY LATEST INTELLIGENCE TO DRIVE INFORMED DECISION MAKING.
ANNUAL CONFERENCE: THE ORGANIZATION OFFERS AN ANNUAL CONFERENCE IN ADDITION TO OCCASIONAL SEMINARS AND OTHER EVENT PROGRAMS, OFFERS DISCOUNTS ON GARP AND OTHER THIRD-PARTY PUBLICATIONS, A MEMBERSHIP PROGRAM, AND OFFERS ACCESS TO A CAREER CENTER TO POST RESUMES AND SEARCH FOR JOB OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Apostolik President & CEO | OfficerTrustee | 45 | $2,090,151 |
Bradford Hu Chairman | OfficerTrustee | 1 | $0 |
Ben Golub Trustee | Trustee | 1 | $0 |
Andrew Gray Trustee | Trustee | 1 | $0 |
Geoffrey Greener Trustee | Trustee | 1 | $0 |
Stuart Lewis Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Beijing Zhong Cheng Yu Da Education Risk Program | 12/30/22 | $614,700 |
Cowan Liebowitz & Latman Pc Legal | 12/30/22 | $516,286 |
Fultran Solutions Inc It Services | 12/30/22 | $375,075 |
Genisis Technology Solutions Inc It Services | 12/30/22 | $482,956 |
Bacal Law Group Pc Legal | 12/30/22 | $333,879 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $40,372,919 |
| Investment income | $1,088,259 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $3,676 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $910,359 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,600,268 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $833 |
| Grants and other assistance to Foreign Orgs/Individuals | $5,666 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $4,588,635 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,640,293 |
| Pension plan accruals and contributions | $474,259 |
| Other employee benefits | $2,064,869 |
| Payroll taxes | $1,031,590 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $985,482 |
| Fees for services: Accounting | $171,814 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $12,365 |
| Fees for services: Other | $113,789 |
| Advertising and promotion | $3,019,917 |
| Office expenses | $97,865 |
| Information technology | $1,431,733 |
| Royalties | $0 |
| Occupancy | $2,773,092 |
| Travel | $131,212 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $116,396 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,053,359 |
| Insurance | $0 |
| All other expenses | $311,845 |
| Total functional expenses | $42,512,198 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,175,096 |
| Savings and temporary cash investments | $6,112,345 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $229,191 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,102,641 |
| Net Land, buildings, and equipment | $3,244,927 |
| Investments—publicly traded securities | $37,033,537 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,484,021 |
| Other assets | $10,979,695 |
| Total assets | $64,361,453 |
| Accounts payable and accrued expenses | $6,994,183 |
| Grants payable | $0 |
| Deferred revenue | $8,802,263 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,019,968 |
| Total liabilities | $28,816,414 |
| Net assets without donor restrictions | $35,545,039 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $64,361,453 |