Government Finance Officers Assn Of The United States & Canada
- Assets
- $17.5m
- Revenue
- $16.1m
- Investments
- $2.5m
- Employees
- 86
- Location
- Chicago, IL
- Founding
- 07/1942
- Data as of
- 03/2021
- EIN
- 36-2167796
Organization Overview
Government Finance Officers Assn Of The United States & Canada is located in Chicago, IL. The organization was established in 1942. According to its NTEE Classification (W22) the organization is classified as: Public Finance, Taxation & Monetary Policy, under the broad grouping of Public & Societal Benefit and related organizations. As of 03/2023, Government Finance Officers Assn Of The United States & Canada employed 86 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Government Finance Officers Assn Of The United States & Canada is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 03/2021, Government Finance Officers Assn Of The United States & Canada generated $16.1m in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $14.8m during the year ending 03/2021. As we would expect to see with falling revenues, expenses have declined by (3.8%) per year over the past 3 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE GOVERNMENT FINANCE OFFICERS ASSOCIATION ("GFOA") IS TO ADVANCE EXCELLENCE IN STATE AND LOCAL GOVERNMENT FINANCIAL MANAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRAINING AND ANNUAL CONFERENCE - SEMINARS AND CONCURRENT SESSIONS ARE HELD ON VARIOUS GOVERNMENTAL ACCOUNTING, AUDITING, AND FINANCIAL REPORTING ISSUES, AS WELL AS BUDGETING AND FINANCIAL PLANNING, DEBT MANAGEMENT, ECONOMIC DEVELOPMENT, PENSION AND BENEFIT ADMINISTRATION, TECHNOLOGY AND DIGITAL GOVERNMENT, TREASURY MANAGEMENT AND INVESTING. 128 TRAINING SEMINARS WERE HELD WITH ATTENDANCE OF 27,477 PARTICIPANTS, INCLUDING GFOA'S ANNUAL CONFERENCE.
FEDERAL LIAISON CENTER, GOVERNMENT FINANCE REVIEW MAGAZINE, GFOA NEWSLETTER, TECHNICAL ADVISORY, STATE/PROVINCIAL AND INTERNATIONAL RELATIONS, EXECUTIVE BOARD, SCHOLARSHIPS, CERTIFICATION PROGRAM, AND MEMBERSHIP DUES
RESEARCH AND CONSULTING - THE RESEARCH AND CONSULTING CENTER PERFORMS RESEARCH AND CONSULTING ON VARIOUS PUBLIC SECTOR FINANCE AND ADMINISTRATION ISSUES AND PUBLISHES RESEARCH FINDINGS TO OVER 23,500 MEMBERS BOTH ONLINE AND THROUGH GOVERNMENT FINANCE REVIEW. PUBLICATIONS ARE AVAILABLE TO MEMBERS OF THE GOVERNMENT FINANCE PROFESSION, ALL GOVERNMENT OFFICIALS, AND THE GENERAL PUBLIC.
AWARD PROGRAMS - CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING, DISTINGUISHED BUDGET PRESENTATION, CANADIAN AWARD FOR FINANCIAL REPORTING AND POPULAR ANNUAL FINANCIAL REPORTING ARE PROGRAMS IN WHICH MEMBERS OF GFOA'S SPECIAL REVIEW COMMITTEE REVIEW FINANCIAL REPORTS OF GOVERNMENTS PARTICIPATING IN THE PROGRAMS. 6,665 SUBMISSIONS WERE REVIEWED AND 6,590 WERE AWARDED TO GOVERNMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terri Velasquez President | OfficerTrustee | 4.5 | $0 |
Laura Allen President-Elect | OfficerTrustee | 1.25 | $0 |
Michael A Bryant Past President | OfficerTrustee | 1.25 | $0 |
Marion M Gee Past-President (until 06/07/22) | OfficerTrustee | 1.25 | $0 |
Sonia Andrews Board Member (as Of 06/07/22) | Trustee | 0.5 | $0 |
Lunda Asmani Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Right Angle Studio Publication Design And Production | 3/30/23 | $202,699 |
Beacon Hill Staffing Consulting | 3/30/23 | $184,215 |
Susan Gaffney Consulting | 3/30/23 | $158,665 |
Vokal Llc Website Design And Implementation | 3/30/23 | $150,558 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $722,557 |
| Investment income | $1,235,918 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $348,400 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,113,424 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $101,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,697,807 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,126,867 |
| Pension plan accruals and contributions | $757,959 |
| Other employee benefits | $814,668 |
| Payroll taxes | $484,479 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,435 |
| Fees for services: Accounting | $34,319 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,000 |
| Fees for services: Other | $1,218,073 |
| Advertising and promotion | $2,418 |
| Office expenses | $773,032 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,552,238 |
| Travel | $47,187 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $326,494 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $379,321 |
| Insurance | $135,231 |
| All other expenses | $0 |
| Total functional expenses | $14,791,361 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $569,743 |
| Savings and temporary cash investments | $261,231 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,631,631 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $380,159 |
| Prepaid expenses and deferred charges | $387,287 |
| Investments—publicly traded securities | $10,371,770 |
| Investments—other securities | $2,481,757 |
| Investments—program-related | $0 |
| Intangible assets | $628,305 |
| Other assets | $18,703 |
| Total assets | $17,477,205 |
| Accounts payable and accrued expenses | $3,508,928 |
| Grants payable | $0 |
| Deferred revenue | $5,522,482 |
| 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 | $1,190,870 |
| Total liabilities | $10,222,280 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $7,254,925 |