Financial Technology Association
- Assets
- $2.1m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 4
- Location
- Chantilly, VA
- Founding
- Data as of
- 12/2023
- EIN
- 85-3790227
Organization Overview
Financial Technology Association is located in Chantilly, VA. 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 12/2023, Financial Technology Association employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Financial Technology Association 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 12/2023, Financial Technology Association generated $2.2m in total revenue. All expenses for the organization totaled $2.4m during the year ending 12/2023.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATE CONSUMERS, REGULATORS, POLICYMAKERS AND INDUSTRY STAKEHOLDERS ON THE VALUE OF TECHNOLOGY-CENTERED FINANCIAL SERVICES AND ADVOCATE FOR MODERNIZATION OF FINANCIAL REGULATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FTA EDUCATED AND INFORMED POLICY-MAKERS AND THE PUBLIC ON ISSUES RELATED TO TECHNOLOGY-CENTERED FINANCIAL SERVICES. IT ACCOMPLISHED THIS THROUGH DRAFTING A COMPREHENSIVE WHITE PAPER, COMMENT LETTERS, PRESS RELEASES, MEDIA RELATIONS, ENGAGING POLICYMAKERS, ATTENDING CONFERENCES, SPEAKING ON PANELS, AND GROWING MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leigh Lytle Chair(part Year) | OfficerTrustee | 1 | $0 |
Tom Manatos Chair (part Year) | OfficerTrustee | 1 | $0 |
Brian Peters Treasurer | OfficerTrustee | 1 | $0 |
Penny Lee Ceo/president | OfficerTrustee | 50 | $625,000 |
Teddy Flo Vice Chair | OfficerTrustee | 1 | $0 |
Meredith Fuchs Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mindset Advocacy Llc Consulting | 12/30/23 | $240,000 |
Gattaca Horizons Consulting | 12/30/23 | $180,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $2,210,000 |
| 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 | $2,210,000 |
| Total Program Service Revenue | $0 |
| Investment income | $27,585 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,237,585 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $661,743 |
| Compensation of current officers, directors, key employees. | $132,349 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $643,166 |
| Pension plan accruals and contributions | $22,686 |
| Other employee benefits | $20,519 |
| Payroll taxes | $60,527 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $121,050 |
| Fees for services: Accounting | $36,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $590,865 |
| Advertising and promotion | $60,902 |
| Office expenses | $32,142 |
| Information technology | $16,139 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $23,807 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $100,069 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,360 |
| All other expenses | $0 |
| Total functional expenses | $2,395,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,283,806 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $735,000 |
| 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 | $36,286 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,055,092 |
| Accounts payable and accrued expenses | $27,166 |
| Grants payable | $0 |
| Deferred revenue | $1,710,000 |
| 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 | $0 |
| Total liabilities | $1,737,166 |
| Net assets without donor restrictions | $317,926 |
| 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 | $2,055,092 |