Certified Financial Planner Board of Standards Center for Financial Planning

Nonprofit profile at a glance

EIN
742385850
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2022
Location
Washington, DC, USA
Phone
2023792200
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$8,387,332
Expenses
$9,754,216
Assets
$45,935,726
Liabilities
$13,330,579

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Executive titles in this filing

  • KEVIN KELLER (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • KEVIN KELLER (CHIEF EXECUTIVE OFFICER): $1,291,553 total reported compensation
  • LEO RYDZEWSKI (GENERAL COUNSEL): $783,560 total reported compensation
  • DANE SNOWDEN (CHIEF OPERATING OFFICER): $710,033 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of cfp board center for financial planning, a 501(c)(3) nonprofit organization, is to advance competent and ethical financial planning and expand cfp professional diversity for the benefit of the public.

What it reported doing in 2024

Academics, scholarships and contentcfp board center for financial planning administers scholarship programs that assist individuals aspiring to become a cfp professional with completing the education and exam requirements for cfp certification.these scholarships are supported by the generous donations of sponsors and donors who realize the benefit of creating a more diverse and sustainable financial planning profession. Each scholarship has different requirements, application processes and deadlines to follow to be eligible for consideration. Continued on schedule o.cfp board center for financial planning has a comprehensive research agenda that develops deep and leading insights that assess the impact of financial planning on clients' well-being, track trends, and gauge professionals and the public's perceptions on critical financial planning topics. Starting in 2023, cfp board center for financial planning has collaborated with four well-respected academic researchers to develop a definition of financial well-being that will serve as the basis of a 10-year longitudinal study. The researchers conducted the study's initial survey in 2024 that will track the impact of professional financial planning advice on the well-being of individuals and families. Also in 2024, cfp board center for financial planning launched an annual study on high school and college students' awareness of financial planning as a career choice and their relationship with money and personal finance.cfp board hosts connections conference where participants in the financial advice ecosystem including financial planning practitioners, firm leaders, educators, researchers, and students come together for high-impact learning, cutting-edge insights, and practical takeaways. Connections conference was held in Washington dc in september 2024.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 92% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 91
  • Accountability: 100
  • Sustainability: 32
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 74.6%; rating input score 75
  • Fundraising efficiency: $12.26 raised per $1 spent on fundraising; rating input score 44; 44th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -16.3%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 4.71; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.29; rating input score 35; 35th percentile among comparable filings
  • Officer compensation ratio: 69.7%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -3.3% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: 0.2% per year; rating input score 100; 12th percentile among comparable filings
  • Asset growth: 3.9% per year; rating input score 100; 29th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 74.6% of spending went to programs
  • Governance: 14 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $7.3M in reported program spending
  • Leadership: top reported pay $1.3M · 26 people listed · 5 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 44/100.
  • High — Sustainability: Operating margin scored 9/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 35/100.