National Federation of Municipal Analysts

Nonprofit profile at a glance

EIN
363480090
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Pittsburgh, PA, USA
Phone
4123414898
Rating confidence
Limited

Official website

Reported finances

Revenue
$761,803
Expenses
$632,814
Assets
$3,732,681
Liabilities
$9,360

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • LISA GOOD (EXECUTIVE DIRECTOR)

Highest reported compensation

  • LISA GOOD (EXECUTIVE DIRECTOR): $209,477 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The nfma is a not-for-profit association of municipal analyst societies and affiliated individual members. The nfma's mission is to enhance the professional development and analytical contributions of municipal market participants through best inclass educational programs, networking opportunities, and targeted advocacy, while promoting diverse thoughts, perspectives, and representation for the benefit of the municipal bond industry.

What it reported doing in 2025

In 2025, the national federation of municipal analysts (nfma) continued to fulfill its mission of providing educational programs for its members and municipal market participants, as well as serving as the voice of municipal analysts through its efforts in disclosure. During 2025, educational programs included two 1 1/2 -day seminars, a 3-day conference and a 1 1/2 -day introductory course for new municipal analysts. The nfma also continued to facilitate webinars held by its constituent societies. The nfma is a volunteer organization who employed one full-time staff during 2025.

Operating model

Revenue model
Other-operating. 87% of the money available for current operations came from other operating revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 60
  • Accountability: 95
  • Sustainability: 66
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 16.9%; rating input score 68; 68th percentile among comparable filings
  • Total-asset coverage ratio: 5.9; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 33.1%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1.8% per year; rating input score 100; 18th percentile among comparable filings
  • Asset growth: 8.8% per year; rating input score 100; 51st percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 19 of 19 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $209K · 20 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 9 of 9 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 6/100.