1. SHRM's CEO compensation increased 18.6% to $1,532,358 in 2013, and SHRM employed 409 people, up 7.6% from 2012. SHRM's total assets increased 24.9% to $143,089,642 in 2013.
2. Revenue increased 9.9% to $114,561,872 while expenses rose only 6.2% to $109,644,067, resulting in a 382% increase in revenue over expenses.
3. SHRM expanded activities outside the US, spending over $5 million total with largest expenditures in India ($3.1 million) and China ($85,556).
2013 Changes in Tax Law and Year End Tax Planning Opportunities
Individuals
o 2013 tax rates
o Tax on investment income
o Other changes in tax law affecting individuals
o Year end planning opportunities
Businesses
o Employment tax
o Depreciation
o Pass-through entities
Estate and Gift Tax
o Exemption amounts
o Tax rates
o Gifting strategies
o Valuation discounts
o Grantor trusts
2013 Changes in Tax Law and Year End Tax Planning Opportunities
Individuals
o 2013 tax rates
o Tax on investment income
o Other changes in tax law affecting individuals
o Year end planning opportunities
Businesses
o Employment tax
o Depreciation
o Pass-through entities
Estate and Gift Tax
o Exemption amounts
o Tax rates
o Gifting strategies
o Valuation discounts
o Grantor trusts
In formation on:
the charity SORP exposure draft including initial feedback from the consultation process
an update on VAT & tax matters
collaborative working together – exploring the options
impact reporting
Another tax year has started and, as always in the world of tax, nothing stays the same. There are a number of methods of
extracting funds from your own limited company and in this Briefing we consider the main options for extracting profit.
Retirement investment educator Eric Roberts will showcase how high-expense funds not only drive unnecessary expense to your participants, but actually slow their ability to retire on time.
SHRM is screwing you over. Don't worry. They're losing money too. Here's their latest financial filings from last month - it was another good year for Hank Jackson, on the bright side.
Financial Statement Analysis
During the recession many industries failed down which results into the loss of millions of dollars of the Investors and Stockholders. Later after all those incidents government has decided to make it necessary to have a financial statement to all the companies.
I am appointed as a Chief Financial Officer of the Norton Healthcare, which is operating in different parts of the country with hundreds of branches. All the financial statements should be made in each financial year, and that must be submitted to an independent financial organization. The firm will then analyze and give its recommendation as per the financial situation of the company. Company is more evaluating its strategies and decision regarding the business. The financial Statement is a necessary tool for the investor’s so that they can make investment decisions as per the financial performance of the company.
I have reviewed the financial health of the company by doing an internal survey. Years which I have covered during this are 2012, 2013 and 2014. The financial situation of the company is as following report.
2012:
2013:
2014:
In the Three consecutive years company has shown tremendous growth in terms of earning and increase in the total asset. In the year of 2012 the revenue generated by the company was $716,275,861 which was increase by the $ 65,772,910 in the year of the 2013. This increase in the Net asset in the beginning of the year shows a perfect path for the company as well as for the economy. Later in the year of the 2013, net asset of the company is become $2,241,164,734 which increases to $ 2,354,735,888 in the year of 2014. This shows a very good trend to the economy and the organization.
After analyzing the organization’s data one thing which impacts the organization is the non operating loss, the non operating losses in the year of 2013 increased many times and later on it increased many folds. This has negative impact on the performance of the company. The severe losses which are counted in the non operating losses are gain or losses from the investment, property sell and from the currency exchange. Non operating revenues and expenses show a loss of $1.9 million in the year of 2013, which was about $39.7 million in the year of 2012. The losses on the extinguishment of debt associated with this bond issued total $3.8 million. Losses on some software and hardware were about $2.4 million. The change in mark to the market loss position was about $ 10 million in the year of 2012 which was later improved to the $11.8 million.
As a CFO of the Organisation, I have some regulation which could be issued so that losses can be made under control. Non- Operating losses which accounts to millions in the year of 2013-2014, which can be minimized by selecting the thing which are involved within the organization and can be done separately by mitigating the losses. Losses due to the software and hardware which acco ...
Exercise 12-1Putnam Corporation had these transactions during 20.docxmodi11
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
In formation on:
the charity SORP exposure draft including initial feedback from the consultation process
an update on VAT & tax matters
collaborative working together – exploring the options
impact reporting
Another tax year has started and, as always in the world of tax, nothing stays the same. There are a number of methods of
extracting funds from your own limited company and in this Briefing we consider the main options for extracting profit.
Retirement investment educator Eric Roberts will showcase how high-expense funds not only drive unnecessary expense to your participants, but actually slow their ability to retire on time.
SHRM is screwing you over. Don't worry. They're losing money too. Here's their latest financial filings from last month - it was another good year for Hank Jackson, on the bright side.
Financial Statement Analysis
During the recession many industries failed down which results into the loss of millions of dollars of the Investors and Stockholders. Later after all those incidents government has decided to make it necessary to have a financial statement to all the companies.
I am appointed as a Chief Financial Officer of the Norton Healthcare, which is operating in different parts of the country with hundreds of branches. All the financial statements should be made in each financial year, and that must be submitted to an independent financial organization. The firm will then analyze and give its recommendation as per the financial situation of the company. Company is more evaluating its strategies and decision regarding the business. The financial Statement is a necessary tool for the investor’s so that they can make investment decisions as per the financial performance of the company.
I have reviewed the financial health of the company by doing an internal survey. Years which I have covered during this are 2012, 2013 and 2014. The financial situation of the company is as following report.
2012:
2013:
2014:
In the Three consecutive years company has shown tremendous growth in terms of earning and increase in the total asset. In the year of 2012 the revenue generated by the company was $716,275,861 which was increase by the $ 65,772,910 in the year of the 2013. This increase in the Net asset in the beginning of the year shows a perfect path for the company as well as for the economy. Later in the year of the 2013, net asset of the company is become $2,241,164,734 which increases to $ 2,354,735,888 in the year of 2014. This shows a very good trend to the economy and the organization.
After analyzing the organization’s data one thing which impacts the organization is the non operating loss, the non operating losses in the year of 2013 increased many times and later on it increased many folds. This has negative impact on the performance of the company. The severe losses which are counted in the non operating losses are gain or losses from the investment, property sell and from the currency exchange. Non operating revenues and expenses show a loss of $1.9 million in the year of 2013, which was about $39.7 million in the year of 2012. The losses on the extinguishment of debt associated with this bond issued total $3.8 million. Losses on some software and hardware were about $2.4 million. The change in mark to the market loss position was about $ 10 million in the year of 2012 which was later improved to the $11.8 million.
As a CFO of the Organisation, I have some regulation which could be issued so that losses can be made under control. Non- Operating losses which accounts to millions in the year of 2013-2014, which can be minimized by selecting the thing which are involved within the organization and can be done separately by mitigating the losses. Losses due to the software and hardware which acco ...
Exercise 12-1Putnam Corporation had these transactions during 20.docxmodi11
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
Exercise 12-1Putnam Corporation had these transactions during 20.docxgitagrimston
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 127,664
$ 76,472
Accounts receivable
138,724
60,040
Inventory
177,750
162,503
Prepaid expenses
44,872
41,080
Long-term investments
218,040
172,220
Plant assets
450,300
383,150
Accumulated depreciation
(79,000
)
(82,160
)
Total
$1,078,350
$813,305
Liabilities and Stockholders’ Equity
Accounts payable
$ 161,160
$ 106,334
Accrued expenses payable
26,070
33,180
Bonds payable
173,800
230,680
Common stock
347,600
276,500
Retained earnings
369,720
166,611
Total
$1,078,350
$813,305
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$613,767
Less:
Cost of goods sold
$214,027
Operating expenses, excluding depreciation
19,608
Depreciation expense
73,470
Income tax expense
43,102
Interest expense
7,473
Loss on disposal of plant assets
11,850
369,530
Net income
$ 244,237
Additional information:
1.
New plant assets costing $158,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $90,850 and accumulated depreciation of $76,630 were sold for $2,370 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $41,128 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
...
For this assignment, you will complete the Financial Overview compon.docxzebadiahsummers
For this assignment, you will complete the Financial Overview component of your course project. To complete this assignment, use the Financial Analysis Toolkit Excel file, provided in the Resources, to complete a financial analysis of your chosen company (Apple Inc,) over the last two most recent years available in annual reports. Replace the numbers provided in the Excel file with the appropriate numbers for your firm. Then, write a 2–3 page financial analysis of your company, addressing the following elements:
Identify your company, its industry, and analyze the important segments (percentage of sales or subsidiaries) of your company compared to its industry and its overall business.
Perform a complete financial analysis of your chosen company's financial statements—horizontal, vertical (Percentage of Sales and Common-Size), and changes in ratios—for the last two years.
Compare all ratios to industry averages. Evaluate the company's ratios against the industry averages.
Explain the significance of the company's ratios when compared to industry averages.
Analyze the company's cash flows.
Assess the overall financial health of your company based on this financial analysis.
A great way to integrate your completed calculations from your Excel sheet into your written analysis is to paste pieces of the worksheet directly into your Word document. You are also encouraged to create graphs or charts from the data that may illustrate your analyses as well.
Tool Kit for Analysis of Financial Statements
Financial statements are analyzed by calculating certain key ratios and then comparing them with the ratios of other firms and by examining the trends in ratios over time.
We can also combine ratios to make the analysis more revealing, those indicated below are exceptionally useful for this type of analysis.
RATIO ANALYSIS (Section 3.1)
*NVIDIA Fiscal Years starts and ends on Jan 31, such that FY13 represents Jan 31,2012 to Jan31, 2013
Input Data:
2013
2012
Year-end common stock price
$12.26
$13.86
Year-end shares outstanding (in thousands)
616,756
612,191
Tax rate
15%
12%
After-tax cost of capital
Lease payments (in thousands)
$18,998
$21,439
Required sinking fund payments
$0
$0
Balance Sheets
(in thousands of dollars)
Assets
2013
2012
Cash and equivalents
$906,223
$767,218
* Added to cash and quivalents prepaid expense and deferred income taxes
Short-term investments
$2,995,097
$2,461,700
2013
2012
Accounts receivable
$454,252
$336,143
69,701
49,411
prepaid expenses and other
Inventories
$419,686
$340,297
103,736
49,931
deferred income taxes
Total current assets
$4,775,258
$3,905,358
Net plant and equipment
$1,636,987
$1,647,570
* In addition to equpment also includes goodwill, intangible assets, and other assets
Total assets
$6,412,245
$5,552,928
2013
2012
641,030
641,030
goodwill
.
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990 irs shrm 2013 submission analysis february 2015
1. 1
The following summary of SHRM’s IRS 990 2013 report has been prepared by the SHRM Members for Transparency (SMFT). We
want to assist SHRM members in understanding this important IRS required report on SHRM practices and financial status.
The SHRM IRS 2013 990 is the most recent report available. The due date for submission of the 2013 990 Report was originally
May 15, 2014. However, SHRM has asked for extensions and their report was only recently submitted.
We encourage interested parties to read the complete 2013 IRS form 990 Report.
EXECUTIVE NARRATIVE SUMMARY
1. As reported in last year’s (2012) 990 report, for the first time SHRM’s CEO, Mr. Hank Jackson, was paid greater than one million
dollars, actually $1,292,308, including deferred compensation. That was the first time any SHRM CEO was paid in excess of one
million dollars, and is 30% greater than Mr. Jackson’s previous year’s compensation. The 2013 990 report indicates that Mr.
Jackson’s compensation has increased to $1,532,358 over 2012, for an 18.6% increase.
2. The number of SHRM employees during 2013 was 409, an increase of 29 for, a 7.6% increase, during 2013.
3. The number of SHRM volunteers increased to 7590, a 12.6%, increase from the prior year; however; still only 3% of SHRM’s total
membership.
4. Reconciliation of net assets:
2012 2013
Total revenue $104,241,442 $114,561,872, +9.9%
Total expenses $103,226,106 $109,664,067 +6.2%
Revenue less expenses $1,015,336 $4,897,805 +382%
Net Unrealized gains on investments.1 $9,131,387 $11,287,355 +23.6%
1 Unrealized gains on investments is the IRS requirement for nonprofits to report the current value of investments, not, for instance, the purchase
price. Unrealized means the stocks are not sold, but the current value of all investments is what is recognized as the value of such assets on SHRM’s
Balance sheet. It does not reflect operating results.
2. 2
Net assets as of 12/31/ $114,575,737 $143,089,642
NOTES:
Revenue increased $10,320,130 over 2012 for a 9.9% increase while expenses increased $6,437,961 or only 6.2%,
Total net assets increased $28,513,905 or 24.9%.
Member dues at $43,159,380 accounted for only 46.3% of total revenue, and when combined with the Annual Conference
revenue, which accounted for 28.6% of revenue, almost three quarters of all revenue came from those two sources.
Not enough information is included to determine the performance of investments outside the United States.
5. Staff compensation
a. Three SHRM executives were paid greater than $500,000 during 2012. They were Mr. Jackson (already highlighted as
compensated at greater than $1.5 million); SHRM’s General Counsel, Mr. Henry Hart who earned $612,822 and Robert
Carr, VP Membership and Marketing a $520,430.
b. Four SHRM executives were reported as earning $400,000 or more and seven greater than $300,000.
6. SHRM Board compensation
a. The total compensation for the 2012 Board (excluding Jackson) was $317,224. The highest was $51,299 reported for the
2012 Past Chair, Mr. Jose Berrios.
2012 SHRM FORM 990 IRS SUMMARY REPORT
ISSUE 2013 2012 2011 2010 2009 2008
Number of
individuals
employed in
calendar year
410 380 360 352 Not reported Not reported
Total number
of volunteers
7590 6743 7925 7240 Not reported Not reported
3. 3
Income
Statement
Program
service
revenue
$94,150,876 $88,692,178 $83,840,039 $75, 311,
847
$68,123,996 $83,162,988
Investment
Income
$7,081,350 $4,411,005 $8,201,572 $6,641, 419 -$815,128 -$10,470,170
Other revenue $13,323,646 $11,138,259 $9,831,221 $11,834,645 $13,876,571 $14,938,418
Total
revenue
$114,561,872 $104,241,441 $101,872,832 $93,787,911 $81,210,439 $87,656,236
Grants $1,130,906 $578,720 $625,871 $636, 300 $105,241 $433,364
Salaries and
benefits
$50,315,915 $47,217,853 $42,996,352 $40,124,333 $37,072,991 $36,313,800
Other
expenses
$58,217,246 $55,429,533 $53,264,917 $56,259,873, $52,721,900 $86,009,745
Total
expenses
$109,644,067 $103,220,106 $96,887,140 $97,020,506 $89,900,132 $104,756,909
Revenue less
expenses on
operating
basis.
$4,897,805 $1,015,336 $4,985,692 -$3,232,595 -$8,689,693 $-17,100,673
In 2011,
greater than
$13 million of
SHRM
Foundation
Assets were
transferred to
SHRM’s
Balance Sheet.
Note: Total
losses greater
than
$29,000,000
from 2008-
2010.
4. 4
2
Balance Sheet 2013 2012 2011 2010 2009 Comments
Total assets $206,668,817 $188,197,236 $174,854,31
2
$177,891,001 $169,837,2
91
Total liabilities $63,579,175 $73,621,499 $67,943,531 $53,992,252 $48,581,08
0
Net assets $143,069,642
(Note: Includes
$11,287,355 in
“unrealized gains on
investments. $
$114,575,737
Note: Includes
$9,131,387 in
“unrealized
gains” on
investments.
$106,910,78
1
$123,898,749 $121,256,2
11
Major sources
of revenue
Membership
dues
$43,596,380 $42,203,407 $39,089,271 $35,453,590
Annual
conference
$26,907,199 $24,259,923 $23,668,997 $19,770,344
Advertising $12,415,181 $12,394,780 $12,535,746 $12,066,604
Seminars $7,278,160 $6,094,000 $5,163,875 $4,865,451
Other $3,941,848 $3,704,527 $3,352,207 $3,029,720
2 As announced in the Independent Auditors Report effective January 1, 2011, under Financial Note 5, the SHRM Foundation is reported as being
consolidated with SHRM and its subsidiaries “due to common control.” A result of this decision was that $13,883,662 – all of the SHRM Foundation’s assets
– was transferred to SHRM’s Balance Sheet. SHRM management informs us this is an administration action and will not affect the operations, decisions or
spending capabilities of the SHRM Foundation. They further report that the SHRM Foundation activities and reserves show up only for GAAP accounting
purposes on the SHRM audited consolidated financial statement – not in the Form 990. (See: SHRM Consolidated Financial Statements and Supplemental
Information for Years ending December 31, 2010 and 2011. http://www.shrm.org/about/reports/Documents/SHRM2011_2AUDITFinalFS.pdf.) It is our
opinion that this presumably “one time” transfer of assets does not permit an adequate comparison of SHRM financial results between years 2010, 2011 and
2012. Had this action not taken place SHRM would have experienced a decrease, not an increase in net assets, as reported for 2011. The SHRM Foundation,
as a 501(c)(3), must file its own IRS form 990. (See: http://www.guidestar.org/FinDocuments/2011/346/610/2011-346610067-08e2f347-9.pdf.)
5. 5
conferences
All other
program service
revenue
$12,108 $35,541 $29,943 $126,138
Total $94,150, 876 $88,692,178 $83,840,039 $75,311,847
Major expenses
- Staffing
Compensation of
current officers,
directors,
trustees and key
employees
$9,110,543 $7,128,791 $7,123,641 $8,054,355
Other salaries
and wages
$28,776,644 $27,212,277 $25,473,134 $23,429,188
Pension plan
contributions
including 401(k)
$6,031,910 $7,021,684 $5,072,525 $3,618,900
Other employee
benefits
$4,067,546 $3,579,439 $3,211,957 $2,986,350
Other major
expenses:
Legal expenses $260,802 $292,852 $399,509 $184,198
Accounting
expenses
$176,904 $95,364 $122,290 $107,555
Lobbying
expenses
$354,669 $334,555 $319,092 $208,514
Investment
management
fees
$496,216 $480,286 $264,423 $347,293
6. 6
Advertising and
promotion
expenses
$3,004,434 $4,864,223 $5,796,295 $6,746,619
Office expenses $9,037,285 $8,929,517 $8,750,596 $9,130,480
Information
technology
expenses
$2, 962,280 $2,579,693 $2,565,008, $2,433,148
Travel expenses $2,653,094 $2,675,192 $2,438,583 $2,429,767
Conferences
and meetings
expenses
$13,431,588 $11,962,082 $11,193,071 $9,785,307
Chapter
support
$1,634,518 $1,635,250 $1,772,778 $1,378,853
Investments
Investments –
public traded
securities
$121,091,437 $107,527,304 $103,657,02
0
$100,651,040
Investments –
other securities
$21,712,328 $18,525,564 $14,689,859 $21,916,536
Activities
outside the
United States
2013 2012 2011 2010 2011 2010
South Asia - total
expenditures
(India)
$3,000,000
SHRM India
maintains three
offices with
approximately 33
employees and
$3,101,647
(Note: India has
1893 SHRM
members and
increase of 20%
over 2011.
$5,002,175 $2,500,000 The 2011
SHRM
Member
Directory
at the time
of this
In 2010 SHRM
reported
SHRM India
has three
offices and 21
employees or
7. 7
independent
contractors.
However, each
India member’s
cost is, at $1638
each,
unacceptably
high.
analysis
indicates
there are
only 1,359
members in
India, a
36%
decrease
from the
prior year.
contractors.
The SHRM
Member
Directory at
the time of this
analysis
indicates there
are 2,130
members in
India for a cost
of
approximately
$1,178 per
member.
East Asia and
the Pacific - total
expenditures
(China)
$85,556
SHRM China
maintains one office
with approximately
4 employees
$278,713
After several
years of effort,
the SHRM
Member
Directory at the
time of this
analysis (2014)
reports there
were only 314
members in
China, an
increase from
the 226 reported
last year. The
average 2012
cost per member
was $888.
$283,894 $331,346 In 2010 SHRM
reported that
China has one
office and two
employees.
8. 8
Mexico and
Canada – total
expenditures
$270,914 $24,821 $5 ,403 $40,871
Europe
including
Iceland and
Greenland - total
expenditures
$116,171 None reported None
reported
$1,065
Middle East –&
North Africa
$150,000 None previously
reported
South America $10,758 None previously
reported
Sub-Saharan
Africa
$340,505 None previously
reported
Central America
& Caribbean
$2,000,000 None previously
reported
Total
investments in
countries other
than the United
States.
$5,932,904
First class,
business class,
companion
travel, housing
allowances and
tax
indemnification
payments
required to be
Dollar amount not
disclosed.
A total of 20 people
received various
First Class and
Business Class
travel during 2013.
Dollar amount
not disclosed.
A total of 15
people received
various First
Class and
Business Class
travel during
2012.
Dollar
amount not
disclosed.
Dollar amount
not disclosed.
SHRM has
an
employee
travel
policy
permitting
First/Busin
ess Class
internation
9. 9
reported to the
IRS.
al travel for
any fight 5
hours or
longer.
SHRM has a
Board
policy
allowing all
Board
members
and the
SHRM CEO
to fly First
or Business
Class
regardless
of time or
distance
required –
a very
generous
practice
compared
to other
nonprofit
organizatio
ns.
Highest
compensated
employees
10. 10
$500,000 or
more
Hank Jackson,
CEO
Henry Hart,
General Counsel
Robert Carr, VP
Membership &
Marketing
$1,532,358
$612,822
$520,430
$1,292,308
$559,158
$997,590
$490,133
$551,806
$357,603
Increase
from
2011
30%
2011
14%
First SHRM
CEO to be
compensated
in excess of a
million
dollars.
$300,000 or
more
Gary Rubin $488,113 $461,563 $465,202 $377,405
Debra Cohen $483,149 $456,844 $421,061 $360,724
Mary
Mohney
$426,555 $391,803
Brian
Dickson
$419,931 $373,506
Jeff Pon $408,759
Susan
Bergman
$356,742 $327,453
Heidi Byerly $342.353
Margo
Vickers
$325,320
Michael
Aitken
$321,084 $317,489 $318,364
Shirley Davis $303,238
Reportable
Compensation
of Board
members
2012 2011 2010
Henry $1,532,358 $1,292,308
11. 11
(Hank)
Jackson
José
Berrios
$51,299
Past Chair
$109,572
Chair
$35,000 $23,603
2012 Chair
Jeffrey
Cava
$20,300 $25,000 $20,000 $13,603
Calvin
Finch
Off Board $20,000 $29,000 $23,603
Bette
Francis
$37,258
Chair
$35,000 $25,000 $23,603
Jorge
Consuegr
a
$20,300 $20,000 $5000
James
Kaitz
$25,300 $25,000 $25,000 $13,603
Gary
Latham
$20,667 $25,000 $25,000 $23,603
Brian
Silva
$25,300 $20,000
Coretha
Rushing
$25,300 $20,000
My-Chau
Nguyen
$20,300 $20,000 $10,000
Virda
Rhem
$20,300 $20,000 $20,000 $20,000
Jose
Tomas
$20,300 $15,000
Lorio
Carlson
$15,300
Jennifer
Polling
$20,300
12. 12
David
Windly
$20,300
Conflict of interest policy
A special part of IRS form 990 is Part VI, Section B, which requires SHRM to comment on their conflict of interest policy. Their
lengthy explanation is open to challenge, specifically with regard to the Board initiating and approving its own compensation and
benefit programs, inconsistent with association practice, Board Source, and the American Society of Association Executives
guidelines.
In addition, the SHRM Member Discipline process consists of only Board members initially judging members’ ethical conduct,
including any complaints against their fellow SHRM Board members. Previous complaints against Board Members regarding
conflicts of interest have been rejected by the Board Members on the Review Committee, thus pre-empting discussion by the
Hearing Committee, which is the only element of the Member Discipline process that has regular, non-Board members on it.
Therefore, conflict-of-interest complaints against Board Members were dismissed by Board Members, resulting in yet another
serious conflict of interest. The Board has been aware of this conflict of interest for approximately three years and has done
nothing to rectify it, allowing Board Members to remain completely immune to any member discipline.
SHRM Membership
There is no requirement for SHRM management to report SHRM’s membership to the Internal Revenue Service on the IRS 990
reporting form.
An analysis of SHRM’s situation would be incomplete without a reference to SHRM’s membership.
As indicated below, SHRMs membership has increased each year since 1990.
13. 13
However, as indicated by the following chart the percent increase in SHRM membership has decreased rather dramatically during
the past several years.
14. 14
The question is whether or not the number of HR professionals in the profession is increasing or decreasing? The United States
Department of Labor reports HR jobs are increasing, not decreasing. This includes HR specialists such as labor relations and
training and development as well as compensation and benefit managers.
Percent Change in Employment, Projected (2012-2022)
Human Resources Managers
Total, all occupations
Management occupations
13%
11%
7%
Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Employment Projections program
15. 15
With the number of HR professionals increasing there should be a good opportunity for continued SHRM growth; therefore,
current membership recruitment efforts should be reviewed for their effectiveness.
Prepared by SHRM Members for Transparency
For more information about SHRM Members for Transparency (SMFT) and our concerns about selected SHRM Board policies and
practices, please visit our website at: www.shrmmembersfortransparency.com.
February 3, 2015