CFA Society of Minnesota 2011 Annual Report

2

1,167 The total number of active members as of Dec 31, 2011.

9th Our ranking by member size in the United States. Currently, 17th largest in the world.

Mission To enhance the investment profession by promoting ethical behavior, professional excellence, and fellowship through high quality, innovative programming.

Vision We envision the CFA Society of Minnesota to be:

Widely recognized, well-respected and highly valued by investors, academia and the business community in our region.

A society whose members are actively committed to enhancing the value of the organization by willingly giving of their time as volunteers.

Continuously experiencing growth due to its unerring respon-siveness to the needs of its members and its success at developing a strong sense of community among in-vestment professionals within our region.

34 The number of volunteer committees and sub-committees coordinating society programming.

3

Admin Revenue

CFA Institute Cash

Member Dues

Education Revenue/Royalties

Other

CSE Base Cost

Other staff Cost

Administrative Costs/Overhead

GROWTH

2011 at a Glance:

The CFA Society of Minnesota hosts a broad array of programs designed to provide up-to-date information on industry trends, educate members seeking CFA status, and create net-working opportunities for its members across

the state and throughout our region.

Sources of Revenue

Sources of Expense

$-

$50,000.00

$100,000.00

$150,000.00

$200,000.00

$250,000.00

$300,000.00

$350,000.00

FY2011 FY2010 FY2009

Revenue

$(50,000.00)

$-

$50,000.00

$100,000.00

$150,000.00

$200,000.00

$250,000.00

$300,000.00

FY2011 FY2010 FY2009

Total Expenses Total Operating Profit (Loss)

Expenses, Profit & Loss

41

22

25

16

15

20

11

20

10

20

09

20

08

20

07

Program Growth

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Leyla Kassam, CFA CFA Institute President’s Council Representative

Midwestern U.S. Region

The CFA Society to which you belong is now vastly different from the organization

that existed several years ago. Your board and staffed office have built your society

into a professional organization that serves its members better than ever before,

and that has become a model of excellence among the 139 CFA societies globally.

As our society has grown during the past three years, so has the

recognition and validation from the CFA Institute of our good

management and programming. For the third consecutive year,

your society was honored with a Society Excellence Award,

recognized in 2011 as the “Most Excellent Society” in the 750-

1,500 member category. This was a new award, with only five

societies winning based on the five different size categories.

Indeed, at the awards ceremony in May, CFA Institute leaders

handing out the awards remarked that it had become “an annual

tradition” for the CFA Society of Minnesota to take the stage. This

year’s honor recognized us for providing members with

exceptional services, for prudent governance, building brand

awareness, and supporting CFA exam candidates.

In 2010, the Society received an award for excellence in

implementing a Strategic Plan: the same Plan we received an

award for developing in 2009. Winning these awards come with

additional funds and opportunities for our Society. More

important, they demonstrate the commitment of our staff, board

and volunteers to implement and execute best practices across all

areas of our Society.

Additionally, Societies, both big and small, from around the world have questions on

programming, membership development and volunteer coordination, and your

society is looked upon as the “go to” leader within the Institute. As such, we were

pleased to receive special funding from the CFA Institute to develop a Sponsorship

template that was shared with others on the CFA Society Resource website. This

template is an excellent tool used to solicit organizations to participate in year-long

sponsorship opportunities during our fiscal year.

Annual sponsorships enable us to raise brand awareness for participating

organizations, increase CFA Minnesota membership and participation, and continue

Setting New Standards to elevate the standards of the Twin Cities and Minnesota investment communi-

ties. Last year, we also received additional funding from the CFA Institute to ad-

vertise our programs on Twin Cities Public Television (TPT) and to create a Media

Directory. Once complete, the Media Directory will be a comprehensive guide of

qualified CFA Minnesota members who are willing to answer the phone and

share their expertise on a range of specific industry topics.

We could not have earned this recognition and additional funding

without the dedication and support of our entire board of directors

and the incredibly hard work of our CFA professional staff. I would

like to thank each of our board members for their efforts; it has

been my pleasure to work with such a vibrant, energetic group of

professionals. I would also like to thank their firms for allowing

them to dedicate the time and effort required to participate in

board and society activities. Your support comes in many forms

and is highly appreciated.

Finally, I’d like to thank Maren Amdal, our Executive Director.

Maren has been instrumental in pushing us to achieve new heights.

Her creativity, organization and enthusiasm are appreciated by the

Board and our entire membership. As I have told her on many

occasions, “You make me look better than I am.”

With my two-year term as President of the CFA Society of

Minnesota now complete, I’d like to thank you for the privilege of

serving this thriving and growing organization. And while my term

on the Board of Directors with the CFA Society of Minnesota has expired, my par-

ticipation within the CFA Institute has not. I’m pleased to have been elected this

year to serve on the CFA Institute President’s Council as the Midwestern U.S.

Region representative. The primary role of the ten President’s Council

Representatives is to facilitate communication between member societies and the

Board of Governors. I’m honored to have been elected to serve in this capacity.

Thank you for the opportunity to serve as your president.

It has been deeply rewarding.

Leyla Kassem, Maren Amdal and Robert Buss, represented the Society at the CFA Institute’s May 2011 Strategic Leadership Retreat in Edinburgh, Scotland.

5

together bring a wealth of knowledge,

experience and perspective to the

organization. Did you also know that

we’ve grown dramatically in structure

— in the number of volunteers, func-

tions, program options, professional

partnerships, sponsorships and just

plain overall excellence?

Indeed, for members who haven’t taken

a look at their CFA society for the past

several years, they’d hardly recognize

the thriving, vital organization they’d

now find. Here are a few of the benchmarks of growth to which we can point:

Capacity: In 2007, we sublet a small office space in the suite of our

then-president’s firm to house a newly hired part-time events coordinator.

This was a big step forward, after nearly a decade of out-of-state

management. Five years later, we have our own five-room office that

includes a conference room/library where candidates can study, seek new

employment opportunities or conduct business when downtown. Our offices

in Rand Tower are conveniently located within six blocks of nearly 70 percent

of our members’ employers. Our staff has grown, too, with now as many as

five contractors and me, as full-time Executive Director.

Volunteers: Several years ago, our Society’s leaders felt fortunate to

have a dozen or so volunteers available to help coordinate events, run special

Dear Members: In mid-July of this year, the Board of Directors of the CFA Society of Minne-

sota gathered for a four-hour strategic planning session, the apex of a series

of such planning meetings. We met to evaluate our society’s strengths, weak-

nesses, opportunities and threats—the proverbial SWOT Analysis. The ses-

sion was our most recent effort—one now undertaken each year—to meas-

ure our progress against an ever-evolving, detailed plan that outlines our

short- and long-term goals as a society. The organization we analyzed this

past July is dramatically different from the one that existed even just a couple

of years ago.

For example, did you know that your board of directors has grown to 27

members? It is now a board that truly reflects our membership. It includes

representatives of major investment companies in the Twin Cities, wealth

management firms, plan sponsors and other professional organizations that

Our new offices are located in the beautiful historic Rand Tower in

downtown Minneapolis.

Board members pictured from left to right: (back row) Maren Amdal; Raj Balachandran; Mike Lingvall; Robert Buss; Josh Howard; Jake Seltz;

(front row) Kristine Mogollon; David Spangler; Kim Brustuen; Jessica Murray; Karen Florez; Mark Peiler

6

projects and perform other non-routine

jobs. Three years ago we established a

program to enhance that. We now have

more than 125 volunteers assigned to

34 committees and subcommittees.

These include education, marketing and

advocacy, membership, employment,

programs, and business and financial

management. Volunteers can take

advantage of our office space for

in-person meetings and project work,

as well as our new cloud-based

technology infrastructure that allows

for on-line collaboration and integrated

conference calls.

Candidate Support: At one time, we had few, if any resources to

help our candidates pass the always-challenging CFA exams. More than 700

candidates sit for the CFA exams at the RiverCentre in St. Paul each year, most of

whom are not yet members. Your Society has identified candidate services as a

core function of our organization: What better way to ensure our continued

success than to help those seeking the CFA charter achieve it themselves?

Over the past several years, we have re-established live

instructional classes for CFA candidates. We facilitate the

establishment of independent study groups, and we have expanded our scholar-

ship program for deserving candidates. Our new Day in the Life series is de-

signed to help candidates, student members and members-in-transition learn

about different career paths within our industry, and is another example of our

new efforts to serve this important segment of our membership.

RELEVANCE

Society Luncheons Candidate

Programming A Day in the Life

Breakfast Before the Bell

After Market Appetizers

Job Seekers Forum

Each year, member surveys tell us that a primary re-sponsibility of the society is supporting members in their process of finding employ-ment. New this year is a series designed to do just that: Help members learn the skills to apply for, and successfully obtain, employ-ment. These events feature member-driven content as well as guest speakers on pertinent topics and plenty of networking opportunities.

The local society is commit-ted to providing candidate support and educational programming. This year, we’ve begun a series of facilitated study sessions, lead by qualified CFA char-terholders. Different than a lecture-style course, our “class” series is interactive, customized for enrolled students, and built around a mock-exam and subsequent review course.

A Day in the Life is a monthly program series which shadows an industry professional, providing in-sight into the professional’s career and the requirements needed to succeed in that profession. Designed for candidates, university students, and those new to the finance industry, this introductory-style program is a good entry-point for new mem-bers.

Each month, the CFA Society of Minnesota hosts an educational luncheon for society members and guest. Experts in their field, and sometimes vendors describ-ing products and services, are among the national pool of speakers who represent all areas of the finance industry providing insight on trends affecting members, clients and the industry at large.

A roundtable series targeted at specific industry segments, Breakfast Before the Bell is designed to facili-tate small-group discussions and provide an opportunity for members to share ideas, discuss issues, and network with colleagues. With meetings focused around specific job titles, B3 is a peer-to-peer networking and learning opportunity for members.

Held September to May, After Market Appetizers provides members the opportunity to network with colleagues interested in specified topic-areas. A great venue for members to connect with one an-other to share their knowl-edge and experiences over appetizers in the afternoon, this new series is topic-driven and open to mem-bers of all types.

To recognize their time and contribu-tion, the CFA Society of Minnesota hosted a happy hour cruise aboard the Minneapolis Queen for the more than 100 volunteers who give of their time and talents to the make our Society a success. We are grateful for your hard work and are proud of what we have accomplished together.

We couldn’t do it without you!

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INS

IGH

T

Programs: The CFA Society of Minnesota has vastly increased the

number and variety of its programming for members. At one time, our pro-

grams consisted primarily of vendor-driven luncheon presentations. Now,

our programs are structured around a broad-based educational matrix that

covers asset valuation, market intelligence, forensic accounting and the ba-

sics of being an investment trustee, to name just a few of our recent and

scheduled offerings. Among others this past year, we heard from Richard

Davis, CEO of US Bank, on the ethical issues facing the financial services in-

dustry, and Jeff Bailey, Director, Financial Benefits and Analysis, of Target

Corp., sharing – for free – his new book, A Primer for Investment Trustees.

Our Annual Economic Dinner continues to

be one of our most popular events, one that

now draws an average of more than 350 society members and their guests.

We were pleased to welcome author and regular Bloomberg and CNBC Con-

tributor, Tony Crescenzi, as our speaker for the January 27, 2011 event.

Crescenzi, who is a senior vice president, market strategist and portfolio

manager at PIMCO, shared his perspectives on “The New Normal.” The

event was a veritable “who’s who” of the local investment community.

Our new Breakfast Before the Bell series has been a

resounding success, offering our members an alter-

native format and time of day for events. Our first-ever local challenge of

the Global Investment Research Challenge (IRC) was a success for both our

university outreach efforts and relationship de-

velopment with senior-level society members.

One of the Society’s most popular events, the 2011 Annual Economic Dinner featured Anthony J. Crescenzi, a PIMCO senior vice president, market strategist and portfolio manager. Tony shared insights from his new book entitled “The New Normal,” to a room filled with more than 350 members, their clients and guests. All enjoyed an evening of good food, networking and insightful conversation.

8

Students from six universities competed before a panel of more than a

dozen local graders and judges, with one of our local teams making it to

the penultimate round in the global challenge.

We’ve also made room for fun and socialization — we’ve launched a

book club; this year we hosted our fourth annual trip to the ball park for a

Twins-Yankees game; we’ve continued to host monthly member socials,

and even tried out an afternoon on the ski slopes.

Marketing and Advocacy: We recognize that we’ve be-

come an alphabet soup society with nearly a quarter of our members

holding more than one professional designation—CFAs, CIPMs, CPAs,

FSAs, CFPs and MBAs. For as long as we can remember, the media has

maintained a blanket policy: No honoraria with the exception of “Dr.” but

only when it’s in reference to a physician. That, of course, makes it diffi-

cult to directly promote the CFA designation, but over the past several

years, the CFA Society of Minnesota has worked very hard to establish

solid connections with local media representatives who write about the

financial markets to make sure that when they pick up the phone to con-

tact a market expert, the person on the other end will have a CFA desig-

nation after his or her name. The letters may not make it into print, but,

increasingly, the expertise does. In addition to our foray into advertising

on both TV and radio, we are exceedingly proud of our partnership and

trade agreement with the Minneapolis St. Paul Business Journal, through

which we’ve greatly increased society visibility and by extension, the visi-

bility of our members and sponsors.

CFA Society of Minnesota Celebrates Amdal’s Selection to

“40 under Forty”

In 2011, CFA Society of Min ne sota E xec ut iv e Director, Maren Amdal, was selected as one of the Minneapolis/St. Paul Busi-ness Journal’s “40 Under Forty” honorees. This annual Business Journal award spot-lights 40 of the region’s top young business and civic leaders.

To be selected, a candidate must demonstrate consistent, outstanding professional achievement and show a commitment to community service as well. Amdal and the other 39 honorees received their awards at a ceremony on March 24. In a press release announcing the award, Leyla G. Kassem, CFA of Wells Capital Management and then president of the CFA Society of Minnesota’s Board of Directors, said, “This is a true testament to the great job Maren has done to elevate the presence of the CFA Society of Minnesota in the Twin Cities and surrounding area. Since joining the Society as executive director in 2008, Maren has cultivated more than 100 volunteers to pro-mote and execute the many programs we offer each year. Additionally, under her direction the Society has initiated an ongoing strategic planning process that is greatly increasing member value and integrating efficien-cies. We applaud the Business Journal for select-ing Maren to be among this prestigious group of Twin Cities professionals.”

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9

CO

MM

UN

ITY

Community: Behind many of our efforts is a simple concept — commu-

nity. As Robert Buss, our new Society President, outlines in his article, the CFA

Society is the 17th largest society in the world and the ninth largest in the US —

a true distinction given the fact that Minnesota ranks 23rd in overall population

by state. Our financial services community is a valuable asset to both its mem-

bers and to our state economy, and your society is working hard to build that

sense of community. Our efforts in this area also include a CIO Outreach cam-

paign. At least once a year for the past several years, we’ve hosted a breakfast

for Chief Investment Officers, Directors of Research and other managing part-

ners at buy- and sell-side firms to bring those individuals up to speed on our

programs, seek their advice and insights and, most of all, to encourage them to

participate in the society’s activities. Simply put, if a firm’s CIO or Managing

Partner is a involved with the local CFA Society and its efforts, there’s a good

chance that Charterholders who work for these organizations will be, too.

Your society has also launched a mentor/sponsor program to help introduce

new arrivals from other cities, as well as new charterholders, to current and

senior society members willing to mentor and help to integrate them into our

community.

Society members gather the third Tuesday of each month for Breakfast Before the Bell, a new round-table program designed to facilitate segmented

Members enjoy a Pre-Twins Game Happy Hour at Lyons Pub.

"The CFA Society of Minnesota mentor program has presented a truly invaluable experience as a newcomer to the financial industry. The program has afforded me the oppor-tunity to meet with high level executives who are willing to listen to ideas and provide firsthand knowledge regarding industry trends and career advice. I believe having someone to turn to… has provided a major advantage to me in my career development."

- Charles Miller , CFA Mentee

On October 26, 2011, the CFA Society of Minnesota held its annual New Charterholder Din-ner to recognize and celebrate the achievement of the nearly 25 new Minnesota CFA charter-holders and the more than 55 candidates who successfully passed Level III of the CFA exams

earlier this year. Congratulations, and Welcome!

Students learn about CFA Minnesota’s 2011 Investment Research Challenge.

Members and guests mingle aboard our annual

Volunteer Appreciation cruise.

A society member is greeted at a luncheon by Kris Kautzman, our Soci-ety executive assistant and volunteer

coordinator.

10

Employment: At a time when the financial services industry is under

intense pressure, your society has greatly stepped up efforts to help members

find and make the most of job opportunities. While continuing our free

job-posting section on our web site, the society has launched an employer

outreach program, a recruiter outreach program and a brand new job search

forum. This past year we sponsored our third annual

Career and Professional Development Day — and

our new Annual Sponsorship Program allowed us to offer this full-day event

free to our members.

Finally, we have established strong relationships with the Twin Cities Chapters

of the Association for Corporate Growth, the Certified Financial Planners’ As-

sociation, the National Investor Relations Institute and the Financial Execu-

tives Institute, just to name a few, to co-sponsor programs and otherwise

support one another’s efforts.

We’ve expanded our reach, our infrastructure, our capacity, our program-

ming, and most importantly, our member benefits and services. All these

efforts have been undertaken within the confines of the same relative annual

budget we’ve had for the past 10 or more years. We’ve put into place cost-

saving measures, carefully negotiated with vendors and contractors, written

for and won supplemental funding, and availed ourselves of thousands of

hours of volunteer time.

One of our biggest revenue gains has been in the form of our

new Annual Sponsorship program, which has allowed both local

and national firms to support the society while gaining targeted

CFA Minnesota is a proud and active member of our broader community. We have worked hard over the past several years to develop cross- and co-promotional relationships with many organizations throughout our state and region.

We are proud of continued and ongoing partnerships with many of these organizations.

11

visibility throughout the fiscal year. We’re proud to have received recognition

from other societies and from CFA Institute for our work on this program, and

even more pleased with the feedback received from sponsors.

On the horizon: We’re using

these and other new sponsor relationships

to introduce an exciting new venture: InvestMNt, a full-scale investor confer-

ence developed by investors, for investors. In May, 2012, we will host nearly

40 Minnesota-based publicly-traded companies as they present to an esti-

mated 300 institutional money managers and other investment professionals.

This unique event will bring together investors and public companies in a

novel format that promises to enhance and develop relationships unlike any-

Maren Amdal Executive Director

thing we’ve yet tried. We’re excited by the early commitments to this effort,

which has already received the support of nearly 20 local buy-side firms, and

look forward to bringing this event to fruition.

The CFA Society of Minnesota is an important and growing presence in the

financial services community. We were honored that the Regional Council of

Mayors reached out to us as part of their efforts to identify the most important

keys to economic success and stability in the Twin Cities and Minnesota—one

of which was our industry. The CFA Society of Minnesota and other significant

professional organizations stand at the center of that community.

We have the critical mass, the talent, insight and solid reputation to make this

part of our economy stronger, more vibrant and a more important contributor

to the economic health of the Twin Cities and the state of Minnesota. All we

need to do is continue the effort. Won’t you join us?

Sincerely,

“I’d be glad to renew. We greatly valued our benefits this past year. You’re one of the top three most organized societies of any organization we work with!”

- 2011 Annual Silver Sponsor

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“The CFA Society of Minnesota is the 17th largest CFA society worldwide, and 9th largest in the U.S., with more than 1,100 Charterholders.” "Really?” “Yes, really.” Volunteer leaders of your society attend CFA Institute conferences on a regular basis, and the exchange above is the one we hear from virtually every new person we meet in dull conference hotel hallways. Sadly, this is also a common response from your fellow local society members.

Where are all of you? What makes 1,100 so significant? Since the first charter was awarded in 1963, there have been only 103,000 charters distributed within 96 countries. With just 54,000 CFA Charterholders in the U.S., the CFA Society of Minnesota, a state that ranks 21st by population, is the ninth largest nationally, behind New York, Boston, Chicago, San Francisco, Los Angeles, Philadelphia and Washington D.C. Your society has significant human capital sitting out here in “fly-over land”.

Where are all of you? So, where are all of you? You have the professional designation, but what does it mean to be a "professional?"

The Illinois Institute of Technology has an excellent webpage that outlines

the credibility an individual professional receives through participation in a profes-

sional organization:

How do you grade yourself with respect to your obligations to the profession?

First, let’s take a look at where you are not: A recent Star Tribune article by Eric

Wieffering chronicles nine separate investment scams in Minnesota over the past

several years. Unfortunately, names like Trever Cook, Jason Bo-Alan Beckman, Charles

Hays, Denny Hecker and Tom Petters have tainted the image of the local investment

industry. Take notice, however, that nowhere on the list of pilferer’s names were the

credentials “CFA.”

The Code of Ethics we all sign annually carries significant responsibility. It should fill

you with pride that we police our own ranks and are not riddled with scandal. It should

fill you with pride that the Securities & Exchange Commission received an early warn-

ing on Madoff from an everyday Chartered Financial Analyst just doing his job. Our

commitment to ethics, continuing education and excellence should also carry signifi-

cant benefit when we give our business cards to clients and prospects. Does it? What

can we do to make sure it does?

A professional is a member of an occupational group who:

Sees other members, including those employed elsewhere, as peers/colleagues

Exercises judgment in the performance of occupational tasks and follows relevant

professional standards

Accepts the profession's agreement to work in a morally permissible way

(often expressed as a code of ethics) determining in part the obligations of the role

Individual professional obligations:

An individual’s professional obligations are derived from the profession and its code, tradition, society's expectations, contracts, laws, and rules of ordinary morality. A professional has obliga-tions to:

His/her Employer

Clients/Customers

Other Professionals- relations of collegiality, specific expectations of reciprocity

Profession as a collective

Society - responsibility to serve the public interest

Where are all of you? This map illustrates where our more than 1,100 members live within the Twin Cities and across the state. We’ve plotted work and home addresses on several variations of maps like this one to better asses where in the metro we should hold specific events, and even to help us choose the location of our new offices. This understanding has allowed us to better serve members.

13

Where are all of you?

So we know where you are not - now for where you are.

In the past three years, attendance at society events has increased. In part, that’s

because the number of events we’re offering has increased. In 2007, we

offered about a dozen educational events, and a handful of member socials. In 2011,

our society calendar topped 40 events and in our new fiscal year, we’re on track to

best 50. Our new programming is high quality and targeted to member requests.

But we still have work to do. I recently tried to recruit one of your colleagues to the

local society board of directors. He is the embodiment of a CFA Charterholder, with 25

years experience including a portfolio manager title since 1999 at a firm that he has

dutifully served for 14 years. In our conversation, he admitted to never having at-

tended a local CFA event.

Like most societies, The CFA Society of Kuwait

holds a “New Charterholder Dinner.” The event

celebrates the entry of new talents to this

important industry. Every Charterholder in the

local society attends along with captains of

industry and local dignitaries. The event gets

coverage from CNBC and realizes a large profit,

which helps fund their continuing education pro-

gramming.

Last year your society dedicated volunteer hours

to solicit greater attendance, including by those

being awarded the charter. It must be something

about our Scandinavian heritage that causes Min-

nesotans to keep to themselves. While modesty

is a pleasant attribute, it can also be a detri-

ment—both to you and our industry.

Think of so-called centers of excellence: Does Menlo Park have a geographical advan-

tage on technology advancement? No. But centers of excellence do have a common

trait: a large pool of talent that acts as a community. Think Menlo Park; think graduate

students at coffee shops with dreams of becoming technology entrepreneurs. You can

almost smell the Starbucks dark roast and hear the bustling noise of ideas and suc-

cesses being shared. Do you think that funding and talent is hard to find there? No—

because everyone knows one another. Contrast that image with our local investment

community and the 25-year portfolio manager who has never attended an event.

So, where are all of you?

Your society, The CFA Society of Minnesota, can be the catalyst for change that we

need. We have a large talent pool of very talented people. We have universities with

excellent graduate-level applied programs turning out students with working knowl-

edge of our industry. We have support from government: The Regional Council of

Mayors contacted leaders of CFA Minnesota last year to discuss how state and local

governments can better support what they have identified as one

of four pillars of Minnesota economic success: Our industry. We have a well-

functioning society that has earned international awards of excellence for the past

three consecutive years. We have a strong agenda of relevant events. We have

accomplished much, and have the capacity to do far more.

We simply need you. We need you to participate. Go to an event. Go to an

event that is not related to your job. Learn something. Meet someone. State

an opinion. Volunteer. Simply get active. We need you because your participa-

tion counts. It counts towards a path to a center of excellence in investing.

I expect you to meet this simple challenge—Where are you?—so that I can

honestly answer: “At a CFA Society of Minnesota event”.

I look forward to serving you as your next President..

Robert Buss, CFA, CIPM President

CFA Society of Minnesota Guests mingle at the 2010 New Charterholder Dinner reception.

Local CFA Employers

Our more than 1,250 local CFA Society mem-bers are employed by 300+ firms in the Twin Cities.

100 employ 2 or more

50 employ 4 or more

25 employ 10 or more

CFA Event Participation

1941

1193

1391

2011 2010 2009

14

86% In 2011, the Society offered members 41 programs and events, an 86% increase from one year ago.

127 The number of volunteers supporting the CFA Society of Minnesota—up significantly from a handful in 2007.

25 The number of Society members who earned the designation of “CFA” in 2011.

FY2011 FY2010 FY2009Income

Membership Revenue 126,065.00$ 96,375.00$ 103,269.50$

CFA Institute Funding 56,095.00 35,463.00 45,824.00

Sponsorship Revenue 52,100.00 66,541.65 27,260.00

Program Revenue 44,184.90 21,564.44 26,501.50

Administrative Revenue 1,061.40 1,714.47 991.96

Education Revenue 16,307.00 8,246.46 12,129.00

Miscellaneous Revenue 7,121.62 5,564.42 340.70

TOTAL REVENUE 302,934.92$ 235,469.44$ 216,316.66$

Expenses

Administrative Expenses 37,199.05$ 38,142.44$ 24,530.26$

Board of Directors 6,665.34 5,953.40 5,376.56

Committee Expenses 3,592.21 343.02 2,721.46

Forecast Dinner 28,994.87 60,306.23 25,969.18

Luncheon Program Expenses 15,616.18 11,339.31 34,160.96

Other Program Expenses 29,309.61 29,902.63 35,308.70

Educational Expenses 2,764.41 3,237.88 13,682.90

Public Awareness and 22,658.68 18,170.14 9,488.89

Professional Services 1,515.27 3,371.02 3,380.33

Contract Labor 23,343.55 17,702.00 14,233.00

Staff Salaries 76,029.88 68,129.69 61,441.30

TOTAL EXPENSES 247,689.05$ 256,597.76$ 230,293.54$

NET OPERATING PROFIT (LOSS) 55,245.87$ (21,128.32)$ (13,976.88)$

CFA Society of Minnesota

Profit & Loss

15

Sponsorship Program Growth 2010-11 Annual Sponsors and Society Partners

Annual Gold Sponsors

Annual Silver Sponsors

Annual Bronze Sponsors

Annual Premiere Partner

Many thanks to our 2010-2011 Annual Sponsors and Partners. Your generous support allows us to offer a host of valuable programming to our membership.

$-

$10,000.00

$20,000.00

$30,000.00

$40,000.00

$50,000.00

$60,000.00

$70,000.00

2011 2010 2009

16

2011-2012 CFA Society of Minnesota Board of Directors Executive Committee

President – Robert L. Buss, CFA, CIPM; Disciplined Growth Investors

Vice President – Kim M. Brustuen, CFA; U.S. Bank

Secretary – Michael W. Seppelt, CFA; Evercore Wealth Management, LLC

Treasurer – Jessica D. Murray, CFA; Thrivent Asset Management

Immediate Past President – Anthony P. Carideo, CFA; The Carideo Group

Executive Director – Maren L. Amdal; CFA Minnesota, ex officio

Committee Chairs

Business/Financial Management – Jessica D. Murray, CFA; Thrivent Asset Management

Education Committee – Jacob M. Seltz, CFA; Wells Fargo

Employment Committee – Kristine J. Mogollon, CFA; Thrivent Asset Management

Membership Committee – Joshua M. Howard, CFA; Quantitative Advantage

Program Committee – Todd A. Mangis, CFA, CIMA; PIMCO

Public Awareness Committee – Samuel D. Smith; Peregrine Capital Management

Strategic Planning Committee – Kim M. Brustuen, CFA; U.S. Bank

Directors at Large

Daniel R. Aronson, CFA; Tealwood Asset Management (co-chair, Program Committee) Karen A. Florez, CFA; Wells Fargo Private Bank (co-chair, Public Awareness Committee) Derek R. Hoyt, CFA; KDV Wealth Management Steven J. Hulme, CFA; Securian Trust Company Ben D. Johnson, CFA; Speece Thorson Capital Group Michael A. Lingvall, CFA (chair, Development) Annette M. Masterson, CFA; Travelers Companies Mark A. Mooers, CFA; Black River Asset Management Mark E. Peiler, CFA; BNC National Bank Teresa J. Richardson, CFA; Minnesota State Board of Investment David R. Spangler, CFA; Thrivent Asset Management (co-chair, Financial Management) Toby G. Stoops, CFA; U.S. Bank Greg C. Zick, CFA; ELCA Board of Pensions Directors Emeritus

Jeff LeMunyon, CFA; Linwood Capital, LLC Pat Coleman, CFA; Jeffrey Slocum & Associates, Inc.

CFA Society of Minnesota

1300 Rand Tower 527 Marquette Avenue

Minneapolis, MN 55402 612.317.2889 (office)

612.436.2880 (fax)

www.CFAMN.org