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Table of Contents

Vision, Mission & Goals, 2011-12 Officers and Board of Governors . . . . . . . . . . . . . . . 1

Message from the President . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Past Presidents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Society Award Recipients and Life Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

USC/CFALA CFA Review Program • Communities of Interest . . . . . . . . . . . . . . . . . . . . 6

CFALA’s Committees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Non-Committee Volunteer Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Financial Statements for Year Ended August 31, 2012 . . . . . . . . . . . . . . . . . . . . . . . . 14

CFA Society of Los Angeles, Inc. 520 South Grand Avenue, Suite 370 • Los Angeles, CA 90071

p: 213.613.1503 • f: 213.613.1233 • e: [email protected] • web: www.CFALA.org

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Established in 1931, the CFA Society of Los Angeles is a network ofinvestment management professionals in the greater Los Angeles area.

Mission Statement

The CFA Society of Los Angeles promotes financial expertise, integrity,and professional skills among our members and CFA charter candidates.We improve the quality of financial decision-making throughout societyby developing our members' ability to provide valuable leadership fortheir clients, their firms, and the CFA Institute. The means by which weaccomplish and communicate our mission includes educational programs, networking events, and public advocacy.

Vision Statement

We envision a CFA Society of Los Angeles that is

• Regularly consulted by investors, employers, journalists, academics,government officials, and other professionals seeking our members'expertise and leadership in Finance;

• Continuously growing by meeting the needs of our members and bydeveloping a strong collaborative community of financial professionals;

• Consistently promoting the CFA designation through our publicawareness, outreach, and educational programs.

2011-2012 Officers

President

James Lewis, CFATrust Company of the West

Vice President

Roger Gewecke, Jr., CFAClifford Swan Investment

Counsel

Treasurer

A. Mark Harbour, CFAMorgan Stanley Smith Barney

Secretary

Kerry Rapanot, CFAPayden & Rygel

Board of Governors

– Past President –

George DennisProspect Mortgage

Anthony Diaz, CFABNY Mellon

Monica Erickson, CFADoubleLine

Alejandra Folguera, Ph.D., CFAMiltonian Capital LLC

Rama Malladi, CFAKubera Investments LLC

Adrianne RegruttoNorthern Trust

August 31, 2012

My Fellow Society Members,

I am pleased to report that due to the efforts of our volunteers, board members, officers and staff, the pastfiscal year has been a highly positive and constructive one for CFALA. Here are some highlights:

n We made significant progress on our three-year strategic plan, which focuses on increasing the value ofyour membership, strengthening our employer outreach, raising awareness of CFALA and the CFA charter within the community, and providing our organization with an efficient and effective infrastructure.Your Board also was active in representing the interests of CFALA members at CFA Institute SocietyLeadership meetings, and helping to shape the focus of Institute initiatives.

n Our Communities of Interest expanded with the addition of the Performance Measurement COI and thevery popular Book Club.

n Our social media capabilities now include communicating with members via Twitter, as well as enhance-ments to our Facebook and LinkedIn sites.

n An annual holiday social – free for members – was added to our roster of programs.

n We increased our collaborative efforts with other CFA Societies and professional organizations, workingclosely with the four other California Societies to present a day-long Investor Conference in San Francisco.We look forward to future collaborations to benefit the more than 6,000 members of the five societies.

n Our educational series, which covers Accounting Essentials, Fixed Income, and the AlternativeInvestments, now includes one to three-day “boot camps” to help members maintain and enhance theiranalytical skills.

n The Review Program, a joint venture between the University of Southern California and CFALA, is nowglobal, with our streaming media product helping candidates around the world benefit from our decadesof instruction. We make our streaming media product available free to active duty service members anddisabled veterans seeking the CFA charter. The CFA Institute has increased the number of scholarshipswe are able to offer to candidates in our area, and, through the help of our Scholarship Committee, madethe exam more accessible.

n The CFA Institute is currently rolling out the ClaritasTM Investment Certificate program, which is designedto give a clear understanding of investment industry essentials – including its professional responsibilities– to individuals outside of investment roles or with limited formal training in investments. The program,which covers topics ranging from regulation, industry structure, and financial instruments to risk and portfolio management, has proven popular with those who work in operations, sales and marketing, aswell as those new to the investment industry. While the Institute is working with educational firms to rollout ClaritasTM globally, CFALA is offering its own instruction series designed specifically around theClaritasTM program, with plans to offer two instructional series a year, one in downtown Los Angeles andanother in West Los Angeles.

I am continually impressed with and grateful for the commitment of everyone associated with CFALA, and Imust stress that these accomplishments could not be achieved without the tireless efforts of our volunteers.On behalf of your Board, I thank each of you for your dedicated service to our almost 2,000 members and tothe larger financial community. Also, I encourage anyone who has not yet volunteered to consider doing so –all of the volunteers I have spoken with mention how rewarding and memorable their experiences have been.Lastly, I want to thank you all for allowing me to serve as President – it has been an honor and a privilege.

Respectfully Submitted,

James F. Lewis, CFAPresident 2011-2012

From the President

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F.J. Thieme, Jr. . . . . . . . . . . . . . . . .1931O.B. Lighthill . . . . . . . . . . . . . . . . .1932J.L. Erickson . . . . . . . . . . . . . . . . .1933L. Hartley Smith, CFA . . . . . . . . . .1934Rockwell Hereford . . . . . . . . . . . . .1935Paul Wagenseller . . . . . . . . . . . . . .1936Charles H. Widmayer . . . . . . . . . . .1937George W. Kassler . . . . . . . . . . . . .1938K. Arnold Liljegren . . . . . . . . . . . . .1939Jack Silvester . . . . . . . . . . . . . . . . .1940George L. Parr . . . . . . . . . . . . . . . 1941Harvey Evans . . . . . . . . . . . . . . . . 1942Kenneth D. Sanson . . . . . . . . . . . . 1943Roger Pile . . . . . . . . . . . . . . . . . . . 1944Walter S. Weeks . . . . . . . . . . . . . . 1945Theron Walker . . . . . . . . . . . . . . . 1946Jack R. Laznick . . . . . . . . . . . . . . . 1947Walter Fruehling . . . . . . . . . . . 1948-49Richard M. Link . . . . . . . . . . . . . . . 1950Walter Podolak . . . . . . . . . . . . 1951-52Alfred Post . . . . . . . . . . . . . . . . 1953-54Stanley J. Thompson . . . . . . . 1955 -56L. Hartley Smith, CFA . . . . . . . . . . 1956W. Murray Hawkins . . . . . . . . . 1957-58C.K. Corcoran . . . . . . . . . . . . . 1958-59Dwight Baum, CFA . . . . . . . . . 1959 -60Douglas Fletcher, CFA . . . . . . . 1960-61Marjorie Fisher, CFA . . . . . . . . 1961-62Allen D. Harper, CFA . . . . . . . . 1962-63James B. Lester, CFA . . . . . . . 1963-64James Comeskey, CFA . . . . . . 1964-65Marvin W. Drew, CFA . . . . . . . 1965-66James H. Wallace, CFA . . . . . . 1966-67Kenneth Gerhardt, CFA . . . . . . 1967-68Frank Foellmer, CFA . . . . . . . . 1968-69Sheldon Collins, CFA . . . . . . . . 1969-70David C. Pearson, CFA . . . . . . 1970-71Roger L. Gewecke, CFA . . . . . 1971-72Donald L. Keene, CFA . . . . . . . 1972-73

A.B. Ehlert, CFA . . . . . . . . . . . . 1973-74Stanley D. Ryals, CFA . . . . . . . 1974-75Dennis R. Bouwer, CFA . . . . . . 1975-76Francis X. Cloran, II, CFA . . . . . 1976-77David F. Allen, CFA . . . . . . . . . 1977-78James C. Reed, CFA . . . . . . . . 1978-79Theodore Congdon, CFA . . . . . 1979-80John C. Sherman, CFA . . . . . . 1980-81James K. Dunton, CFA . . . . . . 1981-82Dorothea Zimberoff, CFA . . . . 1982-83Albert W. Sanborn, CFA . . . . . 1983-84Robert B. Hardaway, Jr., CFA . 1984-85William L. Krantz, CFA . . . . . . . 1985-86Shelley N. Grudin, CFA . . . . . . 1986-87Danford E. Hand, CFA . . . . . . . 1987-88Phyllis G. Thomas, CFA . . . . . . 1988-89Jean V. Keatley, CFA . . . . . . . . 1989-90Frank C. Dohn, CFA . . . . . . . . . 1990-91Glen A. Holden, Jr., CFA . . . . . 1991-92Victor S. Sidhu, CFA . . . . . . . . 1992-93Michael F. Schaible, Jr., CFA . . 1993-94James H. Fletcher, CFA . . . . . . 1994-95Karen McCue, CFA . . . . . . . . . 1995-96Maureen F. Gallogly, CFA . . . . 1996-97Marla L. Harkness, CFA . . . . . . 1997-98Richard Barnett, CFA . . . . . . . . 1998-99David Dahl, CFA . . . . . . . . . . . 1999-00James Sarni, CFA, CIC . . . . . . 2000-01Michael O’Brien, CFA . . . . . . . 2001-02James M. Lyon, CFA, CIC . . . . 2002-03David M. Ward, CFA . . . . . . . . 2003-04Jeffrey Anderson, CFA . . . . . . 2004-05Doug Achtemeier, CFA . . . . . . .2005-06Donald Straszheim, Ph.D. . . . . .2006-07Berkeley G. Harrison, CFA . . . .2007-08Asha Joshi, CFA . . . . . . . . . . . .2008-09Ken Yee, CFA . . . . . . . . . . . . . .2009-10George Dennis . . . . . . . . . . . . .2010-11James Lewis, CFA . . . . . . . . . .2011-12

Past Presidents

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Governor’s Award for Outstanding Lifetime Contributions

Awarded periodically as merited by the CFALA Board of Governors to individuals whose contributions tothe Society have been so substantial and so exemplary that they are deemed to be members for life inthe CFA Society of Los Angeles.

James M. Lyon, CFA, CIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2007William L. Krantz, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2005James H. Fletcher, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2004Marla Harkness, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2003Frank C. Dohn, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1999Robert B. Hardaway, Jr., CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991Lucille Thompson (Hon.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991Marjorie Fisher, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1986David C. Pearson, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1979Shelley N. Grudin, CFA (awarded as the Governor’s Award) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1976

Outstanding Society Member Award

Awarded periodically as merited by the CFALA Board of Governors to Society members who haveremained active in the organization after the expiration of their tenure on the Board and/or whose contri-bution and involvement continues to substantially benefit CFALA programs, activities and initiatives, orwhose leadership and contributions to the profession merit special recognition.

Ken Yee, CFA . . . . . . . . . . . . . . . . . . . . . . . 2012Lawrence E. Harris, Ph.D., CFA. . . . . . . . . . 2011Kerry Gawne, CFA . . . . . . . . . . . . . . . . . . . . 2010Laurence Brody . . . . . . . . . . . . . . . . . . . . . . 2009Paula Blacher, CFA. . . . . . . . . . . . . . . . . . . . 2008Dave Cary, CFA, Ph.D. . . . . . . . . . . . . . . . . . 2007Victor Hawley, CFA . . . . . . . . . . . . . . . . . . . . . 2006Mark Duvall, CFA . . . . . . . . . . . . . . . . . . . . . 2005Wade T. Winter, CFA . . . . . . . . . . . . . . . . . . 2004Rob Arnott . . . . . . . . . . . . . . . . . . . . . . . . . . 2003Dennis E. Gilkerson . . . . . . . . . . . . . . . . . . . 2002Roxanne Cheng, CFA. . . . . . . . . . . . . . . . . . 2001James M. Lyon, CFA, CIC . . . . . . . . . . . . . . 2000James H. Fletcher, CFA . . . . . . . . . . . . . . . . 1998

Glen A. Holden, CFA . . . . . . . . . . . . . . . . . . 1997William L. Krantz, CFA . . . . . . . . . . . . . . . . . 1996Frank C. Dohn, CFA . . . . . . . . . . . . . . . . . . . 1995Phyllis G. Thomas, CFA . . . . . . . . . . . . . . . . 1989Stanley D. Ryals, CFA. . . . . . . . . . . . . . . . . 1988Robert B. Hardaway, Jr., CFA . . . . . . . . . . . 1987Dr. Guilford C. Babcock . . . . . . . . . . . . . . . 1986James K. Dunton, CFA . . . . . . . . . . . . . . . . 1984Shelley N. Grudin, CFA . . . . . . . . . . . . . . . . 1981Roger L. Gewecke, CFA . . . . . . . . . . . . . . . 1980Dennis R. Bouwer, CFA . . . . . . . . . . . . . . . 1978David C. Pearson, CFA . . . . . . . . . . . . . . . . 1977Donald L. Keene, CFA . . . . . . . . . . . . . . . . 1976

Society Award Recipients & Life Members

Annual Report 2011 - 12

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Outstanding Committee Member

Awarded annually by the CFALA Board of Governors to the individual or individuals who have made sub-stantial contributions to the Society while either heading or acting as a member of a CFALA committeeduring the previous year.

James H. Fletcher, CFA, Emerging Leader Award

Awarded annually by the CFALA Board of Governors to the individual or individuals who have demonstrat-ed outstanding leadership characteristics in the course of work on a CFALA program, activity or initiativeduring the previous year. The award is named in honor of James H. Fletcher, CFA, a past President ofCFALA in 1994-1995. Jim was a Senior Vice President – Investments for Smith Barney. As President ofCFALA, Jim was an innovative, effective and energetic leader. A strong believer in the value of education,Jim taught the popular “Foundations of Investment” course for several years, as well as expanded theSociety’s educational offerings substantially during his tenure. He is also credited with creating CFALA’sannual CFA Charter Recognition event. In the years after his presidency, Jim continued his involvementin CFALA and provided wise counsel to many future CFALA leaders. The Emerging Leader Award, an innovation created by Jim during his presidency, was renamed in his honor.

Corporate Award

Awarded periodically by the CFALA Board of Governors to the organization which has demonstrated out-standing support to the Society’s programs, activities and initiatives in a substantial and continual wayover the past year.

Michael Aussieker, CFA . . . . . . . . . . . . . . .2012James Peters, CFA . . . . . . . . . . . . . . . . . . .2012Patrick Holert, CFA . . . . . . . . . . . . . . . . . . . .2011A. Mark Harbour, CFA . . . . . . . . . . . . . . . . .2010Ryan J. Ross . . . . . . . . . . . . . . . . . . . . . . . .2009Rama Malladi, CFA . . . . . . . . . . . . . . . . . . . .2008Daniel Wong . . . . . . . . . . . . . . . . . . . . . . . .2007James Altenbach, CFA . . . . . . . . . . . . . . . . .2006Dave Cary, Ph.D., CFA . . . . . . . . . . . . . . . . 2005Larry Brody . . . . . . . . . . . . . . . . . . . . . . . . . 2004George Dennis . . . . . . . . . . . . . . . . . . . . . . 2003Norman Kulla, CFA . . . . . . . . . . . . . . . . . . . 2003

Steve Remboski, CFA . . . . . . . . . . . . . . . . . 2003James M. Lyon, CFA, CIC . . . . . . . . . . . . . . 2002James H. Fletcher, CFA . . . . . . . . . . . . . . . 2002Berkeley G. Harrison, CFA . . . . . . . . . . . . . 2001Eric T. Smith, CFA . . . . . . . . . . . . . . . . . . . . 1999Margaret Mudd . . . . . . . . . . . . . . . . . . . . . . 1998Anita A. Brown, CFA . . . . . . . . . . . . . . . . . . 1997Roxanne Cheng, CFA . . . . . . . . . . . . . . . . . 1997Peter B. Swank, Ph.D. . . . . . . . . . . . . . . . . 1997Michael D. O’Brien, CFA . . . . . . . . . . . . . . . 1996Edward M. Boulter, CPA . . . . . . . . . . . . . . . 1995

Barclays Capital . . . . . . . . . . . . . . . . . . . . .2012Payden & Rygel . . . . . . . . . . . . . . . . . . . . . .2010Etech Securities . . . . . . . . . . . . . . . . . . . . . 2008Lehman Brothers . . . . . . . . . . . . . . . . . . . . 2007Trust Company of the West . . . . . . . . . . . . 2004Payden & Rygel . . . . . . . . . . . . . . . . . . . . . 2003Wells Fargo . . . . . . . . . . . . . . . . . . . . . . . . . 2002

University of Southern California . . . . . . . . 2001Payden & Rygel . . . . . . . . . . . . . . . . . . . . . 1999Smith Barney Company . . . . . . . . . . . . . . . 1998Smith Barney Company . . . . . . . . . . . . . . . 1997Jefferies & Company . . . . . . . . . . . . . . . . . 1996Smith Barney Company . . . . . . . . . . . . . . . 1995

Nathan Palmer, CFA . . . . . . . . . . . . . . . . . .2012Tatev Stepanyan, CFA . . . . . . . . . . . . . . . . .2011Vera Lin, CFA . . . . . . . . . . . . . . . . . . . . . . . .2010Alejandro Ortega, CFA . . . . . . . . . . . . . . . . .2009Anthony Diaz, CFA . . . . . . . . . . . . . . . . . . . 2008Adrianne Regrutto . . . . . . . . . . . . . . . . . . . . 2008Jordan Floriani, CFA . . . . . . . . . . . . . . . . . . 2007Kerry Gawne, CFA . . . . . . . . . . . . . . . . . . . .2006James Lewis, CFA . . . . . . . . . . . . . . . . . . . 2005Berkeley G. Harrison, CFA . . . . . . . . . . . . . 2004Mark T. Duvall, CFA . . . . . . . . . . . . . . . . . . 2003

Richard McDonald, CFA . . . . . . . . . . . . . . . 2003Charles J. Thuss, CFA . . . . . . . . . . . . . . . . 2003Asha B. Joshi, CFA . . . . . . . . . . . . . . . . . . . 2002Marie A. Beerens, CFA . . . . . . . . . . . . . . . . 2001David M. Ward, CFA . . . . . . . . . . . . . . . . . . 2000Leslie Richardson . . . . . . . . . . . . . . . . . . . . 1999Saeid Hamedanchi, CFA . . . . . . . . . . . . . . . 1998Dennis E. Gilkerson . . . . . . . . . . . . . . . . . . 1997James M. Lyon, CFA, CIC . . . . . . . . . . . . . 1996Karen L. Combs, CFA . . . . . . . . . . . . . . . . . 1995Maye Hackworth, CFA . . . . . . . . . . . . . . . . 1995

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USC/CFALA CFA® Review Program

Since 1984, CFA Society of Los Angeles, Inc. (CFALA), in partnership with the University of SouthernCalifornia, Marshall School of Business (USC), has offered Chartered Financial Analyst® (CFA®) ReviewPrograms for each level of the CFA Study and Examination Program. In the spring, we offer both Weekdayand Saturday Review Courses for Level I candidates and a Saturday Review Course for Levels II and IIIcandidates. CFALA also offers a Saturday Review Course for candidates preparing to take the DecemberLevel I examination. While live instruction is the cornerstone of our program, candidates are provided with supplemental study tools including a full-length practice examination, access to recorded classroomlectures, Schweser Notes and the SchweserPro Online Question Bank.

The Weekday Review Course and the Saturday Review Course provide candidates with a structured,classroom-based approach to preparing for the CFA examination. Our programs are designed to assistcandidates in mastering the Candidate Body of Knowledge. All of the disciplines on the CFA examinationare covered in the CFA Review Courses.

Co-Directors:William L. Krantz, CFA & Larry Harris, Ph.D., CFA (USC) . . . . . . . . . . . . . .e-mail: [email protected]

Communities of Interest (COI)Alternative Investments Group

The mission of the CFALA’s Alternative Investment Community is three-fold:1. to improve the basic understanding of the types and uses of alternative investments to CFA

Charterholders and Candidates, the general investment public and media;2. to give an avenue for the exchange of new ideas involving alternative investments; and3. to discuss, improve and proactively engage in the debate surrounding the special ethical

circumstances that alternative investments often create.Chairs: Erik Einertson, CFA & Rama Malladi, CFA

Applied Behavioral Finance Group

Behavioral finance is the study of how individuals and groups behave when faced with investment decisions in particular, and financial matters in general. We seek to identify and capitalize on these behaviors to improve investment returns and client relations. The field includes elements of psychology,decision making, and game theory. The Applied Behavioral Finance Group seeks to bring the discipline of behavioral finance into the mainstream. The group is comprised of professionals from banking, investments, non-profit, and education.Chair: Dan Pomerantz, CFA

Asian Pacific Community of Interest

The planned objectives of the Asian-Pacific Community of Interest (COI) are as follows: • To advance the professional growth of Asian Pacific American society members • To promote the CFA “brand awareness” among Asian Pacific Americans in southern California • To establish relationships between CFALA and other local professional organizations with similar interests


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• To facilitate research of Asian Pacific markets and investment opportunities to support information needsof those considering investment diversification into that region

• To establish and grow communication networks and relationships of mutual value with our professionalcolleagues in the Asian Pacific region

Chairs: Andy Chong, CFA & Anthony Mak, CFA

CFALA Book Club

The CFALA Book Club is a forum for CFALA members to discuss their interests in books with fellow mem-bers. Our goal is to foster a network where we can exchange interesting ideas and learn from each other.Meetings are held every other month. We also often bring in authors for discussion and Q&A sessions.

Chair: Henry To, CFA

Investment Performance Group

The Investment Performance Group seeks to foster a community and programming for professionals interested in various topics related to investment performance. Investment performance information playsa critical role in measuring and evaluating investment performance, marketing and presentations to theinvesting public, and the ethical use of such information in a fair and transparent manner. Goals to be furthered by the Group include:• Providing information and programming content for performance measurement practices, performance

attribution and analytics, and compliance with the Global Investment Performance Standards (GIPS)Program.

• Providing information and resources to those interested in the Certificate for Investment PerformanceMeasurement Program (CIPM).

Chairs: Erik Johnsen, CFA & Marianne Martin, CFA, CIPM

Portfolio Management Group

The primary focus of the Portfolio Management COI is to acquire speakers for CFALA and the SantaBarbara Region that bring experience and insight for managing client portfolios. The topics cover a wide range of interests but primarily address asset allocation and macroeconomic con-cerns.Chair: Charlotte Chamberlain, Ph.D.

Private Wealth Management Group

The Private Wealth Management Group is a networking and educational forum for professionals associat-ed with the Private Wealth Management industry. It is our goal to showcase speaking events that touchall aspects of Private Wealth Management such as Capital Market Forecasts, Investments, Trust andEstate Planning, and Tax Planning.Chair: Michael Wu, CFA

Santa Barbara Region

The Santa Barbara CFA satellite group is a network for financial professionals living in the Santa Barbaraand nearby counties.Our interest is to work towards providing educational and networking opportunities for CFA charter hold-ers and other financial professionals.Chairs: Alejandra Folguera, Ph.D., CFA & Carol Poundstone Olson, CFA

Women's Group

The purpose of the Women’s Group is to empower women who are CFA charterholders, members, or candidates in the Los Angeles area. Over the long term, our goals are to increase the number of femaleswho obtain charters and form a powerful network of women who will support each other. In order toachieve our goals, we plan on organizing panels, initiating discussion on social networks, mentoring femaleCFA candidates, and building relationships at social events. The group is not meant to separate femaleinvestment professionals from men but rather distinguish women as successful leaders and provide astrong support system. Chair: Stephanie Luh, CFA

CFALA’s Committees

Advocacy Chair: Open

The Advocacy Committee considers current issues that are of importanceto the profession on which CFALA may choose to take a position such asregulatory issues, legal issues, new ethics requirements, accountingissues, and/or positions on CFA Institute initiatives. The Chair reports sig-nificant issues affecting the investment industry to the CFALA Board ormay be called upon by the Board to compose a position paper. Participationin this committee is determined by the number of advocacy issues in consideration.

Annual Meeting Chair: Daniel Wong

The Annual Meeting Committee researches venue locations to hold theAnnual CFALA Meeting of the Members. The Chair presents to the Boardthe location findings for consideration and presents a proposed budget forthe event. Once a location is approved, the committee then works withinthe budget to arrange dinner details which may include, but are not limitedto, menu selection, entertainment, floral arrangements, awards and dinnerfavors. Participation in this committee begins approximately January ofeach year and ends at the close of the Annual meeting.

Audit & Accounting Chair: Mark Morski, CFA

The Audit and Accounting Committee acts as a liaison with the accountingprofession and conducts periodic searches for accounting firms to conductthe Society’s annual audit. Members of the committee submit and reviewRequests for Proposal for auditing services and make recommendationsfor future audit firms to the Board of Governors. The committee assists inthe transition of auditing firms, which takes place every three years, andparticipates in the annual review of the financial reports. Members of theaudit committee may be asked to attend one board meeting a year.

The Society’s Mission is fulfilled

by its many dedicated volunteers

and, as programs continue to

expand and membership contin-

ues to grow, there are an

increasing number of volunteer

opportunities available. Whether

you have a few hours a week

or only a few hours a year, your

contribution will make a differ-

ence. CFALA has a strong

history of leadership and volun-

teerism within the Society, and

you can start your leadership

path today by volunteering as

part of a committee or for one of

the mentor programs. Contact

the Membership Involvement

Chair today and build leadership

skills in a social and supportive

environment.

8


9

Career Development Chair: David Bradley, CFA

The Career Development Committee manages the job opportunities listings that are posted on the CFALAwebsite and coordinates the Annual Career Development Expo each spring. The committee may chairtopical meetings on career programs throughout the year. Participation in the Career DevelopmentCommittee begins in January and ends on the date of the Career Expo. On-site participation at the AnnualCareer Expo may be required. The primary months of planning for the Expo occur from January to mid-April. Members of the committee may elect to remain active on the committee by participating in thejob-listings process, career “chat series,” or other career development programs.

CFA Charter Recognition Event Chair: Monica Erickson, CFA

The CFA Charter Recognition Committee researches venue locations for the Annual CFALA CharterRecognition Luncheon. The Chair works with the administrative staff with the findings for considerationand submits the luncheon budget to the Board. Once a location is reserved, the committee then workswithin the budget to arrange the luncheon details which may include, but are not limited to, letters of invitation, menu selection, floral arrangements, charter holder gifts, media announcements, and thereceipt, wrapping and presentation of the charters. Participation in this committee begins in approximate-ly August of each year and ends at the close of the Charter Luncheon, which takes place betweenOctober 15 and December 15.

CFA Review Program Co-Directors: William L. Krantz, CFALarry Harris, Ph.D., CFA

The CFA Review Program Committee administers, in partnership with the University of SouthernCalifornia, Marshall School of Business (USC), a CFA® Review Course for each level of the CFA Study andExamination Program. Co-Directors review financials for the program, update the CFALA Board, negotiateagreements, hire instructors, conduct approximately 4 orientations for new candidates, represent the program at the CFALA Career Expo, liaise with CFA Institute and approve all collateral material.Committee members serve as coordinators at each level and administer the mentor program. LeadCoordinators at each level set the class schedule, confirming an instructor and a coordinator for eachclass. Coordinators represent the program at each class, at orientations, and at the Mentor Meet andGreet. The review programs run from January through May for the June CFA exam, and from Augustthrough November for the December CFA exam. Participation is heaviest when the review course is in session, but planning and preparation are year-round.Level I Coordinators: James Lewis, CFA; Anthony Diaz, CFA; Andy Chong, CFA; Vincent Anzalone, CFA;Tatev Stepanyan; Brent Wu; Jean Li-Smith, CFALevel II Coordinators: David Ward, CFA; Marvin Tong, CFA; Tao Chen, CFA; Sam Butler, CFALevel III Coordinators: Roger Gewecke, Jr., CFA; William Bird, CFA; John Dahlem, CFA; Ankush Gupta,CFA

Economic and Investments Forecast Dinner Chair: Kerry Rapanot, CFA

The Economic and Investments Forecast Dinner Committee organizes and schedules the annualEconomic and Investments Forecast Dinner. Committee duties include soliciting speakers, procuringsponsors and proofing the program.Participation in this committee begins in August and normally ends inJanuary after the Forecast Dinner.Member: George Dennis

Education Chair: Rama Malladi, CFA

The Education Committee develops continuing education programs, including seminars, BasicAccounting, Foundations of Investment courses, a Fixed Income series, an Alternative Investment series,and other educational investment courses of interest to CFALA members. It serves as a liaison with localcolleges and universities in sponsoring student participation in the Society’s programs. Participation in theEducation Committee is ongoing and may require members to be on-site at some classes to welcomestudents and introduce instructors. Education Chair approves all CFALA events for CFA Institute’sApproved Provider Program and determines continuing education credits.

Finance Chair: A. Mark Harbour, CFAVice-Chair: Kerry Rapanot, CFA

The Finance Committee assists the Treasurer in advising the Board of Governors in the management ofinvestment actions and considers other financial matters as necessary. The powers and duties of thecommittee are separate and distinct from those that are already delegated to the Audit and AccountingCommittee. The oversight of the investment policy statement is the responsibility of the FinanceCommittee. The Finance Committee is a standing committee of the Society; the positions of Chair andVice-Chair are held by the current Treasurer and Secretary, respectively. Members of the committee areappointed and approved by the President. Participation in the Finance Committee is for renewable termsof one year beginning September 1 and ending August 31. The committee provides periodic reviews ofthe Society’s investments to ensure compliance with the investment policy. Recommended changes ofallocations from the committee are presented to the Board by the Chair.Member: Mark Morski, CFA

Investment Research Challenge Chair: James Peters, CFA

The CFA Institute Research Challenge Committee in southern California promotes the annual global competition which provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics. Each student participant will be tested on their analytic, valuation, report writing and presentation skills and gain real-world experience as they assume the role ofa research analyst. CFALA has partnered with the CFA Society of Orange County to host the SouthernCalifornia challenge. Committee members promote the competition at area universities, organize the localcompetition, serve as mentors, graders and judges. Participation in the committee begins in July and endsat the end of the competition in March.

Member and Public Awareness Chair: Adrianne Regrutto

The Member and Public Awareness Committee is responsible for the continued communication ofSociety happenings and events to the members and the general public. The committee chair is responsi-ble for monitoring and/or submitting Society press releases. Participation in the Public AwarenessCommittee is year-round. Members of the committee may be asked to be available and commit more

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time to promote the Society’s larger events which occur quarterly, such as the Economic Forecast Dinner,CFA Charter Recognition Luncheon, the Annual Meeting of the Members and CFALA/CCEE CapitalMarkets Contest. Committee participation is for renewable terms of one year. Excellent writing skills arenecessary, media experience is a plus.

Membership Involvement/Volunteer Management Chair: Akiko Hayata, CFA

The Membership Involvement/Volunteer Management Committee oversees the placement of membervolunteers in committees or projects that match the skill set of the individual. The committee is respon-sible for the volunteer recruiting and arranging of society events including orientations, skill developmentand volunteer recognition. Committee members are selected by the Chair and Vice-Chair. Participation inthe Membership Involvement Committee may require on-site participation at volunteer events.Committee participation is for renewable terms of one year.

Membership Chair: Brian Brady, CFA

The Membership Committee performs a monthly review of membership applications and provides areport to the Board of Governors of the new member applicants and changes in the status of currentmembers. Committee members should be available to speak with applicants who may require specialconsideration prior to submitting their applications to CFA Institute and answer general questions regard-ing membership in the Society. The Membership Committee may also propose membership recruitingand retention programs and monitor membership trends. Participation on the Membership Committeerequires monthly review of pending applications; most applications are submitted during the months ofAugust - December. The responsibilities of this committee are ongoing and service is for one-year renew-able terms. Member: Jamie Claypool

Nominating Chair: George Dennis, CFA

The Nominating Committee is a standing committee and is chaired by the most current past President ofthe Society. The committee consists of the officers of the Board of Governors. The committee identifiesand nominates to the Board of Governors members of the Society for consideration as officers andGovernors of the Society. It also identifies potential nominees to CFA Institute positions and committeesand nominates potential annual award recipients.

Operating Chair: Roger Gewecke, Jr., CFA

The Operating Committee oversees the administrative staffing and operations of the Society. TheOperating Committee may call for ad hoc search committees when operational services are needed.Operational services include administrative staff, website programmers, accountants and lawyers. TheOperating Committee consists of the Officers of the Board of Governors and the Executive Director.

Scholarship Chair: Anuradha Batra, CFA

The Scholarship Committee reviews applications from local CFA candidates for the CFA exam. There aretwo scholarship periods for which a designated number of scholarships are awarded to applicants meet-ing specified criteria. Members of the Scholarship Committee may participate in one or both applicationreviews which occur in July and December of each year. Participation involved in the review processvaries and is dependent on the quantity of applications received. Members: John Coscia, CFA; Michael Aussieker, CFA; Cheryl Kunstle, CFA

Social Chair: Michael Aussieker, CFA

The Social Committee plans periodic social activities for members and their guests. It researches venuesfor events which members may attend in a relaxed and informal environment. The committee organizesand oversees the annual CFALA Golf Tournament and is also responsible for providing recommendationsto the Board and submitting a budget for review. Once a budget is approved, the committee arranges thelogistics and publicity for the event. Participation in this committee is for one-year renewable terms andmay require several hours planning time per event. On-site participation may be required.

Website and Technology Chair: Rama Malladi, CFA

The Website and Technology Committee participates in periodic reviews of the website and website functions. The committee makes recommendations to the Board and submits an annual budget proposalfor changes and upgrades. Participation in the committee is ongoing and for one-year renewable terms.

12

13

Non-Committee Volunteer Opportunities

USC/CFALA CFA Review: Level I Mentor Program

Volunteer mentors provide Level I candidates enrolled in the USC/CFALA CFA Review program an additional support resource in preparing for the Level I exam. Mentors support candidates by providingguidance in time management and study tactics to prepare for the exam as well as emotional support andencouragement through the exam process. The program offers each candidate a chance to have one-on-one contact with a member who is either a current CFA charter holder or has successfully completed all3 levels of the exam. Volunteers in the mentor program are asked to commit to contacting their assignedcandidates twice a month and also be available to provide additional support closer to the exam date. Thementor program runs in conjunction with the Level I CFA Review Course that is offered twice a year. Thespring session begins in January and ends prior to the June exam. The fall program begins in August andends prior to the Level I December exam. The mentor role is not a tutoring or study partner role, and thementor may choose to continue mentoring the same candidate through the remaining levels of the exam.

CFA Society of Los Angeles Mentor Volunteers for Capital Markets and Financial Advisors Contests

CFALA members may serve as mentors and research contacts for teachers and as judges for final presentations in the Capital Markets Contest (CMC) and Financial Advisers Contest (FAC), a joint ventureof the CFA Society of Los Angeles and California Council on Economic Education (CCEE). Mentoring may include on-site classroom visits and student interaction. The contests begin in February and end inlate May.

Additional Information: Important Website Addresses

CFALA Society of Los Angeles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .www.cfala.org

CFA Institute . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .www.cfainstitute.org

CFA Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .www.cfainstitute.org/cfaprogram/pages/index.aspx

Code of Ethics and Standards of Professional Conduct: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .www.cfainstitute.org/ethics/codes/pages/index.aspx

Previous Chapters of CFALA

CFA Hawaii . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Founded June 8, 2002CFA Society of San Diego . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Founded in 1962CFA Society of Orange County . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Founded in 1997

14

C O N T E N T S

Independent Accountants’ Review Report . . . . . . . . . . . . . . . 15

FINANCIAL STATEMENTS

Statement of Financial Position . . . . . . . . . . . . . . . . . . . . 16

Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Statement of Functional Expenses . . . . . . . . . . . . . . . . . . 18

Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . 19

NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . 20


15

Independent Accountants’ Report

To the Board of Governors,

CFA Society of Los Angeles, Inc.Los Angeles, California

We have reviewed the accompanying statement of financial position of CFA Society ofLos Angeles, Inc. (a California nonprofit corporation), as of August 31, 2012, and the relat-ed statements of activities, functional expenses and cash flows, for the year then ended.

A review includes primarily applying analytical procedures to management’s financial data and making inquiries of Organization management. A review is substantially less inscope than an audit, the objective of which is the expression of an opinion regarding thefinancial statements as a whole. Accordingly, we do not express such an opinion.

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the UnitedStates of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements.

Our responsibility is to conduct the review in accordance with Statements on Standardsfor Accounting and Review Services issued by the American Institute of Certified PublicAccountants. Those standards require us to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financialstatements. We believe that the results of our procedures provide a reasonable basis forour report.

Based on our review, we are not aware of any material modifications that should be madeto the accompanying financial statements in order for them to be in conformity withaccounting principles generally accepted in the United States of America.

Pasadena, CaliforniaJanuary 14, 2013

CFA Society of Los Angeles, Inc.

16

CFA SOCIETY OF LOS ANGELES, INC.

Statement of Financial Position

August 31, 2012

Assets

Current Assets:Cash and cash equivalents (Note 4) $440,898Accounts receivable 860Prepaid expenses 21,368

Total current assets 463,126

Property and equipment:Furniture and equipment 18,517Less accumulated depreciation (6,399)

12,118

Investments (Note 2) 511,021

Total assets $ 986,265

Liabilities and Net Assets

Current Liabilities:Accounts payable $ 92,904Deferred revenue 67,751

Total current liabilities 160,655

Net Assets:Unrestricted

Undesignated 550,610Board designated 275,000

Total net assets 825,610

Total liabilities and net assets $ 986,265

See accountants' review report and accompanying notes to financial statements.


17


Statement of Activities

Year Ended August 31, 2012

Revenues:Membership dues (Note 5) $ 311,630CFA review program income (Note 6) 385,932CFALA seminar income 81,997CFA Institute reimbursements 67,978Economic forecast dinner 67,030Annual events 32,363Placement listing 5,550Unrealized gains on investments 19,484Realized gains on investments 9,484Interest and dividends 9,231

Total revenues 990,679

Expenses:Program services

CFA review program expenses (Note 6) 328,421Economic forecast dinner 39,940Topicals 37,432Seminar expenses 26,645Other educational and social activities 145,942

Total program services 578,380

Supporting services 231,511

Total expenses 809,891

Increase in unrestricted net assets 180,788

Unrestricted net assets, beginning of year 644,822

Unrestricted net assets, end of year $ 825,610



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Statement of Functional Expenses


SupportingProgram Services Services

CFALA Seminarsand other

CFA Educational & ManagementReview Topical Social Activities & General Total

Administrative Fees:Salaries and benefits $ 51,846 $ – $ – $ 127,761 $ 179,607University of Southern California 42,349 – – – 42,349

Total administrative fees 94,195 – – 127,761 221,956

Accounting fees – – – 13,979 13,979Annual events – – 95,992 – 95,992Bank fees & finance charges 10,680 – – 5,330 16,010Board & membership activities – – 11,372 1,917 13,289Career exposition – – 11,574 – 11,574Communications 1,502 – – 28,524 30,026Depreciation – – – 3,474 3,474Faculty & instructor fees 120,692 – 26,645 – 147,337Economic forecast dinner – 39,940 – – 39,940Insurance – – – 8,943 8,943Location fees & rental – 37,432 – 31,823 69,255Other expenses – – – 444 444Program pledge refunds 11,594 – – – 11,594Printing, postage & supplies 11,955 – – 9,316 21,271Recognition & publicity – – 27,004 – 27,004Study guides & mock exams 77,803 – – – 77,803

Total expenses $ 328,421 $ 77,372 $ 172,587 $ 231,511 $ 809,891



19


Statement of Cash Flows


Cash Flows from Operating Activities:Increase in net assets $ 180,788Adjustments to reconcile increase in net assets

to net cash used by operating activities –Depreciation 3,474Net realized and unrealized gains on investments (28,968)

Changes in operating assets and liabilities –Receivable (118)Prepaid expenses (5,010)Accounts payable (7,469)Deferred revenue (5,294)

Net cash provided by operating activities 137,403

Investing Activities:Purchases of investments (251,892)Proceeds from redemption of investments 118,459

Net cash used by investing activities (133,433)

Net increase in cash and cash equivalents 3,970

Cash and Cash Equivalents, Beginning of Year 436,928

Cash and Cash Equivalents, End of Year $ 440,898



20


Notes to Financial Statements

August 31, 2012

Note 1 — Summary of Significant Accounting Policies

The CFA Society of Los Angeles, Inc. (the “Society”), is a nonprofit organization established in 1931. The Society fosters ethical standards of conduct among its member-ship within its segment of the financial community in the Los Angeles metropolitan areaand strives to improve the practice of financial analysis and portfolio managementthrough education and the development of professional skills.

Basis of Accounting

The financial statements of the Society have been prepared on the accrual basis of accounting and, accordingly, reflect all significant receivables, payables, and other liabilities.

Investments

Investments are carried at fair value as determined by quoted market prices, or based onquotations of similar securities. Investing activities are reported on a trade-date basis.Realized gains and losses are calculated based upon the underlying costs. Net realizedand unrealized gain/loss on investments is based on the fair value of the assets at thebeginning of the year or at the time of purchase for assets purchased during the year andthe related fair values on the day the investments are sold with respect to realized gainsand losses, and on the last day of the year with respect to unrealized gains and losses.

Revenue

Membership dues are recognized as revenue when received. Chartered FinancialAnalysts (CFA) review fees are recognized in the period the program takes place.Payments received in advance of programs are deferred at year-end. Deferred revenuerepresents fees collected for CFA review and education programs to be held after August31, 2012.

Statement of Cash Flows

For purposes of the statement of cash flows, the Society considers all cash accounts andinvestments with maturities of ninety days or less to be cash equivalents.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accountingprinciples requires management to make estimates and assumptions that affect certainreported amounts and disclosures. Accordingly, actual results could differ from those estimates.


21

Note 1 — Summary of Significant Accounting Policies (Continued)

Functional Allocation of Expenses

The costs of providing the various program services have been reported by their function-al classification. Accordingly, certain costs have been allocated among program servicesand support services benefited.

Net Assets

Unrestricted Net Assets

Unrestricted net assets are utilized to record revenues, investment income, and otherforms of unrestricted revenue and expenditures related to the general operations ofthe Society.

Included in unrestricted net assets at August 31, 2012 are $275,000 of assets designated for specific purposes by action of the Governing Board for future seminars and for legal expenses that may arise relative to the Society’s self-regulation responsibilities.

Temporarily Restricted Net Assets

Temporarily restricted net assets are utilized to record resources received that aretemporarily restricted as to use. When the restricted use has been fulfilled or expiredwith the passage of time, the net assets of this fund are reclassified to unrestrictednet assets.

At August 31, 2012 there were no temporarily restricted net assets.

Permanently Restricted Net Assets

Permanently restricted net assets are utilized to record resources whose use by theSociety is limited by donor-imposed stipulations that neither expires by a passage oftime nor can be fulfilled or otherwise removed by actions of the Society.

At August 31, 2012, there were no permanently restricted net assets.

Property and Equipment

Property and equipment are stated at cost. Donated property is recorded at its estimatedfair value. Depreciation is calculated using the straight-line method over the estimateduseful lives of the assets, which range from five to seven years. Expenditures for majorrenewals and betterments that extend the useful life of property are capitalized. Totaldepreciation expense for the year ended August 31, 2012 was $3,474.

Management’s Review

Subsequent events were evaluated through January 14, 2013, which is the date thefinancial statements were available to be issued.


22

Note 2. Investments

The investment securities, which are stated at fair value based on quoted prices in activemarkets (all Level 1 measurements), consist of the following:

SPDR S&P ETF Trust $ 164,370Intermediate Term Bond Index 92,943Vanguard Long-Term Investment Grade $ 54,339Vanguard Short-Term Investment Grade 51,056International Stock 1x Admiral $ 47,827PIMCO Emerging Markets Bond Instl 26,507Inflation-Protect Sec Inv $ 20,611iShares Trust Russell 2000 Index Fund 18,382High Yield Corporate Fund Inv 15,773Emerging Markets Stock Index 14,133iShares Trust Russell S&P Smallcap 600 Index Fund 5,080

$ 511,021

Interest and dividends earned on investments $ 9,200Interest and dividends earned on cash andcash equivalents 31

$ 9,231

The net gains on investments are as follows:Net realized gains $ 9,484Net unrealized gains $ 19,484

Note 3. Income Taxes

The Society is exempt from federal income tax under Section 501(c)(6) of the InternalRevenue Code. The Society is also exempt from California state income taxes.

The Society follows the provisions of uncertain tax positions as addressed in FASBAccounting Standards Codification 740-10-50-15. The Society recognized no increase inthe liability for unrecognized tax benefits. The Society has no tax position at August 31,2012 for which the ultimate deductibility is highly uncertain or for which there is uncertainty about the timing of such deductibility. The Society recognizes interestaccrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the yearended August 31, 2012.

Note 4. Concentration of Credit Risk

The Society maintains its cash balances in two checking accounts held at the same finan-cial institution located in California.The balances are insured by the Federal DepositInsurance Corporation to $250,000. As of August 31, 2012, the combined bank balancefor two accounts was $468,280, resulting in a total uninsured bank balance of approxi-mately $218,280. Management believes that it is not exposed to significant credit risk.


23

Note 5. Membership Dues

The Society contracted with CFA Institute to administer the billing and collection of mem-bership dues. Membership dues for the year ended August 31, 2012 totaled $311,630.

Note 6. CFA Review Income and Expenses

In partnership with University of Southern California (“USC”), the Society conducts a CFAreview program, which helps CFA candidates prepare for the CFA examination. The pro-gram is taught by practitioners from the Society who are mainly CFA charter holders andfaculty members from surrounding universities. The Society pays a royalty equal to 40%of the surplus earned from the CFA program to USC.

Note 7. Commitments

In January 2011 the Organization entered into a five-year operating lease for its offices,with scheduled annual increases of three percent. Rent expense during the year endedAugust 31, 2012 was $24,824. Future minimum lease payments are as follows:

Years Ending

August 31,

2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $30,833

2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $31,758

2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32,711

2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $10,010

Note 8. Related Party Transactions

During the year ended August 31, 2012, the Society hosted topical, educational, andinvestment seminars as well as the CFA Review Program referred to in Note 6. Paymentsfor instructional services to certain officers and members of the Board of Governorsamounted to $7,576.

520 South Grand Avenue, Suite 370 n Los Angeles, CA 90071 n p: 213.613.1503 n f: 213.613.1233 n e: [email protected] n w: www.cfala.org

Founded in 1931. Founding Member of the Financial AnalystFederation and a Member Society of CFA Institute.

cfa society of los angeles, inc. - cfa society los angeles · developing a strong collaborative...

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