 |
|
Summary Financial Information for the Investment Adviser Registration Depository
| |
1999 |
2000 |
2001 |
2002 |
| REVENUE |
| SEC |
| Filing Fees From SEC Firm Filings |
$0 |
$44,800 |
$6,611,550 |
$3,434,850 |
| Total SEC Revenue |
$0 |
$44,800 |
$6,611,550 |
$3,434,850 |
| |
| State |
| State Firm Filing Fees |
$0 |
$1,200 |
$549,000 |
$1,506,020 |
| Investment Adviser Representative Filing Fees |
$0 |
$0 |
$0 |
$13,199,220 |
| Total State Revenue |
$0 |
$1,200 |
$549,000 |
$14,705,240 |
| |
| Sale of IARD Data to Public |
$0 |
$0 |
$0 |
$14,520 |
| Total Revenue |
$0 |
$46,000 |
$7,160,550 |
$18,154,610 |
| |
| EXPENSES |
| Development Expenses |
| SEC |
| System Development Attributed to SEC Functionality* |
$1,024,081 |
$3,820,951 |
$1,809,149 |
$714,047 |
| Technology Fee Paid to NASD** |
$0 |
$0 |
$0 |
$250,000 |
| SEC Payment Offset |
$0 |
$0 |
$0 |
-$35,431 |
| Offset of Development Expense By Government Payment of License Fee to NASD |
$0 |
-$2,400,000 |
-$600,000 |
-$200,000 |
| Total SEC Development Expenses |
$1,024,080 |
$1,420,951 |
$1,209,149 |
$728,615 |
| |
| State |
| System Development Attributed to State Firm Functionality*** |
$398,254 |
$1,485,924 |
$974,157 |
$612,670 |
| Investment Adviser Representative Filing and Processing*** |
$0 |
$0 |
$1,839,818 |
$2,466,945 |
| Total State Development Expense |
$398,254 |
$1,485,924 |
$2,813,975 |
$3,079,615 |
| Total Development Expense |
$1,422,334 |
$2,906,875 |
$4,023,124 |
$3,808,230 |
| |
| Operating Expenses |
| Expenses Attributed to SEC Functionality |
$0 |
$554,164 |
$1,398,137 |
$909,546 |
| Expenses Attributed to State Functionality |
$0 |
$215,929 |
$1,263,779 |
$2,102,320 |
| Total Operating Expenses |
$0 |
$770,093 |
$2,661,916 |
$3,011,866 |
| |
| Development and Operating Expenses |
| Expenses Attributed to SEC Functionality |
$1,024,080 |
$1,975,115 |
$2,607,286 |
$1,638,161 |
| Expenses Attributed to State Functionality |
$398,254 |
$1,701,853 |
$4,077,754 |
$5,181,934 |
| Total Development and Operating Expenses |
$1,422,334 |
$3,676,968 |
$6,685,040 |
$6,820,096 |
| |
| OTHER PROGRAM EXPENSES |
| Cost of Capital |
| For SEC Functionality |
$29,062 |
$239,504 |
$0 |
$0 |
| For State Functionality |
$11,302 |
$110,952 |
$260,160 |
$329,270 |
| Total Cost of Capital |
$40,364 |
$350,456 |
$260,160 |
$329,270 |
| Total Other Program Expenses |
$40,364 |
$350,456 |
$260,160 |
$329,270 |
| |
| Total All Expenses |
$1,462,698 |
$4,027,424 |
$6,945,200 |
$7,149,366 |
| |
| PROGRAM INCOME/LOSS |
| Attributed to SEC Functionality |
-$1,053,142 |
-$2,169,819 |
$4,004,264 |
$1,796,689 |
| Attributed to State Functionality |
-$409,556 |
-$1,811,605 |
$3,788,914 |
$9,194,036 |
| Attributed to Sale of IARD Data to Public |
$0 |
$0 |
$0 |
$14,520 |
| Total Program Income/Loss |
-$1,462,698 |
-$3,981,424 |
$215,350 |
$11,005,245 |
| |
| Cumulative Surplus/Deficit |
| SEC Functionality |
-$1,053,142 |
-$3,222,960 |
$781,304 |
$2,577,993 |
| State Functionality |
-$409,555 |
-$2,221,162 |
-$6,010,076 |
$3,183,960 |
| Sale of IARD Data to Public |
$0 |
$0 |
$0 |
$14,520 |
| Total Cumulative Surplus/Deficit |
-$1,462,698 |
-$5,444,122 |
-$5,228,772 |
$5,776,473 |
*Expenses allocated to SEC functionality include expenses related to a system for investment advisers to file registration statements and withdrawals with the SEC, for SEC staff to process the filings, and to provide public disclosure of filings.
**Under a Memorandum of Understanding between the SEC and the NASD, the NASD is entitled to an annual technology fee of $250,000 to compensate the NASD for CRD technology it developed and upon which the IARD system relies.
***Expenses allocated to State functionality include expenses related to additional functionality necessary for state filings. |
http://www.sec.gov/divisions/investment/iard/iaregdepqrt402.htm
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