The National Federation of Municipal Analysts (NFMA) was chartered in 1983. It is a not-for-profit association with the goals of promoting professionalism in municipal credit analysis and furthering the skill level of its members through educational programs and industry communication, providing an informed perspective in the formulation of legal and regulatory matters relating to the municipal finance industry, and facilitating the flow of information between investors and issuing entities.
The NFMA comprises six constituent societies:
Members of constituent societies are automatically members of the NFMA. In addition, individuals not located in proximity to a constituent society may join the NFMA as Affiliated Individuals or Associate Member.
The Constitution (revised 2012) in Adobe Acrobat format.
The NFMA's 990 statements prepared for the IRS are available for public inspection. Financial statements for the fiscal year ended December 31, 2011 are available at this link:
Membership in the NFMA totals approximately 1,200, representing the major participants in the municipal market, including institutional investors, bond rating agencies, bond insurance companies, portfolio managers, investment banking firms and financial advisors.
The NFMA has been a strong advocate of improved disclosure in the municipal market since its inception. Throughout its history, the NFMA has issued comment letters and position statements on relevant topics in the municipal market. In 1990, the NFMA published the Disclosure Handbook for Municipal Securities, updated in 1992, with a desire to communicate to the municipal bond industry the information needed by analysts to make informed investment decisions. In 1994, the NFMA published secondary market disclosure forms covering 15 separate sectors in the municipal bond market. Commencing in 2000, the NFMA began a series of Recommended Best Practices Papers and White Papers dealing with the various sectors in the municipal bond market. These papers are typically products of months of drafting and review by committees composed of experts from our membership and other market participants.
In addition, the NFMA publishes electronic newsletters for its members three times per year.
An Annual Conference is held each spring in various locations. Attendance ranges from 275 to 300. The Introduction to Municipal Bond Credit Analysis has been held each fall since 1987 and Advanced Seminars are held each fall and January throughout the country. To see the Event Calendar, click here.
National Federation of Municipal Analysts