Directors' Institute FAQs (2027)
Who is this program for?
The Directors’ Institute is a directors-only program, open only to actively serving independent directors of U.S. funds registered under the 1940 Act. We welcome directors of all levels of experience and from boards overseeing the full range of fund types regulated by the 1940 Act, including traditional open-end mutual funds, closed-end funds, ETFs, and BDCs.
What can participants expect during the program?
The program's highly interactive, case study format, encourages participants to bring insights from their own real-life board experience as they approach the issues posed in the fictional case materials.
The 2.5 day Institute mimics a 15(c) meeting. About a week before the program, participants receive a board book to prepare, which includes the case narrative, an overview of the fictional fund complex, and details on three fictional focus funds. Broadridge supplies the 15(c) reporting and PwC supplies profitability figures, so the materials resemble what directors see in their own boardroom.
At the Institute, the directors hear from fund management, auditors and consultants, attorneys and the CCO, played by industry experts. Participants spend much of the conference in breakout sessions where directors discuss the issues in the case and strategize their approaches for addressing those issues to management.
How are breakout groups formed?
MFDF staff assign groups in advance, balancing various factors with the goal that each breakout benefits from a variety of viewpoints and experiences. Groups meet briefly on the first day of the program for introductions and then meet repeatedly with their breakout group over the remaining two days.
How is the Directors’ Institute different from other industry events?
The Institute is a more interactive program than a typical conference, relying on the active engagement of the participants. Unlike a traditional conference featuring presentations on various topics, the Institute puts attendee engagement at the center of the program. In the highly interactive case study format, directors draw on their own experiences in the boardroom to identify and work with management on timely issues drawn from real fund scenarios.
Is the program designed to teach directors how to do 15(c)?
No. While the Institute uses a 15(c) meeting as its basis for the format, the program is designed to expose directors to a wide range of issues that directors are facing in their own boardrooms, using the fictional fund complex to foster discussion and fuel thinking. We typically recommend that attendees have completed at least one cycle of board service before attending to make the most of the program.
Can I attend the Institute more than once?
Yes, and many directors have. Every year the case material for the program changes and a new mix of participants shape the program with their own expertise and insights. MFDF staff works to minimize participants overlapping with the same peers in the breakout groups multiple years in a row to allow participants to encounter different points of view each year.
Can new directors attend the program?
Yes, though directors new to the fund industry may want to wait until they have been through one 15(c) cycle to get the most out of the program. Newer directors also may consider attending alongside a more senior member of their own board, which can be an effective part of an onboarding process for a new director.
Is the program worthwhile for seasoned directors?
Yes. Many long-tenured directors and board leaders attend, and they are often repeat attendees — contributing important insights to the case each year. The Institute is one of the few settings where directors can see how peers on other boards approach the same issues.
Can my whole board participate in the program?
Absolutely. Some boards find it beneficial to attend the program together and debrief afterward on takeaways to bring back to their own boardroom. MFDF staff makes an effort to place board colleagues in different breakout groups, so each director hears from directors at as many other boards as possible.
Boards with active MFDF memberships may take advantage of board pricing. After two paid registrations from the same board, additional directors attend at no additional cost.
Do MFDF leaders participate in the program?
Yes, the entire MFDF staff attends, and several MFDF board members usually participate. Breaks and meals are great opportunities to connect with MFDF staff and board members while you are at the Institute.
How can I get the most out of the Directors’ Institute?
Since the Directors’ Institute is built around a fictional fund complex and three fictional focus funds, we recommend reading the board book and case materials before you arrive.
Do I need to bring a laptop or tablet to the program?
While not required, most participants do bring a laptop or tablet to the Institute to keep the case materials at hand. MFDF uses Diligent for the program materials.
Is there a dress code?
Participants are invited to dress in business casual attire. MFDF makes an effort to use outdoor spaces when weather allows, and meeting rooms can run warm or cool, so bring layers.
When should I arrive, and when does the program end?
The formal program starts at 2:00pm on Monday, February 1. Participants traveling more than a couple of hours often arrive the night before to avoid any unexpected travel delays.
The program ends around 12:00pm on Wednesday, February 3, concluding with a wrap-up session. Often, participants check out of their rooms before the final day’s sessions begin and then head to the airport after we conclude at noon.
How much does registration cost? Are there any discounts available?
- Member: $1,500 per director
- Non-member: $2,250 per director
- Group pricing: Available to member boards: after two paid registrations from the same board, additional directors' registration fees are waived.
Registration includes all meals during the program.
Is there a preferred hotel for participants?
MFDF has a limited number of rooms reserved for conference participants at The Ritz-Carlton with a discounted rate of $429/night plus taxes and fees. Details on booking in the block are provided in the confirmation email after registration. The room block closes January 11th, 2027.
Where is the nearest airport to Amelia Island?
The closest major airport is Jacksonville International Airport. Parking on site is at the participant's expense.
Do I need to register by a certain date?
There is no deadline for registration, however seats are limited at the Directors’ Institute, so we recommend registering early. In addition, the room block for the Institute closes on January 11th, 2027 and may fill up sooner.
If you encounter any difficulties with registration, please contact the MFDF team at events@mfdf.org.