About SURFA


The Society is a non-profit corporation, founded in 1977 by financial analysts representing a cross-section of the regulatory process. These financial analysts representing government, the financial community, industry and academia founded the National Society of Rate of Return Analysts (NSRRA). The Society’s First Financial Forum, held on October 21, 1977, addressed such issues as “Risk Evaluation and Measurement,” “Measuring and Rewarding Efficient,” and “Approaches to Rate of Return Determination.” The objectives of the new Society were outlined by John J. McGrath, the luncheon speaker, who stated:


Rate of return analysis, as defined in the Society’s Constitution, is the “study of economic, financial and other pertinent facts and forecasts for the purpose of appraising risk and reflectively determining an appropriate level of profitability or rate of return on investment in regulated and non-regulated industries. The aim of the Society is to discuss and disseminate concepts and practices in the application of rate of return analysis, to promote the education and understanding of rate of return analysis, and to foster a high standard of ethics for members.”


In 1996, the name of the Society was changed to the Society of Utility and Regulatory Financial Analysts (SURFA). More than thirty years later, SURFA is a highly respected and widely recognized organization whose objectives continue to remain the same. To advance and foster the Society’s objectives, SURFA holds an annual Financial Forum on a variety of topics related to rate of return analysis and sponsors the Certified Rate of Return Analyst (CRRA) Program.