# EDGAR Filing Document

**Accession Number:** 0001616995
**File Stem:** 0001616995-25-000033
**Filing Date:** 2025-7
**Character Count:** 14279
**Document Hash:** 50ed74f56923bd20326cb027016ae521
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001616995-25-000033.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001616995-25-000033

**CONFORMED SUBMISSION TYPE**: MA-A

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250703

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAKER TILLY MUNICIPAL ADVISORS, LLC
- **CENTRAL INDEX KEY:** 0001616995

**ORGANIZATION NAME:**
- **EIN:** 471581747
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** MA-A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-00880
- **FILM NUMBER:** 251105373

**BUSINESS ADDRESS:**
- **STREET 1:** 4807 INNOVATE LANE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53718
- **BUSINESS PHONE:** 800-362-7301

**MAIL ADDRESS:**
- **STREET 1:** 4807 INNOVATE LANE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53718

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0001616995

**Filer CCC:** XXXXXXXX

**Contact Name:** BARBARA OLSON

**Contact Phone:** 6082402541

**Contact Email:** BARB.OLSON@BAKERTILLY.COM

**Notification Emails:** ANYAH.ISRAEL@BAKERTILLY.COM

### Type of Filing

**Selected Filing Type:** Annual Update

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** BAKER TILLY MUNICIPAL ADVISORS, LLC

**&nbsp;&nbsp;&nbsp;Is applicant a Sole Proprietor?:** No

**&nbsp;&nbsp;&nbsp;Has the municipal legal name changed since the last filing?:** No

**B. Doing-Business-As (DBA) Name:** BAKER TILLY

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** No

**&nbsp;&nbsp;&nbsp;Does the applicant have any additional DBA names?:** No

**C. IRS Employer Identification Number:** 47-1581747

**D. Registrations:**

- **Municipal Advisor (Temporary):** SEC File No: 866-01643-00

- **Municipal Advisor:** SEC File No: 867-00880

**E. Principal Office and Place of Business:** 4807 INNOVATE LANE, MADISON, WI, 53718

**Telephone Number:** 800-362-7301

**Additional Offices of Employment:**

- **Office #1 (Add):** 9229 DELEGATES ROW, STE 400, INDIANAPOLIS, IN, 46240 | Phone: 317-465-1500

- **Office #2 (Add):** 112 IRONWORKS AVE., STE C, MISHAWAKA, IN, 46544 | Phone: 574-935-5928

- **Office #3 (Delete):** 2852 EYDE PARKWAY, STE 150, EAST LANSING, MI, 48823 | Phone: 517-321-0110

- **Office #4 (Add):** 140 East Town Street, STE 1275, COLUMBUS, OH, 43215 | Phone: 614-987-1680

- **Office #5 (Add):** 30 East 7th Street, SUITE 3025, ST PAUL, MN, 55101 | Phone: 651-223-3000

**Mailing Address is Different from Principal Office:** No

**F. Website:** WWW.BAKERTILLY.COM

**G. Chief Compliance Officer (CCO):**

**Name:** BARBARA RUTH OLSON

**Address:** 4807 INNOVATE LANE, MADISON, WI, 53718

**Phone Number:** 608-240-2541

**Email:** BARB.OLSON@BAKERTILLY.COM

**H. Business Affiliates:**

- **Name:** BAKER TILLY ADVISORY GROUP, LP

**I. Location of Books and Records:** Yes

### Item 2: Form of Organization

**A. Applicant's form of organization:** Limited Liability Company (LLC)

**B. Month of Applicant's Annual Fiscal Year End:** May

**C. State, Other U.S. Jurisdiction, or Foreign Jurisdiction Under Which Applicant is Organized:** WI

**D. Date of Organization:** 08-13-2014

**E. Is the applicant a public reporting company?:** No

### Item 3: Successions

**Is the applicant succeeding to the business of a registered municipal advisor?** No

### Item 4: Information About Applicant's Business

**A. Number of Employees:** 130

**B. Municipal Advisory Activities - Employees:** 114

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 1

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 3

**D. Public Relations Company?:** No

**E. Soliciting on Behalf of an Affiliate - Number of firms:** 0

**F. Types of Clients - Number of clients served as municipal advisor:** 825

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities, Non-profit organizations, Corporations or other businesses

**G. Solicitation of Municipal Entities and Obligated Persons - Municipal Entities:** 0

**&nbsp;&nbsp;&nbsp;Obligated Persons:** 0

**&nbsp;&nbsp;&nbsp;Total Solicited:** 0

**H. Types of Persons Solicited:** 
Not Applicable
, Not Applicable

**I. Compensation Arrangements (Municipal Advisory):** 
Hourly Charges
Fixed Fees
Contingent Fees
, Hourly Charges, Fixed Fees, Contingent Fees

**J. Compensation Arrangements (Solicitation):** 
Not Applicable
, Not Applicable

**K. Does the applicant receive compensation in the context of its municipal advisory business from other than its municipal entity or obligated person clients?:** No

**L. Applicant Business Relating to Municipal Securities:** Advice Insurance Of MS, Advice ME Investments, Advice Use Of MD, Advice On Selection

### Item 5: Other Business Activities

**Is applicant engaged in any other non-municipal advisor business?** No

### Item 6: Financial Industry and Other Activities of Associated Persons

**Types of associated persons:** Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Accountant or accounting firm, Insurance company or agency, Accountant or accounting firm, Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Accountant or accounting firm, Insurance company or agency, Accountant or accounting firm, Investment Adviser

**Total Associated Persons:** 7

### Item 7: Participation or Interest in Client Transactions

- **Buy or sell municipal securities from or to municipal advisory clients for the firm's own account?:** No

- **Buy or sell municipal securities from or to third-parties on behalf of clients?:** No

- **Enter into derivatives transactions with clients for the firm's own account?:** No

- **Recommend to clients to buy/sell securities in which the firm has a financial interest?:** No

- **Recommend to clients products/services of an affiliated person?:** No

- **Recommend to clients securities of an issuer with which the firm has other relationships?:** No

- **Have discretionary authority to buy/sell municipal securities for clients?:** No

- **Have discretionary authority to buy/sell any other securities or investments for clients?:** No

- **Have discretionary authority to determine the broker-dealer to be used for client transactions?:** No

- **Have discretionary authority to determine the commission paid to a broker-dealer?:** No

- **Recommend broker-dealers to clients?:** Yes

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** Yes

- **Compensate any person for client referrals?:** No

- **Receive compensation from any person for client referrals?:** No

### Item 8: Owners, Officers, and Other Control Persons

**A. (2) Does any person not named in Item 1-A or Schedules A, B, or C, directly or indirectly, control the applicant's management or policies?** No

**B. (1) Is any person in Schedule A, B, or C, or in Section 8-A of Schedule D a public reporting company?** No

### Item 9: Disclosure Information

**Criminal Disclosure:**

- **Applicant/Advisory Affiliate Convicted/Pled Guilty to Felony?:** No

- **Applicant/Advisory Affiliate Charged with Felony?:** No

- **Organization Convicted/Pled Guilty to Felony?:** No

- **Organization Charged with Felony?:** No

**Regulatory Disclosure:**

- **SEC/CFTC Found False Statement?:** No

- **SEC/CFTC Found Violation?:** No

- **SEC/CFTC Found Cause of Denial/Suspension?:** No

- **SEC/CFTC Entered Order?:** No

- **SEC/CFTC Imposed Civil Penalty?:** No

- **SRO Found Unethical Conduct?:** No

- **SRO Found Violation?:** No

- **SRO Found Cause of Denial/Suspension?:** No

- **SRO Barred/Suspended/Fined > $2,500?:** No

- **SRO Denied/Suspended/Revoked Registration?:** No

- **Foreign Authority Found False Statement?:** No

- **Foreign Authority Found Violation?:** Yes

- **Foreign Authority Found Cause of Suspension?:** No

- **Foreign Authority Disciplined?:** No

- **Authorization to Act as Attorney/Accountant Revoked?:** No

- **Subject of a Regulatory Complaint?:** No

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** No

- **Found to Have Violated Regulations?:** No

- **Civil Proceeding Dismissed Pursuant to Settlement?:** No

- **Named in Civil Proceeding Alleging Violation?:** No

### Item 10: Small Businesses

**Does the applicant have annual receipts of less than $7,000,000?** No

**Is the applicant affiliated with a person that has annual receipts of more than $7,000,000?** Yes

### Schedule A: Direct Owners and Executive Officers

| Name                           | Title/Status             | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| BAKER TILLY ADVISORY GROUP, LP | MANAGING MEMBER          | 05-29-2024      | E - 75% or more   | Yes               |  |  |
| ERIC JAMES WALSH               | PRESIDENT                | 01-01-2025      | NA - less than 5% | Yes               |  | 000000000    |
| CHARLES RUSSELL RAYMOND DROEGE | CHIEF FINANCIAL OFFICER  | 07-01-2020      | NA - less than 5% | Yes               |  | 000000000    |
| BARBARA RUTH OLSON             | CHIEF COMPLIANCE OFFICER | 01-01-2025      | NA - less than 5% | Yes               |  | 6715742      |

### Schedule B: Indirect Owners

| Owning Entity                               | Name                                                   | Title/Status    | Date Acquired   | Ownership Code            | Control Person?   | IRS Number   |
|:---|:---|:---|:---|:---|:---|:---|
| BAKER TILLY ADVISORY GROUP, LP              | BAKER TILLY ADVISORY GROUP INTERMEDIATE, LP            | LIMITED PARTNER | 05-29-2024      | E - 75% or more           | Yes               |  |
| BAKER TILLY ADVISORY GROUP INTERMEDIATE, LP | BAKER TILLY ADVISORY GROUP PARENT, LP                  | LIMITED PARTNER | 05-29-2024      | E - 75% or more           | Yes               |  |
| BAKER TILLY ADVISORY GROUP PARENT, LP       | H&F WATERLOO HOLDINGS, L.P.                            | LIMITED PARTNER | 06-03-2024      | C - 25% but less than 50% | Yes               |  |
| H&F WATERLOO HOLDINGS, L.P.                 | H&F WATERLOO AIV II, L.P.                              | LIMITED PARTNER | 06-03-2024      | C - 25% but less than 50% | Yes               |  |
| H&F WATERLOO AIV II, L.P.                   | H&F WATERLOO HOLDINGS, INC.                            | LIMITED PARTNER | 06-03-2024      | E - 75% or more           | Yes               |  |
| H&F WATERLOO HOLDINGS, L.P.                 | HELLMAN & FRIEDMAN CAPITAL PARTNERS X, L.P.            | LIMITED PARTNER | 06-03-2024      | C - 25% but less than 50% | Yes               |  |
| H&F WATERLOO HOLDINGS, INC.                 | HELLMAN & FRIEDMAN CAPITAL PARTNERS X (PARALLEL), L.P. | LIMITED PARTNER | 06-03-2024      | C - 25% but less than 50% | Yes               |  |

### Schedule C: Amendments to Schedules A and B

| Type   | Ownership   | Owning Entity                               | Name                                                   | Title/Status             | Date Acquired   | Ownership Code            | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Direct      |  | BAKER TILLY ADVISORY GROUP, LP                         | MANAGING MEMBER          | 05-29-2024      | E - 75% or more           | Yes               |  |  |
|  | Indirect    | BAKER TILLY ADVISORY GROUP, LP              | BAKER TILLY ADVISORY GROUP INTERMEDIATE, LP            | LIMITED PARTNER          | 05-29-2024      | E - 75% or more           | Yes               |  |  |
|  | Indirect    | BAKER TILLY ADVISORY GROUP INTERMEDIATE, LP | BAKER TILLY ADVISORY GROUP PARENT, LP                  | LIMITED PARTNER          | 05-29-2024      | E - 75% or more           | Yes               |  |  |
|  | Indirect    | BAKER TILLY ADVISORY GROUP PARENT, LP       | H&F WATERLOO HOLDINGS, L.P.                            | LIMITED PARTNER          | 06-03-2024      | C - 25% but less than 50% | Yes               |  |  |
|  | Indirect    | H&F WATERLOO HOLDINGS, L.P.                 | H&F WATERLOO AIV II, L.P.                              | LIMITED PARTNER          | 06-03-2024      | C - 25% but less than 50% | Yes               |  |  |
|  | Indirect    | H&F WATERLOO AIV II, L.P.                   | H&F WATERLOO HOLDINGS, INC.                            | LIMITED PARTNER          | 06-03-2024      | E - 75% or more           | Yes               |  |  |
|  | Indirect    | H&F WATERLOO HOLDINGS, L.P.                 | HELLMAN & FRIEDMAN CAPITAL PARTNERS X, L.P.            | LIMITED PARTNER          | 06-03-2024      | C - 25% but less than 50% | Yes               |  |  |
|  | Indirect    | H&F WATERLOO HOLDINGS, INC.                 | HELLMAN & FRIEDMAN CAPITAL PARTNERS X (PARALLEL), L.P. | LIMITED PARTNER          | 06-03-2024      | C - 25% but less than 50% | Yes               |  |  |
|  | Direct      |  | ERIC JAMES WALSH                                       | PRESIDENT                | 01-01-2025      | NA - less than 5%         | Yes               |  | 000000000    |
|  | Direct      |  | CHARLES RUSSELL RAYMOND DROEGE                         | CHIEF FINANCIAL OFFICER  | 07-01-2020      | NA - less than 5%         | Yes               |  | 000000000    |
|  | Direct      |  | BARBARA RUTH OLSON                                     | CHIEF COMPLIANCE OFFICER | 01-01-2025      | NA - less than 5%         | Yes               |  | 6715742      |

### Disclosure Reporting Pages (DRPs)

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

  - **Associated Person:** —

  - **CRD Number:** 115333

  - **Filed On (AP):** Form ADV/BD/U4 for BAKER TILLY CAPITAL, LLC

  - **Disclosure Number:** 2019063881901

### Execution Page

**Signature:** BARBARA OLSON

**Signer Name:** BARBARA OLSON

**Title:** CHIEF COMPLIANCE OFFICER

**Date:** 07-01-2025

**CRD Number:** 6715742