AMERICAN INSTITUTE FOR ECONOMIC RE… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1939

Legal Domicile

Principal Officer

MICHELE M KEARNS

Phone

4135281216

Tax Period

2025-01-01 to 2025-12-31

AMERICAN INSTITUTE FOR ECONOMIC RESEARCH, founded in 1939, is a mid-sized nonprofit in the Social Science sector that reported $13.2M in total revenue in fiscal year 2025. Revenue surged 156% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.9M, a strong 29% operating margin.

Mission

AMERICAN INSTITUTE FOR ECONOMIC RESEARCH (AIER) EDUCATES PEOPLE ON THE VALUE OF PERSONAL FREEDOM, FREE ENTERPRISE, PROPERTY RIGHTS, LIMITED GOVERNMENT AND SOUND MONEY. AIER'S ONGOING SCIENTIFIC RESEARCH DEMONSTRATES THE IMPORTANCE OF THESE PRINCIPLES IN ADVANCING PEACE, PROSPERITY AND HUMAN PROGRESS.

Program Service Accomplishments

Program 1

Expenses: $3,906,606 Revenue: $19,414

RESEARCH: OUR RESEARCH FOCUSES ON ECONOMICS, FREE MARKETS, SOUND MONEY, AND CLASSICAL LIBERALISM. OUR RESEARCH GENERATED: 118 SPEAKING ENGAGEMENTS, AIER'S RESEACHERS HAD 4,689 MEDIA APPEARANCES AT...

RESEARCH: OUR RESEARCH FOCUSES ON ECONOMICS, FREE MARKETS, SOUND MONEY, AND CLASSICAL LIBERALISM. OUR RESEARCH GENERATED: 118 SPEAKING ENGAGEMENTS, AIER'S RESEACHERS HAD 4,689 MEDIA APPEARANCES AT VARIOUS MEDIA OUTLETS, 655 GOOGLE SCHOLAR CITATIONS, 28 ORIGINAL AIER EXPLAINERS AND WHITE PAPERS PUBLISHED, 27 PODCASTS, AND MORE THAN 3 MILLION READERS VISITED AIER'S WEBSITE AND THE DAILY ECONOMY WEBSITES. PUBLICATIONS: INCLUDED RESEARCH, PREPARATION, AND DISTRIBUTION OF PERIODIC ECONOMIC REPORTS; 15,996 COPIES OF THE REPORTS WERE PRINTED AND DISTRIBUTED, 18,076 COPIES WERE EMAILED, AND THERE WERE 23,533 WEBSITE VIEWS OF THE REPORTS. AIER PUBLISHED THREE NEW BOOKS THIS YEAR.

Program 2

Expenses: $2,596,018 Revenue: $1,165

ACADEMIC PROGRAMS: OUR PROGRAMS EDUCATE PARTICIPANTS ABOUT CLASSICAL LIBERALISM, FREE ENTERPRISES, LIMITED GOVERNMENT, THE RIGHT TO PERSONAL PROPERTY, AND SOUND MONEY PRINCIPLES. 315 STUDENTS WERE...

ACADEMIC PROGRAMS: OUR PROGRAMS EDUCATE PARTICIPANTS ABOUT CLASSICAL LIBERALISM, FREE ENTERPRISES, LIMITED GOVERNMENT, THE RIGHT TO PERSONAL PROPERTY, AND SOUND MONEY PRINCIPLES. 315 STUDENTS WERE TRAINED AND MENTORED IN THESE AREAS. MORE THAN 2,270 ATTENDEES PARTICPATED IN AIER CONFERENCES, SEMINARS, WORKSHOPS, DEBATES, AND GRADUATE COLLOQUIMS NATIONWIDE. 30 INTERNS AND 10 GRADUATE FELLOWS PARTICIPATED IN OUR INTERNSHIP AND VISITING FELLOW PROGRAMS. WE CONDUCTED 11 ONE-DAY PROGRAMS AT VARIOUS UNIVERSITY CAMPUS ACROSS THE U.S.. AIER'S HARWOOD SALONS BRING TOGETHER LEADERS, THINKERS, AND LOCAL COMMUNITY MEMBERS FOR ENGAGING DISCUSSIONS ON FREEDOM, FREE MARKETS, AND SOUND MONEY. THESE 39 GATHERINGS, HELD IN CITIES NATIONWIDE, FOSTER CONVERSATIONS FOCUSED ON OUR MISSION. AIER'S SOUND MONEY PROJECT CONDUCTS RESEARCH AND PROMOTES AWARENESS ABOUT MONETARY STABILITY AND FINANCIAL PRIVACY. IT OFFERS REGULAR COMMENTARY AND IN-DEPTH ANALYSIS ON MONETARY POLICY, ALTERNATIVE MONETARY SYSTEMS, FINANCIAL MARKETS REGULATIONS, CRYPTOCURRENCIES, AND THE HISTORY OF MONETARY AND MACROECONOMIC THOUGHT. PROJECT MEMBERS HAVE CONTRIBUTED NUMEROUS PAPERS, EXPLAINERS, AND ARTICLES THROUGHOUT THE YEAR, INCLUDING THE FED AGENDA, A WEEKLY UPDATE FROM THE SOUND MONEY PROJECT THAT PUBLISHED 57 EDITIONS IN 2025.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $9,608,864

Program Service Revenue $20,579

Investment Income $2,954,372

Other Revenue $573,169

TOTAL REVENUE $13,156,984

Expense Breakdown

Grants Paid $55,400

Salaries & Benefits $5,166,111

Fundraising Expenses $1,106,348

Program Expenses $6,502,624

Other Expenses $4,049,634

TOTAL EXPENSES $9,294,095

Year-over-Year Comparison

	2025	2024	Change
Revenue	$13,156,984	$5,149,493	+1.6%
Expenses	$9,294,095	$8,720,217	+0.1%
Net Income	$3,862,889	$-3,570,724	-2.1%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✓ Foreign Activities ✓ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✓ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$911,601

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TERRY W ANKER	CHAIR (AS OF 10/25)	10.00	Officer Director	$0	$0	$0
KATHERINE H DELAY	CHAIR (UNTIL 10/25)	10.00	Officer Director	$0	$0	$0
ROBERT SCHIMENZ	SECRETARY	10.00	Officer Director	$0	$0	$0
GERALD P DWYER	TRUSTEE	5.00	Director	$0	$0	$0
DOUGLAS L HARWOOD	TRUSTEE	5.00	Director	$0	$0	$0
FREDERICK C HARWOOD	TRUSTEE	5.00	Director	$0	$0	$0
BRADLEY K HOBBS	TRUSTEE	5.00	Director	$0	$0	$0
NELSON E FURLANO	TRUSTEE	5.00	Director	$0	$0	$0
TERRY KIBBE	TRUSTEE	5.00	Director	$0	$0	$0
ADAM KISSEL	TRUSTEE	5.00	Director	$0	$0	$0
BARRY LINDER	TRUSTEE (AS OF 10/25)	5.00	Director	$0	$0	$0
JAMES C LORDEMAN	TRUSTEE	5.00	Director	$0	$0	$0
REED E PHILLIPS	TRUSTEE	5.00	Director	$0	$0	$0
SURSE T PIERPOINT	TRUSTEE	5.00	Director	$0	$0	$0
BENJAMIN W POWELL	TRUSTEE	5.00	Director	$0	$0	$0
WILLIAM RUGER	PRESIDENT/DIRECTOR OF RESEARCH & EDUCATION (UNTIL	40.00	Officer	$226,392	$10,021	$236,413
SAMUEL GREGG	PRESIDENT/FRIEDRICH HAYEK CHAIR IN ECONOMICS & ECO	40.00	Officer	$338,492	$14,906	$353,398
MICHELE M KEARNS	VICE PRESIDENT, FINANCE & HR	40.00	Officer	$284,145	$37,645	$321,790
JASON SORENS	SENIOR RESEARCH FELLOW	40.00	Highest	$165,858	$7,597	$173,455
RYAN YONK	DIRECTOR OF EDUCATION & SENIOR RESEARCH FELLOW	40.00	Highest	$165,125	$7,566	$172,691
JASON KELLY	DIRECTOR OF DATA & TECHNOLOGY	40.00	Highest	$147,684	$17,428	$165,112
BRITTNEY PAUL	DIRECTOR OF STRATEGIC PARTNERSHIPS	40.00	Highest	$161,701	$21,043	$182,744
LAURIE B PSHENISHNY	COMPTROLLER	40.00	Highest	$146,130	$23,889	$170,019

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$13,156,984	$9,294,095	$227,083,306	$3,862,889
2024	$5,149,493	$8,720,217	$199,167,146	$-3,570,724
2023	$4,819,132	$9,251,965	$193,880,453	$-4,432,833
2022	$3,395,556	$8,551,275	$184,181,536	$-5,155,719
2021	$3,768,400	$7,708,404	$214,395,947	$-3,940,004
2020	$2,549,173	$6,955,964	$198,677,158	$-4,406,791
2019	$4,350,200	$6,428,704	$203,380,124	$-2,078,504
2018	$2,222,727	$5,129,945	$184,901,564	$-2,907,218

AMERICAN INSTITUTE FOR ECONOMIC RESEARCH