COUNCIL ON FOREIGN RELATIONS INC (EIN 131628168) - Form 990 Financial Analysis & Trantor Score

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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

1921

Legal Domicile

Principal Officer

MICHAEL FROMAN

Phone

2124349400

Tax Period

2024-07-01 to 2025-06-30

COUNCIL ON FOREIGN RELATIONS INC, founded in 1921, is a mid-sized nonprofit in the International Affairs sector that reported $99.1M in total revenue in fiscal year 2024. Revenue surged 25% from the prior year, signaling strong growth momentum. Net assets of $754.8M represent 91 months of operating reserves.

Mission

CFR IS AN INDEPENDENT, NON-PARTISAN FOREIGN POLICY MEMBERSHIP ORGANIZATION. (SEE SCHED O).

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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 (2024)

Revenue Breakdown

Contributions & Grants $54,022,860

Program Service Revenue $24,361,340

Investment Income $19,221,700

Other Revenue $1,477,620

TOTAL REVENUE $99,083,520

Expense Breakdown

Grants Paid $2,066,458

Salaries & Benefits $58,206,832

Fundraising Expenses $5,650,100

Program Expenses $77,559,100

Other Expenses $43,902,230

TOTAL EXPENSES $104,175,520

Year-over-Year Comparison

	2024	2023	Change
Revenue	$99,083,520	$79,154,300	+0.3%
Expenses	$104,175,520	$94,313,900	+0.1%
Net Income	$-5,092,000	$-15,159,600	-0.7%

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

1046

Volunteers

N/A

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

$7,084,851

Total Directors

$1,421,343

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL FROMAN	PRESIDENT	35.00	Officer Director	$1,352,711	$68,632	$1,421,343
DAVID M RUBENSTEIN	CHAIRMAN	1.00	Director	$0	$0	$0
BLAIR EFFRON	VICE CHAIRMAN	1.00	Director	$0	$0	$0
JAMI MISCIK	VICE CHAIRMAN	1.00	Director	$0	$0	$0
NICHOLAS BEIM	DIRECTOR	1.00	Director	$0	$0	$0
AFSANEH MASHAYEKHI BESCHLOSS	DIRECTOR	1.00	Director	$0	$0	$0
MARGARET BRENNAN	DIRECTOR	1.00	Director	$0	$0	$0
SYLIVIA MATHEWS BURWELL	DIRECTOR	1.00	Director	$0	$0	$0
KENNETH I CHENAULT	DIRECTOR	1.00	Director	$0	$0	$0
TONY COLES	DIRECTOR	1.00	Director	$0	$0	$0
CESAR CONDE	DIRECTOR	1.00	Director	$0	$0	$0
MICHLE FLOURNOY	DIRECTOR	1.00	Director	$0	$0	$0
JANE FRASER	DIRECTOR	1.00	Director	$0	$0	$0
STEPHEN C FREIDHEIM	DIRECTOR	1.00	Director	$0	$0	$0
JAMES P GORMAN	DIRECTOR	1.00	Director	$0	$0	$0
STEPHEN J HADLEY	DIRECTOR (THRU 06/30/2025)	1.00	Director	$0	$0	$0
MARGARET PEGGY HAMBURG	DIRECTOR	1.00	Director	$0	$0	$0
WILLIAM HURD	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES R KAYE	DIRECTOR	1.00	Director	$0	$0	$0
JAMES MANYIKA	DIRECTOR (THRU 06/30/2025)	1.00	Director	$0	$0	$0
WILLIAM H MCRAVEN	DIRECTOR	1.00	Director	$0	$0	$0
JUSTIN G MUZINICH	DIRECTOR	1.00	Director	$0	$0	$0
JANET A NAPOLITANO	DIRECTOR	1.00	Director	$0	$0	$0
MEGHAN O'SULLIVAN	DIRECTOR	1.00	Director	$0	$0	$0
DEVEN J PAREKH	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES PHILLIPS	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD L PLEPLER	DIRECTOR (THRU 06/30/2025)	1.00	Director	$0	$0	$0
RUTH PORAT	DIRECTOR	1.00	Director	$0	$0	$0
LAURENE POWELL JOBS	DIRECTOR	1.00	Director	$0	$0	$0
L RAFAEL REIF	DIRECTOR	1.00	Director	$0	$0	$0
MARIKO SILVER	DIRECTOR	1.00	Director	$0	$0	$0
JAMES TAICLET	DIRECTOR	1.00	Director	$0	$0	$0
FRANCES F TOWNSEND	DIRECTOR	1.00	Director	$0	$0	$0
TRACEY T TRAVIS	DIRECTOR	1.00	Director	$0	$0	$0
FAREED ZAKARIA	DIRECTOR	1.00	Director	$0	$0	$0
AMY ZEGART	DIRECTOR	1.00	Director	$0	$0	$0
JAMES M LINDSAY	SR. VP & DIR OF STUDIES (THRU 06/25)	35.00	Officer	$496,081	$72,694	$568,775
IVA ZORIC THRU 1024	VP, GLOBAL COM & MEDIA RELATIONS	35.00	Officer	$487,953	$52,030	$539,983
SUZANNE E HELM THRU 1124	VP, PHILANTHROPY & RELATION	35.00	Officer	$454,584	$61,645	$516,229
SHANNON O'NEIL	SENIOR VP, DIRECTOR OF STUDIES	35.00	Officer	$421,358	$71,723	$493,081
JAN MOWDER HUGHES	VP & CHIEF HR OFFICER (THRU 09/24)	35.00	Officer	$381,197	$50,193	$431,390
JENNIFER PEREZ	CHIEF FINANCIAL OFFICER & TREASURER	35.00	Officer	$368,041	$28,687	$396,728
NANCY D BODURTHA	VP, MEETINGS & MEMBERSHIP	35.00	Officer	$364,677	$65,174	$429,851
IRINA FASKIANOS	VP, NATIONAL PROGRAM & OUTREACH	35.00	Officer	$360,188	$68,334	$428,522
STEVEN BENNETT	EXEC. VP & CHIEF ADMIN. OFFICER	35.00	Officer	$357,149	$0	$357,149
CAROLINE NETCHVOLODOFF	VP, EDUCATION	35.00	Officer	$343,961	$64,174	$408,135
STEPHANIE SOLOMON	VP, CHIEF REV OFF., FOREIGN AFFAIRS	35.00	Officer	$337,690	$68,014	$405,704
CHRISTOPHER TUTTLE	SENIOR FELLOW/DEPUTY DIR. OF STUDIES	35.00	Officer	$280,798	$48,763	$329,561
MILLIE TRAN	VP & CHIEF DIGITAL CONTENT OFFICER	35.00	Officer	$212,396	$28,286	$240,682
LAYLA NAFICY AS OF 0924	CHIEF HUMAN RESOURCES OFFICER	35.00	Officer	$80,999	$4,347	$85,346
BEN CHANG AS OF 112024	VP, GLOBAL COMMUNICATIONS	35.00	Officer	$32,372	$0	$32,372
MATT QUAM AS OF 0125	VP & CHIEF DEVELOPMENT OFFICER	35.00	Officer	$0	$0	$0
AIMEE CARTER AS OF 0125	VP, CORPORATE & CEO PROGRAMS	35.00	Officer	$0	$0	$0
GIOVANNA M BAN	CHIEF INVESTMENT OFFICER	35.00	Highest	$588,095	$72,694	$660,789
DANIEL A KURTZ-PHELAN	EDITOR	35.00	Highest	$459,465	$193,310	$652,775
MIRIAM S HIGGINS	GENERAL COUNSEL	35.00	Highest	$359,611	$70,826	$430,437
MATTHEW GOODMAN	DISTING. FELLOW/DIR. OF REALECON	35.00	Highest	$345,267	$23,297	$368,564
FRANK ALVAREZ - MANAGING	DIR., FACILITY, EVENT, & SECURITY MGMT	35.00	Highest	$310,145	$39,104	$349,249
JEFFREY A REINKE	FORMER SECRETARY	0.00		$191,737	$29,754	$221,491

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	$99,083,520	$104,175,520	$816,713,200	$-5,092,000
2024	$79,154,300	$94,313,900	$755,521,700	$-15,159,600
2023	$106,930,600	$83,166,400	$719,707,600	$23,764,200
2022	$102,605,000	$79,073,100	$674,171,200	$23,531,900
2021	$105,317,000	$71,871,100	$732,861,700	$33,445,900
2020	$82,005,700	$76,901,700	$624,235,700	$5,104,000
2019	$140,136,300	$76,407,300	$626,323,700	$63,729,000

COUNCIL ON FOREIGN RELATIONS INC