COUNCIL ON FOREIGN RELATIONS INC

EIN: 131628168 501(c)(3) International Affairs

NEW YORK, NY

Total Revenue
$99,083,520
Total Expenses
$104,175,520
Total Assets
$816,713,200
Net Assets
$754,756,800
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Financial Trends

Organization Details

Formation Year
1921
Legal Domicile
NY
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

THE COUNCIL ON FOREIGN RELATIONS (CFR) IS AN INDEPENDENT, NONPARTISAN MEMBERSHIP ORGANIZATION, THINK TANK, AND PUBLISHER DEDICATED TO BEING A RESOURCE FOR ITS MEMBERS, GOVERNMENT OFFICIALS, BUSINESS EXECUTIVES, JOURNALISTS, EDUCATORS AND (CONTINUED ON SCHEDULE O)

Program Service Accomplishments

Program 1
Expenses: $35,382,000 Revenue: $0

THE DAVID ROCKEFELLER STUDIES PROGRAM: CFR'S THINK TANK ANALYZES PRESSING GLOBAL CHALLENGES AND OFFERS ACTIONABLE STEPS THAT POLICYMAKERS AND CITIZENS CAN TAKE TO ADDRESS THEM. THE MORE THAN SEVENTY...

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THE DAVID ROCKEFELLER STUDIES PROGRAM: CFR'S THINK TANK ANALYZES PRESSING GLOBAL CHALLENGES AND OFFERS ACTIONABLE STEPS THAT POLICYMAKERS AND CITIZENS CAN TAKE TO ADDRESS THEM. THE MORE THAN SEVENTY FULL-TIME AND ADJUNCT FELLOWS IN STUDIES COVER ALL THE WORLD'S MAJOR REGIONS AND SIGNIFICANT FOREIGN POLICY ISSUES. IN ADDITION TO PRODUCING BOOKS, ARTICLES, OP-EDS, BLOGS, PODCASTS, AND INTERACTIVES, THE STUDIES PROGRAM ADMINISTERS ELEVEN FELLOWSHIP PROGRAMS. CFR STRIVES TO MAINTAIN ROBUST DIVERSITY OF VIEWPOINTS AMONG ITS SCHOLARS AND FELLOWS. CFR TAKES NO INSTITUTIONAL POSITIONS ON MATTERS OF PUBLIC POLICY.

Program 2
Expenses: $13,733,100 Revenue: $12,419,100

FOR OVER 100 YEARS, FOREIGN AFFAIRS HAS BEEN THE LEADING FORUM FOR SERIOUS DISCUSSION OF AMERICAN FOREIGN POLICY AND GLOBAL AFFAIRS. IT IS NOW A MULTIPLATFORM MEDIA ORGANIZATION WITH A PRINT...

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FOR OVER 100 YEARS, FOREIGN AFFAIRS HAS BEEN THE LEADING FORUM FOR SERIOUS DISCUSSION OF AMERICAN FOREIGN POLICY AND GLOBAL AFFAIRS. IT IS NOW A MULTIPLATFORM MEDIA ORGANIZATION WITH A PRINT MAGAZINE, A WEBSITE, A MOBILE SITE, A PODCAST, APPS AND SOCIAL MEDIA FEEDS. THROUGHOUT ITS HISTORY, FOREIGN AFFAIRS HAS STAYED TRUE TO ITS MISSION PUBLISHED IN THE FIRST ISSUE OF THE MAGAZINE IN 1922: "FOREIGN AFFAIRS WILL DEAL WITH QUESTIONS OF INTERNATIONAL INTEREST TODAY. THEY WILL COVER A BROAD RANGE OF SUBJECTS, NOT ONLY POLITICAL BUT HISTORICAL AND ECONOMIC. IN PURSUANCE OF ITS IDEALS FOREIGN AFFAIRS WILL NOT DEVOTE ITSELF TO THE SUPPORT OF ANY ONE CAUSE, HOWEVER WORTHY. LIKE THE COUNCIL ON FOREIGN RELATIONS FROM WHICH IT HAS SPRUNG IT WILL TOLERATE WIDE DIFFERENCES OF OPINION. (CONTINUED ON SCHEDULE O) ITS ARTICLES WILL NOT REPRESENT ANY CONSENSUS OF BELIEFS. WHAT IS DEMANDED OF THEM IS THAT THEY SHALL BE COMPETENT AND WELL INFORMED, REPRESENTING HONEST OPINIONS SERIOUSLY HELD AND CONVINCINGLY EXPRESSED."

Program 3
Expenses: $11,966,700 Revenue: $0

PRODUCT, DESIGN, AND ENGINEERING (PDE) DESIGNS, DEVELOPS, AND MAINTAINS PRODUCTS THAT SERVE THE COUNCIL'S MISSION TO IMPART A BETTER UNDERSTANDING OF THE WORLD AMONG ITS MEMBERS AND OTHER INTERESTED...

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PRODUCT, DESIGN, AND ENGINEERING (PDE) DESIGNS, DEVELOPS, AND MAINTAINS PRODUCTS THAT SERVE THE COUNCIL'S MISSION TO IMPART A BETTER UNDERSTANDING OF THE WORLD AMONG ITS MEMBERS AND OTHER INTERESTED CITIZENS. WE COLLABORATE WITH DEPARTMENTS ACROSS THE COUNCIL TO SET AND EXECUTE THE DIGITAL VISION FOR CFR.ORG, AS WELL AS A MEMBER SERVICES PORTAL. WE ARE COMMITTED TO USER-CENTRICITY IN OUR APPROACH, ITERATION IN OUR IMPLEMENTATION, AND STABILITY IN OUR SITES AND SERVICES. CFR.ORG CONTINUES TO BE A LEADING SOURCE OF TIMELY ANALYSIS ON CRITICAL FOREIGN POLICY ISSUES. THE WEBSITE'S MOST POPULAR PRODUCTS INCLUDE INCLUDE THE GLOBAL CONFLICT TRACKER (GCT), AN NTERACTIVE DASHBOARD CREATED AND MAINTAINED BY THE CENTER FOR PREVENTIVE ACTION, WHICH TRACKS AND ANALYZES ARMED CONFLICTS (CONTINUED ON SCHEDULE O) AROUND THE WORLD IN REAL TIME, AND CFR BACKGROUNDERS, WHICH PROVIDE AUTHORITATIVE, ACCESSIBLE, AND REGULARLY UPDATED PRIMERS ON HUNDREDS OF FOREIGN POLICY TOPICS.

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Trantor Score

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

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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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Governance

Voting Members
36
Independent Members
35
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
18
$7,084,851
Total Directors
36
$1,421,343
Key Employees
0
$0
Highest Compensated
5
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
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