FREEDOM HOUSE

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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

1941

Legal Domicile

Principal Officer

ANNE BOYAJIAN

Phone

2022965101

Tax Period

2024-07-01 to 2025-06-30

FREEDOM HOUSE, founded in 1941, is a mid-sized nonprofit in the International Affairs sector that reported $69.4M in total revenue in fiscal year 2024. Revenue fell 23% from the prior year — a significant decline worth monitoring.

Mission

FREEDOM HOUSE IS AN INDEPENDENT NON-PARTISAN, NON-GOVERNMENTAL ORGANIZATION THAT WORKS TO DEFEND AND EXPAND FREEDOM GLOBALLY TO HELP SECURE A WORLD WHERE ALL ARE FREE. WE IDENTIFY AND ANALYZE THREATS TO FREEDOM (RESEARCH & ANALYSIS), MOBILIZE DECISION MAKERS TO RESPOND TO THOSE THREATS AND SEIZE OPPORTUNITIES FOR PROGRESS (POLICY & ADVOCACY), AND SUPPORT ACTIVISTS AND ORGANIZATIONS WORKING TO DEFEND AND EXPAND FREEDOM (ACTION).

Program Service Accomplishments

Program 1

Expenses: $64,051,595

ACTION - DURING THE REPORTING PERIOD, FREEDOM HOUSE CONTINUED TO PROVIDE TECHNICAL AND FINANCIAL ASSISTANCE TO CIVIL SOCIETY ORGANIZATIONS AND FRONT-LINE DEFENDERS AROUND THE WORLD, IN SUPPORT OF...

ACTION - DURING THE REPORTING PERIOD, FREEDOM HOUSE CONTINUED TO PROVIDE TECHNICAL AND FINANCIAL ASSISTANCE TO CIVIL SOCIETY ORGANIZATIONS AND FRONT-LINE DEFENDERS AROUND THE WORLD, IN SUPPORT OF THEIR WORK TO EXPAND AND DEFEND FREEDOM.

Program 2

Expenses: $3,955,026

RESEARCH & ANALYSIS - FREEDOM HOUSE'S RESEARCH ACTIVITIES CONSIST OF COLLECTION AND ANALYSIS OF DATA, WHICH IS INTEGRATED INTO VARIOUS SPECIAL REPORTS AND ANNUAL PUBLICATIONS, INCLUDING FREEDOM IN...

RESEARCH & ANALYSIS - FREEDOM HOUSE'S RESEARCH ACTIVITIES CONSIST OF COLLECTION AND ANALYSIS OF DATA, WHICH IS INTEGRATED INTO VARIOUS SPECIAL REPORTS AND ANNUAL PUBLICATIONS, INCLUDING FREEDOM IN THE WORLD, NATIONS IN TRANSIT, AND FREEDOM ON THE NET.

Program 3

Expenses: $1,126,961

POLICY & ADVOCACY (A&E) - FREEDOM HOUSE WORKS TO EDUCATE U.S. AND OTHER GOVERNMENT OFFICIALS AND THEIR STAFF ON KEY DEMOCRACY ISSUES, AND INFORM THEIR FOREIGN POLICY DECISIONS.

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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 $69,269,823

Program Service Revenue $0

Investment Income $326,175

Other Revenue $-158,035

TOTAL REVENUE $69,437,963

Expense Breakdown

Grants Paid $32,526,521

Salaries & Benefits $28,183,785

Fundraising Expenses $1,802,794

Program Expenses $69,133,582

Other Expenses $10,585,639

TOTAL EXPENSES $71,571,850

Year-over-Year Comparison

	2024	2023	Change
Revenue	$69,437,963	$90,305,550	-0.2%
Expenses	$71,571,850	$88,758,068	-0.2%
Net Income	$-2,133,887	$1,547,482	-2.4%

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

223

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

$656,185

Total Directors

Key Employees

$2,061,375

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NORMAN WILLOX	CHAIR	1.00	Officer Director	$0	$0	$0
MARK D GOODMAN	VICE CHAIR	1.00	Officer Director	$0	$0	$0
RACHEL KLEINFELD	VICE CHAIR	1.00	Officer Director	$0	$0	$0
TOM KAHN	TREASURER	1.00	Officer Director	$0	$0	$0
CATER LEE	SECRETARY	1.00	Officer Director	$0	$0	$0
GOLI AMERI	TRUSTEE	1.00	Director	$0	$0	$0
PETER BASS	TRUSTEE (END 12/31/24)	1.00	Director	$0	$0	$0
MICHAEL CHERTOFF	TRUSTEE	1.00	Director	$0	$0	$0
DEBORAH A COWAN	TRUSTEE	1.00	Director	$0	$0	$0
JANE HARMAN	TRUSTEE	1.00	Director	$0	$0	$0
ROBERT KEANE	TRUSTEE (END 1/31/25)	1.00	Director	$0	$0	$0
HOWARD KONAR	TRUSTEE	1.00	Director	$0	$0	$0
MAURICE A PERKINS	TRUSTEE	1.00	Director	$0	$0	$0
COLLIN ROCHE	TRUSTEE	1.00	Director	$0	$0	$0
IAN SIMMONS	TRUSTEE (END 12/31/24)	1.00	Director	$0	$0	$0
TOM STAUDT	TRUSTEE	1.00	Director	$0	$0	$0
REED V TUCKSON	TRUSTEE	1.00	Director	$0	$0	$0
WENDELL WILLKIE II	TRUSTEE	1.00	Director	$0	$0	$0
NICOLE BIBBINS SEDACA	INTERIM PRESIDENT (END 1/3/2025)	40.00	Officer	$328,926	$49,555	$378,481
EMILY TAYLOR END 10182024	CHIEF OPERATING OFFICER	40.00	Officer	$248,132	$29,572	$277,704
CHRISTIAN BOWMAN END 132025	VP FOR TALENT & CULTURE	40.00	Key Emp	$228,815	$20,423	$249,238
BRIAN HILL END 10112024	VICE PRES OF DEVELOPMENT	40.00	Key Emp	$216,081	$28,563	$244,644
JIN HEON KIM	DIRECTOR OF FINANCE	40.00	Key Emp	$196,985	$7,505	$204,490
ANNE BOYAJIAN	PRESIDENT	40.00	Key Emp	$181,290	$38,462	$219,752
GERARDO BERTHIN	PRESIDENT	40.00	Key Emp	$180,161	$37,833	$217,994
ADRIAN SHAHBAZ	VP RESEARCH & ANALYSIS	40.00	Key Emp	$172,377	$37,476	$209,853
BASILE PISSALIDIS	DIRECTOR OF GLOBAL SECURITY	40.00	Key Emp	$165,063	$23,847	$188,910
MARC BEHRENDT END 4152025	DIRECTOR OF PROGRAMS	40.00	Key Emp	$158,433	$30,676	$189,109
JERUSHA BURNHAM	DIRECTOR REGIONAL PROGRAMS	40.00	Key Emp	$157,939	$7,046	$164,985
CAMARAN PIPES	DIRECTOR FOR ASIA PROGRAMS	40.00	Key Emp	$153,104	$19,296	$172,400
JOSE RAVANO	CHIEF OF PARTY (END 6/3/2025)	40.00	Highest	$236,644	$38,894	$275,538
LARA SHANE	VP COMMUNICATIONS (END 1/29/2025)	40.00	Highest	$214,174	$22,499	$236,673
DOUGLAS MEDRUE-GOOGE	CONTROLLER (END 4/15/2025)	40.00	Highest	$184,114	$25,726	$209,840
LISA WILLIAMS END 4152025	DIRECTOR OF COMPLIANCE	40.00	Highest	$168,103	$23,421	$191,524
MATTHEW HOOPER	VP COMMUNICATIONS (END 5/4/2025)	40.00	Highest	$167,544	$15,542	$183,086
MICHAEL ABRAMOWITZ	FORMER PRESIDENT	40.00		$228,882	$30,428	$259,310

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	$69,437,963	$71,571,850	$34,175,942	$-2,133,887
2024	$90,305,550	$88,758,068	$29,786,235	$1,547,482
2023	$103,819,697	$102,325,147	$33,139,287	$1,494,550
2022	$93,499,518	$85,308,325	$26,716,685	$8,191,193
2021	$64,626,506	$63,440,269	$17,314,400	$1,186,237
2020	$50,524,461	$49,705,231	$15,005,132	$819,230
2019	$48,017,381	$49,040,735	$7,651,969	$-1,023,354
2018	$39,904,249	$39,136,362	$9,253,493	$767,887