THE FUND FOR AMERICAN STUDIES

EIN: 136223604 501(c)(3)

WASHINGTON, DC

Total Revenue
$15,597,054
Total Expenses
$17,878,468
Total Assets
$27,614,893
Net Assets
$22,421,176
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Financial Trends

Organization Details

Formation Year
1967
Legal Domicile
DC
Principal Officer
ROGER R REAM
Phone
2029860384
Tax Period
2024-09-01 to 2025-08-31

THE FUND FOR AMERICAN STUDIES, founded in 1967, is a mid-sized nonprofit that reported $15.6M in total revenue in fiscal year 2024. Revenue fell 26% from the prior year — a significant decline worth monitoring. Expenses of $17.9M exceeded revenue, resulting in a 15% operating deficit.

Mission

THE FUND FOR AMERICAN STUDIES (TFAS) SEEKS TO CREATE A BRIGHTER, MORE PROSPEROUS FUTURE BY PREPARING YOUNG PEOPLE FOR LEADERSHIP AND TEACHING THEM THE IDEAS OF FREEDOM AND A FREE-MARKET ECONOMY. FOUNDED IN 1967, TFAS ORGANIZES PROGRAMS FOR COLLEGE AND UNIVERSITY STUDENTS FROM THE UNITED STATES, EUROPE, THE MIDDLE EAST, AND LATIN AMERICA WHO ARE ON PATHS TOWARD LEADERSHIP IN PUBLIC POLICY, JOURNALISM, INTERNATIONAL AFFAIRS, BUSINESS, GOVERNMENT AND RELATED FIELDS. OUR GOAL IS TO PREPARE THESE YOUNG PEOPLE TO SERVE AS HONORABLE LEADERS BY EDUCATING THEM IN THE IDEAS MOST CONDUCIVE TO INDIVIDUAL FREEDOM, HUMAN ACHIEVEMENT AND PERSONAL RESPONSIBILITY. THE FUND FOR AMERICAN STUDIES OFFERS TRANSFORMATIONAL PROGRAMS THAT TEACH THE PRINCIPLES OF LIMITED GOVERNMENT, FREE MARKET ECONOMICS, AND HONORABLE LEADERSHIP TO STUDENTS AND YOUNG PROFESSIONALS. TFAS PROGRAMS INSPIRE THESE FUTURE LEADERS TO MAKE A DIFFERENCE IN THEIR COMMUNITIES AND THROUGHOUT THE WORLD BY UPHOLDING THE VALUES ESSENTIAL TO THE PRESERVATION OF A FREE SOCIETY.

Program Service Accomplishments

Program 1
Expenses: $7,048,132 Revenue: $6,181,535

UNDERGRADUATE PROGRAMS: THESE PROGRAMS ARE DESIGNED FOR UNDERGRADUATE STUDENTS INTERESTED IN U.S. POLITICS, AMERICAN GOVERNMENT, FOREIGN AFFAIRS, BUSINESS GOVERNMENT RELATIONS AND JOURNALISM. THE...

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UNDERGRADUATE PROGRAMS: THESE PROGRAMS ARE DESIGNED FOR UNDERGRADUATE STUDENTS INTERESTED IN U.S. POLITICS, AMERICAN GOVERNMENT, FOREIGN AFFAIRS, BUSINESS GOVERNMENT RELATIONS AND JOURNALISM. THE PROGRAMS HELD IN THE US OFFER ACADEMIC CREDIT FOR COURSEWORK AT GEORGE MASON UNIVERSITY, AND INCLUDE INTERNSHIPS AND SITE BRIEFINGS AT PLACES SUCH AS THE WHITE HOUSE, THE U.S. CAPITOL, AND THE STATE DEPARTMENT. STUDENTS ATTEND REGULAR GUEST LECTURES, AND INTERACT WITH D.C. PROFESSIONALS THROUGH NETWORKING ACTIVITIES. COURSES ARE ACCREDITED BY GEORGE MASON UNIVERSITY. ONE PROGRAM IS OFFERED BY THE RONALD REAGAN PRESIDENTIAL FOUNDATION AND INSTITUTE IN CONJUNCTION WITH THE FUND FOR AMERICAN STUDIES. IT HELPS STUDENTS DEFINE AND STRENGTHEN THEIR LEADERSHIP SKILLS AND LEARN LESSONS FROM THE AMERICAN PRESIDENCY, ALL WHILE GIVING THEM AN INSIDER'S VIEW OF WASHINGTON. THE INTENSIVE SCHEDULE IS DESIGNED TO MAXIMIZE THE VALUE OF THEIR TIME IN WASHINGTON BY COMBINING LEARNING IN THE CLASSROOM WITH PRACTICAL INTERNSHIP EXPERIENCE AS WELL AS SPECIAL EVENTS AND BRIEFINGS. IN ADDITION, THE FUND FOR AMERICAN STUDIES (TFAS) HAS ORGANIZED INTERNATIONAL ACADEMIC INSTITUTES FOR MORE THAN 25 YEARS, WITH AN OBJECTIVE TO PROVIDE A RIGOROUS ACADEMIC EXPERIENCE, FOSTER DIALOGUES THAT CROSS BORDERS, AND CREATE A GLOBAL NETWORK OF RESPONSIBLE FUTURE LEADERS. THESE PROGRAMS ARE CURRENTLY HELD IN CHILE AND THE CZECH REPUBLIC.

Program 2
Expenses: $4,358,060

HIGH SCHOOL PROGRAMS: ORGANIZED BY THE HIGH SCHOOL DIVISION OF TFAS, THE FOUNDATION FOR TEACHING ECONOMICS (FTE), THESE PROGRAMS INCLUDE ECONOMICS FOR LEADERS (EFL), ONE DAY, AND ONLINE PROGRAMS FOR...

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HIGH SCHOOL PROGRAMS: ORGANIZED BY THE HIGH SCHOOL DIVISION OF TFAS, THE FOUNDATION FOR TEACHING ECONOMICS (FTE), THESE PROGRAMS INCLUDE ECONOMICS FOR LEADERS (EFL), ONE DAY, AND ONLINE PROGRAMS FOR HIGH SCHOOL STUDENTS AND TEACHERS. THE FLAGSHIP PROGRAM, EFL IS A SELECTIVE WEEK-LONG SUMMER PROGRAM THAT TEACHES HIGH SCHOOL STUDENTS HOW TO INTEGRATE ECONOMICS INTO THE PROCESS OF DECISION-MAKING IN A HANDS-ON, EXPERIENTIAL ENVIRONMENT. PROGRAMS ARE HELD ON COLLEGE CAMPUSES ACROSS THE COUNTRY. PROGRAMS ARE LED BY ECONOMICS PROFESSORS AND LEADERSHIP INSTRUCTORS SELECTED FOR THEIR EXPERTISE AND TEACHING EFFECTIVENESS. MORNING DISCUSSIONS, ACTIVITIES, AND INTERACTIVE SESSIONS INTRODUCE PARTICIPANTS TO THE "ECONOMIC WAY OF THINKING." AFTERNOON SESSIONS BUILD AN UNDERSTANDING OF LEADERSHIP AND PARTICIPANTS PRACTICE LEADERSHIP SKILLS IN A FUN-FILLED SERIES OF TASKS AND DILEMMAS. STUDENTS ALSO ENGAGE IN A CREATIVE DECISION-MAKING CHALLENGE IN WHICH THEY APPLY AND DEMONSTRATE THE SKILLS AND KNOWLEDGE THEY HAVE GAINED DURING THE WEEK. IN THE WEEK-LONG TEACHER PROGRAMS, HIGH SCHOOL TEACHERS "GO BACK TO SCHOOL AND ARE TAUGHT BY UNIVERSITY PROFESSORS AND MENTOR TEACHERS. WHAT'S UNIQUE ARE THE GAMES AND SIMULATIONS: INSTRUCTORS RUN THE ACTIVITIES WITH REAL STUDENTS SO THE TEACHERS CAN OBSERVE THE STUDENTS' INTERACTIONS. THE TEACHERS SEE, UP CLOSE, WHY FTE-DESIGNED LESSONS ARE SO EFFECTIVE AND LEAVE WITH A BETTER KNOWLEDGE OF ECONOMICS, NEW CLASSROOM STRATEGIES, AND A RENEWED ENTHUSIASM FOR TEACHING. OTHER TEACHER PROGRAMS INCLUDE ECONOMIC ISSUES FOR TEACHERS, ENVIRONMENT AND THE ECONOMY, AND RIGHT START IN TEACHING ECONOMICS.

Program 3
Expenses: $2,876,283

GRADUATE AND PROFESSIONAL PROGRAMS: THESE PROGRAMS SERVE GRADUATE STUDENTS AND PROFESSIONALS IN MANY DIFFERENT CAREERS, INCLUDING LAW, JOURNALISM AND GOVERNMENT AFFAIRS. A SUMMER LAW FELLOWSHIP FOR...

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GRADUATE AND PROFESSIONAL PROGRAMS: THESE PROGRAMS SERVE GRADUATE STUDENTS AND PROFESSIONALS IN MANY DIFFERENT CAREERS, INCLUDING LAW, JOURNALISM AND GOVERNMENT AFFAIRS. A SUMMER LAW FELLOWSHIP FOR LAW SCHOOL STUDENTS CONSISTS OF THE FOLLOWING MAJOR COMPONENTS: A COURSE ON ORIGINALISM WITH CREDIT THROUGH THE ANTONIN SCALIA LAW SCHOOL AT GEORGE MASON UNIVERSITY; AND LEGAL INTERNSHIPS WITH LAW FIRMS, LOBBYING FIRMS, PUBLIC INTEREST LEGAL ORGANIZATIONS AND LEGAL DEPARTMENTS OF TRADE ASSOCIATIONS, CORPORATIONS AND GOVERNMENT AGENCIES THROUGHOUT THE WASHINGTON AREA. THE ROBERT NOVAK JOURNALISM FELLOWSHIP PROGRAM ALLOWS WRITERS EARLY IN THEIR CAREERS TO PURSUE PROJECTS THEY OTHERWISE WOULD BE UNABLE TO RESEARCH AND REPORT BY PROVIDING STIPENDS AND EXPENSES UP TO $75,000. THE JOSEPH RAGO MEMORIAL FELLOWSHIP FOR EXCELLENCE IN JOURNALISM PROVIDES A NINE-MONTH PAID INTERNSHIP WITH THE WALL STREET JOURNAL'S EDITORIAL TEAM. THIS ANNUAL FELLOWSHIP IS OPEN TO RECENT COLLEGE AND JOURNALISM SCHOOL GRADUATES AND JOURNALISTS WITH LESS THAN FIVE YEARS' EXPERIENCE. THIS FELLOWSHIP IS IN HONOR AND MEMORY OF JOSEPH RAGO, A FORMER EDITORIAL BOARD MEMBER AT THE WALL STREET JOURNAL WHO PASSED AWAY IN 2017. THE INTERNSHIP AT THE WALL STREET JOURNAL PROVIDES THE OPPORTUNITY FOR EXPERIENCE WITH MANY FACETS OF THE EDITORIAL CRAFT, SUCH AS EDITING OP-EDS; WRITING STORIES UNDER ONE'S OWN BYLINE; WRITING AS PART OF THE EDITORIAL BOARD; WORKING WITH OUTSIDE CONTRIBUTORS AT EVERY STAGE OF SUBMISSION, FROM PITCHING TO PUBLICATION; CONTRIBUTING HEADLINES AND OTHER STORY COMPONENTS; FACT-CHECKING AND RESEARCH; AND MORE. THE PUBLIC POLICY FELLOWS IS A YEAR-LONG NETWORKING AND EDUCATION PROGRAM DESIGNED TO DEVELOP YOUNG LEADERS WITH A SHARED COMMITMENT TO IMPROVING PUBLIC POLICY. THE PROGRAM INCLUDES MONTHLY EVENING SESSIONS AND TWO WEEKEND RETREATS. CURRICULUM OF LIBERTY SEMINARS ARE INVITATION-ONLY ALUMNI CONFERENCES FOCUSED ON A VARIETY OF TOPICS RELATED TO LIBERTY. EACH CONFERENCE IS FACILITATED BY A PROFESSOR AND IMPLEMENTS A SOCRATIC-STYLE DISCUSSION MODEL BASED ON A SET OF ISSUES. PARTICIPANTS ARE GIVEN REQUIRED READINGS TO COMPLETE PRIOR TO THE CONFERENCE.

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $8,460,480
Program Service Revenue $6,006,688
Investment Income $955,039
Other Revenue $174,847
TOTAL REVENUE $15,597,054

Expense Breakdown

Grants Paid $2,213,966
Salaries & Benefits $6,860,394
Fundraising Expenses $2,249,363
Program Expenses $14,792,645
Other Expenses $8,610,377
TOTAL EXPENSES $17,878,468

Year-over-Year Comparison

2024 2023 Change
Revenue $15,597,054 $21,154,255 -0.3%
Expenses $17,878,468 $17,112,030 +0.0%
Net Income $-2,281,414 $4,042,225 -1.6%
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
21
Independent Members
18
Employees
109
Volunteers
20

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
$725,451
Total Directors
23
$725,451
Key Employees
1
$240,894
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ROGER R REAM PRESIDENT 49.00
Officer Director
$383,652 $23,330 $406,982
ROBERT J CALLAHAN CFO/VICE PRESIDENT, FINANCE 49.00
Officer Director
$192,030 $31,439 $223,469
RANDAL C TEAGUE CHAIRMAN 24.00
Officer Director
$95,000 $0 $95,000
BRIDGETT WAGNER VICE CHAIR 2.00
Officer Director
$0 $0 $0
WILLIAM J HYBL VICE CHAIRMAN - INTERNATIONAL 2.00
Officer Director
$0 $0 $0
DANIEL H BRANCH SECRETARY 2.00
Officer Director
$0 $0 $0
DEREK MCCLAIN TREASURER 2.00
Officer Director
$0 $0 $0
CAROLINE WEIL BARNETT TRUSTEE 2.00
Director
$0 $0 $0
CHARLES R BLACK JR TRUSTEE 2.00
Director
$0 $0 $0
CHRIS ULLMAN TRUSTEE 2.00
Director
$0 $0 $0
COLENE JOHNSON TRUSTEE 2.00
Director
$0 $0 $0
DAVID STOVER TRUSTEE 2.00
Director
$0 $0 $0
ERIC TANNENBLATT TRUSTEE 2.00
Director
$0 $0 $0
FRANK T LAUINGER TRUSTEE 2.00
Director
$0 $0 $0
JADE WEST TRUSTEE 2.00
Director
$0 $0 $0
JAMES B CULBERTSON TRUSTEE 2.00
Director
$0 $0 $0
JEFF CARNEAL TRUSTEE 2.00
Director
$0 $0 $0
JOHN LEE TRUSTEE 2.00
Director
$0 $0 $0
LINDSAY Y CRAIG OUTGOING TRUSTEE 2.00
Director
$0 $0 $0
PAULA J DOBRIANSKY TRUSTEE 2.00
Director
$0 $0 $0
PETER MCPHERSON TRUSTEE 2.00
Director
$0 $0 $0
ROBERT PRUGER TRUSTEE 2.00
Director
$0 $0 $0
THERESA KOSTRZEWA TRUSTEE 2.00
Director
$0 $0 $0
STEPHEN SLATTERY EXECUTIVE VICE PRESIDENT 49.00
Key Emp
$217,478 $23,416 $240,894
RANDALL SCOTT DECLEENE CHIEF DEVELOPMENT AND COMM. OFFICER 49.00
Highest
$203,303 $10,393 $213,696
EDWARD TURNER VICE PRESIDENT, DEVELOPMENT 49.00
Highest
$182,306 $7,211 $189,517
THOMAS TUCKER EXECUTIVE DIRECTOR - FTE 49.00
Highest
$168,939 $7,067 $176,006
JOSEPH STARRS SENIOR DIR., COLLEGIATE PROG. 49.00
Highest
$145,283 $21,905 $167,188
SHANE MAZZELLA VICE PRESIDENT, US PROGRAMS 49.00
Highest
$123,878 $4,920 $128,798
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 $15,597,054 $17,878,468 $27,614,893 $-2,281,414
2024 $21,154,255 $17,112,030 $28,671,080 $4,042,225
2023 $16,317,350 $15,509,629 $22,075,471 $807,721
2022 $14,086,865 $14,817,044 $24,086,764 $-730,179
2021 $6,879,817 $8,728,871 $28,894,922 $-1,849,054
2020 $8,678,149 $9,567,879 $28,615,543 $-889,730
2019 $14,414,710 $14,493,427 $26,735,388 $-78,717
2018 $12,474,003 $11,882,083 $24,621,632 $591,920
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