INSTITUTE FOR FREE SPEECH

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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

2005

Legal Domicile

Principal Officer

DAVID KEATING

Phone

2023013300

Tax Period

2023-01-01 to 2023-12-31

INSTITUTE FOR FREE SPEECH, founded in 2005, is a community nonprofit in the Public & Societal Benefit sector that reported $3.7M in total revenue in fiscal year 2023. Revenue decreased 5% compared to the prior year. Expenses of $3.1M left a modest 15% surplus.

Mission

THROUGH STRATEGIC LITIGATION, COMMUNICATION, ACTIVISM, TRAINING, RESEARCH AND EDUCATION, THE INSTITUTE WORKS TO PROMOTE AND DEFEND THE POLITICAL RIGHTS TO FREE SPEECH, PRESS, ASSEMBLY, AND PETITION GUARANTEED BY THE FIRST AMENDMENT.

Program Service Accomplishments

Program 1

Expenses: $1,909,621 Revenue: $380,722

THE LITIGATION PROGRAM OF THE INSTITUTE FOR FREE SPEECH PURSUES STRATEGIC LITIGATION AND FILES AMICUS BRIEFS TO DEFEND THE FIRST AMENDMENT RIGHTS TO FREE POLITICAL SPEECH, PRESS, ASSEMBLY AND...

THE LITIGATION PROGRAM OF THE INSTITUTE FOR FREE SPEECH PURSUES STRATEGIC LITIGATION AND FILES AMICUS BRIEFS TO DEFEND THE FIRST AMENDMENT RIGHTS TO FREE POLITICAL SPEECH, PRESS, ASSEMBLY AND PETITION.

Program 2

Expenses: $536,778

THE INSTITUTE FOR FREE SPEECH EDUCATES ITS SUPPORTERS AND THE PUBLIC AT LARGE OF THE BENEFITS OF FIRST AMENDMENT RIGHTS TO FREE POLITICAL SPEECH, PRESS, ASSEMBLY AND PETITION AND THE IMPORTANCE OF...

THE INSTITUTE FOR FREE SPEECH EDUCATES ITS SUPPORTERS AND THE PUBLIC AT LARGE OF THE BENEFITS OF FIRST AMENDMENT RIGHTS TO FREE POLITICAL SPEECH, PRESS, ASSEMBLY AND PETITION AND THE IMPORTANCE OF THESE RIGHTS TO OUR SYSTEM OF GOVERNMENT. IT COMMUNICATES THIS INFORMATION THROUGH PUBLISHED ARTICLES IN NEWSPAPERS, WEBSITES AND MAGAZINES, BRIEFINGS OF AND INTERVIEWS WITH JOURNALISTS, APPEARANCES ON TELEVISION AND RADIO, NEWSLETTERS, AND SOCIAL MEDIA, AND AN EXTENSIVE WEBSITE AND BLOG.

Program 3

Expenses: $460,690

THE INSTITUTE FOR FREE SPEECH PUBLISHES RESEARCH ON THE EFFECTS OF LAWS AND REGULATIONS ON THE FIRST AMENDMENT RIGHTS TO FREE POLITICAL SPEECH, PRESS, ASSEMBLY AND PETITION. THE INSTITUTE ALSO TRACKS AND ANALYZES PROPOSED LEGISLATION AND REGULATIONS AT THE FEDERAL AND STATE LEVEL THAT COULD AFFECT THESE FIRST AMENDMENT RIGHTS.

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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 (2023)

Revenue Breakdown

Contributions & Grants $3,110,649

Program Service Revenue $380,722

Investment Income $92,118

Other Revenue $100,188

TOTAL REVENUE $3,683,677

Expense Breakdown

Grants Paid $5,156

Salaries & Benefits $2,362,683

Fundraising Expenses $170,616

Program Expenses $2,907,089

Other Expenses $779,853

TOTAL EXPENSES $3,147,692

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,683,677	$3,882,053	-0.1%
Expenses	$3,147,692	$3,036,081	+0.0%
Net Income	$535,985	$845,972	-0.4%

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

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

$302,000

Total Directors

$96,000

Key Employees

$235,267

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRADLEY A SMITH	CHAIRMAN	10.00	Officer Director	$96,000	$0	$96,000
JOHN SNIDER	SECRETARY AND TREASURER	1.00	Officer Director	$0	$0	$0
EDWARD H CRANE	DIRECTOR	1.00	Director	$0	$0	$0
CLETA MITCHELL	DIRECTOR	1.00	Director	$0	$0	$0
STEPHEN MODZELEWSKI	DIRECTOR	1.00	Director	$0	$0	$0
ERIC O'KEEFE	DIRECTOR	1.00	Director	$0	$0	$0
DAVID KEATING	PRESIDENT	40.00	Officer	$187,742	$18,258	$206,000
ALAN GURA	VICE PRESIDENT FOR LITIGATION	40.00	Key Emp	$230,834	$4,433	$235,267
ENDEL KOLDE	SENIOR ATTORNEY	40.00	Highest	$190,563	$10,287	$200,850
CHARLES MILLER	SENIOR ATTORNEY	40.00	Highest	$124,418	$3,351	$127,769
BRETT NOLAN	SENIOR ATTORNEY	40.00	Highest	$139,080	$8,733	$147,813
RYAN MORRISON	ATTORNEY	40.00	Highest	$132,914	$4,045	$136,959
COURTNEY CORBELLO	ATTORNEY	40.00	Highest	$104,283	$5,278	$109,561

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
2024	No data	No data	No data	No data
2023	$3,683,677	$3,147,692	$9,162,310	$535,985
2022	$3,882,053	$3,036,081	$8,602,156	$845,972
2021	$3,314,675	$2,732,506	$6,172,959	$582,169
2020	$3,293,250	$2,453,045	$5,786,005	$840,205
2019	$2,564,214	$2,302,467	$4,364,788	$261,747
2018	$2,646,991	$2,106,292	$4,009,976	$540,699
2018	$2,646,991	$2,106,292	$4,009,976	$540,699