CERGE-EI FOUNDATION

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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

1993

Legal Domicile

Principal Officer

TONY CLAUDINO

Phone

6093574063

Tax Period

2023-01-01 to 2023-12-31

CERGE-EI FOUNDATION, founded in 1993, is a community nonprofit in the International Affairs sector that reported $3.7M in total revenue in fiscal year 2023. Revenue fell 20% from the prior year — a significant decline worth monitoring. Expenses of $4.3M exceeded revenue, resulting in a 17% operating deficit.

Mission

TO PROMOTE ECONOMICS EDUCATION AND RESEARCH IN THE POST-COMMUNIST COUNTRIES OF CENTRAL AND EASTERN EUROPE INCLUDING THE FORMER SOVIET UNION.

Program Service Accomplishments

Program 1

Expenses: $1,427,616

THE CERGE-EI TEACHING FELLOWSHIPS SUPPORT WESTERN-TRAINED GRADUATE STUDENTS AND POST-DOCTORAL TEACHERS IN THE EFFORT TO EXPAND THE TEACHING OF MODERN MARKET ECONOMICS TO UNDERGRADUATES IN A REGION...

THE CERGE-EI TEACHING FELLOWSHIPS SUPPORT WESTERN-TRAINED GRADUATE STUDENTS AND POST-DOCTORAL TEACHERS IN THE EFFORT TO EXPAND THE TEACHING OF MODERN MARKET ECONOMICS TO UNDERGRADUATES IN A REGION WHERE IT WAS PREVIOUSLY UNKNOWN. THE TEACHING FELLOWS PROGRAM PROVIDED OVER 175 COURSES TO MORE THAN 10,667 STUDENTS IN THE SPRING 2023 SEMESTER. DURING 2023, THE PROGRAM HAD 179 FELLOWS AT 85 UNIVERSITIES IN 23 COUNTRIES.

Program 2

Expenses: $1,426,003

SUPPORT FOR THE CERGE-EI DOCTORAL PROGRAM IN ECONOMICS FOR PROMISING STUDENTS FROM THE FORMER SOVIET BLOC AND OTHER DEVELOPING NATIONS THAT IS TOTALLY TUITION FREE, BUILDING A BASE OF KNOWLEDGE AND...

Program 3

Expenses: $949,814 Revenue: $1,264,900

THE UNDERGRADUATE PROGRAM IN CENTRAL EUROPEAN STUDIES IS AN AMERICAN JUNIOR-YEAR STUDY-ABROAD PROGRAM DESIGNED TO EXPAND U.S. STUDENTS' EDUCATION IN THE STUDY OF CENTRAL EUROPE AND TO FURTHER EXPAND KNOWLEDGE OF THE CERGE-EI PROGRAM THROUGH AMERICAN ACADEMIA. AMONG THE NINE SENDING INSTITUTIONS, FOUR WERE SENDING STUDENTS FOR THE FIRST TIME SINCE THE PANDEMIC. THE GROUP HAD A LARGE PROPORTION OF ECONOMICS STUDENTS, WITH TEN PURSUING THE CERTIFICATE IN INTERNATIONAL ECONOMICS & FINANCE.

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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 $1,812,303

Program Service Revenue $1,264,900

Investment Income $590,584

Other Revenue $2,109

TOTAL REVENUE $3,669,896

Expense Breakdown

Grants Paid $2,095,464

Salaries & Benefits $302,812

Fundraising Expenses $324,635

Program Expenses $3,803,433

Other Expenses $1,885,524

TOTAL EXPENSES $4,283,800

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,669,896	$4,587,584	-0.2%
Expenses	$4,283,800	$4,409,468	0.0%
Net Income	$-613,904	$178,116	-4.4%

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

$269,393

Total Directors

$392,819

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BURKHARD DALLOSCH	CHAIRMAN	1.00	Officer Director	$0	$0	$0
JULIA R BRYAN	VICE CHAIR	1.00	Officer Director	$0	$0	$0
BORIS A BOROZAN	TREASURER	1.00	Officer Director	$0	$0	$0
FILIP KASPAR	SECRETARY/ADMINISTRATIVE DIRECTOR	40.00	Officer Director	$46,920	$0	$46,920
ORLEY ASHENFELTER	MEMBER	1.00	Director	$0	$0	$0
MARC S ELLENBOGEN	MEMBER	1.00	Director	$0	$0	$0
RANDALL K FILER	MEMBER/TEACHING FELLOWS DIRECTOR	2.00	Director	$31,456	$0	$31,456
PROF ING STEPAN JURAJDA PHD	MEMBER/RESEARCH FELLOWSHIP	5.00	Director	$28,823	$0	$28,823
MICHAEL C MARKOVITZ	MEMBER	1.00	Director	$0	$0	$0
GERALD ROLAND	MEMBER/VISITING PROFESSOR	5.00	Director	$15,000	$0	$15,000
DRAGANA STANISIC	MEMBER	1.00	Director	$0	$0	$0
HON CRAIG R STAPLETON	MEMBER	1.00	Director	$0	$0	$0
JAN SVEJNAR	MEMBER/VISITING PROFESSOR	5.00	Director	$48,147	$0	$48,147
SUSAN E WALTON	MEMBER	1.00	Director	$0	$0	$0
MARTIN TOLAR	MEMBER	1.00	Director	$0	$0	$0
TONY CLAUDINO	PRESIDENT AND CEO	40.00	Officer Director	$168,000	$54,473	$222,473

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	$3,669,896	$4,283,800	$12,314,135	$-613,904
2022	$4,587,584	$4,409,468	$11,887,660	$178,116
2021	$3,287,220	$3,193,820	$13,211,124	$93,400
2020	$2,941,249	$3,196,774	$12,367,167	$-255,525
2019	$5,252,488	$5,354,089	$12,759,668	$-101,601
2018	$4,601,020	$3,546,928	$12,271,127	$1,054,092