THE GERMAN MARSHALL FUND OF THE UNITED STATES (EIN 520954751) - Form 990 Financial Analysis & Trantor Score

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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

1972

Legal Domicile

Principal Officer

HEATHER A CONLEY

Phone

2026832650

Tax Period

2023-01-01 to 2023-12-31

THE GERMAN MARSHALL FUND OF THE UNITED STATES, founded in 1972, is a mid-sized nonprofit in the International Affairs sector that reported $31.5M in total revenue in fiscal year 2023. Expenses of $43.8M exceeded revenue, resulting in a 39% operating deficit.

Mission

THE GERMAN MARSHALL FUND OF THE UNITED STATES (GMF) IS AN AMERICAN INSTITUTION THAT STRENGTHENS TRANSATLANTIC COOPERATION ON REGIONAL, NATIONAL AND GLOBAL CHALLENGES AND OPPORTUNITIES IN THE SPIRIT OF THE MARSHALL PLAN.

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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 $26,228,013

Program Service Revenue $2,465,439

Investment Income $2,817,873

Other Revenue $5,656

TOTAL REVENUE $31,516,981

Expense Breakdown

Grants Paid $9,889,203

Salaries & Benefits $21,854,267

Fundraising Expenses $1,520,922

Program Expenses $31,332,858

Other Expenses $12,061,103

TOTAL EXPENSES $43,804,573

Year-over-Year Comparison

	2023	2022	Change
Revenue	$31,516,981	$29,787,853	+0.1%
Expenses	$43,804,573	$40,047,340	+0.1%
Net Income	$-12,287,592	$-10,259,487	+0.2%

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

117

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

$1,213,578

Total Directors

Key Employees

$271,315

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANNIE MAXWELL	TRUSTEE	1.00	Director	$0	$0	$0
CHRISTOPHER SCHROEDER	TRUSTEE	1.00	Director	$0	$0	$0
FRANK FRIEDMAN	TRUSTEE	1.00	Director	$0	$0	$0
HEIDI HEITKAMP	TRUSTEE	1.00	Director	$0	$0	$0
J ROBINSON WEST	TRUSTEE	1.00	Director	$0	$0	$0
JANET LAMKIN	TRUSTEE	1.00	Director	$0	$0	$0
JOHN EMERSON	TRUSTEE	1.00	Director	$0	$0	$0
JOYCE CHANG	TRUSTEE	1.00	Director	$0	$0	$0
STEPHEN BIEGUN	TRUSTEE (BEG 7/2023)	1.00	Director	$0	$0	$0
WILLIAM THORNBERRY	TRUSTEE (BEG 7/2023)	1.00	Director	$0	$0	$0
SHAWN TURNER	TRUSTEE (BEG 7/2023)	1.00	Director	$0	$0	$0
SUSANNAH GRAY	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS KELLY	TRUSTEE	1.00	Director	$0	$0	$0
HELENE COOPER	TRUSTEE	1.00	Director	$0	$0	$0
CURTIS SCAPAROTTI	TRUSTEE	1.00	Director	$0	$0	$0
MARGIT WENNMACHERS	TRUSTEE	1.00	Director	$0	$0	$0
DAVID IGNATIUS	TRUSTEE (THRU 7/2023)	1.00	Director	$0	$0	$0
MARC GROSSMAN	TRUSTEE (THRU 7/2023)	1.00	Director	$0	$0	$0
KATHRYN RUEMMLER	TRUSTEE (THRU 7/2023)	1.00	Director	$0	$0	$0
WILLIAM HURD	TRUSTEE (THRU 7/2023)	1.00	Director	$0	$0	$0
SYAM REDDY	TRUSTEE (THRU 7/2023)	1.00	Director	$0	$0	$0
HEATHER CONLEY	PRESIDENT	40.00	Officer	$446,006	$44,247	$490,253
TIMOTHY CHILDRESS	VP & CFO, TREASURER (THRU 9/2023)	40.00	Officer	$417,569	$42,739	$460,308
ROBY JACOB	VP & CFO (BEG 9/2023)	40.00	Officer	$213,809	$49,208	$263,017
LAURA THORNTON	SVP, GMF DEMOCRACY	40.00	Key Emp	$227,211	$44,104	$271,315
IAN LESSER	VP/EXECUTIVE DIRECTOR (BRUSSELS)	40.00	Highest	$323,946	$31,307	$355,253
NICOLA LIGHTER	INTERIM SVP, ENTERPRISE HUB	40.00	Highest	$222,449	$47,097	$269,546
PATRICIA ENNIS	SVP, STRATEGIC ENGAGEMENT	40.00	Highest	$297,268	$31,164	$328,432
KAREN KORNBLUH	DISTINGUISHED FELLOW FOR TECHNOLOGY AND COMPETITIV	40.00	Highest	$205,393	$23,018	$228,411
KATE MCCARRY	VP, HUMAN RESOURCES	40.00	Highest	$215,826	$32,744	$248,570

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	$31,516,981	$43,804,573	$192,210,363	$-12,287,592
2022	$29,787,853	$40,047,340	$189,319,298	$-10,259,487
2021	$26,233,944	$22,704,757	$208,998,480	$3,529,187
2021	$24,725,549	$30,807,036	$210,871,420	$-6,081,487
2020	$25,501,360	$34,386,291	$165,974,636	$-8,884,931
2019	$23,977,507	$32,175,388	$177,545,271	$-8,197,881
2018	$24,328,045	$28,626,412	$186,584,115	$-4,298,367

THE GERMAN MARSHALL FUND OF THE UNITED STATES