Mercatus Center Inc (EIN 541436224) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1987

Legal Domicile

Principal Officer

Gary Leff

Phone

7039934930

Tax Period

2024-09-01 to 2025-08-31

Mercatus Center Inc, founded in 1987, is a mid-sized nonprofit in the Social Science sector that reported $28.7M in total revenue in fiscal year 2017.

Mission

Cultivating talent who advance market-oriented ideas to expand opportunity.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $46,672,267

Program Service Revenue $5,561

Investment Income $1,285,949

Other Revenue $323,524

TOTAL REVENUE $48,287,301

Expense Breakdown

Grants Paid $10,877,082

Salaries & Benefits $18,354,574

Fundraising Expenses $1,943,354

Program Expenses $36,957,035

Other Expenses $11,595,584

TOTAL EXPENSES $40,947,240

Year-over-Year Comparison

	2024	2023	Change
Revenue	$48,287,301	$39,338,379	+0.2%
Expenses	$40,947,240	$44,809,520	-0.1%
Net Income	$7,340,061	$-5,471,141	-2.3%

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

200

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

$1,335,679

Total Directors

$468,737

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Tyler Cowen	Chairman	1.00	Officer Director	$128,367	$0	$128,367
Donald Boudreaux	Director	1.00	Director	$83,500	$0	$83,500
Virgil Henry Storr	Director (SVP of Research & Programs)	40.00	Director	$256,751	$119	$256,870
Brendan McCord	Director (from 2/25)	1.00	Director	$0	$0	$0
Brian Hooks	Director	1.00	Director	$0	$0	$0
Edwin Meese	Director	1.00	Director	$0	$0	$0
Emily Chamlee-Wright	Director	1.00	Director	$0	$0	$0
Katherine Boyle	Director	1.00	Director	$0	$0	$0
Manuel Johnson	Director	1.00	Director	$0	$0	$0
Richard Fink	Director	1.00	Director	$0	$0	$0
Salen Churi	Director	1.00	Director	$0	$0	$0
Samuel Bowman	Director	1.00	Director	$0	$0	$0
Vernon Smith	Director	1.00	Director	$0	$0	$0
Benjamin Klutsey	Executive Director (from 6/24)	40.00	Officer	$354,211	$27,746	$381,957
Daniel M Rothschild	Executive Vice President (6/24-10/24)	40.00	Officer	$289,617	$28,877	$318,494
Jennifer Zambone	Secretary and Chief Operating Officer	40.00	Officer	$274,100	$11,132	$285,232
Gary Leff	Treasurer and Chief Financial Officer	20.00	Officer	$199,674	$21,955	$221,629
Daniel Butler	Vice President of Development	40.00	Highest	$341,101	$27,993	$369,094
Veronique De Rugy	George Gibbs Chair Project Sr Research Fellow	40.00	Highest	$318,435	$21,319	$339,754
Eileen Norcross	Vice President of Research	40.00	Highest	$282,764	$28,993	$311,757
Alden Abbott	Senior Research Fellow	40.00	Highest	$240,871	$760	$241,631
Brett Doyle	Managing Director	40.00	Highest	$239,887	$1,761	$241,648

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	$48,287,301	$40,947,240	$43,506,821	$7,340,061
2024	$39,338,379	$44,809,520	$36,765,270	$-5,471,141
2023	$47,446,892	$49,250,629	$43,118,804	$-1,803,737
2022	$50,106,510	$45,086,723	$43,899,623	$5,019,787
2021	$50,050,104	$48,712,721	$39,656,481	$1,337,383
2020	$71,902,379	$57,876,827	$43,397,524	$14,025,552
2019	$30,795,148	$30,401,944	$22,931,599	$393,204
2018	$28,688,582	$28,875,237	$23,073,307	$-186,655

Mercatus Center Inc