INTERNATIONAL FOUNDATION FOR RESEARCH IN EXPERIMENTAL ECONOMICS

EIN: 860879713 501(c)(3)

TUCSON, AZ

Total Revenue
$15,455
Total Expenses
$563,970
Total Assets
N/A
Net Assets
N/A
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1997
Legal Domicile
AZ
Principal Officer
VERNON L SMITH
Phone
5209910109
Tax Period
2021-01-01 to 2021-12-31

INTERNATIONAL FOUNDATION FOR RESEARCH IN EXPERIMENTAL ECONOMICS, founded in 1997, is a micro nonprofit that reported $15K in total revenue in fiscal year 2021. Revenue fell 71% from the prior year — a significant decline worth monitoring. Expenses of $564K exceeded revenue, resulting in a 3549% operating deficit.

Mission

THE FOUNDATION PROMOTES HUMAN BETTERMENT THROUGH EXPERIMENTAL ECONOMICS TO IMPROVE THE UNDERSTANDING OF EXCHANGE SYSTEMS.* IFREE FUNDS PRIMARY RESEARCH IN MARKET AND PERSONAL EXCHANGE SYSTEMS* IFREE SPONSORS PARTICIPATORY, HANDS-ON, EDUCATIONAL WORKSHOPS, INTERDISCIPLINARY ACADEMIC DISCUSSIONS, AND OUTREACH PROGRAMS FOR THOSE OUTSIDE THE ECONOMICS PROFESSION.

Program Service Accomplishments

Program 1
Expenses: $355,467

EXPERIMENTAL ECONOMICS EDUCATION THE FOUNDATION MADE RESTRICTED GRANTS TO SUPPORT EDUCATIONAL PROGRAMS IN EXPERIMENTAL ECONOMICS. SOME SUPPORTED ACTIVITIES WERE CANCELLED OR POSTPONED, OR HELD...

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EXPERIMENTAL ECONOMICS EDUCATION THE FOUNDATION MADE RESTRICTED GRANTS TO SUPPORT EDUCATIONAL PROGRAMS IN EXPERIMENTAL ECONOMICS. SOME SUPPORTED ACTIVITIES WERE CANCELLED OR POSTPONED, OR HELD VIRTUALLY, DUE TO THE WORLDWIDE PANDEMIC. IN JANUARY, THE FOUNDATION SUPPORTED A GRADUATE STUDENT WORKSHOP IN EXPERIMENTAL ECONOMICS AT CHAPMAN UNIVERSITY VIA ZOOM, ATTENDED BY 21 GRADUATE STUDENTS. ALSO IN JANUARY, THE FOUNDATION SUPPORTED VIRTUAL VERSIONS OF THE BOGOTA (COLOMBIA) EXPERIMENTAL ECONOMICS WORKSHOP & CONFERENCE, WITH THE KEYNOTE LECTURE AT THE CONFERENCE, BROADCAST ON YOUTUBE, ATTRACTING MORE THAN 130 PARTICIPANTS, AND THE WORKSHOP ATTRACTING 87 PARTICIPANTS. A GRANT SUPPORTED THE PARTICIPATION OF UNDERGRADUATE STUDENTS FOR FIVE WEEKS IN A VIRTUAL SUMMER SCHOLARS AND MENTORING PROGRAM HELD AT CHAPMAN UNIVERSITY. FROM JUNE THROUGH JULY, THE FOUNDATION SUPPORTED A VIRTUAL UNDERGRADUATE WORKSHOP ON COMPUTATIONAL EXPERIMENTAL ECONOMICS AT GEORGE MASON UNIVERSITY FOR UNDERGRADUATE INTERNS. THE FOUNDATION SUPPORTED 4 LECTURES HELD AT CHAPMAN UNIVERSITY AS PART OF A LECTURE SERIES.

Program 2
Expenses: $100,157

FELLOWSHIPS AND SCHOLARSHIPSTHE FOUNDATION MADE FELLOWSHIP PAYMENTS TO TWO IFREE DISTINGUISHED FELLOWS AND TO THE 2021 RECIPIENT OF THE VERNON L. SMITH ASCENDING SCHOLAR PRIZE, JUDD KESSLER.

Program 3
Expenses: $83,705

EXPERIMENTAL ECONOMICS RESEARCHTHE FOUNDATION MADE RESTRICTED GRANTS TO SUPPORT RESEARCH IN EXPERIMENTAL ECONOMICS, INCLUDING THE FOLLOWING: * COALITION FORMATION IN COOPERATIVE GAMES * DO VOTERS...

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EXPERIMENTAL ECONOMICS RESEARCHTHE FOUNDATION MADE RESTRICTED GRANTS TO SUPPORT RESEARCH IN EXPERIMENTAL ECONOMICS, INCLUDING THE FOLLOWING: * COALITION FORMATION IN COOPERATIVE GAMES * DO VOTERS UNDERSTAND WHO BENEFITS FROM TAXES? * MOTIVATED BELIEFS, TRADING AND INFORMATION AGGREGATION * COLLABORATION AND COOPERATION IN THE PRESENCE OF ADAPTIVE ROBOTICS * MODELING OPPONENTS IN N-PLAYER GAMES: THEORY AND EXPERIMENTS * BEHAVIORAL INFLUENCES ON INVESTMENT AND PRODUCTION IN ASSET MARKETS: AN EXPERIMENTAL STUDY * NEWS (IN)ACCURACY AND SPEED * MEASURING THE IMPACT OF COMPETITION AT WORK: A FIELD EXPERIMENT IN A CAMBODIAN TEXTILE FACTORY

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

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Financial Overview (2021)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $0
Investment Income $15,455
Other Revenue $0
TOTAL REVENUE $15,455

Expense Breakdown

Grants Paid $527,866
Salaries & Benefits $0
Fundraising Expenses $471
Program Expenses $539,329
Other Expenses $36,104
TOTAL EXPENSES $563,970

Year-over-Year Comparison

2021 2020 Change
Revenue $15,455 $53,587 -0.7%
Expenses $563,970 $306,313 +0.8%
Net Income $-548,515 $-252,726 +1.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
6
Independent Members
6
Employees
N/A
Volunteers
15

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
4
$0
Total Directors
6
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CARY DECK DIRECTOR 2.00
Director
$0 $0 $0
DIANE KAPLAN DIRECTOR 0.30
Director
$0 $0 $0
JIM MURPHY DIRECTOR 3.00
Director
$0 $0 $0
TUCKER ANDERSEN DIRECTOR 0.30
Director
$0 $0 $0
VERNON SMITH PRESIDENT/FOUNDER 3.00
Officer Director
$0 $0 $0
ROBERT GASAWAY CHAIRMAN OF THE BOARD 3.00
Officer Director
$0 $0 $0
CANDACE SMITH VICE PRESIDENT 3.00
Officer
$0 $0 $0
CAROL BRECKNER TREASURER 3.00
Officer
$0 $0 $0
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
2021 $15,455 $563,970 No data $-548,515
2020 $53,587 $306,313 $635,515 $-252,726
2019 $85,503 $432,050 $913,789 $-346,547
2018 $69,983 $417,052 $1,225,780 $-347,069
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