THE REASON FOUNDATION (EIN 953298239) - 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

1978

Legal Domicile

Principal Officer

DAVID NOTT

Phone

3107408579

Tax Period

2024-10-01 to 2025-09-30

THE REASON FOUNDATION, founded in 1978, is a mid-sized nonprofit in the Education sector that reported $22.8M in total revenue in fiscal year 2024. Expenses of $22.0M left a modest 4% surplus.

Mission

ADVANCE A FREE SOCIETY BY DEVELOPING, APPLYING, AND PROMOTING LIBERTARIAN PRINCIPLES.

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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 (2024)

Revenue Breakdown

Contributions & Grants $20,527,956

Program Service Revenue $1,035,361

Investment Income $1,132,319

Other Revenue $115,028

TOTAL REVENUE $22,810,664

Expense Breakdown

Grants Paid $60,000

Salaries & Benefits $14,159,186

Fundraising Expenses $1,868,752

Program Expenses $19,336,621

Other Expenses $7,745,370

TOTAL EXPENSES $21,964,556

Year-over-Year Comparison

	2024	2023	Change
Revenue	$22,810,664	$23,300,815	0.0%
Expenses	$21,964,556	$19,863,540	+0.1%
Net Income	$846,108	$3,437,275	-0.8%

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

113

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

$2,071,368

Total Directors

$802,269

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID NOTT	PRESIDENT, CEO	40.00	Officer Director	$407,827	$154,268	$562,095
ADRIAN T MOORE	VICE PRESIDENT POLICY	40.00	Officer	$256,830	$7,253	$264,083
JONATHAN GRAFF	CHIEF FINANCIAL OFFICER	40.00	Officer	$250,251	$9,750	$260,001
LEONARD GILROY	VP GOVERNMENT REFORM	40.00	Officer	$250,237	$4,254	$254,491
NICHOLAS GILLESPIE	EDITOR AT LARGE	40.00	Highest	$247,174	$7,253	$254,427
KATHERINE MANGU-WARD	VP/EDITOR-IN-CHIEF	40.00	Officer	$240,585	$9,750	$250,335
ROBERT POOLE	FOUNDER, TRANSPORTATION POLICY	40.00	Officer Director	$240,000	$174	$240,174
MICHAEL ALISSI	VP OPERATIONS	40.00	Officer	$230,439	$9,750	$240,189
JACQUELINE PYKE	DIRECTOR OF DEVELOPMENT	40.00	Highest	$179,167	$160	$179,327
AARON STEINBERG	MARKETING DIRECTOR	40.00	Highest	$179,091	$9,748	$188,839
JAMES EPSTEIN	EXECUTIVE EDITOR	40.00	Highest	$173,481	$169	$173,650
CARIN MANN	DIR OF DONOR COMMUNICATIONS	40.00	Highest	$157,826	$4,222	$162,048
GEORGE F OHRSTROM	BOARD CHAIR	1.00	Officer Director	$0	$0	$0
THEODORE BARNETT	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS E BEACH	TRUSTEE	1.00	Director	$0	$0	$0
BARON BOND	TRUSTEE	1.00	Director	$0	$0	$0
REBECCA DUNN	TRUSTEE	1.00	Director	$0	$0	$0
LINDA EDWARDS	TRUSTEE	1.00	Director	$0	$0	$0
JONATHAN FARBER	TRUSTEE	1.00	Director	$0	$0	$0
PETER FARRELL	TRUSTEE	1.00	Director	$0	$0	$0
DEBBI GIBBS	TRUSTEE	1.00	Director	$0	$0	$0
WILLIAM GOBLE	TRUSTEE	1.00	Director	$0	$0	$0
THOMAS W HAZLETT	TRUSTEE	1.00	Director	$0	$0	$0
BRIAN HOOKS	TRUSTEE	1.00	Director	$0	$0	$0
JAMES D JAMESON	TRUSTEE	1.00	Director	$0	$0	$0
MANUEL S KLAUSNER	TRUSTEE	1.00	Director	$0	$0	$0
JAMES LINTOTT	TRUSTEE	1.00	Director	$0	$0	$0
TRAVIS MAY	TRUSTEE	1.00	Director	$0	$0	$0
STEPHEN MODZELEWSKI	TRUSTEE	1.00	Director	$0	$0	$0
CHRIS J RUFER	TRUSTEE	1.00	Director	$0	$0	$0
RAYMOND STATA	TRUSTEE	1.00	Director	$0	$0	$0
KERRY WELSH	TRUSTEE	1.00	Director	$0	$0	$0
FRED M YOUNG JR	TRUSTEE	1.00	Director	$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
2025	$22,810,664	$21,964,556	$29,097,754	$846,108
2024	$23,300,815	$19,863,540	$25,642,938	$3,437,275
2023	$15,456,947	$17,507,487	$19,398,270	$-2,050,540
2022	$15,233,016	$14,980,930	$17,225,914	$252,086
2021	$15,534,857	$13,413,869	$19,282,371	$2,120,988
2020	$16,170,727	$13,074,096	$15,187,245	$3,096,631
2019	$13,905,315	$13,467,708	$11,377,930	$437,607
2018	$12,099,789	$12,690,715	$10,773,512	$-590,926

THE REASON FOUNDATION