American Institute for Economic Research
American Institute for Economic Research reported $13.2 million in revenue and $9.3 million in expenses for calendar year 2025. Of every $100 it spent, $69.97 went to program services, $18.13 to management and general costs and $11.90 to fundraising. Its largest source of revenue was contributions and grants: 73.0% of the total. The highest compensation it reported for one person was $353,398 (PRESIDENT/FRIEDRICH HAYEK CHAIR IN ECONOMICS & ECO). 15 people received more than $100,000 in reportable compensation. Revenue rose 202% between 2019 and 2025. Source: Form 990, 2025.
Where $100 of spending went
Calendar year 2025 · Form 990, Part IX, line 25 · total expenses $9.3MFor context, the median across 54 covered social science charities: $84.80 programs, $13.80 management, $1.40 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
Calendar year 2025 · Form 990, Part VIII · total revenue $13MThe 990 scorecard · same measures for every charity, no grades
| Measure | 2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 70.0% | 81.3% |
| Management & general Part IX 25(C) ÷ 25(A) | 18.1% | 13.2% |
| Fundraising Part IX 25(D) ÷ 25(A) | 11.9% | 1.3% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.12 | $0.03 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 73.0% | 81.3% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 0.2% | 4.4% |
| Highest reported compensation Part VII-A, columns D–F | $353,398 | $467,896 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 3.80% | 2.13% |
| People paid over $100,000 Part VII, line 2 | 15 | 19 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 168.9 | 16.5 |
| Independent voting board members Part VI 1a–1b | 12 of 14 | 96.5% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
2025 · Form 990, Part III · the three largest programs by expenseResearch: our research focuses on economics, free markets, sound money, and classical liberalism. Our research generated: 118 speaking engagements, aier's reseachers had 4,689 media appearances at various media outlets, 655 google scholar citations, 28 original aier explainers and white papers published, 27 podcasts, and more than 3 million readers visited aier's website and the daily economy websites. Publications: included research, preparation, and distribution of periodic economic reports; 15,996 copies of the reports were printed and distributed, 18,076 copies were emailed, and there…
Academic programs: our programs educate participants about classical liberalism, free enterprises, limited government, the right to personal property, and sound money principles. 315 students were trained and mentored in these areas. More than 2,270 attendees particpated in aier conferences, seminars, workshops, debates, and graduate colloquims nationwide. 30 interns and 10 graduate fellows participated in our internship and visiting fellow programs. We conducted 11 one-day programs at various university campus across the U.S.. Aier's harwood salons bring together leaders, thinkers, and local…
Highest reported compensation
2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| PRESIDENT/FRIEDRICH HAYEK CHAIR IN ECONOMICS & ECO Officer, 40.00 hrs/week | $338,492 | $0 | $14,906 | $353,398 |
| VICE PRESIDENT, FINANCE & HR Officer, 40.00 hrs/week | $284,145 | $0 | $37,645 | $321,790 |
| PRESIDENT/DIRECTOR OF RESEARCH & EDUCATION (UNTIL Officer, 40.00 hrs/week | $226,392 | $0 | $10,021 | $236,413 |
| DIRECTOR OF STRATEGIC PARTNERSHIPS Highest compensated employee, 40.00 hrs/week | $161,701 | $0 | $21,043 | $182,744 |
| SENIOR RESEARCH FELLOW Highest compensated employee, 40.00 hrs/week | $165,858 | $0 | $7,597 | $173,455 |
| DIRECTOR OF EDUCATION & SENIOR RESEARCH FELLOW Highest compensated employee, 40.00 hrs/week | $165,125 | $0 | $7,566 | $172,691 |
| COMPTROLLER Highest compensated employee, 40.00 hrs/week | $146,130 | $0 | $23,889 | $170,019 |
| DIRECTOR OF DATA & TECHNOLOGY Highest compensated employee, 40.00 hrs/week | $147,684 | $0 | $17,428 | $165,112 |
15 people received more than $100,000 in reportable compensation from American Institute for Economic Research (Part VII, line 2). Compensation of current officers, directors and key employees totaled $912K (Part IX, line 5).
7 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b14 · 12 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2Yes
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18Yes
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 574
- Volunteers Part I, line 622
Largest outside contractors
2025 · Form 990, Part VII, Section B · businesses only| BECK & STONE INC Brand, technology and communications con | $245,700 |
| ATHOS MEDIA STRATEGIES LLC Public relations | $171,600 |
| CLEANING AND BEYOND Cleaner | $158,825 |
| CLIFTONLARSENALLEN LLP Auditor | $117,740 |
Individuals listed as contractors are left out. 5 contractors were paid more than $100,000 in all.
Private foundation grants it received
23 private foundations reported grants to American Institute for Economic Research totaling $724K on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from American Institute for Economic Research's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for American Institute for Economic Research, you can publish a response that is linked from this page.
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Of every $100 American Institute for Economic Research spent in 2025, $69.97 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Center for Applied Research SolutionsSanta Rosa, CA · revenue $13M · programs 89.7% · 2024
- NextcorpsRochester, NY · revenue $13M · programs 89.0% · FY2025
- Washington Center for Equitable GrowthWashington, DC · revenue $12M · programs 61.3% · 2024
- Social Science Research CouncilBrooklyn, NY · revenue $14M · programs 85.7% · FY2025
- The Uli FoundationWashington, DC · revenue $11M · programs 79.3% · FY2025
All social science charities · Largest charities in Massachusetts
Questions people ask
How much of American Institute for Economic Research's spending goes to programs?
In calendar year 2025, American Institute for Economic Research reported that 70.0% of its $9.3 million in expenses went to program services, 18.1% to management and general and 11.9% to fundraising (Form 990, Part IX).
How much does American Institute for Economic Research pay its top executive?
The largest total compensation American Institute for Economic Research reported for one person in calendar year 2025 was $353,398, for the role of PRESIDENT/FRIEDRICH HAYEK CHAIR IN ECONOMICS & ECO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does American Institute for Economic Research get its money?
Of $13.2 million in revenue in calendar year 2025, 73.0% came from contributions and grants and 0.2% from program service revenue (Form 990, Part VIII).
Is American Institute for Economic Research a registered charity?
The IRS lists EIN 04-2121305 as a 501(c)(3) organization (publicly supported organization (509(a)(2))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024, 2025. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- 2025: Form 990 for calendar year 2025, object 202611409349301346 · read the filing · XML
- 2024: Form 990 for calendar year 2024, object 202512329349300411 · read the filing
- 2023: Form 990 for calendar year 2023, object 202422969349300227 · read the filing
- 2022: Form 990 for calendar year 2022, object 202321319349307717 · read the filing
- 2021: Form 990 for calendar year 2021, object 202222279349303737 · read the filing
- 2020: Form 990 for calendar year 2020, object 202101349349304360 · read the filing
- 2019: Form 990 for calendar year 2019, object 202001829349301040 · read the filing
All filings for EIN 04-2121305: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.