National Bureau of Economic Research
National Bureau of Economic Research reported $47.0 million in revenue and $38.9 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $70.17 went to program services, $29.58 to management and general costs and $0.25 to fundraising. Its largest source of revenue was contributions and grants: 65.1% of the total. Government grants made up 51.9%. The highest compensation it reported for one person was $968,625 (PRESIDENT & CEO). 24 people received more than $100,000 in reportable compensation. Revenue rose 10% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $39MFor 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
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $47MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 70.2% | 81.3% |
| Management & general Part IX 25(C) ÷ 25(A) | 29.6% | 13.2% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.3% | 1.3% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.03 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 65.1% | 81.3% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 51.9% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 3.4% | 4.4% |
| Highest reported compensation Part VII-A, columns D–F | $968,625 | $467,896 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 2.49% | 2.13% |
| People paid over $100,000 Part VII, line 2 | 24 | 19 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 55.8 | 16.5 |
| Independent voting board members Part VI 1a–1b | 49 of 50 | 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
FY2025 · Form 990, Part III · the three largest programs by expenseSponsored research: the nber and its affiliated researchers conduct academic research projects on a wide array of topics within economics. These projects are funded by grants from various government agencies and private foundations. Sponsors include the national institute of health, the national science foundation, and the alfred p. Sloan foundation, among other entities. The nber has over 1,800 affiliated researchers, and more than 350 current research projects
Research meetings: the nber organized over 150 research meetings and conferences during the year, including more than 50 meetings that taken together constitute the nber's summer institute. These meetings provide an opportunity for researchers, both nber affiliates and other invitees, to present their latest research findings and to exchange ideas about ongoing research. The meetings include both research conducted through the nber and other relevant academic research. These meetings are organized by the nber's program directors and working group directors, or other researchers selected by…
Publications: the nber disseminates the scientific findings of its affiliated researchers in several ways: by inclusion in the nber working paper series, by publishing books, usually in collaboration with the university of chicago press, and by highlighting research in the more broadly-distributed nber digest, nber reporter, nber bulletin on health, nber bulletin on entrepreneurship, and the nber bulletin on the economics of alzheimer's disease and related dementias. The nber posts over twelve hundred working papers annually, and more than a nine hundred institutions subscribe to the nber…
Highest reported compensation
FY2025 · 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 & CEO Director/trustee, officer, 35.00 hrs/week | $886,629 | $0 | $81,996 | $968,625 |
| CORP SEC & DIR OF GRANTS Officer, 35.00 hrs/week | $291,601 | $0 | $99,409 | $391,010 |
| DIR OF INFORMATION SYSTEMS Key employee, 35.00 hrs/week | $308,434 | $0 | $82,472 | $390,906 |
| ASST CORP SEC & CONTROLLER Officer, 35.00 hrs/week | $266,032 | $0 | $81,832 | $347,864 |
| UNIX SYSTEM ADMINISTRATOR Highest compensated employee, 35.00 hrs/week | $243,769 | $0 | $87,224 | $330,993 |
| ASST DIR OF ACCOUNTING Highest compensated employee, 35.00 hrs/week | $197,059 | $0 | $80,143 | $277,202 |
| AGING PROGRAM SPECIALIST Highest compensated employee, 26.00 hrs/week | $207,774 | $0 | $68,943 | $276,717 |
| ASST DIR OF GRANTS Highest compensated employee, 35.00 hrs/week | $175,572 | $0 | $50,204 | $225,776 |
24 people received more than $100,000 in reportable compensation from National Bureau of Economic Research (Part VII, line 2). Compensation of current officers, directors and key employees totaled $2.7M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · 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–1b50 · 49 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 2No
- 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 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 5458
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| INFOR (US) INC Information technology support | $293,553 |
| BLACK DIAMOND NETWORKS INC Information technology & website support | $214,720 |
| NORTH ATLANTIC NETWORKS LLC Information technology consulting | $194,997 |
| ADP INC Payroll/human resources processing | $170,506 |
| BLACKROCK INC Investment management | $145,374 |
Individuals listed as contractors are left out. 6 contractors were paid more than $100,000 in all.
Private foundation grants it received
9 private foundations reported grants to National Bureau of Economic Research totaling $2.8M 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 National Bureau of 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 National Bureau of Economic Research, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 National Bureau of Economic Research spent in FY2025, $70.17 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Pew Research CenterWashington, DC · revenue $46M · programs 92.4% · FY2025
- Mercatus CenterArlington, VA · revenue $48M · programs 90.3% · FY2025
- Global Poverty ProjectNew York, NY · revenue $45M · programs 85.8% · 2024
- The Center for Employment Security Education and ResearchWashington, DC · revenue $49M · programs 95.8% · FY2025
- Rsf Social FinanceSan Francisco, CA · revenue $41M · programs 98.8% · 2024
All social science charities · Largest charities in Massachusetts
Questions people ask
How much of National Bureau of Economic Research's spending goes to programs?
In the fiscal year ending June 30, 2025, National Bureau of Economic Research reported that 70.2% of its $38.9 million in expenses went to program services, 29.6% to management and general and 0.3% to fundraising (Form 990, Part IX).
How much does National Bureau of Economic Research pay its top executive?
The largest total compensation National Bureau of Economic Research reported for one person in the fiscal year ending June 30, 2025 was $968,625, for the role of PRESIDENT & CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does National Bureau of Economic Research get its money?
Of $47.0 million in revenue in the fiscal year ending June 30, 2025, 65.1% came from contributions and grants (including 51.9% from government grants) and 3.4% from program service revenue (Form 990, Part VIII).
Is National Bureau of Economic Research a registered charity?
The IRS lists EIN 13-1641075 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202620519349300902 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202510509349301771 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202440609349300609 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202300379349300665 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202200669349301605 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202100609349300010 · read the filing
All filings for EIN 13-1641075: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.