Rare
Rare reported $42.9 million in revenue and $38.5 million in expenses for the fiscal year ending September 30, 2025. Of every $100 it spent, $82.19 went to program services, $9.59 to management and general costs and $8.22 to fundraising. Its largest source of revenue was contributions and grants: 97.0% of the total. The highest compensation it reported for one person was $722,091 (CEO). 73 people received more than $100,000 in reportable compensation. Revenue rose 87% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending September 30, 2025 · Form 990, Part IX, line 25 · total expenses $39MFor context, the median across 371 covered environment charities: $85.82 programs, $10.80 management, $3.38 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending September 30, 2025 · Form 990, Part VIII · total revenue $43MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 82.2% | 83.6% |
| Management & general Part IX 25(C) ÷ 25(A) | 9.6% | 10.5% |
| Fundraising Part IX 25(D) ÷ 25(A) | 8.2% | 3.3% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.08 | $0.03 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 97.0% | 87.6% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 2.1% | 4.8% |
| Program service revenue share Part VIII 2g ÷ 12 | 1.1% | 3.2% |
| Highest reported compensation Part VII-A, columns D–F | $722,091 | $293,532 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 1.87% | 1.74% |
| People paid over $100,000 Part VII, line 2 | 73 | 7 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 8.6 | 18.8 |
| Independent voting board members Part VI 1a–1b | 23 of 24 | 100.0% |
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 expenseSustainable fisheries and farming - rare's coastal fisheries program, fish forever, uses an innovative behavior-centered approach to strengthen community-led coastal fisheries management and restore the marine ecosystems where more than 70% of marine life is found. Rare leverages biological, behavioral, and social sciences with partners and local leaders to sustain fisheries production, build coordinated advocacy among governments, and elevate coastal fishers' voices. Rare empowers local communities and governments to design, implement, and enforce a proven fisheries management system…
Behavioral science and research - communities around the world are leading efforts to protect nature and strengthen resilience to climate change. But lasting conservation solutions depend on more than science and policy - they depend on people.rare applies behavioral and social science, narrative change, and innovation to design solutions that help communities protect ecosystems while strengthening livelihoods, food security, and climate resilience. Through research, practitioner tools, and partnerships with governments, ngos, funders, communities, and academic institutions, rare's behavioral…
Conservation finance - where traditional financial approaches and instruments fail, innovative finance bridges the gap. Rare's innovative finance builds resilience to both financial shocks and climate change in underserved, rural, and remote communities. The program uses a three-pronged approach to protect vital ecosystems and benefit local economies, by de-risking investments, advancing nature-based solutions, and building sustainable local economies with pathways to the formal economy
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 |
|---|---|---|---|---|
| CEO Director/trustee, officer, 40.00 hrs/week | $597,110 | $0 | $124,981 | $722,091 |
| PRESIDENT Officer, 40.00 hrs/week | $412,887 | $0 | $70,073 | $482,960 |
| COO (THRU 4/25/25) Officer, 40.00 hrs/week | $347,612 | $0 | $86,835 | $434,447 |
| VICE PRESIDENT (THRU 6/30/24) Key employee, 40.00 hrs/week | $299,205 | $0 | $37,705 | $336,910 |
| SR. VICE PRESIDENT Key employee, 40.00 hrs/week | $290,962 | $0 | $43,398 | $334,360 |
| CHIEF DEVELOPMENT OFFICER Key employee, 40.00 hrs/week | $288,961 | $0 | $31,209 | $320,170 |
| SR. VICE PRESIDENT Key employee, 40.00 hrs/week | $282,951 | $0 | $22,387 | $305,338 |
| SR. VICE PRESIDENT Highest compensated employee, 40.00 hrs/week | $256,936 | $0 | $38,962 | $295,898 |
73 people received more than $100,000 in reportable compensation from Rare (Part VII, line 2). Compensation of current officers, directors and key employees totaled $3.8M (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–1b24 · 23 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 4Yes
- 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 5126
- Volunteers Part I, line 62,000
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| DELIBERATE CAPITAL Mgmt svcs for meloy fund lp | $705,037 |
| ELEVATE COMMUNICATIONS Pr, marketing & communications | $239,530 |
| RESONANT ENERGY LLC Solar site for technical training | $176,800 |
| KITO GLOBAL Carbon offset program | $166,986 |
| RDW CONSULTING Solar curriculum development | $164,290 |
Individuals listed as contractors are left out. 14 contractors were paid more than $100,000 in all.
Private foundation grants it received
39 private foundations reported grants to Rare totaling $4.5M 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 Rare's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Rare, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Rare spent in FY2025, $82.19 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Forest Park ForeverSt Louis, MO · revenue $42M · programs 78.7% · 2024
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- Carbon MapperPasadena, CA · revenue $42M · programs 89.8% · FY2025
- Appalachian Mountain ClubBoston, MA · revenue $44M · programs 75.5% · 2024
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Questions people ask
How much of Rare's spending goes to programs?
In the fiscal year ending September 30, 2025, Rare reported that 82.2% of its $38.5 million in expenses went to program services, 9.6% to management and general and 8.2% to fundraising (Form 990, Part IX).
How much does Rare pay its top executive?
The largest total compensation Rare reported for one person in the fiscal year ending September 30, 2025 was $722,091, for the role of CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Rare get its money?
Of $42.9 million in revenue in the fiscal year ending September 30, 2025, 97.0% came from contributions and grants (including 2.1% from government grants) and 1.1% from program service revenue (Form 990, Part VIII).
Is Rare a registered charity?
The IRS lists EIN 23-7380563 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 September 30, 2025, object 202602159349300990 · read the filing
- FY2024: Form 990 for the fiscal year ending September 30, 2024 (amended), object 202502879349300705 · read the filing
- FY2023: Form 990 for the fiscal year ending September 30, 2023, object 202442269349302354 · read the filing
- FY2022: Form 990 for the fiscal year ending September 30, 2022, object 202332709349300718 · read the filing
- FY2021: Form 990 for the fiscal year ending September 30, 2021, object 202211589349300801 · read the filing
- FY2020: Form 990 for the fiscal year ending September 30, 2020, object 202131819349300023 · read the filing
All filings for EIN 23-7380563: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.