Trout Unlimited
Trout Unlimited reported $109.5 million in revenue and $104.6 million in expenses for the fiscal year ending March 31, 2025. Of every $100 it spent, $88.22 went to program services, $8.16 to management and general costs and $3.62 to fundraising. Its largest source of revenue was contributions and grants: 94.2% of the total. Government grants made up 63.2%. The highest compensation it reported for one person was $520,097 (PRESIDENT AND CEO). 79 people received more than $100,000 in reportable compensation. Revenue rose 81% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending March 31, 2025 · Form 990, Part IX, line 25 · total expenses $105MFor context, the median across 245 covered animal-related charities: $83.96 programs, $9.42 management, $6.62 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending March 31, 2025 · Form 990, Part VIII · total revenue $110MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 88.2% | 82.1% |
| Management & general Part IX 25(C) ÷ 25(A) | 8.2% | 9.2% |
| Fundraising Part IX 25(D) ÷ 25(A) | 3.6% | 6.5% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.04 | $0.10 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 94.2% | 67.3% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 63.2% | 0.0% |
| Program service revenue share Part VIII 2g ÷ 12 | 3.8% | 19.3% |
| Highest reported compensation Part VII-A, columns D–F | $520,097 | $314,886 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.50% | 1.63% |
| People paid over $100,000 Part VII, line 2 | 79 | 10 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 4.7 | 26.8 |
| Independent voting board members Part VI 1a–1b | 32 of 33 | 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 expenseConservation operations:the following are some notable developments underway in tu's identified "priority waters":eastern conservation maine through partnerships with land trusts, tu is working on a combination of land protection, stream reconnection, and instream habitat restoration. Together, these comprehensive efforts will secure some of the best native brook trout strongholds in the U.S. Among the highlights from the 2024 field season were six miles of instream wood additions on streams in the kennebago and pleasant river watersheds. West virginiamore evidence of the effectiveness of…
Volunteer operations and chapter support:plant for our futurewe are headed into our third year of partnership with tractor supply company on the plant for our future initiative, we have been able to leverage the initial investment to attract and secure funding to expand the program. The arbor day foundation has become one of our core new partners, introducing US to corporate funders like td bank, verizon wireless, and niagara bottling. Our aggregate impact to date is: - planned 255 planting projects in 18 states - planted 84,492 native trees - engaged more than 4,003 volunteers - restored…
Membership development:the nlc workgroups continue to make progress toward completing their quantifiable goals which support the tu strategic plan. Tu continues to evolve its membership messaging to focus on collaboration and engagement
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 AND CEO Director/trustee, officer, 40.00 hrs/week | $467,920 | $0 | $52,177 | $520,097 |
| VP MARKETING (UNTIL 10/2024) Highest compensated employee, 40.00 hrs/week | $308,949 | $0 | $27,084 | $336,033 |
| CHIEF FINANCIAL OFFICER Officer, 40.00 hrs/week | $260,247 | $0 | $44,300 | $304,547 |
| VP GOVERNMENT AFFAIRS Highest compensated employee, 40.00 hrs/week | $256,812 | $0 | $42,148 | $298,960 |
| CHIEF OPERATING OFFICER Officer, 40.00 hrs/week | $275,724 | $0 | $20,305 | $296,029 |
| GENERAL COUNSEL Highest compensated employee, 40.00 hrs/week | $230,391 | $0 | $40,279 | $270,670 |
| VP WESTERN CONSERVATION Highest compensated employee, 40.00 hrs/week | $191,547 | $0 | $22,514 | $214,061 |
| VP COMMUNICATIONS AND BRAND Highest compensated employee, 40.00 hrs/week | $179,824 | $0 | $13,724 | $193,548 |
79 people received more than $100,000 in reportable compensation from Trout Unlimited (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.3M (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–1b33 · 32 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 14bNo
- Employees Part I, line 5508
- Volunteers Part I, line 615,000
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| ANABRANCH SOLUTIONS Engineering design services | $1,960,963 |
| MERIDIAM PARTNERS LLC Engineering design services | $1,238,908 |
| CUSTOM DESIGN FABRICATORS Steel fabrication | $1,185,490 |
| KOAH DIRT WORK Excavation and earth moving | $837,860 |
| KANOUSE OUTDOOR RESTORATION Infrastructure design | $655,150 |
Individuals listed as contractors are left out. 40 contractors were paid more than $100,000 in all.
Private foundation grants it received
8 private foundations reported grants to Trout Unlimited totaling $504K 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 Trout Unlimited's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Trout Unlimited, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Trout Unlimited spent in FY2025, $88.22 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Shedd Aquarium SocietyChicago, IL · revenue $102M · programs 76.7% · 2024
- People for the Ethical Treatment of AnimalsNorfolk, VA · revenue $110M · programs 83.8% · FY2025
- Rocky Mountain Elk FoundationMissoula, MT · revenue $100M · programs 74.5% · 2024
- National Wildlife FederationReston, VA · revenue $124M · programs 85.8% · FY2025
- The Animal Medical CenterNew York, NY · revenue $97M · programs 77.4% · 2024
All animal-related charities · Largest charities in Virginia
Questions people ask
How much of Trout Unlimited's spending goes to programs?
In the fiscal year ending March 31, 2025, Trout Unlimited reported that 88.2% of its $104.6 million in expenses went to program services, 8.2% to management and general and 3.6% to fundraising (Form 990, Part IX).
How much does Trout Unlimited pay its top executive?
The largest total compensation Trout Unlimited reported for one person in the fiscal year ending March 31, 2025 was $520,097, for the role of PRESIDENT AND CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Trout Unlimited get its money?
Of $109.5 million in revenue in the fiscal year ending March 31, 2025, 94.2% came from contributions and grants (including 63.2% from government grants) and 3.8% from program service revenue (Form 990, Part VIII).
Is Trout Unlimited a registered charity?
The IRS lists EIN 38-1612715 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 March 31, 2025, object 202610449349301341 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending March 31, 2024, object 202510449349300006 · read the filing
- FY2023: Form 990 for the fiscal year ending March 31, 2023, object 202410439349302121 · read the filing
- FY2022: Form 990 for the fiscal year ending March 31, 2022, object 202340459349300924 · read the filing
- FY2021: Form 990 for the fiscal year ending March 31, 2021, object 202210459349300621 · read the filing
- FY2020: Form 990 for the fiscal year ending March 31, 2020, object 202140299349300604 · read the filing
All filings for EIN 38-1612715: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.