Mercatus Center
Mercatus Center reported $48.3 million in revenue and $40.9 million in expenses for the fiscal year ending August 31, 2025. Of every $100 it spent, $90.25 went to program services, $5.00 to management and general costs and $4.75 to fundraising. Its largest source of revenue was contributions and grants: 96.7% of the total. The highest compensation it reported for one person was $381,957 (Executive Director (from 6/24)). 64 people received more than $100,000 in reportable compensation. Revenue fell 33% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending August 31, 2025 · Form 990, Part IX, line 25 · total expenses $41MFor 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 August 31, 2025 · Form 990, Part VIII · total revenue $48MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 90.3% | 81.3% |
| Management & general Part IX 25(C) ÷ 25(A) | 5.0% | 13.2% |
| Fundraising Part IX 25(D) ÷ 25(A) | 4.7% | 1.3% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.04 | $0.03 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 96.7% | 81.3% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 0.0% | 4.4% |
| Highest reported compensation Part VII-A, columns D–F | $381,957 | $467,896 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.93% | 2.13% |
| People paid over $100,000 Part VII, line 2 | 64 | 19 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 11.7 | 16.5 |
| Independent voting board members Part VI 1a–1b | 10 of 13 | 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 expenseUniversity Research & Teaching - Supports academic research and faculty activities at George Mason University and elsewhere to advance and apply a research agenda for understanding institutions and change or broadly advance a free and prosperous society
Applied Research - Conduct economic research of consequence that makes sense of public policy problems and puts forward solutions that maximize individual freedom and prosperity
Strategic Public Engagement - Drives Mercatus's external impact by integrating communications, government relations, publications, talent development, and convening to ensure its ideas reach and persuade key audiences
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 |
|---|---|---|---|---|
| Executive Director (from 6/24) Officer, 40.00 hrs/week | $354,211 | $0 | $27,746 | $381,957 |
| Vice President of Development Highest compensated employee, 40.00 hrs/week | $341,101 | $0 | $27,993 | $369,094 |
| George Gibbs Chair Project Sr Research Fellow Highest compensated employee, 40.00 hrs/week | $318,435 | $0 | $21,319 | $339,754 |
| Executive Vice President (6/24-10/24) Officer, 40.00 hrs/week | $289,617 | $0 | $28,877 | $318,494 |
| Vice President of Research Highest compensated employee, 40.00 hrs/week | $282,764 | $0 | $28,993 | $311,757 |
| Secretary and Chief Operating Officer Officer, 40.00 hrs/week | $274,100 | $0 | $11,132 | $285,232 |
| Director (SVP of Research & Programs) Director/trustee, 40.00 hrs/week | $256,751 | $0 | $119 | $256,870 |
| Managing Director Highest compensated employee, 40.00 hrs/week | $239,887 | $0 | $1,761 | $241,648 |
64 people received more than $100,000 in reportable compensation from Mercatus Center (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.6M (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–1b13 · 10 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 11aNo
- 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 18Yes
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 5200
- Volunteers Part I, line 610
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| Tilapia Film LLC Video production and motion graphics ser | $281,944 |
| Marriott International Catering services | $230,595 |
| Salesforcecom Cloud-based online software services | $180,561 |
| Open AI LLC Cloud-based online software services | $161,400 |
Individuals listed as contractors are left out. 10 contractors were paid more than $100,000 in all.
Private foundation grants it received
40 private foundations reported grants to Mercatus Center totaling $4.2M 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 Mercatus Center's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Mercatus Center, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Mercatus Center spent in FY2025, $90.25 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- National Bureau of Economic ResearchCambridge, MA · revenue $47M · programs 70.2% · FY2025
- The Center for Employment Security Education and ResearchWashington, DC · revenue $49M · programs 95.8% · FY2025
- Pew Research CenterWashington, DC · revenue $46M · programs 92.4% · FY2025
- Innovations for Poverty Action a Nonprofit CorporationWashington, DC · revenue $53M · programs 76.8% · 2024
- Global Poverty ProjectNew York, NY · revenue $45M · programs 85.8% · 2024
All social science charities · Largest charities in Virginia
Questions people ask
How much of Mercatus Center's spending goes to programs?
In the fiscal year ending August 31, 2025, Mercatus Center reported that 90.3% of its $40.9 million in expenses went to program services, 5.0% to management and general and 4.7% to fundraising (Form 990, Part IX).
How much does Mercatus Center pay its top executive?
The largest total compensation Mercatus Center reported for one person in the fiscal year ending August 31, 2025 was $381,957, for the role of Executive Director (from 6/24) (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Mercatus Center get its money?
Of $48.3 million in revenue in the fiscal year ending August 31, 2025, 96.7% came from contributions and grants and 0.0% from program service revenue (Form 990, Part VIII).
Is Mercatus Center a registered charity?
The IRS lists EIN 54-1436224 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 August 31, 2025, object 202620639349300707 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending August 31, 2024, object 202530569349300628 · read the filing
- FY2023: Form 990 for the fiscal year ending August 31, 2023, object 202440579349300754 · read the filing
- FY2022: Form 990 for the fiscal year ending August 31, 2022, object 202330539349300873 · read the filing
- FY2021: Form 990 for the fiscal year ending August 31, 2021, object 202230409349300513 · read the filing
- FY2020: Form 990 for the fiscal year ending August 31, 2020, object 202100399349301030 · read the filing
All filings for EIN 54-1436224: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.