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The Rand Corporation
The Rand Corporation reported $534.6 million in revenue and $527.3 million in expenses for the fiscal year ending September 30, 2025. Of every $100 it spent, $83.27 went to program services, $15.83 to management and general costs and $0.90 to fundraising. Its largest source of revenue was contributions and grants: 91.4% of the total. Government grants made up 65.3%. The highest compensation it reported for one person was $1,182,669 (President & CEO). 1,136 people received more than $100,000 in reportable compensation. Revenue rose 40% 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 $527MFor context, the median across 185 covered public & societal benefit charities: $88.81 programs, $11.18 management, $0.01 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 $535MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 83.3% | 84.9% |
| Management & general Part IX 25(C) ÷ 25(A) | 15.8% | 10.7% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.9% | 0.0% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.01 | $0.01 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 91.4% | 83.8% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 65.3% | 0.0% |
| Program service revenue share Part VIII 2g ÷ 12 | 3.1% | 3.2% |
| Highest reported compensation Part VII-A, columns D–F | $1,182,669 | $357,133 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 0.22% | 1.52% |
| People paid over $100,000 Part VII, line 2 | 1,136 | 12 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 11.7 | 10.5 |
| Independent voting board members Part VI 1a–1b | 22 of 23 | 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 expensePublic policy research all in the furtherance of our charter 'to further and promote scientific, educational, and charitable purposes all for the public welfare and security of the united states the operation of doctoral and degree programs
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, 40.0 hrs/week | $1,093,204 | $0 | $89,465 | $1,182,669 |
| SVP, Research and Analysis Officer, 40.0 hrs/week | $690,323 | $0 | $60,340 | $750,663 |
| SVP, Finance & Operations Officer, 40.0 hrs/week | $603,636 | $0 | $75,171 | $678,807 |
| VP, Chief Financial Officer Officer, 40.0 hrs/week | $499,455 | $0 | $71,624 | $571,079 |
| Dean, RAND School of Public Policy Officer, 40.0 hrs/week | $514,037 | $0 | $56,774 | $570,811 |
| VP, General Counsel & Corp Sec Officer, 40.0 hrs/week | $482,162 | $0 | $85,435 | $567,597 |
| VP, Health Care Highest compensated employee, 40.0 hrs/week | $438,398 | $0 | $81,338 | $519,736 |
| VP, NSRD Highest compensated employee, 40.0 hrs/week | $443,406 | $0 | $73,342 | $516,748 |
1,136 people received more than $100,000 in reportable compensation from The Rand Corporation (Part VII, line 2). Compensation of current officers, directors and key employees totaled $5.5M (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–1b23 · 22 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 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 52,556
- Volunteers Part I, line 612
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| UNIVERSAL PROTECTION SERVICE LP DBA ALLIED UNIVERSAL SECURITY SERVICES Security services | $2,686,959 |
| AMAZON WEB SERVICES INC Secure cloud services | $2,159,637 |
| ARBOR RESEARCH LLC Consulting services | $1,650,841 |
| JOHNSON CONTROLS BUILDING AUTOMATION SYSTEMS LLC Building maintenance | $1,424,616 |
| HITT CONTRACTING INC Building maintenance | $965,472 |
Individuals listed as contractors are left out. 66 contractors were paid more than $100,000 in all.
Private foundation grants it received
58 private foundations reported grants to The Rand Corporation totaling $33M 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 The Rand Corporation's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for The Rand Corporation, you can publish a response that is linked from this page.
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Of every $100 The Rand Corporation spent in FY2025, $83.27 went to programs. The full breakdown, from its IRS Form 990:
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Questions people ask
How much of The Rand Corporation's spending goes to programs?
In the fiscal year ending September 30, 2025, The Rand Corporation reported that 83.3% of its $527.3 million in expenses went to program services, 15.8% to management and general and 0.9% to fundraising (Form 990, Part IX).
How much does The Rand Corporation pay its top executive?
The largest total compensation The Rand Corporation reported for one person in the fiscal year ending September 30, 2025 was $1,182,669, for the role of President & CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does The Rand Corporation get its money?
Of $534.6 million in revenue in the fiscal year ending September 30, 2025, 91.4% came from contributions and grants (including 65.3% from government grants) and 3.1% from program service revenue (Form 990, Part VIII).
Is The Rand Corporation a registered charity?
The IRS lists EIN 95-1958142 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 202621889349300407 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending September 30, 2024, object 202501429349300805 · read the filing
- FY2023: Form 990 for the fiscal year ending September 30, 2023 (amended), object 202442269349302569 · read the filing
- FY2022: Form 990 for the fiscal year ending September 30, 2022, object 202301299349304130 · read the filing
- FY2021: Form 990 for the fiscal year ending September 30, 2021, object 202202239349302235 · read the filing
- FY2020: Form 990 for the fiscal year ending September 30, 2020, object 202112269349300301 · read the filing
All filings for EIN 95-1958142: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.