The Reason Foundation
The Reason Foundation reported $22.8 million in revenue and $22.0 million in expenses for the fiscal year ending September 30, 2025. Of every $100 it spent, $88.03 went to program services, $3.46 to management and general costs and $8.51 to fundraising. Its largest source of revenue was contributions and grants: 90.0% of the total. The highest compensation it reported for one person was $562,095 (PRESIDENT, CEO). 33 people received more than $100,000 in reportable compensation. Revenue rose 41% 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 $22MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 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 $23MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 88.0% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 3.5% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 8.5% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.09 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 90.0% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 4.5% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $562,095 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 2.56% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 33 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 12.0 | 13.3 |
| Independent voting board members Part VI 1a–1b | 19 of 21 | 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 expensePromoting free minds and free markets since 1968- 11 issues published online and in print- more than 1,500 online exclusive articles - 52,000 paid/requested copies - average of 3.8 million user visits per month at reason.com - specialized online newsletters on government overreach, surface transportation, aviation, education funding, media, and breaking news; average of 9.2 million reason tv video views per month
Reason works with motivated policymakers and other stakeholders to develop and implement market-based reforms that are a model for policymakers at all levels of government. Our pension integrity project educates policymakers and taxpayers on pension reform. We actively worked with policymakers in 17 states on best practices in designing sustainable public pension systems. We produced the pension solvency and performance report and the gold standard series, core products that are used to educate legislators and expand outreach. We testified 20 times at the state and local levels, send a…
Promoting free minds and free markets through online video journalism.- 984 videos produced- average of 10,049,000 videos played each monthpodcastsreason produces multiple podcasts, including the reason roundtable, a weekly discussion of the week's biggest stories and their connection to the ideas of free minds and free markets; the reason interview with nick gillespie, a weekly conversation with innovative and interesting thinkers from a variety of disciplines; free media, which examines media bias; and the monthly soho forum debates, featuring public intellectuals facing off over…
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, 40.00 hrs/week | $407,827 | $0 | $154,268 | $562,095 |
| VICE PRESIDENT POLICY Officer, 40.00 hrs/week | $256,830 | $0 | $7,253 | $264,083 |
| CHIEF FINANCIAL OFFICER Officer, 40.00 hrs/week | $250,251 | $0 | $9,750 | $260,001 |
| VP GOVERNMENT REFORM Officer, 40.00 hrs/week | $250,237 | $0 | $4,254 | $254,491 |
| EDITOR AT LARGE Highest compensated employee, 40.00 hrs/week | $247,174 | $0 | $7,253 | $254,427 |
| VP/EDITOR-IN-CHIEF Officer, 40.00 hrs/week | $240,585 | $0 | $9,750 | $250,335 |
| VP OPERATIONS Officer, 40.00 hrs/week | $230,439 | $0 | $9,750 | $240,189 |
| FOUNDER, TRANSPORTATION POLICY Director/trustee, officer, 40.00 hrs/week | $240,000 | $0 | $174 | $240,174 |
33 people received more than $100,000 in reportable compensation from The Reason Foundation (Part VII, line 2). Compensation of current officers, directors and key employees totaled $2.2M (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–1b21 · 19 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 5113
- Volunteers Part I, line 619
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| WASHOE DOUGLAS Research management | $176,985 |
| THE TERRY GROUP Actuarial modeling | $158,505 |
| IRON LIGHT Marketing management | $126,800 |
| STARLING Website consulting | $122,250 |
| SKY FILMS Film production | $116,400 |
Individuals listed as contractors are left out. 5 contractors were paid more than $100,000 in all.
Private foundation grants it received
53 private foundations reported grants to The Reason Foundation totaling $3.0M 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 Reason Foundation'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 Reason Foundation, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 The Reason Foundation spent in FY2025, $88.03 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Cotting SchoolLexington, MA · revenue $23M · programs 85.7% · FY2025
- North American UniversityStafford, TX · revenue $23M · programs 80.0% · FY2025
- Jack M Barrack Hebrew AcademyBryn Mawr, PA · revenue $23M · programs 79.6% · FY2025
- Queens College FoundationFlushing, NY · revenue $23M · programs 73.7% · FY2025
- Presidio Knolls SchoolSan Francisco, CA · revenue $23M · programs 75.3% · FY2025
Questions people ask
How much of The Reason Foundation's spending goes to programs?
In the fiscal year ending September 30, 2025, The Reason Foundation reported that 88.0% of its $22.0 million in expenses went to program services, 3.5% to management and general and 8.5% to fundraising (Form 990, Part IX).
How much does The Reason Foundation pay its top executive?
The largest total compensation The Reason Foundation reported for one person in the fiscal year ending September 30, 2025 was $562,095, for the role of PRESIDENT, CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does The Reason Foundation get its money?
Of $22.8 million in revenue in the fiscal year ending September 30, 2025, 90.0% came from contributions and grants and 4.5% from program service revenue (Form 990, Part VIII).
Is The Reason Foundation a registered charity?
The IRS lists EIN 95-3298239 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 202640419349300939 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending September 30, 2024, object 202530449349302403 · read the filing
- FY2023: Form 990 for the fiscal year ending September 30, 2023, object 202420399349301027 · read the filing
- FY2022: Form 990 for the fiscal year ending September 30, 2022, object 202300419349300040 · read the filing
- FY2021: Form 990 for the fiscal year ending September 30, 2021, object 202230459349302003 · read the filing
- FY2020: Form 990 for the fiscal year ending September 30, 2020, object 202110369349300011 · read the filing
All filings for EIN 95-3298239: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.