The Fraser Institute
The Fraser Institute reported $10.5 million in revenue and $10.5 million in expenses for calendar year 2025. Of every $100 it spent, $80.92 went to program services, $14.92 to management and general costs and $4.16 to fundraising. Its largest source of revenue was contributions and grants: 85.3% of the total. The highest compensation it reported for one person was $571,514 (President). 11 people received more than $100,000 in reportable compensation. Revenue rose 23% between 2019 and 2025. Source: Form 990, 2025.
Where $100 of spending went
Calendar year 2025 · Form 990, Part IX, line 25 · total expenses $10MFor context, the median across 2,433 covered unclassified charities: $88.27 programs, $11.68 management, $0.05 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
Calendar year 2025 · Form 990, Part VIII · total revenue $10MThe 990 scorecard · same measures for every charity, no grades
| Measure | 2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 80.9% | 86.7% |
| Management & general Part IX 25(C) ÷ 25(A) | 14.9% | 11.5% |
| Fundraising Part IX 25(D) ÷ 25(A) | 4.2% | 0.0% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.05 | $0.01 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 85.3% | 29.9% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 3.8% |
| Program service revenue share Part VIII 2g ÷ 12 | 0.0% | 58.9% |
| Highest reported compensation Part VII-A, columns D–F | $571,514 | $301,601 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 5.45% | 1.38% |
| People paid over $100,000 Part VII, line 2 | 11 | 6 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 1.5 | 6.8 |
| Independent voting board members Part VI 1a–1b | 57 of 57 | 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
2025 · Form 990, Part III · the three largest programs by expenseHighest reported compensation
2025 · 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 Officer, 60.00 hrs/week | $282,257 | $0 | $289,257 | $571,514 |
| EVP Key employee, 60.00 hrs/week | $270,705 | $0 | $270,705 | $541,410 |
| Director Human Resources Highest compensated employee, 50.00 hrs/week | $165,880 | $0 | $165,880 | $331,760 |
| Director - Fiscal Policy Highest compensated employee, 50.00 hrs/week | $141,653 | $0 | $141,653 | $283,306 |
| Director Addington Centre Highest compensated employee, 50.00 hrs/week | $141,320 | $0 | $141,320 | $282,640 |
| Director Finance and Accounting Highest compensated employee, 50.00 hrs/week | $138,521 | $0 | $138,521 | $277,042 |
| Associate Director Digital Marketing Highest compensated employee, 50.00 hrs/week | $133,345 | $0 | $133,345 | $266,690 |
11 people received more than $100,000 in reportable compensation from The Fraser Institute (Part VII, line 2). Compensation of current officers, directors and key employees totaled $519K (Part IX, line 5).
7 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
2025 · 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–1b57 · 57 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13No
- Document retention policy Part VI 14No
- 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 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 556
Largest outside contractors
2025 · Form 990, Part VII, Section B · businesses only| CATALLAXY LLC Research Consulting | $212,992 |
Individuals listed as contractors are left out.
Correct a figure or respond
Every number above is copied from The Fraser Institute'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 Fraser Institute, you can publish a response that is linked from this page.
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Of every $100 The Fraser Institute spent in 2025, $80.92 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- The Ministry of CaringWilmington, DE · revenue $10M · programs 76.6% · 2024
- Community Association for Preschool EducationLivermore, CA · revenue $10M · programs 99.5% · FY2025
- The Diocese of Baton Rouge Child Nutrition ProgramBaton Rouge, LA · revenue $10M · programs 89.0% · FY2025
- Rose Bowl Aquatics CenterPasadena, CA · revenue $10M · programs 85.6% · 2024
- Holdrege Memorial HomesHoldrege, NE · revenue $10M · programs 92.9% · FY2025
Questions people ask
How much of The Fraser Institute's spending goes to programs?
In calendar year 2025, The Fraser Institute reported that 80.9% of its $10.5 million in expenses went to program services, 14.9% to management and general and 4.2% to fundraising (Form 990, Part IX).
How much does The Fraser Institute pay its top executive?
The largest total compensation The Fraser Institute reported for one person in calendar year 2025 was $571,514, for the role of President (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does The Fraser Institute get its money?
Of $10.5 million in revenue in calendar year 2025, 85.3% came from contributions and grants and 0.0% from program service revenue (Form 990, Part VIII).
Is The Fraser Institute a registered charity?
The IRS lists EIN 98-0032427 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))). Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024, 2025. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- 2025: Form 990 for calendar year 2025, object 202612339349300301 · read the filing
- 2024: Form 990 for calendar year 2024, object 202512849349300201 · read the filing
- 2023: Form 990 for calendar year 2023, object 202402689349300700 · read the filing
- 2022: Form 990 for calendar year 2022, object 202312509349300501 · read the filing
- 2021: Form 990 for calendar year 2021, object 202222509349300302 · read the filing
- 2020: Form 990 for calendar year 2020, object 202132249349300503 · read the filing
- 2019: Form 990 for calendar year 2019, object 202042969349300609 · read the filing
All filings for EIN 98-0032427: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.