Council on Foreign Relations INC: Nonprofit Profile, Financials & Form 990 (EIN 13-1628168)

Revenue by fiscal year
FY2021	$105.3M
FY2022	$102.6M
FY2023	$106.9M
FY2024	$79.2M
FY2025	$99.1M

Expenses by fiscal year
FY2021	$71.9M
FY2022	$79.1M
FY2023	$83.2M
FY2024	$94.3M
FY2025	$104.2M

Net assets by fiscal year
FY2021	$656.4M
FY2022	$604.9M
FY2023	$654.5M
FY2024	$692.2M
FY2025	$754.8M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 1927.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

74 cents of each dollar spent went to programs.

74%

20%

Program services 74% · $77.6M Management & general 20% · $21.0M Fundraising 5% · $5.7M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

59 people listed on the 990; $8.6M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Michael Froman

President

$1,352,711Pt VII · Sec A

Giovanna M Ban

Chief Investment Officer

$588,095Pt VII · Sec A

James M Lindsay

SR. VP & Dir of Studies (thru 06/25)

$496,081Pt VII · Sec A

Iva Zoric Thru 1024

VP, Global Com & Media Relations

$487,953Pt VII · Sec A

Daniel a Kurtz-Phelan

Editor

$459,465Pt VII · Sec A

Suzanne E Helm Thru 1124

VP, Philanthropy & Relation

$454,584Pt VII · Sec A

Shannon O'Neil

Senior VP, Director of Studies

$421,358Pt VII · Sec A

Jan Mowder Hughes

VP & Chief HR Officer (thru 09/24)

$381,197Pt VII · Sec A

Michael Froman’s $1.4M as President is at the 99th percentile of top reported officer pay among 345 $10–100M international nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021
Richard N Haass	—	—	$1,868,393	$1,809,079	$1,764,730
Richard N Haass Non-Voting	—	$1,439,693	—	—	—
Michael Froman	$1,352,711	$522,185	—	—	—
Giovanna M Ban	$588,095	$564,654	$524,534	—	—
Keith C Olson - Exec VP CFO	—	$543,199	—	—	—
Keith C Olson	—	—	$519,740	$504,748	$493,096
Giovanna Ban	—	—	—	$511,319	$509,185
James M Lindsay	$496,081	$491,938	$459,793	$456,451	$444,162

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Analyzes critical foreign policy issues and provides non-partisan digital resources to help members and the public better understand global affairs.

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3 programs · $61.1M · in their own filed words · FY2024

01

The David Rockefeller Studies Program

CFR'S think tank analyzes pressing global challenges and offers actionable steps that policymakers and citizens can take to address them. The more than seventy full-time and adjunct fellows in studies cover all the world's major regions and significant foreign policy issues.

$35.4Mprogram expense

02

For over 100 years, foreign affairs has been the leading forum for serious discussion of american foreign policy and global affairs. It is now a multiplatform media organization with a print magazine, a website, a mobile site, a podcast, apps and social media feeds.

$13.7Mprogram expense

03

Product, design, and engineering (pde) designs, develops, and maintains products that serve the council's mission to impart a better understanding of the world among its members and other interested citizens.

$12.0Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

The Ayco Charitable FoundationFY2025$204K

Georgescu Family FoundationFY2025$31K

Elsa Miller Foundation INCFY2025$10K

Total grants receivedfrom 3 funders$245K

See all 3 funders →

Grants paid · 63 grants · $8.2M · 2020–2024

Unitemized GrantFY2024$490,000

Unitemized GrantFY2024$437,917

Unitemized GrantFY2024$330,447

Unitemized GrantFY2024$266,833

Unitemized GrantFY2024$184,800

Unitemized GrantFY2024$100,000

Unitemized GrantFY2024$73,336

Unitemized GrantFY2024$37,500

Unitemized GrantFY2024$20,000

Unitemized GrantFY2024$10,000

Unitemized GrantFY2024$8,125

Unitemized GrantFY2024$5,000

Unitemized GrantFY2024$2,500

Unitemized GrantFY2023$835,416

Unitemized GrantFY2023$300,300

Unitemized GrantFY2023$231,250

Unitemized GrantFY2023$219,809

See all 63 grants →

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$99.1M

Ln 12

Gifts and grantsLn 1h$54.0M

Fees for servicesLn 2g$24.4M

Investment incomeLn 3$19.2M

Money outPt IX

$104.2M

Ln 25

Programscol B$77.6M

Managementcol C$21.0M

Fundraisingcol D$5.7M

Owns and owesPt X

$754.8M

net assets · Ln 32

Cash and savingsLn 1–2$86.5M

Total assetsLn 16$816.7M

LiabilitiesLn 26$62.0M

PeoplePt VI, VII

59

listed · VII A

PaidVII A22

Voting boardVI 1a36

IndependentVI 1b35

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$54.0M

Noncash giftsLn 1g$1.9M

Fees for servicesLn 2g$24.4M

Investment incomeLn 3$19.2M

Other incomeLn 4–11$1.5M

Gains on assetsLn 7$15.1M

Total revenueLn 12$99.1M

Assets in detailPt X, end of year

SavingsLn 2$86.5M

Cash and savings togetherLn 1–2$86.5M

InvestmentsLn 11–13$639.3M

Land, buildings, equipmentLn 10c$58.7M

Total assetsLn 16$816.7M

LiabilitiesLn 26$62.0M

Net assetsLn 32$754.8M

OperationsPt I, VI

EmployeesI 5380

VolunteersI 60

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$72.7M	$86.5M
InvestmentsLn 11–13	$589.1M	$639.3M
Land, buildings, equipmentLn 10c	$57.0M	$58.7M
Total assetsLn 16	$755.5M	$816.7M
LiabilitiesLn 26	$63.4M	$62.0M
Net assetsLn 32	$692.2M	$754.8M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$2.1M	$2.1M
Pay of current officers, directors and key staffLn 5	$7.0M	$4.9M	$1.7M	$430K
Pay of disqualified personsLn 6	$70K	$49K	$17K	$4K
Other salaries and wagesLn 7	$38.6M	$30.4M	$5.7M	$2.6M
Pension plan contributionsLn 8	$2.8M	$1.5M	$1.2M	$98K
Other employee benefitsLn 9	$6.7M	$6.0M		$641K
Payroll taxesLn 10	$3.1M	$2.2M	$744K	$143K
Legal feesLn 11b	$183K	$98K	$81K	$4K
Accounting feesLn 11c	$284K		$284K
Investment management feesLn 11f	$6.1M		$6.1M
Other fees for servicesLn 11g	$10.3M	$10.3M
Office expensesLn 13	$2.1M	$923K	$1.1M	$70K
Information technologyLn 14	$3.4M	$2.5M	$788K	$66K
OccupancyLn 16	$2.5M	$1.6M	$726K	$116K
TravelLn 17	$4.3M	$3.5M	$398K	$400K
Conferences, conventions and meetingsLn 19	$2.6M	$2.1M	$314K	$175K
InterestLn 20	$1.5M	$789K	$42K	$694K
Depreciation, depletion and amortizationLn 22	$2.6M	$1.5M	$928K	$108K
Other expenses (24a–d)Ln 24	$8.1M	$7.0M	$937K	$128K
Total functional expensesLn 25	$104.2M	$77.6M	$21.0M	$5.7M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$99.1M	$104.2M	−$5.1M	$754.8M	990 PDF
FY2024	$79.2M	$94.3M	−$15.2M	$692.2M	990 PDF
FY2023	$106.9M	$83.2M	$23.8M	$654.5M	990 PDF
FY2022	$102.6M	$79.1M	$23.5M	$604.9M	990 PDF
FY2021	$105.3M	$71.9M	$33.4M	$656.4M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $99,083,520 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $48,522,049$54,022,860

I-9 Program service revenuePrior year $23,166,251$24,361,340

I-10 Investment incomePrior year $6,367,600$19,221,700

I-11 Other revenuePrior year $1,098,400$1,477,620

I-12 Total revenuePrior year $79,154,300$99,083,520

I-13 Grants and similar amounts paidPrior year $1,983,150$2,066,458

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $57,616,900$58,206,832

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $34,713,850$43,902,230

I-18 Total expensesPrior year $94,313,900$104,175,520

I-19 Revenue less expensesPrior year −$15,159,600−$5,092,000

Part VI · Governance 35 of 36 board members independent, 1 to look at

VI-1a Voting members of the governing body36

VI-1b Independent voting members35

VI-2 Family or business relationship among officers or directorsYes

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $99,083,520 across 10 lines filed

Lines not itemized here account for −$2,400 of total revenue; see the IRS return.

VIII-1b Membership dues$5,339,595

VIII-1f All other contributions, gifts and grants$48,683,265

VIII-1g Noncash contributions (included above)$1,860,618

VIII-1h Total contributions, gifts and grants$54,022,860

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $23,551,240 · Unrelated business $810,100$24,361,340

VIII-3 Investment incomeUnrelated business −$164,901 · Excluded from tax $4,292,901$4,128,000

VIII-6 Net rental income or lossUnrelated business −$60,692 · Excluded from tax $1,494,312$1,433,620

VIII-7 Net gain or loss on sales of assetsExcluded from tax $15,093,700$15,093,700

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $46,400$46,400

VIII-12 Total revenueRelated to mission $23,551,240 · Unrelated business $584,507 · Excluded from tax $20,924,913$99,083,520

Part IX · Statement of functional expenses $104,175,520 across 19 lines filed

IX-2 Grants to domestic individualsPrograms $2,066,458$2,066,458

IX-5 Pay of current officers, directors and key staffPrograms $4,870,311 · Management $1,657,013 · Fundraising $429,991$6,957,315

IX-6 Pay of disqualified personsPrograms $48,932 · Management $16,648 · Fundraising $4,320$69,900

IX-7 Other salaries and wagesPrograms $30,352,757 · Management $5,679,027 · Fundraising $2,572,533$38,604,317

IX-8 Pension plan contributionsPrograms $1,515,800 · Management $1,195,400 · Fundraising $98,000$2,809,200

IX-9 Other employee benefitsPrograms $6,030,500 · Fundraising $640,600$6,671,100

IX-10 Payroll taxesPrograms $2,208,600 · Management $743,600 · Fundraising $142,800$3,095,000

IX-11b Legal feesPrograms $98,200 · Management $81,200 · Fundraising $4,000$183,400

IX-11c Accounting feesManagement $284,400$284,400

IX-11f Investment management feesManagement $6,086,200$6,086,200

IX-11g Other fees for servicesPrograms $10,343,095$10,343,095

IX-13 Office expensesPrograms $923,300 · Management $1,089,000 · Fundraising $69,500$2,081,800

IX-14 Information technologyPrograms $2,528,845 · Management $788,100 · Fundraising $66,100$3,383,045

IX-16 OccupancyPrograms $1,637,700 · Management $725,600 · Fundraising $116,400$2,479,700

IX-17 TravelPrograms $3,496,800 · Management $398,300 · Fundraising $400,500$4,295,600

IX-19 Conferences, conventions and meetingsPrograms $2,062,350 · Management $314,400 · Fundraising $175,200$2,551,950

IX-20 InterestPrograms $788,600 · Management $42,400 · Fundraising $694,100$1,525,100

IX-22 Depreciation, depletion and amortizationPrograms $1,538,700 · Management $928,300 · Fundraising $108,300$2,575,300

IX-24 Other expenses (24a–d)Programs $7,048,152 · Management $936,732 · Fundraising $127,756$8,112,640

IX-25 Total functional expensesPrograms $77,559,100 · Management $20,966,320 · Fundraising $5,650,100$104,175,520

Part X · Balance sheet $816,713,200 assets, 18 lines filed

X-2 Savings and temporary cash investmentsStart of year $72,705,200$86,511,800

X-3 Pledges and grants receivableStart of year $31,517,500$27,048,300

X-4 Accounts receivableStart of year $3,215,400$3,135,800

X-8 Inventories for sale or useStart of year $450,600$310,400

X-9 Prepaid expenses and deferred chargesStart of year $1,541,500$1,738,100

X-10c Land, buildings and equipment, netStart of year $57,037,700$58,704,900

X-11 Publicly traded securitiesStart of year $62,757,900$79,881,800

X-12 Other securitiesStart of year $526,295,900$559,382,100

X-16 Total assetsStart of year $755,521,700$816,713,200

X-17 Accounts payable and accrued expensesStart of year $9,978,400$10,078,500

X-19 Deferred revenueStart of year $7,456,200$8,072,900

X-20 Tax-exempt bond liabilitiesStart of year $42,205,000$39,890,000

X-25 Other liabilitiesStart of year $3,725,000$3,915,000

X-26 Total liabilitiesStart of year $63,364,600$61,956,400

X-27 Net assets without donor restrictionsStart of year $148,302,900$167,646,200

X-28 Net assets with donor restrictionsStart of year $543,854,200$587,110,600

X-32 Total net assets or fund balancesStart of year $692,157,100$754,756,800

X-33 Total liabilities and net assetsStart of year $755,521,700$816,713,200

Part XI · Reconciliation of net assets $754,756,800 net assets at year end

XI-1 Total revenue$99,083,520

XI-2 Total expenses$104,175,520

XI-3 Revenue less expenses−$5,092,000

XI-4 Net assets at start of year$692,157,100

XI-5 Net unrealized gains (losses) on investments$68,701,200

XI-9 Other changes in net assets−$1,009,500

XI-10 Net assets at end of year$754,756,800

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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