Ceres INC

Tax-deductible

Boston, MA501(c)(3)Since 1990EnvironmentEIN 22-3053747Revenue $33.6M in FY2025

On file with the IRSceres.org99 Chauncy Street 6th Flr, 02111-1703 · Boston, MATax-exempt since Nov 1990Publicly supported charity — 170(b)(1)(A)(vi)

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Ceres is a nonprofit advocacy organization working to accelerate the transition to a cleaner, more just, and resilient world. Through education and research, we make the business case for action on the most pressing sustainability challenges facing our economy today: climate change, water scarcity and pollution, and nature and biodiversity loss. With data-driven research and expert analysis, we inspire investors and companies to act on these global challenges and advocate for market and policy solutions.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
Run by 52 volunteers and 236 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 6
filings with a surplus
Average surplus $1.7M a year · 5% of revenue · last 6 filings
Worth a look: a surplus in 3 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$3.1M
to officers and key staff · 8% of spending
Top officer’s pay higher than 72% of similar orgs
Looks good: pay to officers and key staff is 8% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
8 mo
of spending, in cash
Looks good: 8.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $340K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$5.8M
16% of total assets
Looks good: liabilities are 16% of assets; 50% or less.
Pt X · Ln 26
Independent board members
21
of 22 voting members
Looks good: 21 of 22 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$33.6M
-18% vs prior year
Spent
$37.8M
To programs
80%
Net assets
$29.4M
By yearFY2020–FY2025
Revenue
$33.6M
FY2025▼ -18%
Tap a bar for its year
Revenue by fiscal year
FY2020$24.6M
FY2021$44.5M
FY2022$31.7M
FY2023$43.5M
FY2024$40.9M
FY2025$33.6M
Expenses
$37.8M
FY2025▼ -15%
Tap a bar for its year
Expenses by fiscal year
FY2020$21.7M
FY2021$26.8M
FY2022$36.4M
FY2023$41.6M
FY2024$44.3M
FY2025$37.8M
Net assets
$29.4M
FY2025▼ -12%
Tap a bar for its year
Net assets by fiscal year
FY2020$22.7M
FY2021$40.7M
FY2022$35.0M
FY2023$36.8M
FY2024$33.5M
FY2025$29.4M

From the FY2025 Form 990 (year ending October 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 1990.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $30.4M Management & general 12% · $4.4M Fundraising 8% · $3.0M

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

39 people listed on the 990; $3.1M 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
CEO and President
$333,139Pt VII · Sec A
Chief Development Officer
$308,841Pt VII · Sec A
Chief Financial & Admin Officer
$272,841Pt VII · Sec A
Chief Program Officer
$252,897Pt VII · Sec A
FMR Exec. VP & Chief Program Officer
$243,024Pt VII · Sec A
Chief People & Culture Officer
$234,204Pt VII · Sec A
VP, Government Relations
$228,731Pt VII · Sec A
General Counsel
$228,523Pt VII · Sec A

Mindy Lubber’s $333K as CEO and President is at the 72nd percentile of top reported officer pay among 324 $10–100M environment 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Mindy Lubber$333,139$311,427$324,205$296,810$279,289$257,625
Susan Sayers$308,841$288,120$284,122$262,133$253,406$220,104
Susan Boyer$272,841$252,762$246,587$202,209$183,888$160,471
Dawn Martin Until Aug 2024—$255,415————
Dawn Martin$243,024—$253,299$230,386$220,349$191,660
Steven Rothstein$252,897$235,895$232,051$209,806$186,883—
Donna Daniels$234,204$216,420$25,334———
Anne Kelly$228,731$214,649$212,177$188,195$171,648$148,436

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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Mobilizes influential investors and companies to adopt sustainable business practices and advocate for policies addressing climate change, water scarcity, and social inequality.

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Provided by the organization

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3 programs · $23.1M · in their own filed words · FY2024
01

Accelerating Sustainable Capital Market

See schedule oaccelerating sustainable capital market: the ceres accelerator for sustainable capital markets aims to improve the practices and policies that govern capital markets to reduce the financial impacts of climate change and promote opportunities associated with these changes.

$14.9Mprogram expense
02

Policy

See schedule opolicy: the ceres policy network represents some of the most well-known brands in the U.S. That have emerged as leading advocates for clean and affordable energy policies at the state and federal level.

$4.9Mprogram expense
03

Climate Change

See schedule oclimate change: ceres educates and supports investors, companies, and policymakers to spur investment in clean and affordable energy solutions, reduce pollution, and achieve a cleaner, just and more resilient economy.

$3.4Mprogram 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
Total grants receivedfrom 2 funders$340K
Grants paid · 30 grants · $2.7M · 2019–2024
Cdp North America INCNY · FY2024$370,277
Forest Trends AssociationDC · FY2024$73,333
Meridian InstitutePA · FY2024$9,097
Cdp North America INCNY · FY2023$367,275
Forest Trends AssociationDC · FY2023$98,626
Meridian InstitutePA · FY2023$54,584
Clean Air Task Force INCMA · FY2023$20,000
Cdp North America INCNY · FY2022$235,214
Forest Trends AssociationDC · FY2022$152,716
R Street InstituteDC · FY2022$75,000
Meridian InstitutePA · FY2022$54,583
Clean Air Task Force INCMA · FY2022$20,000
Climate CollaborativeWA · FY2022$11,200
Forest Trends AssociationDC · FY2021$214,825
Meridian InstitutePA · FY2021$87,500
Meridian InstitutePA · FY2021$45,486
Climate CollaborativeWA · FY2021$36,073
Clean Air Task Force INCMA · FY2021$20,000
See all 30 grants →

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$33.6M
Ln 12
Gifts and grantsLn 1h$27.6M
Fees for servicesLn 2g$5.2M
Investment incomeLn 3$677K
Money outPt IX
$37.8M
Ln 25
Programscol B$30.4M
Managementcol C$4.4M
Fundraisingcol D$3.0M
Owns and owesPt X
$29.4M
net assets · Ln 32
Cash and savingsLn 1–2$25.9M
Total assetsLn 16$35.1M
LiabilitiesLn 26$5.8M
PeoplePt VI, VII
39
listed · VII A
PaidVII A13
Voting boardVI 1a22
IndependentVI 1b21
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$27.6M
Noncash giftsLn 1g$427K
Fundraising eventsLn 1c$729K
Fees for servicesLn 2g$5.2M
Investment incomeLn 3$677K
Other incomeLn 4–11$162K
Gains on assetsLn 7$8K
Total revenueLn 12$33.6M
Assets in detailPt X, end of year
CashLn 1$262K
SavingsLn 2$25.6M
Cash and savings togetherLn 1–2$25.9M
Land, buildings, equipmentLn 10c$418K
Other assetsLn 15$1.3M
Total assetsLn 16$35.1M
LiabilitiesLn 26$5.8M
Net assetsLn 32$29.4M
OperationsPt I, VI
EmployeesI 5236
VolunteersI 652
Fiscal year endsHeaderOctober
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
LineStart FY25End FY25
Cash and savingsLn 1–2$23.5M$25.9M
Land, buildings, equipmentLn 10c$693K$418K
Total assetsLn 16$39.0M$35.1M
LiabilitiesLn 26$5.5M$5.8M
Net assetsLn 32$33.5M$29.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$453K$453K
Grants and assistance to foreign recipientsLn 3$6.1M$6.1M
Pay of current officers, directors and key staffLn 5$3.0M$1.3M$946K$720K
Other salaries and wagesLn 7$16.8M$13.3M$2.1M$1.4M
Pension plan contributionsLn 8$724K$578K$88K$59K
Other employee benefitsLn 9$2.9M$2.0M$512K$323K
Payroll taxesLn 10$1.5M$1.1M$219K$152K
Legal feesLn 11b$63K$23K$40K
Accounting feesLn 11c$150K$40K$110K
Lobbying feesLn 11d$302K$302K
Other fees for servicesLn 11g$2.5M$2.3M$53K$62K
Advertising and promotionLn 12$190K$175K$15K
Office expensesLn 13$326K$239K$40K$48K
Information technologyLn 14$638K$519K$65K$54K
OccupancyLn 16$347K$262K$49K$36K
TravelLn 17$503K$455K$7K$40K
Conferences, conventions and meetingsLn 19$565K$529K$17K$19K
Depreciation, depletion and amortizationLn 22$280K$212K$40K$29K
InsuranceLn 23$118K$94K$14K$10K
Other expenses (24a–d)Ln 24$421K$300K$109K$13K
Total functional expensesLn 25$37.8M$30.4M$4.4M$3.0M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $33.6M$37.8M−$4.2M$29.4M 990 PDF
FY2024 $40.9M$44.3M−$3.3M$33.5M 990 PDF
FY2023 $43.5M$41.6M$1.9M$36.8M 990 PDF
FY2022 $31.7M$36.4M−$4.8M$35.0M 990 PDF
FY2021 $44.5M$26.8M$17.6M$40.7M 990 PDF
FY2020 $24.6M$21.7M$2.9M$22.7M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $33,590,429 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $36,311,498$27,579,376
I-9 Program service revenuePrior year $4,357,398$5,172,381
I-10 Investment incomePrior year $283,830$677,099
I-11 Other revenuePrior year −$32,276$161,573
I-12 Total revenuePrior year $40,920,450$33,590,429
I-13 Grants and similar amounts paidPrior year $8,983,926$6,514,037
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $27,776,886$24,890,305
I-16a Professional fundraising feesPrior year $21,000$0
I-17 Other expensesPrior year $7,472,408$6,360,726
I-18 Total expensesPrior year $44,254,220$37,765,068
I-19 Revenue less expensesPrior year −$3,333,770−$4,174,639
Part VI · Governance 21 of 22 board members independent, no flags
VI-1a Voting members of the governing body22
VI-1b Independent voting members21
VI-2 Family or business relationship among officers or directorsNo
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 $33,590,429 across 10 lines filed
Lines not itemized here account for $36,579 of total revenue; see the IRS return.
VIII-1c Fundraising events$729,450
VIII-1f All other contributions, gifts and grants$26,849,926
VIII-1g Noncash contributions (included above)$426,738
VIII-1h Total contributions, gifts and grants$27,579,376
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $5,172,381$5,172,381
VIII-3 Investment incomeExcluded from tax $668,859$668,859
VIII-7 Net gain or loss on sales of assetsExcluded from tax $8,240$8,240
VIII-8 Net income from fundraising eventsExcluded from tax −$43,759−$43,759
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $168,753$168,753
VIII-12 Total revenueRelated to mission $5,377,713 · Unrelated business $0 · Excluded from tax $633,340$33,590,429
Part IX · Statement of functional expenses $37,765,068 across 20 lines filed
IX-1 Grants to domestic organizationsPrograms $452,707$452,707
IX-3 Grants and assistance to foreign recipientsPrograms $6,061,330$6,061,330
IX-5 Pay of current officers, directors and key staffPrograms $1,309,252 · Management $945,758 · Fundraising $719,791$2,974,801
IX-7 Other salaries and wagesPrograms $13,329,013 · Management $2,136,192 · Fundraising $1,381,585$16,846,790
IX-8 Pension plan contributionsPrograms $577,839 · Management $87,582 · Fundraising $58,976$724,397
IX-9 Other employee benefitsPrograms $2,020,633 · Management $511,864 · Fundraising $323,405$2,855,902
IX-10 Payroll taxesPrograms $1,117,487 · Management $219,150 · Fundraising $151,778$1,488,415
IX-11b Legal feesPrograms $22,730 · Management $40,421$63,151
IX-11c Accounting feesPrograms $40,160 · Management $109,913$150,073
IX-11d Lobbying feesPrograms $302,364$302,364
IX-11g Other fees for servicesPrograms $2,341,803 · Management $53,336 · Fundraising $62,104$2,457,243
IX-12 Advertising and promotionPrograms $175,184 · Fundraising $14,650$189,834
IX-13 Office expensesPrograms $238,555 · Management $40,177 · Fundraising $47,574$326,306
IX-14 Information technologyPrograms $518,732 · Management $64,820 · Fundraising $54,441$637,993
IX-16 OccupancyPrograms $262,235 · Management $49,291 · Fundraising $35,641$347,167
IX-17 TravelPrograms $455,190 · Management $7,363 · Fundraising $40,269$502,822
IX-19 Conferences, conventions and meetingsPrograms $528,692 · Management $17,119 · Fundraising $18,875$564,686
IX-22 Depreciation, depletion and amortizationPrograms $211,655 · Management $39,783 · Fundraising $28,767$280,205
IX-23 InsurancePrograms $93,900 · Management $14,232 · Fundraising $9,584$117,716
IX-24 Other expenses (24a–d)Programs $299,979 · Management $108,598 · Fundraising $12,589$421,166
IX-25 Total functional expensesPrograms $30,359,440 · Management $4,445,599 · Fundraising $2,960,029$37,765,068
Part X · Balance sheet $35,146,407 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $260,932$262,466
X-2 Savings and temporary cash investmentsStart of year $23,242,286$25,608,703
X-3 Pledges and grants receivableStart of year $11,003,802$6,046,472
X-4 Accounts receivableStart of year $942,231$635,405
X-9 Prepaid expenses and deferred chargesStart of year $1,284,538$891,746
X-10c Land, buildings and equipment, netStart of year $692,764$418,442
X-15 Other assetsStart of year $1,610,083$1,283,173
X-16 Total assetsStart of year $39,036,636$35,146,407
X-17 Accounts payable and accrued expensesStart of year $4,574,544$4,808,486
X-19 Deferred revenueStart of year $927,207$961,525
X-26 Total liabilitiesStart of year $5,501,751$5,770,011
X-27 Net assets without donor restrictionsStart of year $8,530,566$8,902,183
X-28 Net assets with donor restrictionsStart of year $25,004,319$20,474,213
X-32 Total net assets or fund balancesStart of year $33,534,885$29,376,396
X-33 Total liabilities and net assetsStart of year $39,036,636$35,146,407
Part XI · Reconciliation of net assets $29,376,396 net assets at year end
XI-1 Total revenue$33,590,429
XI-2 Total expenses$37,765,068
XI-3 Revenue less expenses−$4,174,639
XI-4 Net assets at start of year$33,534,885
XI-5 Net unrealized gains (losses) on investments$16,150
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$29,376,396

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

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