Tax Analysts: FY2022 Nonprofit Profile & Form 990 (EIN 23-7073182)

Revenue by fiscal year
FY2020	$28.6M
FY2021	$30.7M
FY2022	$30.9M
FY2023	$32.8M
FY2024	$35.5M
FY2025	$48.1M

Expenses by fiscal year
FY2020	$28.0M
FY2021	$29.2M
FY2022	$31.3M
FY2023	$32.3M
FY2024	$33.6M
FY2025	$36.8M

Net assets by fiscal year
FY2020	$45.6M
FY2021	$55.0M
FY2022	$45.8M
FY2023	$52.4M
FY2024	$61.3M
FY2025	$69.0M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 1971.

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

Where the money goes

75 cents of each dollar spent went to programs.

75%

25%

Program services 75% · $23.3M Management & general 25% · $7.9M

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

24 people listed on the 990; $2.7M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII

Cara Griffith

Director, President

$480,530Pt VII · Sec A

Kathryn Ellis

Director of Sales - Americas

$296,000Pt VII · Sec A

John D Ring

Chief Financial Officer

$259,845Pt VII · Sec A

Jeremy Scott

Chief Content Officer

$259,619Pt VII · Sec A

Michael Berkeley

Chief Technology Officer

$259,031Pt VII · Sec A

Lee Sheppard

Contributing Editor

$253,633Pt VII · Sec A

Martin Sullivan

Contributing Editor

$242,321Pt VII · Sec A

Peter Billinglsey

Chief Growth Officer

$241,624Pt VII · Sec A

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

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Cara Griffith	$589,002	$537,577	$512,025	$480,530	$440,000	$411,517
Jeremy Scott	$366,823	$302,864	$288,027	$259,619	$248,902	$236,153
Jeffrey Cotrell	—	—	—	—	—	$324,090
Carl Walker	$320,409	—	—	—	—	—
Kathryn Ellis	$238,216	$194,855	$228,142	$296,000	$210,473	$297,629
Lee Sheppard	$294,683	$281,630	$269,997	$253,633	$258,648	$233,155
Michael Berkeley	$284,010	$267,938	$274,647	$259,031	$248,752	$232,385
Peter Billlingsley	$283,606	$248,155	—	—	$231,517	—

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

Publishes tax policy information and encourages public debate on tax issues.

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Provided by the organization

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1 program · $23.3M · in their own filed words · FY2021

01

Through the organization's print publications and online content tax analysts provides tax practitioners, tax administrators, academics and all taxpayers with the most up-to-date, technically accurate, and non-biased tax news, commentary and analysis.

$23.3Mprogram expense

By the numbers

The FY2022 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$30.9M

Ln 12

Fees for servicesLn 2g$28.9M

Investment incomeLn 3$1.8M

Other incomeLn 4–11$230K

Money outPt IX

$31.3M

Ln 25

Programscol B$23.3M

Managementcol C$7.9M

Owns and owesPt X

$45.8M

net assets · Ln 32

Cash and savingsLn 1–2$1.6M

Total assetsLn 16$71.3M

LiabilitiesLn 26$25.5M

PeoplePt VI, VII

24

listed · VII A

PaidVII A10

Voting boardVI 1a15

IndependentVI 1b14

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$28.9M

Investment incomeLn 3$1.8M

Other incomeLn 4–11$230K

Gains on assetsLn 7$616K

Total revenueLn 12$30.9M

Assets in detailPt X, end of year

CashLn 1$1.6M

Cash and savings togetherLn 1–2$1.6M

InvestmentsLn 11–13$52.1M

Land, buildings, equipmentLn 10c$15.1M

Other assetsLn 15$1.1M

Total assetsLn 16$71.3M

LiabilitiesLn 26$25.5M

Net assetsLn 32$45.8M

OperationsPt I, VI

EmployeesI 5194

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 FY22	End FY22
Cash and savingsLn 1–2	$1.6M	$1.6M
InvestmentsLn 11–13	$61.6M	$52.1M
Land, buildings, equipmentLn 10c	$16.4M	$15.1M
Total assetsLn 16	$82.3M	$71.3M
LiabilitiesLn 26	$27.3M	$25.5M
Net assetsLn 32	$55.0M	$45.8M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$1.5M	$1.3M	$240K
Other salaries and wagesLn 7	$17.3M	$14.6M	$2.7M
Pension plan contributionsLn 8	$669K	$535K	$133K
Other employee benefitsLn 9	$1.9M	$1.5M	$373K
Payroll taxesLn 10	$1.3M	$1.1M	$195K
Legal feesLn 11b	$300K	$75K	$226K
Investment management feesLn 11f	$191K		$191K
Other fees for servicesLn 11g	$1.3M	$104K	$1.2M	$0
Advertising and promotionLn 12	$666K		$666K
Office expensesLn 13	$429K	$388K	$41K
Information technologyLn 14	$376K	$67K	$309K
OccupancyLn 16	$648K	$634K	$14K
TravelLn 17	$67K	$64K	$3K
InterestLn 20	$445K		$445K
Depreciation, depletion and amortizationLn 22	$2.1M	$1.6M	$576K
InsuranceLn 23	$151K		$151K
Other expenses (24a–d)Ln 24	$1.7M	$1.4M	$339K
All other expensesLn 24e	$213K	$81K	$132K	$0
Total functional expensesLn 25	$31.3M	$23.3M	$7.9M	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$48.1M	$36.8M	$11.4M	$69.0M	990 PDF
FY2024	$35.5M	$33.6M	$1.8M	$61.3M	990 PDF
FY2023	$32.8M	$32.3M	$560K	$52.4M	990 PDF
FY2022 Viewing	$30.9M	$31.3M	−$336K	$45.8M	990 PDF
FY2021	$30.7M	$29.2M	$1.5M	$55.0M	990 PDF
FY2020	$28.6M	$28.0M	$663K	$45.6M	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 FY2022 990 (6 parts)

Part I · Summary $30,930,203 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $63,677$0

I-9 Program service revenuePrior year $26,712,833$28,871,894

I-10 Investment incomePrior year $3,720,161$1,827,956

I-11 Other revenuePrior year $231,220$230,353

I-12 Total revenuePrior year $30,727,891$30,930,203

I-13 Grants and similar amounts paid$0

I-14 Benefits paid to members$0

I-15 Salaries and benefitsPrior year $20,870,434$22,654,527

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $8,350,244$8,611,555

I-18 Total expensesPrior year $29,220,678$31,266,082

I-19 Revenue less expensesPrior year $1,507,213−$335,879

Part VI · Governance 14 of 15 board members independent, no flags

VI-1a Voting members of the governing body15

VI-1b Independent voting members14

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 $30,930,203 across 7 lines filed

VIII-1h Total contributions, gifts and grants$0

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $28,871,894$28,871,894

VIII-3 Investment incomeExcluded from tax $1,211,467$1,211,467

VIII-6 Net rental income or lossUnrelated business $216,129$216,129

VIII-7 Net gain or loss on sales of assetsExcluded from tax $616,489$616,489

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $14,224$14,224

VIII-12 Total revenueRelated to mission $28,871,894 · Unrelated business $216,129 · Excluded from tax $1,842,180$30,930,203

Part IX · Statement of functional expenses $31,266,082 across 18 lines filed

IX-5 Pay of current officers, directors and key staffPrograms $1,288,452 · Management $240,207$1,528,659

IX-7 Other salaries and wagesPrograms $14,577,391 · Management $2,717,678$17,295,069

IX-8 Pension plan contributionsPrograms $535,256 · Management $133,477$668,733

IX-9 Other employee benefitsPrograms $1,494,997 · Management $372,806$1,867,803

IX-10 Payroll taxesPrograms $1,099,479 · Management $194,784$1,294,263

IX-11b Legal feesPrograms $74,645 · Management $225,611$300,256

IX-11f Investment management feesManagement $190,814$190,814

IX-11g Other fees for servicesPrograms $104,139 · Management $1,175,082 · Fundraising $0$1,279,221

IX-12 Advertising and promotionManagement $665,610$665,610

IX-13 Office expensesPrograms $388,156 · Management $41,298$429,454

IX-14 Information technologyPrograms $66,692 · Management $308,926$375,618

IX-16 OccupancyPrograms $633,550 · Management $13,962$647,512

IX-17 TravelPrograms $63,998 · Management $3,401$67,399

IX-20 InterestManagement $444,679$444,679

IX-22 Depreciation, depletion and amortizationPrograms $1,552,969 · Management $575,686$2,128,655

IX-23 InsuranceManagement $150,878$150,878

IX-24 Other expenses (24a–d)Programs $1,378,769 · Management $339,309$1,718,078

IX-24e All other expensesPrograms $81,028 · Management $132,353 · Fundraising $0$213,381

IX-25 Total functional expensesPrograms $23,339,521 · Management $7,926,561 · Fundraising $0$31,266,082

Part X · Balance sheet $71,277,023 assets, 16 lines filed

X-1 Cash, non-interest-bearingStart of year $1,616,568$1,580,944

X-4 Accounts receivableStart of year $462,490$499,369

X-9 Prepaid expenses and deferred chargesStart of year $736,584$866,335

X-10c Land, buildings and equipment, netStart of year $16,366,266$15,072,261

X-11 Publicly traded securitiesStart of year $43,597,151$38,644,658

X-12 Other securitiesStart of year $17,996,377$13,498,218

X-15 Other assetsStart of year $1,505,338$1,115,238

X-16 Total assetsStart of year $82,280,774$71,277,023

X-17 Accounts payable and accrued expensesStart of year $3,263,618$2,866,617

X-19 Deferred revenueStart of year $11,007,695$12,606,666

X-20 Tax-exempt bond liabilitiesStart of year $9,880,386$9,634,857

X-25 Other liabilitiesStart of year $1,855,657$416,322

X-26 Total liabilitiesStart of year $27,277,459$25,524,462

X-27 Net assets without donor restrictionsStart of year $55,003,315$45,752,561

X-32 Total net assets or fund balancesStart of year $55,003,315$45,752,561

X-33 Total liabilities and net assetsStart of year $82,280,774$71,277,023

Part XI · Reconciliation of net assets $45,752,561 net assets at year end

XI-1 Total revenue$30,930,203

XI-2 Total expenses$31,266,082

XI-3 Revenue less expenses−$335,879

XI-4 Net assets at start of year$55,003,315

XI-5 Net unrealized gains (losses) on investments−$9,635,795

XI-9 Other changes in net assets$720,920

XI-10 Net assets at end of year$45,752,561

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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Tax Analysts FY2022 filing

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