Form 990 for the fiscal year ending December 2021 (IRS tax year 2021).
Status and standing
Where the money goes
Statement of Functional Expenses
Financial health
Summary of the Filing
Balance Sheet
Statement of Revenue
Financial Metrics
Same NTEE category, revenue band, and state where available. Descriptive — not a grade.
| Metric | This org | Peer median | Percentile |
|---|---|---|---|
| Program ratio | 80% | — | — |
| Overhead ratio | 2% | — | — |
| Fundraising cost ratio | 20% | — | — |
| Revenue growth | -15% | — | — |
| Investment management fee ratio | 0.2% | — | — |
| Legal fee ratio | 0.1% | — | — |
| Accounting fee ratio | 0.1% | — | — |
| Fundraising fee ratio | 3% | — | — |
Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.
Leadership and pay
Officers, Directors & Key Employees
Kevin Roberts’s $683K as President is at the 36th percentile of top reported officer pay among 59 $100M+ public & societal benefit 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 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Kay Coles James | — | — | $464,609 | $930,249 | $908,352 |
| Kevin Roberts | $682,571 | $670,981 | $622,489 | $34,511 | — |
| Derrick Morgan | $545,991 | $540,696 | $286,062 | — | — |
| Kim Holmes | — | — | — | $215,436 | $447,564 |
| Eric Korsvall | $444,117 | $440,009 | $336,050 | $256,003 | $247,757 |
| Andrew Olivastro | $368,437 | $273,994 | $212,985 | — | — |
| Robert Barro | $357,723 | — | — | — | — |
| Roger Severino | $351,528 | $315,355 | $196,731 | — | — |
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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Governance & Policies
Mission and programs
Formulates and promotes conservative public policies through research, media outreach, and government briefings to advance free enterprise, limited government, and strong national defense.
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Where the work happens
(see Schedule O)educational Programs
The heritage foundation ("THF or "the foundation") hosts events and sponsors programs to educate government officials, the academic community, journalists, and the general public on topics ranging from the founding fathers and civil society to political philosophy and legal principles.
(see Schedule O)public Policy Research
The heritage foundation produces hundreds of research papers annually, including issue briefs, blog posts, fact sheets, backgrounders, guides, and books addressing a broad range of economic, domestic, defense, foreign, and social policy issues.
(see Schedule O)media and Government Relations
The heritage foundation distributes its research products to members of congress, congressional staff, policymakers in the executive branch of the federal government, state officials, journalists, members of the academic community, other non-profit organizations, the general public, and donors.
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Funders
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
Filing history
| Year | Revenue | Expenses | Change | Filing |
|---|---|---|---|---|
| FY2024 Latest | $133.9M | $142.2M | +33% | 990 PDF |
| FY2023 | $101.0M | $107.7M | -5% | 990 PDF |
| FY2022 | $106.3M | $93.7M | +4% | 990 PDF |
| FY2021 Viewing | $101.8M | $85.8M | -15% | 990 PDF |
| FY2020 | $119.1M | $78.8M | 990 PDF |
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Schedules filed Part IV
Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.
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