Public policy research/education dedicated to principles of free Enterprise & limited government.

501(c)(3) charity; gifts are tax-deductible.
78¢ of each $1 spent went to programs.
Run by 11 volunteers and 46 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
6 of 6
filings with a surplus
Average surplus $1.3M a year · 14% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
78%
of spending
Looks good: 78% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.7M
to officers and key staff · 18% of spending
Fine: pay to officers and key staff is 18% of spending; 15% to 20%.
Pt VII · Sec A
8 mo
of spending, in cash
Looks good: 8.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
6
named funders · $131K
Looks good: 6 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$5.7M
37% of total assets
Looks good: liabilities are 37% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 11 voting members
Looks good: 10 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$12.9M
+45% vs prior year
Spent
$9.1M
To programs
78%
Net assets
$9.6M
By yearFY2020–FY2025
Revenue
$12.9M
FY2025▲ +45%
Tap a bar for its year
Revenue by fiscal year
FY2020$6.8M
FY2021$6.7M
FY2022$7.8M
FY2023$10.1M
FY2024$8.8M
FY2025$12.9M
Expenses
$9.1M
FY2025▲ +6%
Tap a bar for its year
Expenses by fiscal year
FY2020$6.2M
FY2021$6.6M
FY2022$6.7M
FY2023$8.4M
FY2024$8.6M
FY2025$9.1M
Net assets
$9.6M
FY2025▲ +64%
Tap a bar for its year
Net assets by fiscal year
FY2020$2.3M
FY2021$2.5M
FY2022$3.5M
FY2023$5.6M
FY2024$5.8M
FY2025$9.6M

From the FY2025 Form 990 (year ending September 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 Sep 1984.

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

Where the money goes

78 cents of each dollar spent went to programs.

Program services 78% · $7.1M Management & general 6% · $511K Fundraising 16% · $1.5M

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

21 people listed on the 990; $1.7M 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
President
$359,403Pt VII · Sec A
Fred L. Smith Fellow
$185,918Pt VII · Sec A
Senior Fellow
$182,652Pt VII · Sec A
VP of Administration
$176,796Pt VII · Sec A
For Energy and Envt, SR. Fellow
$171,456Pt VII · Sec A
Vice President for Strategy
$161,635Pt VII · Sec A
Director of Events
$161,419Pt VII · Sec A
Director of Center for Tec
$160,753Pt VII · Sec A

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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Kent Lassman$359,403$346,621$278,255$313,279$254,835$244,359
Wayne Crews$185,918$176,647—$165,996$172,415$157,967
Joel Zinberg$182,652$183,136$178,442$173,000——
Carrie Diamond$176,796$137,539$117,261$117,461$115,073—
Greg Conko————$175,742—
Daren Bakst - Dir of Center$171,456—————
Wayne Crews Fred L Smith——$169,603———
Iain Murray$161,635$153,963$145,668$147,856$145,939$129,687

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.

See Competitive Enterprise Institute executive salaries →

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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

Researches and educates on free enterprise and limited government principles.

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Provided by the organization

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3 programs · $3.8M · in their own filed words · FY2024
01

Communications and outreachcei's communications and outreach department assists the cei policy centers with their efforts to disseminate research findings and analysis to various audiences including policymakers, news media, allied organizations, and the general public.

$1.7Mprogram expense
02

Center for energy and environment cei's center for energy and environment makes the positive case for abundant energy and promotes environmental policies based on economic freedom, property rights, and limited government.

$1.1Mprogram expense
03

Center for economic freedomcei's center for economic freedom addresses many of the industries and activities where long-established, and often paternalistic, regulatory policies tend to stymie the creation and evolution of new products and services, technologies, business practices, and work arrangements.

$980Kprogram 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
See all 6 funders →
Grants paid · 5 grants · $420K · 2020–2023
State Policy NetworkVA · FY2023$16,000
Americas Future FoundationDC · FY2023$15,000
Americas Future FoundationDC · FY2022$15,000
Americas Future FoundationDC · FY2020$12,500

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$12.9M
Ln 12
Gifts and grantsLn 1h$13.1M
Investment incomeLn 3$114K
Money outPt IX
$9.1M
Ln 25
Programscol B$7.1M
Managementcol C$511K
Fundraisingcol D$1.5M
Owns and owesPt X
$9.6M
net assets · Ln 32
Cash and savingsLn 1–2$6.1M
Total assetsLn 16$15.3M
LiabilitiesLn 26$5.7M
PeoplePt VI, VII
21
listed · VII A
PaidVII A9
Voting boardVI 1a11
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$13.1M
Fundraising eventsLn 1c$393K
Investment incomeLn 3$114K
Gains on assetsLn 7$325
Total revenueLn 12$12.9M
Assets in detailPt X, end of year
CashLn 1$2.8M
SavingsLn 2$3.4M
Cash and savings togetherLn 1–2$6.1M
InvestmentsLn 11–13$765K
Land, buildings, equipmentLn 10c$501K
Other assetsLn 15$6.7M
Total assetsLn 16$15.3M
LiabilitiesLn 26$5.7M
Net assetsLn 32$9.6M
OperationsPt I, VI
EmployeesI 546
VolunteersI 611
Fiscal year endsHeaderSeptember
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$4.6M$6.1M
InvestmentsLn 11–13$702K$765K
Land, buildings, equipmentLn 10c$408K$501K
Total assetsLn 16$9.4M$15.3M
LiabilitiesLn 26$3.5M$5.7M
Net assetsLn 32$5.8M$9.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$3K$3K
Pay of current officers, directors and key staffLn 5$896K$405K$196K$294K
Other salaries and wagesLn 7$3.9M$3.2M$76K$622K
Pension plan contributionsLn 8$47K$35K$4K$8K
Other employee benefitsLn 9$439K$326K$10K$103K
Payroll taxesLn 10$383K$297K$24K$63K
Legal feesLn 11b$50K$34K$16K
Accounting feesLn 11c$105K$105K
Lobbying feesLn 11d$43K$43K
Professional fundraising feesLn 11e$105K$105K
Other fees for servicesLn 11g$1.2M$1.2M$2K$5K
Advertising and promotionLn 12$113K$113K
Office expensesLn 13$141K$95K$32K$15K
Information technologyLn 14$184K$139K$17K$28K
OccupancyLn 16$674K$583K$18K$73K
TravelLn 17$143K$114K$791$28K
Conferences, conventions and meetingsLn 19$240K$238K$478$866
InterestLn 20$4K$3K$96$388
Depreciation, depletion and amortizationLn 22$118K$102K$3K$13K
InsuranceLn 23$52K$45K$1K$5K
Other expenses (24a–d)Ln 24$273K$176K$22K$75K
Total functional expensesLn 25$9.1M$7.1M$511K$1.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $12.9M$9.1M$3.7M$9.6M 990 PDF
FY2024 $8.8M$8.6M$208K$5.8M 990 PDF
FY2023 $10.1M$8.4M$1.7M$5.6M 990 PDF
FY2022 $7.8M$6.7M$1.1M$3.5M 990 PDF
FY2021 $6.7M$6.6M$153K$2.5M 990 PDF
FY2020 $6.8M$6.2M$635K$2.3M 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 J · Pay O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $12,854,082 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $9,067,449$13,107,202
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $147,820$113,858
I-11 Other revenuePrior year −$378,735−$366,978
I-12 Total revenuePrior year $8,836,534$12,854,082
I-13 Grants and similar amounts paidPrior year $31,000$3,100
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $5,494,424$5,692,504
I-16a Professional fundraising feesPrior year $113,132$105,304
I-17 Other expensesPrior year $2,989,807$3,304,306
I-18 Total expensesPrior year $8,628,363$9,105,214
I-19 Revenue less expensesPrior year $208,171$3,748,868
Part VI · Governance 10 of 11 board members independent, no flags
VI-1a Voting members of the governing body11
VI-1b Independent voting members10
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 $12,854,082 across 8 lines filed
VIII-1c Fundraising events$392,672
VIII-1f All other contributions, gifts and grants$12,714,530
VIII-1h Total contributions, gifts and grants$13,107,202
VIII-3 Investment incomeExcluded from tax $113,533$113,533
VIII-7 Net gain or loss on sales of assetsExcluded from tax $325$325
VIII-8 Net income from fundraising eventsExcluded from tax −$375,498−$375,498
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $8,520$8,520
VIII-12 Total revenueRelated to mission $8,520 · Unrelated business $0 · Excluded from tax −$261,640$12,854,082
Part IX · Statement of functional expenses $9,105,214 across 21 lines filed
IX-1 Grants to domestic organizationsPrograms $3,100$3,100
IX-5 Pay of current officers, directors and key staffPrograms $405,440 · Management $196,136 · Fundraising $294,300$895,876
IX-7 Other salaries and wagesPrograms $3,229,430 · Management $75,885 · Fundraising $621,763$3,927,078
IX-8 Pension plan contributionsPrograms $34,866 · Management $3,743 · Fundraising $8,353$46,962
IX-9 Other employee benefitsPrograms $325,897 · Management $10,334 · Fundraising $103,205$439,436
IX-10 Payroll taxesPrograms $296,598 · Management $23,592 · Fundraising $62,962$383,152
IX-11b Legal feesPrograms $33,586 · Fundraising $16,429$50,015
IX-11c Accounting feesManagement $104,558$104,558
IX-11d Lobbying feesPrograms $43,302$43,302
IX-11e Professional fundraising feesFundraising $105,304$105,304
IX-11g Other fees for servicesPrograms $1,158,090 · Management $2,306 · Fundraising $4,696$1,165,092
IX-12 Advertising and promotionPrograms $113,285$113,285
IX-13 Office expensesPrograms $94,599 · Management $31,559 · Fundraising $14,909$141,067
IX-14 Information technologyPrograms $139,070 · Management $17,089 · Fundraising $27,826$183,985
IX-16 OccupancyPrograms $582,905 · Management $17,991 · Fundraising $72,905$673,801
IX-17 TravelPrograms $114,248 · Management $791 · Fundraising $27,813$142,852
IX-19 Conferences, conventions and meetingsPrograms $238,319 · Management $478 · Fundraising $866$239,663
IX-20 InterestPrograms $3,099 · Management $96 · Fundraising $388$3,583
IX-22 Depreciation, depletion and amortizationPrograms $101,951 · Management $3,147 · Fundraising $12,751$117,849
IX-23 InsurancePrograms $45,445 · Management $1,345 · Fundraising $5,450$52,240
IX-24 Other expenses (24a–d)Programs $175,798 · Management $21,976 · Fundraising $75,240$273,014
IX-25 Total functional expensesPrograms $7,139,028 · Management $511,026 · Fundraising $1,455,160$9,105,214
Part X · Balance sheet $15,260,215 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $1,090,300$2,750,621
X-2 Savings and temporary cash investmentsStart of year $3,527,374$3,394,824
X-3 Pledges and grants receivableStart of year $984,500$870,000
X-4 Accounts receivableStart of year $11,872$11,357
X-9 Prepaid expenses and deferred chargesStart of year $364,768$276,107
X-10c Land, buildings and equipment, netStart of year $407,983$501,311
X-12 Other securitiesStart of year $702,260$765,370
X-15 Other assetsStart of year $2,282,439$6,690,625
X-16 Total assetsStart of year $9,371,496$15,260,215
X-17 Accounts payable and accrued expensesStart of year $576,961$425,643
X-25 Other liabilitiesStart of year $2,966,444$5,250,439
X-26 Total liabilitiesStart of year $3,543,405$5,676,082
X-27 Net assets without donor restrictionsStart of year $5,104,366$7,237,735
X-28 Net assets with donor restrictionsStart of year $723,725$2,346,398
X-32 Total net assets or fund balancesStart of year $5,828,091$9,584,133
X-33 Total liabilities and net assetsStart of year $9,371,496$15,260,215
Part XI · Reconciliation of net assets $9,584,133 net assets at year end
XI-1 Total revenue$12,854,082
XI-2 Total expenses$9,105,214
XI-3 Revenue less expenses$3,748,868
XI-4 Net assets at start of year$5,828,091
XI-5 Net unrealized gains (losses) on investments$7,174
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$9,584,133

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

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