Heterodox Academy EIN 82-2903153 Form 990 (PDF) Claim this org

Heterodox Academy

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Promotes open inquiry, diverse viewpoints, and constructive disagreement to improve university research and education. For fiscal year 2024 it reported $5.7M in revenue, $5.7M in expenses, and $6.5M in net assets.Pt I

Founded
2017
Type
Public charity (501(c)(3)) · Education
Location
New York, NY
Website
www.heterodoxacademy.org
Filings
5 on file (2020–2024)
Revenue
$5.7MFY2024
Expenses
$5.7M
Net assets
$6.5M
People
15
Filings
5
Updates
0
More identity details & actions ⌄
EIN  82-2903153 Public charity (501(c)(3)) New York, NY Founded 2017
Form 990 (PDF)
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Figures match the IRS filing checked 8/13/26 · see original: IRS
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Size
$1–10M
What they do
Promotes open inquiry, diverse viewpoints, and constructive disagreement to improve university research and education.
Leadership
John Tomasi · President · $536K
Money in and out
$5.7M revenue, $5.7M expenses
Bottom line
64% program efficiency
Where the money goes · FY2024
Total revenue
$5.7M
Pt VIII · Ln 12
Total expenses
$5.7M
Pt IX · Ln 25
Net assets
$6.5M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$56K
Where spending went · Part IX cols B–D
Program services $0.64 Management & general $0.27 Fundraising $0.09
Program efficiency
64%
of spending reaches programs▼ -8% vs prior filing year
Operating runway
8.0mo
months of highly liquid reserves at operating expense rate▲ +11% vs prior filing year
Surplus margin
-1.0%
revenue over expenses, this year▼ -102% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$5.7M
FY2024▼ -40%
Expenses
$5.7M
FY2024▲ +17%
Total assets
$7.4M
FY2024▼ -3%
Total liabilities
$855K
FY2024▼ -18%
Total revenue
$5.7M
Pt VIII · Ln 12
Total expenses
$5.7M
Pt IX · Ln 25
Net assets
$6.5M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$56K
Total assetsPt X · Ln 16$7.4M
Program-expense ratioPt IX · col B64%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CHeterodox Academy
EINHdr · item D82-2903153
Principal addressHdr · item CNew York, NY
WebsiteHdr · item Jwww.heterodoxacademy.org
Year of formationHdr · item L2017
State of legal domicileHdr · item MNY
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B05)
Ruling yearIRS BMFJul 2018

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President
$535,630Pt VII · Sec A
Executive Director, Board Secretary
$254,553Pt VII · Sec A
Director of Communications
$139,923Pt VII · Sec A
Director of Member & Campus Engagement
$125,774Pt VII · Sec A
Director of Research
$119,680Pt VII · Sec A
Advancement Manager
$104,368Pt VII · Sec A
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A

John Tomasi’s $536K as President is at the 100th percentile of top reported officer pay among 3395 $1–10M education 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

NameFY2024FY2024FY2023FY2022FY2021FY2020
John Tomasi$535,630$482,922$466,321$82,302
Michael Regnier$254,553$230,468$80,568
Debra Mashek$206,643$233,922
Manon Loustaunau$155,536$135,559$71,254
Nicole Barbaro Simovski$139,923$146,384
Martha McCaughey$125,774
Alexander R Arnold$119,680
Kyle Sebastian Vitale$117,292

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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Mission & Programs · Part III

Where the work happens

1 program service account for $3.7M of program spending, described in the organization's own filed words · FY2024.
01

Increasing public awareness, providing tools and resources, and supporting communities of practice that advance open inquiry, viewpoint diversity, and constructive disagreement on college and university campuses.

$3.7Mprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$5.4M · 95%
Program service revenue$173K · 3%
Investment income$95K · 2%
Contributions & grants95%$5.4M
Program service revenue3%$173K
Investment income2%$95K
Other revenue$8K
Total revenueLn 12$5.7M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.64 Management & general $0.27 Fundraising $0.09
Program services64%$3.7M
Management & general27%$1.6M
Fundraising9%$527K
Total functional expensesLn 25$5.7M

Balance Sheet

Part X · end of year
CashLn 1$3.8M
Total assetsLn 16$7.4M
Total liabilitiesLn 26$855K
Total net assetsLn 32$6.5M
Months of cash on handcomputed8.0

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $3.8M · Operating expenses/yr $5.7M
8.0 months
Where the money goes
Program services
Program services $3.7M · Total expenses $5.7M
64%
Management & General
Management & general $1.6M · Total expenses $5.7M
27%
Fundraising
Fundraising $527K · Total expenses $5.7M
9%
Cost to raise $1
Fundraising expense (3-yr avg) $572K · Solicited contributions (3-yr avg) $5.8M
$0.10 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $5.4M · Total revenue $5.7M
95%
Government reliance
Government grants — · Total revenue $5.7M
Earned-income share
Program service revenue $173K · Total revenue $5.7M
3%
Investment reliance
Investment income $95K · Total revenue $5.7M
+2%
Program self-sufficiency
Program service revenue $173K · Total expenses $5.7M
3%
Growth & trend
Revenue growth (YoY)
This year $5.7M · Prior year $9.4M
-40%
Revenue CAGR
FY2019 $2.1M · FY2024 $5.7M
+22%
Net-asset trend (YoY)
End of year $6.5M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $5.7M · Expenses $5.7M
-1.0%
Liabilities-to-Assets
Total liabilities — · Total assets $7.4M
Net-asset ratio
Net assets $6.5M · Total assets $7.4M
88%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $7.4M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual John Tomasi · Reported title PRESIDENT · Highest reported compensation $536K · Total expenses $5.7M
9%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $3.2M · Total expenses $5.7M
56%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 64%
Overhead ratio 27%
Fundraising cost ratio 10%
Revenue growth -40%

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.

Grants

Schedule I · received and paid
Grants received · FY2024
See all 25 funders →
Grants paid · 16 grants · $271K · 2020–2024
Unitemized GrantFY2024$23,048
Unitemized GrantFY2023$35,842
Unitemized GrantFY2023$7,200
Unitemized GrantFY2022$6,178
Urban Rural ActionDC · FY2021$26,397
University of DelawareDE · FY2021$22,319
Brigham Young UniversityUT · FY2021$20,166
Unitemized GrantFY2021$18,156
Bradley Study CenterVA · FY2021$15,325
Trinity UniversityTX · FY2021$15,100
Let Grow INCNY · FY2021$8,310
Unitemized GrantFY2020$15,980

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$9.4M revenue · ⤓ 990 PDF
FY2023$3.0M revenue · ⤓ 990 PDF
FY2022$4.2M revenue · ⤓ 990 PDF
FY2021$2.8M revenue · ⤓ 990 PDF
FY2020$2.1M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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