Reed Institute

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The mission of Reed College is to provide education in the liberal arts and sciences.

Form 990 Part I, line 1, FY2025. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 93-0386908) · Dispute this line
501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
Run by 595 volunteers and 1,703 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
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
The IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
The latest return is for FY2025, 1 tax year back.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $25.5M a year · 15% of revenue · last 6 filings
A surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
91%
of spending
91% of spending went to programs.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$4.2M
to officers and key staff · 3% of spending
Pay to officers and key staff is 3% of spending.
Part VII, Section A
0.5 mo
of spending, in cash
Plus $1.00B in investments, Pt X · Ln 11–13
0.5 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $64K
3 funders name it on their filings.
Funders’ Sch. I, 990-PF
Liabilities
$187.2M
15% of total assets
Liabilities are 15% of assets.
Pt X · Ln 26
Independent board members
27
of 28 voting members
27 of 28 voting members are independent.
Pt VI · Ln 1a–1b
Revenue
$234.6M
+15% vs prior year
Spent
$165.2M
To programs
91%
Net assets
$1.0B
By yearFY2020–FY2025
Revenue
$234.6M
FY2025▲ +15%
Tap a bar for its year
Revenue by fiscal year
FY2020$130.1M
FY2021$135.5M
FY2022$184.8M
FY2023$150.4M
FY2024$204.7M
FY2025$234.6M
Expenses
$165.2M
FY2025▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$135.7M
FY2021$129.6M
FY2022$146.4M
FY2023$152.1M
FY2024$158.2M
FY2025$165.2M
Net assets
$1.0B
FY2025▲ +8%
Tap a bar for its year
Net assets by fiscal year
FY2020$658.9M
FY2021$866.0M
FY2022$829.1M
FY2023$863.3M
FY2024$955.3M
FY2025$1.0B

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

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 1938.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $150.4M Management & general 6% · $9.1M Fundraising 3% · $5.7M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

44 people listed on the 990; $4.2M paid to officers and key staff (Part VII, Section A).

Part VII, Section A · reportable compensation
President
$785,892Pt VII · Sec A
Chief Investment Officer
$470,727Pt VII · Sec A
Vice President of Finance and Treasurer
$384,852Pt VII · Sec A
Vice President for College Relations and Planning (through 6/30/24)
$265,733Pt VII · Sec A
Dean of the Faculty
$260,978Pt VII · Sec A
Vice President and Dean of Admission and Financial Aid
$253,378Pt VII · Sec A
Director of Investments
$251,314Pt VII · Sec A
Chief Information & Security Officer
$242,629Pt VII · Sec A

Audrey Bilger’s $786K as President is at the 65th percentile of top reported officer pay among 674 $100M+ 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Audrey Bilger$785,892$670,868$588,465$556,834$548,014$304,592
Hugh Porter$265,733$416,077$393,170$379,400$489,316$435,935
Erik Bernhardt$470,727$431,048$390,594$333,594$339,900—
Michael Brody————$457,650$235,141
Lorraine Arvin———$291,550$430,875$363,661
Lynn Valenter$384,852$368,557$348,223$152,045——
Nigel J Nicholson———$217,756$341,312$245,833
Amanda Heaton——$339,238$187,837$184,785$177,848

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 Reed Institute executive salaries →

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
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Educates students in the liberal arts and sciences.

Questions for Reed Institute

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3 programs · $150.4M · in their own filed words · FY2024
01

1,332 FTE Students as of Fall 2024, 410 degrees conferred 24/25.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 93-0386908) · Dispute this line
$123.6Mprogram expense
02

Auxiliary Services

students living in dorms, using dining facilities and bookstore.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 93-0386908) · Dispute this line
$23.6Mprogram expense
03

The Institute had 26 research grants funded with federal funds. Departments funded were Biology, Chemistry, Physics, Psychology, Math, Sociology, and the nuclear reactor.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 93-0386908) · Dispute this line
$3.2Mprogram 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 3 funders$64K
See all 3 funders →
Grants paid · 17 grants · $219.0M · 2019–2024
Unitemized GrantFY2024$39,314,302
Unitemized GrantFY2024$1,601,583
Unitemized GrantFY2024$344,896
Unitemized GrantFY2023$39,503,142
Unitemized GrantFY2023$1,212,988
Unitemized GrantFY2023$316,685
Unitemized GrantFY2022$35,807,729
Unitemized GrantFY2022$1,329,999
Unitemized GrantFY2022$317,365
Unitemized GrantFY2021$37,004,425
Unitemized GrantFY2021$1,201,192
Unitemized GrantFY2020$29,849,660
Unitemized GrantFY2020$883,495
OhsuFY2020$27,154
Unitemized GrantFY2019$29,393,734
Unitemized GrantFY2019$812,923
Unitemized GrantFY2019$56,000

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs
Year ending Jun 2025 · $11.2M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$5.6M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$1.4M
Biological SciencesNational Science Foundation · ALN 47.074 · Direct and through University of Missouri and 1 more$975K
Mathematical and Physical SciencesNational Science Foundation · ALN 47.049 · Direct and through Wayne State University$716K
Federal Perkins Loan Program_federal Capital ContributionsDepartment of Education · ALN 84.038 · Direct$569K

Plus 10 smaller programs.

The auditor reported no findings.

Year ending Jun 2024 · $10.9M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$6.1M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$1.2M
Biological SciencesNational Science Foundation · ALN 47.074 · Direct and through University Nebraska - Lincoln and 2 more$780K
Perkins LoansDepartment of Education · ALN 84.038 · Direct$774K
Mathematical and Physical SciencesNational Science Foundation · ALN 47.049 · Direct and through University of Colorado-Boulder$464K

Plus 15 smaller programs.

The auditor reported no findings.

Year ending Jun 2023 · $11.6M federal money spent
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$5.2M
Disaster Grants - Public Assistance (presidentially Declared Disasters)Department of Homeland Security · ALN 97.036 · Direct$1.3M
PerkinsDepartment of Education · ALN 84.038 · Direct$1.1M
Federal Pell Grant ProgramDepartment of Education · ALN 84.063 · Direct$986K
Biological SciencesNational Science Foundation · ALN 47.074 · Direct and through University Nebraska – Lincoln$828K

Plus 15 smaller programs.

The auditor reported no findings.

Year ending Jun 2022 · $17.0M federal money spent
Disaster Grants - Public Assistance (presidentially Declared Disasters)Department of Homeland Security · ALN 97.036 · Direct$5.2M
Federal Direct Student LoansDepartment of Education · ALN 84.268 · Direct$4.9M
Education Stabilization FundDepartment of Education · ALN 84.425 · Direct$2.2M
PerkinsDepartment of Education · ALN 84.038 · Direct$1.4M
Computer and Information Science and EngineeringNational Science Foundation · ALN 47.070 · Direct$934K

Plus 14 smaller programs.

The auditor reported 1 finding: a weakness in money controls.

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$234.6M
Ln 12
Fees for servicesLn 2g$115.1M
Other incomeLn 4–11$89.4M
Gifts and grantsLn 1h$28.5M
Money outPt IX
$165.2M
Ln 25
Programscol B$150.4M
Managementcol C$9.1M
Fundraisingcol D$5.7M
Owns and owesPt X
$1.0B
net assets · Ln 32
Cash and savingsLn 1–2$7.0M
Total assetsLn 16$1.2B
LiabilitiesLn 26$187.2M
PeoplePt VI, VII
44
listed · VII A
PaidVII A14
Voting boardVI 1a28
IndependentVI 1b27
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$28.5M
Government grantsLn 1e$3.4M
Noncash giftsLn 1g$3.0M
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$115.1M
Investment incomeLn 3$1.6M
Other incomeLn 4–11$89.4M
Gains on assetsLn 7$89.6M
Total revenueLn 12$234.6M
Assets in detailPt X, end of year
CashLn 1$37K
SavingsLn 2$6.9M
Cash and savings togetherLn 1–2$7.0M
Pledges and grants receivableLn 3$13.8M
Accounts receivableLn 4$1.1M
Loans to officers and key peopleLn 5$34K
Notes and loans receivableLn 7$1.4M
Prepaid expenses and deferred chargesLn 9$902K
Land, buildings, equipmentLn 10c$187.4M
InvestmentsLn 11–13$1.00B
Other assetsLn 15$3.9M
Total assetsLn 16$1.2B
LiabilitiesLn 26$187.2M
Net assetsLn 32$1.0B
OperationsPt I, VI
EmployeesI 51,703
VolunteersI 6595
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
Abroad and in kindSch F, M
Noncash gifts receivedSch M Pt I$3.0M
EndowmentSch D · Pt V
LineFY25FY24FY23FY22FY21
End of yearLn 1g$863.9M$791.0M$720.9M$696.4M$747.2M
AddedLn 1b$15.5M$9.2M$10.9M$9.0M$3.6M
SpentLn 1d–1f$39.0M$36.1M$33.2M$30.5M$29.7M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$21.4M$7.0M
InvestmentsLn 11–13$919.2M$1.00B
Land, buildings, equipmentLn 10c$182.7M$187.4M
Total assetsLn 16$1.14B$1.22B
LiabilitiesLn 26$180.4M$187.2M
Net assetsLn 32$955.3M$1.03B
Business incomeForm 990-T, Part I
LineFY25FY24
Gross$12.2M$5.3M
Net$12.2M$5.3M
Tax$2.5M$408K
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0$0
Grants to domestic individualsLn 2$41.3M$41.3M
Grants and assistance to foreign recipientsLn 3$0$0
Benefits paid to or for membersLn 4$0$0
Pay of officers and key staff (Part IX, line 5)Ln 5$3.6M$966K$2.2M$421K
Pay of disqualified personsLn 6$0$0$0$0
Other salaries and wagesLn 7$50.3M$45.3M$1.9M$3.1M
Pension plan contributionsLn 8$4.6M$3.9M$353K$297K
Other employee benefitsLn 9$9.9M$8.5M$765K$645K
Payroll taxesLn 10$3.8M$3.2M$289K$243K
Management feesLn 11a$0$0$0$0
Legal feesLn 11b$523K$478K$28K$17K
Accounting feesLn 11c$211K$0$211K$0
Lobbying feesLn 11d$0$0$0$0
Professional fundraising feesLn 11e$284K$284K
Investment management feesLn 11f$0$0$0$0
Other fees for servicesLn 11g$19.2M$18.0M$981K$125K
Advertising and promotionLn 12$0$0$0$0
Office expensesLn 13$7.5M$7.3M$147K$92K
Information technologyLn 14$1.3M$1.2M$57K$49K
RoyaltiesLn 15$0$0$0$0
OccupancyLn 16$3.3M$3.2M$70K$13K
TravelLn 17$2.9M$2.5M$185K$282K
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$0$0$0$0
InterestLn 20$5.0M$4.7M$234K$42K
Payments to affiliatesLn 21$0$0$0$0
Depreciation, depletion and amortizationLn 22$8.9M$8.4M$386K$69K
InsuranceLn 23$1.8M$706K$1.1M$0
Other expenses (24a–d)Ln 24$761K$619K$138K$4K
All other expensesLn 24e$89K$37K$52K$104
Total functional expensesLn 25$165.2M$150.4M$9.1M$5.7M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest ViewingFiled with the IRS May 11, 2026 $234.6M$165.2M$69.4M$1.0B 990 PDF
FY2024Filed with the IRS May 7, 2025 $204.7M$158.2M$46.5M$955.3M 990 PDF
FY2023Filed with the IRS May 6, 2024 $150.4M$152.1M−$1.8M$863.3M 990 PDF
FY2022 $184.8M$146.4M$38.5M$829.1M 990 PDF
FY2021Filed with the IRS May 16, 2022 $135.5M$129.6M$5.9M$866.0M 990 PDF
FY2020Filed with the IRS May 17, 2021 $130.1M$135.7M−$5.6M$658.9M 990 PDF

Schedules filed Part IV

A · Public support B · Donors D · Assets and endowments E · Schools F · Foreign G · Fundraising I · Grants J · Pay L · Interested persons M · Noncash O · Explanations R · Related orgs
See the full FY2025 990
Part I · Summary $234,628,051 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $34,644,039$28,522,133
I-9 Program service revenuePrior year $117,016,245$115,084,344
I-10 Investment incomePrior year $52,927,966$91,184,922
I-11 Other revenuePrior year $107,263−$163,348
I-12 Total revenuePrior year $204,695,513$234,628,051
I-13 Grants and similar amounts paidPrior year $41,032,815$41,260,781
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $68,971,326$72,156,475
I-16a Professional fundraising feesPrior year $42,995$284,086
I-17 Other expensesPrior year $48,191,411$51,504,303
I-18 Total expensesPrior year $158,238,547$165,205,645
I-19 Revenue less expensesPrior year $46,456,966$69,422,406
Part VI · Governance 27 of 28 board members independent, no flags
VI-1a Voting members of the governing body28
VI-1b Independent voting members27
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 $234,628,051 across 15 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$3,359,264
VIII-1f All other contributions, gifts and grants$25,162,869
VIII-1g Noncash contributions (included above)$3,039,995
VIII-1h Total contributions, gifts and grants$28,522,133
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $115,084,344 · Unrelated business $0 · Excluded from tax $0$115,084,344
VIII-3 Investment incomeRelated to mission $0 · Unrelated business $11,746,412 · Excluded from tax −$10,114,509$1,631,903
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax −$163,348−$163,348
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $471,201 · Excluded from tax $89,081,818$89,553,019
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $115,084,344 · Unrelated business $12,217,613 · Excluded from tax $78,803,961$234,628,051
Part IX · Statement of functional expenses $165,205,645 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $0$0
IX-2 Grants to domestic individualsPrograms $41,260,781$41,260,781
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of officers and key staff (Part IX, line 5)Programs $965,707 · Management $2,204,549 · Fundraising $420,597$3,590,853
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $45,272,555 · Management $1,940,053 · Fundraising $3,073,861$50,286,469
IX-8 Pension plan contributionsPrograms $3,936,355 · Management $352,838 · Fundraising $297,490$4,586,683
IX-9 Other employee benefitsPrograms $8,531,886 · Management $764,762 · Fundraising $644,798$9,941,446
IX-10 Payroll taxesPrograms $3,219,180 · Management $288,554 · Fundraising $243,290$3,751,024
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $478,071 · Management $27,792 · Fundraising $17,484$523,347
IX-11c Accounting feesPrograms $0 · Management $210,684 · Fundraising $0$210,684
IX-11d Lobbying feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11e Professional fundraising feesFundraising $284,086$284,086
IX-11f Investment management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11g Other fees for servicesPrograms $18,046,397 · Management $981,398 · Fundraising $125,024$19,152,819
IX-12 Advertising and promotionPrograms $0 · Management $0 · Fundraising $0$0
IX-13 Office expensesPrograms $7,268,971 · Management $147,053 · Fundraising $91,602$7,507,626
IX-14 Information technologyPrograms $1,241,031 · Management $56,813 · Fundraising $48,802$1,346,646
IX-15 RoyaltiesPrograms $0 · Management $0 · Fundraising $0$0
IX-16 OccupancyPrograms $3,222,476 · Management $70,168 · Fundraising $12,510$3,305,154
IX-17 TravelPrograms $2,451,923 · Management $185,132 · Fundraising $281,962$2,919,017
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $0 · Fundraising $0$0
IX-20 InterestPrograms $4,730,387 · Management $234,187 · Fundraising $41,753$5,006,327
IX-21 Payments to affiliatesPrograms $0 · Management $0 · Fundraising $0$0
IX-22 Depreciation, depletion and amortizationPrograms $8,442,473 · Management $385,761 · Fundraising $68,776$8,897,010
IX-23 InsurancePrograms $706,415 · Management $1,078,843 · Fundraising $0$1,785,258
IX-24 Other expenses (24a–d)Programs $619,216 · Management $138,289 · Fundraising $3,672$761,177
IX-24e All other expensesPrograms $37,031 · Management $52,103 · Fundraising $104$89,238
IX-25 Total functional expensesPrograms $150,430,855 · Management $9,118,979 · Fundraising $5,655,811$165,205,645
Part X · Balance sheet $1,218,420,100 assets, 29 lines filed
X-1 Cash, non-interest-bearingStart of year $35,429$36,762
X-2 Savings and temporary cash investmentsStart of year $21,400,328$6,931,590
X-3 Pledges and grants receivableStart of year $4,530,856$13,804,782
X-4 Accounts receivableStart of year $1,604,836$1,130,007
X-5 Loans to officers and key peopleStart of year $39,949$34,076
X-6 Loans to other insidersStart of year $0$0
X-7 Notes and loans receivableStart of year $1,488,593$1,406,912
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $848,266$901,570
X-10c Land, buildings and equipment, netStart of year $182,684,600$187,421,700
X-11 Publicly traded securitiesStart of year $144,072,996$144,995,104
X-12 Other securitiesStart of year $775,150,072$857,845,421
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $3,846,815$3,912,176
X-16 Total assetsStart of year $1,135,702,740$1,218,420,100
X-17 Accounts payable and accrued expensesStart of year $11,121,604$14,669,500
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $1,021,431$1,101,136
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-21 Escrow or custodial accountsStart of year $0$0
X-22 Loans from officers and insidersStart of year $0$0
X-23 Secured mortgages and notes payableStart of year $123,966,202$124,003,614
X-25 Other liabilitiesStart of year $44,278,192$47,412,381
X-26 Total liabilitiesStart of year $180,387,429$187,186,631
X-27 Net assets without donor restrictionsStart of year $509,145,769$538,448,967
X-28 Net assets with donor restrictionsStart of year $446,169,542$492,784,502
X-32 Total net assets or fund balancesStart of year $955,315,311$1,031,233,469
X-33 Total liabilities and net assetsStart of year $1,135,702,740$1,218,420,100
Part XI · Reconciliation of net assets $1,031,233,469 net assets at year end
XI-1 Total revenue$234,628,051
XI-2 Total expenses$165,205,645
XI-3 Revenue less expenses$69,422,406
XI-4 Net assets at start of year$955,315,311
XI-5 Net unrealized gains (losses) on investments$10,180,290
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets−$3,684,538
XI-10 Net assets at end of year$1,031,233,469

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

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All figures come from public IRS Form 990 filings. Comparisons are computed from the filing against similar orgs. They are not a rating.

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