2026-05-20T15:31:33-05:00 2025-12-31 410746749 CLIFTONLARSONALLEN LLP 4 BATTERYMARCH PARK SUITE 100 QUINCY MA 02169 990 2025-01-01 042121305 AMERICAN INSTITUTE FOR ECONOMIC RESEARCH AMER 4135281216 PO BOX 1000 250 DIVISION ST GREAT BARRINGTON MA 01230 MICHELE M KEARNS VICE PRESIDENT OF FINANCE 4135281216 2026-05-19 1 DANIELLE NIHILL P01350943 7819821001 2026-05-19 2025 2025-03-06 01:10:19Z MICHELE M KEARNS PO BOX 1000 250 DIVISION ST GREAT BARRINGTON MA 01230 18540800 0 X HTTPS://WWW.AIER.ORG/ X 1939 MA AIER CONDUCTS INDEPENDENT, SCIENTIFIC, ECONOMIC RESEARCH TO EDUCATE PEOPLE, THEREBY ADVANCING THEIR PERSONAL INTERESTS AND THOSE OF THE NATION. 14 12 74 22 29515 0 3231426 9608864 100503 20579 1978538 2954372 -160974 573169 5149493 13156984 52491 55400 0 0 5377339 5166111 0 22950 1106348 3290387 4049634 8720217 9294095 -3570724 3862889 199167146 227083306 83110796 96272214 116056350 130811092 X AMERICAN INSTITUTE FOR ECONOMIC RESEARCH (AIER) EDUCATES PEOPLE ON THE VALUE OF PERSONAL FREEDOM, FREE ENTERPRISE, PROPERTY RIGHTS, LIMITED GOVERNMENT AND SOUND MONEY. AIER'S ONGOING SCIENTIFIC RESEARCH DEMONSTRATES THE IMPORTANCE OF THESE PRINCIPLES IN ADVANCING PEACE, PROSPERITY AND HUMAN PROGRESS. 0 0 3906606 0 19414 RESEARCH: OUR RESEARCH FOCUSES ON ECONOMICS, FREE MARKETS, SOUND MONEY, AND CLASSICAL LIBERALISM. OUR RESEARCH GENERATED: 118 SPEAKING ENGAGEMENTS, AIER'S RESEACHERS HAD 4,689 MEDIA APPEARANCES AT VARIOUS MEDIA OUTLETS, 655 GOOGLE SCHOLAR CITATIONS, 28 ORIGINAL AIER EXPLAINERS AND WHITE PAPERS PUBLISHED, 27 PODCASTS, AND MORE THAN 3 MILLION READERS VISITED AIER'S WEBSITE AND THE DAILY ECONOMY WEBSITES. PUBLICATIONS: INCLUDED RESEARCH, PREPARATION, AND DISTRIBUTION OF PERIODIC ECONOMIC REPORTS; 15,996 COPIES OF THE REPORTS WERE PRINTED AND DISTRIBUTED, 18,076 COPIES WERE EMAILED, AND THERE WERE 23,533 WEBSITE VIEWS OF THE REPORTS. AIER PUBLISHED THREE NEW BOOKS THIS YEAR. 2596018 55400 1165 ACADEMIC PROGRAMS: OUR PROGRAMS EDUCATE PARTICIPANTS ABOUT CLASSICAL LIBERALISM, FREE ENTERPRISES, LIMITED GOVERNMENT, THE RIGHT TO PERSONAL PROPERTY, AND SOUND MONEY PRINCIPLES. 315 STUDENTS WERE TRAINED AND MENTORED IN THESE AREAS. MORE THAN 2,270 ATTENDEES PARTICPATED IN AIER CONFERENCES, SEMINARS, WORKSHOPS, DEBATES, AND GRADUATE COLLOQUIMS NATIONWIDE. 30 INTERNS AND 10 GRADUATE FELLOWS PARTICIPATED IN OUR INTERNSHIP AND VISITING FELLOW PROGRAMS. WE CONDUCTED 11 ONE-DAY PROGRAMS AT VARIOUS UNIVERSITY CAMPUS ACROSS THE U.S.. AIER'S HARWOOD SALONS BRING TOGETHER LEADERS, THINKERS, AND LOCAL COMMUNITY MEMBERS FOR ENGAGING DISCUSSIONS ON FREEDOM, FREE MARKETS, AND SOUND MONEY. THESE 39 GATHERINGS, HELD IN CITIES NATIONWIDE, FOSTER CONVERSATIONS FOCUSED ON OUR MISSION. AIER'S SOUND MONEY PROJECT CONDUCTS RESEARCH AND PROMOTES AWARENESS ABOUT MONETARY STABILITY AND FINANCIAL PRIVACY. IT OFFERS REGULAR COMMENTARY AND IN-DEPTH ANALYSIS ON MONETARY POLICY, ALTERNATIVE MONETARY SYSTEMS, FINANCIAL MARKETS REGULATIONS, CRYPTOCURRENCIES, AND THE HISTORY OF MONETARY AND MACROECONOMIC THOUGHT. PROJECT MEMBERS HAVE CONTRIBUTED NUMEROUS PAPERS, EXPLAINERS, AND ARTICLES THROUGHOUT THE YEAR, INCLUDING THE FED AGENDA, A WEEKLY UPDATE FROM THE SOUND MONEY PROJECT THAT PUBLISHED 57 EDITIONS IN 2025. 6502624 1 1 0 0 0 1 0 0 0 0 1 1 0 0 1 1 0 1 0 1 1 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 170 0 1 74 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 14 12 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA PA SC AL AK AR CA CO DC FL GA HI KS KY ME MD MI MN MS NV NH NJ NM NY NC ID OH OK OR RI TN UT VA WA WV WI MO X MICHELE M KEARNS 4135281216 250 DIVISION ST GREAT BARRINGTON MA 01230 TERRY W ANKER CHAIR (AS OF 10/25) 10.00 X X 0 0 0 KATHERINE H DELAY CHAIR (UNTIL 10/25) 10.00 X X 0 0 0 ROBERT SCHIMENZ SECRETARY 10.00 X X 0 0 0 GERALD P DWYER TRUSTEE 5.00 X 0 0 0 DOUGLAS L HARWOOD TRUSTEE 5.00 X 0 0 0 FREDERICK C HARWOOD TRUSTEE 5.00 X 0 0 0 BRADLEY K HOBBS TRUSTEE 5.00 X 0 0 0 NELSON E FURLANO TRUSTEE 5.00 X 0 0 0 TERRY KIBBE TRUSTEE 5.00 X 0 0 0 ADAM KISSEL TRUSTEE 5.00 X 0 0 0 BARRY LINDER TRUSTEE (AS OF 10/25) 5.00 X 0 0 0 JAMES C LORDEMAN TRUSTEE 5.00 X 0 0 0 REED E PHILLIPS TRUSTEE 5.00 X 0 0 0 SURSE T PIERPOINT TRUSTEE 5.00 X 0 0 0 BENJAMIN W POWELL TRUSTEE 5.00 X 0 0 0 WILLIAM RUGER PRESIDENT/DIRECTOR OF RESEARCH & EDUCATION (UNTIL 40.00 X 226392 0 10021 SAMUEL GREGG PRESIDENT/FRIEDRICH HAYEK CHAIR IN ECONOMICS & ECO 40.00 X 338492 0 14906 MICHELE M KEARNS VICE PRESIDENT, FINANCE & HR 40.00 X 284145 0 37645 JASON SORENS SENIOR RESEARCH FELLOW 40.00 X 165858 0 7597 RYAN YONK DIRECTOR OF EDUCATION & SENIOR RESEARCH FELLOW 40.00 X 165125 0 7566 JASON KELLY DIRECTOR OF DATA & TECHNOLOGY 40.00 X 147684 0 17428 BRITTNEY PAUL DIRECTOR OF STRATEGIC PARTNERSHIPS 40.00 X 161701 0 21043 LAURIE B PSHENISHNY COMPTROLLER 40.00 X 146130 0 23889 1635527 0 140095 15 0 1 0 BECK & STONE INC PO BOX 239 SAINT PETERSBURG FL 33731 BRAND, TECHNOLOGY AND COMMUNICATIONS CON 245700 PETER J DEL GRANDE PO BOX 541 HOUSATONIC MA 01236 CHEF 209991 ATHOS MEDIA STRATEGIES LLC 3010 WESTCHESTER AVE PURCHASE NY 10577 PUBLIC RELATIONS 171600 CLEANING AND BEYOND 227 ROBBINS AVE PITTSFIELD MA 01201 CLEANER 158825 CLIFTONLARSENALLEN LLP PO BOX 829709 PHILADELPHIA PA 19182 AUDITOR 117740 5 9608864 2232946 9608864 SALES OF PUBLICATIONS 513120 19414 19414 ACADEMIC PROGRAMS 513120 1165 1165 20579 1150463 1150463 175731 463089 -287358 -287358 -67218 -220140 6724636 4920727 1803909 1803909 1803909 LEGAL SETTLEMENT 900099 675000 675000 MANAGEMENT REVENUE 900003 96733 96733 CHARITABLE REMAINDER INCOME 900099 52515 52515 36279 36279 860527 13156984 20579 29515 3498026 28300 28300 27100 27100 911601 514782 246678 150141 3284953 2654675 208901 421377 120162 93444 9601 17117 532870 395386 57732 79752 316525 240014 34422 42089 23344 7848 15496 67481 67481 22950 22950 90456 90456 722261 706939 9588 5734 276523 109805 166718 99920 53335 9712 36873 269211 216402 27937 24872 238739 190991 19099 28649 696102 640615 10928 44559 46069 46069 351903 281522 28152 42229 101705 49958 45805 5942 LEGAL SETTLEMENT 750000 750000 HONORARIUMS AND STIPEND 86700 86700 PUBLICATIONS 75298 75298 TRUSTEE REIMBURSEMENT 47463 47463 106459 83441 5672 17346 9294095 6502624 1685123 1106348 754 277 5903997 6426128 606111 25716 81811 94438 10552334 6104078 4965370 4448256 32379402 41317035 153253119 172274362 1976582 2497094 199167146 227083306 499878 555857 82610918 95716357 83110796 96272214 X 45381014 54232287 70675336 76578805 116056350 130811092 199167146 227083306 X 3862889 3021898 7869955 X X 0 1 X 1 0 X 1162351 1948990 2703669 3231426 6925025 15971461 1162351 1948990 2703669 3231426 6925025 15971461 4669039 11302422 585709 639165 928423 1076415 1169354 4399066 61758 85022 28616 46097 763794 985287 21355814 905918 0.52920 0.63620 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2021 AMOUNT: $ 61,758. 2022 AMOUNT: $ 85,022. 2023 AMOUNT: $ 28,616. 2024 AMOUNT: $ 46,097. 2025 AMOUNT: $ 763,794. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 22000 7131 230056 1 1 294503 294503 9180199 5120719 4059480 352791 298464 54327 724841 684895 39946 4448256 RESTRICTED TRUST ASSETS UNDER SPLIT INTEREST AGREEMENTS 172044307 F OTHER RESTRICTED INVESTMENTS 230055 F 172274362 LIABILITIES UNDER SPLIT INTEREST AGREEMENTS 92379959 SPLIT INTEREST TRUSTS DISTRIBUTIONS PAYABLE 3235392 INVESTMENT ADVISORY FEE PAYABLE 101006 95716357 X PART X, LINE 2: AIER IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND HAS BEEN CLASSIFIED AS A PUBLIC CHARITY. AIER HAS BEEN CLASSIFIED AS A PUBLICLY-SUPPORTED ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A) OF THE INTERNAL REVENUE CODE. MANAGEMENT EVALUATED TAX POSITIONS TAKEN AND HAS DETERMINED THAT AIER HAS NOT TAKEN ANY MATERIAL UNCERTAIN TAX POSITION AT DECEMBER 31, 2025 AND 2024. 0 SOUTH ASIA 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 11900 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 4000 SUB-SAHARAN AFRICA 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 3850 SOUTH AMERICA 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 3850 EUROPE 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 3500 EUROPE 0 10 PROGRAM SERVICES CONTRACTED WRITER FOR ARTICLES TO OUR DAILY ECONOMY AND FUSION WEBSITES 15908 NORTH AMERICA 0 1 PROGRAM SERVICE CONTRACTED WRITER FOR ARTICLES TO OUR DAILY ECONOMY AND FUSION WEBSITES 2400 MIDDLE EAST AND NORTH AFRICA 0 1 PROGRAM SERVICE CONTRACTED WRITER FOR ARTICLES TO OUR DAILY ECONOMY AND FUSION WEBSITES 1200 0 12 0 0 0 12 46608 0 46608 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES SOUTH ASIA 3 11900 CHECK, ELECTRONIC FUND N/A 0 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES CENTRAL AMERICA AND THE CARIBBEAN 1 4000 CHECK, ELECTRONIC FUND N/A 0 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES SOUTH AMERICA 1 3850 CHECK, ELECTRONIC FUND N/A 0 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES SUB-SAHARAN AFRICA 1 3850 CHECK, ELECTRONIC FUND N/A 0 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES EUROPE 1 3500 CHECK, ELECTRONIC FUND N/A 0 0 0 0 0 0 0 PART I, LINE 3: AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES. AIER DOES NOT TRACK USE OF THE FUNDS. X X X X X 1 CYNTHIA B KILDRUFF 4601 ERIE AVE NW CANAL FULTON OH 44614 ASSIST WITH DONOR AND FOUNDATION COMMUNICATIONS 0 0 22950 0 22950 AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY 1 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES 10 28300 N/A N/A PART I, LINE 2: AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES. X 1 1 X X X 0 0 0 0 0 0 0 1 0 SAMUEL GREGG PRESIDENT/FRIEDRICH HAYEK CHAIR IN E 338492 0 0 0 0 0 13540 0 1366 0 353398 0 0 0 MICHELE M KEARNS VICE PRESIDENT, FINANCE & HR 267145 0 17000 0 0 0 11913 0 25732 0 321790 0 0 0 WILLIAM RUGER PRESIDENT/DIRECTOR OF RESEARCH & EDU 151392 0 75000 0 0 0 9061 0 960 0 236413 0 0 0 BRITTNEY PAUL DIRECTOR OF STRATEGIC PARTNERSHIPS 151701 0 10000 0 0 0 6574 0 14469 0 182744 0 0 0 JASON SORENS SENIOR RESEARCH FELLOW 165858 0 0 0 0 0 6634 0 963 0 173455 0 0 0 RYAN YONK DIRECTOR OF EDUCATION & SENIOR RESEA 165125 0 0 0 0 0 6605 0 961 0 172691 0 0 0 LAURIE B PSHENISHNY COMPTROLLER 143630 0 2500 0 0 0 6284 0 17605 0 170019 0 0 0 JASON KELLY DIRECTOR OF DATA & TECHNOLOGY 147684 0 0 0 0 0 5991 0 11437 0 165112 0 0 0 PART I, LINE 1A ALL INDIVIDUALS LISTED IN SCHEDULE J, PART II, EXCLUDING THE PRESIDENT (WILLIAM RUGER), RECEIVE HOUSING BENEFITS TO ATTEND REQUIRED MEETINGS ON-SITE AT THE ORGANIZATION'S MAIN OFFICE AND ARE TREATED AS NONTAXABLE BENEFITS TO THE INDIVIDUALS. PART I, LINE 7 DISCRETIONARY BONUS WAS PAID TO CERTAIN EMPLOYEES. X 6 2232946 ELECTRONIC PRICING 0 0 1 0 PART I, COLUMN (B): THE AMOUNTS INCLUDED IN PART I, COLUMN (B) REPRESENT THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1A THE STANDING COMMITTEE SHALL BE ELECTED AT EACH ANNUAL MEETING FOR TWO (2) YEAR TERMS; AND SHALL CONSIST OF UP TO NINE (9) PERSONS, BUT NO LESS THAN SEVEN (7) PERSONS, NOT INCLUDING THE ALTERNATE, ALL OF WHOM SHALL BE MEMBERS, NONE OF WHOM SHALL BE TRUSTEES, AND NONE OF WHOMSHALL BE PAID EMPLOYEES OF AIER OR OF ANY SUBSIDIARY. THE STANDING COMMITTEE MAY EXERCISE ALL POWERS OF THE MEMBERS BETWEEN MEETINGS OF THE MEMBERS, EXCEPT THAT THE STANDING COMMITTEE SHALL HAVE NO POWER TO AMEND AIER'S BYLAWS, REMOVE A TRUSTEE FROM OFFICE WITHOUT CAUSE, OR APPROVE DISSOLUTION OF AIER'S ACTIVITIES. FORM 990, PART VI, SECTION A, LINE 2 KATHERINE DELAY, FREDERICK HARWOOD AND DOUGLAS HARWOOD HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CORPORATION ARE THOSE WHO ORIGINALLY ASSOCIATED TO INCORPORATE PLUS ADDITIONAL MEMBERS ELECTED UNDER THE PROVISIONS OF THE ORGANIZATION'S BYLAWS. THE MEMBERS OF THE CORPORATION MAY, BY A MAJORITY VOTE, ELECT ADDITIONAL MEMBERS, WHO SHALL SERVE FOR SIX YEARS AND SHALL BE ELIGIBLE FOR RE-ELECTION FOR SUCCESSIVE SIX YEAR TERMS; HOWEVER, THE TERM OF ANY MEMBER WHO IS AN EMPLOYEE OF THE INSTITUTE SHALL EXPIRE ON THE DATE SUCH MEMBER'S STATUS AS AN EMPLOYEE OF THE INSTITUTE IS TERMINATED FOR CAUSE. TRUSTEES WHO ARE NOT MEMBERS OF THE CORPORATION, BUT WHO ARE RE-ELECTED FOR A SECOND TERM AS TRUSTEE, SHALL AUTOMATICALLY THEREBY BECOME MEMBERS OF THE CORPORATION AND SHALL RETAIN THAT STATUS WHILE SERVING AS TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS RESERVE TO THEMSELVES THE POWER TO ELECT THE TRUSTEES; TO ELECT THE SECRETARY OF THE CORPORATION AND TO FILL VACANCIES IN THAT POSITION; AND TO ELECT THE STANDING COMMITTEE OF THE MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED IN CONJUNCTION WITH AN INDEPENDENT ACCOUNTING FIRM AND REVIEWED BY THE COMPTROLLER AND VP FINANCE. A FINAL DRAFT IS DISTRIBUTED TO THE TRUSTEES FOR QUESTIONS AND COMMENTS APPROXIMATELY TWO WEEKS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS AND TRUSTEES COMPLETE AN ANNUAL CONFLICT OF INTEREST FORM. THE VP FINANCE KEEPS THIS AND FORWARDS TO RESPONSIBLE PERSONS ANY INDICATED POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 VP OF FINANCE FROM TIME TO TIME PROVIDES MARKET DATA TO THE COMPENSATION COMMITTEE. DELIBERATION AND DECISION BY THE BOARD OF TRUSTEES REGARDING COMPENSATION ADJUSTMENTS FOR EXECUTIVES ARE BASED ON PERFORMANCE EVALUATIONS AND MARKET DATA. THESE DECISIONS ARE RECORDED IN THE OFFICIAL MINUTES OF ITS MEETING. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTERESTPOLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: NET INCOME OF SUBSIDIARY 520,178. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 7,349,777. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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