2026-03-04T05:42:00-06:00 2025-08-31 582676261 Rogers & Company PLLC 8300 Boone Boulevard Suite 600 Vienna VA 22182 990 2024-09-01 541436224 Mercatus Center Inc MERC 7039934930 3434 Washington Blvd 4th Floor Arlington VA 222014508 Gary Leff Treasurer and CFO 7039934930 2026-02-27 1 1 Amanda E Waterhouse P02014004 7038930300 2026-02-27 2024 2025-03-06 01:10:19Z Gary Leff 3434 Washington Blvd 4th Floor Arlington VA 222014508 49941720 0 X www.mercatus.org X 1987 VA Cultivating talent who advance market-oriented ideas to expand opportunity. 13 10 200 10 0 0 37253749 46672267 210355 5561 1534200 1285949 340075 323524 39338379 48287301 9944320 10877082 0 0 20888026 18354574 116000 120000 1943354 13861174 11595584 44809520 40947240 -5471141 7340061 36765270 43506821 4410958 3667797 32354312 39839024 X The Center builds and maintains a vibrant community of scholars dedicated to market-oriented thinking and classical liberal principles. We mentor and train up-and-coming scholars and thinkers who will generate ideas and influence society's key institutions. 0 0 19247157 9526084 2264 University Research & Teaching - Supports academic research and faculty activities at George Mason University and elsewhere to advance and apply a research agenda for understanding institutions and change or broadly advance a free and prosperous society. 6722322 80295 855 Applied Research - Conduct economic research of consequence that makes sense of public policy problems and puts forward solutions that maximize individual freedom and prosperity. 5019145 6000 2442 Strategic Public Engagement - Drives Mercatus's external impact by integrating communications, government relations, publications, talent development, and convening to ensure its ideas reach and persuade key audiences. 4712079 1254704 0 Student Programs - Support Graduate Students at George Mason University, training future scholars and decision-makers to advance and apply a research agenda for understanding institutions and change. 1256332 10000 0 Public Affairs - Seeks to inform alumni, faculty, and supporters about the efforts of the Center and build communication that develops a network of individuals interested in liberty. 5968411 1264704 0 36957035 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 1 1 1 1 1 0 0 0 1 1 1 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 1 595 0 1 200 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 10 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 AL AR CA FL HI IL KS KY ME MD MA MI MN MS NH NJ NM NY OR RI SC TN VA WV X Gary Leff 7039934930 3434 Washington Blvd 4th Floor Arlington VA 222014508 Tyler Cowen Chairman 1.00 X X 128367 0 0 Donald Boudreaux Director 1.00 X 83500 0 0 Virgil Henry Storr Director (SVP of Research & Programs) 40.00 X 256751 0 119 Brendan McCord Director (from 2/25) 1.00 X 0 0 0 Brian Hooks Director 1.00 X 0 0 0 Edwin Meese Director 1.00 X 0 0 0 Emily Chamlee-Wright Director 1.00 X 0 0 0 Katherine Boyle Director 1.00 X 0 0 0 Manuel Johnson Director 1.00 X 0 0 0 Richard Fink Director 1.00 X 0 0 0 Salen Churi Director 1.00 X 0 0 0 Samuel Bowman Director 1.00 X 0 0 0 Vernon Smith Director 1.00 X 0 0 0 Benjamin Klutsey Executive Director (from 6/24) 40.00 X 354211 0 27746 Daniel M Rothschild Executive Vice President (6/24-10/24) 40.00 X 289617 0 28877 Jennifer Zambone Secretary and Chief Operating Officer 40.00 X 274100 0 11132 Gary Leff Treasurer and Chief Financial Officer 20.00 X 199674 0 21955 Daniel Butler Vice President of Development 40.00 X 341101 0 27993 Veronique De Rugy George Gibbs Chair Project Sr Research Fellow 40.00 X 318435 0 21319 Eileen Norcross Vice President of Research 40.00 X 282764 0 28993 Alden Abbott Senior Research Fellow 40.00 X 240871 0 760 Brett Doyle Managing Director 40.00 X 239887 0 1761 3009278 0 170655 64 0 1 0 Tilapia Film LLC 1188 Court Street Unit 28 Elko NV 89801 Video production and motion graphics ser 281944 Marriott International PO Box 402642 Atlanta GA 30384 Catering services 230595 Morgan Meredith & Associates 22780 Indian Creek Dr STE 100 Dulles VA 20166 Direct mail and postage services 197008 Salesforcecom 415 Mission Street 3rd Floor San Francisco CA 94105 Cloud-based online software services 180561 Open AI LLC 3180 18th Ave Suite 100 San Francisco CA 94140 Cloud-based online software services 161400 10 46672267 544466 46672267 Educational programs 611710 5561 5561 5561 1293736 1293736 271586 0 271586 271586 271586 1638353 8279 1652062 2357 -13709 5922 -7787 -7787 Credit card rewards 900099 50448 50448 1490 1490 51938 48287301 5561 0 1609473 2875391 2875391 2077166 2077166 5924525 5924525 1604214 768740 661655 173819 118486 118486 14528230 13018485 678133 831612 1003606 871653 72408 59545 1100038 957117 73855 69066 92171 71733 7775 12663 22660 22660 120000 120000 12949 12949 1996904 1627368 154530 215006 214793 214793 980953 720450 27084 233419 1247902 1076578 121928 49396 1416725 1279659 70093 66973 2621361 2560530 50441 10390 2681993 2591316 9785 80892 209694 189407 10374 9913 68825 3390 65435 Memberships 11944 4442 7450 52 List rental 10723 398 10325 Property taxes 5987 5408 296 283 40947240 36957035 2046851 1943354 5852896 3258699 27676956 34529111 0 2000000 264905 95114 689596 943375 1649685 1529661 327396 120024 1953521 2560498 36765270 43506821 1860027 1500005 2233155 1629165 317776 538627 4410958 3667797 X 18745722 25042221 13608590 14796803 32354312 39839024 36765270 43506821 X 7340061 123394 21257 X 0 1 X 1 0 X 49704276 49537054 45540249 37253749 46672267 228707595 49704276 49537054 45540249 37253749 46672267 228707595 73525159 155182436 355505 380772 1573276 1795854 1565322 5670729 234378324 915986 0.66210 0.74300 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 643055 636624 6431 1006630 893037 113593 120024 Charitable gift annuities 171898 Due to affiliate 366729 538627 X 49776435 123394 1378689 1502083 48274352 12949 12949 48287301 42291723 1378689 -21257 1357432 40934291 12949 12949 40947240 Part X, Line 2: Management has evaluated the Center's tax positions and concluded that the Center did not have any significant uncertain tax positions at August 31, 2025 and 2024. Part XII, Line 2d - Other Adjustments: Reversal of Prior Year Grant Expense -21,257. 1 East Asia and the Pacific 0 3 Program Services Student Programs 3225 Europe (Including Iceland and Greenland) 0 34 Program Services Applied Research, Student Programs, Strategic Public Engagement, University Research & Teaching 69917 Middle East and North Africa 0 1 Program Services Strategic Public Engagement 7393 North America 0 3 Program Services Student Programs, Strategic Public Engagement 5050 Russia and Neighboring State - Kazakhstan 0 1 Program Services Student Programs 150 South America 0 11 Program Services Student Programs, University Research & Teaching 3650 South Asia 0 26 Program Services Student Programs, University Research & Teaching 49000 Sub-Saharan Africa 0 5 Program Services Student Programs 900 Central America and the Caribbean 0 0 Grants to recipients located in the region 208941 East Asia and the Pacific 0 0 Grants to recipients located in the region 175479 Europe (Including Iceland & Greenland) 0 0 Grants to recipients located in the region 2240024 Middle East and North Africa 0 0 Grants to recipients located in the region 75191 North America 0 0 Grants to recipients located in the region 275323 Russia and Neighboring States - Ukraine, Tajikistan 0 0 Grants to recipients located in the region 194702 South America 0 0 Grants to recipients located in the region 29461 South Asia 0 0 Grants to recipients located in the region 2461356 Sub-Saharan Africa 0 0 Grants to recipients located in the region 264048 0 84 0 0 0 84 139285 5924525 6063810 Central America and the Caribbean Student Development/education grant 20000 Wire/EFT/Check 0 Europe Research Grant 172000 Wire/EFT/Check 0 Europe Research Grant 100000 Wire/EFT/Check 0 Europe Research Grant 100000 Wire/EFT/Check 0 Europe Research Grant 70000 Wire/EFT/Check 0 Europe Research Grant 50000 Wire/EFT/Check 0 Europe Research Grant 50000 Wire/EFT/Check 0 Europe Research Grant 50000 Wire/EFT/Check 0 Europe Research Grant 50000 Wire/EFT/Check 0 Europe Research Grant 50000 Wire/EFT/Check 0 Europe Research Grant 50000 Wire/EFT/Check 0 Europe Research Grant 46000 Wire/EFT/Check 0 Europe Research Grant 45000 Wire/EFT/Check 0 Europe Research Grant 25000 Wire/EFT/Check 0 Europe Research Grant 20000 Wire/EFT/Check 0 Europe Research Grant 20000 Wire/EFT/Check 0 Europe Research Grant 20000 Wire/EFT/Check 0 Europe Research Grant 20000 Wire/EFT/Check 0 Europe Research Grant 20000 Wire/EFT/Check 0 Europe Research Grant 15000 Wire/EFT/Check 0 Europe Research Grant 10000 Wire/EFT/Check 0 Middle East and North Africa Research Grant 30000 Wire/EFT/Check 0 North America - Canada and Mexico Student Development/education grant 20000 Wire/EFT/Check 0 North America - Canada and Mexico Research Grant 15000 Wire/EFT/Check 0 North America - Canada and Mexico Research Grant 10000 Wire/EFT/Check 0 Russia and Neighboring State - Ukraine Research Grant 50000 Wire/EFT/Check 0 Russia and Neighboring State - Ukraine Research Grant 20000 Wire/EFT/Check 0 Russia and Neighboring State - Ukraine Research Grant 10000 Wire/EFT/Check 0 South Asia Research Grant 120000 Wire/EFT/Check 0 South Asia Research Grant 100000 Wire/EFT/Check 0 South Asia Research Grant 80000 Wire/EFT/Check 0 South Asia Research Grant 60000 Wire/EFT/Check 0 South Asia Research Grant 50000 Wire/EFT/Check 0 South Asia Research Grant 50000 Wire/EFT/Check 0 South Asia Research Grant 50000 Wire/EFT/Check 0 South Asia Research Grant 40000 Wire/EFT/Check 0 South Asia Research Grant 30000 Wire/EFT/Check 0 South Asia Research Grant 30000 Wire/EFT/Check 0 South Asia Research Grant 30000 Wire/EFT/Check 0 South Asia Research Grant 30000 Wire/EFT/Check 0 South Asia Research Grant 30000 Wire/EFT/Check 0 South Asia Research Grant 30000 Wire/EFT/Check 0 South Asia Research Grant 28000 Wire/EFT/Check 0 South Asia Research Grant 26000 Wire/EFT/Check 0 South Asia Research Grant 25000 Wire/EFT/Check 0 South Asia Research Grant 25000 Wire/EFT/Check 0 South Asia Research Grant 25000 Wire/EFT/Check 0 South Asia Research Grant 25000 Wire/EFT/Check 0 South Asia Research Grant 24000 Wire/EFT/Check 0 South Asia Research Grant 21000 Wire/EFT/Check 0 South Asia Research Grant 20000 Wire/EFT/Check 0 South Asia Research Grant 20000 Wire/EFT/Check 0 South Asia Research Grant 20000 Wire/EFT/Check 0 South Asia Research Grant 20000 Wire/EFT/Check 0 South Asia Research Grant 15000 Wire/EFT/Check 0 South Asia Research Grant 8000 Wire/EFT/Check 0 Sub-Saharan Africa Research Grant 100000 Wire/EFT/Check 0 Sub-Saharan Africa Research Grant 30000 Wire/EFT/Check 0 6 52 Student development/education fellowships, research grants Central America and the Caribbean 15 188941 Wire/EFT/Check 0 Student development/education fellowships, research grants, and stipend support East Asia and the Pacific 29 175479 Wire/EFT/Check 0 Student development/education fellowships, research grants, and stipend support Europe (Including Iceland & Greenland) 189 1255724 Wire/EFT/Check 0 Student development/education fellowships, research grants Middle East and North Africa 9 45191 Wire/EFT/Check 0 Student development/education fellowships, research grants, and stipend support North America 39 230323 Wire/EFT/Check 0 Student development/education fellowships, research grants, and stipend support Russia & Neighboring - Ukraine, Tajikistan, Kazakhstan 14 114702 Wire/EFT/Check 0 Student development/education fellowships, research grants South America 21 29461 Wire/EFT/Check 0 Student development/education fellowships, research grants, and stipend support South Asia 175 1419356 Wire/EFT/Check 0 Student development/education fellowships, research grants, and stipend support Sub-Saharan Africa 43 134048 Wire/EFT/Check 0 0 0 0 0 0 0 Part I, Line 2: Faculty awards are given to Center faculty members who actively engage in original research. In addition, grants are made to support research at other universities that advance the mission of the Center, as well as promising projects aimed at meaningfully improving society through the Emergent Ventures program. Research projects are expected to result in scholarly journal articles, book manuscripts, monographs, or other quality products. Academic fellowships, scholarships, and stipends are also awarded to support emerging scholars, students, and researchers, fostering academic growth and talent development to further advance the Center's mission. Part I, line 3: Foreign expenses are directly tracked and accounted for on the accrual method of accounting used for books. Part III, Col (c): The grants, scholarships, and stipends reported are based on actual amounts. For a portion of the fellowship programs, the allocation of domestic vs. foreign recipients is estimated based on prior year data. This estimate was made by reviewing past distributions of fellows and applying the observed ratio of domestic to foreign recipients to the current year's promised payments and number of recipients. X X X X X 1 Advanced Advocacy LLC 1750 K Street NW Suite 1200 Washington DC 20006 See Part IV 0 1039838 120000 919838 1039838 120000 919838 DC AL AK AR CA CO FL HI IL KS KY ME MD MA MI MN MS NH NJ NM NY ND OH OK OR RI SC TN VA WA WV (ii) Activity: Developed and facilitated relationships between prospective funding partners and Mercatus. Connected existing partners to Mercatus activities. Communicated activities and fundraising strategy to Mercatus leadership. 1 10 Academy 1200 Rickabaugh Way Unit 472 Santa Clara CA 95050 863368596 501(c)3 30000 0 Research and Education Grants ACE Services LLC 13919 Saint Michael Dr Little Rock AR 72211 811146622 25000 0 Research and Education Grants ARC Prize Foundation 548 Market Street San Francisco CA 94104 992781492 50000 0 Research and Education Grants Arizona State University Foundation for A New American University 300 E University Dr 6th Fl Tempe AZ 852812061 866051042 501(c)3 20000 0 Research and Education Grants ArticleIP Inc 3977 Via Cristobal San Jose CA 95008 333164314 10000 0 Research and Education Grants Associated Students of the University of California at Berkeley 2465 Bancroft Way MC4500 Berkley CA 94720 940294680 501(c)3 10000 0 Research and Education Grants Biolyth Technology LLC 3386 Jay Tee Dr Melbourne FL 32901 884539135 15000 0 Research and Education Grants California Institute of Technology 1200 E California Blvd MC 234-6 Pasadena CA 91125 951643307 501(c)3 86219 0 Research and Education Grants Caribbean Progress Studies Institute Inc 21262 Prado Circle Huntington Beach CA 92648 922750682 501(c)3 7300 0 Research and Education Grants Center for Innovative Governance Research 1717 K Street NW 900 Washington DC 20006 823264419 501(c)3 50000 0 Research and Education Grants ChatARV Inc 1111b S Governors Avenue STE 29442 Dover DE 19904 334800471 15000 0 Research and Education Grants ChinaTalk Group LLC 169 Madison Avenue STE 11985 New York NY 10016 332292837 100000 0 Research and Education Grants Chinese Reconciliation Project Foundation PO Box 7024 Tacoma WA 984060024 911647325 501(c)3 10000 0 Research and Education Grants Climate Equity Partners LLC 121 Garrison Ave 121 Jersey City NJ 07306 883816250 10000 0 Research and Education Grants Deveillance Inc 392 Harvard Street Cambridge MA 02138 393507928 30000 0 Research and Education Grants Digital Harbor Foundation Inc 1045 Light Street Baltimore MD 21230 452536579 501(c)3 100000 0 Research and Education Grants EconAI LLC 4614 E Calle Del Norte Phoenix AZ 85018 333719839 20000 0 Research and Education Grants Edge Institute Inc 1300 S 6th Street Austin TX 78704 992785973 501(c)3 50000 0 Research and Education Grants Energy for Growth Hub 1 Thomas Circle NW Suite 700 Washington DC 20005 831609680 501(c)3 40000 0 Research and Education Grants Epoch Artificial Intelligence Inc 166 Geary St 1500 1917 San Francisco CA 94108 994050541 501(c)3 10000 0 Research and Education Grants Fedmin Inc 2261 Market Street STE 10883 San Francisco CA 94114 372146637 25000 0 Research and Education Grants George Mason University Foundation 4400 University Drive MSN 1A3 Fairfax VA 220304444 541603842 501(c)3 185887 0 General Support Grants IncQuery LLC 180 N Stetson Suite 3500 Chicago IL 60601 813686688 30000 0 Research and Education Grants Jade Hosting Corp 131 Continental Dr Suite 305 Newark DE 19713 365146300 12000 0 Research and Education Grants Kou Records 249 East 62nd Street 25B New York NY 10065 854390556 10000 0 Research and Education Grants Kyiv School of Economics 2403 Avenue X Brooklyn NY 11235 522264611 501(c)3 1100000 0 Research and Education Grants Le Sallay & Marabou International Studies Inc 358 Lake st Belmont MA 02478 852688298 501(c)3 30000 0 Research and Education Grants Maiv Health 100 E Whitestone Blvd Ste 148 228 Cedar Park TX 78613 882829129 27000 0 Research and Education Grants Normal Information Company 131 Continental Dr Suite 305 Newark DE 19713 365123170 30000 0 Research and Education Grants Nucleate Bio 88 Gordon St 401 Brighton MA 02135 863225994 501(c)3 50000 0 Research and Education Grants Octavia Technologies Inc 2093 Philadelphia Pike 7997 Claymont DE 19703 333536585 20000 0 Research and Education Grants Pan-American Lidar Initiative 892 Union St San Francisco CA 94133 333501726 501(c)3 30000 0 Research and Education Grants Pareto Works LLC 1814 Swann St NW unit A Washington DC 20009 923534586 10000 0 Research and Education Grants Plymouth Street Inc 90 Gold Street San Francisco CA 94133 884107959 16135 0 Research and Education Grants President and Fellows of Harvard 1033 MASSACHUSETTS AVE 2ND FLOOR Cambridge MA 02138 042103580 501(c)3 14000 0 Research and Education Grants Purple Hydrogen Corp 251 Little Falls Drive Wilmington DE 19808 612202595 20000 0 Research and Education Grants Stephen Voss Photography Inc 3841 Warren Street NW Washington DC 20016 263186303 25000 0 Research and Education Grants Swiftink LLC 22769 Portico Pl Ashburn VA 20148 931718808 30000 0 Research and Education Grants Symbia Co 4030 Tates Creek Rd Lexington KY 40517 331807157 10000 0 Research and Education Grants Talent Market 1633 Connecticut Ave NW STE 300 Washington DC 20009 521928321 501(c)3 10000 0 General Support Grants The Argument Inc 1 Thomas Circle Northwest Suite 700 Washington DC 20005 334900706 100000 0 Research and Education Grants The David Network 8300 Boone Blvd Suite 500 Vienna VA 22182 994579478 501(c)3 50000 0 Research and Education Grants The Econ Of LLC 532 E 860 S Providence UT 84332 833104997 65000 0 Research and Education Grants The Hack Foundation 8605 Santa Monica Blvd Suite 86294 West Hollywood CA 90069 812908499 501(c)3 11500 0 Research and Education Grants The Xheladin and Xhufe Morina Foundation 160 Cambridgepark Drive 563 Cambridge MA 02140 934565410 501(c)3 10000 0 Research and Education Grants Ukraine Global Scholars Foundation 177 Huntington Avenue 17th Floor Suite 1788 Boston MA 02115 810847939 501(c)3 100000 0 Research and Education Grants Vimes Inc 137 Montague St Brooklyn NY 11201 334925190 25000 0 Research and Education Grants Women's Health Fund 180 Steuart St 190142 San Francisco CA 94105 993480713 501(c)3 50000 0 Research and Education Grants Xlogic Labs Inc 8 The Green Ste A Dover DE 19901 993430092 25000 0 Research and Education Grants Zero Billion Inc 1152 S VAN NESS AVE San Francisco CA 94110 993270894 40000 0 Research and Education Grants 23 27 Student development/education Fellowships 374 663369 N/A N/A Research/ Student development Grants 76 1390800 N/A N/A Student development/education stipends 23 22997 N/A N/A Part I, Line 2: Faculty awards are given to those Center faculty members who actively engage in original research. In addition, grants were made to support research at other universities that advance the mission of the center and for promising projects to meaningfully improving society through the Emergent Ventures program. Research projects are expected to result in scholarly journal articles, book manuscripts, monographs, or other quality products. Part III, column (b): The number of individual recipients reported is an estimate based on historical trends from the prior year. Part I, Line 1(h): Grants were given to the George Mason University for the following purposes: to provide general support for the mission and activities of the George Mason University Foundation; to provide support for research by faculty members in economics; to support student tuition in the Department of Economics; to support student stipends in the Department of Economics; and for summer support and course buyouts for faculty members in economics. X X X X 0 0 0 0 0 0 0 0 0 Benjamin Klutsey Executive Director (from 6/24) 204211 0 150000 0 0 0 0 0 27746 0 381957 0 0 0 Daniel Butler Vice President of Development 209101 0 132000 0 0 0 0 0 27993 0 369094 0 0 0 Veronique De Rugy George Gibbs Chair Project Sr Resear 228229 0 90000 0 206 0 0 0 21319 0 339754 0 0 0 Daniel M Rothschild Executive Vice President (6/24-10/24 209617 0 80000 0 0 0 0 0 28877 0 318494 0 0 0 Eileen Norcross Vice President of Research 212725 0 70000 0 39 0 0 0 28993 0 311757 0 0 0 Jennifer Zambone Secretary and Chief Operating Office 209100 0 65000 0 0 0 0 0 11132 0 285232 0 0 0 Virgil Henry Storr Director (SVP of Research & Programs 91250 0 165501 0 0 0 0 0 119 0 256870 0 0 0 Brett Doyle Managing Director 214887 0 25000 0 0 0 0 0 1761 0 241648 0 0 0 Alden Abbott Senior Research Fellow 225871 0 15000 0 0 0 0 0 760 0 241631 0 0 0 Gary Leff Treasurer and Chief Financial Office 153007 0 46667 0 0 0 0 0 21955 0 221629 0 0 0 Nona Storr Family Relationship 20000 Honorarium for participating in the Hayek Program Hurricane Dorian recovery project. 0 Linden Wright Family Relationship 58486 Compensation as an employee of Mercatus. 0 Daniel M Rothschild Former Officer 40000 Contracted with the Former Officer's LLC for organizing and coordinating a program-related event. 0 X 9 544466 Fair market value 0 0 1 0 Part I, Column (b): The number in column (b) reflects the number of contributors. Form 990, Part VI, Section B, line 11b A draft of the Form 990 is prepared by the independent accountants and provided to the Chairman of the Board for review prior to filing. Form 990, Part VI, Section B, line 12c Conflicts and potential conflicts of interest are described in the Center's Employee Manual, which is distributed to all employees. Disclosure is required contemporaneously with any potential conflicts and employees are regularly reminded of the obligation. Form 990, Part VI, Section B, line 15 Officer compensation is set annually by a vote of the Executive Committee of the Board of Directors. Decisions are documented by the Executive Committee and provided to the organization. The committee considers employee performance, their knowledge of non-profit practices, and comparability data. Form 990, Part VI, Section C, line 19 The Organization's makes its financial statements and governing documents available upon request to those deemed to have a bona fide business purpose which advances the exempt purpose of the organization. Form 990, Part XI, line 9: Reversal of Prior Year Grant Expense 21,257.