Form 990 for tax year 2025
Filed by NATIONAL RETAIL FEDERATION INC.
Totals
- Total revenue
- $93,415,296
- Total expenses
- $92,834,925
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $90,649,067
- Investment income
- $2,284,792
- Other revenue
- $481,437
- Total assets, end of year
- $78,381,729
- Total liabilities, end of year
- $58,116,277
- Net assets or fund balances, end of year
- $20,265,452
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: EVENTS
total $77,476,419 · related or exempt $77,476,419
-
2b · Program service revenue: MEMBERSHIP DUES
total $10,122,875 · related or exempt $10,122,875
-
2c · Program service revenue: SPECIAL PROJECTS
total $1,904,023 · related or exempt $1,904,023
-
2d · Program service revenue: MEMBER PROGRAMS
total $1,145,750 · related or exempt $1,145,750
-
3 · Investment income
total $1,231,942 · excluded $1,231,942
-
5 · Royalties
total $481,437 · unrelated business $468,145 · excluded $13,292
-
7a · Gross sales of assets other than inventory
securities $8,026,661
-
7b · Less cost or other basis and sales expenses
securities $6,967,214 · other assets $6,597
-
7c · Gain or loss
securities $1,059,447 · other assets -$6,597
-
7d · Net gain or loss
total $1,052,850 · excluded $1,052,850
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $7,392,326
-
7 · Other salaries and wages
total $19,010,598
-
8 · Pension plan contributions
total $1,403,384
-
9 · Other employee benefits
total $587,646
-
10 · Payroll taxes
total $3,299,337
-
11b · Fees: legal
total $2,206,675
-
11c · Fees: accounting
total $98,774
-
11d · Fees: lobbying
total $1,513,924
-
11f · Fees: investment management
total $74,488
-
11g · Fees: other
total $13,714,752
-
12 · Advertising and promotion
total $1,147,729
-
13 · Office expenses
total $3,786,916
-
14 · Information technology
total $2,602,316
-
16 · Occupancy
total $2,550,678
-
17 · Travel
total $1,022,617
-
19 · Conferences, conventions and meetings
total $28,559,765
-
20 · Interest
total $312,822
-
22 · Depreciation, depletion and amortization
total $1,441,229
-
23 · Insurance
total $111,881
-
24a · Other expenses: BUS & REPRESENTATION
total $1,666,046
-
24b · Other expenses: DUES
total $429,991
-
24c · Other expenses: BAD DEBT EXPENSE
total $46,200
-
24e · All other expenses
total -$145,169
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $3,513,971 · end of year $1,893,963
-
4 · Accounts receivable
beginning of year $6,298,901 · end of year $6,004,551
-
9 · Prepaid expenses and deferred charges
beginning of year $1,134,382 · end of year $637,450
-
10a · Land, buildings and equipment: cost or other basis
$13,966,564
-
10b · Land, buildings and equipment: accumulated depreciation
$6,838,947
-
10c · Land, buildings and equipment, net
beginning of year $4,508,452 · end of year $7,127,617
-
11 · Investments: publicly traded securities
beginning of year $35,475,641 · end of year $37,795,768
-
14 · Intangible assets
beginning of year $937,939 · end of year $827,785
-
15 · Other assets
beginning of year $23,865,678 · end of year $24,094,595
-
17 · Accounts payable and accrued expenses
beginning of year $14,270,816 · end of year $14,697,534
-
19 · Deferred revenue
beginning of year $16,744,657 · end of year $14,320,400
-
21 · Escrow or custodial account liability
beginning of year $200,000 · end of year $200,450
-
24 · Unsecured notes and loans payable
beginning of year $4,821,198 · end of year $4,083,203
-
25 · Other liabilities
beginning of year $23,011,977 · end of year $24,814,690
-
27 · Net assets without donor restrictions
beginning of year $16,686,316 · end of year $20,265,452
Mission and programs · 2025
Mission
NRF'S MISSION IS TO ADVANCE AND PROTECT THE INTERESTS OF THE RETAIL INDUSTRY AND TO HELP RETAILERS ACHIEVE EXCELLENCE IN ALL AREAS OF THEIR BUSINESS.
Activities or mission (Part I)
NRF'S MISSION IS TO ADVANCE AND PROTECT THE INTERESTS OF THE RETAIL INDUSTRY.
-
NRF ADVANCES AND PROTECTS THE INTERESTS OF THE RETAIL INDUSTRY THROUGH ITS LEGISLATIVE AND REGULATORY ADVOCACY. THESE EFFORTS FOCUS ON THE ISSUES THAT DIRECTLY AFFECT THE RETAIL BUSINESS INCLUDING CREDIT AND PAYMENTS POLICY, LABOR BENEFITS AND EMPLOYMENT PRACTICES, TRADE AND TAX POLICY, AMONG OTHERS.
-
NRF HELPS RETAILERS ACHIEVE EXCELLENCE IN ALL AREAS OF THEIR BUSINESS THROUGH ITS ANNUAL CONVENTION, CONFERENCES AND WORKSHOPS. THESE EVENTS BRING RETAILERS TOGETHER WITH INDUSTRY THOUGHT LEADERS AND SUPPLIERS TO EXPLORE RESEARCH ON THE FUTURE OF RETAIL; EXAMINE BENCHMARKING AND BEST PRACTICES OF INDUSTRY PEERS; AND LEARN ABOUT CUTTING EDGE PRODUCTS FROM THE INDUSTRY'S LEADING SOLUTION PROVIDERS. DESIGNED TO MEET THE NEEDS OF A VARIETY OF RETAIL DISCIPLINES INCLUDING STRATEGY AND RETAIL OPERATIONS, TECHNOLOGY, E-COMMERCE, LOSS PREVENTION AND MARKETING THE EVENTS ATTRACT MORE THAN 40,000 INDUSTRY PROFESSIONALS ANNUALLY.
-
NRF HELPS ITS MEMBERS ACHIEVE EXCELLENCE IN THEIR BUSINESS THROUGH INFORMATION DISSEMINATION ON TOPICS THAT RANGE FROM DATA SECURITY, E-COMMERCE, SALES TRENDS, TO FACILITATION OF PEER TO PEER INTERACTION THAT CREATE WORKABLE SOLUTIONS TO BUSINESS CHALLENGES SUCH AS LEVERAGING TECHNOLOGY IN AN UNCERTAIN ECONOMY AND MANAGING GENERATIONAL DIFFERENCES. THE WORK IS CONDUCTED BY OVER 40 INDUSTRY COUNCILS AND TASK FORCES.
As filed on the 2025 return.
Listed in Part VII
-
MATTHEW R SHAY
PRESIDENT AND CEO
- Total calculated
- $6,311,852
- From this org
- $5,100,934
- From related orgs
- $0
- Other
- $1,210,918
- Hours/week
- 41.5 + 8.5 related
Schedule J breakdown matched by us
- Base
- $2,633,333
- Bonus
- $1,912,500
- Other
- $555,101
- Deferred
- $1,026,585
- Nontaxable benefits
- $184,333
- Filer's total
- $6,311,852
-
ROBERT EDDY
CHAIR
- Total calculated
- $0
- Hours/week
- 0.5
-
MIKE GEORGE
IMMEDIATE PAST CHAIR
- Total calculated
- $0
- Hours/week
- 0.5
-
JOHN FURNER
FIRST VICE CHAIR & IMMEDIATE PAST CHAIR
- Total calculated
- $0
- Hours/week
- 0.5
-
ANISH MELWANI
SECOND VICE CHAIR
- Total calculated
- $0
- Hours/week
- 0.5
-
BETH ABERG
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
MARGUERITE ADZICK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
CHRISTOPHER BALDWIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
HORACIO BARBEITO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
SHELLEY BRANSTEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
BRIAN CORNELL
DIRECTOR (THRU 01/26)
- Total calculated
- $0
- Hours/week
- 0.5
-
JOSEPH DITTMAR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
MICHAEL FIDDELKE
DIRECTOR (AS OF 01/26)
- Total calculated
- $0
- Hours/week
- 0.5
-
HARLEY FINKELSTEIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
MICHELLE GASS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
DOUG HERRINGTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
ANTHONY HUCKER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
IAN KAHN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
HAL LAWTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
CONNOR MARSDEN
DIRECTOR (AS OF 01/26)
- Total calculated
- $0
- Hours/week
- 0.5
-
BILLY MAY
DIRECTOR (AS OF 01/26)
- Total calculated
- $0
- Hours/week
- 0.5
-
MARC METRICK
DIRECTOR (THRU 01/26)
- Total calculated
- $0
- Hours/week
- 0.5
-
SUSAN MORRIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
STEVEN PRESTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5 + 0.5 related
-
DAVID RATNER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
DAVID RAWLINSON II
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
SERGIO ROJAS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
VIVEK SANKARAN
DIRECTOR (THRU 06/25)
- Total calculated
- $0
- Hours/week
- 0.5
-
KIMBERLY SMITH
DIRECTOR (THRU 01/26)
- Total calculated
- $0
- Hours/week
- 0.5
-
TONY SPRING
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
EDWARD W STACK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
COLLEEN TAYLOR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
CARRIE THARP
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
STEVEN WILLIAMS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
TIFFANY ZARFAS WILLIAMS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
MICHELLE WLAZALO
DIRECTOR (AS OF 01/26)
- Total calculated
- $0
- Hours/week
- 0.5
-
STEPHANIE MARTZ
SECRETARY AND GENERAL COUNSEL
- Total calculated
- $1,080,474
- From this org
- $971,571
- From related orgs
- $0
- Other
- $108,903
- Hours/week
- 41.5 + 8.5 related
Schedule J breakdown matched by us
- Base
- $670,040
- Bonus
- $256,000
- Other
- $45,531
- Deferred
- $62,000
- Nontaxable benefits
- $46,903
- Filer's total
- $1,080,474
-
DAVID FRENCH
SVP, GOVERNMENT RELATIONS
- Total calculated
- $1,268,422
- From this org
- $1,153,569
- From related orgs
- $0
- Other
- $114,853
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $755,040
- Bonus
- $327,000
- Other
- $71,529
- Deferred
- $62,000
- Nontaxable benefits
- $52,853
- Filer's total
- $1,268,422
-
WILLIAM THORNE
SVP, PUBLIC RELATIONS/ED
- Total calculated
- $947,246
- From this org
- $843,185
- From related orgs
- $0
- Other
- $104,061
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $600,873
- Bonus
- $202,000
- Other
- $40,312
- Deferred
- $62,000
- Nontaxable benefits
- $42,061
- Filer's total
- $947,246
-
SUSAN NEWMAN
SVP, CONFERENCES
- Total calculated
- $756,785
- From this org
- $667,993
- From related orgs
- $0
- Other
- $88,792
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $437,473
- Bonus
- $200,000
- Other
- $30,520
- Deferred
- $62,000
- Nontaxable benefits
- $26,792
- Filer's total
- $756,785
-
ARTEMIS SAKELL
SENIOR DIRECTOR, EXHIBITS
- Total calculated
- $690,057
- From this org
- $639,644
- From related orgs
- $0
- Other
- $50,413
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $170,180
- Bonus
- $468,636
- Other
- $828
- Deferred
- $38,500
- Nontaxable benefits
- $11,913
- Filer's total
- $690,057
-
JILL DVORAK
SVP, CONTENT-EDUCATION
- Total calculated
- $629,215
- From this org
- $541,262
- From related orgs
- $0
- Other
- $87,953
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $418,373
- Bonus
- $120,000
- Other
- $2,889
- Deferred
- $58,667
- Nontaxable benefits
- $29,286
- Filer's total
- $629,215
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 1a · First-class or charter travel
- 1a · Travel for companions
- 1a · Health or social club dues or initiation fees
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 1A
- BUSINESS CLASS TRAVEL IS PROVIDED TO NRF EMPLOYEES ON AN EXCEPTION BASIS FOR OVERSEAS TRAVEL. IT IS NOT INCLUDED AS COMPENSATION ON A W-2 AS WE CONSIDER IT PART OF DOING BUSINESS. THE CEO CONTRACT REQUIRES SPOUSAL PARTICIPATION IN A LIMITED NUMBER OF EVENTS THROUGHOUT THE YEAR. THIS IS A BUSINESS REQUIREMENT AND AS SUCH IS NOT REPORTED ON A W-2. NRF PAYS MONTHLY CLUB DUES FOR ONE HCE FOR BUSINESS PURPOSES. ANY NON-BUSINESS USE IS REPORTED AS COMPENSATION ON THE HCE'S W-2.
- PART I, LINE 4B
- THE CEO PARTICIPATES IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN AS DESCRIBED IN SECTION 457F OF THE IRC. PAYMENTS TO THE 457F PLAN CONSIST OF EMPLOYER CONTRIBUTIONS. THERE WAS A 457F CONTRIBUTION OF $1,000,000 IN THE CURRENT YEAR.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
501(C)(3) · SUPPORT AND PROMOTE RETAIL EDUCATION, RESEARCH, AND CAREERS · DC · controlled entity
Directly controlled by NATIONAL RETAIL FEDERATION
-
NRF POLITICAL ACTION COMMITTEE
527 · SEPARATE SEGREGATED FUND · DC · controlled entity
Directly controlled by NATIONAL RETAIL FEDERATION
Provenance
- Return type
- form_990
- Tax year
- 2025
- Filed
- 23 June 2026
- IRS schema version
- 2025v4.2
- Source object
- 202641769349301619
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