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Nonprofiteer
← NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP

Form 990 for tax year 2024

Filed by NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP.

Totals

Total revenue
$2,071,222,273
Total expenses
$1,836,035,643
Contributions and grants received
$0
Grants paid
$1,124,281
Program service revenue
$2,054,726,116
Investment income
$9,044,902
Other revenue
$7,451,255
Total assets, end of year
$38,295,081,990
Total liabilities, end of year
$35,206,469,341
Net assets or fund balances, end of year
$3,088,612,649
Program services expenses (Part IX)
$1,686,835,981
Management and general expenses
$149,199,662
Fundraising expenses
$0
Program service expenses (Part III)
$1,686,835,981

Program services were 91.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Listed in Part VII

  • GORDON ANTHONY NORTON

    PRESIDENT

    Total calculated
    $95,000
    From this org
    $95,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    17

  • MARK SUGGS

    VICE PRESIDENT

    Total calculated
    $95,000
    From this org
    $95,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • BRENT MCRAE

    SECRETARY TREASURER

    Total calculated
    $92,917
    From this org
    $92,917
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • BARBARA E HAMPTON

    DIRECTOR

    Total calculated
    $90,000
    From this org
    $90,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • WILLIAM KEITH HAYWARD

    DIRECTOR

    Total calculated
    $90,000
    From this org
    $90,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • SHANE LUCAS LARSON

    DIRECTOR

    Total calculated
    $87,917
    From this org
    $87,917
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • JEFFREY A REHDER

    DIRECTOR

    Total calculated
    $87,917
    From this org
    $87,917
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • TIMOTHY S ELDRIDGE

    DIRECTOR

    Total calculated
    $87,083
    From this org
    $87,083
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • CHARLES ABEL II

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • ANTHONY ANDERSON UNTIL 32025

    FORMER DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • THOMAS A BAILEY

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • DONALD BIDEGAIN

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • JARED ECHTERNACH

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • DARICK EISENBRAUN

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • BRUCE EVERHART

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • DENNIS R FULK

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • MICHAEL J HEINEN

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • BRADLEY P JANORSCHKE

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • ANTHONY LARSON

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • JOHN METCALF

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • KENDALL J MONTGOMERY

    DIRECTOR

    Total calculated
    $85,000
    From this org
    $85,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • TERRY MICHAEL PARTIN

    DIRECTOR

    Total calculated
    $75,000
    From this org
    $75,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • JOHN BARTLEY START 62024

    DIRECTOR

    Total calculated
    $52,500
    From this org
    $52,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • DAVID E FELKEL UNTIL 62024

    FORMER DIRECTOR

    Total calculated
    $36,667
    From this org
    $36,667
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • JEANETTE INGRID KESSLER

    DIRECTOR (START 3/2025)

    Total calculated
    $0
    Hours/week
    3

  • JONATHAN ANDREW DON

    CEO

    Total calculated
    $2,821,260
    From this org
    $2,551,220
    From related orgs
    $0
    Other
    $270,040
    Hours/week
    70

    Schedule J breakdown matched by us

    Base
    $1,167,362
    Bonus
    $396,520
    Other
    $987,338
    Deferred
    $235,790
    Nontaxable benefits
    $34,250
    Filer's total
    $2,821,260

  • BRAD CAPTAIN

    SVP & CHIEF CORPORATE AFFAIRS OFFICER

    Total calculated
    $1,132,438
    From this org
    $603,563
    From related orgs
    $0
    Other
    $528,875
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $390,115
    Bonus
    $151,450
    Other
    $61,998
    Deferred
    $520,144
    Nontaxable benefits
    $8,731
    Filer's total
    $1,132,438

  • JOEL ALLEN

    SVP AND CHIEF BANKING OFFICER

    Total calculated
    $978,023
    From this org
    $673,366
    From related orgs
    $0
    Other
    $304,657
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $466,386
    Bonus
    $169,950
    Other
    $37,030
    Deferred
    $264,788
    Nontaxable benefits
    $39,869
    Filer's total
    $978,023

  • YU LING WANG

    SVP & CFO

    Total calculated
    $863,021
    From this org
    $650,311
    From related orgs
    $0
    Other
    $212,710
    Hours/week
    65

    Schedule J breakdown matched by us

    Base
    $450,191
    Bonus
    $162,000
    Other
    $38,120
    Deferred
    $192,393
    Nontaxable benefits
    $20,317
    Filer's total
    $863,021

  • GARY A BRADBURY

    SVP & CHIEF OPERATING OFFICER

    Total calculated
    $758,512
    From this org
    $570,156
    From related orgs
    $0
    Other
    $188,356
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $393,576
    Bonus
    $142,650
    Other
    $33,930
    Deferred
    $147,408
    Nontaxable benefits
    $40,948
    Filer's total
    $758,512

  • JILL MAISON

    SVP & CHIEF RELATIONSHIP MANAGEMENT OFFICER

    Total calculated
    $730,906
    From this org
    $500,392
    From related orgs
    $0
    Other
    $230,514
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $320,410
    Bonus
    $122,878
    Other
    $57,104
    Deferred
    $225,260
    Nontaxable benefits
    $5,254
    Filer's total
    $730,906

  • GHOLAM M SALEH

    SVP & CHIEF RISK OFFICER

    Total calculated
    $663,110
    From this org
    $561,488
    From related orgs
    $0
    Other
    $101,622
    Hours/week
    70

    Schedule J breakdown matched by us

    Base
    $398,923
    Bonus
    $142,430
    Other
    $20,135
    Deferred
    $72,003
    Nontaxable benefits
    $29,619
    Filer's total
    $663,110

  • NATHAN HOWARD

    SVP & GENERAL COUNSEL

    Total calculated
    $555,056
    From this org
    $495,932
    From related orgs
    $0
    Other
    $59,124
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $350,162
    Bonus
    $121,518
    Other
    $24,252
    Deferred
    $56,863
    Nontaxable benefits
    $2,261
    Filer's total
    $555,056

  • AMY S LUONGO

    SVP, STRATEGIC SERVICES

    Total calculated
    $519,796
    From this org
    $424,006
    From related orgs
    $0
    Other
    $95,790
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $296,202
    Bonus
    $95,442
    Other
    $32,362
    Deferred
    $76,229
    Nontaxable benefits
    $19,561
    Filer's total
    $519,796

  • RICHARD PERREAULT UNTIL 62025

    VP AND CIO

    Total calculated
    $597,957
    From this org
    $475,066
    From related orgs
    $0
    Other
    $122,891
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $329,688
    Bonus
    $111,307
    Other
    $34,071
    Deferred
    $78,746
    Nontaxable benefits
    $44,145
    Filer's total
    $597,957

  • DAVID W OLAH

    VP, PORTFOLIO MANAGEMENT

    Total calculated
    $507,420
    From this org
    $398,184
    From related orgs
    $0
    Other
    $109,236
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $288,282
    Bonus
    $92,100
    Other
    $17,802
    Deferred
    $76,842
    Nontaxable benefits
    $32,394
    Filer's total
    $507,420

  • W DANIEL CAWOOD

    VP, PORTFOLIO MANAGEMENT

    Total calculated
    $486,194
    From this org
    $363,798
    From related orgs
    $0
    Other
    $122,396
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $250,790
    Bonus
    $76,933
    Other
    $36,075
    Deferred
    $88,081
    Nontaxable benefits
    $34,315
    Filer's total
    $486,194

  • ANDREW COLEMAN

    VP, PORTFOLIO MANAGEMENT

    Total calculated
    $405,562
    From this org
    $339,075
    From related orgs
    $0
    Other
    $66,487
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $258,827
    Bonus
    $73,820
    Other
    $6,428
    Deferred
    $27,652
    Nontaxable benefits
    $38,835
    Filer's total
    $405,562

  • VU LY

    VP, CAPITAL MARKETS

    Total calculated
    $382,992
    From this org
    $296,677
    From related orgs
    $0
    Other
    $86,315
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $208,428
    Bonus
    $63,567
    Other
    $24,682
    Deferred
    $47,046
    Nontaxable benefits
    $39,269
    Filer's total
    $382,992

  • HEESUN CHOI

    VP, CAPITAL MARKETS RELATIONS

    Total calculated
    $344,483
    From this org
    $285,983
    From related orgs
    $0
    Other
    $58,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,424
    Bonus
    $63,219
    Other
    $23,340
    Deferred
    $38,871
    Nontaxable benefits
    $19,629
    Filer's total
    $344,483

  • AAMER ARSHAD

    VP, PORTFOLIO MANAGEMENT

    Total calculated
    $292,451
    From this org
    $239,721
    From related orgs
    $0
    Other
    $52,730
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,954
    Bonus
    $59,972
    Other
    $10,795
    Deferred
    $26,278
    Nontaxable benefits
    $26,452
    Filer's total
    $292,451

  • MATTHEW AUGUSTOSKY

    VP, PORTFOLIO MANAGEMENT

    Total calculated
    $261,764
    From this org
    $245,738
    From related orgs
    $0
    Other
    $16,026
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $185,327
    Bonus
    $59,897
    Other
    $514
    Deferred
    $14,912
    Nontaxable benefits
    $1,114
    Filer's total
    $261,764

  • JOHN FREDERICK SUTER

    VP, ECONOMIC RESEARCH

    Total calculated
    $614,388
    From this org
    $397,289
    From related orgs
    $0
    Other
    $217,099
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,857
    Bonus
    $91,842
    Other
    $84,590
    Deferred
    $176,916
    Nontaxable benefits
    $40,183
    Filer's total
    $614,388

  • LAWRENCE SAUNDERS

    VP, CREDIT RISK MANAGEMENT

    Total calculated
    $503,610
    From this org
    $391,540
    From related orgs
    $0
    Other
    $112,070
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $277,554
    Bonus
    $100,027
    Other
    $13,959
    Deferred
    $84,384
    Nontaxable benefits
    $27,686
    Filer's total
    $503,610

  • JONATHAN J POLETTI

    DIRECTOR, INFO. SYSTEMS & DEPUTY CIO

    Total calculated
    $490,039
    From this org
    $367,855
    From related orgs
    $0
    Other
    $122,184
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $239,820
    Bonus
    $93,451
    Other
    $34,584
    Deferred
    $81,616
    Nontaxable benefits
    $40,568
    Filer's total
    $490,039

  • PANKAJ SHAH

    VP, CHIEF ACCOUNTING OFFICER

    Total calculated
    $430,175
    From this org
    $370,001
    From related orgs
    $0
    Other
    $60,174
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $282,467
    Bonus
    $81,620
    Other
    $5,914
    Deferred
    $21,966
    Nontaxable benefits
    $38,208
    Filer's total
    $430,175

  • KIMBERLY MILLER

    VP AND DEPUTY GENERAL COUNSEL

    Total calculated
    $417,058
    From this org
    $359,714
    From related orgs
    $0
    Other
    $57,344
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $264,537
    Bonus
    $88,835
    Other
    $6,342
    Deferred
    $38,669
    Nontaxable benefits
    $18,675
    Filer's total
    $417,058

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
  • 1b · Written policy on the line-1a expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan
  • 7 · Other non-fixed payments

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
THE PERQUISITES PROVIDED TO THE CEO ARE LIMITED TO AN ANNUAL AUTOMOBILE ALLOWANCE AS WELL AS AN ANNUAL SPOUSAL AIR TRAVEL ALLOWANCE. ADDITIONALLY, BECAUSE THE CEO IS FREQUENTLY REQUIRED TO TRAVEL TO MEMBER SITES IN RURAL PARTS OF THE COUNTRY, THE BOARD OF DIRECTORS HAS AUTHORIZED HIM TO OCCASIONALLY UTILIZE A PRIVATE PLANE SERVICE TO FACILITATE EXTENSIVE BUSINESS TRAVEL. THIS SERVICE HAS BEEN USED INFREQUENTLY AND IS SOLELY FOR BUSINESS PURPOSES. IN ADDITION, MR. DON MAY ALSO RECEIVE AN ANNUAL EXECUTIVE PHYSICAL PAID FOR BY CFC.
PART I, LINE 1B:
TO PROVIDE THE ANNUAL AUTOMOBILE AND SPOUSAL AIR TRAVEL PERQUISITES IN AN EFFICIENT FASHION, THE BOARD AUTHORIZED AN ANNUAL ALLOWANCE RATHER THAN PROVIDING UNLIMITED REIMBURSEMENT OR USE OF A COMPANY-OWNED VEHICLE. THE AMOUNT OF EACH ALLOWANCE IS AUTHORIZED ANNUALLY BY THE BOARD AND IS DETERMINED BASED ON THE ESTIMATED COST FOR OPERATION AND MAINTENANCE OF AN AUTOMOBILE AND THE ANTICIPATED COST OF AIR TRAVEL BY MR. DON'S SPOUSE. THESE PAYMENTS WERE TREATED AS TAXABLE COMPENSATION. CFC DOES NOT HAVE A FORMAL POLICY REGARDING THESE PAYMENTS OR REIMBURSEMENT OF THESE EXPENSES. ALL OTHER APPROPRIATE BUSINESS EXPENSES INCURRED ARE SUBJECT TO AND REIMBURSED BY A FORMAL WRITTEN PLAN.
PART I, LINE 3:
CFC'S COMPENSATION COMMITTEE (THE "COMMITTEE"), WHICH IS COMPRISED OF CFC EXECUTIVE COMMITTEE BOARD MEMBERS, DETERMINES AND APPROVES THE COMPENSATION OF CFC'S CEO. THE COMMITTEE ANNUALLY REVIEWS AND APPROVES APPROPRIATE CORPORATE GOALS AND OBJECTIVES RELATED TO THE CEO'S COMPENSATION AND EVALUATES PERFORMANCE IN LIGHT OF THOSE GOALS AND OBJECTIVES. THE CEO'S COMPENSATION IS COMPRISED OF BASE PAY, SHORT TERM INCENTIVE COMPENSATION AND PERQUISITES. IN FISCAL YEAR 2025, AN INDEPENDENT CONSULTANT WAS ENGAGED BY THE COMMITTEE TO CONDUCT A COMPENSATION SURVEY AND PROVIDE COMPENSATION DATA FOR THE CEO POSITION USING PEER ORGANIZATIONS IDENTIFIED BY THE INDEPENDENT CONSULTANT THROUGH DISCUSSIONS WITH THE COMMITTEE. THE INDEPENDENT CONSULTANT INCLUDED COMPANIES IN THE COMPENSATION COMPARISON GROUP THAT WERE SIMILAR TO CFC IN ASSET SIZE, INDUSTRY AND BUSINESS DESCRIPTION. THE COMPANIES TARGETED AS PEER COMPANIES INCLUDED SIX MEMBERS OF THE FARM CREDIT SYSTEM AND 11 REGIONAL BANKS OR FINANCIAL SERVICES COMPANIES. THE INDEPENDENT CONSULTANT LED THE COMMITTEE THROUGH AN ASSESSMENT OF CEO COMPENSATION DATA AT THE COMPARISON GROUP COMPANIES. THE INDEPENDENT CONSULTANT'S DATA INCLUDED BOTH ACTUAL COMPENSATION AND TARGET COMPENSATION BASED ON INFORMATION OBTAINED FROM EACH COMPARATOR GROUP COMPANY'S MOST RECENT ANNUAL REPORT OR PROXY STATEMENT. THE ELEMENTS OF COMPENSATION REVIEWED INCLUDE CURRENT BASE SALARY AS WELL AS ANY ADDITIONAL BONUS, INCENTIVES OR SPECIAL AWARDS. THE COMMITTEE REVIEWED TOTAL COMPENSATION DATA FOR THE COMPARATOR GROUP FOR INFORMATIONAL PURPOSES AND USED THIS DATA SOLELY TO DETERMINE THE COMPETITIVENESS OF OUR CEO COMPENSATION.
PART I, LINE 4B:
CFC OFFERS AN EXECUTIVE BENEFIT RESTORATION PLAN WHICH IS A SUPPLEMENT TO THE RETIREMENT SECURITY PLAN TO ELIGIBLE EXECUTIVE OFFICERS OF THE COMPANY. THE 457(F) PLAN RESTORES THE VALUE OF THE RETIREMENT SECURITY PLAN FOR EACH OFFICER TO THE LEVEL IT WOULD BE IF THE IRS LIMITS ON ANNUAL PAY AND ANNUAL ANNUITY BENEFITS WERE NOT IN PLACE. THE BENEFIT AND PAYOUT FORMULA UNDER THE RESTORATION COMPONENT IS SIMILAR TO THAT UNDER THE QUALIFIED PLAN COMPONENT. WHEN ANY OF THE EXECUTIVE OFFICERS PARTICIPATING IN THE EXECUTIVE BENEFIT RESTORATION PLAN HAVE SATISFIED THE PROVISIONS ESTABLISHED TO RECEIVE THE BENEFIT FROM THE PLAN AND THE OFFICER NO LONGER HAS A RISK OF FORFEITURE OF THE BENEFITS, DISTRIBUTIONS ARE THEN MADE ANNUALLY FROM THE PLAN TO EACH EXECUTIVE OFFICER SHOULD THEY HAVE AN ACCRUED BENEFIT. FOR CALENDAR YEAR 2024, ONE OFFICER HAD ACCRUED VESTED BENEFITS AND RECEIVED THE FOLLOWING DISTRIBUTION FROM THE PLAN DISCUSSED ABOVE: ANDREW DON $865,177.
PART I, LINE 7:
OUR ANNUAL CASH INCENTIVE PROGRAM FOR FISCAL YEAR 2025 IS A ONE-YEAR CASH INCENTIVE TIED TO BOTH THE ANNUAL PERFORMANCE OF THE ORGANIZATION AND INDIVIDUAL PERFORMANCE. WE BELIEVE THAT BY PAYING AN INCENTIVE LINKED TO THE ACHIEVEMENT OF ANNUAL OPERATING GOALS AND INDIVIDUAL PERFORMANCE, ALL EMPLOYEES, INCLUDING NAMED EXECUTIVE OFFICERS, WILL FOCUS THEIR EFFORTS ON THE MOST IMPORTANT STRATEGIC OBJECTIVES THAT WILL HELP US FULFILL OUR MISSION TO OUR MEMBERS AND OUR OBLIGATIONS TO THE FINANCIAL MARKETS, WHILE ALSO EXHIBITING HIGH LEVELS OF PERFORMANCE. ADDITIONALLY, THE ANNUAL INCENTIVE PAY ENHANCES OUR ABILITY TO PROVIDE COMPETITIVE COMPENSATION, WHILE AT THE SAME TIME TYING TOTAL COMPENSATION PAID TO THE ACHIEVEMENT OF CORPORATE GOALS. EVERY EMPLOYEE PARTICIPATES IN THE ANNUAL INCENTIVE PROGRAM, AND THE CORPORATE STRATEGIC GOALS ARE THE SAME FOR ALL EMPLOYEES, INCLUDING THE NAMED EXECUTIVE OFFICERS. THE ANNUAL INCENTIVE PROGRAM PROVIDES MAXIMUM ANNUAL CASH INCENTIVE OPPORTUNITIES BASED UPON THE LEVEL OF THE POSITION WITHIN OUR BASE PAY STRUCTURE, RANGING FROM 26% TO 40% OF BASE PAY. EXECUTIVE OFFICERS ARE ELIGIBLE TO RECEIVE ANNUAL CASH INCENTIVE COMPENSATION UP TO 40% OF THEIR BASE PAY. THE LEGACY LONG-TERM INCENTIVE PROGRAM WAS A THREE-YEAR PLAN THAT WAS TIED TO CFC'S LONG-TERM STRATEGIC OBJECTIVES. THE LONG-TERM INCENTIVE PROGRAM WAS IMPLEMENTED TO CREATE DYNAMIC TENSION BETWEEN SHORT-TERM OBJECTIVES AND LONG-TERM GOALS. EXECUTIVE OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES EMPLOYED AS OF MAY 31, 2021 WERE ELIGIBLE TO PARTICIPATE IN THE PLAN AND RECEIVED PERFORMANCE UNITS THAT WERE CALCULATED AT 20% - 25% OF BASE PAY. THE VALUE OF THE PERFORMANCE UNITS WAS FROZEN AT $20 PER PERFORMANCE UNIT ACCORDING TO THE LEVEL OF NATIONAL RURAL'S ISSUER CREDIT RATINGS BY THE RATING AGENCIES ON MAY 31, 2022. THE LONG-TERM INCENTIVE PLAN PROGRAM ENDED EFFECTIVE MAY 31, 2022, AND FINAL PAYMENTS WERE MADE ON MAY 31, 2024.

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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2024
Filed
10 December 2025
IRS schema version
2024v5.2
Source object
202543449349301374

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.