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Nonprofiteer
← THE REASON FOUNDATION

Form 990 for tax year 2023

Filed by THE REASON FOUNDATION.

Totals

Total revenue
$23,300,815
Total expenses
$19,863,540
Contributions and grants received
$21,346,436
Grants paid
$360,000
Program service revenue
$1,196,995
Investment income
$636,234
Other revenue
$121,150
Total assets, end of year
$25,642,938
Total liabilities, end of year
$6,276,160
Net assets or fund balances, end of year
$19,366,778
Program services expenses (Part IX)
$17,276,776
Management and general expenses
$672,616
Fundraising expenses
$1,914,148
Program service expenses (Part III)
$17,276,776

Program services were 87.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1f · All other contributions, gifts and grants

    $21,346,436

  • 1g · Noncash contributions included above

    $560,282

  • 2a · Program service revenue: SUBSCRIPTION SALES

    total $721,140 · related or exempt $721,140

  • 2b · Program service revenue: CONFERENCE REVENUE

    total $475,855 · related or exempt $475,855

  • 3 · Investment income

    total $545,759 · excluded $545,759

  • 7a · Gross sales of assets other than inventory

    securities $3,819,423

  • 7b · Less cost or other basis and sales expenses

    securities $3,728,948

  • 7c · Gain or loss

    securities $90,475

  • 7d · Net gain or loss

    total $90,475 · excluded $90,475

  • 11a · Other revenue: ADVERTISING INCOME

    total $82,661 · unrelated business $82,661

  • 11b · Other revenue: OTHER INCOME

    total $28,166 · excluded $28,166

  • 11c · Other revenue: MAILING LIST RENTAL

    total $10,323 · unrelated business $958 · excluded $9,365

  • 11e · Other revenue, total

    $121,150

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $360,000 · program services $360,000

  • 5 · Compensation of officers, directors and key employees

    total $2,331,123 · program services $2,016,436 · management and general $90,369 · fundraising $224,318

  • 7 · Other salaries and wages

    total $7,965,083 · program services $6,921,553 · management and general $313,280 · fundraising $730,250

  • 8 · Pension plan contributions

    total $260,422 · program services $218,278 · management and general $9,103 · fundraising $33,041

  • 9 · Other employee benefits

    total $115,063 · program services $96,442 · management and general $4,022 · fundraising $14,599

  • 10 · Payroll taxes

    total $1,534,460 · program services $1,228,327 · management and general $79,195 · fundraising $226,938

  • 11b · Fees: legal

    total $76,383 · management and general $76,383

  • 11c · Fees: accounting

    total $34,200 · management and general $34,200

  • 11g · Fees: other

    total $2,706,445 · program services $2,679,141 · management and general $339 · fundraising $26,965

  • 12 · Advertising and promotion

    total $412,579 · program services $401,414 · management and general $616 · fundraising $10,549

  • 13 · Office expenses

    total $290,869 · program services $195,848 · management and general $9,741 · fundraising $85,280

  • 14 · Information technology

    total $285,257 · program services $278,955 · management and general $1,586 · fundraising $4,716

  • 16 · Occupancy

    total $430,069 · program services $366,539 · management and general $24,947 · fundraising $38,583

  • 17 · Travel

    total $682,734 · program services $461,707 · management and general $10,504 · fundraising $210,523

  • 19 · Conferences, conventions and meetings

    total $247,252 · program services $202,954 · management and general $325 · fundraising $43,973

  • 22 · Depreciation, depletion and amortization

    total $62,708 · program services $54,493 · management and general $2,466 · fundraising $5,749

  • 23 · Insurance

    total $121,040 · program services $101,049 · management and general $9,330 · fundraising $10,661

  • 24a · Other expenses: MAGAZINE PRINTING AND D

    total $705,655 · program services $705,336 · fundraising $319

  • 24b · Other expenses: FOUNDATION-HOSTED EVENT

    total $671,156 · program services $524,769 · fundraising $146,387

  • 24c · Other expenses: FISCAL SPONSORSHIP

    total $250,082 · program services $250,082

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $168,219 · program services $166,691 · management and general $10 · fundraising $1,518

  • 24e · All other expenses

    total $152,741 · program services $46,762 · management and general $6,200 · fundraising $99,779

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $981,017 · end of year $1,604,795

  • 2 · Savings and temporary cash investments

    beginning of year $131,867 · end of year $8,248

  • 3 · Pledges and grants receivable

    beginning of year $395,000 · end of year $2,106,433

  • 4 · Accounts receivable

    beginning of year $753,235 · end of year $236,220

  • 10a · Land, buildings and equipment: cost or other basis

    $3,630,560

  • 10b · Land, buildings and equipment: accumulated depreciation

    $756,748

  • 10c · Land, buildings and equipment, net

    beginning of year $2,925,363 · end of year $2,873,812

  • 11 · Investments: publicly traded securities

    beginning of year $11,009,458 · end of year $15,865,691

  • 14 · Intangible assets

    beginning of year $2,929,306 · end of year $2,695,142

  • 15 · Other assets

    beginning of year $273,024 · end of year $252,597

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,471,332 · end of year $1,649,431

  • 19 · Deferred revenue

    beginning of year $328,490 · end of year $244,081

  • 25 · Other liabilities

    beginning of year $4,153,202 · end of year $4,382,648

  • 27 · Net assets without donor restrictions

    beginning of year $12,796,314 · end of year $17,087,490

  • 28 · Net assets with donor restrictions

    beginning of year $648,932 · end of year $2,279,288

Mission and programs · 2023

Mission

REASON FOUNDATION ADVANCES A FREE SOCIETY BY DEVELOPING, APPLYING, AND PROMOTING LIBERTARIAN PRINCIPLES, INCLUDING INDIVIDUAL LIBERTY, FREE MARKETS, AND THE RULE OF LAW. WE USE JOURNALISM AND PUBLIC POLICY RESEARCH TO INFLUENCE THE FRAMEWORKS AND ACTIONS OF POLICYMAKERS, JOURNALISTS, AND OPINION LEADERS.

Activities or mission (Part I)

ADVANCE A FREE SOCIETY BY DEVELOPING, APPLYING, AND PROMOTING LIBERTARIAN PRINCIPLES.

  • PROMOTING FREE MINDS AND FREE MARKETS SINCE 1968- 11 ISSUES PUBLISHED ONLINE AND IN PRINT- MORE THAN 1,500 ONLINE EXCLUSIVE ARTICLES - 52,000 PAID/REQUESTED COPIES - AVERAGE OF 3.6 MILLION USER VISITS PER MONTH AT REASON.COM - SPECIALIZED ONLINE NEWSLETTERS ON GOVERNMENT OVERREACH, SURFACE TRANSPORTATION, AVIATION, EDUCATION FUNDING, MEDIA, AND BREAKING NEWS; AVERAGE OF 9.2 MILLION REASON TV VIDEO VIEWS PER MONTH

    Expenses $6,721,606 · Revenue $721,140

  • REASON WORKS WITH MOTIVATED POLICYMAKERS AND OTHER STAKEHOLDERS TO DEVELOP AND IMPLEMENT MARKET-BASED REFORMS THAT ARE A MODEL FOR REFORM-MINDED POLICYMAKERS AT ALL LEVELS OF GOVERNMENT. OUR PENSION INTEGRITY PROJECT EDUCATES POLICYMAKERS AND TAXPAYERS ON PENSION REFORM. WE PRODUCED FIVE MAJOR TECHNICAL ANALYSES THAT FOCUS ON THE SOLVENCY OF PUBLIC EMPLOYEE RETIREMENT SYSTEMS IN ARIZONA, NORTH CAROLINA, NEW MEXICO, MISSISSIPPI, AND ARKANSAS, AS WELL AS POLICY BRIEFS THAT ADDRESS REDUCED PUBLIC SAFETY BUDGETS, VOLATILE INVESTMENT RETURNS, AND THE IMPACT OF COVID-19 ON PUBLIC PENSIONS. WE EDUCATED LEGISLATORS IN THOSE STATES VIA STUDIES, DIRECT OUTREACH, AND MORE THAN 70 TOPICAL COMMENTARIES. DRAWING ON DECADES OF RESEARCH ON THE BENEFITS OF SCHOOL CHOICE, REASON'S EDUCATION TEAM IS A LEADING VOICE IN PROMOTING NEW MODELS SUCH AS MICROSCHOOLS, ONLINE CHARTERS, BACKPACK FUNDING, AND OTHER OPTIONS THAT ENCOURAGE STUDENT ACHIEVEMENT AND ADVANCE THE FREEDOM TO INNOVATE IN EDUCATION. WE ARE ADVISING POLICYMAKERS AND ALLIES IN MORE THAN 20 STATES ON OPEN ENROLLMENT, SCHOOL FINANCE. OUR TRANSPORTATION TEAM IS ASSESSING THE CHANGES THAT THE PANDEMIC HAS MADE IN TRANSPORTATION USAGE, CALLING FOR GREATER DECENTRALIZATION AND A REEVALUATION OF HEAVILY SUBSIDIZED TRANSIT PROJECTS. REASON'S DRUG POLICY TEAM IS HELPING STATES BETTER UNDERSTAND THE CONSEQUENCES OF REGULATING LEGAL CANNABIS AND PSYCHEDELICS MARKETS AND PROVIDING SUPPORT TO POLICYMAKERS SEEKING TO FIX THE CHALLENGES OF LEGALIZATION.

    Expenses $6,645,644 · Grants $360,000 · Revenue $475,855

  • "PROMOTING FREE MINDS AND FREE MARKETS THROUGH ONLINE VIDEO JOURNALISM.- 696 VIDEOS PRODUCED- AVERAGE OF 9,188,000 VIDEOS PLAYED EACH MONTHPODCASTSREASON PRODUCES MULTIPLE PODCASTS, INCLUDING THE REASON ROUNDTABLE, A WEEKLY DISCUSSION OF THE WEEK'S BIGGEST STORIES AND THEIR CONNECTION TO THE IDEAS OF FREE MINDS AND FREE MARKETS; THE REASON INTERVIEW WITH NICK GILLESPIE, A WEEKLY CONVERSATION WITH INNOVATIVE AND INTERESTING THINKERS FROM A VARIETY OF DISCIPLINES; JUST ASKING QUESTIONS, WHICH INTERVIEWS NEWSMAKERS ON TIMELY TOPICS; FREE MEDIA, WHICH EXAMINES MEDIA BIAS; AND THE MONTHLY SOHO FORUM DEBATES, FEATURING PUBLIC INTELLECTUALS FACING OFF OVER CONTROVERSIAL ISSUES. THE BEST OF REASON MAGAZINE USES AI TO SIMULATE EDITOR-IN-CHIEF KATHERINE MANGU-WARD READING A WEEKLY SELECTION FROM REASON. - AVERAGE OF 596,000 DOWNLOADS PER MONTH

    Expenses $3,289,158

  • REASON FOUNDATION PUBLISHES RESEARCH AND JOURNALISM AND ENGAGES IN EDUCATIONAL OUTREACH FROM A LIBERTARIAN PERSPECTIVE TO POLICYMAKERS, RELEVANT STAKEHOLDERS, AND THE GENERAL PUBLIC.- 23,000 ARTICLES CITING REASON EXPERTS- 2,800 MEDIA APPEARANCES BY REASON EXPERTS- 61 LEGISLATIVE TESTIMONIES- 30 POLICY STUDIES- 220 POLICY COMMENTARIES AND OP-EDS- 11 SURFACE TRANSPORTATION INNOVATIONS NEWSLETTERS & AIR SECURITY NEWSLETTERS- 11 AIR TRAFFIC CONTROL NEWSLETTERS- 12 PENSION REFORM NEWSLETTERS- 12 FUNDING EDUCATION OPPORTUNITY NEWSLETTERS- 4 REASON REPORT DONOR NEWSLETTERSR

    Expenses $620,368

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DAVID NOTT

    PRESIDENT, CEO

    Total calculated
    $531,582
    From this org
    $418,617
    From related orgs
    $0
    Other
    $112,965
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $343,617
    Bonus
    $75,000
    Other
    $0
    Deferred
    $105,000
    Nontaxable benefits
    $7,965
    Filer's total
    $531,582

  • ROBERT POOLE

    FOUNDER, DIR OF TRANSPORTATION POLICY

    Total calculated
    $235,360
    From this org
    $235,000
    From related orgs
    $0
    Other
    $360
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,000
    Bonus
    $20,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $360
    Filer's total
    $235,360

  • NICHOLAS GILLESPIE

    EDITOR AT LARGE

    Total calculated
    $242,226
    From this org
    $234,517
    From related orgs
    $0
    Other
    $7,709
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,517
    Bonus
    $20,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $7,709
    Filer's total
    $242,226

  • ADRIAN T MOORE

    VICE PRESIDENT POLICY

    Total calculated
    $245,574
    From this org
    $232,056
    From related orgs
    $0
    Other
    $13,518
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,056
    Bonus
    $55,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $13,518
    Filer's total
    $245,574

  • JONATHAN GRAFF

    CHIEF FINANCIAL OFFICER

    Total calculated
    $242,484
    From this org
    $224,322
    From related orgs
    $0
    Other
    $18,162
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,322
    Bonus
    $55,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $18,162
    Filer's total
    $242,484

  • LEONARD GILROY

    VP GOVERNMENT REFORM

    Total calculated
    $229,476
    From this org
    $221,540
    From related orgs
    $0
    Other
    $7,936
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,540
    Bonus
    $60,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $7,936
    Filer's total
    $229,476

  • KATHERINE MANGU-WARD

    VP/EDITOR-IN-CHIEF

    Total calculated
    $237,828
    From this org
    $219,666
    From related orgs
    $0
    Other
    $18,162
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,666
    Bonus
    $40,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $18,162
    Filer's total
    $237,828

  • MICHAEL ALISSI

    VP OPERATIONS

    Total calculated
    $220,229
    From this org
    $202,086
    From related orgs
    $0
    Other
    $18,143
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,086
    Bonus
    $50,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $18,143
    Filer's total
    $220,229

  • JACQUELINE PYKE

    DIRECTOR OF DEVELOPMENT

    Total calculated
    $162,486
    From this org
    $162,167
    From related orgs
    $0
    Other
    $319
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,167
    Bonus
    $20,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $319
    Filer's total
    $162,486

  • AARON STEINBERG

    MARKETING DIRECTOR

    Total calculated
    $154,534
    From this org
    $154,215
    From related orgs
    $0
    Other
    $319
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,215
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $319
    Filer's total
    $154,534

  • CARIN MANN

    DIR OF DONOR COMMUNICATIONS

    Total calculated
    $155,658
    From this org
    $147,784
    From related orgs
    $0
    Other
    $7,874
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,784
    Bonus
    $18,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $7,874
    Filer's total
    $155,658

  • JAMES EPSTEIN

    EXECUTIVE EDITOR

    Total calculated
    $147,545
    From this org
    $147,209
    From related orgs
    $0
    Other
    $336
    Hours/week
    40

  • GEORGE F OHRSTROM

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • THEODORE BARNETT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • THOMAS E BEACH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • BARON BOND

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DREW A CAREY

    TRUSTEE (LEFT 7/2024)

    Total calculated
    $0
    Hours/week
    1

  • REBECCA DUNN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LINDA EDWARDS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PETER FARRELL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DEBBI GIBBS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • C BOYDEN GRAY

    TRUSTEE (LEFT 6/2024)

    Total calculated
    $0
    Hours/week
    1

  • THOMAS W HAZLETT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • BRIAN HOOKS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JAMES D JAMESON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MANUEL S KLAUSNER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JAMES LINTOTT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TRAVIS MAY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • STEPHEN MODZELEWSKI

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • CHRIS J RUFER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • RAYMOND STATA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • RICHARD A WALLACE

    TRUSTEE (LEFT 6/2024)

    Total calculated
    $0
    Hours/week
    1

  • KERRY WELSH

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • FRED M YOUNG JR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

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

  • 3 · Compensation committee
  • 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

  • 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 4B
DAVID NOTT, PRESIDENT AND CEO, PARTICIPATES IN A NON-QUALIFIED RETIREMENT PLAN. DURING THE YEAR ENDED SEPTEMBER 30, 2024, THE FOUNDATION DEPOSITED $105,000 INTO THE 457(F) PLAN.
PART I, LINE 7
OFFICERS BONUSES ARE DETERMINED BY THE FINANCE COMMITTEE AS PART OF THE TOTAL COMPENSATION REVIEW THAT THEY DO BY REVIEWING A REPORT OF 990S FROM A SELECT GROUP OF OTHER CHARITIES.

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

Provenance

Return type
form_990
Tax year
2023
Filed
13 February 2025
IRS schema version
2023v6.0
Source object
202530449349302403

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