Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $341,211,926

• 1f · All other contributions, gifts and grants

  $88,755,931

• 1g · Noncash contributions included above

  $2,129,698

• 2a · Program service revenue: FEE REVENUE

  total $13,215,804 · related or exempt $13,215,804

• 2b · Program service revenue: RENTAL INCOME

  total $422,464 · related or exempt $422,464

• 2c · Program service revenue: TUITION REVENUE

  total $1,903,205 · related or exempt $1,903,205

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $7,472,536 · unrelated business $142,470 · excluded $7,330,066

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $89,584,574

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

  securities $81,377,147

• 7c · Gain or loss

  securities $8,207,427 · other assets $0

• 7d · Net gain or loss

  total $8,207,427 · excluded $8,207,427

• 10a · Gross sales of inventory

  $328

• 10b · Cost of goods sold

  $944

• 10c · Net income from sales of inventory

  total -$616 · excluded -$616

• 11a · Other revenue: SUBLEASE REVENUE

  total $347,970 · excluded $347,970

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $347,970

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0 · program services $0

• 2 · Grants to domestic individuals

  total $3,254,172 · program services $3,254,172

• 5 · Compensation of officers, directors and key employees

  total $4,211,855 · program services $1,532,227 · management and general $2,530,106 · fundraising $149,522

• 6 · Compensation of disqualified persons

  total $436,864 · program services $207,292 · management and general $207,423 · fundraising $22,149

• 7 · Other salaries and wages

  total $217,838,053 · program services $186,327,597 · management and general $28,716,455 · fundraising $2,794,001

• 8 · Pension plan contributions

  total $18,710,037 · program services $16,064,712 · management and general $2,377,653 · fundraising $267,672

• 9 · Other employee benefits

  total $63,325,473 · program services $51,992,700 · management and general $10,242,683 · fundraising $1,090,090

• 10 · Payroll taxes

  total $17,904,071 · program services $15,372,707 · management and general $2,275,223 · fundraising $256,141

• 11b · Fees: legal

  total $711,395 · program services $103,695 · management and general $601,339 · fundraising $6,361

• 11c · Fees: accounting

  total $1,144,009 · program services $25,189 · management and general $1,118,820

• 11d · Fees: lobbying

  total $2,464 · management and general $2,464

• 11f · Fees: investment management

  total $541,181 · management and general $541,181

• 11g · Fees: other

  total $5,214,783 · program services $2,055,585 · management and general $3,023,683 · fundraising $135,515

• 13 · Office expenses

  total $13,026,563 · program services $8,070,074 · management and general $4,899,554 · fundraising $56,935

• 14 · Information technology

  total $21,167,333 · program services $15,785,683 · management and general $5,321,351 · fundraising $60,299

• 16 · Occupancy

  total $12,894,138 · program services $657,990 · management and general $12,236,148

• 17 · Travel

  total $10,870,764 · program services $9,776,870 · management and general $840,638 · fundraising $253,256

• 19 · Conferences, conventions and meetings

  total $459,564 · program services $372,926 · management and general $81,369 · fundraising $5,269

• 20 · Interest

  total $4,720,036 · program services -$423,956 · management and general $5,143,992

• 22 · Depreciation, depletion and amortization

  total $4,283,927 · program services $386,682 · management and general $3,897,245

• 23 · Insurance

  total $2,454,260 · program services $891,519 · management and general $1,562,741

• 24a · Other expenses: SUBCONTRACTS

  total $28,994,826 · program services $27,965,921 · management and general $1,028,905

• 24b · Other expenses: LETTER AGREEMENTS

  total $1,104,486 · program services $1,101,486 · management and general $3,000

• 24c · Other expenses: TAXES AND LICENSES

  total $720,410 · program services $182,181 · management and general $536,440 · fundraising $1,789

• 24d · Other expenses: GIFT CARDS

  total $2,155,308 · program services $2,140,038 · management and general $15,270

• 24e · All other expenses

  total $12,834,780 · program services $10,457,600 · management and general $2,333,606 · fundraising $43,574

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $29,678,091 · end of year $38,059,414

• 2 · Savings and temporary cash investments

  beginning of year $45,572,427 · end of year $60,432,951

• 3 · Pledges and grants receivable

  beginning of year $35,417,100 · end of year $30,725,526

• 4 · Accounts receivable

  beginning of year $57,317,284 · end of year $54,705,654

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $8,518,017 · end of year $4,642,327

• 8 · Inventories for sale or use

  beginning of year $944 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $12,572,302 · end of year $17,561,368

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

  $244,163,241

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

  $155,141,229

• 10c · Land, buildings and equipment, net

  beginning of year $104,100,346 · end of year $89,022,012

• 11 · Investments: publicly traded securities

  beginning of year $151,286,983 · end of year $229,943,789

• 12 · Investments: other securities

  beginning of year $137,386,766 · end of year $100,371,365

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $121,847,693 · end of year $118,454,874

• 17 · Accounts payable and accrued expenses

  beginning of year $59,490,537 · end of year $66,357,581

• 19 · Deferred revenue

  beginning of year $6,370,101 · end of year $8,266,349

• 20 · Tax-exempt bond liabilities

  beginning of year $91,637,644 · end of year $88,352,771

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $80,694,470 · end of year $75,261,546

• 27 · Net assets without donor restrictions

  beginning of year $244,993,758 · end of year $250,579,877

• 28 · Net assets with donor restrictions

  beginning of year $220,511,443 · end of year $255,101,156

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

RAND'S TRAVEL POLICY PROHIBITS FIRST CLASS TRAVEL EXCEPT IN LIMITED CIRCUMSTANCES. IN ACCORDANCE WITH THIS POLICY, PART VII LISTED PERSONS WILL OCCASIONALLY TRAVEL FIRST CLASS.

Schedule J, Part I, Line 1a Travel for companions

EXCEPT UNDER VERY LIMITED CIRCUMSTANCES, TRAVEL EXPENSES FOR A TRAVELER'S SPOUSE AND/OR FAMILY ARE NOT REIMBURSABLE. ANY SUCH REQUESTS MUST BE APPROVED IN ADVANCE.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

IN 2023, MICHAEL RICH AND JASON MATHENY RECEIVED PAYMENTS RELATED TO THE NONQUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE ORGANIZATION'S SERP PROVIDES A BENEFIT DETERMINED BY A FORMULA DRIVEN BY COMPENSATION, CONTINIOUS SERVICE, AND AGE. THE BENEFIT IS PAID IMMEDIATELY AFTER THE END OF THE CALENDAR YEAR. THE MAXIMUM DEFERRAL AMOUNT UNDER SECTION 457 (B), $22,500 FOR CY2023, IS DEPOSITED INTO A RABBI TRUST HELD BY THE NEWPORT TRUST (CUSTODIAN), WHICH ALLOWS THE EXECUTIVE TO DIRECT HOW THE BENEFITS WILL BE INVESTED WITHIN THEIR NONQUALIFIED RETIREMENT ACCOUNTS. THE REMAINDER ACCOUNTS ARE PAID DIRECTLY TO THE PARTICIPANT AND ARE INCLUDED AS PART OF THE W-2 EARNINGS UNDER SECTION 457 (F). CY2023 PAYMENT RELATED TO SECTION 457 (B), INCLUDED IN SCHEDULE J, WERE $22,500 FOR JASON MATHENY. CY2023 PAYMENTS RELATED TO SECTION 457 (F), INCLUDED IN SCHEDULE J, WERE $61,210 FOR MICHAEL RICH.

Schedule J, Part I, Line 7 Non-fixed payments

AS NOTED IN SCHEDULE O, PART OF THE BONUS PROVIDED TO PARTICIPANTS OF THE VARIABLE COMPENSATION PROGRAM IS DISCRETIONARY. A PREDETERMINED PERCENTAGE OF THE VARIABLE PAY MAY BE AWARDED AT THE DISCRETION OF THE CEO. THE VARIABLE COMPENSATION PROGRAM IS CONTINGENT ON WHETHER CERTAIN GOALS ARE ACHIEVED, INCLUDING CORPORATE FINANCIAL AND STRATEGIC ACHIEVEMENTS, AS WELL AS INDIVIDUAL GOALS. THE CEO, CFO, DIVISION AND DEPARTMENT HEADS, AND OTHERS PARTICIPATE IN THE PROGRAM. AN ANNUAL REVIEW PROCESS, INCLUDING REVIEW BY THE EXECUTIVE COMMITTEE OR COMPENSATION AND LEADERSHIP DEVELOPMENT COMMITTEE, HELPS ENSURE THAT GOAL MEASUREMENT IS VALIDATED AND PAYOUTS ARE IN ACCORDANCE WITH THE PROGRAM.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• GOSHEN AVENUE HOUSING LLC

  TITLE HOLDING · CA · income $622,534 · assets $7,816,488

  Directly controlled by RAND CORP

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• RAND EUROPE COMMUNITY INTEREST COMPANY

  C Corporation · CONSULTING SVCS · UK · 100% owned · share of income $20,338,618 · share of assets $14,643,251 · controlled entity

  Directly controlled by RAND CORP

• THE RAND CORPORATION (AUSTRALIA) PTY LTD

  C Corporation · POLICY RESEARCH · AS · 100% owned · share of income $1,824,795 · share of assets $1,139,228 · controlled entity

  Directly controlled by RAND CORP