← AMERICAN INSTITUTE FOR ECONOMIC RESEARCH INC

Form 990 for tax year 2025

Filed by AMERICAN INSTITUTE FOR ECONOMIC RESEARCH INC.

Totals

Total revenue: $13,156,984
Total expenses: $9,294,095
Contributions and grants received: $9,608,864
Grants paid: $55,400
Program service revenue: $20,579
Investment income: $2,954,372
Other revenue: $573,169
Total assets, end of year: $227,083,306
Total liabilities, end of year: $96,272,214
Net assets or fund balances, end of year: $130,811,092
Program services expenses (Part IX): $6,502,624
Management and general expenses: $1,685,123
Fundraising expenses: $1,106,348
Program service expenses (Part III): $6,502,624

Program services were 70.0% 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

$9,608,864
1g · Noncash contributions included above

$2,232,946
2a · Program service revenue: SALES OF PUBLICATIONS

total $19,414 · related or exempt $19,414
2b · Program service revenue: ACADEMIC PROGRAMS

total $1,165 · related or exempt $1,165
3 · Investment income

total $1,150,463 · excluded $1,150,463
6a · Gross rents

real property $175,731
6b · Less rental expenses

real property $463,089
6c · Rental income or loss

real property -$287,358
6d · Net rental income or loss

total -$287,358 · unrelated business -$67,218 · excluded -$220,140
7a · Gross sales of assets other than inventory

securities $6,724,636
7b · Less cost or other basis and sales expenses

securities $4,920,727
7c · Gain or loss

securities $1,803,909
7d · Net gain or loss

total $1,803,909 · excluded $1,803,909
11a · Other revenue: LEGAL SETTLEMENT

total $675,000 · excluded $675,000
11b · Other revenue: MANAGEMENT REVENUE

total $96,733 · unrelated business $96,733
11c · Other revenue: CHARITABLE REMAINDER INCOME

total $52,515 · excluded $52,515
11d · All other revenue

total $36,279 · excluded $36,279
11e · Other revenue, total

$860,527

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $28,300 · program services $28,300
3 · Grants to foreign organizations and individuals

total $27,100 · program services $27,100
5 · Compensation of officers, directors and key employees

total $911,601 · program services $514,782 · management and general $246,678 · fundraising $150,141
7 · Other salaries and wages

total $3,284,953 · program services $2,654,675 · management and general $208,901 · fundraising $421,377
8 · Pension plan contributions

total $120,162 · program services $93,444 · management and general $9,601 · fundraising $17,117
9 · Other employee benefits

total $532,870 · program services $395,386 · management and general $57,732 · fundraising $79,752
10 · Payroll taxes

total $316,525 · program services $240,014 · management and general $34,422 · fundraising $42,089
11b · Fees: legal

total $23,344 · program services $7,848 · management and general $15,496
11c · Fees: accounting

total $67,481 · management and general $67,481
11e · Fees: professional fundraising services

total $22,950 · fundraising $22,950
11f · Fees: investment management

total $90,456 · management and general $90,456
11g · Fees: other

total $722,261 · program services $706,939 · management and general $9,588 · fundraising $5,734
12 · Advertising and promotion

total $276,523 · program services $109,805 · fundraising $166,718
13 · Office expenses

total $99,920 · program services $53,335 · management and general $9,712 · fundraising $36,873
14 · Information technology

total $269,211 · program services $216,402 · management and general $27,937 · fundraising $24,872
16 · Occupancy

total $238,739 · program services $190,991 · management and general $19,099 · fundraising $28,649
17 · Travel

total $696,102 · program services $640,615 · management and general $10,928 · fundraising $44,559
19 · Conferences, conventions and meetings

total $46,069 · program services $46,069
22 · Depreciation, depletion and amortization

total $351,903 · program services $281,522 · management and general $28,152 · fundraising $42,229
23 · Insurance

total $101,705 · program services $49,958 · management and general $45,805 · fundraising $5,942
24a · Other expenses: LEGAL SETTLEMENT

total $750,000 · management and general $750,000
24b · Other expenses: HONORARIUMS AND STIPEND

total $86,700 · program services $86,700
24c · Other expenses: PUBLICATIONS

total $75,298 · program services $75,298
24d · Other expenses: TRUSTEE REIMBURSEMENT

total $47,463 · management and general $47,463
24e · All other expenses

total $106,459 · program services $83,441 · management and general $5,672 · fundraising $17,346

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $754 · end of year $277
2 · Savings and temporary cash investments

beginning of year $5,903,997 · end of year $6,426,128
4 · Accounts receivable

beginning of year $606,111 · end of year $25,716
9 · Prepaid expenses and deferred charges

beginning of year $81,811 · end of year $94,438
10a · Land, buildings and equipment: cost or other basis

$10,552,334
10b · Land, buildings and equipment: accumulated depreciation

$6,104,078
10c · Land, buildings and equipment, net

beginning of year $4,965,370 · end of year $4,448,256
11 · Investments: publicly traded securities

beginning of year $32,379,402 · end of year $41,317,035
12 · Investments: other securities

beginning of year $153,253,119 · end of year $172,274,362
15 · Other assets

beginning of year $1,976,582 · end of year $2,497,094
17 · Accounts payable and accrued expenses

beginning of year $499,878 · end of year $555,857
25 · Other liabilities

beginning of year $82,610,918 · end of year $95,716,357
27 · Net assets without donor restrictions

beginning of year $45,381,014 · end of year $54,232,287
28 · Net assets with donor restrictions

beginning of year $70,675,336 · end of year $76,578,805

Mission and programs · 2025

Mission

AMERICAN INSTITUTE FOR ECONOMIC RESEARCH (AIER) EDUCATES PEOPLE ON THE VALUE OF PERSONAL FREEDOM, FREE ENTERPRISE, PROPERTY RIGHTS, LIMITED GOVERNMENT AND SOUND MONEY. AIER'S ONGOING SCIENTIFIC RESEARCH DEMONSTRATES THE IMPORTANCE OF THESE PRINCIPLES IN ADVANCING PEACE, PROSPERITY AND HUMAN PROGRESS.

Activities or mission (Part I)

AIER CONDUCTS INDEPENDENT, SCIENTIFIC, ECONOMIC RESEARCH TO EDUCATE PEOPLE, THEREBY ADVANCING THEIR PERSONAL INTERESTS AND THOSE OF THE NATION.

RESEARCH: OUR RESEARCH FOCUSES ON ECONOMICS, FREE MARKETS, SOUND MONEY, AND CLASSICAL LIBERALISM. OUR RESEARCH GENERATED: 118 SPEAKING ENGAGEMENTS, AIER'S RESEACHERS HAD 4,689 MEDIA APPEARANCES AT VARIOUS MEDIA OUTLETS, 655 GOOGLE SCHOLAR CITATIONS, 28 ORIGINAL AIER EXPLAINERS AND WHITE PAPERS PUBLISHED, 27 PODCASTS, AND MORE THAN 3 MILLION READERS VISITED AIER'S WEBSITE AND THE DAILY ECONOMY WEBSITES. PUBLICATIONS: INCLUDED RESEARCH, PREPARATION, AND DISTRIBUTION OF PERIODIC ECONOMIC REPORTS; 15,996 COPIES OF THE REPORTS WERE PRINTED AND DISTRIBUTED, 18,076 COPIES WERE EMAILED, AND THERE WERE 23,533 WEBSITE VIEWS OF THE REPORTS. AIER PUBLISHED THREE NEW BOOKS THIS YEAR.

Expenses $3,906,606 · Revenue $19,414
ACADEMIC PROGRAMS: OUR PROGRAMS EDUCATE PARTICIPANTS ABOUT CLASSICAL LIBERALISM, FREE ENTERPRISES, LIMITED GOVERNMENT, THE RIGHT TO PERSONAL PROPERTY, AND SOUND MONEY PRINCIPLES. 315 STUDENTS WERE TRAINED AND MENTORED IN THESE AREAS. MORE THAN 2,270 ATTENDEES PARTICPATED IN AIER CONFERENCES, SEMINARS, WORKSHOPS, DEBATES, AND GRADUATE COLLOQUIMS NATIONWIDE. 30 INTERNS AND 10 GRADUATE FELLOWS PARTICIPATED IN OUR INTERNSHIP AND VISITING FELLOW PROGRAMS. WE CONDUCTED 11 ONE-DAY PROGRAMS AT VARIOUS UNIVERSITY CAMPUS ACROSS THE U.S.. AIER'S HARWOOD SALONS BRING TOGETHER LEADERS, THINKERS, AND LOCAL COMMUNITY MEMBERS FOR ENGAGING DISCUSSIONS ON FREEDOM, FREE MARKETS, AND SOUND MONEY. THESE 39 GATHERINGS, HELD IN CITIES NATIONWIDE, FOSTER CONVERSATIONS FOCUSED ON OUR MISSION. AIER'S SOUND MONEY PROJECT CONDUCTS RESEARCH AND PROMOTES AWARENESS ABOUT MONETARY STABILITY AND FINANCIAL PRIVACY. IT OFFERS REGULAR COMMENTARY AND IN-DEPTH ANALYSIS ON MONETARY POLICY, ALTERNATIVE MONETARY SYSTEMS, FINANCIAL MARKETS REGULATIONS, CRYPTOCURRENCIES, AND THE HISTORY OF MONETARY AND MACROECONOMIC THOUGHT. PROJECT MEMBERS HAVE CONTRIBUTED NUMEROUS PAPERS, EXPLAINERS, AND ARTICLES THROUGHOUT THE YEAR, INCLUDING THE FED AGENDA, A WEEKLY UPDATE FROM THE SOUND MONEY PROJECT THAT PUBLISHED 57 EDITIONS IN 2025.

Expenses $2,596,018 · Grants $55,400 · Revenue $1,165

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

TERRY W ANKER

CHAIR (AS OF 10/25)

Total calculated

$0

Hours/week

10
KATHERINE H DELAY

CHAIR (UNTIL 10/25)

Total calculated

$0

Hours/week

10
ROBERT SCHIMENZ

SECRETARY

Total calculated

$0

Hours/week

10
GERALD P DWYER

TRUSTEE

Total calculated

$0

Hours/week

5
DOUGLAS L HARWOOD

TRUSTEE

Total calculated

$0

Hours/week

5
FREDERICK C HARWOOD

TRUSTEE

Total calculated

$0

Hours/week

5
BRADLEY K HOBBS

TRUSTEE

Total calculated

$0

Hours/week

5
NELSON E FURLANO

TRUSTEE

Total calculated

$0

Hours/week

5
TERRY KIBBE

TRUSTEE

Total calculated

$0

Hours/week

5
ADAM KISSEL

TRUSTEE

Total calculated

$0

Hours/week

5
BARRY LINDER

TRUSTEE (AS OF 10/25)

Total calculated

$0

Hours/week

5
JAMES C LORDEMAN

TRUSTEE

Total calculated

$0

Hours/week

5
REED E PHILLIPS

TRUSTEE

Total calculated

$0

Hours/week

5
SURSE T PIERPOINT

TRUSTEE

Total calculated

$0

Hours/week

5
BENJAMIN W POWELL

TRUSTEE

Total calculated

$0

Hours/week

5
WILLIAM RUGER

PRESIDENT/DIRECTOR OF RESEARCH & EDUCATION (UNTIL

Total calculated

$236,413

From this org

$226,392

From related orgs

$0

Other

$10,021

Hours/week

40

Schedule J breakdown matched by us

Base

$151,392

Bonus

$75,000

Other

$0

Deferred

$9,061

Nontaxable benefits

$960

Filer's total

$236,413
SAMUEL GREGG

PRESIDENT/FRIEDRICH HAYEK CHAIR IN ECONOMICS & ECO

Total calculated

$353,398

From this org

$338,492

From related orgs

$0

Other

$14,906

Hours/week

40

Schedule J breakdown matched by us

Base

$338,492

Bonus

$0

Other

$0

Deferred

$13,540

Nontaxable benefits

$1,366

Filer's total

$353,398
MICHELE M KEARNS

VICE PRESIDENT, FINANCE & HR

Total calculated

$321,790

From this org

$284,145

From related orgs

$0

Other

$37,645

Hours/week

40

Schedule J breakdown matched by us

Base

$267,145

Bonus

$17,000

Other

$0

Deferred

$11,913

Nontaxable benefits

$25,732

Filer's total

$321,790
JASON SORENS

SENIOR RESEARCH FELLOW

Total calculated

$173,455

From this org

$165,858

From related orgs

$0

Other

$7,597

Hours/week

40

Schedule J breakdown matched by us

Base

$165,858

Bonus

$0

Other

$0

Deferred

$6,634

Nontaxable benefits

$963

Filer's total

$173,455
RYAN YONK

DIRECTOR OF EDUCATION & SENIOR RESEARCH FELLOW

Total calculated

$172,691

From this org

$165,125

From related orgs

$0

Other

$7,566

Hours/week

40

Schedule J breakdown matched by us

Base

$165,125

Bonus

$0

Other

$0

Deferred

$6,605

Nontaxable benefits

$961

Filer's total

$172,691
JASON KELLY

DIRECTOR OF DATA & TECHNOLOGY

Total calculated

$165,112

From this org

$147,684

From related orgs

$0

Other

$17,428

Hours/week

40

Schedule J breakdown matched by us

Base

$147,684

Bonus

$0

Other

$0

Deferred

$5,991

Nontaxable benefits

$11,437

Filer's total

$165,112
BRITTNEY PAUL

DIRECTOR OF STRATEGIC PARTNERSHIPS

Total calculated

$182,744

From this org

$161,701

From related orgs

$0

Other

$21,043

Hours/week

40

Schedule J breakdown matched by us

Base

$151,701

Bonus

$10,000

Other

$0

Deferred

$6,574

Nontaxable benefits

$14,469

Filer's total

$182,744
LAURIE B PSHENISHNY

COMPTROLLER

Total calculated

$170,019

From this org

$146,130

From related orgs

$0

Other

$23,889

Hours/week

40

Schedule J breakdown matched by us

Base

$143,630

Bonus

$2,500

Other

$0

Deferred

$6,284

Nontaxable benefits

$17,605

Filer's total

$170,019

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 · Housing allowance or residence for personal use
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Compensation committee
3 · Form 990 of other organizations
3 · Approval by the board or compensation committee
7 · Other non-fixed payments

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
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: ALL INDIVIDUALS LISTED IN SCHEDULE J, PART II, EXCLUDING THE PRESIDENT (WILLIAM RUGER), RECEIVE HOUSING BENEFITS TO ATTEND REQUIRED MEETINGS ON-SITE AT THE ORGANIZATION'S MAIN OFFICE AND ARE TREATED AS NONTAXABLE BENEFITS TO THE INDIVIDUALS.
PART I, LINE 7: DISCRETIONARY BONUS WAS PAID TO CERTAIN EMPLOYEES.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

AMERICAN INVESTMENT SERVICES INC

C · INVESTMENT MANAGEMENT SERVICES · DE · 100% owned · share of income $4,126,662 · share of assets $3,800,226 · controlled entity

Directly controlled by AMERICAN INSTITUTE FOR ECONOMIC RESEARCH

Provenance

Return type: form_990
Tax year: 2025
Filed: 19 May 2026
IRS schema version: 2025v4.1
Source object: 202611409349301346

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