American Institute for Economic Research

Nonprofit profile at a glance

EIN
042121305
IRS 990 coverage
2010–2025
Forms available
Form 990 2025, Form 990-T 2025
Location
Great Barrington, MA, USA
Phone
4135281216
Rating
73
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Economics

Official website

Reported finances

Revenue
$13,156,984
Expenses
$9,294,095
Assets
$227,083,306
Liabilities
$96,272,214

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

23 people listed

Executive titles in this filing

  • WILLIAM RUGER (PRESIDENT/DIRECTOR OF RESEARCH & EDUCATION (UNTIL)
  • SAMUEL GREGG (PRESIDENT/FRIEDRICH HAYEK CHAIR IN ECONOMICS & ECO)
  • MICHELE M KEARNS (VICE PRESIDENT, FINANCE & HR)

Highest reported compensation

  • SAMUEL GREGG (PRESIDENT/FRIEDRICH HAYEK CHAIR IN ECONOMICS & ECO): $353,398 total reported compensation
  • MICHELE M KEARNS (VICE PRESIDENT, FINANCE & HR): $321,790 total reported compensation
  • WILLIAM RUGER (PRESIDENT/DIRECTOR OF RESEARCH & EDUCATION (UNTIL): $236,413 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2025

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.

Operating model

Revenue model
Donor-supported. 85% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 99% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 61
  • Transparency & Controls: 72
  • Accountability: 92
  • Sustainability: 72
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61.6%; rating input score 62
  • Program expense ratio: 70%; rating input score 70
  • Fundraising efficiency: $8.69 raised per $1 spent on fundraising; rating input score 29; 29th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 23rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: 0 of 8 controls in place; rating input score 0
    • Claims monitoring procedures: Limited
    • Requires narrative reports: Limited
    • Conducts field audits: Limited
    • May suspend future funding: Limited
    • Requires financial reports: Limited
    • Conducts site visits: Limited
    • Requires grant agreements: Limited
    • May require repayment: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 85.7%; rating input score 86; 16th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 29.4%; rating input score 83; 83rd percentile among comparable filings
  • Total-asset coverage ratio: 24.43; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.42; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 19.1%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: 8.2% per year; rating input score 100; 59th percentile among comparable filings
  • Revenue growth: 9.6% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 13th percentile among comparable filings

Details

  • Where the money goes: 61.6% of revenue deployed · 70% of spending went to programs
  • Governance: 12 of 14 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $6.5M in reported program spending
  • Leadership: top reported pay $353K · 23 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $904K reported
  • Consistency: 41 of 42 current checks pass · 1 finding to review
  • Schedules: 10 filed schedules · includes major donors, foreign activity, grants, executive pay, and related organizations
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 29/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.