Business Executives for National Security

What it reported doing in 2025

Business executives for national security (bens) today delivers its programmatic impact through a campaign model that aligns private-sector expertise and insight with the nation's most pressing security challenges. Through this force-multiplier approach, bens sustains integrated efforts that combine roundtables, site visits, applied projects, thought leadership, and direct engagement with senior military leaders and policymakers bringing industry perspective that informs decision-making and delivers practical, actionable recommendations that strengthen national resilience, industrial capacity, and defense readiness at scale.in 2025, bens concentrated its work on three priority areas. Through its homeland resilience and response efforts, bens advanced a whole-of-nation approach to emerging threats in biotechnology, space, and critical infrastructure domains where the private sector operates frontline systems. Bens, particularly supported the national security commission on emerging biotechnology, which informed landmark legislation such as the "independence investment fund act and the "biomanufacturing excellence act", while producing analysis on vulnerabilities in pharmaceutical supply chains and recommendations to strengthen its domestic production and resilience.through its strengthening supply chains efforts, bens addressed vulnerabilities in critical production networks exposed by geopolitical competition and global disruption. Bens worked with federal, state, and industry partners to identify practical solutions to reinforce industrial capacity, diversify sourcing, and improve resilience. In 2025, bens partnered with the commonwealth of Massachusetts in establishing the strategic hub for innovation, exchange and leadership in defense (shield) initiative, a state-level effort to strengthen the nation's defense industrial base through regional innovation, advanced manufacturing, and workforce development. Bens views this model as replicable and will work in 2026 to apply lessons learned in Massachusetts to help other states strengthen the industrial foundations of america's security.lastly, through its mobilizing private capital efforts, bens advanced market-based approaches to address the gap between national security investment needs and available government funding. Bens published "arsenal of democracy 2.0," outlining how modern capital markets and publicprivate partnerships can support defense modernization, and launched a "practitioner recommendation series" to provide actionable mechanisms to unlock private investment. Bens also convened leaders across finance, industry, and government through its "financing the next arsenal of democracy series" to identify practical pathways to scale investment in defense technologies, infrastructure, and industrial capacity essential to u.s. Security.across these campaigns, bens served as a trusted, nonpartisan convener between industry and the national security community, translating private-sector experience into solutions that strengthen the nation's ability to compete, deter, and respond in today's increasingly complex and contested global security environment.

Financial Efficiency

• Mission deployment rate: 86.2%; rating input score 86
• Program expense ratio: 82.3%; rating input score 82
• Fundraising efficiency: $25.19 raised per $1 spent on fundraising; rating input score 65; 65th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -4.1%; rating input score 17; 17th percentile among comparable filings
• Total-asset coverage ratio: 2.74; rating input score 68; 68th percentile among comparable filings
• Liabilities to assets ratio: 0.45; rating input score 18; 18th percentile among comparable filings
• Officer compensation ratio: 20.7%; rating input score 15; 15th percentile among comparable filings

Growth

• Program expense growth: 5.1% per year; rating input score 100; 36th percentile among comparable filings
• Revenue growth: 1.6% per year; rating input score 100; 15th percentile among comparable filings
• Asset growth: 13% per year; rating input score 100; 68th percentile among comparable filings