Council on Foreign Relations

Nonprofit profile at a glance

EIN
131628168
IRS 990 coverage
2009–2024
Official website data refreshed
Aug 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
New York, NY, USA
Phone
2124349400
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Research Institutes and Public Policy Analysis

Official website

Reported finances

Revenue
$99,083,520
Expenses
$104,175,520
Assets
$816,713,200
Liabilities
$61,956,400

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

59 people listed

Executive titles in this filing

  • MICHAEL FROMAN (PRESIDENT)
  • AIMEE CARTER AS OF 0125 (VP, CORPORATE & CEO PROGRAMS)

Highest reported compensation

  • MICHAEL FROMAN (PRESIDENT): $1,421,343 total reported compensation
  • GIOVANNA M BAN (CHIEF INVESTMENT OFFICER): $660,789 total reported compensation
  • DANIEL A KURTZ-PHELAN (EDITOR): $652,775 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher dedicated to being a resource for its members, government officials, business executives, journalists, educators and students, civic and religious leaders, and other interested citizens in order to help them better understand the world and the foreign policy choices facing the United States and other countries.

What it reported doing in 2024

All other programmatic activitiescfr's website, cfr.org, is one of the organization's primary communications channels to its various audiences. The site publishes a rich variety of types of content, including the daily news analysis, backgrounders, interviews, podcasts, opinion pieces, full text of publications from the think tank, resources in support of the various outreach initiatives, videos and transcripts of on-the-record meetings and seminars and more. The site also provides a comprehensive account of the history and activities of cfr in New York and at its Washington d.c. Office. The stephen m. Kellen term member program encourages promising young leaders in government, media, nongovernmental organizations, law, business, finance, and academia to engage in a sustained conversation on international affairs and u.s. Foreign policy. The program allows these younger members to interact with seasoned foreign-policy experts and participate in a wide variety of events designed especially for them. Each year a new class of term members, between the ages of 30 and 36, is elected to a five-year membership term. The council on foreign relations sponsors independent task forces to assess issues of critical importance to u.s. Foreign policy. Diverse in backgrounds and perspectives, task force members work to reach meaningful consensus across partisan lines on matters of policy. Since the program's inception in 1995, task forces have become a trademark of the council.students today live in a world more connected than at any point in history, where complex foreign policy matters and transnational issues such as trade, pandemics, and scientific breakthroughs require young people to develop global public affairs literacy capabilities. The essential knowledge, skills, and perspective needed to understand how our complicated and fascinating world works is not readily available to students and educators. To address this curricular gap, since 2015, cfr education has devoted itself to this vital work, developing award-winning classroom products designed to introduce students in high school and college to the fundamentals of foreign policy and international relations in order to make sense of the world around them.in regards to outreach initiatives, the council is committed to reaching out to different constituencies so that they better understand the world and the foreign policy choices facing the united states and other governments. Cfr is devoting more time and energy to connecting with and serving as a resource for groups of interested citizens whose voices are increasingly important to the national foreign policy debate. These constituencies include higher education educators and administrators; religious and congregational leaders; and state and local officials; and local journalists. Cfr's additional programs are a national program, a corporate member program and a global board of advisors. For more information, please visit the organization's website, www.cfr.org.total expenses associated with other program service activities are as follows: meetings program - $4,847,000education - $4,017,700membership - $2,444,300outreach - $2,304,600national program - $1,900,300term member program - $848,800 global board of advisors - $114,600total revenue associated with other program service activities are as follows: membership dues (non-contribution) - $17,831,800

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 97% 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

STRONG - 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: 81
  • Transparency & Controls: 77
  • Accountability: 98
  • Sustainability: 43
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92.7%; rating input score 93
  • Program expense ratio: 74.5%; rating input score 74
  • Fundraising efficiency: $9.56 raised per $1 spent on fundraising; rating input score 40; 40th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 97.2%; rating input score 97; 53rd percentile among comparable filings
  • Governance controls: 9 of 9 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: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -5.1%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 7.84; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 86; 86th percentile among comparable filings
  • Officer compensation ratio: 9.4%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 4.3% per year; rating input score 100; 33rd percentile among comparable filings
  • Revenue growth: 4% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 4.5% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • What they do: 1 operating location identified
  • Where the money goes: 92.7% of revenue deployed · 74.5% of spending went to programs
  • Governance: 35 of 36 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $77.6M in reported program spending
  • Leadership: top reported pay $1.4M · 59 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $4.3M reported
  • Consistency: 37 of 37 current checks pass
  • Schedules: 9 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 22 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 40/100.
  • High — Sustainability: Operating margin scored 13/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.