National Bureau of Economic Research
Legal name: National Bureau of Economic Research Inc
Nonprofit profile at a glance
- EIN
- 131641075
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Aug 2026
- Forms available
- Form 990 2024
- Location
- Cambridge, MA, USA
- Phone
- +1-617-868-3900
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Economics
Reported finances
- Revenue
- $46,995,418
- Expenses
- $38,923,964
- Assets
- $206,005,855
- Liabilities
- $24,935,222
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
81 people listed
Executive titles in this filing
- JAMES M POTERBA (PRESIDENT & CEO)
Highest reported compensation
- JAMES M POTERBA (PRESIDENT & CEO): $968,625 total reported compensation
- ALTERRA MILONE (CORP SEC & DIR OF GRANTS): $391,010 total reported compensation
- ERIN RICHARDSON (DIR OF INFORMATION SYSTEMS): $390,906 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Conducting and disseminating nonpartisan economic research
What it reported doing in 2024
Research meetings: the nber organized over 150 research meetings and conferences during the year, including more than 50 meetings that taken together constitute the nber's summer institute. These meetings provide an opportunity for researchers, both nber affiliates and other invitees, to present their latest research findings and to exchange ideas about ongoing research. The meetings include both research conducted through the nber and other relevant academic research. These meetings are organized by the nber's program directors and working group directors, or other researchers selected by them. Most are held in cambridge, Massachusetts, although some are held in other locations. Some meetings are held virtually, and videos of most meetings are posted for several weeks after the event.
Operating model
- Revenue model
- Grant-funded. 68% of the money available for current operations came from government grants.
- Distribution model
- Direct operator. The filing allocates 94% 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.
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 program spending has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 78
- Transparency & Controls: 80
- Accountability: 99
- Sustainability: 73
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 78.8%; rating input score 79
- Program expense ratio: 70.2%; rating input score 70
- Fundraising efficiency: $313.05 raised per $1 spent on fundraising; rating input score 93; 93rd percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 6 of 6 controls in place; rating input score 100
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Pass
- Written employment contract: Pass
- Compensation survey or study: Pass
- 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: 99.9%; rating input score 100; 39th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 98%; rating input score 98; 31st 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: 17.2%; rating input score 79; 79th percentile among comparable filings
- Total-asset coverage ratio: 5.29; rating input score 85; 85th percentile among comparable filings
- Liabilities to assets ratio: 0.12; rating input score 70; 70th percentile among comparable filings
- Officer compensation ratio: 9.5%; rating input score 22; 22nd percentile among comparable filings
Growth
- Program expense growth: -0.5% per year; rating input score 0; 9th percentile among comparable filings
- Revenue growth: 2.4% per year; rating input score 100; 21st percentile among comparable filings
- Asset growth: 4.1% per year; rating input score 100; 30th percentile among comparable filings
Details
- What they do: 13 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 78.8% of revenue deployed · 70.2% of spending went to programs
- Governance: 49 of 50 board members independent · 9 of 9 filing controls reported
- Programs: 4 filed program accomplishments · $27.3M in reported program spending
- Leadership: top reported pay $969K · 81 people listed · 6 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $1M reported
- Consistency: 39 of 39 current checks pass
- Schedules: 8 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: 11 filed money-flow records
- 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Transparency & Controls: Foreign activity oversight scored 0/100.
- High — Growth: Program expense growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 22/100.