The German Marshall Fund of the United States

Nonprofit profile at a glance

EIN
520954751
IRS 990 coverage
2009–2024
Official website data refreshed
Jul 2026
Forms available
Form 990 2024, Form 990-T 2024
Location
Washington, DC, USA
Phone
2026832650
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Research Institutes and Public Policy Analysis

Official website

Reported finances

Revenue
$38,434,390
Expenses
$42,777,756
Assets
$197,949,900
Liabilities
$22,329,869

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

Leadership & pay

30 people listed

Executive titles in this filing

  • HEATHER CONLEY (PRESIDENT (THRU 9/24))
  • ALEXANDRA DE HOOP SCHEFFER (ACTING PRESIDENT (BEG 9/24))
  • JARED JANECZKO (COO, PRESIDENT (BEG 9/24))

Highest reported compensation

  • HEATHER CONLEY (PRESIDENT (THRU 9/24)): $530,021 total reported compensation
  • ALEXANDRA DE HOOP SCHEFFER (ACTING PRESIDENT (BEG 9/24)): $404,537 total reported compensation
  • ELIZABETH BOSWELL REGA (MANAGING DIRECTOR, COMMUNICATION): $315,532 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 German Marshall Fund of the United States (GMF) is a nonpartisan policy organization committed to the idea that the United States and Europe are stronger together. GMF champions the principles of democracy, human rights, and international cooperation, which have served as the bedrock of peace and prosperity since the end of World War II but are under increasing strain.

What it reported doing in 2024

Geostrategy - gmf provides policymakers and business leaders on both sides of the atlantic with in-depth and comprehensive analyses of the political, economic, and strategic trends that impact them. Gmf geostrategy focuses on specific geographic regions whose audiences require holistic risk management that integrates policy planning and resilience in an international environment increasingly defined by geopolitical competition, environmental crisis, and hybrid threats.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 65% for direct work, and 35% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 70
  • Accountability: 100
  • Sustainability: 41
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.5%; rating input score 77
  • Program expense ratio: 61.8%; rating input score 62
  • Fundraising efficiency: $23.26 raised per $1 spent on fundraising; rating input score 61; 61st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 17th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: 3 of 8 controls in place; rating input score 38
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Limited
    • Conducts field audits: Limited
    • May suspend future funding: Limited
    • Requires financial reports: Pass
    • Conducts site visits: Pass
    • Requires grant agreements: Limited
    • May require repayment: Limited
  • Grant itemization coverage: 99.2%; rating input score 99; 32nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th 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: -11.3%; rating input score 9; 9th percentile among comparable filings
  • Total-asset coverage ratio: 4.63; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 71; 71st percentile among comparable filings
  • Officer compensation ratio: 7.3%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 2.5% per year; rating input score 100; 23rd percentile among comparable filings
  • Revenue growth: -0.5% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: -0.7% per year; rating input score 0; 8th percentile among comparable filings

Details

  • What they do: 3 programs and campaigns described on the official site · 5 operating locations identified
  • Where the money goes: 77.5% of revenue deployed · 61.8% of spending went to programs
  • Governance: 18 of 18 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $26.4M in reported program spending
  • Leadership: top reported pay $530K · 30 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.3M reported
  • Consistency: 38 of 39 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 16 filed money-flow records
  • Related organizations: 5 filed related-organization links
  • 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 — Sustainability: Operating margin scored 9/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.