NATIONAL BUREAU OF ECONOMIC

CAMBRIDGE, MA, 021385359 (617) 868-3900 Est. 1920 EIN 13-1641075

V220 - Social Science 990 - Public charity return 501(c)(3)

www.nber.org

Mission

THE NBER CONDUCTS UNBIASED, NON-PARTISAN ECONOMIC RESEARCH AND COMMUNICATES THE FINDINGS OF THAT RESEARCH TO ACADEMIC RESEARCHERS, POLICY-MAKERS, AND BUSINESS PROFESSIONALS. (CONTINUED ON SCHEDULE O)

Financials

Total Revenue

$46,995,418

Total Expenses

$38,923,964

Net Assets

$181,070,633

458 employees

From latest filing (tax period ending 2025-06-30)

Financial Health

Operating Reserve

4.6 years Healthy

Net assets / monthly expenses

Year-over-Year Change

Revenue ↓ 23.0%

Expenses ↑ 1.2%

Revenue Sources

Contributions 65.1% Earned revenue 3.4% Investment 31.6%

Expense Breakdown

Program 70.2% Management 29.6% Fundraising 0.3%

Officers & Key Employees (81)

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Grants Received (108)

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Filing History (7 filings)

Year	Revenue	Expenses	Net Assets
2024 990 - Public charity return Jul 1, 2024 to Jun 30, 2025	$46,995,418 ↓	$38,923,964	$181,070,633
2023 990 - Public charity return Jul 1, 2023 to Jun 30, 2024	$61,021,762 ↑	$38,448,505	$164,194,987
2022 990 - Public charity return Jul 1, 2022 to Jun 30, 2023	$41,671,966 ↓	$38,473,599	$148,150,791
2021 990 - Public charity return Jul 1, 2021 to Jun 30, 2022	$42,145,646 ↓	$33,720,721	$137,958,511
2020 990 - Public charity return Jul 1, 2020 to Jun 30, 2021	$54,750,098 ↑	$33,621,885	$163,022,248
2019 990 - Public charity return Jul 1, 2019 to Jun 30, 2020	$42,730,306 ↓	$36,548,432	$122,913,879
2017 990 - Public charity return Jul 1, 2017 to Jun 30, 2018	$44,375,535	$40,635,874	$122,955,484