RAND CORPORATION: Form 990, tax year 2019

View the entire original 990 at ProPublica ↗

Organization: RAND CORPORATION (EIN 95-1958142)
Tax period: 2019-10-01 to 2020-09-30
Filed: 2021-08-14
IRS object ID: 202112269349300301
Schema version: 2019v5.2
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990
Schedule A
Schedule B
Schedule C
Schedule D
Schedule F
Schedule I
Schedule J
Schedule K
Schedule M
Schedule O
Schedule R

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2021-08-14T00:20:39-05:00	ReturnTs
Tax Period End	2020-09-30	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	ERNST & YOUNG US LLP	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	18101 VON KARMAN AVE STE 1700	AddressLine1Txt
City	IRVINE	CityNm
State Abbreviation	CA	StateAbbreviationCd
ZIP	92612	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990	ReturnTypeCd
Tax Period Begin	2019-10-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	951958142	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	THE RAND CORPORATION	BusinessNameLine1Txt

Field	Value	IRS element (for citing)
In Care Of	% MICHAEL JANUZIK	InCareOfNm
Business Name Control	RAND	BusinessNameControlTxt
Phone	3103930411	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1776 MAIN STREET PO BOX 2138	AddressLine1Txt
City	SANTA MONICA	CityNm
State Abbreviation	CA	StateAbbreviationCd
ZIP	904072138	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	MICHAEL JANUZIK	PersonNm
Person Title	VP & CFO	PersonTitleTxt
Phone	3103930411	PhoneNum
Signature	2021-08-12	SignatureDt

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	KARA ADAMS	PreparerPersonNm
PTIN	P00023315	PTIN
Phone	9497942300	PhoneNum

Field	Value	IRS element (for citing)
Tax	2019	TaxYr
Build TS	2022-09-23 18:48:47Z	BuildTS

Form 990 IRS990

Field	Value	IRS element (for citing)
Principal Officer	MICHAEL D RICH	PrincipalOfficerNm

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1776 MAIN ST PO BOX 2138	AddressLine1Txt
City	SANTA MONICA	CityNm
State Abbreviation	CA	StateAbbreviationCd
ZIP	90407	ZIPCd

Field	Value	IRS element (for citing)
Gross Receipts	$457,028,561	GrossReceiptsAmt
Group Return For Affiliates	false	GroupReturnForAffiliatesInd
Organization501c3	Yes (X)	Organization501c3Ind
Website Address	WWW.RAND.ORG	WebsiteAddressTxt
Type Of Organization Corp	Yes (X)	TypeOfOrganizationCorpInd
Formation	1948	FormationYr
Legal Domicile State	CA	LegalDomicileStateCd
Activity Or Mission	HELP IMPROVE POLICY AND DECISION MAKING THROUGH RESEARCH AND ANALYSIS.	ActivityOrMissionDesc
Voting Members Governing Body	23	VotingMembersGoverningBodyCnt
Voting Members Independent	22	VotingMembersIndependentCnt
Total Employee	2334	TotalEmployeeCnt
Total Volunteers	8	TotalVolunteersCnt
Total Gross UBI	$24,244	TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm	$0	NetUnrelatedBusTxblIncmAmt
PY Contributions Grants	$366,714,456	PYContributionsGrantsAmt
CY Contributions Grants	$359,891,413	CYContributionsGrantsAmt
PY Program Service Revenue	$11,632,800	PYProgramServiceRevenueAmt
CY Program Service Revenue	$9,753,092	CYProgramServiceRevenueAmt
PY Investment Income	$20,785,606	PYInvestmentIncomeAmt
CY Investment Income	$13,512,548	CYInvestmentIncomeAmt
PY Other Revenue	$1,836	PYOtherRevenueAmt
CY Other Revenue	$833	CYOtherRevenueAmt
PY Total Revenue	$399,134,698	PYTotalRevenueAmt
CY Total Revenue	$383,157,886	CYTotalRevenueAmt
PY Grants And Similar Paid	$248,653	PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid	$166,445	CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members	$0	PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members	$0	CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid	$264,401,717	PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid	$272,092,940	CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns	$182,746	PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns	$0	CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense	$5,454,925	CYTotalFundraisingExpenseAmt
PY Other Expenses	$110,522,431	PYOtherExpensesAmt
CY Other Expenses	$95,404,176	CYOtherExpensesAmt
PY Total Expenses	$375,355,547	PYTotalExpensesAmt
CY Total Expenses	$367,663,561	CYTotalExpensesAmt
PY Revenues Less Expenses	$23,779,151	PYRevenuesLessExpensesAmt
CY Revenues Less Expenses	$15,494,325	CYRevenuesLessExpensesAmt
Total Assets BOY	$514,270,972	TotalAssetsBOYAmt
Total Assets EOY	$552,267,845	TotalAssetsEOYAmt
Total Liabilities BOY	$195,704,922	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$217,192,624	TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY	$318,566,050	NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY	$335,075,221	NetAssetsOrFundBalancesEOYAmt
Info In Schedule O Part III	Yes (X)	InfoInScheduleOPartIIIInd
Mission	HELP IMPROVE POLICY AND DECISION MAKING THROUGH RESEARCH AND ANALYSIS.	MissionDesc
Significant New Program Srvc	false	SignificantNewProgramSrvcInd
Significant Change	false	SignificantChangeInd
Expense	$279,997,240	ExpenseAmt
Grant	$166,445	GrantAmt
Revenue	$9,753,092	RevenueAmt
Desc	PUBLIC POLICY RESEARCH ALL IN THE FURTHERANCE OF OUR CHARTER 'TO FURTHER AND PROMOTE SCIENTIFIC, EDUCATIONAL, AND CHARITABLE PURPOSE ALL FOR THE PUBLIC WELFARE AND SECURITY OF THE UNITED STATESTHE OPERATION OF DOCTORAL AND DEGREE PROGRAMS.	Desc
Total Program Service Expenses	$279,997,240	TotalProgramServiceExpensesAmt
Described In Section501c3	Yes (true)	DescribedInSection501c3Ind
Schedule B Required	Yes (true)	ScheduleBRequiredInd
Political Campaign Acty	false	PoliticalCampaignActyInd
Lobbying Activities	Yes (true)	LobbyingActivitiesInd
Subject To Proxy Tax	false	SubjectToProxyTaxInd
Donor Advised Fund	false	DonorAdvisedFundInd
Conservation Easements	false	ConservationEasementsInd
Collections Of Art	Yes (true)	CollectionsOfArtInd
Credit Counseling	Yes (true)	CreditCounselingInd
Donor Rstr Or Quasi Endowments	Yes (true)	DonorRstrOrQuasiEndowmentsInd
Report Land Building Equipment	Yes (true)	ReportLandBuildingEquipmentInd
Report Investments Other Sec	Yes (true)	ReportInvestmentsOtherSecInd
Report Program Related Invst	false	ReportProgramRelatedInvstInd
Report Other Assets	Yes (true)	ReportOtherAssetsInd
Report Other Liabilities	Yes (true)	ReportOtherLiabilitiesInd
Include FIN48 Footnote	false	IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt	false	IndependentAuditFinclStmtInd
Consolidated Audit Fincl Stmt	Yes (true)	ConsolidatedAuditFinclStmtInd
School Operating	false	SchoolOperatingInd
Foreign Office	Yes (true)	ForeignOfficeInd
Foreign Activities	Yes (true)	ForeignActivitiesInd
More Than5000 K To Org	false	MoreThan5000KToOrgInd
More Than5000 K To Individuals	false	MoreThan5000KToIndividualsInd
Professional Fundraising	false	ProfessionalFundraisingInd
Fundraising Activities	false	FundraisingActivitiesInd
Gaming Activities	false	GamingActivitiesInd
Operate Hospital	false	OperateHospitalInd
Grants To Organizations	false	GrantsToOrganizationsInd
Grants To Individuals	Yes (true)	GrantsToIndividualsInd
Schedule J Required	Yes (true)	ScheduleJRequiredInd
Tax Exempt Bonds	Yes (true)	TaxExemptBondsInd
Invest Tax Exempt Bonds	false	InvestTaxExemptBondsInd
Escrow Account	false	EscrowAccountInd
On Behalf Of Issuer	false	OnBehalfOfIssuerInd
Engaged In Excess Benefit Trans	false	EngagedInExcessBenefitTransInd
PY Excess Benefit Trans	false	PYExcessBenefitTransInd
Loan Outstanding	false	LoanOutstandingInd
Grant To Related Person	false	GrantToRelatedPersonInd
Business Rln With Org Mem	false	BusinessRlnWithOrgMemInd
Business Rln With Fam Mem	false	BusinessRlnWithFamMemInd
Business Rln With35 Ctrl Ent	false	BusinessRlnWith35CtrlEntInd
Deductible Non Cash Contri	Yes (true)	DeductibleNonCashContriInd
Deductible Art Contribution	false	DeductibleArtContributionInd
Terminate Operations	false	TerminateOperationsInd
Partial Liquidation	false	PartialLiquidationInd
Disregarded Entity	Yes (true)	DisregardedEntityInd
Related Entity	Yes (true)	RelatedEntityInd
Related Organization Ctrl Ent	Yes (true)	RelatedOrganizationCtrlEntInd
Transaction With Control Ent	Yes (true)	TransactionWithControlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org	Yes (true)	TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp	false	ActivitiesConductedPrtshpInd
Schedule O Required	Yes (true)	ScheduleORequiredInd
IRP Document	658	IRPDocumentCnt
IRP Document W2 G	0	IRPDocumentW2GCnt
Backup Wthld Compliance	Yes (true)	BackupWthldComplianceInd
Employee	2334	EmployeeCnt
Employment Tax Returns Filed	Yes (true)	EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over Limit	Yes (true)	UnrelatedBusIncmOverLimitInd
Form990 T Filed	Yes (true)	Form990TFiledInd
Foreign Financial Account	Yes (true)	ForeignFinancialAccountInd
Foreign Country	AS	ForeignCountryCd
Foreign Country	UK	ForeignCountryCd
Prohibited Tax Shelter Trans	false	ProhibitedTaxShelterTransInd
Taxable Party Notification	false	TaxablePartyNotificationInd
Nondeductible Contributions	false	NondeductibleContributionsInd
Quid Pro Quo Contributions	Yes (true)	QuidProQuoContributionsInd
Quid Pro Quo Contri Discl	Yes (true)	QuidProQuoContriDisclInd
Form8282 Property Disposed Of	false	Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	false	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	false	PayPremiumsPrsnlBnftCntrctInd
Indoor Tanning Services	false	IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt	Yes (true)	SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc	false	SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VI	Yes (X)	InfoInScheduleOPartVIInd
Governing Body Voting Members	23	GoverningBodyVotingMembersCnt
Independent Voting Member	22	IndependentVotingMemberCnt
Family Or Business Rln	false	FamilyOrBusinessRlnInd
Delegation Of Mgmt Duties	false	DelegationOfMgmtDutiesInd
Change To Org Documents	false	ChangeToOrgDocumentsInd
Material Diversion Or Misuse	false	MaterialDiversionOrMisuseInd
Members Or Stockholders	false	MembersOrStockholdersInd
Election Of Board Members	false	ElectionOfBoardMembersInd
Decisions Subject To Approva	false	DecisionsSubjectToApprovaInd
Minutes Of Governing Body	Yes (true)	MinutesOfGoverningBodyInd
Minutes Of Committees	Yes (true)	MinutesOfCommitteesInd
Officer Mailing Address	false	OfficerMailingAddressInd
Local Chapters	false	LocalChaptersInd
Form990 Provided To Gvrn Body	false	Form990ProvidedToGvrnBodyInd
Conflict Of Interest Policy	Yes (true)	ConflictOfInterestPolicyInd
Annual Disclosure Covered Prsn	Yes (true)	AnnualDisclosureCoveredPrsnInd
Regular Monitoring Enfrc	Yes (true)	RegularMonitoringEnfrcInd
Whistleblower Policy	Yes (true)	WhistleblowerPolicyInd
Document Retention Policy	Yes (true)	DocumentRetentionPolicyInd
Compensation Process CEO	Yes (true)	CompensationProcessCEOInd
Compensation Process Other	Yes (true)	CompensationProcessOtherInd
Investment In Joint Venture	false	InvestmentInJointVentureInd
States Where Copy Of Return Is Fld	AL	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	CA	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	MA	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	MS	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	NJ	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	NY	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	OR	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	PA	StatesWhereCopyOfReturnIsFldCd
States Where Copy Of Return Is Fld	VA	StatesWhereCopyOfReturnIsFldCd
Other Website	Yes (X)	OtherWebsiteInd
Upon Request	Yes (X)	UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Field	Value	IRS element (for citing)
Person	MICHAEL JANUZIK	PersonNm
Phone	3103930411	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1776 MAIN STREET	AddressLine1Txt
City	SANTA MONICA	CityNm
State Abbreviation	CA	StateAbbreviationCd
ZIP	90401	ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (41 entries)

TitleTitleTxt	Average Hours Per WeekAverageHoursPerWeekRt	Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt	Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd	OfficerOfficerInd	Reportable Comp From OrgReportableCompFromOrgAmt	Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt	Other CompensationOtherCompensationAmt	Highest Compensated EmployeeHighestCompensatedEmployeeInd	Key EmployeeKeyEmployeeInd	Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd
Michael D Rich
President & CEO	40.0	0.0	Yes (X)	Yes (X)	$1,210,794	$0	$78,609
Andrew Hoehn
SVP, Research and Analysis	40.0	0.0		Yes (X)	$499,606	$0	$49,029
Robert Case
VP, General Cnsl & Corp Sec	40.0	0.0		Yes (X)	$438,388	$0	$66,926
James P Smith
Senior Principal Researcher	40.0	0.0			$457,727	$0	$46,508	Yes (X)
Michael J Januzik
VP, Chief Financial Officer	40.0	0.0		Yes (X)	$403,528	$0	$64,242
Brandon Baker
VP, Development	40.0	0.0			$407,796	$0	$48,101	Yes (X)
Susan L Marquis
Dean, PRGS & VP, Innovation	40.0	0.0		Yes (X)	$390,708	$0	$56,769
Eric Peltz
VP, Research Svcs & Operations	40.0	0.0			$368,327	$0	$66,862		Yes (X)
Edward R Harshberger
VP, Dir, Research	40.0	0.0			$359,708	$0	$67,131	Yes (X)
Kevin Jack Riley
VP, Dir, Research	40.0	0.0			$372,632	$0	$52,792	Yes (X)
Michael Weitzenfeld
Chief Information Officer	40.0	0.0			$354,073	$0	$63,434	Yes (X)
Allison E Elder
VP, Human Resources	40.0	0.0			$297,757	$0	$59,520		Yes (X)
Timothy Bonds
VICE PRESIDENT (FRMR OFFICER)	40.0	0.0			$302,301	$0	$54,497			Yes (X)
Jennifer Gould
COS & INTERIM SEC. (FRMR OFCR)	40.0	0.0			$225,293	$0	$51,508			Yes (X)
Philip Lader
Trustee	1.0	0.0	Yes (X)		$8,400	$0	$0
Pedro Jose Greer JR
Trustee	1.0	0.0	Yes (X)		$7,700	$0	$0
David L Porges
Trustee	1.0	0.0	Yes (X)		$5,600	$0	$0
Donald B Rice
Trustee	1.0	0.0	Yes (X)		$5,600	$0	$0
Michael E Leiter
Trustee	1.0	0.0	Yes (X)		$4,900	$0	$0
Michael Gould
Trustee	1.0	0.0	Yes (X)		$4,200	$0	$0
Chuck Hagel
Trustee	1.0	0.0	Yes (X)		$4,200	$0	$0
Lionel C Johnson
Trustee	1.0	0.0	Yes (X)		$4,200	$0	$0
Vivek H Murthy
Trustee	1.0	0.0	Yes (X)		$4,200	$0	$0
Carl O Bildt
Trustee	1.0	0.0	Yes (X)		$4,200	$0	$0
Mary E Peters
Trustee	1.0	0.0	Yes (X)		$3,500	$0	$0
Ann McLaughlin Korologos
Trustee (Part Year)	1.0	0.0	Yes (X)		$3,500	$0	$0
Malcolm Gladwell
Trustee	1.0	0.0	Yes (X)		$2,100	$0	$0
Joel Z Hyatt
Trustee	1.0	0.0	Yes (X)		$2,100	$0	$0
James B Lovelace
Trustee (Part Year)	1.0	0.0	Yes (X)		$2,100	$0	$0
Soledad O'Brien
Trustee	1.0	0.0	Yes (X)		$2,100	$0	$0
Richard J Danzig
Trustee (Part Year)	1.0	0.0	Yes (X)		$0	$0	$0
Kenneth Feinberg
Trustee	1.0	0.0	Yes (X)		$0	$0	$0
Mala Gaonkar
Trustee	1.0	0.0	Yes (X)		$0	$0	$0
Karen Elliott House
Trustee	1.0	0.0	Yes (X)		$0	$0	$0
Bonnie Hill
Trustee	1.0	0.0	Yes (X)		$0	$0	$0
Peter Lowy
Trustee	1.0	0.0	Yes (X)		$0	$0	$0
Michael Lynton
Trustee (Part Year)	1.0	0.0	Yes (X)		$0	$0	$0
Gerald L Parsky
Trustee	1.0	0.0	Yes (X)		$0	$0	$0
Teresa Wynn Roseborough
Trustee	1.0	0.0	Yes (X)		$0	$0	$0
Leonard D Schaeffer
Trustee	1.0	0.0	Yes (X)		$0	$0	$0
Barbara Barrett
Trustee (Part Year)	1.0	0.0	Yes (X)		$0	$0	$0

Field	Value	IRS element (for citing)
Total Reportable Comp From Org	$6,145,338	TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org	$0	TotReportableCompRltdOrgAmt
Total Other Compensation	$825,928	TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K	918	IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed	Yes (true)	FormerOfcrEmployeesListedInd
Total Comp Greater Than150 K	Yes (true)	TotalCompGreaterThan150KInd
Compensation From Other Srcs	false	CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 entries)

Address Line1ContractorAddress/USAddress/AddressLine1Txt	CityContractorAddress/USAddress/CityNm	State AbbreviationContractorAddress/USAddress/StateAbbreviationCd	ZIPContractorAddress/USAddress/ZIPCd	ServicesServicesDesc	CompensationCompensationAmt
COLLABORATIVE SOLUTIONS LLC
11190 SUNRISE VALLEY DRIVE SUITE 11	RESTON	VA	20191	CONSULTING SERVICES	$1,317,765
JOHNSON CONTROLS BUILDING AUTOMATIO
5757 N GREEN BAY AVE PO BOX 591	MILWAUKEE	WI	53201	BUILDING MAINTENANCE	$957,832
SODEXO AFFILIATES
9801 WASHINGTON BLVD	GAITHERSBURG	MD	20878	FOOD MANAGEMENT	$718,596
ERNST YOUNG LLP
FIVE TIMES SQUARE NEW YORK	NEW YORK	NY	100366530	CONSULTING SERVICES	$695,484
UNIVERSAL PROTECTION SERVICE LP
161 WASHINGTON STREET SUITE 600	CONSHOHOCKEN	PA	194282083	SECURITY SERVICES	$685,960

Field	Value	IRS element (for citing)
Cntrct Rcvd Greater Than100 K	58	CntrctRcvdGreaterThan100KCnt
Government Grants	$293,726,468	GovernmentGrantsAmt
All Other Contributions	$66,164,945	AllOtherContributionsAmt
Noncash Contributions	$4,570,216	NoncashContributionsAmt
Total Contributions	$359,891,413	TotalContributionsAmt

Program Service Revenue ProgramServiceRevenueGrp

Field	Value	IRS element (for citing)
Desc	FEE REVENUE	Desc
Business	900099	BusinessCd
Total Revenue Column	$9,753,092	TotalRevenueColumnAmt
Related Or Exempt Func Income	$9,753,092	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$0	UnrelatedBusinessRevenueAmt
Exclusion	$0	ExclusionAmt

Field	Value	IRS element (for citing)
Total Program Service Revenue	$9,753,092	TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$5,090,548	TotalRevenueColumnAmt
Unrelated Business Revenue	$24,244	UnrelatedBusinessRevenueAmt
Exclusion	$5,066,304	ExclusionAmt

Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Royalties Revenue RoyaltiesRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Rental Income Or Loss RentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Real	$0	RealAmt
Personal	$0	PersonalAmt

Net Rental Income Or Loss NetRentalIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$0	TotalRevenueColumnAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

Field	Value	IRS element (for citing)
Securities	$82,292,093	SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

Field	Value	IRS element (for citing)
Securities	$73,870,093	SecuritiesAmt

Gain Or Loss GainOrLossGrp

Field	Value	IRS element (for citing)
Securities	$8,422,000	SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$8,422,000	TotalRevenueColumnAmt
Exclusion	$8,422,000	ExclusionAmt

Field	Value	IRS element (for citing)
Gross Sales Of Inventory	$1,415	GrossSalesOfInventoryAmt
Cost Of Goods Sold	$582	CostOfGoodsSoldAmt

Net Income Or Loss NetIncomeOrLossGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$833	TotalRevenueColumnAmt
Exclusion	$833	ExclusionAmt

Field	Value	IRS element (for citing)
Other Revenue Total	$0	OtherRevenueTotalAmt

Total Revenue TotalRevenueGrp

Field	Value	IRS element (for citing)
Total Revenue Column	$383,157,886	TotalRevenueColumnAmt
Related Or Exempt Func Income	$9,753,092	RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue	$24,244	UnrelatedBusinessRevenueAmt
Exclusion	$13,489,137	ExclusionAmt

Grants To Domestic Orgs GrantsToDomesticOrgsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Program Services	$0	ProgramServicesAmt

Grants To Domestic Individuals GrantsToDomesticIndividualsGrp

Field	Value	IRS element (for citing)
Total	$166,445	TotalAmt
Program Services	$166,445	ProgramServicesAmt

Foreign Grants ForeignGrantsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Program Services	$0	ProgramServicesAmt

Benefits To Members BenefitsToMembersGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Program Services	$0	ProgramServicesAmt

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

Field	Value	IRS element (for citing)
Total	$3,258,624	TotalAmt
Program Services	$1,177,413	ProgramServicesAmt
Management And General	$1,966,313	ManagementAndGeneralAmt
Fundraising	$114,898	FundraisingAmt

Comp Disqual Persons CompDisqualPersonsGrp

Field	Value	IRS element (for citing)
Total	$695,163	TotalAmt
Program Services	$329,855	ProgramServicesAmt
Management And General	$330,063	ManagementAndGeneralAmt
Fundraising	$35,245	FundraisingAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

Field	Value	IRS element (for citing)
Total	$182,625,005	TotalAmt
Program Services	$151,184,472	ProgramServicesAmt
Management And General	$28,453,518	ManagementAndGeneralAmt
Fundraising	$2,987,015	FundraisingAmt

Pension Plan Contributions PensionPlanContributionsGrp

Field	Value	IRS element (for citing)
Total	$15,908,371	TotalAmt
Program Services	$12,897,057	ProgramServicesAmt
Management And General	$2,722,268	ManagementAndGeneralAmt
Fundraising	$289,046	FundraisingAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

Field	Value	IRS element (for citing)
Total	$54,892,212	TotalAmt
Program Services	$43,320,944	ProgramServicesAmt
Management And General	$10,575,098	ManagementAndGeneralAmt
Fundraising	$996,170	FundraisingAmt

Payroll Taxes PayrollTaxesGrp

Field	Value	IRS element (for citing)
Total	$14,713,565	TotalAmt
Program Services	$11,916,739	ProgramServicesAmt
Management And General	$2,528,368	ManagementAndGeneralAmt
Fundraising	$268,458	FundraisingAmt

Fees For Services Management FeesForServicesManagementGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$0	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Fees For Services Legal FeesForServicesLegalGrp

Field	Value	IRS element (for citing)
Total	$1,016,089	TotalAmt
Program Services	$44,867	ProgramServicesAmt
Management And General	$970,358	ManagementAndGeneralAmt
Fundraising	$864	FundraisingAmt

Fees For Services Accounting FeesForServicesAccountingGrp

Field	Value	IRS element (for citing)
Total	$2,124,217	TotalAmt
Program Services	$27,629	ProgramServicesAmt
Management And General	$2,096,588	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Fees For Services Lobbying FeesForServicesLobbyingGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$0	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Fees For Services Prof Fundraising FeesForServicesProfFundraising

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Fundraising	$0	FundraisingAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

Field	Value	IRS element (for citing)
Total	$259,544	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$259,544	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Fees For Services Other FeesForServicesOtherGrp

Field	Value	IRS element (for citing)
Total	$5,368,429	TotalAmt
Program Services	$2,211,498	ProgramServicesAmt
Management And General	$3,066,017	ManagementAndGeneralAmt
Fundraising	$90,914	FundraisingAmt

Advertising AdvertisingGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$0	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Office Expenses OfficeExpensesGrp

Field	Value	IRS element (for citing)
Total	$11,202,788	TotalAmt
Program Services	$5,834,679	ProgramServicesAmt
Management And General	$4,860,142	ManagementAndGeneralAmt
Fundraising	$507,967	FundraisingAmt

Information Technology InformationTechnologyGrp

Field	Value	IRS element (for citing)
Total	$12,643,738	TotalAmt
Program Services	$9,566,020	ProgramServicesAmt
Management And General	$3,033,334	ManagementAndGeneralAmt
Fundraising	$44,384	FundraisingAmt

Royalties RoyaltiesGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$0	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Occupancy OccupancyGrp

Field	Value	IRS element (for citing)
Total	$8,366,565	TotalAmt
Program Services	$4,961,095	ProgramServicesAmt
Management And General	$3,405,092	ManagementAndGeneralAmt
Fundraising	$378	FundraisingAmt

Travel TravelGrp

Field	Value	IRS element (for citing)
Total	$6,452,504	TotalAmt
Program Services	$5,872,173	ProgramServicesAmt
Management And General	$484,585	ManagementAndGeneralAmt
Fundraising	$95,746	FundraisingAmt

Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$0	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Conferences Meetings ConferencesMeetingsGrp

Field	Value	IRS element (for citing)
Total	$230,734	TotalAmt
Program Services	$176,417	ProgramServicesAmt
Management And General	$51,733	ManagementAndGeneralAmt
Fundraising	$2,584	FundraisingAmt

Interest InterestGrp

Field	Value	IRS element (for citing)
Total	$3,487,992	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$3,487,992	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Payments To Affiliates PaymentsToAffiliatesGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt
Program Services	$0	ProgramServicesAmt
Management And General	$0	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Depreciation Depletion DepreciationDepletionGrp

Field	Value	IRS element (for citing)
Total	$11,336,566	TotalAmt
Program Services	$1,297,698	ProgramServicesAmt
Management And General	$10,038,868	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Insurance InsuranceGrp

Field	Value	IRS element (for citing)
Total	$1,998,211	TotalAmt
Program Services	$750,480	ProgramServicesAmt
Management And General	$1,247,731	ManagementAndGeneralAmt
Fundraising	$0	FundraisingAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDesc	TotalTotalAmt	Program ServicesProgramServicesAmt	Management And GeneralManagementAndGeneralAmt	FundraisingFundraisingAmt
SUBCONTRACTS	$24,902,535	$24,272,324	$630,211	$0
GIFT CARDS	$1,302,468	$1,008,662	$283,006	$10,800
LETTER AGREEMENTS	$882,613	$882,613	$0	$0
TAXES AND LICENSES	$545,600	$162,205	$380,624	$2,771

All Other Expenses AllOtherExpensesGrp

Field	Value	IRS element (for citing)
Total	$3,283,583	TotalAmt
Program Services	$1,935,955	ProgramServicesAmt
Management And General	$1,339,943	ManagementAndGeneralAmt
Fundraising	$7,685	FundraisingAmt

Total Functional Expenses TotalFunctionalExpensesGrp

Field	Value	IRS element (for citing)
Total	$367,663,561	TotalAmt
Program Services	$279,997,240	ProgramServicesAmt
Management And General	$82,211,396	ManagementAndGeneralAmt
Fundraising	$5,454,925	FundraisingAmt

Total Joint Costs TotalJointCostsGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

Field	Value	IRS element (for citing)
BOY	$18,714,914	BOYAmt
EOY	$20,413,194	EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

Field	Value	IRS element (for citing)
BOY	$18,997,412	BOYAmt
EOY	$19,515,360	EOYAmt

Pledges And Grants Receivable PledgesAndGrantsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$9,874,371	BOYAmt
EOY	$15,411,421	EOYAmt

Accounts Receivable AccountsReceivableGrp

Field	Value	IRS element (for citing)
BOY	$52,206,024	BOYAmt
EOY	$74,903,087	EOYAmt

Receivables From Officers Etc ReceivablesFromOfficersEtcGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

Field	Value	IRS element (for citing)
BOY	$3,905,097	BOYAmt
EOY	$4,087,088	EOYAmt

Inventories For Sale Or Use InventoriesForSaleOrUseGrp

Field	Value	IRS element (for citing)
BOY	$7,666	BOYAmt
EOY	$7,084	EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

Field	Value	IRS element (for citing)
BOY	$8,222,069	BOYAmt
EOY	$9,498,249	EOYAmt

Field	Value	IRS element (for citing)
Land Bldg Equip Cost Or Other Bss	$236,162,684	LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec	$137,673,685	LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

Field	Value	IRS element (for citing)
BOY	$102,177,493	BOYAmt
EOY	$98,488,999	EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

Field	Value	IRS element (for citing)
BOY	$196,021,727	BOYAmt
EOY	$171,598,616	EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

Field	Value	IRS element (for citing)
BOY	$76,092,385	BOYAmt
EOY	$108,738,447	EOYAmt

Investments Program Related InvestmentsProgramRelatedGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Intangible Assets IntangibleAssetsGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Other Assets Total OtherAssetsTotalGrp

Field	Value	IRS element (for citing)
BOY	$28,051,814	BOYAmt
EOY	$29,606,300	EOYAmt

Total Assets TotalAssetsGrp

Field	Value	IRS element (for citing)
BOY	$514,270,972	BOYAmt
EOY	$552,267,845	EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

Field	Value	IRS element (for citing)
BOY	$75,708,454	BOYAmt
EOY	$97,312,240	EOYAmt

Grants Payable GrantsPayableGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Deferred Revenue DeferredRevenueGrp

Field	Value	IRS element (for citing)
BOY	$16,898,612	BOYAmt
EOY	$14,480,147	EOYAmt

Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$103,097,856	BOYAmt
EOY	$105,341,394	EOYAmt

Escrow Account Liability EscrowAccountLiabilityGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Loans From Officers Directors LoansFromOfficersDirectorsGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$0	EOYAmt

Other Liabilities OtherLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$0	BOYAmt
EOY	$58,843	EOYAmt

Total Liabilities TotalLiabilitiesGrp

Field	Value	IRS element (for citing)
BOY	$195,704,922	BOYAmt
EOY	$217,192,624	EOYAmt

Field	Value	IRS element (for citing)
Organization Follows FASB117	Yes (X)	OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$195,603,419	BOYAmt
EOY	$195,374,052	EOYAmt

Donor Restriction Net Assets DonorRestrictionNetAssetsGrp

Field	Value	IRS element (for citing)
BOY	$122,962,631	BOYAmt
EOY	$139,701,169	EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$318,566,050	BOYAmt
EOY	$335,075,221	EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

Field	Value	IRS element (for citing)
BOY	$514,270,972	BOYAmt
EOY	$552,267,845	EOYAmt

Field	Value	IRS element (for citing)
Info In Schedule O Part XI	Yes (X)	InfoInScheduleOPartXIInd
Reconcilation Revenue Expnss	$15,494,325	ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst	$4,517,000	NetUnrlzdGainsLossesInvstAmt
Donated Services And Use Fclts	$0	DonatedServicesAndUseFcltsAmt
Investment Expense	$0	InvestmentExpenseAmt
Prior Period Adjustments	$0	PriorPeriodAdjustmentsAmt
Other Changes In Net Assets	-$3,502,154	OtherChangesInNetAssetsAmt
Method Of Accounting Accrual	Yes (X)	MethodOfAccountingAccrualInd
Accountant Compile Or Review	false	AccountantCompileOrReviewInd
FS Audited	Yes (true)	FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

Field	Value	IRS element (for citing)
Consolidated Basis Fincl Stmt	Yes (X)	ConsolidatedBasisFinclStmtInd

Field	Value	IRS element (for citing)
Audit Committee	Yes (true)	AuditCommitteeInd
Federal Grant Audit Required	Yes (true)	FederalGrantAuditRequiredInd
Federal Grant Audit Performed	Yes (true)	FederalGrantAuditPerformedInd

Schedule A IRS990ScheduleA

Field	Value	IRS element (for citing)
Public Organization170	Yes (X)	PublicOrganization170Ind

Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$305,503,767	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$321,419,709	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$351,104,724	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$366,714,456	CurrentTaxYearMinus1YearAmt
Current Tax Year	$359,891,413	CurrentTaxYearAmt
Total	$1,704,634,069	TotalAmt

Tax Rev Levied Orgnztnl Bnft170 TaxRevLeviedOrgnztnlBnft170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$0	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$0	CurrentTaxYearMinus3YearsAmt
Total	$0	TotalAmt

Govt Furn Srvc Fclts Vl170 GovtFurnSrvcFcltsVl170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$0	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$0	CurrentTaxYearMinus3YearsAmt
Total	$0	TotalAmt

Total Calendar Year170 TotalCalendarYear170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$305,503,767	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$321,419,709	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$351,104,724	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$366,714,456	CurrentTaxYearMinus1YearAmt
Current Tax Year	$359,891,413	CurrentTaxYearAmt
Total	$1,704,634,069	TotalAmt

Field	Value	IRS element (for citing)
Substantial Contributors Tot	$0	SubstantialContributorsTotAmt
Public Support Total170	$1,704,634,069	PublicSupportTotal170Amt

Gross Investment Income170 GrossInvestmentIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$6,848,893	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$6,047,605	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$7,203,431	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$9,758,353	CurrentTaxYearMinus1YearAmt
Current Tax Year	$5,090,548	CurrentTaxYearAmt
Total	$34,948,830	TotalAmt

Unrelated Business Net Incm170 UnrelatedBusinessNetIncm170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$0	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$0	CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years	$0	CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year	$0	CurrentTaxYearMinus1YearAmt
Current Tax Year	$0	CurrentTaxYearAmt
Total	$0	TotalAmt

Other Income170 OtherIncome170Grp

Field	Value	IRS element (for citing)
Current Tax Year Minus4 Years	$0	CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years	$0	CurrentTaxYearMinus3YearsAmt
Total	$0	TotalAmt

Field	Value	IRS element (for citing)
Total Support	$1,739,582,899	TotalSupportAmt
Gross Receipts Rltd Activities	$52,286,210	GrossReceiptsRltdActivitiesAmt
Public Support CY170	0.97991	PublicSupportCY170Pct
Public Support PY170	0.97810	PublicSupportPY170Pct
Thirty Thr Pct Suprt Tests CY170	Yes (X)	ThirtyThrPctSuprtTestsCY170Ind

Schedule B IRS990ScheduleB

Contributor Information ContributorInformationGrp

Field	Value	IRS element (for citing)
Contributor	RESTRICTED	ContributorNum

Contributor Business Name ContributorBusinessName

Field	Value	IRS element (for citing)
Business Name Line1	RESTRICTED	BusinessNameLine1

Contributor US Address ContributorUSAddress

Field	Value	IRS element (for citing)
Address Line1	RESTRICTED	AddressLine1
Address Line2	RESTRICTED	AddressLine2
City	RESTRICTED	City
State	RESTRICTED	State
ZIP Code	RESTRICTED	ZIPCode

Field	Value	IRS element (for citing)
Total Contributions	RESTRICTED	TotalContributionsAmt

Schedule C IRS990ScheduleC

Field	Value	IRS element (for citing)
Total Grassroots Lobbying		TotalGrassrootsLobbyingGrp

Total Direct Lobbying TotalDirectLobbyingGrp

Field	Value	IRS element (for citing)
Filing Organizations Total	$5,385	FilingOrganizationsTotalAmt

Total Lobbying Expend TotalLobbyingExpendGrp

Field	Value	IRS element (for citing)
Filing Organizations Total	$5,385	FilingOrganizationsTotalAmt

Other Exempt Purpose Expend OtherExemptPurposeExpendGrp

Field	Value	IRS element (for citing)
Filing Organizations Total	$367,658,176	FilingOrganizationsTotalAmt

Total Exempt Purpose Expend TotalExemptPurposeExpendGrp

Field	Value	IRS element (for citing)
Filing Organizations Total	$367,663,561	FilingOrganizationsTotalAmt

Lobbying Nontaxable Amount LobbyingNontaxableAmountGrp

Field	Value	IRS element (for citing)
Filing Organizations Total	$1,000,000	FilingOrganizationsTotalAmt

Grassroots Nontaxable GrassrootsNontaxableGrp

Field	Value	IRS element (for citing)
Filing Organizations Total	$250,000	FilingOrganizationsTotalAmt

Field	Value	IRS element (for citing)
Tot Lbbyng Grassroot Mns Non Tx		TotLbbyngGrassrootMnsNonTxGrp
Tot Lbby Expend Mns Lbbyng Non Tx		TotLbbyExpendMnsLbbyngNonTxGrp
Form4720 Filed	false	Form4720FiledInd

Avg Lobbying Nontaxable Amount AvgLobbyingNontaxableAmountGrp

Field	Value	IRS element (for citing)
Current Year Minus3	$1,000,000	CurrentYearMinus3Amt
Current Year Minus2	$1,000,000	CurrentYearMinus2Amt
Current Year Minus1	$1,000,000	CurrentYearMinus1Amt
Current Year	$1,000,000	CurrentYearAmt
Total	$4,000,000	TotalAmt

Field	Value	IRS element (for citing)
Lobbying Ceiling	$6,000,000	LobbyingCeilingAmt

Avg Total Lobbying Expend AvgTotalLobbyingExpendGrp

Field	Value	IRS element (for citing)
Current Year Minus3	$33	CurrentYearMinus3Amt
Current Year Minus2	$3,590	CurrentYearMinus2Amt
Current Year Minus1	$78	CurrentYearMinus1Amt
Current Year	$5,385	CurrentYearAmt
Total	$9,086	TotalAmt

Avg Grassroots Nontaxable AvgGrassrootsNontaxableGrp

Field	Value	IRS element (for citing)
Current Year Minus3	$250,000	CurrentYearMinus3Amt
Current Year Minus2	$250,000	CurrentYearMinus2Amt
Current Year Minus1	$250,000	CurrentYearMinus1Amt
Current Year	$250,000	CurrentYearAmt
Total	$1,000,000	TotalAmt

Field	Value	IRS element (for citing)
Grassroots Ceiling	$1,500,000	GrassrootsCeilingAmt

Avg Grassroots Lobbying Expend AvgGrassrootsLobbyingExpendGrp

Field	Value	IRS element (for citing)
Current Year Minus3	$0	CurrentYearMinus3Amt
Current Year Minus2	$0	CurrentYearMinus2Amt
Current Year Minus1	$0	CurrentYearMinus1Amt
Current Year	$0	CurrentYearAmt
Total	$0	TotalAmt

Field	Value	IRS element (for citing)
Media Advertisements	$0	MediaAdvertisementsAmt
Mailings Members	$0	MailingsMembersAmt
Publications Or Broadcast	$0	PublicationsOrBroadcastAmt
Grants Other Organizations	$0	GrantsOtherOrganizationsAmt
Direct Contact Legislators	$0	DirectContactLegislatorsAmt
Rallies Demonstrations	$0	RalliesDemonstrationsAmt
Other Activities	$0	OtherActivitiesAmt

Schedule D IRS990ScheduleD

Art Public Exhibition Amounts ArtPublicExhibitionAmountsGrp

Field	Value	IRS element (for citing)
Assets Included	$221,825	AssetsIncludedAmt

Field	Value	IRS element (for citing)
Held Works Art		HeldWorksArtGrp
Collection Used Pub Exhibition	Yes (X)	CollectionUsedPubExhibitionInd
Solicited Assets Sale	false	SolicitedAssetsSaleInd
Agent Trustee Etc	Yes (true)	AgentTrusteeEtcInd
Beginning Balance	$23,723,006	BeginningBalanceAmt
Additions During Year	$1,713,731	AdditionsDuringYearAmt
Distributions During Year	$1,046,178	DistributionsDuringYearAmt
Ending Balance	$24,390,559	EndingBalanceAmt
Incl Escrow Custodial Acct Liab	false	InclEscrowCustodialAcctLiabInd

CY Endwmt Fund CYEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$272,114,018	BeginningYearBalanceAmt
Contributions	$18,235,359	ContributionsAmt
Investment Earnings Or Losses	$2,392,203	InvestmentEarningsOrLossesAmt
Other Expenditures	$12,404,012	OtherExpendituresAmt
End Year Balance	$280,337,568	EndYearBalanceAmt

CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$278,994,080	BeginningYearBalanceAmt
Contributions	$2,069,950	ContributionsAmt
Investment Earnings Or Losses	$3,277,731	InvestmentEarningsOrLossesAmt
Other Expenditures	$12,227,743	OtherExpendituresAmt
End Year Balance	$272,114,018	EndYearBalanceAmt

CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$264,032,415	BeginningYearBalanceAmt
Contributions	$1,897,304	ContributionsAmt
Investment Earnings Or Losses	$24,452,110	InvestmentEarningsOrLossesAmt
Other Expenditures	$11,387,749	OtherExpendituresAmt
End Year Balance	$278,994,080	EndYearBalanceAmt

CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$236,334,152	BeginningYearBalanceAmt
Contributions	$1,913,341	ContributionsAmt
Investment Earnings Or Losses	$37,150,933	InvestmentEarningsOrLossesAmt
Other Expenditures	$11,366,011	OtherExpendituresAmt
End Year Balance	$264,032,415	EndYearBalanceAmt

CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp

Field	Value	IRS element (for citing)
Beginning Year Balance	$221,677,738	BeginningYearBalanceAmt
Contributions	$3,239,621	ContributionsAmt
Investment Earnings Or Losses	$22,926,164	InvestmentEarningsOrLossesAmt
Other Expenditures	$11,509,371	OtherExpendituresAmt
End Year Balance	$236,334,152	EndYearBalanceAmt

Field	Value	IRS element (for citing)
Board Designated Balance EOY	0.63310	BoardDesignatedBalanceEOYPct
Prmnnt Endowment Balance EOY	0.23910	PrmnntEndowmentBalanceEOYPct
Term Endowment Balance EOY	0.12780	TermEndowmentBalanceEOYPct
Endowments Held Unrelated Org	false	EndowmentsHeldUnrelatedOrgInd
Endowments Held Related Org	false	EndowmentsHeldRelatedOrgInd

Land LandGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$1,334,060	OtherCostOrOtherBasisAmt
Book Value	$1,334,060	BookValueAmt

Buildings BuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$119,322,611	OtherCostOrOtherBasisAmt
Depreciation	$47,126,119	DepreciationAmt
Book Value	$72,196,492	BookValueAmt

Leasehold Improvements LeaseholdImprovementsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$23,998,182	OtherCostOrOtherBasisAmt
Depreciation	$16,263,091	DepreciationAmt
Book Value	$7,735,091	BookValueAmt

Equipment EquipmentGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$87,255,934	OtherCostOrOtherBasisAmt
Depreciation	$74,284,475	DepreciationAmt
Book Value	$12,971,459	BookValueAmt

Other Land Buildings OtherLandBuildingsGrp

Field	Value	IRS element (for citing)
Other Cost Or Other Basis	$4,251,897	OtherCostOrOtherBasisAmt
Book Value	$4,251,897	BookValueAmt

Field	Value	IRS element (for citing)
Total Book Value Land Buildings	$98,488,999	TotalBookValueLandBuildingsAmt
Financial Derivatives		FinancialDerivativesGrp
Closely Held Equity Interests		CloselyHeldEquityInterestsGrp
Total Book Value Securities	$0	TotalBookValueSecuritiesAmt

Other Assets Org OtherAssetsOrgGrp (3 entries)

DescDesc	Book ValueBookValueAmt
CONTRIBUTION RECEIVABLE	$10,456,369
INTERCOMPANY RECEIVABLE	$14,096,540
OTHER ASSETS	$5,053,391

Field	Value	IRS element (for citing)
Total Book Value Other Assets	$29,606,300	TotalBookValueOtherAssetsAmt
Federal Income Tax Liability	$0	FederalIncomeTaxLiabilityAmt

Other Liabilities Org OtherLiabilitiesOrgGrp

Field	Value	IRS element (for citing)
Desc	ACCRUED POST RETIREMENT BENEFIT	Desc
Amt	$58,843	Amt

Field	Value	IRS element (for citing)
Total Liability	$58,843	TotalLiabilityAmt
Total Rev Etc Audited Fincl Stmt	$399,302,872	TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst	$4,517,000	NetUnrealizedGainsInvstAmt
Donated Services And Use Fclts	$6,469	DonatedServicesAndUseFcltsAmt
Other Revenue	$11,292,108	OtherRevenueAmt
Revenue Not Reported	$15,815,577	RevenueNotReportedAmt
Revenue Subtotal	$383,487,295	RevenueSubtotalAmt
Investment Expenses Not Incld	-$431,034	InvestmentExpensesNotIncldAmt
Other Revenues Not Included	$101,625	OtherRevenuesNotIncludedAmt
Revenue Not Reported Fincl Stmt	-$329,409	RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990	$383,157,886	TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt	$380,218,394	TotExpnsEtcAuditedFinclStmtAmt
Donated Services Use Fclts	$6,469	DonatedServicesUseFcltsAmt
Other Expenses Included	$12,218,955	OtherExpensesIncludedAmt
Expenses Not Reported	$12,225,424	ExpensesNotReportedAmt
Expenses Subtotal	$367,992,970	ExpensesSubtotalAmt
Investment Expenses Not Incld2	-$431,034	InvestmentExpensesNotIncld2Amt
Other Expenses Not Included	$101,625	OtherExpensesNotIncludedAmt
Expenses Not Rpt Fincl Stmt	-$329,409	ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990	$367,663,561	TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail (6 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
SCHEDULE D, PART III, LINE 4	COLLECTIONS AND HOW THEY FURTHER THE ORGANIZATIONS EXEMPT PURPOSE THE DONATED ARTWORK ASSISTS RAND IN ITS MISSION AS IT ALLOWS RAND TO OFFER COLLECTION TOURS AS PART OF DONOR CULTIVATION AND CONTINUES TO BE A FEATURED PART OF RANDS ART AND ARCHITECTURE TOURS FOR THE COMMUNITY. SCHEDULE D, PART IV, LINE 1B TRUST ESCROW AND CUSTODIAL ARRANGEMENTS RAND CONTRIBUTES TO, AND IS THE SOLE TRUSTEE OF, A VOLUNTARY EMPLOYEE BENEFIT ASSOCIATION IRREVOCABLE TRUST THAT IS USED TO PARTIALLY FUND HEALTH CARE BENEFITS FOR RETIREES AND THEIR ELIGIBLE DEPENDENTS. BENEFICIARIES SHARE SUBSTANTIALLY IN THE COST OF COVERAGE.
SCHEDULE D, PART V, LINE 4	USES OF ENDOWMENT FUNDS RAND'S ENDOWMENT CONSISTS OF 49 INDIVIDUAL INVESTMENT FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. IT HAS BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENT FUNDS. RAND HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS ENDOWMENT THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO THE PROGRAMS SUPPORTED BY THE ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS.
SCHEDULE D, PART XI, LINE 2D	RAND EUROPE REVENUE $10,374,812 RAND AUSTRALIA REVENUE $ 1,834,562 ELIMINATION REVENUE $ (917,266) ------------ TOTAL $11,292,108
SCHEDULE D, PART XI, LINE 4B	INTEREST INCOME GROSS UP $ 100,792 RAND STORE REVENUE $ 833 ------------ TOTAL $ 101,625
SCHEDULE D, PART XII, LINE 2D	RAND EUROPE EXPENSES $10,851,788 RAND AUSTRALIA EXPENSES $ 2,284,433 ELIMINATION EXPENSES $ (917,266) ------------ TOTAL $12,218,955
SCHEDULE D, PART XII, LINE 4B	INTEREST INCOME GROSS UP $ 100,792 RAND STORE REVENUE $ 833 ------------ TOTAL $ 101,625

Schedule F IRS990ScheduleF

Account Activities Outside US AccountActivitiesOutsideUSGrp (3 entries)

RegionRegionTxt	Type Of Activities ConductedTypeOfActivitiesConductedTxt	Specific Services ProvidedSpecificServicesProvidedTxt	Region Total ExpendituresRegionTotalExpendituresAmt
Russia and the Newly Independent States	Program Services	PUBLIC POLICY RESEARCH	$33,763
Europe (Including Iceland and Greenland)	Program Services	PUBLIC POLICY RESEARCH	$250
Central America and the Caribbean	Investments		$20,039,653

Field	Value	IRS element (for citing)
Subtotal Spent	$20,073,666	SubtotalSpentAmt
Total Spent	$20,073,666	TotalSpentAmt
Transfer To Foreign Corp	Yes (true)	TransferToForeignCorpInd
Interest In Foreign Trust	false	InterestInForeignTrustInd
Foreign Corp Ownership	Yes (true)	ForeignCorpOwnershipInd
Passive Foreign Investmest Co	Yes (true)	PassiveForeignInvestmestCoInd
Foreign Partnership	Yes (true)	ForeignPartnershipInd
Boycott Countries	false	BoycottCountriesInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	SCHEDULE F, PART I, LINE 3, COLUMN (F)	FormAndLineReferenceDesc
Explanation	ACCOUNTING METHOD CONSISTENT WITH OTHER EXPENDITURES DISCLOSED IN THIS 990 FORM, THE PROGRAM SERVICE EXPENDITURES LISTED IN SCHEDULE F, PART I ARE SHOWN USING AN ACCRUAL BASIS OF ACCOUNTING.	ExplanationTxt

Schedule I IRS990ScheduleI

Field	Value	IRS element (for citing)
Grant Records Maintained	Yes (true)	GrantRecordsMaintainedInd

Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp

Field	Value	IRS element (for citing)
Grant Type	FELLOWSHIP GRANTS	GrantTypeTxt
Recipient	5	RecipientCnt
Cash Grant	$166,445	CashGrantAmt

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	SCHEDULE I, PART I, LINE 2	FormAndLineReferenceDesc
Explanation	DESCRIPTION OF ORGANIZATION'S PROCEDURES FOR MONITORING THE USE OF FUNDS TO ENHANCE ITS RESEARCH AGENDA AND PROVIDE VALUABLE TRAINING IN POLICY ANALYSIS, RAND PARTICIPATES IN A NUMBER OF PROGRAMS THAT PROVIDE FUNDING FOR FELLOWSHIPS. OUTSIDE ORGANIZATIONS, AGENCIES, AND FOUNDATIONS OCCASIONALLY MAKE FELLOWSHIPS AVAILABLE THROUGH GRANTS AWARDED TO RAND. SUCH OPPORTUNITIES ARE GENERALLY WIDELY ADVERTISED, AND A COMPETITIVE APPLICATION PROCESS DETERMINES THE FELLOWSHIP RECIPIENT. FELLOWSHIP FUNDS ARE SEGREGATED AND MANAGEMENT ACTIVELY MONITORS SPENDING TO ENSURE ANY AND ALL REQUIREMENTS ARE MET, WHICH INCLUDES SUBMITTING PROGRESS REPORTS ATTESTING TO THE WORK COMPLETED BY THESE FELLOWS.	ExplanationTxt

Schedule J IRS990ScheduleJ

Field	Value	IRS element (for citing)
First Class Or Charter Travel	Yes (X)	FirstClassOrCharterTravelInd
Idemnification Gross Up Pmts	Yes (X)	IdemnificationGrossUpPmtsInd
Housing Allowance Or Residence	Yes (X)	HousingAllowanceOrResidenceInd
Written Policy Ref T And E Expnss	Yes (true)	WrittenPolicyRefTAndEExpnssInd
Substantiation Required	Yes (true)	SubstantiationRequiredInd
Compensation Committee	Yes (X)	CompensationCommitteeInd
Independent Consultant	Yes (X)	IndependentConsultantInd
Form990 Of Other Organizations	Yes (X)	Form990OfOtherOrganizationsInd
Compensation Survey	Yes (X)	CompensationSurveyInd
Board Or Committee Approval	Yes (X)	BoardOrCommitteeApprovalInd
Severance Payment	false	SeverancePaymentInd
Supplemental Nonqual Rtr Plan	Yes (true)	SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm	false	EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org	false	CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs	false	CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org	false	CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs	false	CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments	Yes (true)	AnyNonFixedPaymentsInd
Initial Contract Exception	false	InitialContractExceptionInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (14 entries)

TitleTitleTxt	Base Compensation Filing OrgBaseCompensationFilingOrgAmt	Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt	Bonus Filing OrganizationBonusFilingOrganizationAmount	Bonus Related OrganizationsBonusRelatedOrganizationsAmt	Other Compensation Filing OrgOtherCompensationFilingOrgAmt	Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt	Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt	Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt	Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt	Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt	Total Compensation Filing OrgTotalCompensationFilingOrgAmt	Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt	Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt	Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
Michael D Rich
President & CEO	$699,803	$0	$405,928	$0	$105,063	$0	$51,555	$0	$27,054	$0	$1,289,403	$0	$0	$0
Andrew Hoehn
SVP, Research and Analysis	$384,876	$0	$110,784	$0	$3,946	$0	$32,555	$0	$16,474	$0	$548,635	$0	$0	$0
James P Smith
Senior Principal Researcher	$340,253	$0	$3,278	$0	$114,196	$0	$32,555	$0	$13,953	$0	$504,235	$0	$0	$0
Robert Case
VP, General Cnsl & Corp Sec	$319,965	$0	$66,354	$0	$52,069	$0	$27,946	$0	$38,980	$0	$505,314	$0	$0	$0
Michael J Januzik
VP, Chief Financial Officer	$344,220	$0	$55,706	$0	$3,602	$0	$32,555	$0	$31,687	$0	$467,770	$0	$0	$0
Brandon Baker
VP, Development	$327,708	$0	$79,633	$0	$455	$0	$24,298	$0	$23,803	$0	$455,897	$0	$0	$0
Susan L Marquis
Dean, PRGS & VP, Innovation	$343,593	$0	$44,843	$0	$2,272	$0	$32,555	$0	$24,214	$0	$447,477	$0	$0	$0
Edward R Harshberger
VP, Dir, Research	$301,521	$0	$56,201	$0	$1,986	$0	$32,555	$0	$34,576	$0	$426,839	$0	$0	$0
Kevin Jack Riley
VP, Dir, Research	$317,961	$0	$42,532	$0	$12,139	$0	$32,555	$0	$20,237	$0	$425,424	$0	$0	$0
Michael Weitzenfeld
Chief Information Officer	$306,309	$0	$47,062	$0	$702	$0	$32,036	$0	$31,398	$0	$417,507	$0	$0	$0
Allison E Elder
VP, Human Resources	$259,607	$0	$31,012	$0	$7,138	$0	$32,555	$0	$26,965	$0	$357,277	$0	$0	$0
Timothy Bonds
VICE PRESIDENT (FRMR OFFICER)	$268,323	$0	$32,261	$0	$1,717	$0	$32,555	$0	$21,942	$0	$356,798	$0	$0	$0
Jennifer Gould
COS & INTERIM SEC. (FRMR OFCR)	$204,669	$0	$20,330	$0	$294	$0	$20,710	$0	$30,798	$0	$276,801	$0	$0	$0
Eric Peltz
VP, Research Svcs & Operations	$316,894	$0	$50,331	$0	$1,102	$0	$32,555	$0	$34,307	$0	$435,189	$0	$0	$0

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
SCHEDULE J, PART I, LINE 1A	SUPPLEMENTAL COMPENSATION INFORMATION RAND PROVIDES ADDITIONAL BENEFITS TO EMPLOYEES IN CONSIDERATION OF CERTAIN INTERNATIONAL ASSIGNMENTS, SUCH AS TAX INDEMNIFICATIONS, HOUSING AND TRANSPORTATION ALLOWANCES. BENEFITS ARE TAXABLE AND THUS REPORTED AS INCOME BY THE INDIVIDUAL. THESE BENEFITS ARE DETAILED IN AN EXPATRIATE AGREEMENT SIGNED BY THE INDIVIDUALS. RANDS TRAVEL POLICY PROHIBITS FIRST CLASS TRAVEL EXCEPT IN LIMITED CIRCUMSTANCES. IN ACCORDANCE WITH THIS POLICY, PART VII LISTED PERSONS WILL OCCASIONALLY TRAVEL FIRST CLASS.
SCHEDULE J, PART I, LINE 4B	IN 2019, MICHAEL RICH RECEIVED PAYMENTS RELATED TO NONQUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE ORGANIZATIONS SERP PROVIDES A BENEFIT DETERMINED BY A FORMULA DRIVEN BY COMPENSATION, CONTINUOUS SERVICE, AND AGE. THE BENEFIT IS PAID IMMEDIATELY AFTER THE END OF THE CALENDAR YEAR. THE MAXIMUM DEFERRAL AMOUNT UNDER SECTION 457 (B), $19,000 FOR CY2019, IS DEPOSITED INTO A RABBI TRUST HELD BY THE VANGUARD GROUP OF INVESTMENT FUNDS (CUSTODIAN), WHICH ALLOWS THE EXECUTIVE TO DIRECT HOW THE BENEFITS WILL BE INVESTED WITHIN THEIR NONQUALIFIED RETIREMENT ACCOUNTS. THE REMAINDER ACCOUNTS ARE PAID DIRECTLY TO THE PARTICIPANT AND ARE INCLUDED AS PART OF THE W-2 EARNINGS UNDER SECTION 457 (F). CY2019 PAYMENTS RELATED TO SECTION 457 (F), INCLUDED IN SCHEDULE J, WERE $93,397 FOR MICHAEL RICH.
SCHEDULE J, PART I, LINE 7	AS NOTED IN SCHEDULE O, PART OF THE BONUS PROVIDED TO PARTICIPANTS OF THE VARIABLE COMPENSATION PROGRAM IS DISCRETIONARY. A PREDETERMINED PERCENTAGE OF THE VARIABLE PAY MAY BE AWARDED AT THE DISCRETION OF THE CEO. THE VARIABLE COMPENSATION PROGRAM IS CONTINGENT ON WHETHER CERTAIN GOALS ARE ACHIEVED, INCLUDING CORPORATE FINANCIAL AND STRATEGIC ACHIEVEMENTS, AS WELL AS INDIVIDUAL GOALS. THE CEO, CFO, UNIT AND DEPARTMENT HEADS, AND OTHER PARTICIPATE IN THE PROGRAM. AN ANNUAL REVIEW PROCESS, INCLUDING REVIEW BY THE EXECUTIVE COMMITTEE OR COMPENSATION AND LEADERSHIP DEVELOPMENT COMMITTEE, HELPS ENSURE THAT GOAL MEASUREMENT IS VALIDATED AND PAYOUTS ARE IN ACCORDANCE WITH THE PROGRAM.

Schedule K IRS990ScheduleK

Tax Exempt Bonds Issues TaxExemptBondsIssuesGrp (2 entries)

Bond ReferenceBondReferenceCd	Bond Issuer EINBondIssuerEIN	CUSIPCUSIPNum	Bond IssuedBondIssuedDt	Issue PriceIssuePriceAmt	PurposePurposeDesc	DefeasedDefeasedInd	On Behalf Of IssuerOnBehalfOfIssuerInd	Pool FinancingPoolFinancingInd
CA INFRASTRUCTURE & ECONOMIC DEVELOPMENT PLAN
A	630304653	13034ABZ2	2012-08-30	$32,625,000	SEE PART VI	false	false	false
CA INFRASTRUCTURE & ECONOMIC DEVELOPMENT PLAN
B	630304653	13034ACA6	2012-08-30	$88,175,000	SEE PART VI	false	false	false

Tax Exempt Bonds Proceeds TaxExemptBondsProceedsGrp (2 entries)

Bond ReferenceBondReferenceCd	RetiredRetiredAmt	Bond DefeasedBondDefeasedAmt	Total ProceedsTotalProceedsAmt	In Reserve FundInReserveFundAmt	Capitalized InterestCapitalizedInterestAmt	Refunding EscrowRefundingEscrowAmt	Issuance Costs From ProceedsIssuanceCostsFromProceedsAmt	Credit EnhancementCreditEnhancementAmt	Working Capital ExpendituresWorkingCapitalExpendituresAmt	Capital ExpendituresCapitalExpendituresAmt	Other Spent ProceedsOtherSpentProceedsAmt	UnspentUnspentAmt	Substantial CompletionSubstantialCompletionYr	Refunding Tax Exempt BondsRefundingTaxExemptBondsInd	Refunding Taxable BondsRefundingTaxableBondsInd	Final Allocation MadeFinalAllocationMadeInd	Adequate Books And Rec MaintAdequateBooksAndRecMaintInd
A	$0	$0	$32,625,000	$0	$0	$0	$0	$0	$0	$0	$32,625,000	$0	2004	Yes (true)	false	Yes (true)	Yes (true)
B	$0	$0	$88,175,000	$0	$0	$0	$0	$0	$0	$0	$88,175,000	$0	2004	Yes (true)	false	Yes (true)	Yes (true)

Tax Exempt Bonds Private Bus Use TaxExemptBondsPrivateBusUseGrp (2 entries)

Bond ReferenceBondReferenceCd	Private Bus Use By OthersPrivateBusUseByOthersPct
A	0
B	0

Tax Exempt Bonds Arbitrage TaxExemptBondsArbitrageGrp (2 entries)

Bond ReferenceBondReferenceCd	Form8038 T FiledForm8038TFiledInd	Rebate Not Due YetRebateNotDueYetInd	Exception To RebateExceptionToRebateInd	No Rebate DueNoRebateDueInd	Variable Rate IssueVariableRateIssueInd	Hedge Identified In Bks And RecHedgeIdentifiedInBksAndRecInd	Term Of HedgeTermOfHedgePct	Superintegrated HedgeSuperintegratedHedgeInd	Hedge TerminatedHedgeTerminatedInd	Gross Proceeds Invested In GICGrossProceedsInvestedInGICInd	Business Name Line1GICProviderName/BusinessNameLine1Txt	Gross Proceeds InvestedGrossProceedsInvestedInd	Written Proc To Monitor ReqsWrittenProcToMonitorReqsInd
DEUTSCHE BANK
A	false	false	false	Yes (true)	Yes (true)	Yes (true)	34.5	false	false	false	0	false	Yes (true)
0
B	false	false	false	Yes (true)	Yes (true)	false					0	false	Yes (true)

Procedures Corrective Action ProceduresCorrectiveActionGrp (2 entries)

Bond ReferenceBondReferenceCd	Procedures Corrective ActionProceduresCorrectiveActionInd
A	Yes (true)
B	Yes (true)

Supplemental Information Detail SupplementalInformationDetail (4 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
SCHEDULE K, PART I, LINE A, COLUMN (F)	PURPOSE OF BOND ISSUE SERIES 2008A WERE REISSUED IN 2012. SERIES 2008A BONDS REFUNDED SERIES 2007 BONDS, WHICH THEMSELVES REFUNDED SERIES 2002A BONDS. THE SERIES 2008A BONDS WERE ISSUED ON 5/13/2008. THE SERIES 2002A BONDS WERE ISSUED ON 7/2/2002.
SCHEDULE K, PART I, LINE B, COLUMN (F)	PURPOSE OF BOND ISSUES SERIES 2008B BONDS WERE REISSUED IN 2012. SERIES 2008B BONDS REFUNDED SERIES 2002B BONDS. THE SERIES 2008B BONDS WERE ISSUED ON 6/8/2008. THE 2002B BONDS WERE ISSUED ON 7/2/2002.
SCHEDULE K, PART III	PER IRS GUIDANCE CONTAINED IN THE FORM 990 SCHEDULE K INSTRUCTIONS, ORGANIZATIONS WHO HAVE OUTSTANDING BONDS (OVER $100,000) ISSUED AFTER 12/31/2002 MUST FILE A SCHEDULE K. RAND THEREFORE FILES A SCHEDULE K DUE TO ITS OUTSTANDING 2008A AND 2008B BONDS. HOWEVER, ALSO PER IRS GUIDANCE CONTAINED IN THE FORM 990 SCHEDULE K INSTRUCTIONS, ORGANIZATIONS REPORTING ON BONDS ISSUED AFTER 12/31/2002 BUT WHICH REFUNDED BONDS ISSUED PRIOR TO 12/31/2002 (WHETHER DIRECTLY OR THROUGH A SERIES OF REFUNDINGS) DO NOT REPORT INFORMATION IN PART III (PRIVATE BUSINESS USE) OF SCHEDULE K. RAND THEREFORE DOES NOT REPORT INFORMATION IN PART III OF SCHEDULE K.
SCHEDULE K, PART IV, LINE 2	THE LAST REBATE COMPUTATIONS WERE PERFORMED ON OCTOBER 17, 2017.

Schedule M IRS990ScheduleM

Field	Value	IRS element (for citing)
Works Of Art		WorksOfArtGrp
Art Historical Treasures		ArtHistoricalTreasuresGrp
Art Fractional Interest		ArtFractionalInterestGrp
Books And Publications		BooksAndPublicationsGrp
Clothing And Household Goods		ClothingAndHouseholdGoodsGrp
Cars And Other Vehicles		CarsAndOtherVehiclesGrp
Boats And Planes		BoatsAndPlanesGrp
Intellectual Property		IntellectualPropertyGrp

Securities Publicly Traded SecuritiesPubliclyTradedGrp

Field	Value	IRS element (for citing)
Non Cash Checkbox	Yes (X)	NonCashCheckboxInd
Contribution	24	ContributionCnt
Noncash Contributions Rpt F990	$4,570,216	NoncashContributionsRptF990Amt
Method Of Determining Revenues	FMV	MethodOfDeterminingRevenuesTxt

Field	Value	IRS element (for citing)
Securities Closely Held Stock		SecuritiesCloselyHeldStockGrp
Secur Prtnrshp Trust Intrsts		SecurPrtnrshpTrustIntrstsGrp
Securities Miscellaneous		SecuritiesMiscellaneousGrp
Qualified Contrib Hist Struct		QualifiedContribHistStructGrp
Qualified Contrib Other		QualifiedContribOtherGrp
Real Estate Residential		RealEstateResidentialGrp
Real Estate Commercial		RealEstateCommercialGrp
Real Estate Other		RealEstateOtherGrp
Collectibles		CollectiblesGrp
Food Inventory		FoodInventoryGrp
Drugs And Medical Supplies		DrugsAndMedicalSuppliesGrp
Taxidermy		TaxidermyGrp
Historical Artifacts		HistoricalArtifactsGrp
Scientific Specimens		ScientificSpecimensGrp
Archaeological Artifacts		ArchaeologicalArtifactsGrp
Any Property That Must Be Held	false	AnyPropertyThatMustBeHeldInd
Review Process Unusual NC Gifts	Yes (true)	ReviewProcessUnusualNCGiftsInd
Third Parties Used	false	ThirdPartiesUsedInd

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	SCHEDULE M, PART I, COLUMN (B)	FormAndLineReferenceDesc
Explanation	THE AMOUNTS REPORTED IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED.	ExplanationTxt

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (7 entries)

Form And Line ReferenceFormAndLineReferenceDesc	ExplanationExplanationTxt
FORM 990, PART III, LINE 4A	PROGRAM SERVICE ACCOMPLISHMENTS THE RAND CORPORATION IS A PUBLIC CHARITY AND AS SUCH RECEIVES A SUBSTANTIAL PART OF ITS SUPPORT FROM THE GOVERNMENT AND THE GENERAL PUBLIC (SEE ALSO SCHEDULE A). THIS SUPPORT IS NOT CONSIDERED PROGRAM SERVICE REVENUE AS DEFINED BY THE IRS AND THUS NOT REPORTED ON PART III, LINE 4A. HOWEVER, LIKE ALL PUBLIC CHARITIES, THIS SUPPORT IS USED TO FUND RAND'S PROGRAM SERVICES EXPENSES WHICH ARE REPORTED ON PART III, LINE 4A.
FORM 990, PART VI, SECTION B, LINE 11B	ORGANIZATION'S GOVERNING BODY PROCEDURES FOR FORM 990 REVIEW RAND SUMMARIZES THE INFORMATION TO BE INCLUDED ON THE FORM 990 AND PROVIDES THE SUPPORT TO A THIRD-PARTY TAX FIRM SO THAT A DRAFT RETURN CAN BE COMPILED. THIS FIRM PROVIDES TAX GUIDANCE THROUGHOUT THE YEAR IN ADDITION TO PROVIDING GUIDANCE ON RETURN PREPARATION. ONCE THE DRAFT FORM 990 IS COMPILED, IT IS REVIEWED BY VARIOUS LEVELS OF MANAGEMENT WITHIN RAND, INCLUDING THE CFO. THE RAND BOARD OF TRUSTEES HAS DELEGATED TO THE AUDIT COMMITTEE THE RESPONSIBILITY FOR THE OVERSIGHT OF THE FORM 990. THEREFORE, ONCE THE FORM 990 IS FINALIZED, IT IS THOROUGHLY REVIEWED BY THE AUDIT COMMITTEE (ALONG WITH THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS) AND APPROVED FOR RELEASE. THE FORM 990 IS THEN SUBMITTED TO THE IRS.
FORM 990, PART VI, SECTION B, LINE 12A	WRITTEN CONFLICT OF INTEREST POLICY ENFORCEMENT NEW STAFF MEMBERS RECEIVE COPIES OF SEVERAL KEY POLICIES, INCLUDING INSTITUTIONAL PRINCIPLES, CONFLICT OF INTEREST, QUALITY ASSURANCE, AND OTHER ESSENTIAL POLICIES. CONFLICT OF INTEREST, CORPORATE INTEGRITY, INSTITUTIONAL PRINCIPLES, AND ETHICS POLICIES ARE POSTED PROMINENTLY ON RAND'S INTRANET. ALL EMPLOYEES ARE REQUIRED TO DISCLOSE OUTSIDE PROFESSIONAL ACTIVITIES, AND ALL OFFICERS, KEY STAFF MEMBERS AND STAFF WHO WORK ON RESEARCH PROJECTS ARE REQUIRED TO DISCLOSE RELATIONSHIPS AND FINANCIAL INTERESTS: (I) THAT ARE RELATED TO THEIR RESEARCH RESPONSIBILITIES, OR (II) THAT COULD BRING INTO QUESTION THE OBJECTIVITY OF THE RESEARCH. SUCH DISCLOSURES MUST BE MADE AT LEAST ANNUALLY, AND STAFF ALSO MUST REVIEW AND ACKNOWLEDGE COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY AND COMPLETE RELEVANT TRAINING. PROSPECTIVE TRUSTEES ADVISE KEY MANAGEMENT OF ANY POSSIBLE CONFLICTS OF INTEREST BEFORE JOINING THE BOARD OF TRUSTEES. MOREOVER, ON AN ANNUAL BASIS EACH TRUSTEE IS ASKED BY THE VICE PRESIDENT, GENERAL COUNSEL, AND CORPORATE SECRETARY TO PROVIDE A LIST OF AFFILIATIONS IN WRITING THAT MAY RAISE A CONFLICT OF INTEREST ISSUE AND SIGN THE PRINCIPLES OF CONDUCT STATEMENT WHICH ASSERTS THAT THEY WOULD DISQUALIFY THEMSELVES FROM PARTICIPATING IN ANY RAND MATTERS WHICH THEY BELIEVE MAY GIVE RISE TO A POSSIBLE CONFLICT OF INTEREST. RAND MAINTAINS A FORMAL RECORD OF ALL INSTANCES WHERE TRUSTEES RECUSE THEMSELVES BECAUSE OF A POSSIBLE CONFLICT OF INTEREST. FINALLY, ALL RAND OFFICERS, TRUSTEES AND KEY EMPLOYEES ARE ASKED TO COMPLETE AN ANNUAL RELATED PARTY QUESTIONNAIRE, SENT BY RAND'S CFO, TO SUPPORT RAND'S RESPONSES TO CERTAIN QUESTIONS ON THE FORM 990. THIS QUESTIONNAIRE, WHICH IS REVIEWED BY VARIOUS LEVELS OF MANAGEMENT, SEEKS TO IDENTIFY FAMILY AND BUSINESS RELATIONSHIPS AMONGST THE TRUSTEES AND OFFICERS AND REPRESENTS ANOTHER OPPORTUNITY OTHER THAN THE ABOVE FOR POTENTIAL CONFLICTS TO BE IDENTIFIED. PER THE AUDIT AND RISK COMMITTEE CHARTER, THE ETHICS AND COMPLIANCE OFFICER REPORTS REGULARLY TO THE AUDIT AND RISK COMMITTEE. THE CONFLICT OF INTEREST POLICY IS REVIEWED BY THE AUDIT AND RISK COMMITTEE WHEN MANAGEMENT PROPOSES MATERIAL CHANGES. THE POLICY WAS LAST UPDATED AND APPROVED BY THE AUDIT AND RISK COMMITTEE IN MAY 2019.
FORM 990, PART VI, SECTION B, LINE 15A	DETERMINATION OF COMPENSATION FOR CEO THE COMPENSATION AND LEADERSHIP DEVELOPMENT COMMITTEE CONDUCTS ANNUAL PERFORMANCE REVIEWS FOR THE PRESIDENT AND CHIEF EXECUTIVE OFFICER. AS PART OF THE YEARLY EVALUATION, THE COMMITTEE REVIEWS MARKET DATA FROM SEVERAL SALARY SURVEYS AND EMPLOYS AN INDEPENDENT COMPENSATION CONSULTANT TO REVIEW FOR REASONABLENESS. THE COMMITTEE RECOMMENDS SALARY INCREASES AND DISCRETIONARY AMOUNTS OF THE VARIABLE COMPENSATION PROGRAM FOR THE UPCOMING YEAR TO THE BOARD OF TRUSTEES WHO MAKES THE FINAL DECISION FOR THE PRESIDENT AND CHIEF EXECUTIVE OFFICER'S COMPENSATION. THE COMPENSATION AND LEADERSHIP DEVELOPMENT COMMITTEE CONDUCTS THE REVIEW IN THE FALL AND DOCUMENTS THE REVIEW IN COMMITTEE MINUTES WHICH ARE THEN APPROVED AT THE NEXT MEETING. RAISES ARE EFFECTIVE IN FEBRUARY.
FORM 990, PART VI, SECTION B, LINE 15B	DETERMINATION OF COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES THE PRESIDENT AND CHIEF EXECUTIVE OFFICER REVIEWS THE COMPENSATION FOR OFFICERS AND OTHER RESEARCH HEADS. HE PUTS FORTH SALARY INCREASE SUGGESTIONS AFTER EXAMINING PERFORMANCE, SALARY SURVEYS, AND BENCHMARK STUDIES. THE SALARY INCREASES FOR KEY EMPLOYEES WITHIN THE RESEARCH GROUP ARE SUGGESTED BY THE GLOBAL RESEARCH TALENT VICE PRESIDENT. BOTH SETS OF RECOMMENDATIONS ARE GIVEN TO THE COMPENSATION AND LEADERSHIP DEVELOPMENT COMMITTEE, WHICH ULTIMATELY DECIDES ON THE SALARY INCREASES EACH YEAR.
FORM 990, PART VI, SECTION C, LINE 19	PUBLIC DISCLOSURE OF GOVERNING DOCUMENTS AND POLICIES THE ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON RAND'S EXTERNAL WEBSITE: WWW.RAND.ORG. MOREOVER, THIS INFORMATION, AS WELL AS RAND'S GOVERNING DOCUMENTS AND FORM 990, IS AVAILABLE UPON REQUEST AND AT THE SANTA MONICA OFFICE. FURTHER, THIS INFORMATION HAS BEEN SUBMITTED TO SEVERAL STATES AND GOVERNMENT AGENCIES AS PART OF VARIOUS REGISTRATION PROCESSES AND IS AVAILABLE ON THOSE ORGANIZATIONS' WEBSITES.
FORM 990, PART XI, LINE 9	OTHER CHANGES IN NET ASSETS CHANGE IN FMV OF DERIVATIVES $(3,760,488) FOREIGN EXCHANGE LOSS ON REVALUATION $ 260,388 ADJUSTMENT TO POST RETIREMENT LIABILITY $ (4,603) ROUNDING $ 2,549 ----------- TOTAL $(3,502,154)

Schedule R IRS990ScheduleR

Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	EINEIN	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile StateLegalDomicileStateCd	Total IncomeTotalIncomeAmt	End Of Year AssetsEndOfYearAssetsAmt	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt
RAND CORPORATION ENDOWMENT TRUST
400 HOWARD STREET	SAN FRANCISCO	CA	94105	336357131	INVESTMENTS	CA	$0	$0	RAND CORP
GOSHEN AVENUE HOUSING LLC
1776 Main Street	SANTA MONICA	CA	94574	852900416	TITLE HOLDING	CA	$0	$0	RAND CORP

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (2 entries)

Address Line1ForeignAddress/AddressLine1Txt	CityForeignAddress/CityNm	CountryForeignAddress/CountryCd	Foreign PostalForeignAddress/ForeignPostalCd	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile Foreign CountryLegalDomicileForeignCountryCd	Exempt Code SectionExemptCodeSectionTxt	Public Charity StatusPublicCharityStatusTxt	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Controlled OrganizationControlledOrganizationInd
RAND EUROPE (UK)
WESTBROOK CENTRE MILTON ROAD	CAMBRIDGE	UK	CB4 1YG	POLICY RSRCH	UK	N/A	N/A	RAND CORP	Yes (true)
RAND EUROPE (EU) AISBL
RUE DE LA LOI 82	BRUSSELS	BE	1040	POLICY RSRCH	BE	N/A	N/A	RAND CORP	Yes (true)

Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp (2 entries)

Address Line1ForeignAddress/AddressLine1Txt	CityForeignAddress/CityNm	CountryForeignAddress/CountryCd	Primary ActivitiesPrimaryActivitiesTxt	Legal Domicile Foreign CountryLegalDomicileForeignCountryCd	Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt	Entity TypeEntityTypeTxt	Share Of Total IncomeShareOfTotalIncomeAmt	Share Of EOY AssetsShareOfEOYAssetsAmt	OwnershipOwnershipPct	Controlled OrganizationControlledOrganizationInd	Foreign PostalForeignAddress/ForeignPostalCd
RAND EUROPE COMMUNITY INTEREST COMPANY
WESTBROOK CENTRE MILTON ROAD	CAMBRIDGE	UK	CONSULTANCY SVCS	UK	RAND CORP	C Corp	$10,374,812	$4,858,366	1.00000	Yes (true)
THE RAND CORPORATION (AUSTRALIA) PTY LTD
STE 24 2 ENDEAVOUR HSE CPT COOK CRT	MANUKA	AS	POLICY RESEARCH	AS	RAND CORP	C Corp	$1,834,562	$842,135	1.00000	Yes (true)	ACT 2603

Field	Value	IRS element (for citing)
Receipt Of Int Annts Rnts Rylts	false	ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org	false	GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org	false	GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org	false	LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org	false	LoansOrGuaranteesFromOthOrgInd
Div Related Organization	false	DivRelatedOrganizationInd
Asset Sale To Other Org	false	AssetSaleToOtherOrgInd
Asset Purchase From Other Org	false	AssetPurchaseFromOtherOrgInd
Asset Exchange	false	AssetExchangeInd
Rental Of Facilities To Oth Org	false	RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org	false	RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org	false	PerformOfServicesForOthOrgInd
Perform Of Services By Other Org	false	PerformOfServicesByOtherOrgInd
Sharing Of Facilities	false	SharingOfFacilitiesInd
Paid Employees Sharing	false	PaidEmployeesSharingInd
Reimbursement Paid To Other Org	false	ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org	false	ReimbursementPaidByOtherOrgInd
Transfer To Other Org	Yes (true)	TransferToOtherOrgInd
Transfer From Other Org	Yes (true)	TransferFromOtherOrgInd

Transactions Related Org TransactionsRelatedOrgGrp (2 entries)

Transaction TypeTransactionTypeTxt	InvolvedInvolvedAmt	Method Of Amount DeterminationMethodOfAmountDeterminationTxt
THE RAND CORPORATION (AUSTRALIA) PTY LTD
r	$162,975	ACCRUAL METHOD
THE RAND CORPORATION (AUSTRALIA) PTY LTD
s	$682,963	ACCRUAL METHOD

Supplemental Information Detail SupplementalInformationDetail

Field	Value	IRS element (for citing)
Form And Line Reference	SCHEDULE R, PART IV, ROWS 1 & 2	FormAndLineReferenceDesc
Explanation	END-OF-YEAR ASSETS OF RELATED ORGANIZATIONS END-OF-YEAR ASSET BALANCES FOR BOTH ENTITIES ARE EXCLUSIVE OF INTERCOMPANY PAYABLES. IF INTERCOMPANY PAYABLES WERE INCLUDED, THE ASSET BALANCES WOULD BE AS FOLLOWS: RAND EUROPE COMMUNITY INTEREST COMPANY $(2,647,942) THE RAND CORPORATION (AUSTRALIA) PTY LTD $(4,487,102)	ExplanationTxt