2025-08-20T08:25:56-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 4 BATTERYMARCH PARK SUITE 100 QUINCY MA 02169 990 2024-01-01 042121305 AMERICAN INSTITUTE FOR ECONOMIC RESEARCH AMER 4135281216 PO BOX 1000 250 DIVISION STREET GREAT BARRINGTON MA 01230 MICHELE M KEARNS VICE PRESIDENT OF FINANCE 4135281216 2025-08-15 1 1 DANIELLE NIHILL P01350943 7819821001 2025-07-29 2024 2025-03-06 01:10:19Z MICHELE M KEARNS PO BOX 1000 250 DIVISION STREET GREAT BARRINGTON MA 01230 8908757 0 X HTTPS://WWW.AIER.ORG/ X 1939 MA AIER CONDUCTS INDEPENDENT, SCIENTIFIC, ECONOMIC RESEARCH TO EDUCATE PEOPLE, THEREBY ADVANCING THEIR PERSONAL INTERESTS AND THOSE OF THE NATION. 14 14 73 46 16463 0 2703669 3231426 446190 100503 1906452 1978538 -237179 -160974 4819132 5149493 66760 52491 0 0 4962955 5377339 0 0 883538 4222250 3290387 9251965 8720217 -4432833 -3570724 193880453 199167146 81972040 83110796 111908413 116056350 X AMERICAN INSTITUTE FOR ECONOMIC RESEARCH (AIER) EDUCATES PEOPLE ON THE VALUE OF PERSONAL FREEDOM, FREE ENTERPRISE, PROPERTY RIGHTS, LIMITED GOVERNMENT AND SOUND MONEY. AIER'S ONGOING SCIENTIFIC RESEARCH DEMONSTRATES THE IMPORTANCE OF THESE PRINCIPLES IN ADVANCING PEACE, PROSPERITY AND HUMAN PROGRESS. 0 1 4554723 0 59617 RESEARCH: OUR RESEARCH FOCUSES ON ECONOMICS, FREE MARKETS, SOUND MONEY, AND CLASSICAL LIBERALISM. OUR RESEARCH GENERATED: 109 SPEAKING ENGAGEMENTS, AIER'S RESEACHERS HAD 3,039 MEDIA APPEARANCES AT VARIOUS MEDIA OUTLETS, 716 GOOGLE SCHOLAR CITATIONS, 9 ORIGINAL AIER EXPLAINERS AND WHITE PAPERS PUBLISHED, 64 PODCASTS, AND MORE THAN 3 MILLION READERS VISITED AIER'S WEBSITE AND THE DAILY ECONOMY WEBSITES. PUBLICATIONS: INCLUDED RESEARCH, PREPARATION, AND DISTRIBUTION OF PERIODIC ECONOMIC REPORTS; 20,625 COPIES OF THE REPORTS WERE PRINTED AND DISTRIBUTED, 18,144 COPIES WERE EMAILED, AND THERE WERE 21,448 WEBSITE VIEWS OF THE REPORTS. AIER PUBLISHED ONE NEW BOOK THIS YEAR. 2301848 52491 40886 ACADEMIC PROGRAMS: OUR PROGRAMS EDUCATE PARTICIPANTS ABOUT CLASSICAL LIBERALISM, FREE ENTERPRISES, LIMITED GOVERNMENT, THE RIGHT TO PERSONAL PROPERTY, AND SOUND MONEY PRINCIPLES. 345 STUDENTS WERE TRAINED AND MENTORED IN THESE AREAS. MORE THAN 2,000 ATTENDEES PARTICPATED IN AIER CONFERENCES, SEMINARS, WORKSHOPS, DEBATES, AND GRADUATE COLLOQUIMS NATIONWIDE. 29 INTERNS AND 12 GRADUATE FELLOWS PARTICIPATED IN OUR INTERNSHIP AND VISITING FELLOW PROGRAMS. WE CONDUCTED 6 ONE-DAY PROGRAMS AT VARIOUS UNIVERSITY CAMPUS ACROSS THE U.S.. WE TRANSITIONED OUR BASTIAT PROGRAM TO HARWOOD SALONS. AIER'S HARWOOD SALONS BRING TOGETHER LEADERS, THINKERS, AND LOCAL COMMUNITY MEMBERS FOR ENGAGING DISCUSSIONS ON FREEDOM, FREE MARKETS, AND SOUND MONEY. THESE GATHERINGS, HELD IN CITIES NATIONWIDE, FOSTER CONVERSATIONS FOCUSED ON OUR MISSION. AIER'S SOUND MONEY PROJECT CONDUCTS RESEARCH AND PROMOTES AWARENESS ABOUT MONETARY STABILITY AND FINANCIAL PRIVACY. IT OFFERS REGULAR COMMENTARY AND IN-DEPTH ANALYSIS ON MONETARY POLICY, ALTERNATIVE MONETARY SYSTEMS, FINANCIAL MARKETS REGULATIONS, CRYPTOCURRENCIES, AND THE HISTORY OF MONETARY AND MACROECONOMIC THOUGHT. THE PROJECT CONDUCTED A MONETARY CONFERENCE IN DC WITH OVER 100 ATTENDEES, THE CONFERENCE HAD 2,750 STREAMING VIEWS, AND 540 CONCURRENT LIVE VIEWS. IN ADDITION, MEMBERS OF THE PROJECT HAVE CONTRIBUTED NUMEROUS ARTICLES THROUGH OUT THE YEAR. 6856571 1 1 0 0 0 1 0 0 0 0 1 1 0 0 1 1 0 1 0 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 117 0 1 73 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 14 14 1 0 1 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA PA SC AL AK AR CA CO DC FL GA HI KS KY ME MD MI MN MS NV NH NJ NM NY NC ID OH OK OR RI TN UT VA WA WV WI MO X X MICHELE M KEARNS 4135281216 250 DIVISION ST GREAT BARRINGTON MA 01230 KATHERINE H DELAY CHAIR (AS OF 10/24) 10.00 X X 0 0 0 GREGORY M VAN KIPNIS CHAIR (UNTIL 10/24) 10.00 X X 0 0 0 ROBERT SCHIMENZ SECRETARY (AS OF 10/24) 10.00 X X 0 0 0 FREDERICK C HARWOOD SECRETARY (UNTIL 10/24), TRUSTEE 10.00 X X 0 0 0 TERRY W ANKER TRUSTEE 5.00 X 0 0 0 GERALD P DWYER TRUSTEE 5.00 X 0 0 0 LATIMER B EDDY TRUSTEE (UNTIL 02/24) 5.00 X 0 0 0 NELSON E FURLANO TRUSTEE 5.00 X 0 0 0 DOUGLAS L HARWOOD TRUSTEE 5.00 X 0 0 0 BRADLEY K HOBBS TRUSTEE 5.00 X 0 0 0 TERRY KIBBE TRUSTEE 5.00 X 0 0 0 ADAM KISSEL TRUSTEE 5.00 X 0 0 0 JAMES C LORDEMAN TRUSTEE 5.00 X 0 0 0 REED E PHILLIPS TRUSTEE 5.00 X 0 0 0 SURSE T PIERPOINT TRUSTEE 5.00 X 0 0 0 BENJAMIN W POWELL TRUSTEE 5.00 X 0 0 0 WILLIAM RUGER PRESIDENT 40.00 X 569524 0 16313 MICHELE M KEARNS VICE PRESIDENT, FINANCE 40.00 X 252640 0 35080 SAMUEL GREGG SENIOR RESEARCH FACULTY 40.00 X 258263 0 11290 JASON SORENS SENIOR RESEARCH FELLOW 40.00 X 157744 0 7229 RYAN YONK DIRECTOR OF EDUCATION & SENIOR RESEARCH FELLOW 40.00 X 149689 0 6862 JASON KELLY DIRECTOR OF DATA & TECHNOLOGY 40.00 X 142039 0 15696 LAURIE B PSHENISHNY ASSISTANT COMPTROLLER 40.00 X 139198 0 20599 1669097 0 113069 14 0 1 0 BECK & STONE INC PO BOX 239 SAINT PETERSBURG FL 33731 BRAND, TECHNOLOGY AND COMMUNICATIONS CON 250181 PETER J DEL GRANDE PO BOX 541 HOUSATONIC MA 01236 CHEF 187809 ATHOS MEDIA STRATEGIES LLC 3010 WESTCHESTER AVE STE PURCHASE NY 10577 PUBLIC RELATIONS 159600 CLEANING AND BEYOND 227 ROBBINS AVE PITTSFIELD MA 01201 CLEANER 145561 CLIFTONLARSONALLEN LLP PO BOX 829709 PHILADELPHIA PA 19182 AUDITOR 109368 5 3231426 331197 3231426 SALES OF PUBLICATIONS 513120 59617 59617 ACADEMIC PROGRAMS 513120 40886 40886 100503 1048193 1048193 185062 479103 -294041 -294041 -70507 -223534 4210506 3280161 930345 930345 930345 MANAGEMENT REVENUE 900003 86970 86970 CHARITABLE REMAINDER INCOME 900003 28856 28856 OTHER REVENUE 900003 17241 17241 133067 5149493 100503 16463 1801101 X 29351 29351 23140 23140 873557 500663 228015 144879 3574580 2892355 283418 398807 127852 92154 17064 18634 501756 371857 58552 71347 299594 232288 31032 36274 20404 19260 1144 63910 63910 80762 80762 999502 970419 10742 18341 9772 513 9259 86712 55175 11069 20468 263712 215652 26486 21574 221622 183947 15513 22162 640544 579695 9693 51156 21459 10009 11450 384244 318923 26897 38424 104249 50328 49026 4895 PUBLICATIONS 122427 122427 TRUSTEE REIMBURSEMENT 62006 62006 HONORARIUMS AND STIPEND 57111 57111 PUBLIC RELATIONS 35296 31766 3530 116655 99538 4779 12338 8720217 6856571 980108 883538 553 754 5864200 5903997 523264 606111 99997 81811 10494071 5528701 5419722 4965370 29294993 32379402 150786477 153253119 1891247 1976582 193880453 199167146 483390 499878 81488650 82610918 81972040 83110796 X 34979596 45381014 76928817 70675336 111908413 116056350 193880453 199167146 X -3570724 1119382 6599279 X X 0 1 X 1 0 X 1787021 1162351 1948990 2703669 3231426 10833457 1787021 1162351 1948990 2703669 3231426 10833457 1422318 9411139 462498 585709 639165 928423 1076415 3692210 46690 61758 85022 28616 46097 268183 14793850 1053329 0.63620 0.61510 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 46,690. 2021 AMOUNT: $ 61,758. 2022 AMOUNT: $ 85,022. 2023 AMOUNT: $ 28,616. 2024 AMOUNT: $ 46,097. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 25000 5500 178239 1 1 294503 294503 9160698 4587978 4572720 324812 281520 43292 714058 659203 54855 4965370 RESTRICTED TRUST ASSETS UNDER SPLIT INTEREST AGREEMENTS 153074826 F OTHER RESTRICTED INVESTMENTS 178293 F 153253119 LIABILITIES UNDER SPLIT INTEREST AGREEMENTS 80573173 SPLIT INTEREST TRUSTS DISTRIBUTIONS PAYABLE 1942500 INVESTMENT ADVISORY FEE PAYABLE 95245 82610918 X PART X, LINE 2: AIER FILES FORM 990 ANNUALLY WITH THE INTERNAL REVENUE SERVICE. WHEN ANNUAL RETURNS ARE FILED, SOME TAX POSITIONS TAKEN ARE HIGHLY CERTAIN TO BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES, WHILE OTHER TAX POSITIONS ARE SUBJECT TO UNCERTAINTY ABOUT THE TECHNICAL MERITS OF THE POSITION OR AMOUNT OF THE POSITION'S TAX BENEFIT THAT WOULD BE ULTIMATELY SUSTAINED. MANAGEMENT EVALUATED TAX POSITIONS TAKEN AND HAS DETERMINED THAT AIER HAS NOT TAKEN ANY MATERIAL UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2024 AND 2023. 1 RUSSIA AND NEIGHBORING STATES 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 5390 EAST ASIA AND THE PACIFIC 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 4200 SOUTH AMERICA 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 3850 SUB-SAHARAN AFRICA 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 3850 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 3850 NORTH AMERICA - EXCLUDING THE US 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION GRANTMAKING 2000 0 0 0 0 0 0 23140 0 23140 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES RUSSIA AND NEIGHBORING STATES 1 5390 CHECK N/A N/A SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES EAST ASIA AND THE PACIFIC 1 4200 CHECK N/A N/A SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES SOUTH AMERICA 1 3850 CHECK N/A N/A SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES SUB-SAHARAN AFRICA 1 3850 CHECK N/A N/A SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES EUROPE (INCLUDING ICELAND & GREENLAND) 1 3850 CHECK N/A N/A SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES NORTH AMERICA - EXCLUDING THE US 1 2000 CHECK N/A N/A SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES 1 CHECK N/A N/A 0 0 0 0 0 0 PART I, LINE 2: AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES. AIER DOES NOT TRACK USE OF THE FUNDS. 1 0 0 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES 10 29351 N/A N/A PART I, LINE 2: AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES. X 1 1 X X X 0 0 0 0 0 0 0 1 0 WILLIAM RUGER PRESIDENT 494524 0 75000 0 0 0 13800 0 2513 0 585837 0 0 0 MICHELE M KEARNS VICE PRESIDENT, FINANCE 237640 0 15000 0 0 0 10602 0 24478 0 287720 0 0 0 SAMUEL GREGG SENIOR RESEARCH FACULTY 258263 0 0 0 0 0 10331 0 959 0 269553 0 0 0 JASON SORENS SENIOR RESEARCH FELLOW 157744 0 0 0 0 0 6310 0 919 0 164973 0 0 0 LAURIE B PSHENISHNY ASSISTANT COMPTROLLER 137198 0 2000 0 0 0 5989 0 14610 0 159797 0 0 0 JASON KELLY DIRECTOR OF DATA & TECHNOLOGY 140039 0 2000 0 0 0 5751 0 9945 0 157735 0 0 0 RYAN YONK DIRECTOR OF EDUCATION & SENIOR RESEA 149689 0 0 0 0 0 5988 0 874 0 156551 0 0 0 PART I, LINE 1A ALL INDIVIDUALS LISTED IN SCHEDULE J, PART II, EXCLUDING THE PRESIDENT, VICE PRESIDENT, FINANCE AND ASSISTANT COMPTROLLER, RECEIVE HOUSING BENEFITS TO ATTEND REQUIRED MEETINGS ON-SITE AT THE ORGANIZATION'S MAIN OFFICE AND ARE TREATED AS NONTAXABLE BENEFITS TO THE INDIVIDUALS. PART I, LINE 7 DISCRETIONARY BONUS WAS PAID TO CERTAIN EMPLOYEES. X 4 331197 ELECTRONIC PRICING 0 0 1 0 PART I, COLUMN (B): THE FIGURE IN COLUMN (B) REPRESENTS THE NUMBER OF DONORS IN THAT CATEGORY. FORM 990, PART III, LINE 3 WE TRANSITIONED OUR BASTIAT PROGRAM TO HARWOOD SALONS MAKING THE PROGRAM MORE IN-LINE WITH AIER'S MISSION. FORM 990, PART VI, SECTION A, LINE 1A THE STANDING COMMITTEE SHALL BE ELECTED AT EACH ANNUAL MEETING FOR TWO (2) YEAR TERMS; AND SHALL CONSIST OF UP TO NINE (9) PERSONS, BUT NO LESS THAN SEVEN (7) PERSONS, NOT INCLUDING THE ALTERNATE, ALL OF WHOM SHALL BE MEMBERS, NONE OF WHOM SHALL BE TRUSTEES, AND NONE OF WHOMSHALL BE PAID EMPLOYEES OF AIER OR OF ANY SUBSIDIARY. THE STANDING COMMITTEE MAY EXERCISE ALL POWERS OF THE MEMBERS BETWEEN MEETINGS OF THE MEMBERS, EXCEPT THAT THE STANDING COMMITTEE SHALL HAVE NO POWER TO AMEND AIER'S BYLAWS, REMOVE A TRUSTEE FROM OFFICE WITHOUT CAUSE, OR APPROVE DISSOLUTION OF AIER'S ACTIVITIES. FORM 990, PART VI, SECTION A, LINE 2 KATHERINE DELAY, FREDERICK HARWOOD AND DOUGLAS HARWOOD HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION MADE THE FOLLOWING CHANGES TO ITS BYLAWS DURING 2024: - LIMITS HAVE BEEN PLACED ON THE RECEIPT OF PRIVATE BENEFITS BY MEMBERS OF GOVERNANCE. - VOTING REQUIREMENTS FOR CERTAIN ACTIONS HAVE BEEN INCREASED TO REQUIRE APPROVAL BY TWO-THIRDS OF THE CURRENT NUMBER OF TRUSTEES, SUCH AS APPOINTING THE PRESIDENT. - ELIMINATED THE DISTINCTION FOR REMOVAL OF A VOTING MEMBER, STANDING COMMITTEE MEMBER, OR TRUSTEE WITH OR WITHOUT CAUSING ALLOWING FOR A CONSISTENT PROCESS TO BE USED FOR ALL. - RESTRICTIONS WERE ADDED TO THE AUTHORITY OF THE STANDING COMMITTEE AS IT RELATES TO APPOINTING VOTING MEMBERS. - VOTING REQUIREMENTS FOR WHEN URGENT MATTERS ARISE HAVE BEEN CHANGED TO THREE-FOURTHS OF CURRENT MEMBERS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CORPORATION ARE THOSE WHO ORIGINALLY ASSOCIATED TO INCORPORATE PLUS ADDITIONAL MEMBERS ELECTED UNDER THE PROVISIONS OF THE ORGANIZATION'S BYLAWS. THE MEMBERS OF THE CORPORATION MAY, BY A MAJORITY VOTE, ELECT ADDITIONAL MEMBERS, WHO SHALL SERVE FOR SIX YEARS AND SHALL BE ELIGIBLE FOR RE-ELECTION FOR SUCCESSIVE SIX YEAR TERMS; HOWEVER, THE TERM OF ANY MEMBER WHO IS AN EMPLOYEE OF THE INSTITUTE SHALL EXPIRE ON THE DATE SUCH MEMBER'S STATUS AS AN EMPLOYEE OF THE INSTITUTE IS TERMINATED FOR CAUSE. TRUSTEES WHO ARE NOT MEMBERS OF THE CORPORATION, BUT WHO ARE RE-ELECTED FOR A SECOND TERM AS TRUSTEE, SHALL AUTOMATICALLY THEREBY BECOME MEMBERS OF THE CORPORATION AND SHALL RETAIN THAT STATUS WHILE SERVING AS TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS RESERVE TO THEMSELVES THE POWER TO ELECT THE TRUSTEES; TO ELECT THE SECRETARY OF THE CORPORATION AND TO FILL VACANCIES IN THAT POSITION; AND TO ELECT THE STANDING COMMITTEE OF THE MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED IN CONJUNCTION WITH AN INDEPENDENT ACCOUNTING FIRM AND REVIEWED BY THE ASSISTANT COMPTROLLER AND VP FINANCE. A FINAL DRAFT IS DISTRIBUTED TO THE TRUSTEES FOR QUESTIONS AND COMMENTS APPROXIMATELY TWO WEEKS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS AND TRUSTEES COMPLETE AN ANNUAL CONFLICT OF INTEREST FORM. THE VP FINANCE KEEPS THIS AND FORWARDS TO RESPONSIBLE PERSONS ANY INDICATED POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 VP OF FINANCE FROM TIME TO TIME PROVIDES MARKET DATA TO THE COMPENSATION COMMITTEE. DELIBERATION AND DECISION BY THE BOARD OF TRUSTEES REGARDING COMPENSATION ADJUSTMENTS FOR EXECUTIVES ARE BASED ON PERFORMANCE EVALUATIONS AND MARKET DATA. THESE DECISIONS ARE RECORDED IN THE OFFICIAL MINUTES OF ITS MEETING. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING FEES: PROGRAM SERVICE EXPENSES 970,419. MANAGEMENT AND GENERAL EXPENSES 10,742. FUNDRAISING EXPENSES 18,341. TOTAL EXPENSES 999,502. FORM 990, PART XI, LINE 9: NET INCOME OF SUBSIDIARY 625,572. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 5,973,707. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. AMERICAN INVESTMENT SERVICES INC 250 DIVISION ST PO BOX 1000 GREAT BARRINGTON MA 01230 042657538 INVESTMENT MANAGEMENT SERVICES DE AMERICAN INSTITUTE FOR ECONOMIC RESEARCH C 4430383 4162117 1.00000 1 1 0 0 0 0 1 0 0 0 1 0 0 1 1 1 1 1 0 0 AMERICAN INVESTMENT SERVICES INC A 156840 FAIR MARKET VALUE AMERICAN INVESTMENT SERVICES INC Q 86970 FAIR MARKET VALUE AMERICAN INVESTMENT SERVICES INC F 540000 FAIR MARKET VALUE AMERICAN INVESTMENT SERVICES INC P 80762 FAIR MARKET VALUE