2025-02-19T16:04:22-06:00 2024-06-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2023-07-01 131641075 NATIONAL BUREAU OF ECONOMIC RESEARCH INC NATI 6178683900 1050 MASSACHUSETTS AVE CAMBRIDGE MA 021385359 JAMES POTERBA PRES. & CEO 6178683900 2025-02-19 1 1 CHARLES J WEBB CPA P01584539 5083669100 2025-02-19 2023 2025-03-06 01:10:19Z JAMES POTERBA 1050 MASSACHUSETTS AVE CAMBRIDGE MA 021385359 74080532 0 X WWW.NBER.ORG X 1920 MA THE NATIONAL BUREAU OF ECONOMIC RESEARCH IS A PRIVATE, NONPROFIT, NONPARTISAN RESEARCH ORGANIZATION DEDICATED TO PROMOTING A GREATER UNDERSTANDING OF HOW THE ECONOMY WORKS. IT IS COMMITTED TO UNDERTAKING AND DISSEMINATING UNBIASED ECONOMIC RESEARCH AMONG ACADEMIC RESEARCHERS, POLICY-MAKERS, AND BUSINESS PROFESSIONALS. 49 48 467 0 0 0 30442746 28863127 1523580 1559032 9705640 30599603 0 0 41671966 61021762 1978604 2063237 0 0 18362453 17302304 0 0 92637 18132542 19082964 38473599 38448505 3198367 22573257 176832918 189583834 28682127 25388847 148150791 164194987 X 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) 0 0 18079401 1917896 SPONSORED RESEARCH: THE NBER AND ITS AFFILIATED RESEARCHERS CONDUCT ACADEMIC RESEARCH PROJECTS ON A WIDE ARRAY OF TOPICS WITHIN ECONOMICS. THESE PROJECTS ARE FUNDED BY GRANTS FROM VARIOUS GOVERNMENT AGENCIES AND PRIVATE FOUNDATIONS. SPONSORS INCLUDE THE NATIONAL INSTITUTE OF HEALTH, THE NATIONAL SCIENCE FOUNDATION, THE SOCIAL SECURITY ADMINISTRATION, AND THE ALFRED P. SLOAN FOUNDATION, AMONG OTHER ENTITIES. THE NBER HAS OVER 1,800 AFFILIATED RESEARCHERS, AND MORE THAN 300 CURRENT RESEARCH PROJECTS. 6730832 RESEARCH MEETINGS: THE NBER ORGANIZED 154 RESEARCH MEETINGS AND CONFERENCES DURING THE YEAR, INCLUDING 53 MEETINGS THAT TAKEN TOGETHER CONSTITUTE THE NBER'S SUMMER INSTITUTE. THESE MEETINGS PROVIDE AN OPPORTUNITY FOR RESEARCHERS, BOTH NBER AFFILIATES AND OTHER INVITEES, TO PRESENT THEIR LATEST RESEARCH FINDINGS AND TO EXCHANGE IDEAS ABOUT ONGOING RESEARCH. THE MEETINGS INCLUDE BOTH RESEARCH CONDUCTED THROUGH THE NBER AND OTHER RELEVANT ACADEMIC RESEARCH. THESE MEETINGS ARE ORGANIZED BY THE NBER'S PROGRAM DIRECTORS AND WORKING GROUP DIRECTORS, OR OTHER RESEARCHERS SELECTED BY THEM. MOST ARE HELD IN CAMBRIDGE, MASSACHUSETTS, ALTHOUGH SOME ARE HELD IN OTHER LOCATIONS. SOME MEETINGS ARE HELD VIRTUALLY, AND VIDEOS OF MOST MEETINGS ARE POSTED FOR SEVERAL WEEKS AFTER THE EVENT. 1136129 1559032 PUBLICATIONS: THE NBER DISSEMINATES THE SCIENTIFIC FINDINGS OF ITS AFFILIATED RESEARCHERS IN SEVERAL WAYS: BY INCLUSION IN THE NBER WORKING PAPER SERIES, BY PUBLISHING BOOKS, USUALLY IN COLLABORATION WITH THE UNIVERSITY OF CHICAGO PRESS, AND BY HIGHLIGHTING RESEARCH IN THE MORE BROADLY-DISTRIBUTED NBER DIGEST, NBER REPORTER, NBER BULLETIN ON HEALTH, AND THE NBER BULLETIN ON RETIREMENT AND DISABILITY. THE NBER POSTS OVER TWELVE HUNDRED WORKING PAPERS ANNUALLY, AND MORE THAN NINE HUNDRED INSTITUTIONS SUBSCRIBE TO THE NBER WORKING PAPER SERIES. THE CIRCULATION OF THE DIGEST AND REPORTER PUBLICATIONS IS SEVERAL TIMES LARGER. 696124 145341 NON-SPONSORED RESEARCH 696124 145341 26642486 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 322 0 1 467 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 49 48 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA CT DC DE GA IL MA MI MN MO NJ NY OH PA TX VA X X KELLY HORAK 6178683900 1050 MASSACHUSETTS AVE CAMBRIDGE MA 021385359 JAMES M POTERBA PRESIDENT & CEO 35.00 X X 845698 0 78996 PETER BLAIR HENRY CHAIR & DIRECTOR 1.00 X X 0 0 0 KAREN MILLS VICE CHAIR & DIRECTOR 1.00 X X 0 0 0 ROBERT MEDNICK TREASURER & DIRECTOR 1.00 X X 0 0 0 TIM BEATTY DIRECTOR 1.00 X 0 0 0 TIMOTHY BRESNAHAN DIRECTOR 1.00 X 0 0 0 PIERRE-ANDRE CHIAPPORI DIRECTOR 1.00 X 0 0 0 KATHLEEN B COOPER DIRECTOR 1.00 X 0 0 0 MAUREEN CROPPER DIRECTOR 1.00 X 0 0 0 CHARLES H DALLARA DIRECTOR 1.00 X 0 0 0 ALAN V DEARDORFF DIRECTOR 1.00 X 0 0 0 JESSICA P EINHORN DIRECTOR 1.00 X 0 0 0 MOHAMED EL-ERIAN DIRECTOR 1.00 X 0 0 0 GRAHAM ELLIOTT DIRECTOR 1.00 X 0 0 0 DIANA FARRELL DIRECTOR 1.00 X 0 0 0 HELENA FOULKES DIRECTOR 1.00 X 0 0 0 ESTHER GEORGE DIRECTOR 1.00 X 0 0 0 PETER HANCOCK DIRECTOR 1.00 X 0 0 0 BENJAMIN HERMALIN DIRECTOR 1.00 X 0 0 0 KAREN N HORN DIRECTOR 1.00 X 0 0 0 CONSTANCE HUNTER DIRECTOR 1.00 X 0 0 0 LISA JORDAN DIRECTOR 1.00 X 0 0 0 ARTHUR KENNICKELL DIRECTOR 1.00 X 0 0 0 KARIN KIMBOROUGH DIRECTOR 1.00 X 0 0 0 SAMUEL KORTUM DIRECTOR 1.00 X 0 0 0 WILLIAM M LEWIS JR DIRECTOR 1.00 X 0 0 0 JOHN LIPSKY DIRECTOR 1.00 X 0 0 0 GEORGE MAILATH DIRECTOR 1.00 X 0 0 0 ANNE MCCANTS DIRECTOR 1.00 X 0 0 0 JOEL MOKYR DIRECTOR 1.00 X 0 0 0 LAURENCE C MORSE DIRECTOR 1.00 X 0 0 0 MICHAEL H MOSKOW DIRECTOR 1.00 X 0 0 0 ALICIA H MUNNELL DIRECTOR 1.00 X 0 0 0 MAUREEN O'HARA DIRECTOR 1.00 X 0 0 0 DANA M PETERSON DIRECTOR 1.00 X 0 0 0 DOUGLAS PETERSON DIRECTOR 1.00 X 0 0 0 ANDREW RACINE DIRECTOR 1.00 X 0 0 0 JOHN S REED DIRECTOR 1.00 X 0 0 0 PETER L ROUSSEAU DIRECTOR 1.00 X 0 0 0 RICHARD L SCHMALENSEE DIRECTOR 1.00 X 0 0 0 CHRISTOPHER SIMS DIRECTOR 1.00 X 0 0 0 GREGOR W SMITH DIRECTOR 1.00 X 0 0 0 RICHARD STECKEL DIRECTOR 1.00 X 0 0 0 ANNE HUFF STEVENS DIRECTOR 1.00 X 0 0 0 LARS STOLE DIRECTOR 1.00 X 0 0 0 HAL VARIAN DIRECTOR 1.00 X 0 0 0 INGO WALTER DIRECTOR 1.00 X 0 0 0 MARK WEINBERGER DIRECTOR 1.00 X 0 0 0 DAVID B YOFFIE DIRECTOR 1.00 X 0 0 0 MARTIN ZIMMERMAN DIRECTOR 1.00 X 0 0 0 GEORGE AKERLOF DIRECTOR EMERITUS 1.00 X 0 0 0 PETER C ALDRICH DIRECTOR EMERITUS 1.00 X 0 0 0 JAGDISH BHAGWATI DIRECTOR EMERITUS 1.00 X 0 0 0 JOHN H BIGGS DIRECTOR EMERITUS 1.00 X 0 0 0 DON R CONLAN DIRECTOR EMERITUS 1.00 X 0 0 0 GEORGE C EADS DIRECTOR EMERITUS 1.00 X 0 0 0 RAY C FAIR DIRECTOR EMERITUS 1.00 X 0 0 0 JACOB A FRENKEL DIRECTOR EMERITUS 1.00 X 0 0 0 MARTIN GRUBER DIRECTOR EMERITUS 1.00 X 0 0 0 ROBERT S HAMADA DIRECTOR EMERITUS 1.00 X 0 0 0 SAUL H HYMANS DIRECTOR EMERITUS 1.00 X 0 0 0 MARJORIE B MCELROY DIRECTOR EMERITUS 1.00 X 0 0 0 LAURENCE H MEYER DIRECTOR EMERITUS 1.00 X 0 0 0 ROBERT T PARRY DIRECTOR EMERITUS 1.00 X 0 0 0 ANDREW POSTLEWAITE DIRECTOR EMERITUS 1.00 X 0 0 0 JOHN J SIEGFRIED DIRECTOR EMERITUS 1.00 X 0 0 0 CRAIG SWAN DIRECTOR EMERITUS 1.00 X 0 0 0 MARINA V N WHITMAN DIRECTOR EMERITUS 1.00 X 0 0 0 ALTERRA MILONE CORP SEC & DIR OF GRANTS 35.00 X 278849 0 93936 KELLY HORAK ASST CORP SEC & CONTROLLER 35.00 X 261729 0 78006 DENIS HEALY ASST CORP SEC & DIR CORP RELATIONS 35.00 X 140615 0 50444 ERIN RICHARDSON DIR OF INFORMATION SYSTEMS 35.00 X 343812 0 34590 CARL BECK CONFERENCE DEPT DIRECTOR 35.00 X 252517 0 63741 MOHAN RAMANUJAN UNIX SYSTEM ADMINISTRATOR 35.00 X 237258 0 83759 STEVE HARRIMAN ASST DIR OF ACCOUNTING 35.00 X 191227 0 76137 RICHARD WOODBURY AGING PROGRAM SPECIALIST 27.00 X 198780 0 63989 ALEXANDER AMINOFF PROGRAMMER & SYS ADMIN 36.00 X 210692 0 33593 DEBORAH NICHOLSON WEBMASTER 28.00 X 154144 0 58304 3115321 0 715495 26 0 1 0 BLACK DIAMOND NETWORKS INC 23 MAIN STREET ANDOVER MA 01810 INFORMATION TECHNOLOGY & WEBSITE SUPPORT 235280 ADP INC PO BOX 842875 BOSTON MA 02284 PAYROLL/HUMAN RESOURCES PROCESSING 229140 NORTH ATLANTIC NETWORKS LLC 16 MASON AVE SUITE 1 NORTH ATTLEBORO MA 02760 INFORMATION TECHNOLOGY CONSULTING 208265 ROPES & GRAY LLC PO BOX 70280 PHILADELPHIA PA 191760280 LEGAL 177393 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 015811461 AUDITING, CONSULTING 139960 8 22024169 6838958 28863127 SUBSCRIPTIONS AND PUBLICATIONS 813920 1559032 1559032 1559032 3565170 3565170 40093203 13058770 27034433 27034433 27034433 61021762 1559032 0 30599603 2781 2781 1951165 1951165 109291 109291 2491840 158271 2292940 40629 10976734 8032613 2938704 5417 1629197 928301 700896 1373700 958499 413150 2051 830833 574062 256367 404 123954 380 123574 123400 123400 113869 113869 1640151 1397394 240882 1875 364954 133502 229883 1569 1455551 213743 1241808 2339098 1042 2338056 3170001 3099730 65484 4787 2743630 2602117 114608 26905 265774 81933 183841 241778 241778 SUBCONTRACTS 4711017 4711017 HONORARIA 1059608 1047608 3000 9000 DATA ACQUISITION 458450 411770 46680 PRINT AND PUBLICATIONS 175606 174858 748 96123 52409 43714 38448505 26642486 11713382 92637 1080529 627566 4317415 4603524 1048042 1206579 2901271 2312561 733291 588710 155894531 170451205 13759110 12106250 176832918 189583834 3354877 2868336 11374243 10229901 13953007 12290610 28682127 25388847 X 148150791 164194987 148150791 164194987 176832918 189583834 22573257 -6529061 0 X X 0 1 X 1 1 1 X 30643475 30313737 28458561 30442746 28863127 148721646 30643475 30313737 28458561 30442746 28863127 148721646 9086465 139635181 2752384 2785223 3734812 3806360 3565170 16643949 165365595 7625833 0.84440 0.85160 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 658505 626527 31978 1052194 713951 338243 1190572 972083 218489 588710 RIGHT-OF-USE LEASE ASSETS 12106250 12106250 OPERATING LEASE LIABILITIES 12290610 12290610 X 54492701 -6529061 -6529061 61021762 0 61021762 38448505 0 38448505 0 38448505 PART X, LINE 2: THE NBER ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE NBER HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT JUNE 30, 2024. THE NBER'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND VARIOUS STATE JURISDICTIONS. 1 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 29233 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 14 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 705514 NORTH AMERICA (CANADA & MEXICO, BUT NOT THE U.S.) 0 2 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 160609 SOUTH AMERICA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 8519 SOUTH ASIA 0 2 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 346146 SSA SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 2739 0 18 0 0 0 18 1252760 0 1252760 FELLOW STIPENDS AND RESEARCH EXPENSE EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 7 109291 CHECKS 0 0 0 0 0 0 PART I, LINE 3: EXPENDITURES ARE RECORDED ON THE ACCRUAL METHOD. PART I, LINE 3, COLUMN (E): REGION: EAST ASIA AND THE PACIFIC HONORARIA, MEETINGS AND CONFERENCES, TRAVEL REGION: EUROPE (INCLUDING ICELAND AND GREENLAND) DATA ACQUISITION, FELLOWSHIPS, HONORARIA, INFORMATION TECHNOLOGY, LEGAL, MEETINGS AND CONFERENCES, PROFESSIONAL SERVICES, SALARIES, SUBCONTRACTS, TRAVEL REGION: NORTH AMERICA (CANADA & MEXICO, BUT NOT THE U.S.) DATA ACQUISITION, HONORARIA, INFORMATION TECHNOLOGY, MEETINGS AND CONFERENCES, PROFESSIONAL SERVICES, TRAVEL REGION: SOUTH AMERICA TRAVEL REGION: SOUTH ASIA PROFESSIONAL SERVICES, SUBCONTRACTS, TRAVEL REGION: SSA SUB-SAHARAN AFRICA TRAVEL 1 RESEARCH FELLOWSHIPS 38 1446707 TUITION ASSISTANCE FOR FELLOWS 22 245636 HEALTH INSURANCE ASSISTANCE FOR FELLOWS 29 89807 FELLOW CHILDCARE EXPENSE 1 2500 RESEARCH EXPENSE - DATA ACQUISITION 13 61121 RESEARCH EXPENSE - TRAVEL 23 42605 RESEARCH EXPENSE - PROFESSIONAL SERVICES 5 18305 RESEARCH EXPENSE - INFORMATION TECHNOLOGY 9 14828 RESEARCH EXPENSE - SUBCONTRACTS 2 9397 RESEARCH EXPENSE - OFFICE EXPENSES 16 8732 RESEARCH EXPENSE - MEETING & CONFERENCES 2 8311 RESEARCH EXPENSE - PRINT & PUBLICATIONS 8 3216 PART I, LINE 2: THE NBER GRANTS RESEARCH FELLOWSHIPS TO INDIVIDUALS AND ALSO MAKES SEVERAL SMALL GRANTS FOR RESEARCH EXPENSES. FELLOWS ARE PROVIDED WITH A DESK OR OFFICE ON-SITE, AND PARTICIPATE IN PERIODIC MEETINGS. PAYMENTS TO RESEARCH FELLOWS INCLUDE STIPENDS, AS WELL AS TUITION AND HEALTH INSURANCE PAID DIRECTLY TO THEIR UNIVERSITY BY INVOICE. SMALL GRANTS ARE USED FOR RESEARCH EXPENSES SUCH AS DATA PURCHASES AND RESEARCH-RELATED TRAVEL. TO BE REIMBURSED, RESEARCH EXPENSES MUST BE REASONABLE, BUDGETED, DOCUMENTED AND AUTHORIZED BY AN NBER GRANTS ADMINISTRATOR. RECIPIENTS OF SMALL GRANTS REPORT ON THEIR PROJECTS TO THE PRINCIPAL INVESTIGATORS OF THE PARENT GRANT THAT SUPPORTS THE SMALL GRANTS. X X X X X X 0 0 0 0 0 0 0 0 0 JAMES M POTERBA PRESIDENT & CEO 751511 0 0 0 94187 0 66000 0 12996 0 924694 0 0 0 ERIN RICHARDSON DIR OF INFORMATION SYSTEMS 263710 0 0 0 80102 0 0 0 34590 0 378402 0 0 0 ALTERRA MILONE CORP SEC & DIR OF GRANTS 249464 0 0 0 29385 0 55414 0 38522 0 372785 0 0 0 KELLY HORAK ASST CORP SEC & CONTROLLER 250195 0 0 0 11534 0 52346 0 25660 0 339735 0 0 0 MOHAN RAMANUJAN UNIX SYSTEM ADMINISTRATOR 225765 0 0 0 11493 0 47143 0 36616 0 321017 0 0 0 CARL BECK CONFERENCE DEPT DIRECTOR 184982 0 0 0 67535 0 50205 0 13536 0 316258 0 0 0 STEVE HARRIMAN ASST DIR OF ACCOUNTING 181694 0 0 0 9533 0 37951 0 38186 0 267364 0 0 0 RICHARD WOODBURY AGING PROGRAM SPECIALIST 188911 0 0 0 9869 0 39451 0 24538 0 262769 0 0 0 ALEXANDER AMINOFF PROGRAMMER & SYS ADMIN 210692 0 0 0 0 0 0 0 33593 0 244285 0 0 0 DEBORAH NICHOLSON WEBMASTER 140208 0 0 0 13936 0 30590 0 27714 0 212448 0 0 0 DENIS HEALY ASST CORP SEC & DIR CORP RELATIONS 131033 0 0 0 9582 0 27905 0 22539 0 191059 0 0 0 JAMES M POTERBA OFFICER & DIRECTOR 129117 FEES PAID TO ONE OF NBER'S PENSION PROVIDERS, TIAA, FOR WHOM MR. POTERBA IS A TRUSTEE. 403B PENSION FEES OF $48,890 ARE FOR THE PLAN YEAR ENDED 12/31/2023, AND 401A PENSION FEES OF $80,227 ARE FOR THE PLAN YEAR ENDED 6/30/2024. MR. POTERBA RECUSES HIMSELF FROM ALL DECISIONS REGARDING PENSION PLAN PROVIDERS. 0 MAUREEN O'HARA DIRECTOR 129117 FEES PAID TO ONE OF NBER'S PENSION PROVIDERS, TIAA, FOR WHOM MS. O'HARA IS A TRUSTEE. 403B PENSION FEES OF $48,890 ARE FOR THE PLAN YEAR ENDED 12/31/2023, AND 401A PENSION FEES OF $80,227 ARE FOR THE PLAN YEAR ENDED 6/30/2024. MS. O'HARA RECUSES HERSELF FROM ALL DECISIONS REGARDING PENSION PLAN PROVIDERS. 0 FORM 990, PART III, LINE 1: ITS RESEARCH ACTIVITIES SPAN A WIDE RANGE OF TOPICS AND EMPLOY MANY DIFFERENT RESEARCH METHODS AND STRATEGIES. THESE ACTIVITIES FOCUS ON ESTIMATING QUANTITATIVE MODELS OF ECONOMIC BEHAVIOR, EVALUATING HISTORICAL EXPERIENCE WITH VARIOUS PUBLIC POLICIES THAT AFFECT ECONOMIC ACTIVITY, PROMOTING THE DEVELOPMENT OF NEW STATISTICAL MEASURES FOR TRACKING ECONOMIC ACTIVITY, AND DESCRIBING THE LIKELY EFFECTS OF PROSPECTIVE ECONOMIC POLICIES. THE NBER'S RESEARCH ACTIVITIES ARE ORGANIZED INTO NINETEEN PROGRAMS. THE RESEARCHERS IN EACH PROGRAM ANALYZE ECONOMIC ISSUES CONCERNED WITH THE CORE TOPIC AREAS OF THAT PROGRAM. IN ADDITION, THE NBER ALSO HAS FOURTEEN WORKING GROUPS WHICH ARE EVEN MORE TOPIC-FOCUSED THAN PROGRAMS. WORKING GROUP MEETINGS OFTEN BRING TOGETHER RESEARCHERS WITH EXPERTISE IN SEVERAL TRADITIONAL SUB-FIELDS OF ECONOMICS. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT, DIRECTOR OF GRANTS ADMINISTRATION, AND CONTROLLER COMPILE A DRAFT VERSION OF THE FORM 990 WITH HELP FROM THE NBER'S STAFF AND AUDITORS. THIS DRAFT IS THEN FORWARDED TO THE CHAIR, VICE CHAIR, PAST CHAIR, AND TREASURER OF THE NBER BOARD OF DIRECTORS FOR THEIR REVIEW. AFTER THEIR REVIEW, THE 990 IS DISTRIBUTED TO ALL MEMBERS OF THE BOARD OF DIRECTORS WITH A SOLICITATION FOR FURTHER INPUT. AFTER INCORPORATING ANY SUGGESTIONS THAT EMERGE IN THIS PROCESS, THE 990 IS FINALIZED AND FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR, OFFICERS, DIRECTORS AND KEY EMPLOYEES RECEIVE A COPY OF THE NBER'S CONFLICT OF INTEREST POLICY. THEY MUST RETURN A CONFLICT OF INTEREST ANNUAL STATEMENT, AFFIRMING THAT THEY RECEIVED A COPY OF, HAVE READ, AND UNDERSTAND THE POLICY, AND AGREE TO COMPLY WITH IT. ANY INTEREST, AS DEFINED IN THE POLICY, WHICH COULD APPEAR TO BE A CONFLICT OF INTEREST MUST BE DISCLOSED ON THE SAME ANNUAL STATEMENT. BY SIGNING THE ANNUAL STATEMENT, THE RESPONDENT ALSO AGREES TO REPORT PROMPTLY TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS AND ANY OTHER RELEVANT COMMITTEE ANY SITUATION OR TRANSACTION THAT MAY ARISE DURING THE FORTHCOMING YEAR THAT COULD CONSTITUTE A POTENTIAL CONFLICT OF INTEREST. THE ANNUAL STATEMENTS INCLUDING DISCLOSURES ARE COLLECTED EACH SPRING AND ARE FORWARDED TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS FOR REVIEW. THE AUDIT COMMITTEE DETERMINES WHETHER A CONFLICT EXISTS AS DEFINED IN THE POLICY. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE AUDIT COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE/SHE MUST LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE CONFLICT OF INTEREST. THE CHAIR OF THE COMMITTEE MAY, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE COMMITTEE DETERMINES WHETHER THE NBER CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THEN THE AUDIT COMMITTEE DETERMINES BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE NBER'S BEST INTEREST, FOR ITS OWN BENEFIT, AND IS FAIR AND REASONABLE, AND WHETHER TO ENTER INTO THE TRANSACTION. IF THE AUDIT COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT INFORMS THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORDS THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE COMMITTEE DETERMINES THAT THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT WILL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE NBER HAS A COMPENSATION COMMITTEE WHICH REVIEWS AND APPROVES THE COMPENSATION OF OFFICERS, TOP MANAGEMENT OFFICIALS AND KEY EMPLOYEES. THE COMPENSATION COMMITTEE CONSISTS OF THE CHAIR OF THE BOARD, THE VICE CHAIR, THE IMMEDIATE PAST CHAIR (FOR SO LONG AS HE OR SHE REMAINS A DIRECTOR), AND THE TREASURER. THE COMPENSATION COMMITTEE REVIEWS COMPENSATION LEVELS EACH SPRING. THE COMMITTEE SOLICITS DETAILED JOB DESCRIPTIONS FOR EACH POSITION AND PERFORMANCE EVALUATIONS FROM THE APPROPRIATE SUPERVISOR. THE COMMITTEE ENGAGES AN INDEPENDENT COMPENSATION CONSULTING FIRM TO PROVIDE ADVICE AND RECOMMENDATIONS REGARDING THE APPROPRIATE LABOR MARKET(S) AND MARKET DATA FOR CONDUCTING REASONABLENESS ASSESSMENTS AND TO CONDUCT A COMPARABILITY ASSESSMENT OF TOTAL REMUNERATION FOR THE OFFICERS, TOP MANAGEMENT OFFICIALS, AND KEY EMPLOYEES. THE COMPENSATION COMMITTEE WORKS WITH THE CONSULTANT TO DEVELOP A PEER GROUP OF ORGANIZATIONS PRIMARILY COMPOSED OF THINK TANKS AND RESEARCH INSTITUTIONS. THE CONSULTANT IDENTIFIES SURVEY SOURCES FOR COLLECTING MARKET DATA FOR THE BROADER NOT-FOR-PROFIT AND FOR-PROFIT LABOR MARKETS. THE CONSULTANT ALSO REVIEWS THE FORM 990 FILINGS OF OTHER ORGANIZATIONS TO COLLECT INFORMATION ON THE COMPENSATION OF SIMILAR POSITIONS. THE CONSULTANT PROVIDES AN EXECUTIVE ASSESSMENT TO THE COMPENSATION COMMITTEE THAT INCLUDES THE APPROPRIATE DATA AND SUPPORTING COMPARABILITY DATA WITH RESPECT TO THE TOTAL COMPENSATION PACKAGE FOR THE IDENTIFIED INDIVIDUALS. THE COMPENSATION COMMITTEE APPROVES SALARY RECOMMENDATIONS FOR ALL OF THE IDENTIFIED INDIVIDUALS OTHER THAN THE PRESIDENT AND CEO. THE COMPENSATION COMMITTEE MAINTAINS MINUTES OF ITS DELIBERATIONS AND DECISION AND REPORTS TO THE EXECUTIVE COMMITTEE. THE COMPENSATION COMMITTEE ALSO MAKES A RECOMMENDATION TO THE EXECUTIVE COMMITTEE REGARDING THE COMPENSATION FOR THE PRESIDENT AND CEO. THE EXECUTIVE COMMITTEE REVIEWS THE MATERIALS FROM THE COMPENSATION COMMITTEE AND THE COMPENSATION CONSULTANT AND MAKES A FINAL DETERMINATION ON THE COMPENSATION OF THE PRESIDENT AND CEO. THE EXECUTIVE COMMITTEE MAINTAINS MINUTES OF ITS DELIBERATIONS AND DECISION. THE PRESIDENT AND CEO RECUSES HIMSELF FROM ALL EXECUTIVE COMMITTEE DISCUSSIONS THAT AFFECT HIS COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE NBER MAKES AVAILABLE TO THE PUBLIC, VIA ITS WEBSITE (WWW.NBER.ORG) ITS ARTICLES OF INCORPORATION, BY-LAWS, CONFLICT OF INTEREST POLICY, AND A SUMMARY OF ITS FINANCIAL STATEMENTS. COMPLETE AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.