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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 APPROXIMATELY 45 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 $11,200,803 RAND AUSTRALIA REVENUE $ 1,033,608 ROUNDING $ 1 ------------- TOTAL $12,234,412 SCHEDULE D, PART XI, LINE 4B INTEREST INCOME GROSS UP $ 757,343 RAND STORE REVENUE $ 1,836 ROUNDING $ (1) ----------- TOTAL $ 759,178 SCHEDULE D, PART XII, LINE 2D RAND EUROPE EXPENSES $11,424,357 RAND AUSTRALIA EXPENSES $ 1,945,263 ------------ TOTAL $13,369,620 SCHEDULE D, PART XII, LINE 4B INTEREST INCOME GROSS UP $ 757,343 RAND STORE REVENUE $ 1,836 ROUNDING $ (2) ------------- TOTAL $ 759,177 Russia and the Newly Independent States 0 0 Program Services PUBLIC POLICY RESEARCH 18735 Central America and the Caribbean 0 0 Investments 14714396 0 0 0 0 14733131 14733131 true false true true true false SCHEDULE F, PART I, LINE 3, COLUMN (F) 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. X X X X true MARTS LUNDY INC 160 CHUBB AVENUE SUITE 303 LYNDHURST NJ 07071 CONSULTING false 182746 182746 AL CA DC LA MA MS NJ NY OR PA VA true FELLOWSHIP GRANTS 6 248653 SCHEDULE I, PART I, LINE 2 DESCRIPTION OF ORGANIZATION'S PROCEDURES FOR MONITORING THE USE OF FUNDS TO ENHANCE ITS RESEARCH AGENDA AND PROVIDE VALUABLE TRAINING IN POLICY ANALYSIS, THE RAND CORPORATION 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. X X X true true X X X X X true true false false false false false true false MICHAEL D RICH PRESIDENT & CEO 647958 0 415050 0 77098 0 50580 0 26799 0 1217485 0 0 0 ANDREW HOEHN SVP, Research and Analysis 362395 0 119009 0 2442 0 32080 0 17016 0 532942 0 0 0 MICHAEL J JANUZIK VP, Chief Financial Officer 340648 0 69344 0 3449 0 32080 0 29860 0 475381 0 0 0 SUSAN L MARQUIS Dean, PRGS & VP, Innovation 330103 0 41349 0 2187 0 32080 0 22853 0 428572 0 0 0 JENNIFER GOULD COS & INTERIM SECRETARY 193850 0 11333 0 282 0 19015 0 28929 0 253409 0 0 0 ALLISON E ELDER VP, Human Resources 257853 0 34605 0 1654 0 30080 0 27294 0 351486 0 0 0 ERIC PELTZ VP, Research & SVCS OPERATIONS 287644 0 54934 0 1009 0 32080 0 31705 0 407372 0 0 0 JEFFREY WASSERMAN POLICY RESEARCH PRINCIPAL 251868 0 42777 0 111075 0 32080 0 4028 0 441828 0 0 0 DEBRA L SCHROEDER VP, GC & Corp Sec (PART YEAR) 26828 0 0 0 352885 0 32080 0 34183 0 445976 0 0 0 JAMES P SMITH SENIOR PRINCIPAL RESEARCHER 368561 0 0 0 5364 0 32080 0 14893 0 420898 0 0 0 KEVIN JACK RILEY VP, Dir, Research 307274 0 48103 0 9229 0 32080 0 19487 0 416173 0 0 0 MICHAEL WEITZENFELD Chief Information Officer 286981 0 55213 0 673 0 32080 0 29537 0 404484 0 0 0 EDWARD T HARSHBERGER VICE PRESIDENT (FRMR OFFICER) 292269 0 43460 0 1904 0 32080 0 34576 0 404289 0 0 0 DEBRA S KNOPMAN VICE PRESIDENT (FRMR OFFICER) 250033 0 350 0 4390 0 29619 0 21671 0 306063 0 0 0 CHARLES P RIES VICE PRESIDENT (FRMR OFFICER) 237764 0 50893 0 3594 0 32080 0 10007 0 334338 0 0 0 MELISSA K ROWE VICE PRESIDENT (FRMR OFFICER) 252991 0 44954 0 0 0 32080 0 31578 0 361603 0 0 0 TIMOTHY BONDS VICE PRESIDENT (FRMR OFFICER) 294727 0 40299 0 1920 0 32080 0 24292 0 393318 0 0 0 SCHEDULE J, PART I, LINE 1A SUPPLEMENTAL COMPENSATION INFORMATION RAND PROVIDES ADDITIONAL BENEFITS TO ELIGIBLE EMPLOYEES SUCH AS HOUSING AND TRANSPORTATION ALLOWANCES. BENEFITS ARE TAXABLE AND THUS REPORTED AS INCOME BY THE INDIVIDUAL. RAND'S 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 4A AMOUNTS REPORTED ON SCHEDULE J INCLUDE A CONFIDENTIAL SEVERANCE AGREEMENT EXECUTED DURING THE YEAR. SCHEDULE J, PART I, LINE 4B IN CY2018, MICHAEL RICH RECEIVED PAYMENTS RELATED TO A NONQUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE ORGANIZATION'S 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), $18,500 FOR CY2018, 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). CY2018 PAYMENTS RELATED TO SECTION 457(F), INCLUDED IN SCHEDULE J, WERE $65,841 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 OTHERS 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. A CA INFRASTRUCTURE & ECONOMIC DEVELOPMENT PLAN 630304653 13033WK51 2008-05-13 34575000 SEE PART VI false false false B CA INFRASTRUCTURE & ECONOMIC DEVELOPMENT PLAN 630304653 13033WK69 2008-06-02 93565000 SEE PART VI false false false A 5775000 0 34575000 0 0 0 379425 0 0 0 34195575 0 2004 true false true true B 15700000 0 93565000 0 0 0 1035000 0 0 0 92530000 0 2004 true false true true A 0 B 0 A false false false true true true DEUTSCHE BANK 34.5 false false false 0 false true B false false false true true true BARCLAYS 34.7 false false false 0 false true A true B true SCHEDULE K, PART I, LINE A, COLUMN (F) PURPOSE OF BOND ISSUES 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 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. X 15 1786911 FMV false true false SCHEDULE M, PART I, COLUMN (B) THE AMOUNTS REPORTED IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED. 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 A, LINE 2 BARBARA BARRETT AND MICHAEL LYNTON HAVE A BUSINESS RELATIONSHIP. PHILIP JOSE GREER AND JAMES LOVELACE HAVE A BUSINESS RELATIONSHIP. 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 ORGANIZATION, 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 COMMITTEE CHARTER, THE CORPORATE INTEGRITY PROGRAM AND CONFLICT OF INTEREST POLICY ARE REVIEWED BY THE AUDIT COMMITTEE WHEN MANAGEMENT PROPOSES CHANGES. THE POLICY WAS LAST UPDATED AND APPROVED BY THE AUDIT COMMITTEE IN JANUARY 2019. FORM 990, PART VI, SECTION B, LINE 15A DETERMINATION OF COMPENSATION FOR CEO, EXEC DIRECTOR & TOP MANAGEMENT THE COMPENSATION AND LEADERSHIP DEVELOPMENT COMMITTEE CONDUCTS ANNUAL PERFORMANCE REVIEWS FOR THE PRESIDENT AND CHIEF EXECUTIVE OFFICER AND THE SENIOR VICE PRESIDENT AND CHIEF FINANCIAL 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 THESE OFFICERS' 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, OTHER THAN THOSE MENTIONED IN PART VI-B, #15A. 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 ADJUSTMENT TO POST RETIREMENT LIABILITY $ 9,157,993 CHANGE IN FMV OF DERIVATIVES $(7,299,736) FOREIGN EXCHANGE LOSS ON REVALUATION $ (232,897) ROUNDING $ (1,701) ------------ TOTAL $ 1,623,659 RAND CORPORATION ENDOWMENT TRUST 400 HOWARD STREET SAN FRANCISCO CA 94105 336357131 INVESTMENTS CA 0 0 RAND CORP RAND EUROPE (UK) WESTBROOK CENTRE MILTON ROAD CAMBRIDGE UK CB4 1YG POLICY RSRCH UK N/A N/A RAND CORP true RAND EUROPE (EU) AISBL RUE DE LA LOI 82 BRUSSELS BE 1040 POLICY RSRCH BE N/A N/A RAND CORP true RAND EUROPE COMMUNITY INTEREST COMPANY WESTBROOK CENTRE MILTON ROAD CAMBRIDGE UK CONSULTANCY SVCS UK RAND CORP C Corp 11200803 4586436 1.00000 true THE RAND CORPORATION (AUSTRALIA) PTY LTD STE 24 2 ENDEAVOUR HSE CPT COOK CRT MANUKA AS ACT 2603 POLICY RESEARCH AS RAND CORP C Corp 1033608 594359 1.00000 true false false false true false false false false false false false false false false false false false true true THE RAND CORPORATION (AUSTRALIA) PTY LTD r 528572 ACCRUAL METHOD THE RAND CORPORATION (AUSTRALIA) PTY LTD s 836788 ACCRUAL METHOD RAND EUROPE COMMUNITY INTEREST COMPANY d 129860 ACCRUAL METHOD SCHEDULE R, PART IV, ROWS 1 & 2 END-OF-YEAR ASSETS OF RELATED ORGANIZATIONS THE 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 $ (2,071,703) THE RAND CORPORATION (AUSTRALIA) PTY LTD $ (4,385,482)