2020-11-10T20:15:47-06:00 2020-06-30 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2019-07-01 131628168 Council on Foreign Relations Inc % KEITH OLSON COUN 2124349400 58 East 68th Street New York NY 10065 KEITH C OLSON EXEC VP, CFO&TREAS. 2124349400 2020-11-10 true Scott Thompsett P00741490 2125990100 69.117.173.172 26377520203155000019 2020-11-10 P 0CCD20978D9B9FE1AD2D29E62B5F11C92FD871C0 7D14034AF515942D2ABE7F7E27EA16D2649DB046 2019 2021-01-29 14:40:06Z Richard Haass President 58 East 68th Street New York NY 10065 188420600 false X www.CFR.org X 1921 NY CFR IS AN INDEPENDENT, NON-PARTISAN MEMBERSHIP ORGANIZATION, THINK TANK, & PUBLISHER DEDICATED TO UNDER- STANDING THE FOREIGN POLICY CHOICES FACING THE U.S. & OTHER COUNTRIES. 35 34 768 70 2029772 0 72864369 42409775 17598232 17465425 48362560 21570100 1311139 560400 140136300 82005700 969970 0 0 0 43422900 47086300 0 0 4472400 32014430 29815400 76407300 76901700 63729000 5104000 626323700 624235700 80296000 81637100 546027700 542598600 X THE COUNCIL ON FOREIGN RELATIONS (CFR) IS AN INDEPENDENT, NONPARTISAN MEMBERSHIP ORGANIZATION, THINK TANK, AND PUBLISHER DEDICATED TO BEING A RESOURCE FOR ITS MEMBERS, GOVERNMENT OFFICIALS, BUSINESS EXECUTIVES, JOURNALISTS, EDUCATORS AND (CONTINUED ON SCHEDULE O) false false 23971900 0 0 The David Rockefeller Studies program-cfr's think tank-analyzes pressing global challenges and offers actionable steps that policymakers and citizens can take to address them. The more than seventy full-time and adjunct fellows in Studies cover all the worlds major regions and significant foreign policy issues. In addition to producing books, articles, op-eds, blogs, podcasts, and interactives, the Studies Program administers eleven fellowship programs. 10569200 0 8650100 Foreign Affairs has been the leading forum for serious discussion of American foreign policy and global affairs. It is now a multiplatform media organization with a print magazine, a website, a mobile site, various apps and social media feeds, an event business, and more. Foreign Affairs is published by the Council on Foreign Relations (CFR). Foreign Affairs will deal with questions of international interest today. They will cover a broad range of subjects, not only political but historical and economic. In pursuance of its ideals Foreign Affairs will not devote itself to the support of any one cause, however worthy. Like the Council on Foreign Relations from which it has sprung it will tolerate wide differences of opinion. Its articles will not represent any consensus of beliefs. What is demanded of them is that they shall be competent and well informed, representing honest opinions seriously held and convincingly expressed. 2997500 0 0 The Meetings Program provides members with in-person access in New York and Washington, DC, to world leaders, senior government officials, members of Congress, and prominent thinkers and practitioners in academia, policy, and business, many of whom are members themselves. Convening nearly one thousand events annually, CFR is dedicated to facilitating an intellectual exchange of ideas through expert panel discussions, symposia, town halls, livestreams, and CEO forums exclusively for members. 326000 0 0 Task Force 4539100 0 0 Education 1183100 0 0 National Program 6198900 0 0 CFR Digital 1864900 0 0 Outreach 88100 0 0 Global Board of Advisors 494900 0 0 Term Member Program 14695000 0 0 52233600 true true false false false false false false false true true true false true true true true false false true true false false false false false false false false true true false false false false false false false false true false true false false false false false false false false true 342 0 true 768 true true true true JA false false false true true false false false false true false X 35 34 true false false false true true true true true false false true true true true true true true true false AL AK AR CA CO CT DC FL GA HI IL KS KY ME MD MA MI MN MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI X X KEITH OLSON 2124349400 58 EAST 68TH STREET New York NY 11065 RICHARD N HAASS PRESIDENT 35.0 0.0 X X 1786457 0 51893 GIOVANNA BAN Chief Investment Officer 35.0 0.0 X 491249 0 53955 KEITH C OLSON EXEC. 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OF STUDIES 35.0 0.0 X 245378 0 51606 JEFFREY A REINKE Secretary Of The Corporation 35.0 0.0 X 233644 0 46097 LISA K SHIELDS VP,GLOB COMM & MEDIA RELATIONS 35.0 0.0 X 240535 0 29213 DAVID M RUBENSTEIN CHAIRMAN 1.0 0.0 X X 0 0 0 JAMI MISCIK VICE CHAIRMAN 1.0 0.0 X X 0 0 0 BLAIR EFFRON VICE CHAIRMAN 1.0 0.0 X X 0 0 0 MARY MCINNIS BOIES DIRECTOR (thru 06/2020) 1.0 0.0 X 0 0 0 STEVEN A DENNING DIRECTOR 1.0 0.0 X 0 0 0 LAURENCE D FINK DIRECTOR 1.0 0.0 X 0 0 0 EDUARDO J PADRON DIRECTOR 1.0 0.0 X 0 0 0 JOHN PAULSON DIRECTOR 1.0 0.0 X 0 0 0 MARGARET G WARNER DIRECTOR 1.0 0.0 X 0 0 0 DANIEL H YERGIN DIRECTOR 1.0 0.0 X 0 0 0 TIMOTHY F GEITHNER DIRECTOR 1.0 0.0 X 0 0 0 STEPHEN J HADLEY DIRECTOR 1.0 0.0 X 0 0 0 JAMES MANYIKA DIRECTOR 1.0 0.0 X 0 0 0 RICHARD L PLEPLER DIRECTOR 1.0 0.0 X 0 0 0 TONY COLES DIRECTOR 1.0 0.0 X 0 0 0 DAVID M COTE DIRECTOR 1.0 0.0 X 0 0 0 WILLIAM H MCRAVEN DIRECTOR 1.0 0.0 X 0 0 0 JANET A NAPOLITANO DIRECTOR 1.0 0.0 X 0 0 0 SYLIVIA MATHEWS BURWEL DIRECTOR 1.0 0.0 X 0 0 0 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Post-Retirement Benefits other than net periodic costs $22,000 Total changes in LINE 2D ($4,209,700) PART XI LINE 4B AND XII LINE 4B RE-CLASS OF RENTAL EXPENSES TO OFFSET RENTAL INCOME $796,000 ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES THE COUNCIL ON FOREIGN RELATIONS HAS ADOPTED THE PROVISIONS OF ACCOUNTING STANDARD CODIFICATION ("ASC") 740, "ACCOUNTING FOR UNCERTAINTIES IN INCOME TAXES." ASC 740-10 CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN INCLUDING ISSUES RELATING TO FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT. THIS SECTION PROVIDES THAT THE TAX EFFECT FROM AN UNCERTAIN TAX POSITION CAN BE RECOGNIZED IN THE FINANCIAL STATEMENTS ONLY IF THE POSITION IS "MORE-LIKELY-THAN-NOT" TO BE SUSTAINED IF THE POSITION WERE TO BE CHALLENGED BY A TAXING AUTHORITY. THE ASSESSMENT OF THE TAX POSITION IS BASED SOLELY ON THE TECHNICAL MERITS OF THE POSITION, WITHOUT REGARD TO THE LIKELIHOOD THAT THE TAX POSITION MAY BE CHALLENGED. CFR IS EXEMPT FROM FEDERAL AND NEW YORK STATE INCOME TAXATION BY VIRTUE OF BEING AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE IRC AND SIMILAR PROVISIONS OF THE NEW YORK STATE TAX CODE. NEVERTHELESS, CFR MAY BE SUBJECT TO TAX ON INCOME UNRELATED TO ITS EXEMPT PURPOSE, UNLESS THAT INCOME IS OTHERWISE EXCLUDED BY THE CODE. CFR BELIEVES THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS WITHIN ITS FINANCIAL STATEMENTS. ENDOWMENT FUNDS Form 990, Schedule D, Part V THE COUNCIL HOLDS A SUBSTANTIAL ENDOWMENT FOR THE PURPOSES OF FUNDING FUTURE PROGRAMMATIC ACTIVITIES, INCLUDING SEMINARS, PUBLICATIONS, WEBSITE ACTIVITIES AND MORE. THE COUNCIL'S ENDOWMENT PRINCIPAL SHALL BE LEFT UNTOUCHED, WITH THE EARNINGS ON THE INVESTMENTS TO BE APPROPRIATED FOR EXPENDITURES CONSISTENT WITH THE COUNCIL'S TAX-EXEMPT MISSION. Central America and the Caribbean INVESTMENTS 212007570 212007570 212007570 true false true true true false PART IV THE COUNCIL ON FOREIGN RELATIONS INVESTS IN DOMESTIC AND FOREIGN LIMITED PARTNERSHIPS THAT MAY OWN AN INTEREST IN A FOREIGN CORPORATION, PASSIVE FOREIGN INVESTMENT COMPANY, OR FOREIGN PARTNERSHIP. THE COUNCIL, LIKEWISE, MAKES DIRECT INVESTMENTS INTO CORPORATIONS DOMICILED OUTSIDE THE UNITED STATES. NEVERTHELESS, CFR'S INVESTMENT ACTIVITIES MAY NOT REACH THE THRESHOLDS REQUIRED FOR FILING THE FORMS 926, 5471, 8621 OR 8865. TO THE EXTENT SUCH A FORM WAS COMPLETED, IT HAS BEEN FILED WITH THE ORGANIZATION'S FORM 990-T. X X true true X X X X X false false false false false false false true false RICHARD N HAASS PRESIDENT 972533 0 425000 0 388924 0 22000 0 29893 0 1838350 0 0 0 KEITH C OLSON EXEC. VP & CFO & treasurer 372040 0 102500 0 0 0 22000 0 35775 0 532315 0 0 0 JAMES M LINDSAY SR. 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OF STUDIES 215378 0 30000 0 0 0 17778 0 33828 0 296984 0 0 0 GIOVANNA BAN Chief Investment Officer 416249 0 75000 0 0 0 22000 0 31955 0 545204 0 0 0 MIRIAM HIGGINS GENERAL COUNSEL 260771 0 48000 0 0 0 21534 0 31861 0 362166 0 0 0 GIDEON G ROSE EDITOR, FOREIGN AFFAIRS 248496 0 60000 0 0 0 20372 0 29709 0 358577 0 0 0 RAQUEL L CHMIELEWSKI DIRECTOR, INVESTMENTS 250899 0 38000 0 0 0 20498 0 32921 0 342318 0 0 0 MARTIN INDYK Dir. Of Exec. Edu/Dist. Fellow 299845 0 7000 0 12000 0 22000 0 29097 0 369942 0 0 0 PART I, LINE 1A IN ACCORDANCE WITH HIS EMPLOYMENT CONTRACT, THE COUNCIL PROVIDES THE PRESIDENT A HOUSING ALLOWANCE WHICH IS GROSSED UP AND INCLUDED IN HIS TAXABLE WAGES. THAT HOUSING ALLOWANCE IS REFLECTED ON SCHEDULE J, PART II, COLUMN (B)(III). SCHEDULE J, PART II, COLUMN (B)(III) ALSO REFLECTS TAX GROSS UP PAYMENTS ON A PORTION OF THE PRESIDENT'S COMPENSATION PAID IN LIGHT OF IRS LIMITS ON RETIREMENT PLAN COMPENSATION. PART I, LINE 7 NON-FIXED PAYMENTS THE COUNCIL ON FOREIGN RELATIONS PROVIDES DISCRETIONARY BONUSES TO OFFICERS AND KEY EMPLOYEES REPORTED ON THE ORGANIZATION'S FORM 990. THE PROCESS FOR DETERMINING THOSE BONUSES HAS BEEN DESCRIBED IN SCHEDULE O WHERE THE COUNCIL DISCUSSES ITS COMPENSATION PROCESS. THE COUNCIL'S COMPENSATION AND BONUSES ARE DETERMINED IN THE SAME PROCESS. A District of Columbia 536001131 25483VJU9 2012-09-04 62680000 Acquisition/Renovation Office Bldg false false false A 12080900 0 62680000 0 0 0 0 0 0 0 62680000 0 2010 true false true true A false false false false 0 0.01200 0.01200 true false false true A false false false true false false 0 false 0 false true A true SCHEDULE K, PART IV, LINE 2c The Council on Foreign Relations commissioned an arbitrage rebate calculation from an independent third party consultant in September of 2019. The report concluded that there is no rebate due on the existing bond. JANINE HILL family of former trustee 182394 EMPLOYMENT false Form 990, Part VII Janine Hill is an employee of the Council on Foreign Relations and received W-2 compensation of $182,394. Ms. Hill is the spouse of a former Council board member. X 26 971371 FAIR MARKET VALUE false false true LINE 32A TO THE EXTENT THAT THE COUNCIL ON FOREIGN RELATIONS RECEIVES ANY NON-CASH DONATIONS (USUALLY IN THE FORM OF SECURITIES, BONDS, ETC.), THE ORGANIZATION EMPLOYS ITS INVESTMENT ADVISOR TO LIQUIDATE THE INVESTMENTS. COLUMN B, NUMBER OF CONTRIBUTIONS OR ITEMS RECEIVED THE COUNCIL ON FOREIGN RELATIONS IS REPORTING THE AMOUNT OF CONTRIBUTIONS RECEIVED. FORM 990, PART III, LINE 1, ORGANIZATION'S MISSION (CONTINUED) STUDENTS, CIVIC AND RELIGIOUS LEADERS, AND OTHER INTERESTED CITIZENS IN ORDER TO HELP THEM BETTER UNDERSTAND THE WORLD AND THE FOREIGN pOLICY CHOICES FACING THE UNITED STATES AND OTHER COUNTRIES. FOUNDED IN 1921, CFR TAKES NO INSTITUTIONAL POSITIONS ON MATTERS oF POLICY. CFR CARRIES OUT ITS MISSION BY MAINTAINING A DIVERSE MEMBERSHIP, INCLUDING SPECIAL PROGRAMS TO PROMOTE INTEREST AND DEVELOP EXPERTISE IN THE NEXT GENERATION OF FOREIGN POLICY LEADERS. CONVENING MEETINGS AT ITS HEADQUARTERS IN NEW YORK AND IN WASHINGTON, D.C., AND OTHER CITIES WHERE SENIOR GOVERNMENT OFFICIALS, MEMBERS OF CONGRESS, GLOBAL LEADERS, AND PROMINENT THINKERS COME TOGETHER WITH CFR MEMBERS TO DISCUSS AND DEBATE MAJOR INTERNATIONAL ISSUES. SUPPORTING A STUDIES PROGRAM THAT FOSTERS INDEPENDENT RESEARCH, ENABLING CFR SCHOLARS TO PRODUCE ARTICLES, REPORTS, AND BOOKS AND HOLD ROUNDTABLES THAT ANALYZE FOREIGN POLICY ISSUES AND MAKE CONCRETE POLICY RECOMMENDATIONS. PUBLISHING FOREIGN AFFAIRS, THE PREEMINENT JOURNAL ON INTERNATIONAL AFFAIRS AND U.S. FOREIGN POLICY. SPONSORING INDEPENDENT TASK FORCES THAT PRODUCE REPORTS WITH BOTH FINDINGS AND POLICY PRESCRIPTIONS ON THE MOST IMPORTANT FOREIGN POLICY TOPICS. PROVIDING UP TO DATE INFORMATION AND ANALYSIS ABOUT WORLD EVENTS AND U.S. FOREIGN POLICY ON ITS WEBSITES, CFR.ORG AND FOREIGNAFFAIRS.COM. FORM 990, PART III, LINE 4(D): ALL OTHER PROGRAMMATIC ACTIVITIES wEBSITE: CFR'S WEBSITE, CFR.ORG, IS ONE OF THE ORGANIZATION'S PRIMARY COMMUNICATIONS CHANNELS TO ITS VARIOUS AUDIENCES. THE SITE PUBLISHES A RICH VARIETY OF TYPES OF CONTENT, INCLUDING THE DAILY NEWS ANALYSIS, BACKGROUNDERS, INTERVIEWS, PODCASTS, OPINION PIECES, FULL TEXT OF PUBLICATIONS FROM THE THINK TANK, RESOURCES IN SUPPORT OF THE VARIOUS oUTREACH INITIATIVES, VIDEOS AND TRANSCRIPTS OF ON-THE-RECORD MEETINGS AND SEMINARS AND MORE. THE SITE ALSO PROVIDES A COMPREHENSIVE ACCOUNT OF THE HISTORY AND ACTIVITIES OF CFR IN NEW YORK AND AT ITS WASHINGTON D.C. OFFICE. FOREIGNAFFAIRS.COM IS THE WEBSITE OF CFR'S FLAGSHIP MAGAZINE, AND oFFERS ACCESS TO A DEEP ARCHIVE OF ARTICLES AND RELATED RESOURCES MONTHLY. THE STEPHEN M. KELLEN TERM MEMBER PROGRAM ENCOURAGES PROMISING YOUNG LEADERS IN GOVERNMENT, MEDIA, NONGOVERNMENTAL ORGANIZATIONS, LAW, BUSINESS, FINANCE, AND ACADEMIA TO ENGAGE IN A SUSTAINED CONVERSATION ON iNTERNATIONAL AFFAIRS AND U.S. FOREIGN POLICY. THE PROGRAM ALLOWS THESE YOUNGER MEMBERS TO INTERACT WITH SEASONED FOREIGN-POLICY EXPERTS AND PARTICIPATE IN A WIDE VARIETY OF EVENTS DESIGNED ESPECIALLY FOR THEM. EACH YEAR A NEW CLASS OF TERM MEMBERS, BETWEEN THE AGES OF 30 AND 36, IS ELECTED TO A FIVE-YEAR MEMBERSHIP TERM. THE COUNCIL ON FOREIGN RELATIONS LAUNCHED THE INDEPENDENT TASK fORCE PROGRAM IN 1995 WITH A TASK FORCE ON NUCLEAR NONPROLIFERATION, CHAIRED BY STEPHEN J. HADLEY, WHO MOST RECENTLY SERVED AS THE NATIONAL SECURITY ADVISER IN THE GEORGE W. BUSH ADMINISTRATION. MORE THAN SEVENTY REPORTS LATER, TASK FORCES HAVE BECOME A TRADEMARK OF THE COUNCIL. THE COUNCIL SPONSORS AN INDEPENDENT TASK FORCE WHEN AN ISSUE OF CURRENT AND CRITICAL IMPORTANCE TO U.S. FOREIGN POLICY ARISES, AND IT SEEMS THAT A GROUP DIVERSE IN BACKGROUNDS AND PERSPECTIVES MAY NONETHELESS BE ABLE TO REACH A MEANINGFUL CONSENSUS ON A POLICY THROUGH PRIVATE AND NONPARTISAN DELIBERATIONS. CFR Education program provides a forum for the educational community to interact with CFR experts and join the debate on foreign policy. activities include the Academic Webinar series for students; Higher Education Webinar series; College and University Educators Workshops; briefings for students; exhibitions and events at conferences across the country; livestreaming of CFR meetings; and sharing the vast array of CFR resources and products for teaching and learning about international relations and the role of the United States in the world. IN REGARDS TO OUTREACH INITIATIVES, THE COUNCIL IS COMMITTED TO REACHING OUT TO DIFFERENT CONSTITUENCIES SO THAT THEY BETTER UNDERSTAND THE WORLD AND THE FOREIGN POLICY CHOICES FACING THE UNITED STATES AND OTHER GOVERNMENTS. CFR IS DEVOTING MORE TIME AND ENERGY TO CONNECTING WITH AND SERVING AS A RESOURCE FOR GROUPS OF INTERESTED CITIZENS WHOSE VOICES ARE INCREASINGLY IMPORTANT TO THE NATIONAL FOREIGN POLICY DEBATE. THESE CONSTITUENCIES INCLUDE EDUCATORS AND STUDENTS; RELIGIOUS AND cONGREGATIONAL LEADERS; AND STATE AND LOCAL OFFICIALS. CFR'S ADDITIONAL PROGRAMS ARE EDUCATION, A NATIONAL PROGRAM AND A GLOBAL BOARD OF ADVISORS. FOR MORE INFORMATION, PLEASE VISIT THE ORGANIZATION'S WEBSITE, WWW.CFR.ORG. FORM 990, PART VI, LINE 2 Steven Denning has a business relationship with Blair Effron. Blair Effron has a business relationship with Richard Haass. Blair Effron has a business relationship with Steven Denning. Steven Freidheim has a business relationship with Richard Haass. James Gorman has a business relationship with Jami Miscik. Richard Haass has a business relationship with Blair Effron. Richard Haass has a business relationship with Steven Freidheim. Jami Miscik has a business relationship with James Gorman. David Rubenstein has a business relationship with Dan Yergin. Dan Yergin has a business relationship with David Rubenstein. Form 990, Part VI, Line 6 MEMBERS OR STOCKHOLDERS THE COUNCIL ON FOREIGN RELATIONS IS FIRST AND FOREMOST A MEMBERSHIP ORGANIZATION. THE COUNCIL'S MEMBERSHIP REPRESENTS A GROUP UNMATCHED IN ACCOMPLISHMENT AND DIVERSITY IN THE FIELD OF INTERNATIONAL AFFAIRS. THE COUNCIL HAS 5,099 MEMBERS AND TERM MEMBERS, COMPRISED OF TOP GOVERNMENT OFFICIALS, RENOWNED SCHOLARS, BUSINESS EXECUTIVES, ACCLAIMED JOURNALISTS, PROMINENT LAWYERS, AND DISTINGUISHED NONPROFIT PROFESSIONALS. THE COUNCIL ALSO HAS A CORPORATE MEMBERSHIP PROGRAM THAT PROVIDES A UNIQUE FORUM FOR BUSINESS LEADERS TO INTERACT WITH NOTED THINKERS AND PRACTITIONERS IN GOVERNMENT, POLICY, ACADEMIA, AND BUSINESS THROUGH INVITATIONS TO EXCLUSIVE EVENTS, DIRECT ENGAGEMENT WITH CFR EXPERTS, AND VIRTUAL ACCESS TO OUR MEMBERS-ONLY WEBSITE. FORM 990, PART VI, LINES 7A AND 7B GOVERNANCE DECISIONS SUBJECT TO APPROVAL THE MEMBERSHIP OF THE COUNCIL ON FOREIGN RELATIONS ELECTS ALL OF THE VOTING MEMBERS OF THE BOARD OF DIRECTORS. ANY CHANGES TO THE ARTICLES OF INCORPORATION MUST BE APPROVED BY A MAJORITY OF MEMBERS OF THE COUNCIL ON FOREIGN RELATIONS. FORM 990, PART VI, LINE 11A PROCESS FOR REVIEWING FORM 990 THE COUNCIL ON FOREIGN RELATION'S FORM 990 WAS PREPARED BY A nATIONALLY RECOGNIZED ACCOUNTING FIRM IN CONJUNCTION WITH THE oRGANIZATION'S SENIOR MANAGEMENT AND AUDIT COMMITTEE OF THE BOARD. A DRAFT COPY OF THE FORM 990 IS REVIEWED BY THE AUDIT COMMITTEE OF THE BOARD AND REVISED AS NECESSARY WITH THEIR INPUT. ONCE THE AUDIT COMMITTEE APPROVES THE FORM 990 FOR FILING, A COPY IS CIRCULATED TO THE FULL BOARD FOR THEIR REVIEW AND APPROVAL. EACH DIRECTOR OF THE BOARD IS GIVEN THE OPPORTUNITY TO COMMENT ON THE FORM 990 PRIOR TO ITS FILING. FORM 990, PART VI, LINE 12C CONFLICT OF INTEREST POLICY ENFORCEMENT AND MONITORING EACH OFFICER, DIRECTOR, AND KEY EMPLOYEE OF THE COUNCIL ON FOREIGN RELATIONS IS REQUIRED TO ANNUALLY DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST TO THE AUDIT COMMITTEE OF THE BOARD. THE AUDIT COMMITTEE REVIEWS EACH REPORTED POTENTIAL CONFLICT OF INTEREST AND REPORTS IT RECOMMENDATIONS REGARDING THE REPORTED MATTERS TO THE FULL BOARD FOR APPROVAL. THE COUNCIL'S CONFLICT OF INTEREST POLICY REQUIRES ANY PARTY WITH A POTENTIAL CONFLICT TO RECUSE THEMSELVES FROM THE BOARD'S DELIBERATIONS AND ALSO REQUIRES THAT POTENTIAL CONFLICTS BE REPORTED AS SOON AS THEY ARISE. POTENTIAL CONFLICTS OF INTEREST ARE ADDRESSED IMMEDIATELY UPON REPORTING. FORM 990, PART VI, LINES 15A & 15B PROCESS FOR DETERMINING COMPENSATION THE COUNCIL ON FOREIGN RELATIONS UNDERTAKES A THOROUGH PROCESS TO ENSURE THAT THE EXECUTIVE COMPENSATION PAID TO ITS OFFICERS AND KEY EMPLOYEES, INCLUDING THE PRESIDENT, IS REASONABLE, GIVEN THE MARKET IN WHICH THE ORGANIZATION OPERATES. THE COMPENSATION COMMITTEE OF THE BOARD, WHICH IS COMPOSED OF INDEPENDENT PERSONS THAT HAVE NO PERSONAL INTEREST IN THE PROPOSED COMPENSATION, UNDERTAKES AN ANNUAL REVIEW AND APPROVAL OF COMPENSATION. TO ASSIST THEIR DELIBERATIONS, THE COMPENSATION COMMITTEE REGULARLY ENGAGES AN INDEPENDENT COMPENSATION CONSULTANT TO COMPLETE A MARKET ASSESSMENT AND COMPETITIVE POSITION ANALYSIS FOR THE ORGANIZATION'S OFFICERS AND KEY EMPLOYEES, INCLUDING THE PRESIDENT. THE COMPENSATION CONSULTANT UTILIZES COMPARABILITY AND BENCHMARKING SURVEYS, AS WELL AS FORM 990S OF COMPARABLE ORGANIZATIONS, TO ENSURE THAT THE COUNCIL COMPENSATES ITS EXECUTIVES COMMENSURATE WITH THE MARKET. COMPENSATION DECISIONS AND REPORTS ARE CONTEMPORANEOUSLY DOCUMENTED IN THE MINUTES OF THE MEETING OF THE COMPENSATION COMMITTEE. FORM 990, PART VI, LINE 19 AVAILABILITY OF DOCUMENTS TO THE PUBLIC THE COUNCIL ON FOREIGN RELATIONS' FORM 990, GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE COUNCIL'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON OUR WEBSITE, WWW.CFR.ORG. Form 990, Part XI, Line 9 Other Changes in Net Assets Change in value of interest rate swap agreement ($4,006,700) Pledge Writeoffs ($225,000) Post-Retirement Benefits other than net periodic costs $22,000 Total changes in net assets ($4,209,700)