2017-01-24T16:02:28-06:00 2016-06-30 042571780 ALEXANDER ARONSON FINNING & CO PC 21 EAST MAIN STREET WESTBOROUGH MA 01581 990 2015-07-01 131641075 NATIONAL BUREAU OF ECONOMIC RESEARCH INC NATI 6178683900 1050 MASSACHUSETTS AVE CAMBRIDGE MA 021385359 JAMES POTERBA PRESIDENT & CEO 6178683900 2017-01-24 1 CHARLES J WEBB CPA P01584539 5083669100 2017-01-24 2015 2021-01-29 14:40:06Z JAMES POTERBA 1050 MASS AVE CAMBRIDGE MA 02138 40704058 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. 51 50 547 0 0 0 27935201 29291726 1467092 1487568 6308873 2484003 0 0 35711166 33263297 990195 1320444 0 0 17207102 18091320 0 0 47240 14782331 14577103 32979628 33988867 2731538 -725570 123850304 118832501 14027420 13242598 109822884 105589903 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 19259480 1307524 NBER 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 DEPARTMENT OF EDUCATION, AMONG OTHER ENTITIES. THE NBER HAS OVER 1,450 AFFILIATED RESEARCHERS, AND ABOUT 230 CURRENT RESEARCH PROJECTS. 5015892 THE NBER SPONSORED NEARLY 130 RESEARCH MEETINGS AND CONFERENCES DURING THE YEAR, INCLUDING OVER 50 MEETINGS THAT TAKEN TOGETHER CONSTITUTE THE NBER SUMMER INSTITUTE. THESE MEETINGS PROVIDE AN OPPORTUNITY FOR RESEARCHERS, BOTH NBER AFFILIATES AND OTHER INVITEES, TO PRESENT THEIR LATEST RESEARCH FINDINGS RELATING TO A PARTICULAR TOPIC AND TO EXCHANGE IDEAS ABOUT ONGOING RESEARCH. THE MEETINGS INCLUDE BOTH RESEARCH CONDUCTED THROUGH THE NBER AND OTHER INSTITUTIONS SUCH AS COLLEGES AND UNIVERSITIES. THESE MEETINGS ARE ORGANIZED BY THE NBER'S PROGRAM DIRECTORS AND WORKING GROUP DIRECTORS. MOST ARE HELD IN CAMBRIDGE, MASSACHUSETTS, ALTHOUGH SOME ARE HELD IN OTHER LOCATIONS. 833568 1487568 THE NBER DISSEMINATES THE SCIENTIFIC FINDINGS OF ITS AFFILIATED RESEARCHERS IN SEVERAL WAYS: BY INCLUSION IN THE NBER WORKING PAPER SERIES, WHICH IS AVAILABLE BOTH IN PRINT FORMAT AND ELECTRONICALLY ON THE NBER WEBSITE; BY PUBLISHING BOOKS, USUALLY IN COLLABORATION WITH THE UNIVERSITY OF CHICAGO PRESS; AND BY HIGHLIGHTING RESEARCH IN THE MORE WIDELY-DISTRIBUTED NBER DIGEST AND NBER REPORTER PUBLICATIONS. ABOUT ELEVEN HUNDRED INSTITUTIONS SUBSCRIBE TO THE NBER WORKING PAPER SERIES. THE CIRCULATION OF THE DIGEST AND REPORTER IS SEVERAL TIMES LARGER. 546883 12920 NON-SPONSORED RESEARCH 546883 12920 25655823 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 153 0 1 547 1 0 0 0 0 0 1 1 1 1 0 0 0 X 51 50 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AZ CA CT DC GA IL MA MI MN MO NJ NY OH PA TX VA X X KELLY HORAK 6178683900 1050 MASSACHUSETTS AVENUE CAMBRIDGE MA 02138 JAMES M POTERBA PRESIDENT & CEO 35.00 X X 696642 0 71831 MARTIN ZIMMERMAN CHAIRPERSON & DIRECTOR 1.00 X X 0 0 0 KAREN N HORN VICE CHAIR & DIRECTOR 1.00 X X 0 0 0 ROBERT MEDNICK TREASURER & DIRECTOR 1.00 X X 0 0 0 PETER C ALDRICH DIRECTOR 1.00 X 0 0 0 ELIZABETH E BAILEY DIRECTOR 1.00 X 0 0 0 JOHN H BIGGS DIRECTOR 1.00 X 0 0 0 TIMOTHY BRESNAHAN DIRECTOR 1.00 X 0 0 0 JEAN-PAUL CHAVAS DIRECTOR 1.00 X 0 0 0 PIERRE-ANDRE CHIAPPORI DIRECTOR 1.00 X 0 0 0 JOHN S CLARKESON DIRECTOR 1.00 X 0 0 0 DON R CONLAN DIRECTOR 1.00 X 0 0 0 KATHLEEN B COOPER 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 GEORGE C EADS 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 LINDA EWING DIRECTOR 1.00 X 0 0 0 RAY C FAIR DIRECTOR 1.00 X 0 0 0 EDWARD FOSTER DIRECTOR 1.00 X 0 0 0 JACOB A FRENKEL DIRECTOR 1.00 X 0 0 0 JOHN P GOULD DIRECTOR 1.00 X 0 0 0 MARK GRINBLATT DIRECTOR 1.00 X 0 0 0 MARTIN GRUBER DIRECTOR 1.00 X 0 0 0 JUDITH M GUERON DIRECTOR 1.00 X 0 0 0 ROBERT S HAMADA DIRECTOR 1.00 X 0 0 0 BRUCE E HANSEN DIRECTOR 1.00 X 0 0 0 PETER BLAIR HENRY DIRECTOR 1.00 X 0 0 0 BENJAMIN HERMALIN DIRECTOR 1.00 X 0 0 0 ARTHUR KENNICKELL DIRECTOR 1.00 X 0 0 0 JACK KLEINHENZ DIRECTOR 1.00 X 0 0 0 WILLIAM W LEWIS DIRECTOR 1.00 X 0 0 0 JOHN LIPSKY DIRECTOR 1.00 X 0 0 0 MARJORIE B MCELROY DIRECTOR 1.00 X 0 0 0 LAURENCE H MEYER DIRECTOR 1.00 X 0 0 0 JOEL MOKYR 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 ALAN L OLMSTEAD DIRECTOR 1.00 X 0 0 0 ROBERT T PARRY DIRECTOR 1.00 X 0 0 0 ANDREW POSTLEWAITE DIRECTOR 1.00 X 0 0 0 JOHN S REED DIRECTOR 1.00 X 0 0 0 CECILIA ROUSE 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 GREGOR W SMITH DIRECTOR 1.00 X 0 0 0 WILLIAM SPRIGGS DIRECTOR 1.00 X 0 0 0 BART VAN ARK DIRECTOR 1.00 X 0 0 0 MARINA V N WHITMAN DIRECTOR 1.00 X 0 0 0 DAVID B YOFFIE DIRECTOR 1.00 X 0 0 0 GEORGE AKERLOF DIRECTOR EMERITUS 1.00 X 0 0 0 JAGDISH BHAGWATI DIRECTOR EMERITUS 1.00 X 0 0 0 CARL F CHRIST DIRECTOR EMERITUS 1.00 X 0 0 0 FRANKLIN FISHER DIRECTOR EMERITUS 1.00 X 0 0 0 GEORGE N HATSOPOULOS DIRECTOR EMERITUS 1.00 X 0 0 0 SAUL H HYMANS DIRECTOR EMERITUS 1.00 X 0 0 0 RUDOLPH A OSWALD DIRECTOR EMERITUS 1.00 X 0 0 0 PETER G PETERSON DIRECTOR EMERITUS 1.00 X 0 0 0 NATHAN ROSENBERG 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 KELLY HORAK ASST CORP SEC & CONTROLLER 35.00 X 202919 0 77359 ALTERRA MILONE CORP SEC & DIR OF GRANTS 35.00 X 184455 0 65777 DENIS HEALY ASST CORP SEC & DIR CORP RELATIONS 35.00 X 99462 0 37423 DAVID WISE AREA DIRECTOR AGING PROGRAM 35.00 X 364575 0 51155 DANIEL FEENBERG DIR OF INFORMATION SYSTEMS 35.00 X 245756 0 60667 MOHAN RAMANUJAN UNIX SYSTEM ADMINISTRATOR 35.00 X 169899 0 64801 ALEXANDER AMINOFF PROGRAMMER & SYS ADMIN 25.00 X 154290 0 0 CARL BECK CONFERENCE DEPT DIRECTOR 35.00 X 149829 0 39737 RICHARD WOODBURY AGING PROGRAM SPECIALIST 28.00 X 146133 0 57861 MARTIN FELDSTEIN FMR. PRES & CEO, SEE SCHED J PT III 0.00 X 1349121 0 0 3763081 0 526611 19 1 1 0 INFOR (US) INC PO BOX 14510 MINNEAPOLIS MD 55485 ACCTG SOFTWARE LICENSING, SUPPORT 253308 GOODWAY GROUP 16 A STREET BURLINGTON MA 01803 PRINTING AND DISTRIBUTION SVCS 242012 VICOR BUSINESS SERVICES 10421 MOTOR CITY DRIVE 3449 BETHESDA MD 20827 ACCTG SOFTWARE DESIGN, INSTALLATION, TRA 225978 HURON CONSULTING SERVICES PO BOX 71223 CHICAGO IL 60694 ORGANIZATIONAL/MGMT CONSULTING 118782 UNIVERSITY OF CHICAGO PRESS 11030 SOUTH LANGLEY AVENUE CHICAGO IL 60628 PUBLISHING 105435 5 24506108 4785618 251161 29291726 SUBSCRIPTIONS AND PUBLICATIONS 900099 1487568 1487568 1487568 2484080 2484080 7440684 7440761 -77 -77 -77 33263297 1487568 0 2484003 1290444 1290444 30000 30000 1935476 422113 1482561 30802 12032146 9702681 2329465 1609579 1068567 541012 1719246 1202995 516251 794873 620078 174795 98010 98010 73892 73892 80620 80620 414972 380226 34746 450806 264519 184767 1520 516829 114253 402576 1917269 82809 1834460 2531426 2442977 86865 1584 1839685 1745864 86487 7334 172391 172391 129282 601 128681 SUBCONTRACTS 4645613 4645613 HONORARIA 569720 558720 5000 6000 DATA ACQUISITION 410709 410709 PRINT AND PUBLICATIONS 318956 318956 406923 353698 53225 33988867 25655823 8285804 47240 1618504 3226200 87263 0 1675734 2994757 805741 895704 1428910 933788 603374 495122 113657372 107161930 5402316 4058788 123850304 118832501 1835102 2388026 6586783 6605059 5605535 4249513 14027420 13242598 X 109822884 105589903 109822884 105589903 123850304 118832501 -725570 -3507411 0 X 0 1 X 1 1 1 X 35365115 32703996 31625911 27935201 29291726 156921949 35365115 32703996 31625911 27935201 29291726 156921949 156921949 2681937 2806692 2883220 2539522 2484080 13395451 170317400 7492001 0.92140 0.92260 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 596717 477814 118903 460956 381727 79229 371237 74247 296990 495122 DEFERRED COMPENSATION 4058788 DEFERRED RENTAL LIABILITY 190725 4249513 X 29755886 -3507411 -3507411 33263297 0 33263297 33988867 0 33988867 0 33988867 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, 2016. 1 EAST ASIA AND THE PACIFIC 0 2 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 88486 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 10 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 346127 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 8913 NORTH AMERICA (CANADA & MEXICO, BUT NOT THE U.S.) 0 1 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 125078 SOUTH AMERICA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 5333 SOUTH ASIA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 198347 0 13 0 0 0 13 772284 0 772284 FELLOWSHIP STIPEND EUROPE 1 30000 WIRE TRANSFER 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 & CONFERENCES, PROFESSIONAL SERVICES, SALARIES, SUBCONTRACTS, TRAVEL EXPENSES REGION: EUROPE (INCLUDING ICELAND AND GREENLAND) FELLOWSHIPS, HONORARIA, OFFICE EXPENSES, PARTICIPANT SUPPORT COSTS, PROFESSIONAL SERVICES, SALARIES, SUBCONTRACTS, TRAVEL EXPENSES REGION:MIDDLE EAST AND NORTH AFRICA PARTICIPANT SUPPORT COSTS, TRAVEL EXPENSES REGION:NORTH AMERICA (CANADA & MEXICO, BUT NOT THE U.S.) DATA ACQUISITION, HONORARIA, OFFICE EXPENSES, PARTICIPANT SUPPORT COSTS, PROFESSIONAL SERVICES, SALARIES, SUBCONTRACTS, TRAVEL EXPENSES REGION: SOUTH AMERICA PARTICIPANT SUPPORT COSTS, TRAVEL EXPENSES REGION:SOUTH ASIA DATA ACQUISITION, MEETINGS & CONFERENCES, PROFESSIONAL SERVICES, SUBCONTRACTS, TRAVEL EXPENSES WHILE THE NBER DOES NOT NORMALLY AWARD FELLOWSHIPS TO INDIVIDUALS WORKING ABROAD, DURING AN EARLIER REPORTING PERIOD, ONE OF OUR ACCEPTED POST-DOCTORAL TRAINEES WAS UNABLE TO BEGIN HER FELLOWSHIP ON SCHEDULE, DUE TO CIRCUMSTANCES BEYOND HER CONTROL. BECAUSE THE SITUATION WAS SOMEWHAT EXCEPTIONAL, THE PROGRAM DIRECTOR AGREED THAT THE TRAINEE COULD LIVE OUTSIDE THE U.S. FOR THE DURATION OF THE FELLOWSHIP. THIS TRAINEE COMPLETED HER FELLOWSHIP AND RECEIVED HER FINAL STIPEND PAYMENT IN THE 2016 FISCAL YEAR. 1 RESEARCH FELLOWSHIPS 35 965469 TUITION ASSISTANCE FOR FELLOWS 26 172296 HEALTH INSURANCE ASSISTANCE FOR FELLOWS 22 81522 RESEARCH EXPENSE - OTHER SALARIES AND WAGES 2 1190 RESEARCH EXPENSE - PAYROLL TAXES 2 95 RESEARCH EXPENSE - PROFESSIONAL SERVICES 3 12351 RESEARCH EXPENSE - OFFICE EXPENSES 8 2713 RESEARCH EXPENSE - INFORMATION TECHNOLOGY 7 13399 RESEARCH EXPENSE - TRAVEL EXPENSES 12 26620 RESEARCH EXPENSE - MEETINGS AND CONFERENCES 6 732 RESEARCH EXPENSE - DATA ACQUISITION 3 12675 RESEARCH EXPENSE - PRINTING AND PUBLICATIONS 2 1382 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 RESEARCH ASSISTANTS, DATA PURCHASES AND TRAVEL. ANY RESEARCH EXPENSES REIMBURSED MUST BE REASONABLE, BUDGETED, DOCUMENTED AND AUTHORIZED BY AN NBER GRANTS ADMINISTRATOR PRIOR TO PAYMENT. RECIPIENTS OF SMALL GRANTS REPORT ON THEIR PROJECTS TO THE PRINCIPAL INVESTIGATORS OF THE PARENT GRANT. X X X X X X 0 1 0 0 0 0 0 0 0 JAMES M POTERBA PRESIDENT & CEO 622594 0 0 0 74048 0 53000 0 18831 0 768473 0 0 0 KELLY HORAK ASST CORP SEC & CONTROLLER 170598 0 0 0 32321 0 41902 0 35457 0 280278 0 0 0 ALTERRA MILONE CORP SEC & DIR OF GRANTS 174185 0 0 0 10270 0 37192 0 28585 0 250232 0 0 0 DAVID WISE AREA DIRECTOR AGING PROGRAM 322441 0 0 0 42134 0 51155 0 0 0 415730 0 0 0 DANIEL FEENBERG DIR OF INFORMATION SYSTEMS 233071 0 0 0 12685 0 48581 0 12086 0 306423 0 0 0 MOHAN RAMANUJAN UNIX SYSTEM ADMINISTRATOR 145180 0 0 0 24719 0 34625 0 30176 0 234700 0 0 0 ALEXANDER AMINOFF PROGRAMMER & SYS ADMIN 154290 0 0 0 0 0 0 0 0 0 154290 0 0 0 CARL BECK CONFERENCE DEPT DIRECTOR 118552 0 0 0 31277 0 29474 0 10263 0 189566 0 0 0 RICHARD WOODBURY AGING PROGRAM SPECIALIST 121443 0 0 0 24690 0 29534 0 28327 0 203994 0 0 0 MARTIN FELDSTEIN FMR. PRES & CEO, SEE SCHED J PT III 0 0 0 0 1349121 0 0 0 0 0 1349121 0 394236 0 PART I, LINE 4B THE AMOUNT PAID TO MARTIN FELDSTEIN, FORMER PRESIDENT AND CEO, REPRESENTS COMPENSATION DEFERRED AND REPORTED IN TOTAL COMPENSATION IN PRIOR YEARS, AS WELL AS THE EARNINGS ACCUMULATED ON THAT COMPENSATION OVER MORE THAN 30 YEARS. JAMES M POTERBA OFFICER & DIRECTOR 212407 FEES PAID TO ONE OF NBER'S PENSION PROVIDERS, TIAA-CREF, FOR WHOM MR. POTERBA IS A TRUSTEE. 403B PENSION FEES OF $124,362 ARE FOR THE PLAN YEAR ENDED 12-31-2015, AND 401A PENSION FEES OF $88,045 ARE FOR THE PLAN YEAR ENDED 06-30-2016. MR. POTERBA RECUSES HIMSELF FROM ALL DECISIONS REGARDING PENSION PLAN PROVIDERS. 0 RAY C FAIR DIRECTOR 26525 WAGES AND BENEFITS PAID TO JESSE SHAPIRO, MR. FAIR'S SON-IN-LAW, WHO IS AN NBER RESEARCHER. MR. SHAPIRO RECEIVED THIS COMPENSATION AS SUMMER SALARY FOR WORK HE PERFORMED AS A PRINCIPAL INVESTIGATOR ON A RESEARCH GRANT ADMINISTERED THROUGH THE NBER. 0 MARTIN GRUBER DIRECTOR 60793 WAGES AND BENEFITS PAID TO JONATHAN GRUBER, MR. GRUBER'S SON, WHO IS AN NBER RESEARCHER AND THE DIRECTOR OF THE NBER'S HEALTH CARE PROGRAM. JONATHAN GRUBER RECEIVED $25,600 FOR HIS DUTIES AS AN NBER PROGRAM DIRECTOR, AND $35,193 FOR WORK PERFORMED AS A PRINCIPAL INVESTIGATOR ON RESEARCH GRANTS ADMINISTERED THROUGH THE NBER. 0 X 1 251161 SALE, DONATED SHARES 1 0 0 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 TWENTY 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 11 THE PRESIDENT, DIRECTOR OF GRANTS ADMINISTRATION, AND CONTROLLER COMPILE A DRAFT VERSION OF THE FORM 990 WITH HELP FROM THE NBER'S STAFF AND THE NBER'S 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 THE POLICY, 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 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 BOARD MAY, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE AUDIT 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, WHETHER IT 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 DETERMINES 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 AS WELL AS AN OPINION LETTER ON THE REASONABLENESS OF, 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 SEVENTEEN-MEMBER 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.