2016-02-02T10:45:28-06:00 2015-06-30 042571780 ALEXANDER ARONSON FINNING & CO PC 21 EAST MAIN STREET WESTBORO MA 01581 990 2014-07-01 131641075 NATIONAL BUREAU OF ECONOMIC RESEARCH INC NATI 6178683900 1050 MASSACHUSETTS AVE CAMBRIDGE MA 021385359 JAMES POTERBA PRESIDENT & CEO 6178683900 2016-02-01 1 CHARLES J WEBB CPA P01584539 5083669100 2016-02-01 2014 2016-04-25 22:37:26Z JAMES POTERBA 1050 MASS AVE CAMBRIDGE MA 02138 47964009 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 50 625 0 0 0 31625911 27935201 1482876 1467092 6611975 6308873 0 0 39720762 35711166 970495 990195 0 0 17299961 17207102 0 0 46942 17479160 14782331 35749616 32979628 3971146 2731538 130700412 123850304 14922682 14027420 115777730 109822884 X THE NBER CONDUCTS UNBIASED, NON-PARTISAN ECONOMIC RESEARCH AND COMMUNICATES THE FINDINGS OF THAT RESEARCH TO ACADEMIC RESEARCHERS, POLICY-MAKERS, AND BUSINESS PROFESSIONALS. 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 SUB-FIELDS OF ECONOMICS. 0 0 19932680 990195 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, AND THE SOCIAL SECURITY ADMINISTRATION, AMONG OTHER ENTITIES. THE NBER HAS NEARLY 1,400 AFFILIATED RESEARCHERS, AND ABOUT 250 CURRENT RESEARCH PROJECTS. 3444789 RESEARCH MEETINGS: THE NBER SPONSORED ABOUT ONE HUNDRED AND THIRTY RESEARCH MEETINGS AND CONFERENCES DURING THE YEAR, INCLUDING OVER FIFTY 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 RELEVANT ACADEMIC RESEARCH. 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. 898759 1467092 PUBLICATIONS: 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 BROADLY-DISTRIBUTED NBER DIGEST AND NBER REPORTER PUBLICATIONS. MORE THAN ELEVEN HUNDRED INSTITUTIONS SUBSCRIBE TO THE NBER WORKING PAPER SERIES. THE CIRCULATION OF THE DIGEST AND REPORTER PUBLICATIONS IS SEVERAL TIMES LARGER. 819582 NON-SPONSORED RESEARCH. 819582 25095810 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 0 0 0 0 0 0 0 0 0 1 208 0 1 625 1 0 0 0 0 0 1 1 0 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 DE 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 673233 0 72581 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 JAGDISH BHAGWATI 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 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 ELLEN HUGHES-CROMWICK DIRECTOR 1.00 X 0 0 0 ARTHUR KENNICKELL 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 GLEN C CAIN 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 207934 0 78935 ALTERRA MILONE CORP SEC & DIR OF GRANTS 35.00 X 171467 0 63358 DENIS HEALY ASST CORP SECRETARY 35.00 X 92419 0 35912 GERARDINE JOHNSON ASST CORP SECRETARY 26.00 X 57238 0 20256 DAVID WISE AREA DIRECTOR AGING PROGRAM 35.00 X 368013 0 55114 DANIEL FEENBERG DIR OF INFORMATION SYSTEMS 35.00 X 237004 0 58058 MOHAN RAMANUJAN UNIX SYSTEM ADMINISTRATOR 35.00 X 162286 0 63099 CARL BECK CONFERENCE DEPT DIRECTOR 35.00 X 145040 0 38731 RICHARD WOODBURY AGING PROGRAM SPECIALIST 28.00 X 139934 0 58108 STEVE HARRIMAN SENIOR ACCOUNTANT 35.00 X 128803 0 55644 2383371 0 599796 16 0 1 0 THE GOODWAY GROUP 16 A STREET BURLINGTON MA 01803 PRINTING AND DISTRIBUTION SERVICES 263565 UNIVERSITY OF CHICAGO PRESS 11030 SOUTH LANGLEY AVENUE CHICAGO IL 60628 PUBLISHING 150504 ADP INC PO BOX 842875 BOSTON MA 02284 PAYROLL & HUMAN RESOURCES PROCESSING 101154 3 24425967 3509234 27935201 SUBSCRIPTIONS AND PUBLICATIONS 900099 1467092 1467092 1467092 2539522 2539522 16022194 12252843 3769351 3769351 3769351 35711166 1467092 0 6308873 960195 960195 30000 30000 1910324 433038 1448176 29110 11945665 9535273 2410392 1555388 1079056 476332 973591 732798 240793 822134 635765 186369 73153 73153 82123 82123 88626 88626 717471 507826 209645 423030 239773 180672 2585 416100 146402 269698 1725742 55185 1670557 2353521 2268650 82524 2347 1630971 1533604 90467 6900 128647 128647 129027 1862 127165 SUBCONTRACTS 5189613 5189613 DATA ACQUISITION 617577 617192 385 HONORARIA 392945 386945 6000 PRINT AND PUBLICATIONS 378183 375333 2850 435602 367300 68302 32979628 25095810 7836876 46942 832312 1618504 264829 87263 2579372 1675734 593323 805741 1364772 761398 305343 603374 119381194 113657372 6744039 5402316 130700412 123850304 2194518 1835102 5768413 6586783 6959751 5605535 14922682 14027420 X 115777730 109822884 115777730 109822884 130700412 123850304 2731538 -8686384 0 X 0 1 X 1 1 1 X 33341182 35365115 32703996 31625911 27935201 160971405 33341182 35365115 32703996 31625911 27935201 160971405 160971405 2600658 2681937 2806692 2883220 2539522 13512029 174483434 7608887 0.92260 0.92670 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 574827 452592 122235 418708 308806 109902 371237 371237 603374 DEFERRED COMPENSATION 5402316 DEFERRED RENTAL LIABILITY 203219 5605535 X 27024782 -8686384 -8686384 35711166 0 35711166 32979628 0 32979628 0 32979628 PART X, LINE 2: THE NBER FOLLOWS THE U.S. GAAP STANDARDS FOR ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES WHICH REQUIRES THE NBER TO REPORT UNCERTAIN TAX POSITIONS, RELATED INTEREST AND PENALTIES, AND TO ADJUST ITS UNRECOGNIZED TAX BENEFITS AND ACCRUED INTEREST AND PENALTIES ACCORDINGLY. AS OF JUNE 30, 2015 AND 2014, THE NBER DETERMINED THAT THERE ARE NO MATERIAL UNRECOGNIZED TAX BENEFITS TO REPORT. THE NBER FILES INFORMATION RETURNS WITH THE UNITED STATES INTERNAL REVENUE SERVICE AND VARIOUS STATE JURISDICTIONS. THESE RETURNS ARE GENERALLY SUBJECT TO EXAMINATION BY TAX AUTHORITIES FOR THE LAST THREE YEARS. 1 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 382739 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 3 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 562437 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 1302 NORTH AMERICA (CANADA AND MEXICO) 0 2 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 230478 RUSSIA AND THE NEWLY INDEPENDENT STATES 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 1063 SOUTH AMERICA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 11158 SOUTH ASIA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 712195 0 5 0 0 0 5 1901372 0 1901372 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 DATA ACQUISITION, MEETINGS & CONFERENCES, PROFESSIONAL SERVICES, SUBCONTRACTS, AND TRAVEL EXPENSES REGION: EUROPE (INCLUDING ICELAND AND GREENLAND) DATA ACQUISITION, FELLOWSHIPS, HONORARIA, MEETINGS & CONFERENCES, OFFICE EXPENSES, PARTICIPANT SUPPORT COSTS, PROFESSIONAL SERVICES, SALARIES, SUBCONTRACTS, AND TRAVEL EXPENSES REGION: MIDDLE EAST AND NORTH AFRICA TRAVEL EXPENSES REGION: NORTH AMERICA (CANADA & MEXICO, BUT NOT THE U.S.) HONORARIA, INFORMATION TECHNOLOGY, OFFICE EXPENSES, PARTICIPANT SUPPORT COSTS, SALARIES, SUBCONTRACTS, AND TRAVEL EXPENSES REGION: RUSSIA AND THE NEWLY INDEPENDENT STATES TRAVEL EXPENSES REGION: SOUTH AMERICA INFORMATION TECHNOLOGY, PROFESSIONAL SERVICES, AND TRAVEL EXPENSES REGION: SOUTH ASIA MEETINGS & CONFERENCES, OFFICE EXPENSES, PROFESSIONAL SERVICES, AND SUBCONTRACTS. WHILE THE NBER DOES NOT NORMALLY AWARD FELLOWSHIPS TO PEOPLE WORKING ABROAD, DURING THE 2013-2014 ACADEMIC YEAR, 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 HER FELLOWSHIP. SHE DELIVERED A COMPLETED PAPER ON HER TOPIC AT THE END OF THE FELLOWSHIP IN DECEMBER 2015. HER PROGRESS WAS PERIODICALLY MONITORED. SHE RECEIVED A STIPEND, BUT NO OTHER EXPENDITURES WERE INVOLVED IN THIS ARRANGEMENT. 1 RESEARCH FELLOWSHIPS 23 616062 TUITION ASSISTANCE FOR FELLOWS 20 178541 HEALTH INSURANCE ASSISTANCE FOR FELLOWS 13 47239 RESEARCH EXPENSE - OTHER SALARIES AND WAGES 4 6716 RESEARCH EXPENSE - TRAVEL EXPENSES 22 63438 RESEARCH EXPENSE - INFORMATION TECHNOLOGY 8 12168 RESEARCH EXPENSE - PROFESSIONAL SERVICES 2 3780 RESEARCH EXPENSE - DATA ACQUISITION 5 18969 RESEARCH EXPENSE - MEETINGS AND CONFERENCES 7 1462 RESEARCH EXPENSE - OFFICE EXPENSES 12 1873 RESEARCH EXPENSE - PRINTING AND PUBLICATIONS 2 9947 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 0 0 0 0 0 0 0 0 JAMES M POTERBA PRESIDENT & CEO 602185 0 0 0 71048 0 52000 0 20581 0 745814 0 0 0 KELLY HORAK ASST CORP SEC & CONTROLLER 164598 0 0 0 43336 0 43005 0 35930 0 286869 0 0 0 ALTERRA MILONE CORP SEC & DIR OF GRANTS 161197 0 0 0 10270 0 34645 0 28713 0 234825 0 0 0 DAVID WISE AREA DIRECTOR AGING PROGRAM 329606 0 0 0 38407 0 55114 0 0 0 423127 0 0 0 DANIEL FEENBERG DIR OF INFORMATION SYSTEMS 226418 0 0 0 10586 0 47165 0 10893 0 295062 0 0 0 MOHAN RAMANUJAN UNIX SYSTEM ADMINISTRATOR 139144 0 0 0 23142 0 33084 0 30015 0 225385 0 0 0 CARL BECK CONFERENCE DEPT DIRECTOR 115026 0 0 0 30014 0 28535 0 10196 0 183771 0 0 0 RICHARD WOODBURY AGING PROGRAM SPECIALIST 116266 0 0 0 23668 0 28553 0 29555 0 198042 0 0 0 STEVE HARRIMAN SENIOR ACCOUNTANT 124271 0 0 0 4532 0 26432 0 29212 0 184447 0 0 0 JAMES M POTERBA OFFICER & DIRECTOR 241302 FEES PAID TO ONE OF NBER'S PENSION PROVIDERS, TIAA-CREF, FOR WHOM MR. POTERBA IS A TRUSTEE. 403B PENSION FEES OF $127,666 ARE FOR THE PLAN YEAR ENDED 12-31-2014 AND 401A PENSION FEES OF $113,636 ARE FOR THE PLAN YEAR ENDED 06-30-2015. MR. POTERBA RECUSES HIMSELF FROM ALL DECISIONS REGARDING PENSION PLAN PROVIDERS. 0 RAY C FAIR DIRECTOR 32000 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 PERFORMED AS A PRINCIPAL INVESTIGATOR ON A RESEARCH GRANT ADMINISTERED THROUGH THE NBER. 0 MARTIN GRUBER DIRECTOR 109021 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 $83,421 FOR WORK PERFORMED AS A PRINCIPAL INVESTIGATOR ON RESEARCH GRANTS ADMINISTERED THROUGH THE NBER. 0 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 EXECUTIVE 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 EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS FOR REVIEW. THE EXECUTIVE 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 EXECUTIVE 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 EXECUTIVE 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 EXECUTIVE 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.