2026-02-20T08:04:33-06:00 2025-06-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2024-07-01 131641075 NATIONAL BUREAU OF ECONOMIC RESEARCH INC NATI 6178683900 1050 MASSACHUSETTS AVE CAMBRIDGE MA 021385359 JAMES POTERBA PRES. & CEO 6178683900 2026-02-19 1 1 CHARLES J WEBB CPA P01584539 5083669100 2026-02-19 2024 2025-03-06 01:10:19Z JAMES POTERBA 1050 MASSACHUSETTS AVE CAMBRIDGE MA 021385359 56705969 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. 50 49 458 0 0 0 28863127 30571240 1559032 1593780 30599603 14830398 0 0 61021762 46995418 2063237 1623017 0 0 17302304 19101581 0 0 97655 19082964 18199366 38448505 38923964 22573257 8071454 189583834 206005855 25388847 24935222 164194987 181070633 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 18359974 1401089 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 ALFRED P. SLOAN FOUNDATION, AMONG OTHER ENTITIES. THE NBER HAS OVER 1,800 AFFILIATED RESEARCHERS, AND MORE THAN 350 CURRENT RESEARCH PROJECTS. 6888466 RESEARCH MEETINGS: THE NBER ORGANIZED OVER 150 RESEARCH MEETINGS AND CONFERENCES DURING THE YEAR, INCLUDING MORE THAN 50 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. 1015177 1593780 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, NBER BULLETIN ON ENTREPRENEURSHIP, AND THE NBER BULLETIN ON THE ECONOMICS OF ALZHEIMER'S DISEASE AND RELATED DEMENTIAS. THE NBER POSTS OVER TWELVE HUNDRED WORKING PAPERS ANNUALLY, AND MORE THAN A NINE HUNDRED INSTITUTIONS SUBSCRIBE TO THE NBER WORKING PAPER SERIES. THE CIRCULATION OF THE DIGEST AND REPORTER PUBLICATIONS IS SEVERAL TIMES LARGER. 1048165 221928 NON-SPONSORED RESEARCH 1048165 221928 27311782 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 1 452 0 1 458 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 50 49 0 0 1 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 886629 0 81996 PETER BLAIR HENRY CHAIR & DIRECTOR 1.00 X X 0 0 0 KAREN G MILLS VICE CHAIR & DIRECTOR 1.00 X X 0 0 0 BARRY MELANCON TREASURER & DIRECTOR 1.00 X X 0 0 0 TIMOTHY BEATTY DIRECTOR 1.00 X 0 0 0 TIMOTHY BRESNAHAN 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 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 DARRICK HAMILTON 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 R GLENN HUBBARD 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 J MAILATH DIRECTOR 1.00 X 0 0 0 ANNE MCCANTS DIRECTOR 1.00 X 0 0 0 ANGELO MELINO 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 JOHN PEPPER 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 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 B 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 DON R CONLAN DIRECTOR EMERITUS 1.00 X 0 0 0 GEORGE C EADS DIRECTOR EMERITUS 1.00 X 0 0 0 JESSICA P EINHORN 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 ROBERT MEDNICK 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 291601 0 99409 KELLY HORAK ASST CORP SEC & CONTROLLER 35.00 X 266032 0 81832 DENIS HEALY ASST CORP SEC & DIR CORP RELATIONS 35.00 X 146659 0 52873 ABIGAIL MURRELL ASST CORP SEC & CORP/FOUND. RELATIONS 35.00 X 64054 0 9452 ERIN RICHARDSON DIR OF INFORMATION SYSTEMS 35.00 X 308434 0 82472 MOHAN RAMANUJAN UNIX SYSTEM ADMINISTRATOR 35.00 X 243769 0 87224 STEVE HARRIMAN ASST DIR OF ACCOUNTING 35.00 X 197059 0 80143 RICHARD WOODBURY AGING PROGRAM SPECIALIST 26.00 X 207774 0 68943 ALISON OAXACA ASST DIR OF GRANTS 35.00 X 175572 0 50204 DEBORAH NICHOLSON WEBMASTER 28.00 X 157227 0 60721 2944810 0 755269 24 0 1 0 INFOR (US) INC PO BOX 14510 MINNEAPOLIS MN 55485 INFORMATION TECHNOLOGY SUPPORT 293553 BLACK DIAMOND NETWORKS INC 23 MAIN STREET ANDOVER MA 01810 INFORMATION TECHNOLOGY & WEBSITE SUPPORT 214720 NORTH ATLANTIC NETWORKS LLC 16 MASON AVE SUITE 1 NORTH ATTLEBORO MA 02760 INFORMATION TECHNOLOGY CONSULTING 194997 ADP INC PO BOX 842875 BOSTON MA 02284 PAYROLL/HUMAN RESOURCES PROCESSING 170506 BLACKROCK INC 45 FREMONT STREET SAN FRANCISCO CA 94105 INVESTMENT MANAGEMENT 145374 6 24378578 6192662 30571240 SUBSCRIPTIONS AND PUBLICATIONS 813920 1593780 1593780 1593780 3550730 3550730 20990219 9710551 11279668 11279668 11279668 46995418 1593780 0 14830398 2750 2750 1612612 1612612 7655 7655 2687731 188465 2439808 59458 12237325 9179174 3058151 1800315 1102525 697790 1490119 1035174 454945 886091 632677 253414 101927 7869 94058 119250 119250 124249 124249 1704304 1575507 128797 323460 123820 198782 858 1184123 184999 999124 2260364 1333 2259031 2759225 2682714 73698 2813 3005614 2909202 76886 19526 270241 81934 188307 234743 504 234239 SUBCONTRACTS 4144013 4144013 HONORARIA 907298 889298 3000 15000 DATA ACQUISITION 702557 653542 49015 PRINT AND PUBLICATIONS 237987 237987 120011 58028 61983 38923964 27311782 11514527 97655 627566 1179130 4603524 5721670 1206579 1364143 2988212 2582802 588710 405410 170451205 186911023 12106250 10424479 189583834 206005855 2868336 2885334 10229901 11454190 12290610 10595698 25388847 24935222 X 164194987 181070633 164194987 181070633 189583834 206005855 8071454 8804192 0 X X 0 1 X 1 1 1 X 30313737 28458561 30442746 28863127 30571240 148649411 30313737 28458561 30442746 28863127 30571240 148649411 8560627 140088784 2785223 3734812 3806360 3565170 3550730 17442295 166091706 7707533 0.84340 0.84440 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 658505 635053 23452 1139136 811799 327337 1190571 1135950 54621 405410 RIGHT-OF-USE LEASE ASSETS 10424479 10424479 OPERATING LEASE LIABILITIES 10595698 10595698 X 55799610 8804192 8804192 46995418 0 46995418 38923964 0 38923964 0 38923964 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, 2025. THE NBER'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND VARIOUS STATE JURISDICTIONS. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 1 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 22786 EAST ASIA AND THE PACIFIC 0 1 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 57441 EUROPE (INCLUDING ICELAND AND GREENLAND) 0 9 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 818185 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 11544 NORTH AMERICA (CANADA & MEXICO, BUT NOT THE U.S.) 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 149836 SOUTH AMERICA 0 0 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 9232 SOUTH ASIA 0 5 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 451352 SSA SUB-SAHARAN AFRICA 0 1 PROGRAM SERVICES SEE PART V FOR DESCRIPTIONS 16836 0 17 0 0 0 17 1537212 0 1537212 FELLOW RESEARCH EXPENSE EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 1 7655 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: CENTRAL AMERICA AND THE CARRIBEAN SUBCONTRACTS REGION: EAST ASIA AND THE PACIFIC HONORARIA, SUBCONTRACTS, TRAVEL REGION: EUROPE (INCLUDING ICELAND AND GREENLAND) DATA ACQUISITION, FELLOWSHIPS, HONORARIA, INFORMATION TECHNOLOGY, MEETINGS AND CONFERENCES, PERSONNEL, PROFESSIONAL SERVICES, SUBCONTRACTS, TRAVEL REGION: MIDDLE EAST AND NORTH AFRICA TRAVEL REGION: NORTH AMERICA (CANADA & MEXICO, BUT NOT THE U.S.) HONORARIA, INFORMATION TECHNOLOGY, MEETINGS AND CONFERENCES, OFFICE EXPENSE, TRAVEL REGION: SOUTH AMERICA TRAVEL REGION: SOUTH ASIA DATA ACQUISITION, PROFESSIONAL SERVICES, SUBCONTRACTS, TRAVEL REGION: SSA SUB-SAHARAN AFRICA HONORARIA, SUBCONTRACTS, TRAVEL 1 RESEARCH FELLOWSHIPS 40 1245653 TUITION ASSISTANCE FOR FELLOWS 22 194150 HEALTH INSURANCE ASSISTANCE FOR FELLOWS 29 105588 RESEARCH EXPENSE - TRAVEL 15 27836 RESEARCH EXPENSE - INFORMATION TECHNOLOGY 7 15624 RESEARCH EXPENSE - DATA ACQUISITION 2 15417 RESEARCH EXPENSE - MEETING & CONFERENCES 9 4470 RESEARCH EXPENSE - OFFICE EXPENSES 9 2680 RESEARCH EXPENSE - PRINT & PUBLICATIONS 4 714 RESEARCH EXPENSE - PROFESSIONAL SERVICES 1 480 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 789703 0 0 0 96926 0 69000 0 12996 0 968625 0 0 0 ALTERRA MILONE CORP SEC & DIR OF GRANTS 278581 0 0 0 13020 0 59388 0 40021 0 391010 0 0 0 ERIN RICHARDSON DIR OF INFORMATION SYSTEMS 271611 0 0 0 36823 0 46788 0 35684 0 390906 0 0 0 KELLY HORAK ASST CORP SEC & CONTROLLER 254196 0 0 0 11836 0 54014 0 27818 0 347864 0 0 0 MOHAN RAMANUJAN UNIX SYSTEM ADMINISTRATOR 231789 0 0 0 11980 0 49306 0 37918 0 330993 0 0 0 STEVE HARRIMAN ASST DIR OF ACCOUNTING 186898 0 0 0 10161 0 40359 0 39784 0 277202 0 0 0 RICHARD WOODBURY AGING PROGRAM SPECIALIST 196580 0 0 0 11194 0 42047 0 26896 0 276717 0 0 0 ALISON OAXACA ASST DIR OF GRANTS 162882 0 0 0 12690 0 35442 0 14762 0 225776 0 0 0 DEBORAH NICHOLSON WEBMASTER 143018 0 0 0 14209 0 31824 0 28897 0 217948 0 0 0 DENIS HEALY ASST CORP SEC & DIR CORP RELATIONS 137564 0 0 0 9095 0 28946 0 23927 0 199532 0 0 0 JAMES M POTERBA OFFICER AND DIRECTOR 138602 FEES PAID TO ONE OF NBER'S PENSION PROVIDERS, TIAA, FOR WHOM MR. POTERBA IS A TRUSTEE. 403B PENSION FEES OF $56,767 ARE FOR THE PLAN YEAR ENDED 12/31/2024, AND 401A PENSION FEES OF $81,835 ARE FOR THE PLAN YEAR ENDED 6/30/2025. MR. POTERBA RECUSES HIMSELF FROM ALL DECISIONS REGARDING PENSION PLAN PROVIDERS. 0 R GLENN HUBBBARD DIRECTOR 123005 FEES PAID TO ONE OF NBER'S INVESTMENT MANAGERS, BLACKROCK, FOR WHOM MR. HUBBARD IS A DIRECTOR. MR. HUBBARD RECUSES HIMSELF FROM ALL DECISIONS INVOLVING CHOICE OF INVESTMENT ADVISORS. 0 MAUREEN O'HARA DIRECTOR 138602 FEES PAID TO ONE OF NBER'S PENSION PROVIDERS, TIAA, FOR WHOM MS. O'HARA IS A TRUSTEE. 403B PENSION FEES OF $56,767 ARE FOR THE PLAN YEAR ENDED 12/31/2024, AND 401A PENSION FEES OF $81,835 ARE FOR THE PLAN YEAR ENDED 6/30/2025. 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 THIRTEEN WORKING GROUPS, WHICH FOCUS ON TOPICS THAT CUT ACROSS TRADITIONAL PROGRAMS AREAS AND HOST MEETINGS THAT BRING TOGETHER RESEARCHERS WITH COMMON INTERESTS THAT ARE RELATED TO MULTIPLE PROGRAMS. FORM 990, PART VI, SECTION A, LINE 4 SINCE THE PRIOR YEAR'S FORM 990 WAS FILED, THE NBER AMENDED ITS BY-LAWS WITH RESPECT TO THE COMPOSITION OF ITS EXECUTIVE COMMITTEE, (ARTICLE V, ITEM 4 (A)). THE BY-LAWS HAD PREVIOUSLY REQUIRED THAT EACH YEAR THE TWO MEMBERS WITH THE LONGEST TERMS OF SERVICE ROTATE OFF THE COMMITTEE. THIS COULD RESULT, AND HAS IN RECENT YEARS, IN EXCESSIVE TURNOVER ON THIS IMPORTANT COMMITTEE WHEN SOME MEMBERS OF THIS COMMITTEE HAPPEN TO DEPART FOR FOR REASONS OTHER THAN LONG TENURE. THE FOLLOWING PASSAGE IS THE AMENDED SECTION: AT EACH ANNUAL MEETING, AT LEAST TWO NEW ELECTED MEMBERS OF THE COMMITTEE SHALL BE ELECTED TO REPLACE AT LEAST TWO ELECTED MEMBERS CEASING, OR WHO CEASED WITHIN THE PAST YEAR, TO BE MEMBERS OF THE COMMITTEE; THIS MAY OCCUR DUE TO CEASING TO BE A DIRECTOR OF THE CORPORATION (AND THEREFORE AN ELECTED MEMBER OF THE COMMITTEE) WITHIN THE PAST YEAR AND/OR OR DUE TO LENGTH OF SERVICE ON THE COMMITTEE, AND SHALL BE DETERMINED AS FOLLOWS: (I) IF NO ELECTED MEMBERS HAVE CEASED TO BE DIRECTORS, THEN THE TWO ELECTED MEMBERS WITH THE LONGEST CONTINUOUS SERVICE ON THE COMMITTEE SHALL CEASE TO BE ELECTED MEMBERS OF THE COMMITTEE; (II) IF ONE ELECTED MEMBER HAS CEASED TO BE A DIRECTOR, THEN BOTH THAT MEMBER AND THE ONE ELECTED MEMBER WITH THE LONGEST CONTINUOUS SERVICE ON THE COMMITTEE SHALL HAVE CEASED/SHALL CEASE TO BE ELECTED MEMBERS OF THE COMMITTEE; AND (III) IF TWO OR MORE ELECTED MEMBERS HAVE CEASED TO BE DIRECTORS, THEN ALL SUCH MEMBERS SHALL HAVE CEASED TO BE ELECTED MEMBERS OF THE COMMITTEE. 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.