2026-03-16T09:11:40-05:00 2025-06-30 991856619 GRANT THORNTON ADVISORS LLC 757 THIRD AVENUE 9TH FLOOR NEW YORK NY 100172013 990 2024-07-01 131628168 COUNCIL ON FOREIGN RELATIONS INC COUN 2124349400 58 EAST 68TH STREET NEW YORK NY 10065 JENNIFER PEREZ CFO & TREASURER 2124349400 2026-03-16 1 1 SCOTT THOMPSETT P00741490 2125990100 2024 2025-03-06 01:10:19Z MICHAEL FROMAN 58 EAST 68TH STREET NEW YORK NY 10065 265841500 0 X WWW.CFR.ORG X 1921 NY CFR IS AN INDEPENDENT, NON-PARTISAN FOREIGN POLICY MEMBERSHIP ORGANIZATION. (SEE SCHED O). 36 35 1046 0 584507 0 48522049 54022860 23166251 24361340 6367600 19221700 1098400 1477620 79154300 99083520 1983150 2066458 0 0 57616900 58206832 0 0 5650100 34713850 43902230 94313900 104175520 -15159600 -5092000 755521700 816713200 63364600 61956400 692157100 754756800 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) 0 0 35382000 2066458 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 WORLD'S 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. CFR STRIVES TO MAINTAIN ROBUST DIVERSITY OF VIEWPOINTS AMONG ITS SCHOLARS AND FELLOWS. CFR TAKES NO INSTITUTIONAL POSITIONS ON MATTERS OF PUBLIC POLICY. 13733100 0 12419100 FOR OVER 100 YEARS, 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, A PODCAST, APPS AND SOCIAL MEDIA FEEDS. THROUGHOUT ITS HISTORY, FOREIGN AFFAIRS HAS STAYED TRUE TO ITS MISSION PUBLISHED IN THE FIRST ISSUE OF THE MAGAZINE IN 1922: "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. (CONTINUED ON SCHEDULE O) 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." 11966700 0 0 PRODUCT, DESIGN, AND ENGINEERING (PDE) DESIGNS, DEVELOPS, AND MAINTAINS PRODUCTS THAT SERVE THE COUNCIL'S MISSION TO IMPART A BETTER UNDERSTANDING OF THE WORLD AMONG ITS MEMBERS AND OTHER INTERESTED CITIZENS. WE COLLABORATE WITH DEPARTMENTS ACROSS THE COUNCIL TO SET AND EXECUTE THE DIGITAL VISION FOR CFR.ORG, AS WELL AS A MEMBER SERVICES PORTAL. WE ARE COMMITTED TO USER-CENTRICITY IN OUR APPROACH, ITERATION IN OUR IMPLEMENTATION, AND STABILITY IN OUR SITES AND SERVICES. CFR.ORG CONTINUES TO BE A LEADING SOURCE OF TIMELY ANALYSIS ON CRITICAL FOREIGN POLICY ISSUES. THE WEBSITE'S MOST POPULAR PRODUCTS INCLUDE INCLUDE THE GLOBAL CONFLICT TRACKER (GCT), AN NTERACTIVE DASHBOARD CREATED AND MAINTAINED BY THE CENTER FOR PREVENTIVE ACTION, WHICH TRACKS AND ANALYZES ARMED CONFLICTS (CONTINUED ON SCHEDULE O) AROUND THE WORLD IN REAL TIME, AND CFR BACKGROUNDERS, WHICH PROVIDE AUTHORITATIVE, ACCESSIBLE, AND REGULARLY UPDATED PRIMERS ON HUNDREDS OF FOREIGN POLICY TOPICS. 16477300 0 11942240 ALL OTHER PROGRAMMATIC ACTIVITIESCFR'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. 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 SPONSORS INDEPENDENT TASK FORCES TO ASSESS ISSUES OF CRITICAL IMPORTANCE TO U.S. FOREIGN POLICY. DIVERSE IN BACKGROUNDS AND PERSPECTIVES, TASK FORCE MEMBERS WORK TO REACH MEANINGFUL CONSENSUS ACROSS PARTISAN LINES ON MATTERS OF POLICY. SINCE THE PROGRAM'S INCEPTION IN 1995, TASK FORCES HAVE BECOME A TRADEMARK OF THE COUNCIL.STUDENTS TODAY LIVE IN A WORLD MORE CONNECTED THAN AT ANY POINT IN HISTORY, WHERE COMPLEX FOREIGN POLICY MATTERS AND TRANSNATIONAL ISSUES SUCH AS TRADE, PANDEMICS, AND SCIENTIFIC BREAKTHROUGHS REQUIRE YOUNG PEOPLE TO DEVELOP GLOBAL PUBLIC AFFAIRS LITERACY CAPABILITIES. THE ESSENTIAL KNOWLEDGE, SKILLS, AND PERSPECTIVE NEEDED TO UNDERSTAND HOW OUR COMPLICATED AND FASCINATING WORLD WORKS IS NOT READILY AVAILABLE TO STUDENTS AND EDUCATORS. TO ADDRESS THIS CURRICULAR GAP, SINCE 2015, CFR EDUCATION HAS DEVOTED ITSELF TO THIS VITAL WORK, DEVELOPING AWARD-WINNING CLASSROOM PRODUCTS DESIGNED TO INTRODUCE STUDENTS IN HIGH SCHOOL AND COLLEGE TO THE FUNDAMENTALS OF FOREIGN POLICY AND INTERNATIONAL RELATIONS IN ORDER TO MAKE SENSE OF THE WORLD AROUND THEM.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 HIGHER EDUCATION EDUCATORS AND ADMINISTRATORS; RELIGIOUS AND CONGREGATIONAL LEADERS; AND STATE AND LOCAL OFFICIALS; AND LOCAL JOURNALISTS. CFR'S ADDITIONAL PROGRAMS ARE A NATIONAL PROGRAM, A CORPORATE MEMBER PROGRAM AND A GLOBAL BOARD OF ADVISORS. FOR MORE INFORMATION, PLEASE VISIT THE ORGANIZATION'S WEBSITE, WWW.CFR.ORG.TOTAL EXPENSES ASSOCIATED WITH OTHER PROGRAM SERVICE ACTIVITIES ARE AS FOLLOWS:MEETINGS PROGRAM - $4,847,000EDUCATION - $4,017,700MEMBERSHIP - $2,444,300OUTREACH - $2,304,600NATIONAL PROGRAM - $1,900,300TERM MEMBER PROGRAM - $848,800 GLOBAL BOARD OF ADVISORS - $114,600TOTAL REVENUE ASSOCIATED WITH OTHER PROGRAM SERVICE ACTIVITIES ARE AS FOLLOWS:MEMBERSHIP DUES (NON-CONTRIBUTION) - $17,831,800 16477300 0 11942240 77559100 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 352 0 1 1046 1 1 1 0 0 0 0 0 0 0 0 0 1 0 X 36 35 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 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 JENNIFER PEREZ 2124349400 58 EAST 68TH STREET NEW YORK NY 10065 MICHAEL FROMAN PRESIDENT 35.00 0.00 X X 1352711 0 68632 DAVID M RUBENSTEIN CHAIRMAN 1.00 0.00 X 0 0 0 BLAIR EFFRON VICE CHAIRMAN 1.00 0.00 X 0 0 0 JAMI MISCIK VICE CHAIRMAN 1.00 0.00 X 0 0 0 NICHOLAS BEIM DIRECTOR 1.00 0.00 X 0 0 0 AFSANEH MASHAYEKHI BESCHLOSS DIRECTOR 1.00 0.00 X 0 0 0 MARGARET BRENNAN DIRECTOR 1.00 0.00 X 0 0 0 SYLIVIA MATHEWS BURWELL DIRECTOR 1.00 0.00 X 0 0 0 KENNETH I CHENAULT DIRECTOR 1.00 0.00 X 0 0 0 TONY COLES DIRECTOR 1.00 0.00 X 0 0 0 CESAR CONDE DIRECTOR 1.00 0.00 X 0 0 0 MICHLE FLOURNOY DIRECTOR 1.00 0.00 X 0 0 0 JANE FRASER DIRECTOR 1.00 0.00 X 0 0 0 STEPHEN C FREIDHEIM DIRECTOR 1.00 0.00 X 0 0 0 JAMES P GORMAN DIRECTOR 1.00 0.00 X 0 0 0 STEPHEN J HADLEY DIRECTOR (THRU 06/30/2025) 1.00 0.00 X 0 0 0 MARGARET PEGGY HAMBURG DIRECTOR 1.00 0.00 X 0 0 0 WILLIAM HURD DIRECTOR 1.00 0.00 X 0 0 0 CHARLES R KAYE DIRECTOR 1.00 0.00 X 0 0 0 JAMES MANYIKA DIRECTOR (THRU 06/30/2025) 1.00 0.00 X 0 0 0 WILLIAM H MCRAVEN DIRECTOR 1.00 0.00 X 0 0 0 JUSTIN G MUZINICH DIRECTOR 1.00 0.00 X 0 0 0 JANET A NAPOLITANO DIRECTOR 1.00 0.00 X 0 0 0 MEGHAN O'SULLIVAN DIRECTOR 1.00 0.00 X 0 0 0 DEVEN J PAREKH DIRECTOR 1.00 0.00 X 0 0 0 CHARLES PHILLIPS DIRECTOR 1.00 0.00 X 0 0 0 RICHARD L PLEPLER DIRECTOR (THRU 06/30/2025) 1.00 0.00 X 0 0 0 RUTH PORAT DIRECTOR 1.00 0.00 X 0 0 0 LAURENE POWELL JOBS DIRECTOR 1.00 0.00 X 0 0 0 L RAFAEL REIF DIRECTOR 1.00 0.00 X 0 0 0 MARIKO SILVER DIRECTOR 1.00 0.00 X 0 0 0 JAMES TAICLET DIRECTOR 1.00 0.00 X 0 0 0 FRANCES F TOWNSEND DIRECTOR 1.00 0.00 X 0 0 0 TRACEY T TRAVIS DIRECTOR 1.00 0.00 X 0 0 0 FAREED ZAKARIA DIRECTOR 1.00 0.00 X 0 0 0 AMY ZEGART DIRECTOR 1.00 0.00 X 0 0 0 JAMES M LINDSAY SR. VP & DIR OF STUDIES (THRU 06/25) 35.00 0.00 X 496081 0 72694 IVA ZORIC THRU 1024 VP, GLOBAL COM & MEDIA RELATIONS 35.00 0.00 X 487953 0 52030 SUZANNE E HELM THRU 1124 VP, PHILANTHROPY & RELATION 35.00 0.00 X 454584 0 61645 SHANNON O'NEIL SENIOR VP, DIRECTOR OF STUDIES 35.00 0.00 X 421358 0 71723 JAN MOWDER HUGHES VP & CHIEF HR OFFICER (THRU 09/24) 35.00 0.00 X 381197 0 50193 JENNIFER PEREZ CHIEF FINANCIAL OFFICER & TREASURER 35.00 0.00 X 368041 0 28687 NANCY D BODURTHA VP, MEETINGS & MEMBERSHIP 35.00 0.00 X 364677 0 65174 IRINA FASKIANOS VP, NATIONAL PROGRAM & OUTREACH 35.00 0.00 X 360188 0 68334 STEVEN BENNETT EXEC. VP & CHIEF ADMIN. OFFICER 35.00 0.00 X 357149 0 0 CAROLINE NETCHVOLODOFF VP, EDUCATION 35.00 0.00 X 343961 0 64174 STEPHANIE SOLOMON VP, CHIEF REV OFF., FOREIGN AFFAIRS 35.00 0.00 X 337690 0 68014 CHRISTOPHER TUTTLE SENIOR FELLOW/DEPUTY DIR. OF STUDIES 35.00 0.00 X 280798 0 48763 MILLIE TRAN VP & CHIEF DIGITAL CONTENT OFFICER 35.00 0.00 X 212396 0 28286 LAYLA NAFICY AS OF 0924 CHIEF HUMAN RESOURCES OFFICER 35.00 0.00 X 80999 0 4347 BEN CHANG AS OF 112024 VP, GLOBAL COMMUNICATIONS 35.00 0.00 X 32372 0 0 MATT QUAM AS OF 0125 VP & CHIEF DEVELOPMENT OFFICER 35.00 0.00 X 0 0 0 AIMEE CARTER AS OF 0125 VP, CORPORATE & CEO PROGRAMS 35.00 0.00 X 0 0 0 GIOVANNA M BAN CHIEF INVESTMENT OFFICER 35.00 0.00 X 588095 0 72694 DANIEL A KURTZ-PHELAN EDITOR 35.00 0.00 X 459465 0 193310 MIRIAM S HIGGINS GENERAL COUNSEL 35.00 0.00 X 359611 0 70826 MATTHEW GOODMAN DISTING. FELLOW/DIR. OF REALECON 35.00 0.00 X 345267 0 23297 FRANK ALVAREZ - MANAGING DIR., FACILITY, EVENT, & SECURITY MGMT 35.00 0.00 X 310145 0 39104 JEFFREY A REINKE FORMER SECRETARY 0.00 0.00 X 191737 0 29754 8586475 0 1181681 159 1 1 0 APPNOVATION USA INC 600-190 ALEXANDER STREET VANCOUVER BC CA V6A1B5 WEBSITE DEVELOPMENT 1643401 KALON EVENT FOOD DESIGN 4121 28TH ST STE 4G LONG ISLAND CITY NY 11101 CATERING SERVICES 959925 SUNSTATES SECURITY PO BOX 896583 CHARLOTTE NC 282896547 SECURITY PERSONNEL 660035 SUSAN GAGE CATERERS 7100 OLD LANDOVER ROAD LANDOVER MD 20785 CATERING SERVICES 615691 CLARITY INNOVATIONS 160 NE 6TH AVE SUITE 300 PORTLAND OR 97232 WEBSITE DEVELOPMENT 445400 20 5339595 48683265 1860618 54022860 FOREIGN AFFAIRS 541800 12419100 11609000 810100 INDIVIDUAL MEMBERSHIP 900099 10812700 10812700 CORPORATE MEMBERSHIP 900099 1129540 1129540 24361340 4128000 -164901 4292901 1455000 21380 1433620 1433620 -60692 1494312 181819900 166726200 15093700 15093700 15093700 8000 10400 -2400 -2400 MISCELLANEOUS 900099 46400 46400 46400 99083520 23551240 584507 20924913 2066458 2066458 6957315 4870311 1657013 429991 69900 48932 16648 4320 38604317 30352757 5679027 2572533 2809200 1515800 1195400 98000 6671100 6030500 640600 3095000 2208600 743600 142800 183400 98200 81200 4000 284400 284400 6086200 6086200 10343095 10343095 2081800 923300 1089000 69500 3383045 2528845 788100 66100 2479700 1637700 725600 116400 4295600 3496800 398300 400500 2551950 2062350 314400 175200 1525100 788600 42400 694100 2575300 1538700 928300 108300 PUBLICATION & PRINTING 4006625 3562725 420100 23800 MISCELLANEOUS 3679400 3125200 456600 97600 HONORARIUMS 426615 360227 60032 6356 104175520 77559100 20966320 5650100 72705200 86511800 31517500 27048300 3215400 3135800 450600 310400 1541500 1738100 129379900 70675000 57037700 58704900 62757900 79881800 526295900 559382100 755521700 816713200 9978400 10078500 7456200 8072900 42205000 39890000 3725000 3915000 63364600 61956400 X 148302900 167646200 543854200 587110600 692157100 754756800 755521700 816713200 X -5092000 68701200 -1009500 X 0 1 X 1 0 X 36549230 28637329 63113857 48522049 54022860 230845325 36549230 28637329 63113857 48522049 54022860 230845325 37195904 193649421 9811800 5384850 5179600 5527800 5583000 31487050 19300 22050 72700 496200 54400 664650 262997025 108215275 0.73630 0.76060 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2020 AMOUNT: $ 19,300. 2021 AMOUNT: $ 22,050. 2022 AMOUNT: $ 63,500. 2023 AMOUNT: $ 349,200. 2024 AMOUNT: $ 46,400. MERCHANDISE SALES - 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 9,200. 2023 AMOUNT: $ 7,000. 2024 AMOUNT: $ 8,000. INSURANCE SETTLEMENT - 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 85,000. 2024 AMOUNT: $ 0. REIMBURSEMENTS - 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 0. 2022 AMOUNT: $ 0. 2023 AMOUNT: $ 55,000. 2024 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 599758700 19567700 81749500 22995800 6086200 671993900 564417300 10022300 52794200 22510200 4964900 599758700 544085500 10641200 40316100 27381400 3244100 564417300 589309500 5987300 -31463700 16536300 3211300 544085500 479956700 8758400 123588500 19632900 3361200 589309500 0.23630 0.34150 0.42220 0 0 7252000 7252000 46358500 17566600 28791900 48601300 29274600 19326700 25551500 23833800 1717700 1616600 1616600 58704900 LONG ONLY EQUITIES 208008800 F PRIVATE EQUITY & VENTURE CAPITAL 165897800 F GROWTH-ORIENTED HEDGE FUNDS 144045100 F DEFLATION HEDGES 40635300 F PRIVATE HARD ASSETS 795100 F 559382100 ACCRUED POSTRETIREMENT BENEFITS 3915000 3915000 X 160710400 68701200 -1009500 67691700 93018700 6086200 -21380 6064820 99083520 98110700 0 98110700 6086200 -21380 6064820 104175520 PART V, LINE 4: 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. PART X, LINE 2: ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES CFR HAS ADOPTED THE PROVISIONS OF THE ACCOUNTING STANDARDS 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 EFFECTS 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST-RATE SWAP AGREEMENT -702,200. POSTRETIREMENT CHANGES OTHER THAN NET PERIODIC COSTS -190,000. OTHER CHANGES IN NET ASSETS -117,300. PART XI, LINE 4B - OTHER ADJUSTMENTS: RE-CLASS OF RENTAL EXPENSES TO OFFSET RENTAL INCOME -21,380. PART XII, LINE 4B - OTHER ADJUSTMENTS: RE-CLASS OF RENTAL EXPENSES TO OFFSET RENTAL INCOME -21,380. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 385417110 0 0 0 0 0 0 385417110 0 385417110 1 0 1 1 1 0 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. 1 IAF FELLOWSHIP 12 437917 IAF FELLOWSHIP IN JAPAN 7 184800 IAF FELLOWSHIP IN NATIONAL SECURITY 8 490000 IAF FELLOWSHIP FOR TENURED INT. RELATIONS SCHOLARS 9 330447 EDWARD R. MURROW PRESS FELLOWSHIP 1 100000 IAF FELLOWSHIP IN INDONESIA 1 8125 STANTON NUCLEAR SECURITY FELLOWSHIP 3 266833 IAF FELLOWSHIP IN INDIA 2 37500 THE DAVID ROCKEFELLER STUDIES PROGRAM 1 20000 ARTHUR ROSS BOOK AWARD GOLD PRIZE RECIPIENT 1 10000 ARTHUR ROSS BOOK AWARD SILVER PRIZE RECIPIENT 1 5000 ARTHUR ROSS BOOK AWARD BRONZE PRIZE RECIPIENT 2 2500 IAF FELLOWSHIP IN EUROPEAN SECURITY 2 100000 IAF FELLOWSHIP IN CANADA 2 73336 FORM 990, SCHEDULE I THE COUNCIL ON FOREIGN RELATIONS FELLOWSHIP PROGRAM OFFERS UNIQUE OPPORTUNITIES FOR MID AND SENIOR CAREER PROFESSIONALS FOCUSING ON INTERNATIONAL RELATIONS. SELECTED FELLOWS HAVE THE OPPORTUNITY TO BROADEN THEIR PERSPECTIVE OF FOREIGN AFFAIRS EITHER BY PURSUING RESEARCH OR WORKING IN A POLICY-ORIENTED SETTING. THE INTERNATIONAL AFFAIRS FELLOWSHIP (IAF) IS THE HALLMARK FELLOWSHIP PROGRAM OF CFR THAT AIMS TO BRIDGE THE GAP BETWEEN THE STUDY AND MAKING OF U.S. FOREIGN POLICY BY CREATING THE NEXT GENERATION OF SCHOLAR-PRACTITIONERS. THE PROGRAM OFFERS ITS FELLOWS THE UNIQUE CHANCE TO EXPERIENCE A NEW FIELD AND GAIN A DIFFERENT PERSPECTIVE AT A PIVOTAL MOMENT IN THEIR CAREERS. THE FELLOWSHIP TERM IS USUALLY TWELVE MONTHS; THE FELLOWS ARE PAID IN EQUAL MONTHLY INSTALLMENTS DURING THE YEAR. THE COUNCIL DOES NOT MONITOR THE USE OF THE GRANT FUNDS AS AN INDIVIDUAL WILL ONLY RECEIVE HIS OR HER MONTHLY INSTALLMENT SO LONG AS THEY DEMONSTRATE COMPLIANCE WITH THE TERMS OF THE FELLOWSHIP PROGRAM. X X 1 1 X X X X X 1 0 0 0 0 0 0 1 0 MICHAEL FROMAN PRESIDENT 852916 0 298000 0 201795 0 22938 0 45694 0 1421343 0 0 0 GIOVANNA M BAN CHIEF INVESTMENT OFFICER 484221 0 103500 0 374 0 27000 0 45694 0 660789 0 0 0 DANIEL A KURTZ-PHELAN EDITOR 356216 0 103000 0 249 0 147000 0 46310 0 652775 0 0 0 JAMES M LINDSAY SR. VP & DIR OF STUDIES (THRU 06/25) 373916 0 119000 0 3165 0 27000 0 45694 0 568775 0 0 0 IVA ZORIC THRU 1024 VP, GLOBAL COM & MEDIA RELATIONS 212095 0 62100 0 213758 0 17508 0 34522 0 539983 0 0 0 SUZANNE E HELM THRU 1124 VP, PHILANTHROPY & RELATION 287961 0 150000 0 16623 0 22863 0 38782 0 516229 0 0 0 SHANNON O'NEIL SENIOR VP, DIRECTOR OF STUDIES 340464 0 80300 0 594 0 27349 0 44374 0 493081 0 0 0 JAN MOWDER HUGHES VP & CHIEF HR OFFICER (THRU 09/24) 168360 0 93150 0 119687 0 14293 0 35900 0 431390 0 0 0 MIRIAM S HIGGINS GENERAL COUNSEL 302066 0 55900 0 1645 0 25132 0 45694 0 430437 0 0 0 NANCY D BODURTHA VP, MEETINGS & MEMBERSHIP 273032 0 90000 0 1645 0 22680 0 42494 0 429851 0 0 0 IRINA FASKIANOS VP, NATIONAL PROGRAM & OUTREACH 269116 0 90000 0 1072 0 22640 0 45694 0 428522 0 0 0 CAROLINE NETCHVOLODOFF VP, EDUCATION 262116 0 80200 0 1645 0 21680 0 42494 0 408135 0 0 0 STEPHANIE SOLOMON VP, CHIEF REV OFF., FOREIGN AFFAIRS 266916 0 70400 0 374 0 22320 0 45694 0 405704 0 0 0 JENNIFER PEREZ CHIEF FINANCIAL OFFICER & TREASURER 305867 0 61800 0 374 0 25004 0 3683 0 396728 0 0 0 MATTHEW GOODMAN DISTING. FELLOW/DIR. OF REALECON 301622 0 42000 0 1645 0 6690 0 16607 0 368564 0 0 0 STEVEN BENNETT EXEC. VP & CHIEF ADMIN. OFFICER 311615 0 44700 0 834 0 0 0 0 0 357149 0 0 0 FRANK ALVAREZ - MANAGING DIR., FACILITY, EVENT, & SECURITY MG 259373 0 49700 0 1072 0 21248 0 17856 0 349249 0 0 0 CHRISTOPHER TUTTLE SENIOR FELLOW/DEPUTY DIR. OF STUDIES 246534 0 33700 0 564 0 20172 0 28591 0 329561 0 0 0 MILLIE TRAN VP & CHIEF DIGITAL CONTENT OFFICER 212255 0 0 0 141 0 17261 0 11025 0 240682 0 0 0 JEFFREY A REINKE FORMER SECRETARY 106373 0 69900 0 15464 0 8898 0 20856 0 221491 0 0 0 PART I, LINE 1A IN ACCORDANCE WITH THEIR EMPLOYMENT CONTRACT, THE COUNCIL PROVIDES THE PRESIDENT A HOUSING ALLOWANCE WHICH IS GROSSED UP AND INCLUDED IN THEIR TAXABLE WAGES. THE 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 4A THE FOLLOWING INDIVIDUALS RECEIVED A SEVERANCE PAYMENT IN CALENDAR YEAR 2024 THAT IS INCLUDED IN THEIR WAGES IN SCHEDULE J, PART II, COLUMN B(III) AS REPORTABLE COMPENSATION. -VP, GLOB COMMUNICATIONS & MEDIA RELATIONS, IVA ZORIC - $201,462 -VP & CHIEF HUMAN RESOURCES OFFICER, JAN MOWDER HUGHES - $98,896 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 BUILDING 0 0 0 A 22790000 62680000 3297400 62680000 2010 1 0 1 1 A 0 0 0 0 0.01000 0.01000 1 0 1 A 0 0 0 1 1 0 0 0 1 A 1 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. X 28 1860618 FAIR MARKET VALUE 0 0 1 PART I, LINE 32B: 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; 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; PUBLISHING FOREIGN AFFAIRS, THE PREEMINENT JOURNAL ON INTERNATIONAL AFFAIRS AND U.S. FOREIGN POLICY; SPONSORING INDEPENDENT TASK FORCES; AND, PROVIDING UP-TO-DATE INFORMATION AND ANALYSIS ABOUT WORLD EVENTS AND AMERICAN FOREIGN POLICY ON ITS WEBSITE, CFR.ORG. CFR PROVIDES CURRICULAR ENHANCEMENTS TO HIGH SCHOOL AND COLLEGE EDUCATORS TO INCREASE GLOBAL AFFAIRS LITERACY. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBER, CHARLES R. KAYE HAS A BUSINESS RELATIONSHIP WITH BOARD MEMBER, FAREED ZAKARIA. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OR STOCKHOLDERS THE COUNCIL ON FOREIGN RELATIONS IS FIRST AND FOREMOST A MEMBERSHIP ORGANIZATION. THE COUNCIL'S MEMBERSHIP REPRESENTS A GROUP OF US CITIZEN UNMATCHED IN ACCOMPLISHMENT AND DIVERSITY IN THE FIELD OF INTERNATIONAL AFFAIRS. BASED THROUGHOUT THE COUNTRY AND AROUND THE WORLD, CFR MEMBERS ARE EXPOSED TO TOP TALENT AND EXPERTISE BROUGHT TOGETHER TO GENERATE INTELLECTUAL CONVERSATION REGARDING THE MOST RELEVANT TOPICS IN FOREIGN POLICY AND INTERNATIONAL RELATIONS. WITH APPROXIMATELY 5,337 MEMBERS, THE INSTITUTION'S RANKS INCLUDE TOP GOVERNMENT OFFICIALS, SCHOLARS, LAWYERS, NONPROFIT PROFESSIONALS, JOURNALISTS, EDUCATORS, RELIGIOUS LEADERS, AND BUSINESS EXECUTIVES. THE COUNCIL ALSO HAS A CORPORATE PROGRAM THAT PROVIDES A UNIQUE FORUM FOR PROFESSIONALS IN THE PRIVATE SECTOR TO INTERACT WITH LEADERS IN GOVERNMENT, ACADEMIA, CIVIL SOCIETY, AND THE MEDIA ON ISSUES AT THE INTERSECTION OF BUSINESS AND POLICY. CORPORATE MEMBERS HAVE ACCESS TO BRIEFINGS WITH CFR'S REGIONAL AND TOPICAL EXPERTS, MEMBERS-ONLY ACCESS TO CFR AND FOREIGN AFFAIRS ANALYSIS AND PUBLICATIONS, AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES FOR RISING YOUNGER AND EARLY-CAREER EXECUTIVES. SOME CORPORATE MEMBERS HAVE ASKED THAT THEIR CONTRIBUTIONS FUND THE EXPENSES OF FELLOWS THAT STUDY A PARTICULAR COUNTRY OR REGION. BECAUSE ALL FELLOWS ARE AFFORDED THE FULL MEASURE OF ACADEMIC FREEDOM AND ARE IN NO WAY ENCUMBERED BY DONOR'S WISHES, THIS CONTRIBUTION DESIGNATION IS ALLOWABLE BY CFR POLICY. FORM 990, PART VI, SECTION A, LINE 7A 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, SECTION A, LINE 7B SEE NARRATIVE ON FORM 990, PART VI, SECTION A, LINE 7A FORM 990, PART VI, SECTION B, LINE 11B PROCESS FOR REVIEWING FORM 990 THE COUNCIL ON FOREIGN RELATION'S FORM 990 WAS PREPARED BY A NATIONALLY RECOGNIZED TAX 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, SECTION B, 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, SECTION B, LINE 15 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. THE MOST RECENT COMPENSATION STUDY WAS COMMISSIONED IN MAY OF 2025 FOR THE EXECUTIVES. FORM 990, PART VI, SECTION C, 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: CHANGE IN VALUE OF INTEREST-RATE SWAP AGREEMENT -702,200. POSTRETIREMENT CHANGES OTHER THAN NET PERIODIC COSTS -190,000. OTHER CHANGES IN NET ASSETS -117,300.