2022-08-15T14:58:16-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN 29 SOUTH MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2021-01-01 042121305 AMERICAN INSTITUTE FOR ECONOMIC RESEARCH AMER 4135281216 PO BOX 1000 GREAT BARRINGTON MA 01230 MICHELE M KEARNS VICE PRESIDENT 4135281216 2022-08-12 1 MICHELE KEARNS XXX-XX-XXXX MARY KAY CURTISS P01551484 8605614000 2022-08-12 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z MICHELE M KEARNS 250 DIVISION ST GREAT BARRINGTON MA 01230 8107393 0 X HTTPS://WWW.AIER.ORG/ X 1939 MA AIER CONDUCTS INDEPENDENT, SCIENTIFIC, ECONOMIC RESEARCH TO EDUCATE INDIVIDUALS, THEREBY ADVANCING THEIR PERSONAL INTERESTS AND THOSE OF THE NATION. 13 13 65 58 30611 0 1787021 1162351 129270 177896 687675 2495783 -54793 -67630 2549173 3768400 161715 123950 0 0 3694861 4326183 0 0 1100428 3099388 3258271 6955964 7708404 -4406791 -3940004 198677158 214395947 88905340 95020201 109771818 119375746 X AMERICAN INSTITUTE FOR ECONOMIC RESEARCH (AIER) EDUCATES INDIVIDUALS ON THE VALUE OF PERSONAL FREEDOM, FREE ENTERPRISE, PROPERTY RIGHTS, LIMITED GOVERNMENT AND SOUND MONEY. AIER'S ONGOING SCIENTIFIC RESEARCH DEMONSTRATES THE IMPORTANCE OF THESE PRINCIPLES IN ADVANCING PEACE, PROSPERITY AND HUMAN PROGRESS. 0 0 2989433 177896 RESEARCH REPORTS AND BULLETINS PREPARATION AND DISTRIBUTION OF PERIODIC ECONOMIC REPORTS AND OCCASIONAL BOOKLETS FOCUSED ON SELECTED TOPICS IN THE AREAS OF FISCAL AND MONETARY ECONOMICS, INCLUDING PERSONAL ECONOMIC ISSUES. THESE ARE DISTRIBUTED TO MEMBERS AND THE GENERAL PUBLIC. DURING 2021, APPROXIMATELY 834,682 INDIVIDUALS, INSTITUTIONS AND PUBLISHERS RECEIVED THE REPORTS AND MORE THAN 7,851,051 READERS VISITED AIER'S WEBSITE. 2247024 123950 ACADEMIC PROGRAMS DURING 2021, AIER PROVIDED EDUCATIONAL OPPORTUNITIES FOR OVER 8,200 PARTICIPANTS/ATTENDEES. THROUGH OUR TEACH THE TEACHERS PROGRAM, 175 EDUCATORS SUCCESSFULLY COMPLETED COURSES DEALING WITH PRACTICAL ECONOMIC TOPICS WHICH THEY CAN USE FOR THEIR ESTIMATED 21,000 STUDENTS. THE BASTIAT SOCIETY AT AIER ORGANIZES AND HOSTS EDUCATION EVENTS FOR THE GENERAL BUSINESS COMMUNITY IN 40 CITIES AROUND THE WORLD. DURING THE YEAR, THIS PROGRAM HELD 160 EVENTS ATTRACTING OVER 5,600 PEOPLE. IN ADDITION, AIER WELCOMED 400 STUDENTS, SCHOLARS, AND MEMBERS OF THE PUBLIC TO ITS CAMPUS TO ATTEND VARIOUS COLLOQUIA, WORKSHOPS, AND FORUMS. AIER ALSO HOSTED 22 VISITING RESEARCHERS AND 11 INTERNS. AIER'S SOUND MONEY PROJECT CONDUCTS RESEARCH AND PROMOTES AWARENESS ABOUT MONETARY STABILITY AND FINANCIAL PRIVACY. THE PROJECT IS COMPRISED OF LEADING ACADEMICS AND PRACTITIONERS IN MONEY, BANKING AND MACROECONOMICS. IT OFFERS REGULAR COMMENTARY AND IN-DEPTH ANALYSIS ON MONETARY POLICY, ALTERNATIVE MONETARY SYSTEMS, FINANCIAL MARKETS REGULATIONS, CRYPTOCURRENCIES, AND THE HISTORY OF MONETARY AND MACROECONOMIC THOUGHT. MEMBERS OF THE PROJECT HAVE CONTRIBUTED SEVENTY TWO ARTICLES TO AIER.ORG DURING 2021. 5236457 1 1 0 0 0 1 0 0 0 0 1 1 0 0 1 1 0 1 0 1 1 1 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 109 0 1 65 1 1 1 0 0 0 0 0 0 0 0 0 X 13 13 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA PA SC AL AK AR CA CO DC FL GA HI KS KY ME MD MI MN MS NV NH NJ NM NY NC ID OH OK OR PA RI TN UT VA WA WV WI MO X X MICHELE KEARNS VICE PRESIDENT 4135281216 250 DIVISION ST GREAT BARRINGTON MA 01230 EDWARD P STRINGHAM UNTIL 521 PRESIDENT & DIR. OF RESEARCH AND EDUCATION 40.00 X 311370 0 9969 MICHELE M KEARNS VICE PRESIDENT, FINANCE 40.00 X 182084 0 27908 BRADLEY J DEVOS INTERIM PRESIDENT 40.00 X 184427 0 26468 PHILLIP MAGNESS INTERIM DIR. OF RESEARCH AND EDUCATION 40.00 X 142917 0 14240 THOMAS L HOGAN SENIOR RESEARCH FACULTY 40.00 X 139457 0 12933 GAIL S ROGER DIRECTOR OF HUMAN RESOURCE 40.00 X 123763 0 19476 LUCIO S EASTMAN DESIGN TECHNOLOGIST 40.00 X 125303 0 16220 ROBERT J HUGHES SENIOR RESEARCH FELLOW 40.00 X 135693 0 677 LAURIE B PSHENISHNY ASSISTANT COMPTROLLER 40.00 X 116834 0 16742 STEPHEN C MILLER SECRETARY 5.00 X X 0 0 0 GREGORY M VAN KIPNIS CHAIR 10.00 X X 0 0 0 KATHERINE H DELAY TRUSTEE 5.00 X 0 0 0 LATIMER B EDDY TRUSTEE 5.00 X 0 0 0 NELSON E FURLANO TRUSTEE 5.00 X 0 0 0 DOUGLAS L HARWOOD TRUSTEE 5.00 X 0 0 0 DR BRADLEY K HOBBS TRUSTEE 5.00 X 0 0 0 HENRY J MILLER III UNTIL 1221 TRUSTEE 5.00 X 0 0 0 JAMES C LORDEMAN TRUSTEE 5.00 X 0 0 0 SURSE T PIERPOINT TRUSTEE 5.00 X 0 0 0 DR BENJAMIN W POWELL TRUSTEE 5.00 X 0 0 0 DR GERALD E SOHAN TRUSTEE 5.00 X 0 0 0 JEFF RAY CLARK UNTIL 321 TRUSTEE 5.00 X 0 0 0 KEITH A HOCTER UNTIL 1021 TRUSTEE 5.00 X 0 0 0 1461848 0 144633 10 0 1 0 AMERICAN PHILANTHROPIC LLC 119 N HIGH ST WEST CHESTER PA 19380 DEVELOPMENT CONSULTANT 324471 BRUCE A FYFE 97 PIXLEY HILL ROAD HOUSATONIC MA 01236 GENERAL BUILDING CONTRACTOR 217688 PETER J DEL GRANDE PO BOX 541 HOUSATONIC MA 01236 CHEF 197357 CLEANING AND BEYOND - JEFFREY S SAYERS 227 ROBBINS AVE PITTSFIELD MA 01201 CLEANER 114951 4 1162351 1162351 SALES OF PUBLICATIONS 511120 177896 177896 177896 553059 553059 183490 396772 -213282 -213282 -5904 -207378 5884945 3942221 1942724 1942724 1942724 REIMBURSE FACILITIES 900003 54644 54644 CHARITABLE REMAINDER INCOME 900003 54493 54493 MANAGEMENT REVENUE 900003 36515 36515 145652 3768400 177896 30611 2397542 X 54950 54950 69000 69000 899380 427678 348399 123303 2413522 1871559 239644 302319 243737 243737 512600 360742 75547 76311 256944 184009 40592 32343 16221 5670 10551 47346 47346 81423 81423 811483 523582 16904 270997 61557 3591 57966 127339 87885 15455 23999 266372 220573 23464 22335 272946 224962 23992 23992 466229 404051 2859 59319 115300 53220 62080 266200 218284 23958 23958 83489 37200 42682 3607 PUBLICATIONS 233234 233234 TRUSTEE REIMBURSEMENT 129427 129427 PUBLIC RELATIONS 98337 88504 9833 HONORARIUMS AND STIPEND 84070 84070 97298 83693 5539 8066 7708404 5236457 1371519 1100428 674 477 4160563 5658665 427840 569573 71781 98023 9473205 3747526 5443693 5725679 28958344 32029067 157743512 168546922 1870751 1767541 198677158 214395947 522567 711575 88382773 94308626 88905340 95020201 X 40411079 45144950 69360739 74230796 109771818 119375746 198677158 214395947 X -3940004 1959166 11584766 X X 0 1 X 1 0 X 1932985 806095 575129 1787012 1162351 6263572 1932985 806095 575129 1787012 1162351 6263572 1229269 5034303 878256 1193410 696655 906218 1192437 4866976 1982 42739 31039 43871 56408 176039 11306587 436182 0.44530 0.40880 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2017 AMOUNT: $ 1,982. 2018 AMOUNT: $ 42,739. 2019 AMOUNT: $ 31,039. 2020 AMOUNT: $ 43,871. 2021 AMOUNT: $ 56,408. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 25000 0 151271 1 1 294503 294503 7835673 3014426 4821247 314097 173783 140314 1028932 559317 469615 5725679 RESTRICTED TRUST ASSETS UNDER SPLIT INTEREST AGREEMENTS 168395651 F OTHER RESTRICTED INVESTMENTS 151271 F 168546922 LIABILITIES UNDER SPLIT INTEREST AGREEMENTS 91086365 SPLIT INTEREST TRUSTS DISTRIBUTIONS PAYABLE 3121021 INVESTMENT ADVISORY FEE PAYABLE 101240 94308626 X PART X, LINE 2: AIER FILES FORM 990 ANNUALLY WITH THE INTERNAL REVENUE SERVICE. WHEN ANNUAL RETURNS ARE FILED, SOME TAX POSITIONS TAKEN ARE HIGHLY CERTAIN TO BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES, WHILE OTHER TAX POSITIONS ARE SUBJECT TO UNCERTAINTY ABOUT THE TECHNICAL MERITS OF THE POSITION OR AMOUNT OF THE POSITION'S TAX BENEFIT THAT WOULD BE ULTIMATELY SUSTAINED. MANAGEMENT EVALUATED TAX POSITIONS TAKEN AND HAS DETERMINED THAT AIER HAS NOT TAKEN ANY MATERIAL UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2021 AND 2020. 0 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION 66750 SOUTH AMERICA 0 0 GRANTS AND FINANCIAL ASSISTANCE TO RECIPIENTS LOCATED IN THE REGION 2250 0 0 0 0 0 0 69000 0 69000 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM CONTRIBUTION FOR ECONOMIC CONFERENCES 50000 WIRE TRANSFER 0 0 1 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES. EUROPE (INCLUDING ICELAND & GREENLAND) 5 16750 CHECK, ELECTRONIC FUND SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES. SOUTH AMERICA 2 2250 CHECK, ELECTRONIC FUND 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 SCHOLARSHIPS - AIER EXTENDS FINANCIAL AID TO QUALIFIED STUDENTS OF ECONOMICS OR FINANCE TO ASSIST THEM IN THEIR GRADUATE LEVEL STUDIES AT THEIR REGULAR UNIVERSITIES 49 54950 N/A N/A PART I, LINE 2: NONE X X X X 1 0 0 0 0 0 0 1 0 EDWARD P STRINGHAM UNTIL 521 PRESIDENT & DIR. OF RESEARCH AND EDU 155120 0 75000 0 81250 0 9200 0 769 0 321339 0 0 0 MICHELE M KEARNS VICE PRESIDENT, FINANCE 182084 0 0 0 0 0 7600 0 20308 0 209992 0 0 0 BRADLEY J DEVOS INTERIM PRESIDENT 161350 0 23077 0 0 0 7715 0 18753 0 210895 0 0 0 PHILLIP MAGNESS INTERIM DIR. OF RESEARCH AND EDUCATI 135994 0 6923 0 0 0 5754 0 8486 0 157157 0 0 0 THOMAS L HOGAN SENIOR RESEARCH FACULTY 139457 0 0 0 0 0 5700 0 7233 0 152390 0 0 0 PART I, LINE 4A EDWARD STRINGHAM RECEIVED A SEVERANCE PAYMENT OF $81,250. THIS AMOUNT IS THREE MONTH'S WAGES PAID ON NORMAL SCHEDULE FOR GENERAL RELEASE. PART I, LINE 7 DISCRETIONARY BONUS WAS PAID TO CERTAIN EMPLOYEES. FORM 990, PART VI, SECTION A, LINE 2 KATHERINE DELAY AND DOUGLAS HARWOOD HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE CORPORATION ARE THOSE WHO ORIGINALLY ASSOCIATED TO INCORPORATE PLUS ADDITIONAL MEMBERS ELECTED UNDER THE PROVISIONS OF THE ORGANIZATION'S BYLAWS. THE MEMBERS OF THE CORPORATION MAY, BY A MAJORITY VOTE, ELECT ADDITIONAL MEMBERS, WHO SHALL SERVE FOR SIX YEARS AND SHALL BE ELIGIBLE FOR RE-ELECTION FOR SUCCESSIVE SIX YEAR TERMS; HOWEVER, THE TERM OF ANY MEMBER WHO IS AN EMPLOYEE OF THE INSTITUTE SHALL EXPIRE ON THE DATE SUCH MEMBER'S STATUS AS AN EMPLOYEE OF THE INSTITUTE IS TERMINATED FOR CAUSE. TRUSTEES WHO ARE NOT MEMBERS OF THE CORPORATION, BUT WHO ARE RE-ELECTED FOR A SECOND TERM AS TRUSTEE, SHALL AUTOMATICALLY THEREBY BECOME MEMBERS OF THE CORPORATION AND SHALL RETAIN THAT STATUS WHILE SERVING AS TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS RESERVE TO THEMSELVES THE POWER TO ELECT THE TRUSTEES; TO ELECT THE SECRETARY OF THE CORPORATION AND TO FILL VACANCIES IN THAT POSITION; AND TO ELECT THE STANDING COMMITTEE OF THE MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED IN CONJUNCTION WITH AN INDEPENDENT ACCOUNTING FIRM AND REVIEWED BY THE ASSISTANT COMPTROLLER AND VP FINANCE. A FINAL DRAFT IS DISTRIBUTED TO THE TRUSTEES FOR QUESTIONS AND COMMENTS APPROXIMATELY TWO WEEKS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICERS AND TRUSTEES COMPLETE AN ANNUAL CONFLICT OF INTEREST FORM. THE VP FINANCE KEEPS THIS AND FORWARDS TO RESPONSIBLE PERSONS ANY INDICATED POTENTIAL CONFLICTS. FORM 990, PART VI, SECTION B, LINE 15 DIRECTOR OF HUMAN RESOURCES FROM TIME TO TIME PROVIDES MARKET DATA TO THE COMPENSATION COMMITTEE. DELIBERATION AND DECISION BY THE BOARD OF TRUSTEES REGARDING COMPENSATION ADJUSTMENTS FOR EXECUTIVES ARE BASED ON PERFORMANCE EVALUATIONS AND MARKET DATA. THESE DECISIONS ARE RECORDED IN THE OFFICIAL MINUTES OF ITS MEETING. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING FEES: PROGRAM SERVICE EXPENSES 523,582. MANAGEMENT AND GENERAL EXPENSES 16,904. FUNDRAISING EXPENSES 270,997. TOTAL EXPENSES 811,483. FORM 990, PART XI, LINE 9: NET INCOME OF SUBSIDIARY 635,001. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 10,949,765. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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