2019-05-13T13:43:03-05:00 2018-12-31 141442607 BST & CO CPAS LLP 26 COMPUTER DRIVE WEST ALBANY NY 12205 990 2018-01-01 042121305 AMERICAN INSTITUTE FOR ECONOMIC RESEARCH AMER 4135281216 PO BOX 1000 GREAT BARRINGTON MA 01230 MICHELE M KEARNS VICE PRESIDENT, FINANCE 4135281216 2019-05-13 1 JUDY A CAHEE P00281935 5184596700 2019-05-08 24.213.242.82 2019-05-13 13:40:04 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 7DB8B457BFFD72A463AA8D24E38B33A6CC5CD7A4 2018 2019-02-21 02:37:17Z MICHELE M KEARNS 250 DIVISION STREET GREAT BARRINGTON MA 01230 5036391 0 X 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. 11 11 40 39 53364 -6468 1932985 806095 29898 28904 2836368 1272032 76244 115696 4875495 2222727 26000 60500 0 0 2629363 2568228 0 0 777994 1352753 2501217 4008116 5129945 867379 -2907218 200255883 184901564 98637851 85497314 101618032 99404250 X AMERICAN INSTITUTE FOR ECONOMIC RESEARCH (AIER) EDUCATES AMERICANS ON THE VALUE OF PERSONAL FREEDOM, FREE ENTERPRISE, PROPERTY RIGHTS, LIMITED GOVERNMENT AND SOUND MONEY. AIER'S ONGOING SCIENTIFIC RESEARCH DEMONSTRATRES THE IMPORTANCE OF THESE PRINCIPLES IN ADVANCING PEACE, PROSPERITY AND HUMAN PROGRESS. 0 0 1974072 28904 RESEARCH REPORTS AND BULLETINS - PREPARATION AND DISTRIBUTION OF PERIODIC ECONOMIC REPORTS AND BOOK PUBLICATIONS 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 2018, APPROXIMATELY 247,423 INDIVIDUALS, INSTITUTIONS, AND PUBLISHERS RECEIVED THE REPORTS AND MORE THAN 993,252 READERS VISITED AIER'S WEBSITE. 1632714 60500 ACADEMIC PROGRAMS DURING 2018, AIER PROVIDED EDUCATIONAL OPPORTUNITIES FOR OVER 5,600 PARTICIPANTS/ATTENDEES. THROUGH OUR TEACH THE TEACHERS PROGRAM, 71 EDUCATORS SUCCESSFULLY COMPLETED COURSES DEALING WITH PRACTICAL ECONOMIC TOPICS WHICH THEY CAN USE FOR THEIR ESTIMATED 5,200 STUDENTS. THE BASTIAT SOCIETY AT AIER ORGANIZES AND HOSTS EDUCATION EVENTS FOR THE GENERAL BUSINESS COMMUNITY IN 27 CITIES AROUND THE WORLD. DURING THE YEAR, THIS PROGRAM HELD 147 EVENTS ATTRACTING OVER 5,100 PEOPLE. GIVEN THESE ATTENDEES' RELATIONSHIPS WITH EMPLOYEES, CUSTOMERS, VENDORS, ETC., THE BASTIAT SOCIETY PROGRAM'S POTENTIAL REACH WAS WELL OVER 9 MILLION PEOPLE. AIER HOSTED TWO REGIONAL CONFERENCES WITH OVER 200 PEOPLE IN ATTENDANCE. IN ADDITION, AIER WELCOMED 140 STUDENTS, SCHOLARS, AND MEMBERS OF THE PUBLIC TO ITS CAMPUS TO ATTEND VARIOUS COLLOQUIA, WORKSHOPS, AND FORUMS. AIER ALSO HOSTED FOUR VISITING RESEARCHERS AND 10 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 ONE HUNDRED FIFTY ARTICLES TO AIER.ORG DURING 2018. 3606786 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 1 58 0 1 40 1 1 1 0 0 0 0 0 1 2 0 0 0 0 0 X 11 11 1 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA PA SC X X MICHELE M KEARNS VICE PRESIDENT 4135281216 250 DIVISION ST GREAT BARRINGTON MA 01230 GREGORY M VAN KIPNIS CHAIR 10.00 X 0 0 0 GERALD E SOHAN TRUSTEE 5.00 X 0 0 0 KATHERINE H DELAY TRUSTEE 5.00 X 0 0 0 LATIMER B EDDY TRUSTEE 5.00 X 0 0 0 KEITH A HOCTER TRUSTEE 5.00 X 0 0 0 ROBERT J VODICKA TRUSTEE 5.00 X 0 0 0 WALKER F TODD TRUSTEE 5.00 X 0 0 0 WILLIAM H SOUTHWICK TRUSTEE 5.00 X 0 0 0 GERALD W LAMARSH TRUSTEE 5.00 X 0 0 0 BENJAMIN W POWELL TRUSTEE 5.00 X 0 0 0 DOUGLAS L HARWOOD TRUSTEE 5.00 X 0 0 0 EDWARD P STRINGHAM PRES. & DIR. OF RESEARCH & EDU. 40.00 X 250240 0 11687 DAVID C MICHAELS COMPTROLLER - RETIRED 5/11/2018 40.00 X 180568 0 4122 JONATHAN E SYLBERT CHIEF OPERATING OFFICER 40.00 X 156840 0 7668 JOHN R SKAR SECRETARY 5.00 X 0 0 0 MICHELE M KEARNS VICE PRESIDENT, FINANCE 40.00 X 14740 0 508 LAURIE B PSHENISHNY INTERIM COMPTROLLER - AS OF 5/12/18 40.00 X 93319 0 12647 JEFFREY A TUCKER EDITORIAL DIRECTOR 40.00 X 125984 0 18042 GAIL S ROGER DIRECTOR OF HUMAN RESOURCES 40.00 X 114021 0 16047 ROBERT J HUGHES SENIOR RESEARCH FELLOW 40.00 X 130266 0 1114 MATTHEW N GULKER SENIOR RESEARCH FELLOW 40.00 X 114730 0 11719 BRUCE M GORE FACILITIES MANAGER 40.00 X 101459 0 4957 1282167 0 88511 8 0 1 0 EMERGENT ORDER LLC 3820 SOUTH CONGRESS AVE BLDG 2 AUSTIN TX 78704 MARKETING CONSULTING SERVICES 510000 1 12993 793102 181191 806095 SALES OF PUBLICATIONS 511120 28904 28904 28904 743467 743467 150750 180045 -29295 -29295 -6468 -22827 3162184 2633619 528565 528565 528565 MANAGEMENT REVENUE 900099 59832 59832 REIMBURSE FACILITIES 900099 42739 42739 CHARITABLE REMAINDER INCOME 900099 42420 42420 144991 2222727 28904 53364 1334364 57500 57500 3000 3000 732339 386522 181003 164814 1325122 1077978 125514 121630 126638 45106 81447 85 137914 106644 15366 15904 246215 180764 34196 31255 11112 8909 2203 18393 18393 62314 62314 490736 298946 50688 141102 549471 403043 146428 157003 85271 8096 63636 291890 232246 21348 38296 170152 131717 20707 17728 117883 111637 798 5448 62353 62353 162227 124915 19467 17845 54351 23613 27515 3223 PUBLIC RELATIONS 104389 93950 0 10439 PUBLICATIONS 101754 101754 TRUSTEE REIMBURSEMENT 74314 74314 PERIODICALS AND SUBSCRI 35250 34754 496 37625 36164 1300 161 5129945 3606786 745165 777994 143633 491363 22013 29643 33148 43468 5964667 3363187 2674756 2601480 24323246 25970434 171807892 154353015 1251195 1412161 200255883 184901564 421024 750862 98216827 84746452 98637851 85497314 X 31450040 32663944 70167992 66740306 101618032 99404250 200255883 184901564 X -2907218 -2879667 152760 3420343 X X 0 1 X 1 0 X 1617012 843702 642392 1932985 806095 5842186 1617012 843702 642392 1932985 806095 5842186 2231388 3610798 620616 693900 773919 950914 1257037 4296386 101331 97245 7720 1982 42739 251017 10389589 187641 0.34750 0.36340 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2014 AMOUNT: $ 101,331. 2015 AMOUNT: $ 97,245. 2016 AMOUNT: $ 7,720. 2017 AMOUNT: $ 1,982. 2018 AMOUNT: $ 42,739. 13946 13946 4692379 2323476 2368903 726173 646941 79232 532169 392770 139399 2601480 MONEY MARKETS 2866257 F RESTRICTED TRUST ASSETS UNDER SPLIT INTEREST AGREEMENTS 151486758 F 154353015 LIABILITIES UNDER SPLIT INTEREST AGREEMENTS 82794719 SPLIT INTEREST TRUSTS DISTRIBUTIONS PAYABLE 1855176 INVESTMENT ADVISORY FEE PAYABLE 96557 84746452 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 ULTIMATELY BE SUSTAINED. MANAGEMENT EVALUATED TAX POSITIONS TAKEN AND HAS DETERMINED THAT AIER HAS NOT TAKEN ANY MATERIAL UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2018 AND 2017 . 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. 23 27500 N/A N/A BOOK GRANTS 3 30000 N/A N/A PART I, LINE 2: NONE X X X 1 1 0 0 0 0 0 0 0 EDWARD P STRINGHAM PRES. & DIR. OF RESEARCH & EDU. 250240 0 0 0 0 0 10000 0 1687 0 261927 0 0 0 DAVID C MICHAELS COMPTROLLER - RETIRED 5/11/2018 180568 0 0 0 0 0 3568 0 554 0 184690 0 0 0 JONATHAN E SYLBERT CHIEF OPERATING OFFICER 156840 0 0 0 0 0 6240 0 1428 0 164508 0 0 0 PART I, LINES 4A-B DAVID MICHAELS RETIRED IN MAY 2018 AND RECEIVED $91,036. THIS AMOUNT IS 33 WEEKS' PAY AT 80% PAID OVER 10 INSTALLMENTS FOR RELEASE OF CLAIMS. X 4 102685 FAIR MARKET VALUE X GOLD COINS 1 80765 FAIR MARKET VALUE 2 0 0 0 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 CHIEF FINANCIAL OFFICER. 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 CFO 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 SALARY 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 XI, LINE 9: CHANGE IN VALUE OF CHARITABLE GIFT ANNUITIES 4,219. NET INCOME OF SUBSIDIARY 538,575. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 3,030,309. IN KIND ADVERTISING -152,760. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. AMERICAN INVESTMENT SERVICES INC 250 DIVISION ST PO BOX 1000 GREAT BARRINGTON MA 01230 042657538 INVESTMENT MANAGEMENT SERVICES DE AMERICAN INSTITUTE FOR ECONOMIC RESEARCH C 3486086 1824947 1.00000 1 1 0 0 0 0 1 0 0 0 1 0 0 1 1 1 0 1 0 0 AMERICAN INVESTMENT SERVICES INC A 129600 FAIR MARKET VALUE AMERICAN INVESTMENT SERVICES INC Q 59832 FAIR MARKET VALUE AMERICAN INVESTMENT SERVICES INC F 450000 CASH