2018-11-13T18:00:51-06:00 2018-06-30 GRANT THORNTON LLP 757 THIRD AVENUE 3RD FLOOR NEW YORK NY 100172013 990 2017-07-01 131628168 Council on Foreign Relations Inc % KEITH OLSON COUN 2124349400 58 East 68th Street New York NY 10065 KEITH C OLSON EXEC VP, CFO&TREAS. 2124349400 2018-11-13 true Scott Thompsett P00741490 2125990100 209.220.136.124 26377520183175000024 2018-11-13 P 7D14034AF515942D2ABE7F7E27EA16D2649DB046 7D14034AF515942D2ABE7F7E27EA16D2649DB046 2017 2019-02-21 02:37:17Z RICHARD HAASS PRESIDENT 58 East 68th Street New York NY 10065 220528800 false X www.CFR.org X 1921 NY CFR is an independent, non-partisan membership organization, think tank, & publisher dedicated to under- standing the foreign policy choices facing the U.S. & other countries. 36 34 729 109 1455986 10292 63941200 66764100 9342500 9489800 9200500 15812071 1311300 2126529 83795500 94192500 1531899 1353500 0 0 38023100 40891200 0 0 4306100 29707801 31449400 69262800 73694100 14532700 20498400 562790600 597246200 82272600 77688600 480518000 519557600 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) false false 24434800 1353500 0 The David Rockefeller Studies Program - CFR's "think tank" - comprises more than seventy full-time, part-time, and visiting scholars and practitioners, called fellows. They hail from varied backgrounds, including academia, government, the media, and the private sector, and provide analysis on the significant issues shaping today's global agenda. Fellows monitor developments in the major regions and countries around the world and study topics such as defense policy, nuclear proliferation, terrorism, global governance, energy, trade, international economics and finance, climate change, development, global health, and cyber and digital policy. 10354600 0 9489800 Foreign Affairs has long been America's leading forum for serious discussion of foreign policy and international affairs. It presents clear thinking by knowledgeable observers on important issues, written to be read with ease and pleasure by professionals and general readers alike. Reflecting the same commitment to nonpartisanship as the Council itself, Foreign Affairs identifies with no one school of thought and encourages a wide range of debate in its pages to assist readers in thinking for themselves about America's role in the world. 3285800 0 0 CFR's Meetings Programs provide a nonpartisan forum for informed policy debate for CFR members together with policymakers, world leaders, academic experts, and prominent thinkers. With programming in New York, Washington, D.C., and throughout the country, CFR's Meetings Programs feature a wide range of speakers and viewpoints to help participants to better understand the pressing foreign policy issues of the day. 425900 0 0 Task Force 2450000 0 0 Education 1351400 0 0 National Program 5389900 0 0 CFR Digital 1974400 0 0 Outreach 86700 0 0 Global Board of Advisors 366500 0 0 Term member program 12044800 0 0 50120000 true true false false false false false false false true true true false true true true true false false true true false false false false false false false true true true false false false false false false false false true false true false false false false false false false false true 346 0 true 729 true true true true JA false false false true true false false false false X 36 34 true false false false true true true true true false false true true true true true true true true false 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 KEITH OLSON 2124349400 58 EAST 68TH STREET New York NY 10065 Richard N Haass President 35.0 0.0 X X 1452009 0 48213 David M Rubenstein chairman 1.0 0.0 X X 0 0 0 Jami Miscik vice chairman 1.0 0.0 X X 0 0 0 Blair Effron vice chairman 1.0 0.0 X X 0 0 0 John P Abizaid director 1.0 0.0 X 0 0 0 Zo Baird director (THRU 6/30/2018) 1.0 0.0 X 0 0 0 Alan S Blinder director (THRU 6/30/2018) 1.0 0.0 X 0 0 0 Mary mcinnis Boies director 1.0 0.0 X 0 0 0 David G Bradley director 1.0 0.0 X 0 0 0 R Nicholas Burns director (THRU 6/30/2018) 1.0 0.0 X 0 0 0 Steven A Denning director 1.0 0.0 X 0 0 0 Laurence D Fink director 1.0 0.0 X 0 0 0 J Tomilson Hill director (THRU 6/30/2018) 1.0 0.0 X 0 0 0 Donna J Hrinak director 1.0 0.0 X 0 0 0 Shirley Ann Jackson director (THRU 6/30/2018) 1.0 0.0 X 0 0 0 Eduardo J Padrn director 1.0 0.0 X 0 0 0 John A Paulson director 1.0 0.0 X 0 0 0 Margaret g Warner director 1.0 0.0 X 0 0 0 Vin Weber director 1.0 0.0 X 0 0 0 ruth porat director (THRU 6/30/2018) 1.0 0.0 X 0 0 0 Susan Hockfield Director 1.0 0.0 X 0 0 0 James G Stavridis Director 1.0 0.0 X 0 0 0 Daniel H Yergin Director 1.0 0.0 X 0 0 0 Timothy F Geithner Director 1.0 0.0 X 0 0 0 Stephen J Hadley Director 1.0 0.0 X 0 0 0 James Manyika Director 1.0 0.0 X 0 0 0 Richard L Plepler Director 1.0 0.0 X 0 0 0 TONY COLES DIRECTOR 1.0 0.0 X 0 0 0 DAVID M COTE DIRECTOR 1.0 0.0 X 0 0 0 WILLIAM H MCRAVEN DIRECTOR 1.0 0.0 X 0 0 0 JANET A NAPOLITANO DIRECTOR 1.0 0.0 X 0 0 0 Sylivia Mathews Burwell Director (as of 07/01/2017) 1.0 0.0 X 0 0 0 Ashton B Carter Director (as of 07/01/2017) 1.0 0.0 X 0 0 0 James P Gorman Director (as of 07/01/2017) 1.0 0.0 X 0 0 0 Laurene Powell Jobs Director (as of 07/01/2017) 1.0 0.0 X 0 0 0 Fareed Zakaria Director (as of 07/01/2017) 1.0 0.0 X 0 0 0 Keith C Olson Exec VP, CFO & Treasurer 35.0 0.0 X 457634 0 48213 James M Lindsay Sr. VP & Director Of Studies 35.0 0.0 X 420672 0 50715 Nancy D Bodurtha VP, Meetings and Membership 35.0 0.0 X 272372 0 32280 Irina Faskianos VP,National Program & Outreach 35.0 0.0 X 261616 0 28876 Suzanne E Helm VP, Philanthropy & Relations 35.0 0.0 X 346676 0 47319 Jan-Marie Hughes VP, HR and Administration 35.0 0.0 X 285760 0 46944 Lisa K Shields VP,Glob Comm & Media Relations 22.0 0.0 X 158751 0 22333 Jeffrey A Reinke Secretary of the Corporation 35.0 0.0 X 209926 0 40213 Caroline N Netchvolodoff VP Education 35.0 0.0 X 236997 0 44801 Shannon O'Neil VP, Deputy Dir. of Studies 35.0 0.0 X 207417 0 48439 Gideon G Rose Editor, Foreign Affairs 35.0 0.0 X 293125 0 45959 Miriam Higgins General Counsel 35.0 0.0 X 292362 0 52615 VALERIE B POST DIRECTOR OF SPECIAL EVENTS 35.0 0.0 X 238036 0 37695 Giovanna Ban CIO 35.0 0.0 X 316277 0 33820 Iva Zoric Managing Director 35.0 0.0 X 239494 0 17199 5689124 0 645634 101 false true false ROCKSTAR CODERS 125 S CLARK ST 17th floor CHICAGO IL 60603 WEBSITE DEVELOPMENT 1140146 NEUMAN'S KITCHEN INC 35-02 48TH AVE LONG ISLAND CITY NY 11101 CATERING 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429270151 354033000 21381800 50155900 17813200 2789100 404968400 371346400 9159300 -6809500 17383300 2279900 354033000 369190500 8304400 9916500 6950600 9114400 371346400 333666000 5223400 45273000 6164900 8807000 369190500 0.19450 0.49650 0.30900 false false 7252000 7252000 46358400 11691700 34666700 42629900 19240500 23389400 24698700 20266800 4431900 1346300 1346300 71086300 GROWTH ORIENTED HEDGE FUNDS 58947700 F DIVERSIFIERS 112141100 F PRIVATE EQUITY FUNDS 17539500 F PRIVATE RE/NR FUNDS OF FUND 5118700 F DEFLATION HEDGES 7395300 F 201142300 PENDING INVESTMENT PURCHASES 6985900 INVESTMENT REDEMPTION REC. 23000000 29985900 0 ACCRUED POSTRETIREMENT BENEFITS 5248000 INTEREST RATE SWAP AGREEMENT 3858900 9106900 X 111711700 15636700 2904500 18541200 93170500 2176300 -1154300 1022000 94192500 72672100 72672100 2176300 -1154300 1022000 73694100 SCHEDULE D PART XI AND XII Part XI, line 2d Change in value of interest rate swap agreement $2,258,500 Post-Retirement Benefits other than net periodic costs $646,000 Total changes in Line 2d $2,904,500 part XI line 4b and XII line 4b re-class of rental expenses to offset Rental Income $1,154,300 accounting for uncertainty in income taxes The Council on Foreign Relations has adopted the provisions of accounting standard 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 effect 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 subjected 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. Form 990, Schedule D, Part V 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. Central America and the Caribbean Investments 162512706 162512706 162512706 true false true true true false 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. true Arthur Ross Book Award Gold Prize Recipient 1 15000 Arthur Ross Book Award Silver Prize Recipient 1 7500 Arthur Ross Book Award Bronze Prize Recipient 1 2500 IAF Fellowship 16 886250 Murrow Fellowship 1 65000 IAF Fellowship in Japan 5 254250 Stanton Nuclear Security Fellowship 3 103000 Studies Fellowship on security law 1 20000 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 true true X X X X X false false false true false false false true false Richard N Haass President 436673 0 331000 0 684336 0 21400 0 26813 0 1500222 0 0 0 Keith C Olson Exec VP, CFO & Treasurer 360134 0 97500 0 0 0 21400 0 26813 0 505847 0 0 0 James M Lindsay Sr. VP & Director Of Studies 295272 0 125400 0 0 0 21400 0 29315 0 471387 0 0 0 Nancy D Bodurtha VP, Meetings and Membership 215372 0 57000 0 0 0 17692 0 14588 0 304652 0 0 0 Irina Faskianos VP,National Program & Outreach 206616 0 55000 0 0 0 16913 0 11963 0 290492 0 0 0 Suzanne E Helm VP, Philanthropy & Relations 274176 0 72500 0 0 0 21400 0 25919 0 393995 0 0 0 Jan-Marie Hughes VP, HR and Administration 212760 0 73000 0 0 0 17812 0 29132 0 332704 0 0 0 Lisa K Shields VP,Glob Comm & Media Relations 130251 0 28500 0 0 0 10707 0 11626 0 181084 0 0 0 Jeffrey A Reinke Secretary of the Corporation 160561 0 39500 0 9865 0 13392 0 26821 0 250139 0 0 0 Caroline N Netchvolodoff VP Education 188997 0 48000 0 0 0 15742 0 29059 0 281798 0 0 0 Gideon G Rose Editor, Foreign Affairs 237125 0 56000 0 0 0 19375 0 26584 0 339084 0 0 0 Miriam Higgins General Counsel 245362 0 47000 0 0 0 20474 0 32141 0 344977 0 0 0 VALERIE B POST DIRECTOR OF SPECIAL EVENTS 118119 0 20000 0 99917 0 9133 0 28562 0 275731 0 0 0 Giovanna Ban CIO 306277 0 10000 0 0 0 10800 0 23020 0 350097 0 0 0 Iva Zoric Managing Director 207494 0 32000 0 0 0 16577 0 622 0 256693 0 0 0 Shannon O'Neil VP, Deputy Dir. of Studies 193467 0 13950 0 0 0 16516 0 31923 0 255856 0 0 0 part i, line 1a In accordance with his employment contract, the Council provides the President a housing allowance which is grossed up and included in his taxable wages. That 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 5a The Director of Events receives compensation contingent on revenues from rental of the organization's facilities. All commissions received are reported in Schedule J, Part II, Column (b)(iii). 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 Bldg false false false A 8160000 0 62680000 0 0 0 0 0 0 0 62680000 0 2010 true false true true A false false false false 0 0.04410 0.04410 true false false true A true false false 0 false 0 false true A true SCHEDULE K, PART IV, LINE 1 The Council on Foreign Relations performed a rebate calculation in 2013 and determined a small rebate (less than $1,000) was due. A new rebate calculation will be performed in 2018. janine hill family of board member 175483 employment false Form 990, Part VII j tomilson hill is a non-independent member of the board. His spouse, Janine W. hill, is an employee of the Council on Foreign Relations and received W-2 compensation of $175,483. X 28 637661 FAIR MARKET VALUE false false true line 32a 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, INCLUDING SPECIAL PROGRAMS TO PROMOTE INTEREST AND DEVELOP EXPERTISE IN THE NEXT GENERATION OF FOREIGN POLICY LEADERS. 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, ENABLING CFR SCHOLARS TO PRODUCE ARTICLES, REPORTS, AND BOOKS AND HOLD ROUNDTABLES THAT ANALYZE FOREIGN POLICY ISSUES AND MAKE CONCRETE POLICY RECOMMENDATIONS. PUBLISHING FOREIGN AFFAIRS, THE PREEMINENT JOURNAL ON INTERNATIONAL AFFAIRS AND U.S. FOREIGN POLICY. SPONSORING INDEPENDENT TASK FORCES THAT PRODUCE REPORTS WITH BOTH FINDINGS AND POLICY PRESCRIPTIONS ON THE MOST IMPORTANT FOREIGN POLICY TOPICS. PROVIDING UP TO DATE INFORMATION AND ANALYSIS ABOUT WORLD EVENTS AND U.S. FOREIGN POLICY ON ITS WEBSITES, CFR.ORG AND FOREIGNAFFAIRS.COM. FORM 990, PART III, LINE 4(D): ALL OTHER PROGRAMMATIC ACTIVITIES WEBSITE: CFR'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. FOREIGNAFFAIRS.COM IS THE WEBSITE OF CFR'S FLAGSHIP MAGAZINE, AND OFFERS ACCESS TO A DEEP ARCHIVE OF ARTICLES AND RELATED RESOURCES MONTHLY. 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 LAUNCHED THE INDEPENDENT TASK FORCE PROGRAM IN 1995 WITH A TASK FORCE ON NUCLEAR NONPROLIFERATION, CHAIRED BY STEPHEN J. HADLEY, WHO MOST RECENTLY SERVED AS THE NATIONAL SECURITY ADVISER IN THE GEORGE W. BUSH ADMINISTRATION. MORE THAN SEVENTY REPORTS LATER, TASK FORCES HAVE BECOME A TRADEMARK OF THE COUNCIL. THE COUNCIL SPONSORS AN INDEPENDENT TASK FORCE WHEN AN ISSUE OF CURRENT AND CRITICAL IMPORTANCE TO U.S. FOREIGN POLICY ARISES, AND IT SEEMS THAT A GROUP DIVERSE IN BACKGROUNDS AND PERSPECTIVES MAY NONETHELESS BE ABLE TO REACH A MEANINGFUL CONSENSUS ON A POLICY THROUGH PRIVATE AND NONPARTISAN DELIBERATIONS. 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 EDUCATORS AND STUDENTS; RELIGIOUS AND CONGREGATIONAL LEADERS; AND STATE AND LOCAL OFFICIALS. CFR'S ADDITIONAL PROGRAMS ARE EDUCATION, A NATIONAL PROGRAM AND A GLOBAL BOARD OF ADVISORS. FOR MORE INFORMATION, PLEASE VISIT THE ORGANIZATION'S WEBSITE, WWW.CFR.ORG. Form 990, Part VI, Line 2 Zoe Baird has a business relationship with James Manyika. David Bradley has a business relationship with Laurene Powell Jobs. David Cote has a business relationship with Blair Effron. David Cote has a business relationship with Laurence Fink. David Cote has a business relationship with James Gorman. James Gorman has a business relationship with Jami Miscik. Blair Effron has a business relationship with Richard Haass. Richard Haass has a business relationship with David Rubenstein. David Rubenstein has a business relationship with Daniel Yergin. Form 990, Part VI, Line 6 members or stockholders THE COUNCIL ON FOREIGN RELATIONS IS FIRST AND FOREMOST A MEMBERSHIP ORGANIZATION. THE COUNCIL'S MEMBERSHIP REPRESENTS A GROUP UNMATCHED IN ACCOMPLISHMENT AND DIVERSITY IN THE FIELD OF INTERNATIONAL AFFAIRS. THE COUNCIL HAS 5,000 MEMBERS AND TERM MEMBERS, COMPRISED OF TOP GOVERNMENT OFFICIALS, RENOWNED SCHOLARS, BUSINESS EXECUTIVES, ACCLAIMED JOURNALISTS, PROMINENT LAWYERS, AND DISTINGUISHED NONPROFIT PROFESSIONALS. THE COUNCIL ALSO HAS A CORPORATE MEMBERSHIP PROGRAM THAT PROVIDES A UNIQUE FORUM FOR BUSINESS LEADERS TO INTERACT WITH NOTED THINKERS AND PRACTITIONERS IN GOVERNMENT, POLICY, ACADEMIA, AND BUSINESS THROUGH INVITATIONS TO EXCLUSIVE EVENTS, DIRECT ENGAGEMENT WITH CFR EXPERTS, AND VIRTUAL ACCESS TO OUR MEMBERS-ONLY WEBSITE. VIRTUAL ACCESS TO OUR MEMBERS-ONLY WEBSITE. Form 990, Part VI, Line 7a and 7b 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, line 11a Process for reviewing Form 990 THE COUNCIL ON FOREIGN RELATION'S FORM 990 WAS PREPARED BY A NATIONALLY RECOGNIZED ACCOUNTING 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, 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 him or herself 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, line 15a & 15b 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. Form 990, Part VI, 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 Other Changes in Net Assets Change in value of interest rate swap agreement $2,258,500 Post-Retirement Benefits other than net periodic costs $646,000 Total changes in net assets $2,904,500