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        <PersonNm>STEPHEN MODZELEWSKI</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>GEORGE F OHRSTROM</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>CAROL SANDERS</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>RICHARD A WALLACE</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>FRED M YOUNG JR</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
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        <PersonNm>DAVID NOTT</PersonNm>
        <TitleTxt>PRESIDENT &amp;CEO</TitleTxt>
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        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>ROBERT W POOLE JR</PersonNm>
        <TitleTxt>FOUNDER</TitleTxt>
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        <OfficerInd>X</OfficerInd>
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      <Form990PartVIISectionAGrp>
        <PersonNm>MICHAEL ALISSI</PersonNm>
        <TitleTxt>VP OPERATIONS</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>NICHOLAS GILLESPIE</PersonNm>
        <TitleTxt>VP REASON ONLIN</TitleTxt>
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        <OfficerInd>X</OfficerInd>
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      <Form990PartVIISectionAGrp>
        <PersonNm>JONATHAN GRAFF</PersonNm>
        <TitleTxt>SEC'Y/CFO/TREAS</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
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      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ADRIAN T MOORE</PersonNm>
        <TitleTxt>VP POLICY</TitleTxt>
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        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>187582</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>JULIAN MORRIS</PersonNm>
        <TitleTxt>VP RESEARCH</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>MATT WELCH</PersonNm>
        <TitleTxt>VP MAGAZINE</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>MELISSA PALMER</PersonNm>
        <TitleTxt>DEVELOPMENT DIRECT</TitleTxt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>VICTORIA HUGHES</PersonNm>
        <TitleTxt>VP DEVELOPMENT</TitleTxt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>CHRISTOPHER MITCHELL</PersonNm>
        <TitleTxt>COMMUNICATIONS DIR</TitleTxt>
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        <BusinessCd>511120</BusinessCd>
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      <ProgramServiceRevenueGrp>
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      <NetRentalIncomeOrLossGrp>
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        <TotalRevenueColumnAmt>9770</TotalRevenueColumnAmt>
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      <FundraisingDirectExpensesAmt>125019</FundraisingDirectExpensesAmt>
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        <TotalRevenueColumnAmt>-115119</TotalRevenueColumnAmt>
        <ExclusionAmt>-115119</ExclusionAmt>
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      <NetIncomeFromGamingGrp>
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      <NetIncomeOrLossGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
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      <OtherRevenueMiscGrp>
        <Desc>MISCELLANEOUS INCOME</Desc>
        <BusinessCd>900099</BusinessCd>
        <TotalRevenueColumnAmt>48491</TotalRevenueColumnAmt>
        <ExclusionAmt>48491</ExclusionAmt>
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      <OtherRevenueTotalAmt>48491</OtherRevenueTotalAmt>
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        <UnrelatedBusinessRevenueAmt>121403</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>-5804</ExclusionAmt>
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      <InfoInScheduleOPartIXInd>X</InfoInScheduleOPartIXInd>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>0</TotalAmt>
      </GrantsToDomesticOrgsGrp>
      <GrantsToDomesticIndividualsGrp>
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      <ForeignGrantsGrp>
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      </ForeignGrantsGrp>
      <BenefitsToMembersGrp>
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      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>1747989</TotalAmt>
        <ProgramServicesAmt>1485106</ProgramServicesAmt>
        <ManagementAndGeneralAmt>115324</ManagementAndGeneralAmt>
        <FundraisingAmt>147559</FundraisingAmt>
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      <CompDisqualPersonsGrp>
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        <ProgramServicesAmt>3087595</ProgramServicesAmt>
        <ManagementAndGeneralAmt>90385</ManagementAndGeneralAmt>
        <FundraisingAmt>265974</FundraisingAmt>
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      <PensionPlanContributionsGrp>
        <TotalAmt>0</TotalAmt>
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      <OtherEmployeeBenefitsGrp>
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        <ProgramServicesAmt>153358</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3310</ManagementAndGeneralAmt>
        <FundraisingAmt>13035</FundraisingAmt>
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      <PayrollTaxesGrp>
        <TotalAmt>332179</TotalAmt>
        <ProgramServicesAmt>295531</ProgramServicesAmt>
        <ManagementAndGeneralAmt>11112</ManagementAndGeneralAmt>
        <FundraisingAmt>25536</FundraisingAmt>
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      <FeesForServicesManagementGrp>
        <TotalAmt>0</TotalAmt>
      </FeesForServicesManagementGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>27152</TotalAmt>
        <ManagementAndGeneralAmt>23856</ManagementAndGeneralAmt>
        <FundraisingAmt>3296</FundraisingAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>29794</TotalAmt>
        <ManagementAndGeneralAmt>29794</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesLobbyingGrp>
        <TotalAmt>0</TotalAmt>
      </FeesForServicesLobbyingGrp>
      <FeesForServicesProfFundraising>
        <TotalAmt>0</TotalAmt>
      </FeesForServicesProfFundraising>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>0</TotalAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>1329997</TotalAmt>
        <ProgramServicesAmt>1307227</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1667</ManagementAndGeneralAmt>
        <FundraisingAmt>21103</FundraisingAmt>
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      <AdvertisingGrp>
        <TotalAmt>236889</TotalAmt>
        <ProgramServicesAmt>228839</ProgramServicesAmt>
        <FundraisingAmt>8050</FundraisingAmt>
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      <OfficeExpensesGrp>
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        <ProgramServicesAmt>173662</ProgramServicesAmt>
        <ManagementAndGeneralAmt>10428</ManagementAndGeneralAmt>
        <FundraisingAmt>35177</FundraisingAmt>
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        <TotalAmt>0</TotalAmt>
      </InformationTechnologyGrp>
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      </RoyaltiesGrp>
      <OccupancyGrp>
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      </OccupancyGrp>
      <TravelGrp>
        <TotalAmt>609663</TotalAmt>
        <ProgramServicesAmt>513525</ProgramServicesAmt>
        <FundraisingAmt>96138</FundraisingAmt>
      </TravelGrp>
      <PymtTravelEntrtnmntPubOfclGrp>
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      </PymtTravelEntrtnmntPubOfclGrp>
      <ConferencesMeetingsGrp>
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      <InterestGrp>
        <TotalAmt>27551</TotalAmt>
        <ProgramServicesAmt>25780</ProgramServicesAmt>
        <ManagementAndGeneralAmt>579</ManagementAndGeneralAmt>
        <FundraisingAmt>1192</FundraisingAmt>
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      <PaymentsToAffiliatesGrp>
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        <ProgramServicesAmt>92803</ProgramServicesAmt>
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        <FundraisingAmt>7618</FundraisingAmt>
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      <InsuranceGrp>
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        <ProgramServicesAmt>72851</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2810</ManagementAndGeneralAmt>
        <FundraisingAmt>5975</FundraisingAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
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        <TotalAmt>549566</TotalAmt>
        <ProgramServicesAmt>549462</ProgramServicesAmt>
        <FundraisingAmt>104</FundraisingAmt>
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      <OtherExpensesGrp>
        <Desc>OCCUPANCY</Desc>
        <TotalAmt>286333</TotalAmt>
        <ProgramServicesAmt>265902</ProgramServicesAmt>
        <ManagementAndGeneralAmt>10218</ManagementAndGeneralAmt>
        <FundraisingAmt>10213</FundraisingAmt>
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      <OtherExpensesGrp>
        <Desc>FOUNDATION EVENTS</Desc>
        <TotalAmt>224649</TotalAmt>
        <ProgramServicesAmt>217784</ProgramServicesAmt>
        <FundraisingAmt>6865</FundraisingAmt>
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      <OtherExpensesGrp>
        <Desc>ON-LINE SERVICES</Desc>
        <TotalAmt>171046</TotalAmt>
        <ProgramServicesAmt>161597</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2982</ManagementAndGeneralAmt>
        <FundraisingAmt>6467</FundraisingAmt>
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      <AllOtherExpensesGrp>
        <TotalAmt>422043</TotalAmt>
        <ProgramServicesAmt>308412</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2657</ManagementAndGeneralAmt>
        <FundraisingAmt>110974</FundraisingAmt>
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      <TotalFunctionalExpensesGrp>
        <TotalAmt>10013738</TotalAmt>
        <ProgramServicesAmt>8939434</ProgramServicesAmt>
        <ManagementAndGeneralAmt>309028</ManagementAndGeneralAmt>
        <FundraisingAmt>765276</FundraisingAmt>
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      <CashNonInterestBearingGrp>
        <BOYAmt>801917</BOYAmt>
        <EOYAmt>745470</EOYAmt>
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      <SavingsAndTempCashInvstGrp>
        <BOYAmt>104273</BOYAmt>
        <EOYAmt>216078</EOYAmt>
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      <PledgesAndGrantsReceivableGrp>
        <BOYAmt>302002</BOYAmt>
        <EOYAmt>344029</EOYAmt>
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      <AccountsReceivableGrp>
        <BOYAmt>97638</BOYAmt>
        <EOYAmt>100201</EOYAmt>
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      <ReceivablesFromOfficersEtcGrp>
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      <RcvblFromDisqualifiedPrsnGrp>
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      </RcvblFromDisqualifiedPrsnGrp>
      <OthNotesLoansReceivableNetGrp>
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      </OthNotesLoansReceivableNetGrp>
      <InventoriesForSaleOrUseGrp>
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      <PrepaidExpensesDefrdChargesGrp>
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      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>4107216</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>1085118</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>3048984</BOYAmt>
        <EOYAmt>3022098</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>2877416</BOYAmt>
        <EOYAmt>3658817</EOYAmt>
      </InvestmentsPubTradedSecGrp>
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        <EOYAmt>0</EOYAmt>
      </InvestmentsOtherSecuritiesGrp>
      <InvestmentsProgramRelatedGrp>
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      </InvestmentsProgramRelatedGrp>
      <IntangibleAssetsGrp>
        <EOYAmt>0</EOYAmt>
      </IntangibleAssetsGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>41412</BOYAmt>
        <EOYAmt>85734</EOYAmt>
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      <TotalAssetsGrp>
        <BOYAmt>7273642</BOYAmt>
        <EOYAmt>8172427</EOYAmt>
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      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>858706</BOYAmt>
        <EOYAmt>1095730</EOYAmt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part III, Line 4d: Other Program Services Description</FormAndLineReferenceDesc>
        <ExplanationTxt>OTHER PROGRAM SERVICES 4: REASON-RUPE POLLTHE REASON-RUPE PUBLIC OPINION SURVEY SEEKS TO CHANGE THE TERMS OF THE NATIONAL DEBATE BY PROVIDING BOTH QUANTITATIVE AND QUALITATIVE ANALYSES OF PUBLIC ATTITUDES ABOUT GOVERNMENT AND FREEDOM WITH AN EMPHASIS ON LEARNING HOW ORDINARY AMERICANS REALLY THINK ABOUT MAJOR POLICY ISSUES AND POLITICS. WE ALSO SEEK TO EDUCATE POLICYMAKERS WHO USE THE SURVEYS AS PART OF THEIR WORK. IN 2014 WE CONDUCTED FOUR QUARTERLY NATIONAL TELEPHONE SURVEYS AND AN INTERNET-BASED SURVEY OF MILLENNIALS, WHICH GENERATED COVERAGE IN THE WALL STREET JOURNAL, THE NEW YORK TIMES, THE NEW YORK POST, AND HUNDREDS OF OTHER MEDIA OUTLETS. OTHER PROGRAM SERVICES 5: PUBLIC AFFAIRSIN 2015, REASON EXPERTS MADE 1,600 TELEVISION AND RADIO APPEARANCES, AND REASON WAS CITED IN NEARLY 12,000 NEWSPAPER, MAGAZINE, AND ONLINE ARTICLES, INCLUDING THE WALL STREET JOURNAL, TIME, THE NEW YORK TIMES, THE WASHINGTON POST, THE ECONOMIST, FORBES, THE DAILY BEAST, AND MANY, MANY MORE. REASONS ROLE IN DRIVING MEDIA DISCUSSIONS AND NARRATIVES WAS ILLUSTRATED BY A COVER STORY IN THE NEW YORK TIMES MAGAZINE TITLED, HAS THE LIBERTARIAN MOMENT FINALLY ARRIVED? IN ADDITION, REASON EDITOR-IN-CHIEF MATT WELCH AND REASON.TV CONTRIBUTOR KENNEDY CO-HOSTED THE INDEPENDENTS, A FOUR-TIMES-A WEEK LIBERTARIAN SHOW ON FOX BUSINESS NETWORK THAT WAS CONSISTENTLY RANKED AMONG THE NETWORKS TOP SHOWS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 11b: Form 990 Review Process</FormAndLineReferenceDesc>
        <ExplanationTxt>PRIOR TO FILING WITH THE IRS THE DRAFT 990 WILL BE EMAILED TO THE ENTIRE BOARD OF TRUSTEES FOR REVIEW, FEEDBACK WILL BE PROVIDED TO THE CFO.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts</FormAndLineReferenceDesc>
        <ExplanationTxt>TRUSTEES AND OFFICERS OF THEFOUNDATION WILL COMPLETE A FORM TO CERTIFY THAT THERE ARE NO EXISTINGCONFLICTS. IF THERE ARE ANY CHANGES TO THAT STATUS THEY WILL COMPLETE ANDSUBMIT ANOTHER FORM.OTHER EMPLOYEES HAVE CERTIFIED THAT THEY ARE AWARE OF THE POLICY AND WILLDISCUSS AND POTENTIAL CONFLICTS WITH THEIR IMMEDIATE SUPERVISOR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees</FormAndLineReferenceDesc>
        <ExplanationTxt>COMPARABLE DATA WAS ASSEMBLED FROM PUBLIC 990 FILINGS FOR SIMILAR POSITIONS WITHIN OTHER NONPROFIT ORGANIZATIONS AND PRESENTED TO THE FINANCE COMMITTEE OF THE BOARD OFTRUSTEES WITH RECOMMENDATIONS FOR COMPENSATION. THE FINANCE COMMITTEE THEN DISCUSSED AND APPROVED COMPENSATION IN AN EXECUTIVE COMMITTEE MEETING OF THE FULL BOARD.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Line 19: Other Organization Documents Publicly Available</FormAndLineReferenceDesc>
        <ExplanationTxt>UPON REQUEST THE DOCUMENTS WILL BE MAILED OR E-MAILED TO THE REQUESTING PARTY.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>