2026-02-10T12:25:28-06:00 2025-09-30 951777440 GREEN HASSON & JANKS LLP 700 S FLOWER STREET SUITE 3300 LOS ANGELES CA 90017 990 2024-10-01 953298239 THE REASON FOUNDATION REAS 3107408579 5737 MESMER AVENUE LOS ANGELES CA 90230 DAVID NOTT PRESIDENT & CEO 3107408579 2026-02-02 1 1 LIZBETH G NEVAREZ P01399868 3108731600 2026-02-02 2024 2025-03-06 01:10:19Z DAVID NOTT 5737 MESMER AVENUE LOS ANGELES CA 90230 26526562 0 X WWW.REASON.ORG X 1978 CA ADVANCE A FREE SOCIETY BY DEVELOPING, APPLYING, AND PROMOTING LIBERTARIAN PRINCIPLES. 21 19 113 19 77755 0 21346436 20527956 1196995 1035361 636234 1132319 121150 115028 23300815 22810664 360000 60000 0 0 12206151 14159186 0 0 1868752 7297389 7745370 19863540 21964556 3437275 846108 25642938 29097754 6276160 7131217 19366778 21966537 X REASON FOUNDATION ADVANCES A FREE SOCIETY BY DEVELOPING, APPLYING, AND PROMOTING LIBERTARIAN PRINCIPLES, INCLUDING INDIVIDUAL LIBERTY, FREE MARKETS, AND THE RULE OF LAW. WE USE JOURNALISM AND PUBLIC POLICY RESEARCH TO INFLUENCE THE FRAMEWORKS AND ACTIONS OF POLICYMAKERS, JOURNALISTS, AND OPINION LEADERS. 0 0 7756705 742017 PROMOTING FREE MINDS AND FREE MARKETS SINCE 1968- 11 ISSUES PUBLISHED ONLINE AND IN PRINT- MORE THAN 1,500 ONLINE EXCLUSIVE ARTICLES - 52,000 PAID/REQUESTED COPIES - AVERAGE OF 3.8 MILLION USER VISITS PER MONTH AT REASON.COM - SPECIALIZED ONLINE NEWSLETTERS ON GOVERNMENT OVERREACH, SURFACE TRANSPORTATION, AVIATION, EDUCATION FUNDING, MEDIA, AND BREAKING NEWS; AVERAGE OF 9.2 MILLION REASON TV VIDEO VIEWS PER MONTH 7075812 60000 293344 REASON WORKS WITH MOTIVATED POLICYMAKERS AND OTHER STAKEHOLDERS TO DEVELOP AND IMPLEMENT MARKET-BASED REFORMS THAT ARE A MODEL FOR POLICYMAKERS AT ALL LEVELS OF GOVERNMENT. OUR PENSION INTEGRITY PROJECT EDUCATES POLICYMAKERS AND TAXPAYERS ON PENSION REFORM. WE ACTIVELY WORKED WITH POLICYMAKERS IN 17 STATES ON BEST PRACTICES IN DESIGNING SUSTAINABLE PUBLIC PENSION SYSTEMS. WE PRODUCED THE PENSION SOLVENCY AND PERFORMANCE REPORT AND THE GOLD STANDARD SERIES, CORE PRODUCTS THAT ARE USED TO EDUCATE LEGISLATORS AND EXPAND OUTREACH. WE TESTIFIED 20 TIMES AT THE STATE AND LOCAL LEVELS, SEND A MONTHLY NEWSLETTER FEATURING NATIONAL TRENDS IN PENSION REFORM, AND PRODUCED MORE THAN 50 MEDIA COMMENTARIES. REASON'S EDUCATION TEAM IS A LEADING VOICE IN PROMOTING IMPROVED EDUCATIONAL OUTCOMES FOR ALL CHILDREN VIA SCHOOL CHOICE. OUR TEAM ACTIVELY ENGAGED LEGISLATORS AND STAKEHOLDERS IN 23 STATES, DESIGNING OPEN ENROLLMENT MODELS THAT GIVE FAMILIES GREATER FLEXIBILITY IN CHOOSING BETTER SCHOOLS. WE TESTIFIED 26 TIMES AT THE STATE AND LOCAL LEVELS. OUR DATA ANALYSES ARE WIDELY USED AS BENCHMARKS IN SUPPORT OF CHOICE-CENTERED SCHOOL FUNDING, AND OUR FISCAL ANALYSES INFORM DEBATES ON ACCOUNTABILITY. OUR TRANSPORTATION TEAM COLLABORATED WITH LEGISLATORS IN 8 STATES ON INTERSTATE HIGHWAY TOLLING, PILOT PROJECTS FOR MILEAGE BASED USER FEES, AND MANAGED LANE CONCESSIONS. WE TESTIFIED 20 TIMES AT THE FEDERAL AND STATE LEVELS ON TRANSIT PROGRAMS, CALLING FOR MODERNIZED AIR TRAFFIC CONTROL, EXPANDED PRIVATE INVESTMENT TOOLS, AND DEREGULATION. REASON'S DRUG POLICY TEAM WORKED IN 17 STATES AND AT THE FEDERAL LEVEL TO HELP POLICYMAKERS UNDERSTAND THE CONSEQUENCES OF REGULATING LEGAL CANNABIS, HEMP, AND PSYCHEDELICS MARKETS. WE TESTIFIED 13 TIMES AT THE STATE LEVEL AND PROVIDED RESEARCH SUPPORT TO POLICYMAKERS SEEKING TO FIX THE CHALLENGES OF LEGALIZATION. 3808053 PROMOTING FREE MINDS AND FREE MARKETS THROUGH ONLINE VIDEO JOURNALISM.- 984 VIDEOS PRODUCED- AVERAGE OF 10,049,000 VIDEOS PLAYED EACH MONTHPODCASTSREASON PRODUCES MULTIPLE PODCASTS, INCLUDING THE REASON ROUNDTABLE, A WEEKLY DISCUSSION OF THE WEEK'S BIGGEST STORIES AND THEIR CONNECTION TO THE IDEAS OF FREE MINDS AND FREE MARKETS; THE REASON INTERVIEW WITH NICK GILLESPIE, A WEEKLY CONVERSATION WITH INNOVATIVE AND INTERESTING THINKERS FROM A VARIETY OF DISCIPLINES; FREE MEDIA, WHICH EXAMINES MEDIA BIAS; AND THE MONTHLY SOHO FORUM DEBATES, FEATURING PUBLIC INTELLECTUALS FACING OFF OVER CONTROVERSIAL ISSUES. THE BEST OF REASON MAGAZINE USES AI TO SIMULATE EDITOR-IN-CHIEF KATHERINE MANGU-WARD READING A WEEKLY SELECTION FROM REASON. - AVERAGE OF 596,000 DOWNLOADS PER MONTH 696051 REASON FOUNDATION PUBLISHES RESEARCH AND JOURNALISM AND ENGAGES IN EDUCATIONAL OUTREACH FROM A LIBERTARIAN PERSPECTIVE TO POLICYMAKERS, RELEVANT STAKEHOLDERS, AND THE GENERAL PUBLIC.- 23,000 ARTICLES CITING REASON EXPERTS- 2,900 MEDIA APPEARANCES BY REASON EXPERTS- 92 LEGISLATIVE TESTIMONIES- 34 POLICY STUDIES- 237 POLICY COMMENTARIES AND OP-EDS- 11 SURFACE TRANSPORTATION INNOVATIONS NEWSLETTERS & AIR SECURITY NEWSLETTERS- 11 AIR TRAFFIC CONTROL NEWSLETTERS- 12 PENSION REFORM NEWSLETTERS- 12 FUNDING EDUCATION OPPORTUNITY NEWSLETTERS- 4 REASON REPORT DONOR NEWSLETTERS 696051 19336621 1 1 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 93 0 1 113 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 21 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA AR FL GA HI IL KS KY ME MD MA MI MN MS NH NM NY NC ND OK OR PA RI SC TN UT VA WV WI X X JONATHAN GRAFF 3103912245 5737 MESMER AVENUE LOS ANGELES CA 90230 DAVID NOTT PRESIDENT, CEO 40.00 0.00 X X 407827 0 154268 ADRIAN T MOORE VICE PRESIDENT POLICY 40.00 0.00 X 256830 0 7253 JONATHAN GRAFF CHIEF FINANCIAL OFFICER 40.00 0.00 X 250251 0 9750 LEONARD GILROY VP GOVERNMENT REFORM 40.00 0.00 X 250237 0 4254 NICHOLAS GILLESPIE EDITOR AT LARGE 40.00 0.00 X 247174 0 7253 KATHERINE MANGU-WARD VP/EDITOR-IN-CHIEF 40.00 0.00 X 240585 0 9750 ROBERT POOLE FOUNDER, TRANSPORTATION POLICY 40.00 0.00 X X 240000 0 174 MICHAEL ALISSI VP OPERATIONS 40.00 0.00 X 230439 0 9750 JACQUELINE PYKE DIRECTOR OF DEVELOPMENT 40.00 0.00 X 179167 0 160 AARON STEINBERG MARKETING DIRECTOR 40.00 0.00 X 179091 0 9748 JAMES EPSTEIN EXECUTIVE EDITOR 40.00 0.00 X 173481 0 169 CARIN MANN DIR OF DONOR COMMUNICATIONS 40.00 0.00 X 157826 0 4222 GEORGE F OHRSTROM BOARD CHAIR 1.00 0.00 X X 0 0 0 THEODORE BARNETT TRUSTEE 1.00 0.00 X 0 0 0 THOMAS E BEACH TRUSTEE 1.00 0.00 X 0 0 0 BARON BOND TRUSTEE 1.00 0.00 X 0 0 0 REBECCA DUNN TRUSTEE 1.00 0.00 X 0 0 0 LINDA EDWARDS TRUSTEE 1.00 0.00 X 0 0 0 JONATHAN FARBER TRUSTEE 1.00 0.00 X 0 0 0 PETER FARRELL TRUSTEE 1.00 0.00 X 0 0 0 DEBBI GIBBS TRUSTEE 1.00 0.00 X 0 0 0 WILLIAM GOBLE TRUSTEE 1.00 0.00 X 0 0 0 THOMAS W HAZLETT TRUSTEE 1.00 0.00 X 0 0 0 BRIAN HOOKS TRUSTEE 1.00 0.00 X 0 0 0 JAMES D JAMESON TRUSTEE 1.00 0.00 X 0 0 0 MANUEL S KLAUSNER TRUSTEE 1.00 0.00 X 0 0 0 JAMES LINTOTT TRUSTEE 1.00 0.00 X 0 0 0 TRAVIS MAY TRUSTEE 1.00 0.00 X 0 0 0 STEPHEN MODZELEWSKI TRUSTEE 1.00 0.00 X 0 0 0 CHRIS J RUFER TRUSTEE 1.00 0.00 X 0 0 0 RAYMOND STATA TRUSTEE 1.00 0.00 X 0 0 0 KERRY WELSH TRUSTEE 1.00 0.00 X 0 0 0 FRED M YOUNG JR TRUSTEE 1.00 0.00 X 0 0 0 2812908 0 216751 33 0 1 0 WASHOE DOUGLAS 10743 EDGESTONE AVENUE LAS VEGAS NV 89166 RESEARCH MANAGEMENT 176985 THE TERRY GROUP 130 EAST RANDOLPH STREET STE 2810 CHICAGO IL 60601 ACTUARIAL MODELING 158505 IRON LIGHT 300 S RIVERSIDE PLAZA SUITE 1625 CHICAGO IL 60606 MARKETING MANAGEMENT 126800 STARLING 5133 HARDING PIKE B-10 NASHVILLE TN 37205 WEBSITE CONSULTING 122250 SKY FILMS 45 TEAL ROAD AVERIL PARK NY 12018 FILM PRODUCTION 116400 5 20527956 549467 20527956 SUBSCRIPTION SALES 513120 742017 742017 CONFERENCE REVENUE 900003 293344 293344 1035361 1055761 1055761 3792456 3715898 76558 76558 76558 ADVERTISING INCOME 541860 75807 75807 OTHER INCOME 900003 31916 31916 MAILING LIST RENTAL 541860 7305 1948 5357 115028 22810664 1035361 77755 1169592 X 60000 60000 2232599 1942584 81803 208212 9610089 8395003 348291 866795 402543 333159 16716 52668 1121303 928032 46562 146709 792652 669681 32789 90182 117053 117053 40942 40942 2898726 2854005 18830 25891 542361 473716 5981 62664 351764 252449 9926 89389 376381 369251 2325 4805 473762 411125 19920 42717 687022 530274 3302 153446 421781 392858 1000 27923 66387 58012 2401 5974 169147 147589 6105 15453 MAGAZINE PRINTING AND D 655429 654891 2 536 FOUNDATION-HOSTED EVENT 549404 543004 4 6396 FISCAL SPONSORSHIP 152581 152581 DUES & SUBSCRIPTIONS 70613 70489 7 117 172017 97918 5224 68875 21964556 19336621 759183 1868752 1604795 499771 8248 1625442 2106433 895973 236220 126837 3667060 823135 2873812 2843925 15865691 20263029 2695142 2527140 252597 315637 25642938 29097754 1649431 2185651 244081 246629 4382648 4698937 6276160 7131217 X 17087490 19790754 2279288 2175783 19366778 21966537 25642938 29097754 846108 1753651 0 X X 0 1 X 1 0 X 13980606 13798378 13818095 21346436 20527956 83471471 13980606 13798378 13818095 21346436 20527956 83471471 5553949 77917522 268961 181294 355271 545759 1055761 2407046 48930 14422 16618 37531 37273 154774 86033291 5404390 0.90570 0.86480 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 114523 114523 19981281 20095804 1000000 250000 0 0 826040 948554 1000000 1000000 3774594 5661891 85653 68816 104015 114523 373007 206510 237139 250000 250000 943649 1415474 51279 0 0 51279 51279 51279 51279 51279 81703 30424 51279 65305 30424 14026 81703 0.00000 1.00000 0.00000 0 0 1908473 1908473 1018670 457763 560907 255574 44204 211370 484343 321168 163175 2843925 DEFERRED COMPENSATION 1870056 OPERATING LEASE LIABILITY 2828881 4698937 X 24677826 1753651 113511 1867162 22810664 0 22810664 22078067 113511 113511 21964556 0 21964556 PART V, LINE 4: THE ENDOWMENT FUND WILL BE USED TO SUPPORT OPERATIONS OF THE ORGANIZATION. PART X, LINE 2: IN ACCORDANCE WITH THE FINANCIAL ACCOUNTING STANDARDS BOARD'S (FASB'S) ACCOUNTING STANDARDS CODIFICATION TOPIC NO. 740, UNCERTAINTY IN INCOME TAXES, THE FOUNDATION RECOGNIZES THE IMPACT OF TAX POSITIONS IN THE FINANCIAL STATEMENTS IF THAT POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED ON AUDIT, BASED ON THE TECHNICAL MERITS OF THE POSITION. DURING THE YEAR ENDED SEPTEMBER 30, 2025, THE FOUNDATION PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS AND DID NOT NOTE ANY MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR WHICH MIGHT HAVE AN EFFECT ON ITS TAX-EXEMPT STATUS. 1 ASU FOUNDATION PO BOX 2260 TEMPE AZ 85280 866051042 501(C)(3) 60000 0 FUTURE OF TRANSIT 1 0 PART I, LINE 2: ASU FOUNDATION IS ASSOCIATED WITH ARIZONA STATE UNIVERISITY. THIS GRANT WAS TO SUPPORT THE PRODUCTION OF SEVERAL RESEARCH PAPERS ON THE FUTURE OF TRANSIT. X X X X 0 1 0 0 0 0 0 1 0 DAVID NOTT PRESIDENT, CEO 332827 0 75000 0 0 0 150000 0 4268 0 562095 0 0 0 ADRIAN T MOORE VICE PRESIDENT POLICY 181830 0 75000 0 0 0 0 0 7253 0 264083 0 0 0 JONATHAN GRAFF CHIEF FINANCIAL OFFICER 190251 0 60000 0 0 0 0 0 9750 0 260001 0 0 0 LEONARD GILROY VP GOVERNMENT REFORM 170237 0 80000 0 0 0 0 0 4254 0 254491 0 0 0 NICHOLAS GILLESPIE EDITOR AT LARGE 217174 0 30000 0 0 0 0 0 7253 0 254427 0 0 0 KATHERINE MANGU-WARD VP/EDITOR-IN-CHIEF 180585 0 60000 0 0 0 0 0 9750 0 250335 0 0 0 ROBERT POOLE FOUNDER, TRANSPORTATION POLICY 215000 0 25000 0 0 0 0 0 174 0 240174 0 0 0 MICHAEL ALISSI VP OPERATIONS 160439 0 70000 0 0 0 0 0 9750 0 240189 0 0 0 JACQUELINE PYKE DIRECTOR OF DEVELOPMENT 149167 0 30000 0 0 0 0 0 160 0 179327 0 0 0 AARON STEINBERG MARKETING DIRECTOR 159091 0 20000 0 0 0 0 0 9748 0 188839 0 0 0 JAMES EPSTEIN EXECUTIVE EDITOR 158481 0 15000 0 0 0 0 0 169 0 173650 0 0 0 CARIN MANN DIR OF DONOR COMMUNICATIONS 134826 0 23000 0 0 0 0 0 4222 0 162048 0 0 0 PART I, LINE 4B DAVID NOTT, PRESIDENT AND CEO, PARTICIPATES IN A NON-QUALIFIED RETIREMENT PLAN. DURING THE YEAR ENDED SEPTEMBER 30, 2025, THE FOUNDATION DEPOSITED $150,000 INTO THE 457(F) PLAN. PART I, LINE 7 OFFICERS BONUSES ARE DETERMINED BY THE FINANCE COMMITTEE AS PART OF THE TOTAL COMPENSATION REVIEW THAT THEY DO BY REVIEWING A REPORT OF 990S FROM A SELECT GROUP OF OTHER CHARITIES AND A NON-PROFIT MANAGEMENT COMPENSATION REPORT PRODUCED BY AN OUTSIDE CONSULTING FIRM. X 13 478185 FMV X HOSTED EVENTS 2 71229 DONATED VALUE X CRYPTOCURRENCY 1 53 DONATED VALUE 0 0 0 PART I, COLUMN (B): NONCASH CONTRIBUTIONS ARE LISTED BY TOTAL NUMBER OF DONOR CONTRIBUTORS. FORM 990, PART VI, SECTION B, LINE 11B 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. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES AND OFFICERS OF THE FOUNDATION WILL COMPLETE A FORM TO CERTIFY THAT THERE ARE NO EXISTING CONFLICTS. IF THERE ARE ANY CHANGES TO THAT STATUS THEY WILL COMPLETE AND SUBMIT ANOTHER FORM. FORM 990, PART VI, SECTION B, LINE 15 COMPARABLE DATA WAS ASSEMBLED FROM PUBLIC 990 FILINGS FOR SIMILAR POSITIONS WITHIN OTHER NONPROFIT ORGANIZATIONS AND PRESENTED TO THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES WITH RECOMMENDATIONS FOR COMPENSATION. THE FINANCE COMMITTEE THEN DISCUSSED AND APPROVED COMPENSATION IN AN EXECUTIVE COMMITTEE MEETING OF THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST THE DOCUMENTS WILL BE MAILED OR E-MAILED TO THE REQUESTING PARTY. FORM 990, PART IX, LINE 11G CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 2,335,304. MANAGEMENT AND GENERAL EXPENSES 18,830. FUNDRAISING EXPENSES 25,891. TOTAL EXPENSES 2,380,025. MARKETING CONTRACTORS: PROGRAM SERVICE EXPENSES 518,701. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 518,701. FORM 990, PART XII, LINE 2C: NO PROCESSES HAVE CHANGED FROM THE PRIOR YEAR.