Illinois continues to struggle with its budget. The state’s most recent stopgap budget expired on December 31, 2016. To perhaps break up the political logjam, Illinois senators of both political parties have begun...
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Annual Reports and Funding
The Tax Foundation is an independent 501(c)(3) non-partisan, non-profit organization founded in 1937. We have no endowment and must raise our budget to support our programs each year. As a policy, we neither solicit nor receive financial support from any government entity.
Our 2015 revenue ($3,667,922) consisted of support from philanthropic foundations (35%), corporate contributions (37%), donations from more than 1,600 individuals (14%), and events revenue and miscellaneous (14%). No one donor contributed more than 12 percent of our revenue.
Our 2015 expenses ($3,832,512) consisted of $2.82 million (74%) spent on programs, $0.37 million (10%) on administrative costs, and $0.64 million (17%) on fundraising costs (in which we include donor outreach costs). In late 2014, a generous donor notified us of a $350,000 grant we would receive in 2015 for expenses to be incurred in 2015. GAAP and IRS rules require us to report that grant as revenue in 2014 and the expenses in 2015, altering the paper surplus and deficit pictures for those two years. FASB is reviewing proposed rule changes on revenue recognition to address these differences.
Our 2016 budgeted revenue and expenses are $4.3 million. Support the Tax Foundation by clicking here!
We are honored to receive a gold-level rating from Guidestar for our commitment to organizational transparency.
Copies of our most recent Forms 990 and audited financial statements from 2001 to the present are available below.
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