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Nonprofit · EIN 95-3298239

THE REASON FOUNDATION

Tax-exempt · LOS ANGELES, CA 90230

Financials

$15.5M$17.5M2022$23.3M$19.9M2023$22.8M$22M2024
Revenue Expenses · by fiscal year end
Financials of THE REASON FOUNDATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
September 30, 2025990$22,810,664$21,964,556$846,108$29,097,754$7,131,217$21,966,537
September 30, 2024990$23,300,815$19,863,540$3,437,275$25,642,938$6,276,160$19,366,778
September 30, 2023990$15,456,947$17,507,487-$2,050,540$19,398,270$5,953,024$13,445,246
Financial details: 990 for the year ended September 30, 2025

Revenue

Contributions, gifts and grants
$20,527,956
Program service revenue
$1,035,361
Investment income
$1,132,319
Net gain from sales of assets
$76,558
Other revenue
$115,028

Expenses

Grants and similar amounts paid
$60,000
Compensation of officers, directors and key employees
$2,232,599
Other salaries and wages
$9,610,089
Salaries, compensation and benefits (total)
$14,159,186
Professional fundraising fees
$0
Legal fees
$117,053
Accounting fees
$40,942
Occupancy
$473,762
Travel
$687,022
Depreciation
$66,387
Program services (functional)
$19,336,621
Management and general (functional)
$759,183
Fundraising (functional)
$1,868,752

Balance sheet and other

Total assets, start of year
$25,642,938
Total assets, end of year
$29,097,754
Total liabilities, end of year
$7,131,217
Net assets, end of year
$21,966,537
Land, buildings and equipment
$2,843,925
Publicly traded securities
$20,263,029
Net assets without donor restrictions
$19,790,754
Net assets with donor restrictions
$2,175,783
Gross unrelated business income
$77,755
Gross receipts
$26,526,562
Employees
113
Volunteers
19
Year formed
1978
State of legal domicile
CA

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended September 30, 2025, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
DAVID NOTTPRESIDENT, CEO
Trustee or director, Officer
40$407,827$154,268
ADRIAN T MOOREVICE PRESIDENT POLICY
Officer
40$256,830$7,253
JONATHAN GRAFFCHIEF FINANCIAL OFFICER
Officer
40$250,251$9,750
LEONARD GILROYVP GOVERNMENT REFORM
Officer
40$250,237$4,254
NICHOLAS GILLESPIEEDITOR AT LARGE
Highest-paid employee
40$247,174$7,253
KATHERINE MANGU-WARDVP/EDITOR-IN-CHIEF
Officer
40$240,585$9,750
MICHAEL ALISSIVP OPERATIONS
Officer
40$230,439$9,750
ROBERT POOLEFOUNDER, TRANSPORTATION POLICY
Trustee or director, Officer
40$240,000$174
AARON STEINBERGMARKETING DIRECTOR
Highest-paid employee
40$179,091$9,748
JACQUELINE PYKEDIRECTOR OF DEVELOPMENT
Highest-paid employee
40$179,167$160
JAMES EPSTEINEXECUTIVE EDITOR
Highest-paid employee
40$173,481$169
CARIN MANNDIR OF DONOR COMMUNICATIONS
Highest-paid employee
40$157,826$4,222
GEORGE F OHRSTROMBOARD CHAIR
Trustee or director, Officer
1$0$0
THEODORE BARNETTTRUSTEE
Trustee or director
1$0$0
THOMAS E BEACHTRUSTEE
Trustee or director
1$0$0
18 more people on this return
NameTitleHours / weekCompensation
BARON BONDTRUSTEE
Trustee or director
1$0
REBECCA DUNNTRUSTEE
Trustee or director
1$0
LINDA EDWARDSTRUSTEE
Trustee or director
1$0
JONATHAN FARBERTRUSTEE
Trustee or director
1$0
PETER FARRELLTRUSTEE
Trustee or director
1$0
DEBBI GIBBSTRUSTEE
Trustee or director
1$0
WILLIAM GOBLETRUSTEE
Trustee or director
1$0
THOMAS W HAZLETTTRUSTEE
Trustee or director
1$0
BRIAN HOOKSTRUSTEE
Trustee or director
1$0
JAMES D JAMESONTRUSTEE
Trustee or director
1$0
MANUEL S KLAUSNERTRUSTEE
Trustee or director
1$0
JAMES LINTOTTTRUSTEE
Trustee or director
1$0
TRAVIS MAYTRUSTEE
Trustee or director
1$0
STEPHEN MODZELEWSKITRUSTEE
Trustee or director
1$0
CHRIS J RUFERTRUSTEE
Trustee or director
1$0
RAYMOND STATATRUSTEE
Trustee or director
1$0
KERRY WELSHTRUSTEE
Trustee or director
1$0
FRED M YOUNG JRTRUSTEE
Trustee or director
1$0
990 for the year ended September 30, 2024: 34 people
NameTitleHours / weekCompensationOther / benefits
DAVID NOTTPRESIDENT, CEO
Trustee or director, Officer
40$418,617$112,965
ADRIAN T MOOREVICE PRESIDENT POLICY
Officer
40$232,056$13,518
JONATHAN GRAFFCHIEF FINANCIAL OFFICER
Officer
40$224,322$18,162
NICHOLAS GILLESPIEEDITOR AT LARGE
Highest-paid employee
40$234,517$7,709
KATHERINE MANGU-WARDVP/EDITOR-IN-CHIEF
Officer
40$219,666$18,162
ROBERT POOLEFOUNDER, DIR OF TRANSPORTATION POLICY
Trustee or director, Officer
40$235,000$360
LEONARD GILROYVP GOVERNMENT REFORM
Officer
40$221,540$7,936
MICHAEL ALISSIVP OPERATIONS
Officer
40$202,086$18,143
JACQUELINE PYKEDIRECTOR OF DEVELOPMENT
Highest-paid employee
40$162,167$319
CARIN MANNDIR OF DONOR COMMUNICATIONS
Highest-paid employee
40$147,784$7,874
AARON STEINBERGMARKETING DIRECTOR
Highest-paid employee
40$154,215$319
JAMES EPSTEINEXECUTIVE EDITOR
Highest-paid employee
40$147,209$336
GEORGE F OHRSTROMBOARD CHAIR
Trustee or director, Officer
1$0$0
THEODORE BARNETTTRUSTEE
Trustee or director
1$0$0
THOMAS E BEACHTRUSTEE
Trustee or director
1$0$0
BARON BONDTRUSTEE
Trustee or director
1$0$0
DREW A CAREYTRUSTEE (LEFT 7/2024)
Trustee or director
1$0$0
REBECCA DUNNTRUSTEE
Trustee or director
1$0$0
LINDA EDWARDSTRUSTEE
Trustee or director
1$0$0
PETER FARRELLTRUSTEE
Trustee or director
1$0$0
DEBBI GIBBSTRUSTEE
Trustee or director
1$0$0
C BOYDEN GRAYTRUSTEE (LEFT 6/2024)
Trustee or director
1$0$0
THOMAS W HAZLETTTRUSTEE
Trustee or director
1$0$0
BRIAN HOOKSTRUSTEE
Trustee or director
1$0$0
JAMES D JAMESONTRUSTEE
Trustee or director
1$0$0
MANUEL S KLAUSNERTRUSTEE
Trustee or director
1$0$0
JAMES LINTOTTTRUSTEE
Trustee or director
1$0$0
TRAVIS MAYTRUSTEE
Trustee or director
1$0$0
STEPHEN MODZELEWSKITRUSTEE
Trustee or director
1$0$0
CHRIS J RUFERTRUSTEE
Trustee or director
1$0$0
RAYMOND STATATRUSTEE
Trustee or director
1$0$0
RICHARD A WALLACETRUSTEE (LEFT 6/2024)
Trustee or director
1$0$0
KERRY WELSHTRUSTEE
Trustee or director
1$0$0
FRED M YOUNG JRTRUSTEE
Trustee or director
1$0$0
990 for the year ended September 30, 2023: 32 people
NameTitleHours / weekCompensationOther / benefits
DAVID NOTTPRESIDENT, CEO
Trustee or director, Officer
40$412,948$112,709
ADRIAN T MOOREVICE PRESIDENT POLICY
Officer
40$221,122$17,562
NICHOLAS GILLESPIEEDITOR AT LARGE
Highest-paid employee
40$227,014$7,709
ROBERT POOLEFOUNDER, DIRECTOR OF TRANSPORTATION POLICY
Trustee or director, Officer
40$230,833$360
JONATHAN GRAFFCHIEF FINANCIAL OFFICER
Officer
40$213,402$17,562
LEONARD GILROYVICE PRESIDENT GOVERNMENT REFORM
Officer
40$211,454$7,680
KATHERINE MANGU-WARDVICE PRESIDENT/EDITOR-IN-CHIEF
Officer
40$216,667$393
MICHAEL ALISSIVICE PRESIDENT, OPERATIONS
Officer
40$193,356$17,543
JACQUELINE PYKEDIRECTOR OF DEVELOPMENT
Highest-paid employee
40$156,000$319
MATTHEW WELCHEDITOR AT LARGE
Highest-paid employee
40$137,291$17,429
MELISSA MANNDIRECTOR OF DONOR COMMUNICATIONS
Highest-paid employee
40$144,163$7,618
CHRISTOPHER MITCHELLDIRECTOR OF COMMUNICATIONS
Highest-paid employee
40$138,077$11,112
GEORGE F OHRSTROMBOARD CHAIR
Trustee or director, Officer
1$0$0
THEODORE BARNETTTRUSTEE
Trustee or director
1$0$0
THOMAS E BEACHTRUSTEE
Trustee or director
1$0$0
BARON BONDTRUSTEE
Trustee or director
1$0$0
DREW A CAREYTRUSTEE
Trustee or director
1$0$0
REBECCA DUNNTRUSTEE
Trustee or director
1$0$0
LINDA EDWARDSTRUSTEE
Trustee or director
1$0$0
PETER FARRELLTRUSTEE
Trustee or director
1$0$0
C BOYDEN GRAYTRUSTEE
Trustee or director
1$0$0
THOMAS W HAZLETTTRUSTEE
Trustee or director
1$0$0
BRIAN HOOKSTRUSTEE
Trustee or director
1$0$0
JAMES D JAMESONTRUSTEE
Trustee or director
1$0$0
MANUEL S KLAUSNERTRUSTEE
Trustee or director
1$0$0
JAMES LINTOTTTRUSTEE
Trustee or director
1$0$0
TRAVIS MAYTRUSTEE
Trustee or director
1$0$0
STEPHEN MODZELEWSKITRUSTEE
Trustee or director
1$0$0
CHRIS J RUFERTRUSTEE
Trustee or director
1$0$0
RICHARD A WALLACETRUSTEE
Trustee or director
1$0$0
KERRY WELSHTRUSTEE
Trustee or director
1$0$0
FRED M YOUNG JRTRUSTEE
Trustee or director
1$0$0

Address and contacts

Address (IRS master file)
5737 MESMER AVE, LOS ANGELES, CA 90230-6316
Principal officer (990 for 2024)
DAVID NOTT, 5737 MESMER AVENUE, LOS ANGELES, CA 90230
Signed the 990
DAVID NOTT, PRESIDENT & CEO
Phone
(310) 740-8579
Return prepared by
GREEN HASSON & JANKS LLP

California records

California keeps its own records of charities and corporations. Search them by EIN 95-3298239 or by the name THE REASON FOUNDATION.

Attorney General, Registry of Charities and Fundraisers
Registration status and filed reports (CT-TR-1, RRF-1)

Mission

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.

990 for the year ended September 30, 2025

Program accomplishments

  • 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
    Expenses $7,756,705 · revenue $742,017
  • 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.
    Expenses $7,075,812 · grants $60,000 · revenue $293,344
  • 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
    Expenses $3,808,053
  • 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
    Expenses $696,051

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in September, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025September 30, 2026February 16, 2027Not due yet
2024September 30, 2025February 17, 2026990 on file
2023September 30, 2024February 18, 2025990 on file

IRS record

EIN
95-3298239
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (170(b)(1)(A)(vi))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1979
Accounting year ends
September
Files
Form 990 or 990-EZ
Category (NTEE)
Education (B90)
Assets (IRS master file)
$29,097,754
Income (IRS master file)
$26,526,562

Filing history

FormYear endedRevenueExpensesAssetsReturn
990September 2025$22,810,664$21,964,556$29,097,754XML
990-TSeptember 2025–––IRS
990September 2024$23,300,815$19,863,540$25,642,938XML
990-TSeptember 2024–––IRS
990September 2023$15,456,947$17,507,487$19,398,270XML
990-TSeptember 2023–––IRS
990September 2022$15,233,016$14,980,930$17,225,914IRS
990-TSeptember 2022–––IRS
990September 2021–––IRS
990-TSeptember 2021–––IRS
990September 2020–––IRS
990September 2019–––IRS
990September 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 95-3298239).

Questions about THE REASON FOUNDATION

What is the EIN of THE REASON FOUNDATION?
The employer identification number (EIN) of THE REASON FOUNDATION is 95-3298239.
Is THE REASON FOUNDATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1979.
Are donations to THE REASON FOUNDATION tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does THE REASON FOUNDATION file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of THE REASON FOUNDATION due?
The return for tax year 2025 (the year ending September 30, 2026) is due February 16, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
When did THE REASON FOUNDATION last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended September 2025.
Who is the principal officer of THE REASON FOUNDATION?
The 990 for the year ended September 30, 2025 names DAVID NOTT.
Who are the officers and directors of THE REASON FOUNDATION?
The 990 for the year ended September 30, 2025 lists 33 people; 12 received compensation from the organization, the highest $407,827 (DAVID NOTT, PRESIDENT, CEO).
How much revenue does THE REASON FOUNDATION have?
On its 990 for the year ended September 30, 2025 it reported revenue of $22,810,664, expenses of $21,964,556 and total assets of $29,097,754 at year end.

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