The Fund for American Studies
Public records show a registered, tax-exempt organization in good standing.
What it says it does
SEE SCHEDULE O
- Income
- $15.6 million
- Spending
- $17.9 million
- Spent on programs
- 83%
- Reserves
- 5.1 months of spending
- Largest source of income
- donations and private grants, 54%
- Employees
- 109
- Volunteers
- 20
- Highest pay
- $406,982, president
Source: Form 990 for the year ending August 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 55 out of 100.
Reserves
20 of 35Spendable reserves would cover 5.1 months of spending.
Debt
16 of 20It owes 19% of what it owns.
Living within its means
4 of 15Spending exceeded income by 15% of income.
Income trend
0 of 15Income fell 26% on the year before.
Spending floor
15 of 1583% of spending went to programs and raising each dollar of donations cost 27 cents.
Source: Form 990 for the year ending August 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100.
Independent board
25 of 2518 of 21 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending August 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (3)
- $7.0 million spent. UNDERGRADUATE PROGRAMS: THESE PROGRAMS ARE DESIGNED FOR UNDERGRADUATE STUDENTS INTERESTED IN U.S. POLITICS, AMERICAN GOVERNMENT, FOREIGN AFFAIRS, BUSINESS GOVERNMENT RELATIONS AND JOURNALISM. THE PROGRAMS HELD IN THE US OFFER ACADEMIC CREDIT FOR COURSEWORK AT GEORGE MASON UNIVERSITY, AND INCLUDE INTERNSHIPS AND SITE BRIEFINGS AT PLACES SUCH AS THE WHITE HOUSE, THE U.S. CAPITOL, AND THE STATE DEPARTMENT. STUDENTS ATTEND REGULAR GUEST LECTURES, AND INTERACT WITH D.C. PROFESSIONALS THROUGH NETWORKING ACTIVITIES. COURSES ARE ACCREDITED BY GEORGE MASON UNIVERSITY. ONE PROGRAM IS OFFERED BY THE RONALD REAGAN PRESIDENTIAL FOUNDATION AND INSTITUTE IN CONJUNCTION WITH THE FUND FOR AMERICAN STUDIES. IT HELPS STUDENTS DEFINE AND STRENGTHEN THEIR LEADERSHIP SKILLS AND LEARN LESSONS FROM THE AMERICAN PRESIDENCY, ALL WHILE GIVING THEM AN INSIDER'S VIEW OF WASHINGTON. THE INTENSIVE SCHEDULE IS DESIGNED TO MAXIMIZE THE VALUE OF THEIR TIME IN WASHINGTON BY COMBINING LEARNING IN THE CLASSROOM WITH PRACTICAL INTERNSHIP EXPERIENCE AS WELL AS SPECIAL EVENTS AND BRIEFINGS. IN ADDITION, THE FUND FOR AMERICAN STUDIES (TFAS) HAS ORGANIZED INTERNATIONAL ACADEMIC INSTITUTES FOR MORE THAN 25 YEARS, WITH AN OBJECTIVE TO PROVIDE A RIGOROUS ACADEMIC EXPERIENCE, FOSTER DIALOGUES THAT CROSS BORDERS, AND CREATE A GLOBAL NETWORK OF RESPONSIBLE FUTURE LEADERS. THESE PROGRAMS ARE CURRENTLY HELD IN CHILE AND THE CZECH REPUBLIC.
- $4.4 million spent. HIGH SCHOOL PROGRAMS: ORGANIZED BY THE HIGH SCHOOL DIVISION OF TFAS, THE FOUNDATION FOR TEACHING ECONOMICS (FTE), THESE PROGRAMS INCLUDE ECONOMICS FOR LEADERS (EFL), ONE DAY, AND ONLINE PROGRAMS FOR HIGH SCHOOL STUDENTS AND TEACHERS. THE FLAGSHIP PROGRAM, EFL IS A SELECTIVE WEEK-LONG SUMMER PROGRAM THAT TEACHES HIGH SCHOOL STUDENTS HOW TO INTEGRATE ECONOMICS INTO THE PROCESS OF DECISION-MAKING IN A HANDS-ON, EXPERIENTIAL ENVIRONMENT. PROGRAMS ARE HELD ON COLLEGE CAMPUSES ACROSS THE COUNTRY. PROGRAMS ARE LED BY ECONOMICS PROFESSORS AND LEADERSHIP INSTRUCTORS SELECTED FOR THEIR EXPERTISE AND TEACHING EFFECTIVENESS. MORNING DISCUSSIONS, ACTIVITIES, AND INTERACTIVE SESSIONS INTRODUCE PARTICIPANTS TO THE "ECONOMIC WAY OF THINKING." AFTERNOON SESSIONS BUILD AN UNDERSTANDING OF LEADERSHIP AND PARTICIPANTS PRACTICE LEADERSHIP SKILLS IN A FUN-FILLED SERIES OF TASKS AND DILEMMAS. STUDENTS ALSO ENGAGE IN A CREATIVE DECISION-MAKING CHALLENGE IN WHICH THEY APPLY AND DEMONSTRATE THE SKILLS AND KNOWLEDGE THEY HAVE GAINED DURING THE WEEK. IN THE WEEK-LONG TEACHER PROGRAMS, HIGH SCHOOL TEACHERS "GO BACK TO SCHOOL AND ARE TAUGHT BY UNIVERSITY PROFESSORS AND MENTOR TEACHERS. WHAT'S UNIQUE ARE THE GAMES AND SIMULATIONS: INSTRUCTORS RUN THE ACTIVITIES WITH REAL STUDENTS SO THE TEACHERS CAN OBSERVE THE STUDENTS' INTERACTIONS. THE TEACHERS SEE, UP CLOSE, WHY FTE-DESIGNED LESSONS ARE SO EFFECTIVE AND LEAVE WITH A BETTER KNOWLEDGE OF ECONOMICS, NEW CLASSROOM STRATEGIES, AND A RENEWED ENTHUSIASM FOR TEACHING. OTHER TEACHER PROGRAMS INCLUDE ECONOMIC ISSUES FOR TEACHERS, ENVIRONMENT AND THE ECONOMY, AND RIGHT START IN TEACHING ECONOMICS.
- $2.9 million spent. GRADUATE AND PROFESSIONAL PROGRAMS: THESE PROGRAMS SERVE GRADUATE STUDENTS AND PROFESSIONALS IN MANY DIFFERENT CAREERS, INCLUDING LAW, JOURNALISM AND GOVERNMENT AFFAIRS. A SUMMER LAW FELLOWSHIP FOR LAW SCHOOL STUDENTS CONSISTS OF THE FOLLOWING MAJOR COMPONENTS: A COURSE ON ORIGINALISM WITH CREDIT THROUGH THE ANTONIN SCALIA LAW SCHOOL AT GEORGE MASON UNIVERSITY; AND LEGAL INTERNSHIPS WITH LAW FIRMS, LOBBYING FIRMS, PUBLIC INTEREST LEGAL ORGANIZATIONS AND LEGAL DEPARTMENTS OF TRADE ASSOCIATIONS, CORPORATIONS AND GOVERNMENT AGENCIES THROUGHOUT THE WASHINGTON AREA. THE ROBERT NOVAK JOURNALISM FELLOWSHIP PROGRAM ALLOWS WRITERS EARLY IN THEIR CAREERS TO PURSUE PROJECTS THEY OTHERWISE WOULD BE UNABLE TO RESEARCH AND REPORT BY PROVIDING STIPENDS AND EXPENSES UP TO $75,000. THE JOSEPH RAGO MEMORIAL FELLOWSHIP FOR EXCELLENCE IN JOURNALISM PROVIDES A NINE-MONTH PAID INTERNSHIP WITH THE WALL STREET JOURNAL'S EDITORIAL TEAM. THIS ANNUAL FELLOWSHIP IS OPEN TO RECENT COLLEGE AND JOURNALISM SCHOOL GRADUATES AND JOURNALISTS WITH LESS THAN FIVE YEARS' EXPERIENCE. THIS FELLOWSHIP IS IN HONOR AND MEMORY OF JOSEPH RAGO, A FORMER EDITORIAL BOARD MEMBER AT THE WALL STREET JOURNAL WHO PASSED AWAY IN 2017. THE INTERNSHIP AT THE WALL STREET JOURNAL PROVIDES THE OPPORTUNITY FOR EXPERIENCE WITH MANY FACETS OF THE EDITORIAL CRAFT, SUCH AS EDITING OP-EDS; WRITING STORIES UNDER ONE'S OWN BYLINE; WRITING AS PART OF THE EDITORIAL BOARD; WORKING WITH OUTSIDE CONTRIBUTORS AT EVERY STAGE OF SUBMISSION, FROM PITCHING TO PUBLICATION; CONTRIBUTING HEADLINES AND OTHER STORY COMPONENTS; FACT-CHECKING AND RESEARCH; AND MORE. THE PUBLIC POLICY FELLOWS IS A YEAR-LONG NETWORKING AND EDUCATION PROGRAM DESIGNED TO DEVELOP YOUNG LEADERS WITH A SHARED COMMITMENT TO IMPROVING PUBLIC POLICY. THE PROGRAM INCLUDES MONTHLY EVENING SESSIONS AND TWO WEEKEND RETREATS. CURRICULUM OF LIBERTY SEMINARS ARE INVITATION-ONLY ALUMNI CONFERENCES FOCUSED ON A VARIETY OF TOPICS RELATED TO LIBERTY. EACH CONFERENCE IS FACILITATED BY A PROFESSOR AND IMPLEMENTS A SOCRATIC-STYLE DISCUSSION MODEL BASED ON A SET OF ISSUES. PARTICIPANTS ARE GIVEN REQUIRED READINGS TO COMPLETE PRIOR TO THE CONFERENCE.
Source: Form 990 for the year ending August 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending August 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since September 1967.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.