The Heritage Foundation 
The information on this page was last updated 6/17/2025. If you see errors or omissions, please email: [email protected]
Summary
Every day, The Heritage Foundation is building an America where freedom, opportunity, prosperity, and civil society flourish.
Contact information
Mailing address:
The Heritage Foundation
214 Massachusetts Ave NE
Washington, DC 20002-4999
Website: www.heritage.org
Phone: 800-546-2843
Email: [email protected]
Organization details
EIN: 237327730
CEO/President: Kevin Roberts
Chairman: Barb Van Andel-Gaby
Board size: 15
Founder: Edwin J. Feulner
Ruling year: 1973
Tax deductible: Yes
Fiscal year end: 12/31
Member of ECFA: No
Member of ECFA since:
Purpose
We champion policy solutions that benefit all Americans. But Heritage is also much more than a think tank.
Mission statement
Heritage's mission is to formulate and promote public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.
Statement of faith
Donor confidence score
Transparency grade
C
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: Advocacy
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 979 of 1134 | 36 of 39 |
| Fund acquisition rating | | 999 of 1134 | 35 of 39 |
| Resource allocation rating | | 442 of 1134 | 15 of 39 |
| Asset utilization rating | | 1046 of 1134 | 37 of 39 |
Financial ratios
| Funding ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 9% | 17% | 17% | 20% | 22% | 12% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 7% | 16% | 15% | 15% | 12% | 11% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 96% | 97% | 89% | 74% | 55% | 95% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 8% | 15% | 17% | 18% | 19% | 18% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 4% | 3% | 11% | 26% | 45% | 5% |
| Operating ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Program expense ratio Program expense ratio = Program services / Total expenses | 80% | 81% | 81% | 80% | 80% | 80% |
Spending ratio Spending ratio = Total expenses / Total revenue | 96% | 107% | 88% | 84% | 66% | 63% |
Program output ratio Program output ratio = Program services / Total revenue | 76% | 87% | 71% | 68% | 53% | 51% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 4% | -7% | 12% | 16% | 34% | 37% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 6% | -2% | 4% | 4% | 12% | 14% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 10% | 3% | 2% | 2% | 2% | 2% |
| Investing ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.99 | 0.26 | 0.24 | 0.20 | 0.21 | 0.21 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 1.32 | 2.07 | 1.98 | 1.86 | 1.88 | 5.07 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.75 | 0.54 | 0.48 | 0.38 | 0.39 | 1.08 |
| Liquidity ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Current ratio Current ratio = Total current assets / Total current liabilities | 16.25 | 20.70 | 20.98 | 24.19 | 21.33 | 7.80 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.06 | 0.05 | 0.05 | 0.04 | 0.05 | 0.13 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 6.40 | 21.26 | 23.94 | 30.40 | 29.51 | 9.68 |
| Solvency ratios | Sector median | 2023 | 2022 | 2021 | 2020 | 2019 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 20% | 16% | 14% | 13% | 13% | 12% |
Debt ratio Debt ratio = Debt / Total assets | 0% | 11% | 9% | 8% | 7% | 6% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 74% | 323% | 354% | 428% | 421% | 412% |
Financials
| Balance sheet | |||||
| Assets | 2023 | 2022 | 2021 | 2020 | 2019 |
| Cash | $39,407,437 | $31,158,754 | $25,689,409 | $16,655,710 | $59,409,589 |
| Receivables, inventories, prepaids | $29,567,654 | $30,829,925 | $7,446,163 | $9,586,972 | $9,994,904 |
| Short-term investments | $131,617,233 | $134,208,492 | $193,610,757 | $176,968,519 | $2,759,256 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $200,592,324 | $196,197,171 | $226,746,329 | $203,211,201 | $72,163,749 |
| Long-term investments | $97,351,561 | $83,594,147 | $96,993,081 | $84,287,111 | $207,179,107 |
| Fixed assets | $111,328,038 | $101,240,569 | $96,132,451 | $92,825,388 | $86,153,974 |
| Other long-term assets | $5,781,476 | $6,633,278 | $1,390,267 | $1,009,169 | $267,018 |
| Total long-term assets | $214,461,075 | $191,467,994 | $194,515,799 | $178,121,668 | $293,600,099 |
| Total assets | $415,053,399 | $387,665,165 | $421,262,128 | $381,332,869 | $365,763,848 |
| Liabilities | 2023 | 2022 | 2021 | 2020 | 2019 |
| Payables and accrued expenses | $9,690,494 | $9,351,311 | $9,373,658 | $9,526,479 | $9,257,260 |
| Other current liabilities | $0 | $0 | $0 | $0 | $0 |
| Total current liabilities | $9,690,494 | $9,351,311 | $9,373,658 | $9,526,479 | $9,257,260 |
| Debt | $46,815,280 | $35,211,409 | $32,044,866 | $26,957,136 | $21,350,203 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $10,863,801 | $11,114,574 | $12,571,442 | $13,095,106 | $13,659,552 |
| Total long-term liabilities | $57,679,081 | $46,325,983 | $44,616,308 | $40,052,242 | $35,009,755 |
| Total liabilities | $67,369,575 | $55,677,294 | $53,989,966 | $49,578,721 | $44,267,015 |
| Net assets | 2023 | 2022 | 2021 | 2020 | 2019 |
| Without donor restrictions | $242,621,488 | $227,926,925 | $273,388,431 | $242,678,801 | $232,176,281 |
| With donor restrictions | $105,062,336 | $104,060,946 | $93,883,731 | $89,075,347 | $89,320,552 |
| Net assets | $347,683,824 | $331,987,871 | $367,272,162 | $331,754,148 | $321,496,833 |
| Revenues and expenses | |||||
| Revenue | 2023 | 2022 | 2021 | 2020 | 2019 |
| Total contributions | $97,801,739 | $95,083,025 | $75,262,071 | $65,877,330 | $116,992,003 |
| Program service revenue | $83,247 | $33,862 | $33,811 | $152,804 | $561,668 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $2,593,654 | $9,482,864 | $25,519,589 | $52,493,822 | $4,863,711 |
| Other revenue | $484,710 | $1,729,773 | $967,561 | $610,523 | $443,820 |
| Total other revenue | $3,161,611 | $11,246,499 | $26,520,961 | $53,257,149 | $5,869,199 |
| Total revenue | $100,963,350 | $106,329,524 | $101,783,032 | $119,134,479 | $122,861,202 |
| Expenses | 2023 | 2022 | 2021 | 2020 | 2019 |
| Program services | $87,694,931 | $75,442,501 | $68,976,275 | $62,847,478 | $62,487,002 |
| Management and general | $3,399,209 | $1,847,026 | $1,513,235 | $1,274,376 | $1,608,235 |
| Fundraising | $16,645,037 | $16,378,589 | $15,319,573 | $14,631,685 | $13,877,513 |
| Total expenses | $107,739,177 | $93,668,116 | $85,809,083 | $78,753,539 | $77,972,750 |
| Change in net assets | 2023 | 2022 | 2021 | 2020 | 2019 |
| Surplus (deficit) | ($6,775,827) | $12,661,408 | $15,973,949 | $40,380,940 | $44,888,452 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | ($6,775,827) | $12,661,408 | $15,973,949 | $40,380,940 | $44,888,452 |
Compensation
| Name | Title | Compensation |
| Kevin Roberts | President | $926,195 |
| Derrick Morgan | Executive Vice President | $626,943 |
| Eric Korsvall | Chief Operating Officer | $509,956 |
| Dan Mauler | General Counsel & Secretary | $378,947 |
| Roger Severino | VP, Domestic Policy | $378,430 |
| James Carafano | Sr. Fellow | $363,496 |
| Robert Bluey | VP, Communications | $358,485 |
| John Malcolm | VP, Inst. For Constitutional Gov't | $353,524 |
| John Backiel | VP, Finance, Accounting & Treasurer | $352,647 |
| Andrew Olivastro | Chief Advancement Officer | $336,510 |
| Paul Dans | Director, Project 2025 | $334,002 |
| Bridgett Wagner | Ed the Feulner Institute | $329,032 |
| Chad Barefoot | Director, Donor Relations | $314,691 |
| Mike Gonzalez | Sr. Fellow | $309,699 |
| Carsten Walter | Sr. Fellow | $308,498 |
| Steven Bradbury | Distinguished Fellow, Evp's Office | $287,327 |
| Andrew McIndoe | VP, Development | $232,654 |
| Jack Spencer | Sr. Research Fellow | $225,203 |
| Christopher Byrnes | Gen. Counsel & Secretary | $200,984 |
| Edwin Meese III | Consultant & Trustee | $36,000 |
Compensation data as of: 12/31/2023
Response from ministry
No response has been provided by this ministry.
The information below was provided to MinistryWatch by the ministry itself. It was last updated 6/17/2025. To update the information below, please email: [email protected]