The Institute For New Economic Thinking Inc
- Assets
- $21.3m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 20
- Location
- New York, NY
- Founding
- 11/2010
- Data as of
- 12/2022
- EIN
- 27-1916040
Organization Overview
The Institute For New Economic Thinking Inc is located in New York, NY. The organization was established in 2010. According to its NTEE Classification (V22) the organization is classified as: Economics, under the broad grouping of Social Science and related organizations. As of 12/2022, Institute For New Economic Thinking Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Institute For New Economic Thinking Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Institute For New Economic Thinking Inc generated $1.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (10.1%) each year. All expenses for the organization totaled $7.2m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (11.6%) per year over the past 4 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Institute For New Economic Thinking Inc has awarded 84 individual grants totaling $5,464,261. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE INSTITUTE FOR NEW ECONOMIC THINKING, INC. ("INET") PROVIDES FRESH INSIGHT AND THINKING TO PROMOTE CHANGES IN ECONOMIC THEORY AND PRACTICE THROUGH CONFERENCES, GRANTS, AND EDUCATION INITIATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESEARCHIN 2022, INET SUPPORTED APPROXIMATELY 60 RESEARCH GRANT PROJECTS, WHICH INCLUDED TEN NEW INITIATIVES. THE ORGANIZATION ALLOCATED OVER $500,000 TO RESEARCH GRANTS, WITH THE MAJORITY OF NEW PROJECTS BASED IN THE UNITED STATES, ALONGSIDE OTHERS IN THE UK, GERMANY, AND CANADA. INET'S WORKING PAPER SERIES ADDED MORE THAN 20 NEW PAPERS LAST YEAR, BRINGING THE TOTAL TO 195. THESE PAPERS ADDRESSED SIGNIFICANT ISSUES, SUCH AS ANTITRUST, PRIVATE EQUITY IN HEALTHCARE, FINANCIALIZATION, AND INFLATION, AMONG OTHER TIMELY SUBJECTS.
SIGNIFICANT OTHER PROGRAMSINET'S COMMISSION ON GLOBAL ECONOMIC TRANSFORMATION CONTINUED ITS WORK DURING 2023, AIMING FOR A FINAL REPORT RELEASE IN 2024.INET CONTINUED ITS ONLINE FORUM ENTITLED INET LIVE, AND SIGNIFICANT WORK IN THE AREAS OF CURRICULUM REFORM AND THE HISTORY OF ECONOMIC THOUGHTINET CONTINUED THE EXPANSION OF ITS SUBSTANTIAL FOOTPRINT OF EVENT PROGRAMMING IN INDIA, WITH A MIX OF ONLINE AND IN-PERSON ACTIVITIES.THE ORGANIZATION CONTINUED WORK IN THE AREA OF PRIVATE DEBT, INCLUDING A HYBRID IN-PERSON/ONLINE EVENT SHOWCASING CRITICAL NEW WORKS IN THIS FIELD.
MULTIMEDIA PRODUCTIONIN THE FIELD OF VIDEO AND MULTIMEDIA, INET HAS UNVEILED 74 NEW PRODUCTIONS THIS YEAR, ENCOMPASSING A DIVERSE RANGE OF FORMATS. THESE INCLUDE IN-DEPTH EDUCATIONAL VIDEO SERIES, ENGAGING ANIMATED EXPLAINERS, VIDEOCASTS, AND INSIGHTFUL INTERVIEWS, ALL DESIGNED TO FOSTER UNDERSTANDING AND DISCUSSION IN THEIR AREAS OF EXPERTISE.
YOUNG SCHOLARS INITIATIVE OVER THE PAST YEAR, THE YSI COMMUNITY HAS ACTIVELY ENGAGED IN A MULTITUDE OF COLLABORATIVE EFFORTS, INCLUDING WEBINARS, WORKSHOPS, AND READING GROUPS, EACH OFFERING A UNIQUE PLATFORM FOR DELVING INTO INNOVATIVE ECONOMIC IDEAS. 2022 MARKED THE 10-YEAR MILESTONE SINCE THE YSI COMMUNITY WAS FOUNDED AT THE INET PARADIGM LOST CONFERENCE IN BERLIN, IN APRIL OF 2012. THE MEMBERSHIP SAW AN 11% INCREASE, RISING TO OVER 20,000 MEMBERS. DURING THIS PERIOD, THE COMMUNITY SUCCESSFULLY EXECUTED 70 PROJECTS AND AWARDED 16 GRANTS FOR VARIOUS EVENTS, DEMONSTRATING A ROBUST EXPANSION AND COMMITMENT TO ITS MISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Johnson President | OfficerTrustee | 40 | $585,841 |
Rohinton Medhora Chairperson | OfficerTrustee | 1 | $0 |
Chris Canavan Chairperson, Thru 9/30/22 | OfficerTrustee | 1 | $0 |
Clive Cowdery Director | Trustee | 0.25 | $0 |
Gaurav Dalmia Director | Trustee | 1 | $0 |
Arminio Fraga Director, Thru 6/30/22 | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Entropy Fox Development Software Development | 12/30/22 | $152,412 |
Lynn Parramore Editing Services | 12/30/22 | $133,200 |
Econ Films Ltd Video Production | 12/30/22 | $122,490 |
Roman Frydman Academic Consulting | 12/30/22 | $102,093 |
Indus Interface Llc International Strategic Consulting | 12/30/22 | $103,196 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,147,721 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,147,721 |
| Total Program Service Revenue | $0 |
| Investment income | $84,407 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $17,600 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,256,577 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $369,032 |
| Grants and other assistance to domestic individuals. | $31,714 |
| Grants and other assistance to Foreign Orgs/Individuals | $239,806 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,222,655 |
| Compensation of current officers, directors, key employees. | $415,511 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,061,526 |
| Pension plan accruals and contributions | $57,817 |
| Other employee benefits | $283,031 |
| Payroll taxes | $198,538 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $41,974 |
| Fees for services: Accounting | $47,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $835,045 |
| Advertising and promotion | $53,582 |
| Office expenses | $96,391 |
| Information technology | $419,807 |
| Royalties | $0 |
| Occupancy | $321,390 |
| Travel | $480,014 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,805 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $118,274 |
| Insurance | $37,809 |
| All other expenses | $0 |
| Total functional expenses | $7,206,840 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,549,237 |
| Savings and temporary cash investments | $15,273,125 |
| Pledges and grants receivable | $1,368,975 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,574 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $37,443 |
| Net Land, buildings, and equipment | $234,089 |
| Investments—publicly traded securities | $24,518 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $811,895 |
| Total assets | $21,303,856 |
| Accounts payable and accrued expenses | $419,768 |
| Grants payable | $1,150,896 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $880,600 |
| Total liabilities | $2,451,264 |
| Net assets without donor restrictions | $18,305,175 |
| Net assets with donor restrictions | $547,417 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $21,303,856 |
Grants Awarded
Over the last fiscal year, The Institute For New Economic Thinking Inc has awarded $368,856 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK PURPOSE: STIGLITZ POST-DOCTORAL FELLOWSHIP | $145,034 |
THE ACADEMIC-INDUSTRY RESEARCH NETWORK PURPOSE: MASS-PRODUCING COVID-19 VACCINES: CAPACITY, SCALE, AND CONTROL | $99,994 |
UNIVERSITY OF UTAH PURPOSE: SOCIAL AND SECTORAL INFLUENCES IN THE EVOLUTION OF AMERICAN ANTITRUST LAW | $49,500 |
THE CAPITAL INSTITUTE PURPOSE: REGENERATIVE ECONOMICS | $6,000 |
NEW YORK UNIVERSITY PURPOSE: KNIGHTIAN UNCERTAINITY ECONOMICS | $68,328 |