The American Enterprise Institute is grateful to the many supporters who have invested in the Institute's efforts to translate learning and ideas into innovative solutions to our most difficult public policy problems. All of AEI's research areas were larger and more robust last year than ever before.
Expenditures for the economics program, AEI's largest study area, grew 7 percent to an all-time high of $7.8 million. Foreign and defense policy studies increased 13 percent to $5.7 million. Social and political studies, with substantially greater activity in the education area, grew 31 percent to its highest level ever: $5.5 million. The American, AEI's flagship magazine, had gross expenses of $2.9 million in its first full year of operation. Adoption of FASB 158 during 2007 resulted in a one-time cumulative adjustment of $0.4 million.
AEI devoted more than 81 percent of its resources to direct support for its research, publications, and conferences. The only area of expenditure that fell from the previous year was management and fundraising, which declined 4 percent to $5.1 million.
Total 2007 operating revenues were $31.3 million. Additional commitments of $10.9 million were pledged to help build AEI's permanent endowment but made no real contribution to 2007 operating revenues.
Investment revenues accounted for 21 percent of total operating revenues, which meant that AEI had to "go to market" for 79 percent of its revenues. That marketing effort brought a robust response from the individuals, foundations, and business firms that value AEI's work. Total revenues were up more than 10 percent over the previous year.
As always, AEI is committed to transparent accounting of the resources it receives. In addition to required tax filings, a copy of the Institute's audited financial statement is available to anyone who requests it.
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