Financials - NATIONAL ENDOWMENT FOR DEMOCRACY

NED is committed to responsible stewardship of the resources entrusted to it by the American people, ensuring that funds appropriated by Congress are used effectively, transparently, and in support of democratic partners worldwide.

NED prioritizes efficiency so that the majority of resources support those advancing freedom and democratic values on the frontlines. In Fiscal Year 2025, 84 cents of every dollar went directly to grants supporting pro-freedom activists and organizations around the world. By maintaining a lean operating structure and continually refining its operations, NED works to ensure that taxpayer resources deliver the greatest possible impact.

NED’s financial management practices are subject to multiple layers of oversight. The organization operates under the governance of a bipartisan Board of Directors and is accountable to Congress for the use of appropriated funds. NED also complies with federal nonprofit regulations and undergoes regular independent audits to ensure strong financial controls and responsible stewardship. Learn more about NED’s governance and oversight practices.

In NED’s FY2024 Audited Financial Statements, NED received a clean (unqualified) audit opinion on its financial statements, continuing a record of more than ten years of clean audits. The audit, conducted by Grant Thornton, found no material misstatements or significant deficiencies. Additionally, the Uniform Guidance (UG) report recorded no findings and classified NED as a “low-risk” entity. These results affirm NED’s commitment to financial integrity, accountability, and adherence to regulatory standards.

As part of its commitment to transparency and accountability, NED publishes its audited financial statements and IRS Form 990 filings, which provide detailed information on the organization’s financial activities and the use of its resources.