Washington, D.C., February 2, 2026 – The National Endowment for Democracy (NED) today announced that it has received unmodified (“clean”) audit opinions on its Fiscal Year 2025 financial statements and Uniform Guidance Single Audit, affirming the organization’s continued record of strong financial stewardship and accountability.
Grant Thornton LLP, NED’s independent auditor, issued unmodified opinions on NED’s FY2025 financial statements and on compliance with the Uniform Guidance Single Audit requirements. In their reporting under Government Auditing Standards, the auditors did not identify any material weaknesses in internal controls over financial reporting and reported no instances of noncompliance required to be reported. Under the Uniform Guidance Single Audit, the auditors reported no findings and determined that NED qualified as a low-risk auditee.
“The Board safeguards the credibility of NED’s work by executing our duty of care and fiduciary responsibilities through consistent, independent and robust governance and oversight,” said Jessica Adelman, Chair of NED’s Budget, Audit, and Administration Committee. “We are pleased NED’s audit findings reinforce the strength of NED’s internal controls and compliance practices, ensuring management and the organization is in the best position to execute against the mission.”
“Building on NED’s record of more than a decade of clean audits, these results reflect NED’s commitment to rigorous financial management, transparency, and accountability,” said Damon Wilson, NED President and Chief Executive Officer. “As America’s foundation for freedom around the world, we are committed to meeting the highest standards of accountability and oversight.”
The FY2025 audit confirms that NED’s financial statements are presented fairly in all material respects and that the organization remains fully compliant with applicable federal requirements governing the use of grant funds. The low-risk auditee designation reflects NED’s consistent record of clean audits, sound internal controls, and adherence to federal regulations.
About the National Endowment for Democracy
NED is a private, nonprofit foundation dedicated to advancing freedom and democracy worldwide. Established in 1983 as part of President Reagan’s vision to foster an “infrastructure of democracy” with a bipartisan Congressional mandate, NED supports grassroots leaders striving for the freedom to think, speak, worship, engage politically, and support their families without fear. It mobilizes key pillars of American democracy, from political parties to business and labor, to support their counterparts abroad through the Core institutes that form the NED family: the International Republican Institute, the National Democratic Institute, the Center for International Private Enterprise, and the Solidarity Center.
