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Foundation For The Advancement Ofresearch In Financial Economics

  • Pittsburgh, PA
  • Tax-exempt since June 2007
  • EIN: 20-5892956

Organization summary

Type of Nonprofit

Designated as a Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Category: Educational Institutions and Related Activities / Scholarships, Student Financial Aid Services, Awards (NTEE)

Donations to this organization are tax deductible.

Summary charts: organization finances over time

Revenue
$41.3k (2024)

Expenses
$8.83k (2024)

Total Assets
$658k (2024)

Total Liabilities
$163 (2024)

Source: Form 990 tax filings from 2011 to 2024

Tax Filings by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Fiscal Year Ending Dec.
2024

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$41,259
Expenses
$8,828
Net Income
$32,431
Net Assets
$658,144
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $0
Interest Revenue $5
0.0%
Dividends $16,492
40.0%
Sales of Assets $24,762
60.0%
Other Income $0
Notable Expenses Percent of Total Expenses
Charitable Disbursements $0
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $658,307
Total Liabilities $163
Net Assets $658,144
Compensation
Key Employees and Officers Compensation Other
Adriano Rampini (President) $0 $0
Isil Erel (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Stavros Panageas (Secretary) $0 $0
Dimitris Papanikolaou (Director) $0 $0
Nikolai Roussanov (Director) $0 $0
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Document Links

990-PF
Filed on Nov. 17, 2025

Primary tax return for a private foundation's activities, finances, and governance

View Filing
XML

Fiscal Year Ending Dec.
2023

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$83,430
Expenses
$94,886
Net Income
-$11,456
Net Assets
$760,925
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $28,086
33.7%
Interest Revenue $13
0.0%
Dividends $22,088
26.5%
Sales of Assets -$1,442
Other Income $34,685
41.6%
Notable Expenses Percent of Total Expenses
Charitable Disbursements $60,000
63.2%
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $761,088
Total Liabilities $163
Net Assets $760,925
Compensation
Key Employees and Officers Compensation Other
Adriano Rampini (President) $0 $0
Isil Erel (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Stavros Panageas (Secretary) $0 $0
Leonid Kogan (Director) $0 $0
Nikolai Roussanov (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Nov. 14, 2024

Primary tax return for a private foundation's activities, finances, and governance

View Filing
XML

Fiscal Year Ending Dec.
2022

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$94,820
Expenses
$38,384
Net Income
$56,436
Net Assets
$713,017
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $55,149
58.2%
Interest Revenue $35
0.0%
Dividends $10,301
10.9%
Sales of Assets $785
0.8%
Other Income $28,550
30.1%
Notable Expenses Percent of Total Expenses
Charitable Disbursements $33,334
86.8%
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $713,180
Total Liabilities $163
Net Assets $713,017
Compensation
Key Employees and Officers Compensation Other
Adriano Rampini (President) $0 $0
Isil Erel (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Stavros Panageas (Secretary) $0 $0
Leonid Kogan (Director) $0 $0
Joao Gomes (Director) $0 $0
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Document Links

990-PF
Filed on Nov. 15, 2023

Primary tax return for a private foundation's activities, finances, and governance

View Filing
PDF XML

Fiscal Year Ending Dec.
2021

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$465,322
Expenses
$11,687
Net Income
$453,635
Net Assets
$730,347
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $338,969
72.8%
Interest Revenue $8
0.0%
Dividends $5,414
1.2%
Sales of Assets $120,931
26.0%
Other Income $0
Notable Expenses Percent of Total Expenses
Charitable Disbursements $0
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $730,510
Total Liabilities $163
Net Assets $730,347
Compensation
Key Employees and Officers Compensation Other
Adriano Rampini (President) $0 $0
Isil Erel (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Stavros Panageas (Secretary) $0 $0
Leonid Kogan (Director) $0 $0
Joao Gomes (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Nov. 11, 2022

Primary tax return for a private foundation's activities, finances, and governance

View Filing
XML

Fiscal Year Ending Dec.
2020

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$107,003
Expenses
$148
Net Income
$106,855
Net Assets
$351,732
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $61,181
57.2%
Interest Revenue $2
0.0%
Dividends $2,286
2.1%
Sales of Assets $43,534
40.7%
Other Income $0
Notable Expenses Percent of Total Expenses
Charitable Disbursements $0
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $351,895
Total Liabilities $163
Net Assets $351,732
Compensation
Key Employees and Officers Compensation Other
Adriano Rampini (President) $0 $0
Isil Erel (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Stavros Panageas (Secretary) $0 $0
Leonid Kogan (Director) $0 $0
Joao Gomes (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Nov. 15, 2021

Primary tax return for a private foundation's activities, finances, and governance

View Filing
PDF XML

Fiscal Year Ending Dec.
2019

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$36,670
Expenses
$115,951
Net Income
-$79,281
Net Assets
$244,877
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $1,852
5.1%
Interest Revenue $57
0.2%
Dividends $6,291
17.2%
Sales of Assets $20
0.1%
Other Income $28,450
77.6%
Notable Expenses Percent of Total Expenses
Charitable Disbursements $75,000
64.7%
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $245,040
Total Liabilities $163
Net Assets $244,877
Compensation
Key Employees and Officers Compensation Other
Adriano Rampini (President) $0 $0
Isil Erel (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Stavros Panageas (Secretary) $0 $0
Leonid Kogan (Director) $0 $0
Joao Gomes (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Nov. 13, 2020

Primary tax return for a private foundation's activities, finances, and governance

View Filing
PDF XML

Fiscal Year Ending Dec.
2018

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$6,638
Expenses
$1,591
Net Income
$5,047
Net Assets
$324,158
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $1,100
16.6%
Interest Revenue $49
0.7%
Dividends $5,480
82.6%
Sales of Assets $9
0.1%
Other Income $0
Notable Expenses Percent of Total Expenses
Charitable Disbursements $0
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $324,321
Total Liabilities $163
Net Assets $324,158
Compensation
Key Employees and Officers Compensation Other
Adriano Rampini (President) $0 $0
Michael Fishman (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Stavros Panageas (Secretary) $0 $0
Leonid Kogan (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Nov. 12, 2019

Primary tax return for a private foundation's activities, finances, and governance

View Filing
PDF XML

Fiscal Year Ending Dec.
2017

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$15,708
Expenses
$107,985
Net Income
-$92,277
Net Assets
$319,111
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $12,275
78.1%
Interest Revenue $8
0.1%
Dividends $3,425
21.8%
Sales of Assets $0
Other Income $0
Notable Expenses Percent of Total Expenses
Charitable Disbursements $90,000
83.3%
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $319,274
Total Liabilities $163
Net Assets $319,111
Compensation
Key Employees and Officers Compensation Other
Amir Yaron (President) $0 $0
Michael Fishman (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Stavros Panageas (Secretary) $0 $0
Adriano Rampini (Director) $0 $0
Mark Grinblatt (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Nov. 13, 2018

Primary tax return for a private foundation's activities, finances, and governance

View Filing
PDF XML

Fiscal Year Ending Dec.
2016

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$2,149
Expenses
$31,829
Net Income
-$29,680
Net Assets
$411,388
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $0
Interest Revenue $2
0.1%
Dividends $2,147
99.9%
Sales of Assets $0
Other Income $0
Notable Expenses Percent of Total Expenses
Charitable Disbursements $0
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $411,551
Total Liabilities $163
Net Assets $411,388
Compensation
Key Employees and Officers Compensation Other
Amir Yaron (President) $0 $0
Michael Fishman (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Jennifer Huang (Secretary) $0 $0
Torben Anderson (Director) $0 $0
Mark Grinblatt (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Nov. 13, 2017

Primary tax return for a private foundation's activities, finances, and governance

View Filing
PDF XML

Fiscal Year Ending Dec.
2015

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$22,249
Expenses
$121,842
Net Income
-$99,593
Net Assets
$441,068
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $0
Interest Revenue $1
0.0%
Dividends $948
4.3%
Sales of Assets $0
Other Income $21,300
95.7%
Notable Expenses Percent of Total Expenses
Charitable Disbursements $100,002
82.1%
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $441,231
Total Liabilities $163
Net Assets $441,068
Compensation
Key Employees and Officers Compensation Other
Amir Yaron (President) $0 $0
Jaime Zender (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Jennifer Huang (Secretary) $0 $0
Torben Anderson (Director) $0 $0
Mark Grinblatt (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Nov. 11, 2016

Primary tax return for a private foundation's activities, finances, and governance

View Filing
PDF XML

Fiscal Year Ending Dec.
2014

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$100,731
Expenses
$27,117
Net Income
$73,614
Net Assets
$540,661
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $100,000
99.3%
Interest Revenue $1
0.0%
Dividends $730
0.7%
Sales of Assets $0
Other Income $0
Notable Expenses Percent of Total Expenses
Charitable Disbursements $0
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $540,824
Total Liabilities $163
Net Assets $540,661
Compensation
Key Employees and Officers Compensation Other
Amir Yaron (President) $0 $0
Jaime Zender (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Jennifer Huang (Secretary) $0 $0
Torben Anderson (Director) $0 $0
Mark Grinblatt (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Aug. 13, 2015

Primary tax return for a private foundation's activities, finances, and governance

View Filing
PDF XML

Fiscal Year Ending Dec.
2013

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$77,718
Expenses
$41,814
Net Income
$35,904
Net Assets
$467,047
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $50,000
64.3%
Interest Revenue $11
0.0%
Dividends $707
0.9%
Sales of Assets $0
Other Income $27,000
34.7%
Notable Expenses Percent of Total Expenses
Charitable Disbursements $40,000
95.7%
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $467,210
Total Liabilities $163
Net Assets $467,047
Compensation
Key Employees and Officers Compensation Other
Amir Yaron (President) $0 $0
Jaime Zender (Director) $0 $0
Chester Spatt (Treasurer) $0 $0
Jennifer Huang (Secretary) $0 $0
Torben Anderson (Director) $0 $0
Mark Grinblatt (Director) $0 $0
+ View more people

Document Links

990-PF
Filed on Oct. 15, 2014

Primary tax return for a private foundation's activities, finances, and governance

View Filing
PDF XML

Fiscal Year Ending Dec.
2012

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$37,354
Expenses
$54,681
Net Income
-$17,327
Net Assets
$431,143
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $35,000
93.7%
Interest Revenue $2
0.0%
Dividends $1,311
3.5%
Sales of Assets $11
0.0%
Other Income $1,030
2.8%
Notable Expenses Percent of Total Expenses
Charitable Disbursements $50,000
91.4%
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $431,306
Total Liabilities $163
Net Assets $431,143

Document Links

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending Dec.
2011

Extracted Financial Data

Extracted Financial Data from Form 990-PF
Revenue
$31,795
Expenses
$103,493
Net Income
-$71,698
Net Assets
$448,469
Notable Sources of Revenue Percent of Total Revenue
Contributions Received $0
Interest Revenue $16
0.1%
Dividends $744
2.3%
Sales of Assets $0
Other Income $31,035
97.6%
Notable Expenses Percent of Total Expenses
Charitable Disbursements $75,000
72.5%
Compensation of Officers* $0
* Officer compensation may be included in charitable disbursements, so Percent of Total Expenses may add up to greater than 100%.
Assets/Debt
Total Assets $448,470
Total Liabilities $1
Net Assets $448,469

Document Links

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending Dec.
2010

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending Dec.
2009

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending Dec.
2008

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

Fiscal Year Ending Dec.
2007

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

990-PF

Primary tax return for a private foundation's activities, finances, and governance

PDF

About This Data

What Is This Data?

Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.

The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.

In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.

We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.

Which Organizations Are Here?

Every organization that has been recognized as tax exempt by the IRS has to file Form 990 every year, unless they make less than $200,000 in revenue and have less than $500,000 in assets, in which case they have to file form 990-EZ. Organizations making less than $50,000 don’t have to file either form but do have to let the IRS they’re still in business via a Form 990N "e-Postcard."

Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Taxable trusts and private foundations that are required to file a form 990PF are also included. Small organizations filing a Form 990N "e-Postcard" are not included in this data.

Types of Nonprofits

There are 27 nonprofit designations based on the numbered subsections of section 501(c) of the tax code. See the list »

Get the Data

For those interested in acquiring the original data from the source, here’s where our data comes from:

  • Raw filing data. Includes EINs and summary financials as structured data.
  • Exempt Organization profiles. Includes organization names, addresses, etc. You can merge this with the raw filing data using EIN numbers.
  • Form 990 documents. Prior to 2017, these documents were obtained and processed by Public.Resource.org and ProPublica. Bulk PDF downloads since 2017 are available from the IRS.
  • Form 990 documents as XML files. Includes complete filing data (financial details, names of officers, tax schedules, etc.) in machine-readable format. Only available for electronically filed documents. Electronic data released prior to October 2021 is also available through Amazon Web Services.
  • Audits. PDFs of single or program-specific audits for nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year. Available for fiscal year 2015 and later.

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About Nonprofit Explorer

Nonprofit Explorer

Browse millions of annual returns filed by tax-exempt organizations with ProPublica’s Nonprofit Explorer. See details like executive compensation, revenue, expenses and more. Search for an organization or a person, or search the full text of filings.

By Andrea Suozzo, Alec Glassford, Ash Ngu and Brandon Roberts.

Design by Jeff Frankl. Additional development by Ken Schwencke, Mike Tigas, and Sisi Wei.

E-file viewer adapted from IRS e-File Viewer by Ben Getson. Code for scraping audit documents adapated from Govwiki.

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