2016 FINANCIALS

DEDICATED TO ELEVATING Revenue THE DEBATE ON SOCIAL AND ECONOMIC POLICY 42.2% Federal government For nearly five decades, the 41.0% Foundations Urban Institute has provided 5.8% Urban Institute endowment support policymakers and practitioners 4.2% Nonprofits and universities with the evidence-based, 2.7% Corporations nonpartisan research they need 1.4% Individuals to make smart decisions and 1.3% International organizations implement practical solutions. and foreign entities Thanks to support from our 1.2% State and local governments funders and partners, Urban 0.3% Publication and other income scholars deliver data-driven insights and analysis that can elevate debate, transform Program Expenses communities, and improve lives. 24.2% Health Policy Center 2016 FINANCIAL SNAPSHOT 15.8% Metropolitan Housing and Communities Policy Center Our 2016 revenue totaled 12.6% Income and Benefits $93.9 million, and our expenses Policy Center totaled $86 million. We 11.8% Justice Policy Center are committed to financial 10.3% Center on Labor, Human transparency. On the following Services, and Population pages we provide detail on our 9.0% Tax Policy Center finances and sources of funding. 6.7% Policy Advisory Group 3.6% Center on International Development and Governance 2.2% Center on Nonprofits and Philanthropy 1.9% Housing Finance Policy Center 1.2% Executive Office Research 0.6% Statistical Methods Group

1 ■ 2016 FINANCIALS Statement of Activities Statement of Financial Position

OPERATING REVENUES ASSETS Contract amounts earned $37,207,473 Cash and cash equivalents 7,889,952 Program and project grants 49,477,990 Endowment-related cash and cash equivalents 3,764,976 General support grants and contributions 1,478,093 Accounts receivable, net 18,926,812 Publication income 19,376 Contributions receivable, net 26,269,909 Investment return designated for operations 5,429,196 Prepaid expenses and other assets 881,791 Other income 267,920 Property and equipment, net 4,509,203 TOTAL OPERATING REVENUES $93,880,048 Long-term investments 111,243,233 TOTAL ASSETS 173,485,876 OPERATING EXPENSES Research expenses LIABILITIES Incurred under contracts 34,398,940 Accounts payable 3,554,269 Incurred under grants 28,402,316 Accrued payroll 1,386,684 Incurred for other research 16,215,501 Accrued paid time off 2,667,336 Total program costs 79,016,757 Other accrued expenses 170,299 Development 742,596 Deferred revenue 12,076,796 Publication and public affairs costs 36,620 Deferred rent 2,469,225 Other costs 6,233,369 TOTAL LIABILITIES 22,324,609 TOTAL OPERATING EXPENSES $86,029,342 NET ASSETS

NONOPERATING ACTIVITIES Unrestricted 112,950,766 Interest and dividends, net 1,388,109 Temporarily restricted 34,769,191 Loss on long-term investments, net 5,470,912 Permanently restricted 3,441,310 Investment income allocation (5,429,196) TOTAL NET ASSETS 151,161,267 Contributions received 31,887 TOTAL LIABILITIES AND NET ASSETS 173,485,876 TOTAL NONOPERATING ACTIVITIES 1,461,712 Change in net assets 9,312,418 NET ASSETS AT BEGINNING OF THE YEAR 141,848,849

NET ASSETS AT END OF THE YEAR 151,161,267

To view our full audited financial statements, please visit our website at http://urbn.is/financials, or contact the Development Office at 2100 M St NW, Washington, DC 20037.

2 ■ 2016 FINANCIALS THANK YOU TO OUR FUNDERS We are grateful for your support, which helps Urban’s scholars transform evidence into solutions.

$1,000,000 AND ABOVE Laura and John Arnold Foundation* Medicaid and Chip Payment and Access Microsoft Corporation Annie E. Casey Foundation* Commission* New Venture Fund* Ford Foundation* MedPAC* Bill and Susan Oberndorf Foundation* Bill & Melinda Gates Foundation* Charles Stewart Mott Foundation* The David and Lucile Packard Foundation Robert Wood Johnson Foundation* New York City Center for Economic The Research Foundation for the State JPMorgan Chase & Co.* Opportunity* University of New York The John D. and Catherine T. MacArthur Open Society Foundations* Rubicon Programs Foundation* Public Welfare Foundation* Stoneman Family Foundation* Robert C. Pozen and the Ashurst The Research Foundation City University of University of California, Los Angeles* Foundation† New York* US Consumer Financial Protection Bureau Rockefeller Foundation* University of Tulsa-Oxley College of US Department of Homeland Security* US Department of Health and Human Health Sciences US Department of State Services* US Social Security Administration* Vista Capital Advisors* US Department of Housing and Urban Walton Family Foundation* Water and Sanitation for the Urban Poor Development* The World Bank Youth Service Inc. US Department of Justice* US Department of Labor* $100,000 TO $249,999 $50,000 TO $99,999 Access Group, Inc. American Heart Association $500,000 TO $999,999 Adam and Rosalind Abram Anonymous Donor #3 AAA Foundation for Traffic Safety* America’s Promise Alliance Blue Cross Blue Shield of Massachusetts American Civil Liberties Union Anonymous #2 Foundation, Inc.* Citi Foundation Bipartisan Policy Center* CASA de Maryland, Inc. Heising-Simons Foundation* Center for Health Care Strategies Center for American Progress International Development Research Centre* Corporation for Supportive Housing Chicago Housing Authority Jobs for the Future* City of Denver Office of Strategic City of Philadelphia The Kresge Foundation* Partnerships* Coalition for Non Profit Housing and The Peter G. Peterson Foundation* City of Milwaukee Economic Development The Pew Charitable Trusts* The Commonwealth Fund* Columbia University The Popplestone Foundation* Community Solutions Group Commonwealth of Pennsylvania Price Philanthropies Foundation* Council of State Governments Consumer Health Foundation Alfred P. Sloan Foundation* District of Columbia Housing Authority Early Childhood Associates, Inc. Urban Alliance* DC Promise Neighborhood Initiative E*TRADE Financial US Agency for International Development* Encore Capital Group FINRA Investor Education Foundation US Department of Agriculture* Everytown for Gun Safety Forward Cities US Deparment of Labor* Federal Deposit Insurance Corporation Genworth Financial Feeding America* Jamie Gorelick and Richard Waldhorn $250,000 TO $499,999 Federal National Mortgage Association Habitat for Humanity American Association of Retired Persons* Fund for Shared Insight, a sponsored project Margaret Hamburg Anonymous Donor #1* of the Rockefeller Philanthropic Advisors King County Housing Authority, Washington Bank of America Charitable Foundation* Global Communities John S. and James L. Knight Foundation Corporation for National and Community Helmsley Charitable Trust Living Cities Service Housing Assistance Council Local Initiatives Support Corporation HAI Group Henry J. Kaiser Family Foundation Medtronic The William & Flora Hewlett Foundation* Eugene A. Ludwig and Carol Ludwig/Ludwig Missouri Foundation for Health Intuit Financial Freedom Foundation* Family Foundation Morgan Stanley The Joyce Foundation* Mastercard Center for Inclusive Growth The National Campaign to Prevent Teen and Ewing Marion Kauffman Foundation* Mellville Charitable Trust Unplanned Pregnancies Lumina Foundation* Metropolitan Planning Council The Polo Ralph Lauren Foundation continued

3 ■ 2016 FINANCIALS continued

John W. Rowe/Rowe Family Foundation Virginia Polytechnic Institute and State Committee for Children Russell Sage Foundation University* District of Columbia Government Mayor’s Seattle Housing Authority The Wasie Foundation Office Tacoma Housing Authority, Washington Wells Fargo District of Columbia Housing Finance Agency Uber Technologies Inc. Phil West and Barbara Yellen Diana Farrell UCAN Mark and Ava Zandi Georgetown University University of New Mexico Collette C. Goodman University of Pennsylvania $10,000 TO $24,999 Mary Hevener and Frederick Wallach US Internal Revenue Service Hodgson Russ LLP William B. Alsup, III Virginia Commonwealth University Martha and Tom Hyde Anonymous Donor # 8 The Washington Square Health James A. Johnson Don Baer and Nancy Bard Foundation, Inc. Todd Joseph and Barbara Ostfeld Afsaneh and Michael Beschloss Glen Kohl The Bridgespan Group Donald Marron $25,000 TO $49,999 Patrick Brown and Mary Gillespie Alfred H. Moses 400 Capital Management LLC Casey Family Programs Michael Mundaca AIG Center for Effective Public Policy National College Access Network Anacostia Community Museum - Raj Date, Fenway Summer LLC Paul Oosterhuis Smithsonian Institute DC Children & Youth Investment Trust Peter Orszag Anonymous Donor # 4 Enterprise Community Partners Richard L. Reinhold Anonymous Donor # 5 The John F. Finn Institute Public Safety Karen and Jim Sowell Anonymous Donor # 6 George Mason University University of Minnesota Anonymous Donor # 7 Goldman Sachs US Environmental Protection Agency Aspen Institute Freeman A. Hrabowski, III Sarah Rosen Wartell BlackRock Independent Sector Alexander Boyle Institute for International Education* Building Bridges Across the River Robert P. and Arlene R. Kogod Family UP TO $4,999 The Morris and Gwendolyn Cafritz Foundation Greg Acs Foundation Calvin and Maria Johnson A.G. Alias Capital One Marne Levine Holly Alexander Center on Budget and Policy Priorities Bruce and Leslie McNair Rosanne Altshuler City of Stockton, California Joseph and Christine Mikrut Charles Anderson The Edna McConnell Clark Foundation The Arjay and Frances Miller Foundation Anonymous Donor # 9 The College Board Jim and Carolyn Millstein Anonymous Donor # 10 Community Science, Inc. Mortgage Bankers Association Steven Arkin Drexel University National Association of Realtors Mark A. Aronchick William and Katherine Duhamel National Low Income Housing Coalition Elizabeth Askey Greater New Orleans Fair Housing Shekar Narasimhan Jerry Auten Action Center Annette L. Nazareth and Roger W. David Autor Health Resources in Action, Inc. Ferguson, Jr. Joe Bankman Conrad N. Hilton Foundation Neighborworks America Renee Barger Ithaka Ocwen Financial Corporation Paul Berger Terrence Laughlin Ohio Living Foundation Daniel Berman The Legal Aid Society Andrew Pincus David Betson Lincoln Institute of Land Policy Research Corporation of the University of Rebecca Blank and Johannes Kuttner Maryland Citizens’ Health Initiative Hawaii W. Michael Blumenthal Education Fund, Inc. Charles O. Rossotti Peter Brady Melville Chartiable Trust Leslie B. Samuels Chas Cadwell and Mary Schapiro Eugene and Agnes E. Meyer Foundation Leonard and Pamela Schaeffer Caplin & Drysdale Mary Miller Michael L. Schler George Carlson New Hampshire Office of the Attorney State of Washington Kenneth Child General Michael Thomson Carnegie Corporation of New York Policy Matters Ohio Universal Health Care Foundation of Henry Cisneros Pretium Partners Connecticut Nicholas Cole Pulte Mortgage University of Illinois Helen and Bob Conrad Quicken Loans U.S. Mortgage Insurers Joseph Cordes Joshua B. Rales/RFI Foundation Wakely Consulting Group Paul Courant John M. Samuels Edward Cowan Social Science Research Solutions $5,000 TO $9,999 Eric Dawson Jonathan and Alisa Talisman Mitchell E. Daniels, Jr. Dianne Bennett and William Graebner Two Harbors Investment Corporation John Deutch Erskine Bowles University of Pittsburgh Larry Dildine Brookings Institution VantageScore Solutions Elliott and Lynne Dubin Leonard E. Burman Michael Durst Butler Family Fund

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Louise Epstein Simon and Kim Krinsky Kathy A. Ruffing Ernst & Young LLP Phyllis Kubey Neal Sandford Joel Fleishman Nancy La Vigne Linda Schakel Harvey and Alice Galper John J. LaFalce John Karl Scholz General Electric Allen H. Lerman Jeffrey Schragg Nick Giordano, Washington Council Ernst Catherine E. Livingston Faith Schwartz & Young Gregory Loew Gerald Scorse Gene Godley Bridget Lowell MaLyssa Scott Laurie Goodman James Loyd Beth Shapiro Kaufman Bart and Leslie Gordon N. Gregory Mankiw Amanda Silver Denise Grant and Franklin Raines Chuck Marr Mark J. Silverman The Greater Washington Community Janice Mays John Simon Foundation Mark Mazur Annette B. Smith Robert H. Green Buff Miller Eric Solomon Seth Green Joseph J. Minarik Cristina Sovereign Stephen Gross Beth Mlynarczyk Eugene Steuerle Michael and Colleen Grossell Sadiq Mohamed Carrie Strauch Clay and Deidre Grubb Susan Nelson Alfred Strauss Fernando Guerra and Beverly Purcell-Guerra Tom Neubig Emil Sunley Harry Gutman James Nunns Susan and John Thompson Daniel Halperin Joshua Odintz Michael Thornton Jane Hazlett Edmund Outslay Susan and Eric Toder Carla Hills Deval L. Patrick Jeremy Travis Mark Hoffenberg Ronald and Hedy Pearlman Clifford Treese Janet Holtzblatt Pamela Pecarich Margery and James Turner Thomas Horst H. Elizabeth Peters Nick Underwood Bruce Humphrey Joel D. Platt Kate Walker Mark Iwry Erika Poethig University of Wisconsin Matt Jensen Harold Pollack Dan and Connie Weaver Robert Johnstone Posner-Wallace Foundation Robert Weinberger Victoria Judson Robert D. Reischauer Joann Weiner Lily Kahng Peter Jason Riley Donald Wellington Brian Kelly Christopher S. Rizek and Anita Horn Rizek Anthony A. Williams and Diane Simmons Bill Kenney Sarah Robinson Williams Genevieve Kenney John Rogers Judy Woodruff Sue-Jean Kim Mr. and Mrs. John Rooney Stephen Xenakis Bob and Annette Klayman Danny Rose and Laura Segal George Yin Jim Klopper David Rosenbloom Stephen Zuckerman James Klumpner Stanford Ross Carrie and Robert Kolasky Catherine Rudder

This list reflects new grants awarded in 2016 and annualized amounts of multiyear contributions. We apologize for any omissions or errors in recognizing our generous supporters.

We thank our funders, who make it possible for Urban to advance its mission. The views expressed in our research publications are those of the authors and should not be attributed to the Urban Institute, its trustees, or its funders. Funders do not determine research findings or the insights and recommendations of Urban experts. For more information on our funding principles, please visit our website at www.urban.org/support.

† represents a pledge of endowment funds

* reflects annualized amount of multiyear contribution(s).

5 ■ 2016 FINANCIALS