Council on Foreign Relations
The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher founded on July 29, 1921, in New York City to facilitate continuous conferences on international questions affecting the United States.[1] Emerging from post-World War I efforts such as The Inquiry—a group advising President Woodrow Wilson at the Paris Peace Conference—the CFR was incorporated by key figures including Elihu Root as honorary president, John W. Davis as president, Paul D. Cravath as vice president, and Edwin F. Gay as director.[1] Its mission centers on generating policy-relevant ideas, convening experts and policymakers, and promoting informed discussion to shape U.S. engagement with global affairs.[2] Headquartered since 1945 at the Harold Pratt House on Manhattan's Upper East Side—a landmark donated by the widow of Standard Oil executive Harold Pratt—the organization has grown to include over 5,000 members from government, business, academia, and other sectors, with programs emphasizing diverse perspectives over time, including the admission of women in 1970 and expanded outreach beyond elite circles.[3][1] Central to its activities is the bimonthly journal Foreign Affairs, launched in 1922, which provides in-depth analysis on diplomacy, economics, and security, alongside task forces producing bipartisan reports and fellowships training future leaders.[2][1] The CFR's defining influence stems from its role in fostering elite consensus on foreign policy, with alumni occupying pivotal positions across U.S. administrations, contributing to studies like the 1939–1945 War and Peace project that informed postwar planning.[4][1] However, it has faced persistent criticism for elitism, with detractors arguing it perpetuates a self-selecting establishment that prioritizes internationalist agendas over broader public input, exemplified by perceived disconnects on issues like Vietnam-era policies and a revolving door between membership and government roles.[5][6][7] This has fueled debates on whether the CFR unduly shapes policy continuity, often aligning with interventionist and global integration priorities amid claims of limited accountability to electoral mandates.[8][7]Overview and Mission
Founding Principles and Objectives
The Council on Foreign Relations was established on July 29, 1921, in New York City by a group of prominent Americans seeking to promote informed discourse on U.S. international involvement following World War I.[1] Its foundational purpose, as articulated in its charter, was "to afford a continuous conference on international questions affecting the United States, by bringing together experts on statecraft, finance, industry, education, and science."[2] This objective emerged from dissatisfaction among U.S. delegates to the Paris Peace Conference, who formed inquiry groups to study global affairs and counter growing isolationism in American politics.[1] Elihu Root, a Nobel Peace Prize laureate and former Secretary of State, played a pivotal role as the organization's founding chairman and honorary president from 1921 to 1937, emphasizing that "without good knowledge of international affairs there can be no good intelligent discussion of foreign policy and diplomatic conduct."[1] Core principles included nonpartisanship, independence from government influence, and a commitment to confidential, high-level discussions restricted to U.S. citizens to foster candid exchange among elites in business, law, academia, and diplomacy.[1] The founders, including Edward M. House, John W. Davis (first board president), Paul D. Cravath, and Edwin F. Gay, aimed to elevate the quality of foreign policy debate through study groups, private meetings, and the launch of Foreign Affairs magazine in 1922, which Root helped fund with a $25,000 contribution.[1] These efforts were designed to support multilateral engagement and prepare the U.S. for leadership in world affairs, drawing on expertise to generate policy-relevant insights without advocating specific positions.[2] The objectives extended to public education and direct service to policymakers, particularly during crises, by providing rigorous analysis to inform U.S. engagement with global challenges.[1] While the organization positioned itself as a forum for diverse viewpoints transcending partisan divides, its early focus on internationalism reflected the founders' belief in sustained American involvement abroad to maintain stability and economic interests, as opposed to withdrawal from international institutions like the League of Nations.[1] This framework laid the groundwork for ongoing research and convening activities aimed at enhancing national understanding of foreign policy complexities.[2]Evolution of Stated Goals
The Council on Foreign Relations was established in 1921 with the explicit purpose of affording "a continuous conference on international questions affecting the United States, by bringing together experts on statecraft, finance, industry, education, and science."[2] This founding objective, articulated in its early organizational documents, aimed to counteract post-World War I isolationist tendencies by fostering elite-level discourse among American leaders on global engagement, emphasizing nonpartisan analysis over advocacy.[2] The group's initial focus centered on promoting informed U.S. involvement in international affairs, particularly through study groups and publications like Foreign Affairs, launched in 1922 to disseminate expert insights.[2] By the interwar and World War II eras, the stated goals evolved modestly in emphasis to underscore the necessity of American internationalism, including support for collective security mechanisms and economic reconstruction efforts, as reflected in internal studies like the 1940s War and Peace Studies project, which sought to equip policymakers with rigorous foreign policy recommendations without institutional endorsements. During the Cold War (1947–1991), CFR's objectives retained this core of convening experts for objective analysis but expanded to address containment strategies, alliance-building (e.g., NATO), and ideological competition with the Soviet Union, maintaining a commitment to "adding value to the public debate on international issues" through membership-driven discussions.[9] This period saw no formal reconfiguration of goals but a practical broadening to include decolonization, nuclear proliferation, and economic interdependence, as evidenced in CFR reports influencing U.S. strategies like the Marshall Plan. In the post-Cold War era (1992 onward), stated goals have crystallized around "informing U.S. engagement with the world" via idea generation, expert convening, and public discourse on emergent challenges such as globalization, terrorism, great-power competition, and non-traditional threats like pandemics and climate policy.[2] This iteration, formalized in contemporary mission statements, preserves the nonpartisan ethos while incorporating initiatives for broader outreach, including diversity in international affairs (e.g., the 2007 Project for Diversity) and programming for state/local officials since 2018, to reflect American societal composition and enhance policy relevance.[10] Unlike earlier emphases on bilateral or alliance-focused realism, recent articulations stress adaptive, forward-looking analysis amid multipolarity, though CFR maintains it has "remained true to its founding principles" of expert-driven, position-neutral inquiry.[2] Annual reports through 2024 reaffirm this continuity, prioritizing "policy-relevant ideas" on issues like U.S.-China relations and supply chain resilience without shifting to partisan or prescriptive stances.Historical Development
Origins in the Interwar Period (1918-1939)
The Council on Foreign Relations originated from efforts to inform U.S. foreign policy following World War I, emerging from "The Inquiry," a group of over 100 experts assembled in 1917 by Colonel Edward M. House, advisor to President Woodrow Wilson, to prepare data for the Paris Peace Conference.[1] This initiative reflected a push among American elites for structured analysis of international affairs amid debates over U.S. global engagement.[2] In May 1919, during the Paris Conference, American delegates including House met British counterparts at the Hotel Majestic on May 30, establishing the groundwork for parallel organizations to foster transatlantic dialogue on world order.[1] The American participants returned to New York and formalized the Council on Foreign Relations, incorporated on July 29, 1921, with a charter emphasizing "a continuous conference on international questions affecting the United States."[2] Initial leadership included Elihu Root as honorary president, a former Secretary of State and Nobel Peace Prize recipient who served until 1937; John W. Davis as president; Paul D. Cravath as vice president; and Edwin F. Gay as secretary and treasurer.[1] Early activities focused on countering U.S. isolationism through nonpartisan discussions and publications. In 1922, the Council launched Foreign Affairs magazine, edited by Archibald Cary Coolidge and later Hamilton Fish Armstrong, which by 1923 achieved a circulation of 5,000 and provided a platform for policy analysis.[2] Membership expanded to 391 by 1927, supported by a $100,000 budget from private donors, enabling study groups on diplomacy, economics, and security.[1] The organization hosted speakers such as French Premier Georges Clemenceau in 1922 and produced resources like the Political Handbook of the World starting in 1927.[1] During the 1930s, the Great Depression halved the Council's budget, prompting reliance on member contributions and scaled-back operations, yet it persisted in advocating multilateral approaches amid rising global tensions, including the ascent of fascism in Europe.[1] By 1939, membership reached approximately 600, comprising leaders from finance, law, academia, and government, positioning the Council as a key forum for elite deliberation on interwar challenges.[1]World War II and Early Cold War (1940-1960)
During World War II, the Council on Foreign Relations intensified its collaboration with the U.S. State Department through the War and Peace Studies project, initiated in September 1939 and continuing until 1945. This effort, funded by a $350,000 grant from the Rockefeller Foundation, involved approximately 100 participants organized into five specialized study groups addressing economic, financial, security and armaments, territorial, and political issues.[1] The project produced 682 memoranda and convened 362 meetings, providing confidential policy recommendations to a resource-strapped State Department on topics such as strategic resource allocation, post-war territorial settlements, and the extension of U.S. influence into a "grand area" encompassing the Western Hemisphere, the British Empire, and parts of Eurasia to secure American economic interests.[1][11] Key figures included director Percy W. Bidwell, Allen Dulles leading the armaments group, Isaiah Bowman heading territorial studies, and Owen Lattimore on East Asia, whose inputs influenced decisions like the U.S. occupation of Greenland in 1941 under the Monroe Doctrine to counter Axis threats.[1] The project's outputs directly informed U.S. wartime and transitional policies, including Lend-Lease aid distribution and preparations for international organizations, though the CFR maintained operational independence to avoid governmental constraints on its analyses.[12] By 1942, the initiative incorporated a Peace Aims Group, commending State Department integration for enhanced efficacy, and contributed to foundational planning for the United Nations and post-war economic reconstruction without assuming formal policymaking authority. This period marked the CFR's evolution from interwar discussion forums to a pivotal advisory body, leveraging its membership of business leaders, diplomats, and scholars to bridge private expertise with public policy amid escalating global conflict.[1] In the early Cold War years following 1945, the CFR shifted focus to Soviet containment and European recovery, exemplified by its publication of George F. Kennan's anonymous "The Sources of Soviet Conduct" in the July 1947 issue of Foreign Affairs, which articulated the long-term, patient containment of Soviet expansionism as a core U.S. strategy. This article, drawing on Kennan's State Department experience, influenced the Truman Doctrine and broader anti-communist frameworks, with Foreign Affairs circulation expanding from 19,110 subscribers in 1950 to over 47,000 by 1962 amid heightened demand for such analyses.[1] The CFR hosted dedicated winter programs and study groups on European economic aid, contributing intellectual groundwork for the Marshall Plan announced in June 1947, which allocated $13 billion (equivalent to over $150 billion today) to rebuild Western Europe and counter Soviet influence.[13] Through the 1950s, CFR study groups under chairs like Dwight D. Eisenhower examined nuclear strategy, NATO integration, and decolonization, producing reports that shaped debates on U.S. alliances and deterrence, including Henry Kissinger's 1957 book Nuclear Weapons and Foreign Policy, a bestseller advocating limited nuclear options over massive retaliation.[1] Members such as Dean Acheson and John McCloy held key government roles, facilitating informal channels for policy input, while the organization's nonpartisan structure enabled candid assessments of threats like Soviet atomic advancements in 1949 and the Korean War outbreak in 1950.[1] These activities solidified the CFR's role as an elite convener, prioritizing empirical geopolitical realism over ideological extremes, though critics later noted its alignment with establishment views favoring global engagement.[7]Height of Cold War Influence (1961-1991)
During the Cold War era from 1961 to 1991, the Council on Foreign Relations maintained a pivotal role in U.S. foreign policy formulation through its network of elite members, many of whom transitioned between CFR leadership and key government positions. Under Chairman John J. McCloy until 1970 and David Rockefeller from 1970 to 1985, the organization facilitated private seminars and study groups that analyzed Soviet threats, nuclear deterrence, and alliance management, often aligning with the containment doctrine established post-World War II.[14] Presidents Grayson Kirk (1964–1971) and Bayless Manning (1971–1977) oversaw expanded membership exceeding 2,000 by the mid-1970s, drawing in policymakers, academics, and business leaders to debate strategies amid crises like the Cuban Missile Crisis and the Vietnam escalation.[14] This period marked the CFR's zenith of influence, as its nonpartisan facade masked a consensus favoring robust U.S. global engagement against communism, evidenced by the integration of CFR-generated reports into State Department planning.[7] CFR members dominated advisory and executive roles across administrations, directly shaping Cold War responses. Henry A. Kissinger, a member since 1956 and director from 1977 to 1981, exemplified this as National Security Advisor (1969–1975) and Secretary of State (1973–1977), where he orchestrated détente with the Soviet Union—including the 1972 SALT I treaty limiting strategic arms—and the 1972 Shanghai Communiqué opening relations with China to counterbalance Moscow.[15] [14] Similarly, William P. Bundy, a director from 1964 to 1974, served as Assistant Secretary of State for East Asian and Pacific Affairs (1964–1969), contributing to the Gulf of Tonkin Resolution and escalation decisions that committed over 500,000 U.S. troops by 1968.[14] Cyrus R. Vance, director in 1968–1976 and 1981–1987, advised on Vietnam withdrawal as Deputy Secretary of Defense (1964–1967) before becoming Secretary of State (1977–1980), negotiating the 1979 SALT II treaty amid debates over Soviet expansion in Afghanistan.[14] These rotations underscored the CFR's function as a talent pipeline, with empirical data from its studies—such as projections of Soviet military spending outpacing U.S. budgets by 20% in the 1970s—influencing congressional appropriations for defense exceeding $300 billion annually by the 1980s.[7] The Foreign Affairs journal amplified CFR perspectives, publishing over 200 articles on Cold War topics between 1961 and 1991 that cited verifiable intelligence assessments and economic analyses to advocate multilateral institutions like NATO. Issues from the 1960s, for instance, critiqued isolationism by quantifying the economic costs of Soviet influence in Southeast Asia at $10–15 billion in lost trade, bolstering arguments for intervention.[16] Under Winston Lord as president (1977–1985), the CFR hosted Reagan-era discussions on the Strategic Defense Initiative, with members like George H.W. Bush—a director from 1977 to 1979—later implementing "peace through strength" as vice president and president, correlating with Soviet GDP stagnation at 2% annual growth versus U.S. 3–4% through the 1980s.[14] By 1991, as the USSR dissolved, CFR analyses had shifted toward post-containment frameworks, reflecting causal links between sustained U.S. pressure—fueled by its policy inputs—and the Eastern Bloc's internal collapse, with verifiable metrics like the Warsaw Pact's 40% conventional force reductions under the 1990 CFE Treaty.[7] Critics, including declassified State Department memos, noted the CFR's emphasis on elite consensus sometimes overlooked domestic dissent, yet its outputs consistently drew on primary data from allied intelligence to prioritize geopolitical realism over ideological purity.[17]Post-Cold War and Contemporary Era (1992-2025)
Following the dissolution of the Soviet Union in 1991, the Council on Foreign Relations shifted its analytical focus from superpower containment to emerging challenges including ethnic conflicts, nuclear proliferation, economic globalization, and the integration of former communist states into international institutions.[1] In 1993, under new President Leslie H. Gelb, the organization launched its Independent Task Force program, producing its inaugural report on U.S. policy toward nuclear proliferation, which advocated for strengthened nonproliferation regimes amid post-Cold War uncertainties.[10] Gelb's tenure (1993–2003) emphasized financial stabilization—transforming a $750,000 deficit into a $2 million surplus—and membership expansion, growing the roster by 50% to 3,988 members by 2000 while initiating the Project for Diversity in International Affairs to broaden demographic representation.[1] The mid-1990s saw CFR engage with globalization's implications through initiatives like the 1993 National Program and partnerships such as the one with the Pacific Council on International Policy, fostering regional dialogues on trade and security.[10] Foreign Affairs, edited by James F. Hoge Jr. from 1992 to 2010, published influential pieces including Samuel Huntington's 1993 essay "The Clash of Civilizations?", which posited cultural fault lines as drivers of future conflict, sparking debates on multiculturalism's role in international stability.[10] The Council also hosted foreign leaders, such as Fidel Castro in 1995, to discuss post-Soviet hemispheric relations, reflecting its role in facilitating elite-level exchanges amid U.S. policy shifts toward engagement over isolation.[1] The September 11, 2001, attacks prompted a rapid pivot toward counterterrorism, with CFR establishing task forces on terrorism's root causes and U.S. responses, including analyses of al-Qaeda's global networks.[1] Under President Richard N. Haass (2003–2023), who succeeded Gelb, the organization opened a Washington, DC, office in 2008 to enhance proximity to policymakers, raised $123 million via the "Campaign for the Council," and diversified membership to include 31% women and 18% people of color by 2020.[14] [1] Haass critiqued aspects of the Iraq War execution in 2003, while task force reports influenced debates, such as Gelb's proposed "Three-State Solution" for partitioning Iraq to address sectarian divisions.[1] The 2006 hosting of Iranian President Mahmoud Ahmadinejad drew criticism for platforming adversarial views, underscoring tensions between CFR's nonpartisan dialogue mandate and public perceptions of legitimizing regimes hostile to U.S. interests.[1] In the 2010s, CFR expanded digital outreach with launches like the 2013 Global Conflict Tracker for real-time crisis mapping, the 2016 Model Diplomacy simulations for policy education, and podcasts such as The President's Inbox.[10] Gideon Rose edited Foreign Affairs from 2010 to 2021, overseeing adaptations to online formats amid rising circulation.[10] Task forces addressed great-power competition, including reports on innovation and national security emphasizing U.S. technological edge against rivals like China.[18] Leadership transitioned with David M. Rubenstein assuming the chairmanship in 2017, following co-chairs Carla A. Hills and Robert E. Rubin (2007–2017).[14] The 2020s have centered on multipolar threats, including China's economic assertiveness and Russia's 2022 invasion of Ukraine, with CFR reports like "No Limits?" analyzing the deepening China-Russia quasi-alliance as a challenge to U.S.-led order.[19] The COVID-19 pandemic accelerated virtual programming and public engagement via platforms like Think Global Health.[10] Membership exceeded 5,000 by 2021, incorporating more corporate and international voices, while education initiatives such as World101 courses targeted broader audiences on issues from climate policy to automation's workforce impacts.[1] [1] Michael B.G. Froman succeeded Haass as president in 2023, continuing emphases on preventive action and geoeconomics amid U.S. strategic reorientations.[14] Throughout, CFR's influence persists through nonpartisan analysis, though its elite composition has fueled critiques of alignment with establishment foreign policy consensus over dissenting perspectives.[1]Organizational Structure
Membership Selection and Demographics
Membership selection for the Council on Foreign Relations occurs through an invitation-only process emphasizing nomination by existing members and evaluation by the Board of Directors. Candidates submit an online application, including a curriculum vitae, accompanied by a formal nomination from one current member and seconding letters from two to three (for term membership) or three to four (for life membership) other members; applications are reviewed twice annually, with deadlines on January 10 for term members and March 1 or November 1 for life members, followed by notifications in June or March.[20][21] Eligibility requires United States citizenship or permanent residency with an application for citizenship pending, excluding current visiting fellows; active government officials may join only upon leaving office.[20] The Council distinguishes between life membership, intended for established professionals over age 36 demonstrating substantial expertise in international affairs, and term membership, a five-year appointment for emerging leaders aged 30 to 36 as of January 1 in the application year. Selection criteria prioritize intellectual attainment, professional achievement and experience, commitment to the Council's mission of fostering informed debate on foreign policy, potential to contribute meaningfully to its programs, and peer-recognized standing, with deliberate efforts to ensure quality, diversity, and balance reflective of varied American interests in global issues.[20][21] As of January 2025, the Council maintains over 5,000 individual members, alongside separate corporate memberships for institutions. Geographically, members are concentrated in New York and Washington, D.C., with the remainder distributed across other U.S. regions and abroad, supporting regional programs in 11 additional cities. Professionally, the roster comprises leaders from government (including former officials), academia and scholarship, business and finance, journalism, law, and nonprofit sectors, forming a network unmatched in collective experience on foreign policy matters. In fiscal year 2024, the Council elected 195 new term members, its largest cohort and noted for enhanced diversity in backgrounds and perspectives.[21][22][23]Leadership and Governance
The governance of the Council on Foreign Relations is vested in its Board of Directors, which holds ultimate authority over strategic direction, policy, and operations, subject to the organization's bylaws adopted in 1921 and amended periodically. The Board comprises up to 36 directors, including the President as an ex officio member, organized into five classes of seven directors each to facilitate staggered terms. Directors must be members of the Council and are elected by a majority vote of the membership at large during the annual election held in New York City, with nominations proposed by the Nominating and Governance Committee; a quorum requires one-third of voting members. Terms last five years, starting July 1 following election, with directors limited to one consecutive full term after serving three or more years of any term; vacancies are filled by Board appointment until the next annual election.[24] Officers, including the Chairman of the Board, Vice Chairmen, President (who serves as chief executive officer), Vice Presidents, Secretary, and Treasurer, are elected by the Board, with the Chairman serving a five-year term (renewable once) and other officers elected annually. The Chairman presides over Board meetings and represents the organization externally, while the President manages daily operations, supported by Vice Presidents in their absence; the Treasurer oversees financial management, and the Secretary maintains records. An interim Chairman or Vice Chairman may be appointed for up to 12 months during transitions. Attendance requirements stipulate that directors failing to attend at least two-thirds of Board and assigned committee meetings over two consecutive years may be deemed to have resigned at the Chairman's discretion.[24] As of 2025, David M. Rubenstein, co-founder and co-chairman of The Carlyle Group, serves as Chairman, having been elected to the position on June 16, 2017. Vice Chairmen include Blair W. Effron, co-founder of Centerview Partners, and Jami Miscik, senior advisor at Lazard Geopolitical Advisory. Michael Froman, former U.S. Trade Representative under President Barack Obama and subsequent vice chairman at Mastercard, was appointed President on March 1, 2023, succeeding Richard Haass and assuming duties on July 1, 2023. The Board's current composition, exceeding 40 members when including officers and active directors, features prominent figures from finance, business, media, and policy, such as Citi CEO Jane Fraser, Alphabet's Ruth Porat, and Lockheed Martin CEO James D. Taiclet, reflecting a network of established elites in these sectors.[25][26][27] The Board delegates operational oversight through standing committees, including the Executive Committee (comprising the Chairman and Vice Chairmen, empowered to act on Board authority between meetings), Finance and Budget, Investment, Audit, Compensation, Nominating and Governance, and program-specific groups like Meetings, Membership, and Studies. Committees typically include at least three Board members and may co-opt non-directors for expertise; for instance, the Development Committee has up to 10 members to manage fundraising. The Board retains disciplinary powers, including unanimous votes to suspend or terminate members for conduct deemed prejudicial to the Council's interests. Annual meetings of members review activities, elect directors, and ensure accountability.[24]Operational Framework
The Council on Foreign Relations (CFR) functions as an independent, nonpartisan membership organization and think tank, emphasizing research, expert convenings, and publications to inform discourse on U.S. foreign policy and international relations without adopting official positions on specific policies.[2] This operational model relies on a headquarters at the Harold Pratt House in New York City, where staff coordinate activities including the production of reports, backgrounders, and analyses through the David Rockefeller Studies Program, which comprises over 70 full-time, visiting, and adjunct fellows dedicated to scholarly inquiry.[28] Thematic centers and programs—such as those on Asia, Africa, preventive action, and digital policy—organize research efforts, enabling focused studies on regional and functional issues while maintaining institutional neutrality.[29] Daily operations are directed by the President, who holds ultimate responsibility for strategic execution, assisted by an Executive Vice President and Chief Administrative Officer overseeing administrative functions and a Senior Vice President directing studies and research initiatives.[30] The editing of Foreign Affairs, the organization's flagship quarterly journal established in 1922, falls under a dedicated editor who ensures publication of diverse viewpoints from scholars and practitioners.[30] Internal decision-making prioritizes empirical analysis and first-principles evaluation of global challenges, with staff roles emphasizing rigorous, evidence-based output over advocacy, though the framework's emphasis on elite membership has drawn scrutiny for potentially skewing toward establishment perspectives despite formal independence.[2] A core element of the operational framework is a set of binding rules and practices to safeguard candid exchange and ethical conduct. The CFR maintains no institutional stance on foreign policy matters, as formalized in a 1973 board resolution prohibiting any representative from speaking on its behalf in this domain.[31] Meetings, which form a primary activity for fostering debate among members and experts, adhere to a non-attribution policy—adopted in 1977 and revised in 1994 and 2015—ensuring statements remain off-the-record unless an officer announces otherwise, thereby encouraging unfiltered discussion.[31] Guidelines from a 1972 resolution direct chairs to promote open debate and respect all viewpoints, while a code of conduct mandates courtesy at events, bans harassment, and permits member suspension for behavior prejudicial to the organization's interests under bylaw provisions.[31] Conflicts of interest are addressed through mandatory disclosures for staff and board members involved in financial transactions, with reviews conducted by independent directors or the audit committee to ensure fairness, as updated in policies from 2015 and 2018.[31] Archival operations preserve institutional records, granting access to materials over 25 years old at Princeton University's Seeley G. Mudd Manuscript Library under non-attribution conditions since 1999.[31] This structure supports the CFR's role as a convener for policymakers, business leaders, and academics, generating outputs like independent task force reports that influence but do not dictate public or governmental decisions.[2]Funding and Resources
Revenue Sources and Donors
The Council on Foreign Relations (CFR) derives its revenue from a diversified portfolio including endowment distributions, philanthropic contributions, membership dues, and earned income from publications and events. In fiscal year 2024, CFR reported total revenue of $90.6 million.[32] Endowment draws constituted the largest share at 29%, drawn from an endowment valued at approximately $670 million as of the 2025 fiscal year end.[33] Philanthropic gifts and grants accounted for 35% collectively, encompassing unrestricted annual fund contributions (18%), foundation grants (5%), other restricted grants (11%), and corporate restricted grants (1%).[32] Membership dues contributed 18%, split between individual members (11%) and corporate members (7%), while Foreign Affairs magazine generated 13% through subscriptions, advertising, and sponsorships.[32] Remaining sources included investment management draws (1%), rental income, and miscellaneous fees (3%).[32]| Revenue Category | Percentage (FY24) | Approximate Amount (based on $90.6M total) |
|---|---|---|
| Endowment Draw | 29% | $26.3M |
| Unrestricted Gifts (Annual Fund) | 18% | $16.3M |
| Individual Member Dues | 11% | $10.0M |
| Foreign Affairs | 13% | $11.8M |
| Corporate Member Dues & Related | 7% | $6.3M |
| Foundation Grants (Restricted) | 5% | $4.5M |
| Other Grants (Restricted) | 11% | $10.0M |
| Corporate Grants (Restricted) | 1% | $0.9M |
| Investment & Miscellaneous | 5% | $4.5M |