Independent Institute

The Independent Institute is a nonpartisan public policy think tank that seeks to advance peaceful, free societies through its research and publications. The Independent Institute has seven educational centers that conduct research and present findings as public policy solutions for a wide range of social and economic issues. 1

At-A-Glance

Issue Areas: Multi-Issue Advocacy
Website: independent.org
Formation:

1986

Executive Director:

Graham Walker

Executive Director’s Salary:

$168,0712

Location: Oakland, CA View on map
Tax ID: 94-3008370
Most Recent Filing: 2025
Budget (2025): Assets: $12,956,735 Revenue: $6,514,941 Expenses: $6,603,018

Contents

    The Independent Institute is an associate member of the State Policy Network (SPN), a coalition of free-market state-level policy organizations. 3 While the Independent Institute is nonpartisan, members of its board of advisors have affiliations with the Republican Party. 3

    Activity

    The Independent Institute is a nonpartisan public-policy think tank that publishes research, commentary, videos, and books covering a wide range of social and economic issues. 4

    The Independent Institute has seven educational centers: the Center on Culture and Civil Society, the Center on Educational Excellence, the Center on Entrepreneurial Innovation, the Center on Global Prosperity, the Center on Health and the Environment, the Center on Law and Justice, and the Center on Peace and Liberty. Each center’s goal is to create objective and fact-based discourse based on its research and proposed policy solutions. 5

    In 2021, the Independent Institute filed an amicus brief in support of Second Amendment rights. In its brief to the U.S. Supreme Court, the Independent Institute argued that the Second Amendment allows for individuals to carry a firearm outside of one’s home, despite current restrictions. The Independent Institute further argued in the brief that gun-free zones should be more narrowly confined, as the Second Amendment does not allow the government to declare broad, public gun-free zones. 6

    The Independent Institute has promoted free market economic policy and claimed that government stimulus programs, like the $1.9 trillion “coronavirus relief” bill, do not actually stimulate economic growth. The institute supports center-right economist Milton Friedman’s “Permanent Income Hypothesis,” which states that an unexpected boost to income will not stimulate the overall economy, as that money is usually saved or used to pay down debt. The Independent Institute claimed that there was a false correlation between government-enacted economic stimulus programs and economic growth following the COVID-19 pandemic, arguing that economies would recover naturally after shutdowns were lifted. 7

    The Independent Institute has supported efforts to depoliticize education policy. In response to curriculum proposed by the left-of-center 1619 Project, which stresses a race-centric approach to teaching American history, and the center-right 1776 Project, which formed as a response to the 1619 Project, the Independent Institute proposed the “490 B.C. Project.” The 490 B.C. Project seeks to implement a classical curriculum model. The Independent Institute claims that teaching classical history has the potential to close the current partisan divide in education by presenting the United States as being founded upon human accomplishments, including the Roman Republic, the Magna Carta, and the Enlightenment. 8

    The Independent Institute has also advocated for a decentralized education system, including the implementation of school choice programs and increased charter schools. 9

    The Independent Institute’s other projects include Catalyst, a solutions-oriented website aimed at promoting free market ideals in the younger generation;10 MyCostGov.org, an online tool that calculates an individual’s lifetime federal tax liability;11 FDAReview.org, which serves as a watchdog of the Food and Drug Administration (FDA);12 and OnPower.org, a collection of publications discussing the impact of government control on individuals. 13 The Independent Institute also publishes a quarterly newsletter, “The Independent,” and a and weekly email newsletter, “The Lighthouse.” 1

    Funding

    The Independent Institute is funded by donations from individuals, foundations, and corporations. Tax filings confirm donations from the Chicago Community Trust (CCT) ($421,430 in 2018), 14 the Dupage Community Foundation ($105,000 in 2018), 15 and the David H. Koch Charitable Foundation ($50,000 in 2001). 16

    Staff

    David Theroux is the founder, president, and CEO of the Independent Institute. Theroux formerly worked as founding vice president and director of academic affairs at the libertarian Cato Institute and as president of the Pacific Research Institute. 17

    Graham Walker is the executive director of the Independent Institute. Walker sits on the board of the Institute on Religion and Democracy and is a former research fellow at Pew Charitable Trusts. 18

    Burton Abrams is a research fellow at the Independent Institute and the director of MyGovCost.org. Abrams formerly worked as a staff economist at the Federal Trade Commission (FTC) and as a national fellow at the right-of-center Hoover Institution. 19

    Ivan Eland is a senior fellow and director of the Center on Peace and Liberty at the Independent Institute. Eland formerly worked as the director of defense policy studies at the Cato Institute. 20

    Williamson Evers is a senior fellow and director of the Center on Educational Excellence at the Independent Institute. Evers formerly worked as the U.S. Assistant Secretary of Education for Planning, Evaluation, and Policy Development and as a research fellow at the Hoover Institution. Evers was the head of the Trump administration’s agency review team for the U.S. Department of Education. 21

    Lawrence McQuillan is a senior fellow and director of the Center on Entrepreneurial Innovation at the Independent Institute. McQuillan formerly worked as the chief economist at the Illinois Policy Institute and as the director of business and economic studies at the Pacific Research Institute. McQuillan is a former research fellow at the Hoover Institution. 22

    Board of Advisors

    The Independent Institute board of advisors includes a number of think tank affiliates, including Robert Crandall, a senior fellow in economic studies at the Brookings Institution; Richard Epstein, a senior fellow at the Hoover Institution; Victor Davis Hanson, a senior fellow at the Hoover Institution; and Richard Stroup, a co-founder and senior fellow emeritus at the Property and Environment Research Center. 23 24 25 26

    Board of Directors

    Independent Institute board member Steve Hanke is a senior fellow and the director of the Troubled Currencies Project at the Cato Institute. Hanke formerly worked as a senior economist for the Council of Economic Advisers and as a senior advisor to the Joint Economic Committee during the Reagan administration. 27

    Fellow board member Lawrence Kudlow formerly worked as the director of the National Economic Council, and board member Paul Rubin was also a senior staff economist to the Council of Economic Advisers in the Reagan administration. 28 29 Thomas Gale Moore, now an Independent Institute Board member and senior fellow at the Hoover Institution, also served as a member of the Council of Economic Advisers during the Reagan administration. 30

    Independent Institute board member Wendy Kaminer sits on the boards of the Bill of Rights Defense Committee, the Foundation for Individual Rights in Education, and the Secular Coalition for America. 31

    June O’Neill is a former member of the National Bureau of Economic Research, a former program director at the Urban Institute, and a former research associate in economic studies at the Brookings Institution. 32

    Charles Phelps is a fellow at the National Bureau of Economic Research. 33

    Todd Zywicki is a senior fellow at the Cato Institute. Zywicki serves on the boards of the Institute for Humane Studies, the Bill of Rights Institute, the Foundation for Research on Economics and the Environment, the Center for Excellence in Higher Education, and the Competitive Enterprise Institute. 34

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2025 $12,956,735 $6,514,941 $6,603,018 View
    2024 $12,658,115 $9,041,220 $5,328,241 View
    2023 $8,201,976 $4,070,807 $5,035,747 View
    2022 $9,064,012 $5,449,140 $4,885,556 View
    2021 $9,389,150 $4,554,919 $4,501,500 View

    Prior year filings: 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011

    Revenue Detail

    Expenses Detail

    Employee Compensation

    • Number of Employees: 33

    Highest Earning Employees

    EmployeeTitleTotal Compensation
    Graham H WalkerPRESIDENT$281,510
    Phil MagnessDJT CHAIR$219,415
    Williamson EversSENIOR FELLOW AND COEE DIRECTOR$189,925
    Bradley DevosCHIEF OPERATING OFFICER$172,385
    Ivan ElandSENIOR FELLOW AND COPAL DIRECTOR$155,670
    Lawrence McquillanSENIOR FELLOW AND COEI DIRECTOR$138,094
    Jacob TurnroseDIRECTOR OF DEVELOPMENT$134,480
    Gabriel GasaveDIRECTOR OF THE CENTER ON GLOBAL PROSPERITY$110,412

    Grant Activity

    All-time grants received statistics from Candid dataset:

    • Total Grant Value: $33,175,845
    • Number of Grants: 1,083
    • Number of Funders: 253

    Selection of highest value grants received from the last seven years:

    AmountYearFunderSubject
    $946,6002021 Donors Trust Incfor general operations
    $888,3502022 Donors Trust Incfor general operations
    $800,3382023 David J and Mary L G Theroux FoundationGENERAL SUPPORT
    $750,0002023 The Draper FoundationCOMMUNITY OUTREACH
    $750,0002021 The Draper FoundationCOMMUNITY OUTREACH
    $505,0002024 National Philanthropic TrustHEALTH
    $500,0002024 Chauncey and Marion D Mccormick Family FoundationSOCIAL SERVICES
    $404,5002020 Donors Trust Incfor general operations
    $389,2002022 Fidelity Investments Charitable Gift FundFor grant recipient's exempt purposes
    $369,2502024 Donors Trust Incfor general operations
    $367,7502023 Fidelity Investments Charitable Gift FundFor grant recipient's exempt purposes
    $359,4002023 Donors Trust Incfor general operations
    $350,0002023 Donors Trust Incfor the Beyond Homeless initiative
    $338,3452020 Fidelity Investments Charitable Gift FundFor grant recipient's exempt purposes
    $325,0002024 Donors Trust Incfor the Beyond Homeless initiative
    $300,1332022 David J and Mary L G Theroux FoundationGENERAL SUPPORT
    $296,4532020 David J and Mary L G Theroux FoundationUNRESTRICTED OPERATING FUNDS
    $250,0002024 El Craig FoundationDavid J Theroux Chair
    $250,0002023 El Craig FoundationDavid J Theroux Chair
    $203,6502021 Fidelity Investments Charitable Gift FundFor grant recipient's exempt purposes
    $200,0002022 Donors Trust Incfor the homelessness initiative
    $160,0002024 Sarah Scaife Foundation IncorporatedPROGRAM SUPPORT
    $157,8502023 National Philanthropic TrustPUBLIC, SOCIETAL BENEFIT
    $150,0002022 Sarah Scaife Foundation IncorporatedPROGRAM SUPPORT
    $150,0002021 Sarah Scaife Foundation IncorporatedPROGRAM SUPPORT

    References

    1. “About the Independent Institute.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/.
    2. The Independent Institute, Return of Organization Exempt from Income Tax (Form 990), 2019, Part VII, Section A, Line 1a.
    3. “The Network: California.” State Policy Network, 2021. Accessed August 18, 2021. https://spn.org/directory/#CA.
    4. “Issues.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/issues/.
    5. “Centers.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/centers/.
    6. “Independent Institute Files Amicus Curiae Brief in Second Amendment US Supreme Court Case.” Independent Institute, July 23, 2021. Accessed August 23, 2021. https://www.independent.org/news/news_detail.asp?newsid=2289.
    7. “Does Government ‘Stimulus’ Really Stimulate” Independent Institute, March 30, 2021. Accessed August 23, 2021. https://www.independent.org/news/news_detail.asp?newsid=2282.
    8. Hunter, Morgan E., Evers, Williamson M., and Hanson, Victor Davis. “Is It Time for a ‘490 B.C. Project’?” Independent Institute, September 23, 2020. Accessed August 23, 2021. https://www.independent.org/publications/policy_reports/detail.asp?id=13268#s2.
    9. “Education.” Independent Institute, 2021. Accessed August 23, 2021. https://www.independent.org/issues/detail.asp?id=5.
    10. “About Catalyst.” Catalyst, 2021. Accessed August 23, 2021. https://catalyst.independent.org/about/.
    11. “About.” MyGovCost.org, 2021. Accessed August 23, 2021. http://www.mygovcost.org/about/.
    12. “About FDAReview.org.” FDAReview.org, 2021. Accessed August 23, 2021. https://www.fdareview.org/about-fdareview/.
    13. “Home.” OnPower.org, 2021. Accessed August 23, 2021. http://www.onpower.org/index.html.
    14. The Chicago Community Trust, Return of Organization Exempt from Income Tax (Form 990), 2018, Schedule I, Part II.
    15. The Dupage Community Foundation, Return of Organization Exempt from Income Tax (Form 990), 2018, Schedule I, Part II.
    16. David H. Koch Charitable Foundation, Return of Private Foundation (Form 990-PF), 2001, Part XV, Line 3a.
    17. “David J. Theroux.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=531.
    18. “Graham H. Walker.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=3959.
    19. “Burton A. Abrams.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=1562.
    20. “Ivan Eland.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=487.
    21. “Williamson M. Evers.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=270.
    22. “Lawrence J. McQuillan.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=1654.
    23. “Richard L. Stroup.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=318.
    24. “Victor Davis Hanson.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=4125.
    25. “Richard A. Epstein.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=836.
    26. “Robert W. Crandall.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=128.
    27. “Steve H. Hanke.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=516.
    28. “Lawrence A. Kudlow.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=383.
    29. “Paul H. Rubin.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=542.
    30. “Thomas Gale Moore.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=503.
    31. “Wendy Kaminer.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=382.
    32. “June O’Neill.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=392.
    33. “Charles E. Phelps.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=394.
    34. “Todd J. Zywicki.” Independent Institute, 2021. Accessed August 18, 2021. https://www.independent.org/aboutus/person_detail.asp?id=1035.