The Hewlett Foundation's Annual Report contains descriptions of the Foundation's programs, audited financial statements, and a complete list of all the Foundation's grants in a given year. An archive of the Foundation's Annual Reports can be found here. The Foundation also has a Social Investment Policy. In this section of the site, you will find information about the Foundation's Audited Financial Statements, tax forms 990-PF and 990-T, and executive compensation.

Audited Financial Statements

Read or download the Hewlett Foundation's 2015 Audited Financial Statements (PDF).

Past audited financial statements can be found in our library here.

Form 990-PF

The Form 990-PF contains additional financial information about the Hewlett Foundation, including information about the Foundation's assets, investments, and expenses. Private foundations are required to file this form each year with the Internal Revenue Service.

For additional background information, read Understanding the IRS Form 990 from Guidestar, a nonprofit organization that provides data on over 1.5 million organizations nationwide. In assessing whether a foundation or the organizations it supports are effective, though, Form 990 isn't the whole story, as the Guidestar site correctly points out:

Although Forms 990 can provide a snapshot of the financial health and expenditures of an organization at a specific time, they are virtually useless in comparing one organization to another unless the organizations are of similar size, age, geography, and field of activity. Further, they tell us nothing about the ultimate or relative effectiveness of an organization with respect to meeting its objectives. This is the true bottom line of charity. Form 990 data are most useful for examining the evolving health and financial practices of an organization over a period of time.

Read or download the Hewlett Foundation's 2014 Form 990-PF:

2014 Form 990-PF (without attachments) (PDF)

2014 Form 990-PF (full return with attachments) (PDF)

Previous year's 990-PF forms are available at the Guidestar website:

Form 990-T

The IRS Form 990-T, known as the Exempt Organization Business Income Tax Return, is the form exempt organizations, such as foundations, use to determine the income tax owed on unrelated business income. The IRS defines unrelated business income as "the gross income derived from any trade or business that is regularly carried on, and not substantially related to the organization's exempt purpose or function." Under the IRS's definition, certain of the foundation's investments, including some investments in real estate partnerships, are reported as unrelated business income.

Read or download the Hewlett Foundation's 2014 Form 990-T (PDF).

The William and Flora Hewlett Foundation
Social Investment Policy

Click here to view the Foundation's Social Investment Policy.

Executive Compensation

Larry Kramer - President

In 2014, Larry Kramer earned $686,629 in cash compensation, which included $44,979 of other retirement payment.

In 2014, Mr. Kramer's benefits, which include the cost of his medical coverage and contributions to a 403(b) retirement account, were $80,803.

Ana Marshall – Chief Investment Officer

In 2014, Ms. Marshall’s base salary was $635,625. She earned incentive compensation of $1,592,235 for the performance period of July 1, 2013, to June 30, 2014, and was paid that amount in 2014. In addition, she earned $44,023 of other retirement payment.

Her total compensation, as it will appear on the 2014 990-PF, was $2,272,283.

In 2014, Ms. Marshall's benefits, which include the cost of her medical coverage and contributions to a 403(b) retirement account, were $80,803.

(Incentive compensation is a commonly used way to provide a financial incentive based on performance to retain key staff with unique skills or abilities whose contribution is critical to achieving the goals of an organization.)

Investment Overview


The Foundation invests its endowment among a variety of different types of assets, as shown in the graph below, which reflects our holdings as of December 31, 2015 ($9.0 billion).