Hudson Institute 990 2006

JI i
Form 990 Return of Organization Exempt From Income Tax

Under section 501 (c), 527, or 4947( a)(1) of the Internal Revenue Code ( except black lung
Department of the Treasury benefit trust or private foundation)
Internal Revenue Service ^ The organization may have to use a copy of this return to sa ti s fy s t a t e repo rting requi rements.
A For the 200 5 cale ndar ear or tax ear be g innin g U zuu5 ano enaln 09 1 3U / 200b
B check if eppie ie Please C Name of organization D Employer identification number
Add.. usetrts HUDSON INSTITUTE , INC. 13-1945157
change
label or
Nane change print or Number and street (or P 0 box if mail is not delivered to street address) Room/suite E Telephone number
in,uei r.uvn type
see
Firbl rerun
S p BCIflC
1015 15TH STREET NW STE 600 ( 202 ) 223-7770
retur
ntled Instruc - City or town, state or country, and ZIP + 4 `ae ^° Cash X Accrual
p.nd,n lpn Sons
pentlin p WA S HINGT O N. DC 200 05 - 1 Other ( s p eci fy ) 01
• Section 501 ( c)(3) organizations and 4947( a)(1) nonexempt charitable H and I are not applicable to section 527 organizations
trusts must attach a completed Schedule A (Form 990 or 990 -EZ). H(a) Is this a group return fo• af!:ates? Yes X NC
G Website: ^ WWW.HUDSON . ORG H(b) If 'Yes,' enter number of affiliates ^ __
J Organization type (check only one) ^ x 501(c) ( 3 ) -4 (Insert no) 947(a)(1) or 527 H(c) Are all affiliates tncluded7 E Yes Na
(If "No,' attach a list See instructions
K Check here 10. if the organization's gross receipts are normally not more than $25,000 The
n(il) Is this a separate return riled by an
organization need not file a return with the IRS, but if the organization chooses to file a return , be org an zaton covered b y a g roup rulin g ? Yes X Ne
sure to file a complete return Some states require a complete return . I Group Exemption Number ^
M Check ^ if the organization is not required
L Gross receipts Add lines 6b, 8b, 9b, and 1Ob to line 12 ^ 13 , 095 , 141. to attach Sch B (Form 990, 990-EZ, or 990-PF)
Revenue, Expenses , and Changes in Net Assets or Fund Balances (See the instructions )
I Contributions, gifts, grants, and similar amounts received
a Direct public support . . . . . . . . . . . . . . . . . . . . . . 1a 7 , 238 , 437.
b Indirect public support . .. .. . .. ... . . ... . .. . .. 1b NONE
C Government contributions (grants) . . ... . . .. . . .. . .. 1c 88 , 276.
d Total (add lines 12 through 1c) (cash $ 7,326,713. noncash $ NONE ) 1d 7 , 326 , 713.
2 Program service revenue including government fees and contracts (from Part VII, line 93) . . . . . , 2 _ 1, 819 4 99 .
3 Membership dues and assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Interest on savings and temporary cash investments . . . . . . . . . . . . . . . . . . . . . . . . 4 30 474
5 Dividends and interest from securities .. . . . .. . ... . . 5 423 209.
6 a Gross rents ..... . . . .. . .. . . . . . .. . .. . . . 6a
b Less rental expenses . . . . . . .. . . . .. .. . .. • ... 6b
c Net rental income or (loss) (subtract line 6b from line 6a) . . . . . . . . . . . . . . . . . . . . . 6c
7 Other investment income (describe 7
8 a mo t fro m sales of assts other (A) Securities (B) Other
3 488 647. 8a
L ' I xpenses 3 2 3 5 4 2 9. 8b
c In or (loss) (attach schedule 253 218. 8c
c
c I t ( ^ ss ( €e Im t columns (A ) and (B)) . . . .... .. . .. . . • . . .. 8d 253 218 .
C 9 ' S eclal evens and activities ( h schedule) If any amount is from gaming , check here
.0
, , , , , , , , , , , , • 9a
L b Less direct expenses other than fundraising expenses . . . . . . . 9b
c Net income or (loss) from special events (subtract line 9b from line 9a) . . . . . . . . . . . . . 9c
10 a Gross sales of inventory, less returns and allowances . . . . . . oa
b Less cost of goods sold . . . . . . . . . . . . . . . . . . . . . ob
C Gross profit or (loss) from sales of inventory (attach schedule) (subtract line 1 Ob from line 1a) . . . . 1oc
11 Other revenue (from Part VII, line 103)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 6 599 .
.) 12 Total revenue add lines 1d 2 3 4 5, 6c, 7 8d 9c 10c, and 11 .................. 12 9 859 712.
13 Program services (from line 44, column (B)) . . . . . . .. .. .... . . . . .. . . . . . . . . . 13 8 182 394
14 Management and general (from line 44, column (C)) , 14 4 4 0 715 .
15 Fundraising (from line 44, column (D)) 15 686 481 .
1 6 Payments to affiliates (attach schedule) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
17 Total ex enses add lines 16 and 44, column A ....:..................... 17 9 309 590 .
18 Excess or (deficit) for the year (subtract line 17 from line 12) . . . . . . . . . . . . . . . . . . . . . 18 550 122
19 Net assets or fund balances at beginning of year (from line 73, column (A)) . . . . . . . . . . . . . . 19 1 408 836 .
20 Other changes in net assets or fund balances (attach explanation) . . . . . .S r 1T .1 20 632 34 0 .
z 21 Net assets or fund balances at end of year combine lines 18 19 and 20 21 2 591 , 298.
For Privacy Act and Paperwork Reduction Act Notice, see the separate instructions. Form 990 (2005) rj1S
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Form 990 (2005) 13-1945157 Page 2
JIM Statement of All organ izations must complete column (A) Columns ( B), (C), and ( D) are required for section 501(c)( 3) and (4)
Functional Expenses organizations and section 4947( a)(1) nonexempt charitable trusts but optional for others (See the instructions)
Do not include amounts reported on line (A) Total (B) Program (C) Management (D) Fundraising
6b . 8b . 96 Job or 16 of Part 1 services and g eneral
22 Grants and allocations (attach schedule)
(cash S 230, 000. noncash $ NONE) 22
cfhethis heeeunt.n.udesforeign grants, . ^ X 230 000. 230 000. STMT 2
ck
23 Specific assistance to individuals (attach
schedule) . . . . . . . . . . . . . . . 23
24 Benefits paid to or for members (attach
schedule) 24 $TMT 3
25 Compensation of officers, directors, etc 25 664 225. 545 095. 119 180.
26 Other salaries and wages .. , 26 3 , 292 , 582. 3 , 179 , 518. 40 , 693. 72 , 371.
27 Pension plan contributions , , 27
28 Other employee benefits , , .... 28 372 580. 354 946. 9 , 673. 7 , 961 .
29 Payroll taxes , , , , , , , , , , 29 331 572. 313 714. 11 , 345. 6 , 513.
30 Professional fundraising fees , 30
31 Accounting fees. , , , , , , , 31 55 , 899. 49 , 516. 6, 383.
32 Legal fees , , , , , , , , , , , , , , , 32 22 , 951. 20 , 755. 2, 196.
33 Supplies ............. .. 33 88 , 550. 71 , 096. 12 , 255. 5 , 199 .
34 Telephone ............ ... 34 65 , 244. 59 , 607. 5, 622. 15.
35 Postage and shipping ........ 35 35 , 706. 28 , 362. 4, 658. 2 , 686 .
36 Occupancy,,,,,,,,,,, 36 751 033. 658 313. 92 , 720.
37 Equipment rental and maintenance, . 37 31 , 846. 27 , 914. 3, 932.
38 Printing and publications . , .. . . 38 163 923. 125 201. 24 , 126. 14 , 596 .
39 Travel . .. .. . . . .. . . . .. . .. 39 452 066. 411 814. 6, 240. 34 , 012 .
40 Conferences, conventions, and meetings . 40 801 497. 245 433. 18 , 667. 537 , 397 .
41 Interest ..... . . .. . . . . . . . 41
42 Depreciation, depletion, etc (attach schedule) 42 100 553. 88 , 139. 12 , 414. STMT 16
43 Other expenses not covered above (itemize)
a CONSULTANTS 43a 1 , 531 , 586. 1 , 497 , 115. 34 , 471.
-------------------- - - - - - -
bBOOKS &PUBLICATIONS 43b 18 , 647. 16 , 629. 1, 419. 599.
c COMPUTERS 43c 221 772. 197 F 892. 19 , 531. 4 , 349.
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d TEMP - SERVICES -------- 43d 36 , 638. 31 , 735. 4, 120. 783.
e INSURANCE ----------------- 43e 30 , 556. 26 , 949. 3, 607.
CORPOARTE FEES
f ------------------ 43f 9, 674. 2, 271. 7, 403.
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g TRAINING 4i3 490. 430. 60.
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44 Total functional expenses. Add lines 22
through 43 (Organizations completing
columns (B)-(D), carry these totals to lines
13-15) .. .. . .. . . . .. .. . . . . 4 , 309 , 90. 1 , 182 , 94. 40 15. 86 81.
Joint Costs . Check ^ if you are following SOP 98-2.
Are any j oint costs from a combined educational campaign and fundraising solicitation reported in (B) Program services? 101 Yes No
If "Yes," enter ( i) the aggregate amount of these j oint costs $ , ( i) the amount allocated to Program services $
(iii) the amount allocated to Management and general $ , and (iv) the amount allocated to Fundraising $
Form 990 (2005)
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Form 990 (2005)
Statement of Program Service Accomplishments (See the instructions)
Form 990 is available for public inspection and, for some people, serves as the primary or sole source of information about a
particular organization How the public perceives an organization in such cases may be determined by the information presented
on its return. Therefore, please make sure the return is complete and accurate and fully describes, in Part III, the organization's
programs and accomplishments.
What is the organization's primary exempt purpose? Program Service
'SEE_STATEMENT _4 ________________________ Expenses
All organizations must describe their exempt purpose achievements in a clear and concise manner. State the number (Required for 5o1(cx3) and
of clients served, publications issued, etc Discuss achievements that are not measurable (Section 501(c)(3) and (4) (4) orgs , and 4947(a)(1)
trusts. but optional for
organizations and 4947(a)(1) nonexempt charitable trusts must also enter the amount of grants and allocations to others) others
a SEE-STATEMENT-4B
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(Grants and allocations $ 230 000. ) If this amount includes foreign grants, check here ^ X , 182 , 394.
b
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(Grants and allocations $ ) If this amount includes foreign grants, check here
C
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(Grants and allocations $ ) If this amount includes foreign grants, check here ^
d
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(Grants and allocations $ ) If this amount includes foreign grants, check here ^
e Other program services (attach schedule)
(Grants and allocations $ ) If this amount includes foreign grants, check here' El I
f Total of Program Service Expenses (should equal line 44, column (B), Program services). . ^ 8,182,394.
Form 990 (2005)
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Form 990 (2005) 13-1945157 Page4
FUMM Balance Sheets (See the instructions.)
Note : Where required, attached schedules and amounts within the description (A) (B)
column should be for end-of-year amounts only Beginning of year End of year
45 Cash - non-interest-bearing . . . ..... .. . . . . . . .... .. . . . . 442 845. 45 475 620.

46 Savings and temporary cash investments . .. . .. .. .. ... .. . .. . 46
47a Accounts receivable .............. 47a 818 , 117

b Less: allowance for doubtful accounts . 47b NON 412 880. 47c 818 , 117.
48a Pledges receivable .. . ..... ... .. .. 48a 48 , 257 .

b Less: allowance for doubtful accounts... ... 48b NON 72 086. 48c 48 , 257 .
49 Grants receivable ............................. ... 1 275 000. 49 1 , 085 , 000.
50 Receivables from officers, directors, trustees, and key employees
(attach schedule) . .. ... ... .. . .. ..... .. ... .. .. . . . . 50
51a Other notes and loans receivable (attach
schedule) . . . . . .. . .. .. . . . . . . .. . 51 a
CD b Less. allowance for doubtful accounts .. ... 51 b 51c
52 Inventories for sale or use 52
53 Prepaid expenses and deferred charges ........ ... ... 38 166. 53 50 , 558.
54 Investments - securities (attach schedule) sTUT .5. ^ ❑ Cost FMV 12 492 228. 54 13 , 442 , 852.
55a Investments - land, buildings, and
equipment: basis . . .. . . .. . ..... .. 55a
b Less accumulated depreciation (attach
schedule) . . . . ... . . . . . ... . .. .... 55b 55c
56 Investments - other (attach schedule) . .. .. .. . . .. . . .. 56
57a Land, buildings, and equipment: basis ..... 57a 1 , 524 , 036 .
b Less: accumulated depreciation (attach
schedule) STMT 16 57b 764 , 858 797 164. 57c 759 178.
58 Other assets (describe ^ ) 58
Total assets (must equal line 74) Add lines 45 through 58..
59 15 530 369. 59 16 679 582.
Accounts payable and accrued expenses . . . .. ... .. . . . .. . . . .
60 1 , 220 , 105. 60 1 , 487 , 992.
Grants payable . . .. . .. .. . .. ... . . .. . .. .. . .. .. . . .
61 61
Deferred revenue ................... .............
62 2 , 901 , 428. 62 2 , 600 , 292.
Loans from officers, directors, trustees, and key employees (attach
63
schedule) . .. . . .. ... .. .. .. .. .. .. .. .. .. 63
A 64a Tax-exempt bond liabilities (attach schedule) . . . . .. .. . . .. .. . . 64a
J b Mortgages and other notes payable (attach schedule ) , , , , , , , , , , , 64b
65 Other liabilities (describe ^ ) 65
66 Total liabilities . Add lines 60 through 65 . . . . . . . . . . . . . . . . . . . 4, 121, 533. 66 4,088,284.

Organizations that follow SFAS 117, check here ^ X and complete lines
67 through 69 and lines 73 and 74
u) 67 Unrestricted . .. .. . . . .. . .. .. ... .. . .. .. .. . . .. . . 10 706 273. 67 12 379 153.
68 Temporarily restricted . . . .. ... .. ... .. . .. .. . .. . . . .. 702 563. 68 212 145.
M
m 69 Permanently restricted . . . .. . ....... .. . .. .. . . . . . 69
Organizations that do not follow SFAS 117, check here ^ ❑ and
complete lines 70 through 74
LL
, 70 Capital stock, trust principal, or current funds . . . . . . .. .. . . . . . . 70
w 71 Paid-in or capital surplus, or land, building, and equipment fund , , , , , , , , 71
y 72 Retained earnings, endowment, accumulated income, or other funds . . . . 72
Q 73 Total net assets or fund balances (add lines 67 through 69 or lines
Z 70 through 72;
column (A) must equal line 19, column ( B) must equal line 21) ..... .. 11 408 836. 73 12 , 591 , 298.
74 Total liabilities and net assets /fund balances . Add lines 66 and 73 15 530 369. 74 16 679 582.
Form 990 (2005)
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Form 990 (2005) 13-1945157 Page 5
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return (See the
instructions.)
a Total revenue, gains, and other support per audited financial statements ................... .
b Amounts included on line a but not on Part I, line 12.
1 Net unrealized gains on investments . . . ... .. . .... ... . . .... . .. bi 632 , 340
2 Donated services and use of facilities . . . .. . .. . .... . .. . . . .. . . .. U
3 Recoveries of prior year grants ............................ U3
4 Other (specify):---------------------------------------------
b4
Add lines b1 through b4 . . .. . .. .. . . . ... .. .. ... .. . . . ... .. . ....... .. .. .
c Subtract line b from line a ... ... . .. . . .. . .... . .. . . . . . .. . ... . . .. ... .. .. .
d Amounts included on Part I, line 12, but not on fine a:
1 Investment expenses not included on Part i, line 6b ................. ^d.
2 Other (specify) _- SEE STATEMENT 6____________________________
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Add lines dland d2 ................................................
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
a Total expenses and losses per audited financial statements . .. . . . .. .. . ... . . . . .... .... .
b Amounts included on line a but not on Part I, line 17:
1 Donated services and use of facilities . . . . . ... ... .. .. . . . . . . . . .. b1
2 Prior year adjustments reported on Part I, line 20 . ... .. .. . .. . . .. . .. b2
3 Losses reported on Part I, line 20 . . .. . ..... ... .. . . . . . .. .. . . . b3
4 Other (specify).--------------------------------------------
------------------------------------------------------- b4
Add lines b1 through b4 .. ... .. . . . .... ... .. . .. . ..... . . .. . . . ..... .. .. .
c Subtract line b from line a . .. . .. . . . .. .. .. . .. . .. . ..... . ... . . . ..... .... .
d Amounts included on Part I, line 17, but not on line a:
1 Investment expenses not included on Part I, line 6b .. . .. .. . . . . . .. . .. d 1
2 Other (specify) -- SEE STATEMENT 7____________________________
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Add lines dl and d2 . . . . .. . .. ... .. . ... .... .. ... .. .... d 230 000.
e Total expenses (Part I, line 17). Add lines c and d . ^ e 9 , 309 , 590.
EMB- C-Urrent Officers, Directors , Trustees, and Key Employees (List each person who was an officer, director , trustee,
or key emnlnvee at env time riunnn the veer even if they were not omn(-nsated 1 /See the tn.ctnictinns )
(B) ( C) Compensation lol corn, bo ion, to employm (E) Expense account
(A) Name and address tie and average hours pet ( if not paid, enter beneln plane & dnI r.d and other allowances
week devoted to p osition -0-. compam•tnn W-
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SEE STATEMENT 8 631 550. 32 , 675. NONE
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Form 990 (2005)
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.j Form 990 (2005) 13-1945157 Fage6
9MUMN Current Officers , Directors , Trustees , and Key Employees (continued) Yes No
75a Enter the total number of officers, directors , and trustees perm itted to vote on organization business at board
meetings ....................... ................ ... . ^
------ 30 -----
b Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated
employees listed in Schedule A, Part I, or highest compensated professional and other independent
contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business
relationships? If "Yes," attach a statement that identifies the individuals and explains the relationship(s) ... .. .
c Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated
employees listed in Schedule A, Part I, or highest compensated professional and other independent
contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether
tax exempt or taxable, that are related to this organization through common supervision or common control?
Note . Related organizations include section 509(a)(3) supporting organizations.
If "Yes," attach a statement that identifies the individuals, explains the relationship between this organization and
the other organization(s), and describes the compensation arrangements, including amounts paid to each
individual by each related organization
d Does the or g anization have a written conflict of interest poli cy? • 75d X
Former Officers , Directors , Trustees , and Key Employees That Received Compensation or Other Benefits
(If any former officer, director, trustee, or key employee received compensation or other benefits (described below) during
the year, list that person below and enter the amount of compensation or other benefits in the appropriate column. See the
instructions )
(D) c""t,^buttons to employee (E) Expense

(A) Name and address ( B) Loans and Advances (C) Compensation beheld plans & deterred account and other
ccmpematan plain
allowances
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0- 0- -0- -0-
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Other Information (See the instructions. ) Yes No
76 Did the organization engage in any activity not previously reported to the IRS? If " Yes, " attach a detailed
descri p tion of each activit y ..................... ............ ............... 76 X
77 Were any changes made in the organizing or governing documents but not reported to the IRS? .. ..... .. . 77 X
If "Yes," attach a conformed copy of the changes.
78a Did the organization have unrelated business gross income of $1 , 000 or more during the year covered by
this return9.. . . .. . .. .. . .. . . ... . .... ..... .. .. ... .... .... ... 78a X
b If "Yes ," has it filed a tax return on Form 990-T for this year9 ... . . ... .... ... .... .... ... 78b N
79 Was there a liquidation , dissolution , termination , or substantial contraction during the year? If " Yes, " attach
a statement ............... ........................................ 79 X
80a Is the organization related ( other than by association with a statewide or nationwide organization ) through
common membership, governing bodies , trustees , officers , etc., to any other exempt or nonexempt
orga n i z a t io n? ..................................... ................. . 80a X
b If "Yes ," enter the name of the organ ization jo. _ HUDSON _ANALYTICAL_ SERVICES __INC_._ ^^ ___ __
__________________________________________ and check whether itis = exemptor LJ nonexempt
81a Enter direct and indirect political expenditures ( See line 81 instructions .).. . . . .. . 81a NONE
b Did the organization file Form 1120-POL for this year? 81 b X
Form 990 (2005)
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Form 990 (2005) 13-
Other Information (continued) Yes No
82a Did the organization receive donated services or the use of materials, equipment, or facilities at no charge
or at substantially less than fair rental value '? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82a X
b If "Yes, " you may indicate the value of these items here Do not include this amount
as revenue in Part I or as an expense in Part II ( See instructions in Part III ) . . . . . . . . . . . . . 82b N /A
83a Did the organization comply with the public inspection requirements for returns and exemption applications '? , , , , , , , , , , , , , 83a X
b Did the organization comply with the disclosure requirements relating to quid pro quo contributions? . . . . . . . . . . . . . . . . 83b X
84a Did the organization solicit any contributions or gifts that were not tax deductible? . . . . . . . . . . . . . . . . . . . . . . . . . 84a N
b If "Yes ," did the organization include with every solicitation an express statement that such contributions
or gifts were not tax deductible? , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 84b N
85 501 (c)(4),(5), or (6) organizations a Were substantially all dues nondeductible by members ' , , , , , , , , , , , , , , , , , , , , , 85a N
b Did the organization make only in-house lobbying expenditures of $2,000 or less? . . . . . . 85b N
If "Yes" was answered to either 85a or 85b , do not complete 85c through 85h below unless the organization
received a waiver for proxy tax owed for the prior year
c Dues , assessments , and similar amounts from members , , , , , , , , , , , , , , , , , , , , , , , 85c N /A
d Section 162 ( e) lobbying and political expenditures . . . . . . . . . . . . . . . . . . . . . . . . . 85d N /A
e Aggregate nondeductible amount of section 6033 ( e)(1)(A) dues notices . . . . . . . . . . . . . . . 85e N/A
f Taxable amount of lobbying and political expenditures ( line 85d less 85e) , , , , , , , , , , , , , , 85f N /A
g Does the organization elect to pay the section 6033 ( e) tax on the amount on line 85f? , , , , , , , , , , , , , , , , , , , , , , , , 85g N / Fi
h If section 6033 ( e)(1 )(A) dues notices were sent, does the organization agree to add the amount on line 85f to its reasonable
estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?. . . . . . . . . . . . . 85h N
86 501 (c)(7) orgs Enter a Initiation fees and capital contributions included on line 12 , , , , , , , , , , 86a N /A
b Gross receipts , included on line 12, for public use of club facilities , , , , , , , , , , , , , , , , , , 86b N /A
87 501 (c)(12) orgs Enter a Gross income from members or shareholders , , , , , , , , , , , , , , , , 87a N /A
b Gross income from other sources (Do not net amounts due or paid to other
sources against amounts due or received from them ) . . . . . . . . . . . . . . . . . . . . . . 87b N /A
88 At any time during the year, did the organization own a 50 % or greater interest in a taxable corporation or
partnership, or an entity disregarded as separate from the organization under Regulations sections
301 7701-2 and 301 .7701-3? If "Yes," complete Part IX 88 X
89 a 501 (c)(3) organizations . Enter Amount of tax imposed on the organization during the year under
section 4911 ^ NONE , section 4912 ^ NONE . section 4955 ^ NONE
b 501 (c)(3) and 501 (c)(4) orgs Did the organization engage in any section 4958 excess benefit transaction
during the year or did it become aware of an excess benefit transaction from a prior year? If "Yes," attach
a statement explaining each transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89b X
c Enter Amount of tax imposed on the organization managers or disqualified persons during the year under
sections 4912, 4955 , and 4958 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ^ NONE
d Enter Amount of tax on line 89c, above , reimbursed by the organization . . ^ NONE
90a List the states with which a copy of this return is filed ^ DC, IN, NY,
b Number of employees employed in the pay period that includes March 12 , 2005 ( See instructions ) . . . . . . . . . . . . . . . . . . 1 90b 48
91 a The booksareincareof ^ DEBORAH HOOPES, VP & CFO Telephoneno ^ 317-85 9-6456
Located 201 S. EMERSON AVE. #120 GREEENWOOD, IN ZJP+4 ^ 46143
b At any time during the calendar year, did the organization have an interest in or a signature or other authority over Yes No
a financial account in a foreign country (such as a bank account, securities account, or other financial account)' . . . . . . . . . . . 91b X
If "Yes," enter the name of the foreign country ^ ___________________________________________________
See the instructions for exceptions and filing requirements for Form TD F 90-22 .1, Report of Foreign Bank
and Financial Accounts
c At any time during the calendar year, did the organization maintain an office outside of the United States' . . . . . . . . . . . . . . . 91C X
If "Yes," enter the name of the foreign country
92 Section 4947(a)(1) nonexempt chantable trusts filing Form 990 in lieu of Form 1041- Check here , , , , , , , , , , , ^
and enter the amount of tax-exempt interest received or accrued during the tax year . . . . . . . . . . . . . . . . DO- 192 I N/A
Form 990 (2005)
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51283J 1394 V05-8.1

13-1945157 Paoe 8
Note : Enter gross amounts unless otherwise Unre lated business income Excluded b y section 512, 513, or 514 (E)
indicated Related or
A B C D exempt function
Business) code Amount Exclusion code Amount
93 Program service revenue Income
a INDEPENDENT
b RESEARCH 1 , 819 , 499 .
C
d
e
f Medicare/Medicaid payments . . . . . . . .
g Fees and contracts from government agencies
94 Membership dues and assessments , , ,
95 interest on savings and temporary cash investments 14 30 , 474.
96 Dividends aid interest from secure?:es 14 423 , 209.
97 Net rental income or (loss) from real estate
a debt-financed property . . . . . . . .
b not debt-financed property . . . . . . .
98 Net rental income or (loss ) from personal property . ,
99 Other investment income . . . . . . .

100 Gain or ( loss) from sales of assets other than inventory 18 253 , 218.
101 Net income or (loss) from special events
102 Gross profit or (loss) from sales of inventory
103 Other revenue a
b ROYALTIES 15 4 , 262.
c MISCELLANEOUS 2 , 337 .
d
e
104 Subtotal (add columns (B), (D), and (E)) .. 711 , 163. 1 , 821 , 836.
105 Total (add line 104, columns (B), (D), and (E )) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ^ 2, 532, 999.
Note : Line 105 plus line 1d, Part 1, should equal th e amount on line 12, Part I
1;M.ILT1111111 Relationship of Activities to the Accomplishment of Exempt Purposes (See the instructions. )
Line No Explain how each activity for which income is reported in column (E) of Part VII contributed importantly to the accomplishment
y of the organization's exempt purposes (other than by providing funds for such purposes)
Information Regarding Taxable Subsidiaries and D isregarded Entities (See the instructions.
(A) (B) (C) (D) (Et
Name, address, and EIN of corporation, Percentage of Nature of activities Total income Erdo -year
s
p artnershi p . or disreg arded ent ity ownershi p interest
STMT 10 % NONE NONE
• .. . Information Reaardina Transfers Associated with Personal Benefit Contracts (See the instructions.)
(a) Did the organization , during the year , receive any funds, directly or Indirectly, to pay premiums on a personal benefit contract? . . , , , , , Yes }{ No
(b) Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? H Yes x No
Note : tf "Yes" to (b), file Form 8870 and Form 4720 (see instructions)
JSA
5E1050 1 000
51283J 1394
SCHEDULE A Organization Exempt Under Section 501(c)(3) OMB No 1545-0047
( Except Private Foundation ) and Section 501(e), 501(1), 501(k ), 501(n),
(Form 990 or 990-EZ ) G^j oo C
or 4947( a)(1) Nonexempt Charitable Trust
Department of the Treasury Supplementary Information - (See separate instructions.) [^ 5
Internal Revenue Service ^ MUST be com p leted b y the above organizations and attached to their Form 990 or 990fZ
Name of the organization Employer identification number
HUDSON INSTITUTE , INC. I 13-1945157

Compensation of the Five Highest Paid Employees Other Than Officers, Directors , and Trustees
(See Daae 1 of the instructions. List each one. If there are none, enter "None.")
( d) Contributions to (e) Expense
(a) Name and address of each employee paid more ( b) Title and average hours
(c) Compensation employee benefit plans & account and other
than $ 50,000 per week devoted to position
deferred com p ensation allowances
----------------------------------
SEE STATEMENT 11
-----------------------------------
----------------------------------
----------------------------------
----------------------------------
Total number of other employees paid over $50,000 . . ^ 18

JiUMM Compensation of the Five Highest Pald Independent Contractors for Processional Services
(See Daae 2 of the instructions. List each one (whether individuals or firms). If there are none, enter "None.")
(a) Name and address of each independent contractor paid more than $ 50,000 ( b) Type of service (c) Compensation
------------------------------------------------
SEE STATEMENT 12
------------------------------------------------
------------------------------------------------
------------------------------------------------
------------------------------------------------
Total number of others receiving over $50 , 000 for

professional services . ^ 4
Compensation of the Five Highest Paid Independent Contractors for Other Services
(List each contractor who performed services other than professional services, whether individuals or
firms. If there are none, enter "None." See page 2 of the instructions.)
(a) Name and address of each independent contractor paid more than $50,000 (b) Type of service (c) Compensation
Total number of other contractors receiving over

$50,000 for other services ^ NONE
For Paperwork Reduction Act Notice , see the Instructions for Form 990 and Form 990-EL Schedule A (Form 990 or 990-EZ) 2005
JSA
5E1210 1000
51283J 1394 V05-8.1

Schedule A ( Form 990 or 990-EZ) 2005 13-1945157 Page 2
FOM Statements About Activities ( See pag e 2 of the instructions. ) Yes No
1 During the year, has the organization attempted to influence national, state, or local legislation, including any
attempt to influence public opinion on a legislative matter or referendum? If "Yes," enter the total expenses paid
or incurred in connection with the lobbying activities ^ $ (Must equal amounts on line 38,
Part VI-A,or line iof Part VI-B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 X
Organizations that made an election under section 501(h) by filing Form 5768 must complete Part VI-A Other
organizations checking "Yes" must complete Part VI-B AND attach a statement giving a detailed description of
the lobbying activities
2 During the year, has the organization, either directly or indirectly, engaged in any of the following acts with any
substantial contributors, trustees, directors, officers, creators, key employees, or members of their families, or
with any taxable organization with which any such person is affiliated as an officer, director, trustee, majority
owner, or principal beneficiary? (If the answer to any question is "Yes," attach a detailed statement explaining the
transactions, )
a Sale, exchange, or leasing of property? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a X

b Lending of money or other extension of credit? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2b X
c Furnishing of goods , services , or facilities? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .STMT . 1. 3, 2c X
d Payment of compensation (or payment or reimbursement of expenses if more than $1 , 000)? . F.OP4 .990, . IARX. V, . 2d X
e Transfer of any part of its income or assets? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2e X
3a Do you make grants for scholarships, fellowships, student loans, etc' (If "Yes," attach an explanation of how
you determine that recipients qualify to receive payments) . . . . . . . . . . . . . . . . . . . . . . . . . . . .S.TMT . 14. 3a X
b Do you have a section 403(b) annuity plan for your employees? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 X
c During the year , did the organization receive a contribution of qualified real property interest under section 170(h)? . . . . . . 3c X
4a Did you maintain any separate account for participating donors where donors have the right to provide advice on
the use or distribution of funds' . . . . . . . . . . . . . . . . . . . 4a X
b Do you provide credit counseling, debt management, credit repair, or debt negotiation services' 415 X
Reason for Non-Private Foundation Status (See pages 3 through 6 of the instructions.)
The or amzation is not a private foundation because it is (Please check only ONE applicable box.)
5 A church, convention of churches, or association of churches Section 170(b)(1)(A)(i)
6 A school Section 170(b)(1)(A)(u) (Also complete Part V )
7 A hospital or a cooperative hospital service organization Section 170(b)(1)(A)(iii)
8 A Federal, state, or local government or governmental unit Section 170(b)(1)(A)(v)
9 A medical research organization operated in conjunction with a hospital Section 170(b)(1)(A)(iii) Enter the hospital ' s name, city,
and state ^
------------------------------------------------------------------------------
10 ❑ An organization operated for the benefit of a college or university owned or operated by a governmental unit. Section 170 (b)(1)(A)(iv)
(Also complete the Support Schedule in Part IV-A )
11 a An organization that normally receives a substantial part of its support from a governmental unit or from the general public Section
170(b)(1)(A)(vi) (Also complete the Support Schedule in Part IV-A)
11 b ❑ A community trust Section 170(b)(1)(A)(vi). (Also complete the Support Schedule in Part IV-A )
12 An organization that normally receives ( 1) more than 33 1/3% of its support from contributions , membership fees , and gross
receipts from activities related to its charitable, etc , functions - subject to certain exceptions, and (2) no more than 33 1/3% of
its support from gross investment income and unrelated business taxable income (less section 511 tax ) from businesses acquired
by the organization after June 30 , 1975 See section 509(a )( 2) (Also complete the Support Schedule in Part IV-A )
13 ❑ An organization that is not controlled by any disqualified persons ( other than foundation managers ) and supports organizations
described in (1) lines 5 through 12 above ; or (2) section 501(c)(4), (5), or (6), if they meet the test of section 509 (a)(2) Check
th e b ox th a t describes the type of supporting organization ^ ❑ Type 1 ❑ Type 2 ❑ Type 3
Provide the following information about the supported organizations ( See page 6 of the instructions )
I (b) Line number

(a) Name (s) of supported organization(s)
from above
14 ❑ An organization organized and operated to test for public safety Section 509(a)(4) (See page 6 of the instructions )
Schedule A (Form 990 or 990 -EZ) 2005
JSA
5E1220 1 000
51283J 1394 V05-8.1
Schedule A (Form 990 or 990-EZ) 2005 13-1945157 Page 3
J' Support Schedule (Complete only if you checked a box on line 10, 11, or 12.) Use cash method of accounting.
Note : You may use the worksheet in the instructions for convertina from the accrual to the cash method of accounhno.
Calendar y ear (or fiscal year beginning in ) ^ (a) 2004 ( b) 2003 (c) 2002 d 2001 (e) Total
15 Gifts, grants, and contributions received (Do
not include unusual grants See line28) 4 , 396 , 065. 6 , 291 , 896. 8 , 126 , 784. 5 , 620 , 649. 24 , 435 , 394.
16 Membership fees received , NONE NONE NONE NON NONE
17 Gross receipts from admissions, merchandise
sold or services performed, or furnishing of
facilities in any activity that is related to the
organization's charitable, etc, purpose 2 , 175 , 685. 2 , 267 , 725. 943 568. 1,170,953. 6 , 557 , 931.
18 Gross income from interest, dividends,
amounts received from payments on securities
loans (section 512(a)(5)), rents, royalties, and
unrelated business taxable income (less
section 511 taxes) from businesses acquired
by the organization after June 30, 1975 266 996. 240 , 198. 315 237. 362 907. 1 , 185 , 338.
19 Net income from unrelated business
activities not included in line 18 . . .. .. NONE NONE NONE NON NONE
20 Tax revenues levied for the organization's
benefit and either paid to it or expended on
its behalf ....................
21 The value of services or facilities furnished to
the organization by a governmental unit
without charge Do not include the value of
services or facilities generally furnished to the
public without charge ..............
22 Other income Attach a schedule Do not
include gain or (loss) from sale of capital assets
23 Total of lines 15 through 22 6 , 838 , 746. 8 , 799 , 819. 9 , 385 , 589. 7 , 154 , 509. 32 178 663.
24 Line 23 minus line 17.. 4 663 061. 6 , 532 , 094. 8 , 442 , 021. 5 , 983 , 556. 25 620 732.
25 Enter I% of line 23.. . . . . . . . . . . . . . . 68 , 387. 87 , 998. 93 , 856. 71 , 545.
26 Organizations described on lines 10 or 11: a Enter 2% of amount in column (e), line 24 . . . . . . . . . . . . . . . ^ 26a 512 , 415.
b Prepare a list for your records to show the name of and amount contributed by each person (other than a
governmental unit or publicly supported organization) whose total gifts for 2001 through 2004 exceeded the
amount shown in line 26a Do not file this list with your return . Enter the total of all these excess amounts ^ 26b 5 , 847 , 309.
c Total support for section 509(a)(1) test Enter line 24, column (e) . . . . . _ . . . . . ^ 26c 25 620 732 .
d Add. Amounts from column (e) for lines 18 1, 185, 338. 19 NONE
22 26b 5,847,309 . ............ ^ 26d 7 , 032 , 647.
e Public support (line 26c minus line 26d total) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ^ 26e 18 , 588 085 .
f Public su pp ort p ercentage ( line 26e ( numerator) divided b line 26c ( denominator)) . ^ 26f 72.5510 %
27 Organizations described on line 12: a For amounts included in lines 15, 16, and 17 that were received from a "disqualified
person," prepare a list for your records to show the name of, and total amounts received in each year from, each "disqualified person"
Do not file this list with your return . Enter the sum of such amounts for each year
NOT APPLICABLE
(2004) (2003) (2002) (2001)
---------------- ------------------. ------------------- --------------
b For any amount included in line 17 that was received from each person (other than "disqualified persons"), prepare a list for your records to
show the name of, and amount received for each year, that was more than the larger of (1) the amount on line 25 for the year or (2) $5,000.
(Include in the list organizations described in lines 5 through 11, as well as individuals ) Do not file this list with your return . After computing
the difference between the amount received and the larger amount described in (1) or (2), enter the sum of these differences (the excess
amounts) for each year
(2004) (2003) (2002)
---------------- ------------------. ------------------- (2001)---------------
c Add Amounts from column (e) for lines 15 16

17 20 21 ..,......... ^
d Add Line 27a total . . and line 27b total , . . . . . . . . . . . . ^ 27d
e Public support (line 27c total minus line 27d total) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ^ 27e
f Total support for section 509(a)(2) test Enter amount from line 23, column (e) . . . . . . . . . . ^ 27f
g Public support percentage ( line 27e ( numerator) divided by line 27f ( denominator)) . . . . . . . . . . . . . . . . . . ^ 27 %
h Investment income p ercenta g e ( line 18 , column ( e ) ( numerator ) divided b y line 27f (denominator )) ^ 27h %
28 Unusual Grants : For an organization described in line 10. 11, or 12 that received any unusual grants during 2001 through 2004,
prepare a list for your records to show, for each year, the name of the contributor, the date and amount of the grant, and a brief
description of the nature of the grant D o not file this list w ith your return . Do not include these grants in line 15
Schedule A (Form 990 or 990-EZ) 2005
JSA
5E1221 1 000
51283J 1394 V05-8.1

Schedule A (Form 990 or 990 -EZ) 2005 Page 4
13-1945157
JIM Private School Questionnaire (See page 7 of the Instructions.) NOT APPLICABLE
( To be com p leted ONLY by schools that checked the box on line 6 in Part IV
29 Does the organization have a racially nondiscriminatory policy toward students by statement in its charter, bylaws, Yes No
other governing instrument, or in a resolution of its governing body? .. .29
30 Does the organization include a statement of its racially nondiscriminatory policy toward students in all its
brochures, catalogues, and other written communications with the public dealing with student admissions,
programs, and scholarships ? . . . . . ....... . . . . . _ .. _ .. .. ...... 30
31 Has the organization publicized its racially nondiscriminatory policy through newspaper or broadcast media during
the period of solicitation for students, or during the registration period if it has no solicitation program, in a way
that makes the policy known to all parts of the general community it serves? . .. .. . .. .. .. . . .. . 31
If "Yes," please describe; if "No," pease explain. (!f you need more space, attach a separate statement )
-------------------------------
-------------------------------
-------------------------------
32 Does the organization maintain the following-

-------------------------------
a Records indicating the racial composition of the student body, faculty, and administrative staff? 2a
b Records documenting that scholarships and other financial assistance are awarded on a racially nondiscriminatory
bass? 2b
c Copies of all catalogues, brochures, announcements, and other written communications to the public dealing
with student admissions, programs, and scholarships? 2c
d Copies of all material used by the organization or on its behalf to solicit contributions? 2d
If y ou answered "No" to any of the above, please explain (If you need more space, attach a separate statement.)
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
33 Does the organization discriminate by race in any way with respect to
a Students' rights or privileges? ............................ . ................ .
b Admissions policies?
...................................................
c Employment of faculty or administrative staff? . . ... . .... . . . .... . . .. . . ... . . . . . . .... .
d Scholarships or other financial assistance? .......................................
e Educational policies? ...................................................
f Use of facilities? .....................................................
g Athletic programs
h Other extracurricular activities? .............................................
If you answered "Yes" to any of the above, please explain (If you need more space, attach a separate statement.)
34 a Does the organization receive any financial aid or assistance from a governmental agency? .. . .... . .... .
b Has the organization's right to such aid ever been revoked or suspended? . . .. . . . . . .. . .. ... . . . . .
If you answered "Yes" to either 34a or b, please explain using an attached statement
35 Does the organization certify that it has complied with the applicable requirements of sections 4 01 through 4.05
of Rev. Proc. 75-50, 1975-2 C.B 587, covering racial nondiscrimination? If "No," attach an explanation 35
Schedule A (Form 990 or 990 -EZ) 2005
JSA
5E1230 1 000
51283J 1394 V05-8 .1

ti Schedule A Form 990 or 990-EZ ) 2005 13 - Pa ge 5
Lobbying Expenditures by Electing Public Charities (See page 9 of the instructions)
(To be completed ONLY by an eligible organization that filed Form 5768) NOT APPLICABLE
Check ^ a I I if the nrnannatinn helnnns to an affdinted nroun Check ^ h if vnu chec ked "a" and "limited control" nrnvicinns annly
Limits on Lobbying Expenditures Affiliated group To be completed

totals for ALL electing
(The term "expenditures" means amounts paid or incurred) organizations
36 Total lobbying expenditures to influence public opinion (grassroots lobbying) 36
37 Total lobbying expenditures to influence a legislative body (direct lobbying) 37
38 Total lobbying expenditures (add lines 36 and 37).. • . . . . ..... . .... 38
39 Other exempt purpose expenditures 39
40 Total exempt purpose expenditures (add lines 38 and 39) 40
41 Lobbying nontaxable amount Enter the amount from the following table -
If the amount on line 40 is - The lobbying nontaxable amount is -
Not over $500,000 . . . . . . . . . . . . 20% of the amount on line 40 . . . . . . . . .
Over $500,000 but not over $1,000,000 . . . $100,000 plus 15% of the excess over $500,000
Over $1,000,000 but not over $1,500,000 , $175,000 plus 10% of the excess over $1,000,000 41
Over $1,500,000 but not over $17,000,000 $225,000 plus 5% of the excess over $1,500,000
Over $17,000,000 , , , , , , , , , $1,000,000 , , , , , , , , , , , , , , , ,

42 Grassroots nontaxable amount (enter 25% of line 41) . • . .. . . ... .... 42
43 Subtract line 42 from line 36. Enter -0- if line 42 is more than line 36 43
44 Subtract line 41 from line 38 Enter -0- if line 41 is more than line 38 44
Caution: If there is an amount on either line 43 or line 44, you must file Form 4720
4-Year Averaging Period Under Section 501(h)
(Some organizations that made a section 501(h) election do not have to complete all of the five columns below.
See the instructions for lines 45 through 50 on nacre 11 of the instructions 1
Lobbying Expenditures During 4-Year Averaging Period

Calendar year ( or fiscal ( a) (b) (c) (d) (e)
year beginning in) ^ 2005 2004 2003 2002 Total
Lobbying nontaxable
45 amount
Lobbying ceiling amount
46 ( 150% of line 45 ( e ))
47 Total lobb yi n g exp enditures

Grassroots nontaxable
48 amoun t
Grassroots ceiling amount
49 150% of line 48 ( e ))
Grassroots lobbying
50 exp enditures . .
Fff.TjjjLTM Lobbying Activity by Nonelecting Public Charities NOT APPLICABLE
( For re p ortin g onl y by org anizations that did not com p lete Part VI-A ( See p a g e 11 of the instructions. )
During the year, did the organization attempt to influence national, state or local legislation, including any
Yes No Amount
attempt to influence public opinion on a legislative matter or referendum, through the use of
a Volunteers . .... .. .. .. .. ... ... .. .. .. .. . .
b Paid staff or management (Include compensation in expenses reported on lines c through h) ,
c Media advertisements
d Mailings to members, legislators, or the public, , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
e Publications, or published or broadcast statements , , , , , , , , , , , , , , , , , , , , , , , , , ,
f Grants to other organizations for lobbying purposes , , , , , , ...................
g Direct contact with legislators, their staffs, government officials, or a legislative body . • . • • • •
In Rallies, demonstrations, seminars, conventions, speeches, lectures, or any other means , , • , , ,
i Total lobbying expenditures (Add lines c through h ). . . . .. .. ... ....... . .. . . . . .
If "Yes" to any of the above, also attach a statement giving a detailed description of the lobbying activities.
JSA Schedule A (Form 990 or 990-EZ) 2005
5E 1240 1 000
51283J 1394 V05-8.1

Schedule A ( Form 990 or 990-EZ ) 2005 13-1945157 Page 6
Information Regarding Transfers To and Transactions and Relationships With Noncharitable
Exempt Organizations (See page 12 of the instructions.)
51 Did the reporting organization directly or indirectly engage in any of the following with any other organization described in sect ion
501(c) of the Code (other than section 501 (c)(3) organizations) or in section 527, relating to political organizations?
a Transfers from the reporting organization to a noncharitable exempt organization of. Yes No
(i) Cash . .. ...... .. .. ..... ..... .... .. ... ........ .. 51 a i X
(ii) Other assets ..... ............................................... a ii X
b Other transactions.
(i) Sales or exchanges of assets with a noncharitable exempt organization ....... . ........... . b(l) X
(ii) Purchases of assets from a noncharitable exempt organization ... _ .... . , .. . . .. b ( ii ) X
(iii) Rental of facilities, equipment, or other assets . . . . . . . . . . .. . ... . ..... . . . . . ....... b ( iii ) X
(iv) Reimbursement arrangements . . .. ... .. .. . .. .. . .. . . ... . . .. . ..... ..... ... b iv X
(v) Loans or loan guarantees .. . . . .. . .. . . . . .. . . . . . . . . .. . .. . . . . . .. . . . . . . ... b (v ) X
(vi) Performance of services or membership or fundraising solicitations b(vi ) X
c Sharing of facilities, equipment, mailing lists, other assets, or paid employees .. . ... . . . ..... . . . ... C X
d If the answer to any of the above is "Yes," complete the following schedule Column (b) should always show the fair market value of the
goods, other assets, or services given by the reporting organization If the organization received less than fair market value in any
52a Is the organization directly or indirectly affiliated with , or related to , one or more tax-exempt organ izations
described in section 501 ( c) of the Code ( other than section 501 ( c)(3)) or in section 5279 ... , . , , . , . ^ El Yes Q No
Schedule A (Form 990 or 990 - EZ) 2005

JSA
5E1250 1 000
51283J 1394 V05-8.1

Form 8868 I Application for Extension of Time To File an
(Rev December2004) Exempt Organization Return OMB No 1545-1709
Department of the Treasury
Internal Revenue Service ^ Fil e a s eparate application for each return
• If you are filing for an Automatic 3-Month Extension , complete only Part I and check this box . . . . . . . . . . ^ }{
• If you are filing for an Additional ( not automatic ) 3-Month Extension , complete only Part II (on page 2 of this form).
Do not complete Part /l unless you have alread y been g ranted an automatic 3-month extension on a p reviousl y filed Form 8868.
Automatic 3-Month Extension of Time - Only submit original (no copies needed)
Form 990 -T corporations requesting an automatic 6-month extension - check this box and complete Part I only.. . . . . .. .. ^ ❑
All other corporations (including Form 990-C filers) must use Form 7004 to request an extension of time to file income tax returns
Partnerships, REMICs, and trusts must use Form 8736 to request an extension of time to file Form 1065, 1066, or 1041
Electronic Filing (e -file). Form 8868 can be filed electronically if you want a 3-month automatic extension of time to file one of the
returns noted below (6 months for corporate Form 990-T filers) However, you cannot file it electronically if you want the adaitional
(not automatic) 3-month extension, instead you must submit the fully completed signed page 2 (Part II) of Form 8868 For more
details on the electronic filing of this form, visit www irs gov/efde
Type or Name of Exempt Organization Employer identification number
print HUDSON INSTITUTE, INC. 13-1945157
Number, street . and room or suite no If a P 0 box, see instructions
File by the
due date for
filing your
return See City, town or post office, state, and ZIP code For a foreign address , see instructions
ins t ruc t ions
WASHINGTON, DC 20036
Check type of return to be filed (file a separate application for each return)
}( Form 990 Form 990-T (corporation) Form 4720
Form 990-BL Form 990-T(sec 401(a) or 408 (a) trust ) Form 5227
Form 990-EZ Form 990-T (trust other than above) Form 6069
Form 990-PF Form 1041-A Form 8870
• The books are in the care of ^ DEBORAH HOOPES, CONTROLLER
Telephone No ^ 317 859-6456 FAX No ^
• If the organization does not have an office or place of business in the United States, check this box ^ ❑
• If this is for a Group Return, enter the organization's four digit Group Exemption Number (GEN) If this is
for the whole group, check this box ^ ❑ If it is for part of the group, check this box ^ and attach a list with the
names and EINs of all members the extension will cover
1 I request an automatic 3-month (6-months for a Form 990 - T corporation ) extension of time until 05 /15 . 2007
to file the exempt organization return for the organization named above The extension is for the organization's return for
^ calendar year or
^ X tax year beginning 10/01 2005 , and ending 09/30 . 2006
2 If this tax year is for less than 12 months, check reason 0 Initial return D Final return Change in accounting period
3a If this application is for Form 990-BL, 990-PF, 990-T, 4720, or 6069, enter the tentative tax, less any
nonrefundable credits See instructions . . . . . . . . . . . . $ NONE
b If this application is for Form 990-PF or 990-T, enter any refundable credits and estimated tax payments
made Include any prior year overpayment allowed as a credit . $ NONE
c Balance Due Subtract line 3b from line 3a Include your payment with this form, or, if required, deposit
with FTD coupon or, if required, by using EFTPS (Electronic Federal Tax Payment System) See
instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ NONE
Caution. If you are going to make an electronic fund withdrawal with this Form 8868, see Form 8453-EO and Form 8879-EO
for payment instructions
For Privacy Act and Paperwork Reduction Act Notice , see Instructions . Form 8868 (Rev 12-2004)
JSA
5F8054 1 000
SUGOG1 1394 V05-8.1 020-01583-430

HUDSON INSTITUTE, INC. 13-1945157
11
FORM 990, PART I - OTHER INCREASES IN FUND BALANCES

---------------------------------------------------
DESCRIPTION AMOUNT
NET CHANGE IN UNREALIZED GAIN/(LOSS)

ON INVESTMENTS 632,340.
------------
TOTAL 632, 340.
STATEMENT 1
51283J 1394 V05-8.1

FORM 990, PART II - GRANTS AND ALLOCATIONS PAID DURING THE YEAR
---------------------------------------------------------------
------------------------------------------------------------
RELATIONSHIP TO SUBSTANTIAL CONTRIBUTOR

AND
RECIPIENT NAME AND ADDRESS FOUNDATION STATUS OF RECIPIENT PURPOSE OF GRANT OR CONTRIBUTION AMOUNT
-------------------------- ------------------------------ ---------------------------------
GRANTS PAID
THE INSTITUTE FOR ZIONIST STRATEGIES N/A SUPPORT ISRAELI PUBLIC POLICY RESEARCH 230,000.
14/11 LEVI ESHKOL BLVD.
RAMAT ESHKOL
JERUSALEM, 91181
TOTAL CONTRIBUTIONS PAID 230,000.
51283J 1394 V05-8.1 STATEMENT 2

FORM 990, PART II, LINE 25 - OFFICER COMPENSATION SCHEDULE
PROGRAM MANAGEMENT
OFFICER NAME AND TYPE OF COMPENSATION SERVICES AND GENERAL FUNDRAISING
------------------------------------- -------- ----------- -----------
HERBERT I . LONDON
COMPENSATION: 210,370. 29,630. NONE
PENSION PLAN CONTRIBUTIONS: NONE NONE NONE
EXPENSE ACCOUNT: NONE NONE NONE
DEBORAH HOOPES
PENSION PLAN CONTRIBUTIONS: 6,583. 927. NONE
DIANE REED
PENSION PLAN CONTRIBUTIONS: 4,575. 644. NONE
KENNETH WEINSTEIN
PENSION PLAN CONTRIBUTIONS: 17,325. 2,440. NONE
GRACE TERZIAN
COMPENSATION: NONE 42,233. NONE
PENSION PLAN CONTRIBUTIONS: NONE 181. NONE
------------ ------------ ------------
TOTALS 545,045. 119,180. NONE
------------ ------------ ------------
STATEMENT 3
51283J 1394 V05-8.1

v
FORM 990, PART III - ORGANIZATION'S PRIMARY EXEMPT PURPOSE

----------------------------------------------------------
THE PRIMARY EXEMPT PURPOSE OF THE HUDSON INSTITUTE, INC. IS TO

RESEARCH NATIONAL & INTERNATIONAL ISSUES FOR EDUCATION OF THE
PUBLIC.
STATEMENT 4
51283J 1394 V05-8.1

HUDSON
INSTITUTE
PRO G RAMS AND SCHOLARS
DECEMBER 2006
1015 15TH STREET, N.W. SIXTH FLOOR WASHINGTON, D.C. 20005

202.974.2400 MAIN 202.974.2410 FAX
WWW.HUDSON.ORG
STATEMENT 4B
HUDSON
IN S TITU TE
PROGRAMS AND SCHOLARS

DECEMBER 2006
TABLE OF CONTEN'T'S
ABOUT HUDSON INSTITUTE ....................................................................................... 1
HUDSON INSTITUTE' S LEADERSHIP ..........................................................................3
AREAS OF RESEARCH
GLOBAL AFFAIRS ................................................................................................................ 5
■ Future Security Strategies ................................................................................................... 6
■ Islam, Democracy, and the Future of the Muslim World ................................................... 8
■ Middle East Policy .............................................................................................................. 9
■ European Studies .............................................................................................................. 10
■ Eurasian Policy ................................................................................................................. 11
■ Latin American Studies .................................................................................................... 12
■ Rise of Asia and U.S.-Asia Relations ............................................................................... 15
SCIENCE, ENVIRONMENT, AND TECHNOLOGY .................................................................22

■ Global Food Issues, Global Warming, and Environmental Studies ................................. 23
LAW, CULTURE, AND SOCIETY ......................................................................................... 24

■ Law, Culture, and Society ................................................................................................. 25
■ Civil Justice and International Religious Liberty ............................................................ 26
■ Religious Freedom ............................................................................................................ 27
American Common Culture .............................................................................................. 28
■ Philanthropy and Civic Renewal ...................................................................................... 29
INTERNATIONAL GOVERNANCE ........................................................................................32

■ Science in Public Policy ................................................................................................... 33
■ Global Prosperity: Foreign Aid and Economic Development .......................................... 33
■ United Nations and Middle East Policy ............................................................................ 34
ECONOMICS AND ENERGY POLICY ...................................................................................35

■ Labor and Employment Policy ......................................................................................... 36
■ Economic Policy ............................................................................................................... 37
■ Housing and Financial Markets ........................................................................................ 38
ABOUT HUDSON INSTITUTE
Hudson Institute is a nonpartisan policy research organization dedicated to innovative research

and analysis that promotes global security, prosperity, and freedom. We challenge conventional
thinking and help manage strategic transitions to the future through interdisciplinary and
collaborative studies in defense, international relations, economics, culture, science, technology,
and law. Through publications, conferences, and policy recommendations, we seek to guide
global leaders in government and business.
Since our founding in 1961 by the brilliant futurist Herman Kahn, Hudson's perspective has been
uniquely future-oriented and guardedly optimistic. Our research has stood the test of time in a
world dramatically transformed by the collapse of the Soviet Union, the rise of China, and the
advent of radicalism within Islam. Because Hudson sees the complexities within societies, we
focus on the often overlooked interplay among culture, demography, technology, markets, and
political leadership.
Our broad-based approach has, for decades, allowed us to present well-timed recommendations
to leaders in government and business. Thus, in the 1970s, Hudson's scholars helped turn the
world away from the no-growth policies of the Club of Rome; in the early 1990s, we helped the
newly liberated Baltic nations become booming market economies; at home in the mid-1990s,
we helped write the pioneering Wisconsin welfare reform law that became the model for
successful national welfare reform. Today, we are developing programs for political and
economic reform across the Muslim world, as well as approaches to the growing strategic and
economic challenges posed by the Asian world, most notably China and India.
Our current research agenda includes:
➢ the War on Terror and the future of Islam

> the rise of Asia and U.S.-Asia relations
> human rights in Asia and Africa
> civil justice reform and judicial policy
> agricultural and biotechnology policy
> civil society and global philanthropy
> market reforms and the 21`-century welfare state
> Latin American studies
Hudson scholars regularly consult with policymakers in London , Tokyo, Paris , Berlin , and other
international capitals . They frequently appear on major media such as ABC , NBC, CBS, Fox
News Channel , CNN, BBC, France 2, and NHK ; and they contribute to Foreign Affairs, The
New York Times, The Washington Post, The Weekly Standard, The Sunday Times ( London), The
Wall Street Journal, Asahi Shimbun (Tokyo), Le Figaro ( Paris ) and The New Republic.
Hudson Institute is a registered 501c3 nonprofit organization. Our work is made possible through
the tax-deductible contributions of our supporters, including individuals, foundations, and
corporations. In addition to helping Hudson Institute continue its important work, donors receive
institute publications, updates on our research, and invitations to special Hudson events. For
more information about Hudson Institute, please visit our website at www.hudson.org or call
202-974-2400.
Hudson Institute Conferences and Events
Hudson Institute regularly hosts leading American and international policymakers for
conferences on critical policy issues in Washington , DC, New York City, and around the world.
Recent events have included an address in Washington by The Honorable Edward Lazear,
Chairman, White House of Economic Advisers, on "The State of the American Economy;" a
briefing in New York by former Secretary of State Henry Kissinger on "Emerging Crises;" a
speech in Washington by former California Governor Pete Wilson on illegal immigration; a
dinner in New York with syndicated columnist Charles Krauthammer on U.S. foreign policy; a
speech in Washington by former Spanish Prime Minister Jose-Maria Aznar on the threat of
radical Islam; a two-day conference in Tokyo on U.S.-India-Japan trilateral relations featuring
Japanese Prime Minister Shinzo Abe ; a day-long conference in New York on reforming the
United Nations featuring former Israeli Deputy Prime Minister Natan Sharansky, U.S.
Ambassador to the U.N. John Bolton , and Bernard Lewis, Professor Emeritus of Near Eastern
Studies at Princeton University; a two-day conference in Beijing on the Future of Chinese
Energy Policy featuring former Italian Deputy Prime Minister Gianni de Michaelis ; a daylong
conference in Singapore on the threat of transnational Islamist movements; and a conference in
London on the upcoming 2007 Bangladesh elections.
2
HUDSON INSTITUTE'S LEADERSHIP
WALTER P. STERN
Chairman
Walter Stern is chairman of Hudson Institute. He is also vice president of The Washington
Institute for Near East Policy; vice chairman and a director of Capital International, Inc., a large
investment management firm; and chairman emeritus of two global funds, the New Perspective
Fund and the Emerging Markets Growth Fund. A Chartered Financial Analyst, Stern is a
member of the Council on Foreign Relations, a director and advisory board member of the The
American Committee on Foreign Relations, a member of the Board of Visitors of the Monterey
Institute and a member of the CFA Center Advisory Council. He is also former chairman of the
Institute for Chartered Financial Analysts and the Financial Analysts Federation and former
member of the Board of Directors of Temple-Inland, Inc. Prior to joining Capital in 1973, he was
a senior executive vice president and director of Drexel Burnham & Co. in New York, where he
was responsible for research, institutional sales and investment management. Currently he is
responsible for following financial and political developments in New York and worldwide.
Stern received a bachelor's degree (Phi Beta Kappa) from Williams College and an MBA, with
distinction, from Harvard University.
HERBERT I. LONDON
President
Herbert London became president of Hudson Institute on September 1, 1997. He has been a
member of the Hudson Institute Board of Trustees since 1974 and has been a senior fellow for
more than thirty years, founding Hudson's Center for Education and Employment Policy. He is
the former John M. Olin University Professor of Humanities at New York University,
responsible for the creation in 1972 of the Gallatin School, where he served as dean until 1992.
London graduated from Columbia University in 1960 and received his Ph.D. from New York
University in 1966. He is a tenured professor of social studies at New York University.
KENNETH R. WEINSTEIN
Chief Executive Officer
Kenneth Weinstein is chief executive officer of Hudson Institute. He oversees the institute's
research, project management, external affairs, marketing, and government relations efforts. A
political theorist by training who has taught at Claremont McKenna College and Georgetown
University, Weinstein has written on policy areas ranging from European and Middle Eastern
politics to labor and education policy and the future of Japan. He graduated from the University
of Chicago (B.A. in General Studies in the Humanities), the Institut d'Etudes Politiques de Paris
(D.E.A. in Soviet and Eastern European Studies), and Harvard University (Ph.D. in Political
Science).
GRACE TERZIAN
Vice President for Communications
Grace Terzian, formerly the executive director of the Allergy and Asthma Network, directs
Hudson's communications, including publications, public relations, and events. A graduate of
Williams College, Terzian has an extensive background in publishing and public policy, having
worked at The New Republic, the Chronicle ofHigher Education, and Architectural Digest. At
the Independent Women's Forum, where she was senior vice president, she also served as
publisher of The Women's Quarterly.
4
GLOBAL AFFAIRS
Hudson research in global affairs is conducted in six main areas: future security strategies; Islam,
democracy, and the future of the Muslim world; Middle East policy; Latin American studies;
U.S.-E.U. relations; and the rise of Asia and U.S.-Asia relations. Five senior fellows, S. Enders
Wimbush, Hillel Fradkin, Meyrav Wurmser, Zeyno Baran, and Jaime Daremblum, direct
research centers that oversee multiple projects. Other fellows-James Clad, Mary Fitzgerald,
Charles Homer, Maneeza Hossain, Lewis Libby, Laurent Murawiec, William Odom, Max
Singer, and Richard Weitz-work on miscellaneous projects reflecting their backgrounds and
sense of issues of critical importance in global affairs today.
Hudson Institute Global Affairs
S. ENDERS WIMBUSH
Senior Fellow
CENTER FOR FUTURE SECURITY STRATEGIES

The Center for Future Security Strategies seeks to explore evolving, emerging and imaginable
international security environments and to assess the implications of possible alternative futures
for security strategies. Its director S. Enders Wimbush brings to his research ten years of
experience in the private sector analyzing future security environments for government and
corporate clients and three decades of experience consulting for the Office of Net Assessment of
the Secretary of Defense.
Using a variety of innovative tools and techniques, the center aims to identify trends, attitudes,
ideas, and other forces that will contribute to the shape of the future, going far beyond forecasts
that simply project visible trends. It seeks to analyze critical variables that might alter the
trajectory of influences and events and to consider the potential impact of powerful nonlinear
forces, or wildcards, that might radically alter outcomes. Ultimately, the center seeks to
understand the dynamics that could influence actors' formulation of strategies for dealing with
the future; to characterize those strategies; to explore where and how strategies of different actors
could intersect, converge, or collide; and to identify challenges and opportunities that could
result from these interactions.
CURRENT PROJECTS
Pakistan Futures. This project, through a series of workshops and commissioned papers,
examines alternative futures for Pakistan by examining possible emerging pathways and the
forces that influence them, and by identifying areas of uncertainty and wildcards.
Asia 2030. This project, through a series of workshops, considers strategic movement in Asia
over the next several decades that could influence defense and military planning. The project
features two teams of researchers and strategists, one from the United States and one from India.
Its deliverable is a scenario-based net assessment report.
Nuclear Futures V. This project is the fifth in a series of workshops that examine the nature of
security competition around the year 2030. This project revolves around a new understanding of
the uses of nuclear weapons (such as new nuclear reactors with small arsenals) and of nuclear
asymmetries, which might alter the way actors build nuclear weapons into doctrines of
deterrence and/or use. The project will feature a workshop in Pans with American, French, and
British participants.
Radical Islam: A Net Assessment. This is a joint project with Hudson's Center on Islam,
Democracy, and the Future of the Muslim World. It involves a comparative analysis of military,
technical, political, economic, and other factors governing the current and prospective
competitive capabilities of radical/Islamic groups and the United States. The net assessment
portion of the project will focus on deep-rooted values that influence the competition; on relative
strengths and weaknesses; and on areas of greatest opportunity and risk.
6
Hudson Institute Global A ffairs
PLANNED PROJECTS
Taiwan Regional Forum . The center plans to partner with the U.S.-Taiwan Business Council to
create an annual Taiwan Regional Forum to be held in Asia or in the U.S. Seminars and
workshops would showcase Taiwan's importance in Asia's strategic dialogue and its maturity as
a destination for foreign investment and business. The forum would convene strategic thinkers
from many Asian countries, the U.S., and elsewhere to discuss and debate future security issues,
to assess the U.S. role in the region, to explore potential new alliance opportunities, and to
envision scenarios for "alternative Asias."
Islam in Europe : Strategies . This will be a joint project with Hudson's Center on Islam,
Democracy, and the Future of the Muslim World to examine the growth of Islamic populations
in Europe. Using analysis and scenarios, the project will highlight problems and threats and
elucidate policy options. Its deliverables include a workshop and final report.
Richard Weitz
Senior Fellow
Richard Weitz, PhD, has held positions with the Center for Strategic Studies, the Belfer Center
for Science and International Affairs (BCSIA) at Harvard's Kennedy School of Government, and
the U.S. Department of Defense. His current areas of research include defense reform,
counterterrorism, homeland security, and U.S. policies towards Europe, the former Soviet Union,
Asia, and the Middle East.
CURRENT PROJECTS
The United States and Eurasia ' s New Geopolitics . This continuing project examines U.S.
foreign policy options and strategies towards Russia, China, and Central Asia. It focuses on
nonproliferation, counterterrorism, and other "new" security issues.
Strengthening Counterterrorism and Homeland Security. This continuing project seeks to

enhance the ability of the United States and its foreign partners to counter all potential hazards,
from terrorist attacks to natural disasters. It focuses on the Department of Homeland Security
and the Department of Defense.
War and Governance . This future project will generate a book- length manuscript that will
explore such questions as: How will international organizations like the UN, EU, and NATO
change the nature of war in the 2151 century-and be changed by it? What could be the role of
less formal institutions and non-governmental organizations ? Will the nation-state remain the
most important international security actor in the future?
National Security Reform . This newly begun two-year, multi-institutional project is examining
the U.S. national security system to identify needed reforms. It has five components: (1)
examine the history to determine how the national security system took its current form; (2)
identify problems, their causes, and their consequences; (3) develop the full range of alternative
solutions; (4) evaluate the alternative solutions; and (5) make recommendations. Study topics
include vision and doctrine; strategy, policy, and planning processes; execution and evaluation;
structure; people; resources; and congressional and other oversight.
HILLEL FRADKIN
Senior Fellow
CENTER ON ISLAM, DEMOCRACY, AND THE FUTURE OF THE MUSLIM WORLD

The mission of the Center on Islam, Democracy, and the Future of the Muslim World is to
research and analyze political, religious, and social developments in mostly-Muslim countries
around the world as they affect American interest and policy; to examine the role of radical
Islamic ideologies and seek out and support moderate and democratic alternatives; and to
develop and propose policy options. Hillel Fradkin, the center's director, is a scholar with wide-
ranging areas of expertise: ethics, foreign policy, Islamic and Jewish thought, and the
relationship between religion and politics. He served as president of the Washington, D.C.-based
Ethics and Public Policy Center before coming to Hudson.
CURRENT PROJECTS
Ideology Consortium. This is a collaborative project of leading international scholars of Islam
with the purpose of tracking and analyzing developments within radical Islam and its ideology.
The project publishes semiannually Current Trends in Islamist Ideology.
Global War on Terrorism and American Foreign Policy. This is a joint project with Hudson's
Center for Future Security Strategies. It is designed to provide a net assessment of the global war
on terrorism; to help American policymakers anticipate future developments in the struggle with
radical Islam; and to create strategies to contain and roll back its influence. Pilot studies are
planned in Pakistan, Morocco, and the U.S.
Islam and Democracy . This project is an ongoing series of seminars and conferences with
leading Muslim and non-Muslim scholars on the present and future relationships between Islam
and democracy. Upcoming conferences feature speakers from the Middle East. A conference on
women in contemporary Muslim politics is planned.
Future of Political Islam . This project publishes papers and organizes conferences on political
dynamics within Islam, at home and abroad. It currently is planning a conference on the
emergence of Islamic political parties around the world and an event assessing the current
situation in Saudi Arabia.
Education in the Muslim World. This project, through conferences, examines the form and
content of education in the Muslim world. Recently the project held a joint conference focusing
on education in the Middle East and prospects for reform. The center and its partners, Herbert
Quandt Stiftung of the Federal Republic of Germany and Michigan State University, are
planning a series of follow-up events.
PLANNED PROJECTS
Islam in Europe : Strategies . A joint project with Hudson's Center for Future Security
Strategies, this project will examine the growth of Islamic populations in Europe. Using analysis
and scenarios, it will highlight problems and threats and elucidate policy options. Its deliverables
include a workshop and final report.
Hudson Institute Global A&airs
MEYRAV WURMSER
Senior Fellow
CENTER FOR MIDDLE EAST POLICY

The Center for Middle East Policy seeks to present a frank and accurate account of developments
in the Middle East utilizing primary sources from both Israel and the Arab world to provide
thorough, credible, and timely analysis of events, ideas, and trends. It is directed by Meyrav
Wurmser, a leading scholar of the Arab world and former executive director of the Middle East
Media Research Institute.
CURRENT PROJECTS
Revitalizing Lebanese Democracy . This project is the outgrowth of a one-day conference that
featured former Lebanese prime minister Michel Aoun and Congressman Eliot Engel (D-N.Y.).
The project assesses the future of Lebanon by evaluating the current political situation and the
relationship of the current government with Syria, which has occupied Lebanon for more than
two decades. This project will provide a strong foundation for a broader effort to strengthen
Lebanese civil society.
Reducing Saudi Influence over U.S. Foreign Policy. The center has convened an expert
working group to examine ways to reduce U.S. dependence on Saudi oil. The working group has
commissioned papers focusing on alternative oil sources, instability in the monarchy, Saudi
funding of terror networks, and the Saudi use of oil as a tool of statecraft and oil funding to
undermine policy goals in the region.
Promoting Middle East Democracy . This project, through publications, conferences, and
media appearances, promotes democracy and peace in the Middle East. Research includes
prospects for Palestinian democracy, regime change in Iraq, Islam and modernity, and the future
of the "Roadmap to Peace."
PLANNED PROJECTS
Assessment of U.S. Aid to the Palestinian Authority. Given current plans of the international
community to make significant foreign aid contributions to the Palestinian Authority, this project
will assess the state of Palestinian legal and economic institutions to evaluate the extent to which
they meet conditions that justify aid. Evaluation will be conducted in accordance with standards
set out in academic literature and by the U.S. Millennium Challenge Account.
The Future of Zionism . The Center for Middle East Policy is launching a multi-year project to
examine the future of Zionism and its implications for the State of Israel. Israel faces an
ideological crisis: As the recent Gaza pullout showed, societal divisions between secular and
religious Israelis and between left and right wing camps have become so pronounced that they
threaten to overpower the Zionist consensus that traditionally unified the nation. This project will
examine the crisis of Israeli identity, investigate its root causes, and seek to identify ways to
invigorate the Zionist enterprise. It will address the potential decline of Zionism, its implications
for Israel's future and security, and its impact on America's vital interests in the Middle East.
9
JOHN O'SULLIVAN
Senior Fellow
CENTER FOR EUROPEAN STUDIES

The Center for European Studies promotes understanding among U.S. policy makers, business
leaders and informed public opinion about the nature and challenges of the E.U. and European
countries; notes important issues and trends in religious, social, economic and security affairs;
advances understanding in Europe of the American "point of view" in such matters; and
promotes active dialogue with and between leaders in government, business, churches, the
academy and cultural bodies on both sides of the Atlantic. Center director John O'Sullivan is
also editor-at-large of National Review and former editor of The National Interest.
CURRENT PROJECTS
Hudson-European Think Tank Network. The center is in the process of forming relationships
with a number of leading European think tanks. The purpose is to coordinate research, achieve a
wider audience for each others' scholarship, hold joint conferences, and establish a program for
exchange of visiting fellows.
Euro-American Lectures and Debates . This monthly program features well-known speakers
whose speeches are subsequently published online and in Hudson papers. Topics discussed so far
include the French riots and the impact of blogs on European-American politics. Anticipated
topics include trade and regulatory disputes, as well as cultural trade issues.
PLANNED PROJECTS
Pizza Politics . This series of discussions will feature Hudson scholars engaging with younger
Washingtonians (junior staffers on Capital Hill, journalists, students of advanced degrees, interns
from this and other think tanks, etc.) over pizzas and sodas.
Grand Atlantic Prize . This award will be given out once every five years, to the European or
American who has done the most for transatlantic relations.
Quarterly Journal . This publication will target U.S. government policymaking circles as well
as analysts and commentators in think tanks, the media, and academia. Topics covered may
include defense and security, economics, as well as cultural and social studies.
European Journalism Fellows Program . Editors from major European news media will be
invited to spend 1-3 months in residence at Hudson.
Euro-American Blog. This continually updated web interface would aim to attract an audience
of specialists on Euro-American issues across both continents.
Founding Fathers of Atlanticism Seminar Series. This series on the founding fathers of
Atlanticism from Adenauer to Raymond Aron would feature discussion led by distinguished
public intellectuals who could also contribute personal knowledge of the giants they were
discussing.
Film Series . This project would feature the presentation of films followed by debates and
commentary on current social and political issues.
10
ZEYNO BARAN
Senior Fellow
CENTER FOR EURASIAN POLICY

The Center for Eurasian Policy focuses on strategies of preventing the spread of radical Islamist
ideology and of promoting the processes of democratic transformation and energy reform across
Europe and Eurasia. The Center is led by Zeyno Baran, who joined the Hudson Institute in April
2006. Previously, Baran was director of the International Security and Energy Programs at The
Nixon Center; she has also directed programs at the Center for Strategic and International
Studies. The author of several monographs as well as numerous articles and policy studies, Baran
has frequently testified before Congress on issues ranging from U.S.-Turkey relations to political
developments in the South Caucasus to integration and radicalization issues of Muslims in
Europe.
CURRENT PROJECTS
Transatlantic Energy Security Initiative . The Center will draft policy papers and hold
workshops in order to promote a new transatlantic initiative on energy security. Center director
Zeyno Baran is working closely with the U.S. State Department and the Netherlands Ministry of
Foreign Affairs to organize a high-level conference entitled "A Transatlantic Partnership on
Energy Security." This conference is designed to address problems in the security of energy
supplies to Europe and the United States, as well as the challenges they pose for the foreign and
security policies of Western nations. This conference will be co-hosted by U.S. Deputy Secretary
of State Robert. Zoellick and Dutch Minister of Foreign Affairs Bernard Bot; it is also supported
by the Austrian presidency of the European Union. After this conference, the Center will hold
follow-up meetings both in Washington and across Europe and Eurasia.
Muslim Manifesto . Second, in order to encourage moderate Muslims to defend the traditions of
their faith against radical Islamists, Baran has co-authored a Muslim Manifesto. She will be
holding meetings with Muslims both in the United States and abroad to garner support for this
initiative.
U.S.-Turkish Policy Dialogue . The Center will bring together U.S. and Turkish policymakers in
an ongoing series of dialogues in order to establish a new framework for a mutually beneficial
partnership.
11
JAIME DAREMBLUM
Senior Fellow
CENTER FOR LATIN AMERICAN STUDIES

The Center for Latin American Studies provides analysis of key economic, social, and political
developments and trends throughout Latin America to decision makers in business and
government. Its director, Jaime Daremblum, is a scholar of Latin America, international politics,
and international economics and was Costa Rica's ambassador to the United States from 1998 to
2004.
The center draws, in part, on the legacy of research conducted by the late Hudson senior fellow
Constantine Menges. Through seminars, workshops, publications, and conferences, the center
facilitates dialogue between leaders in Latin America and the U.S. in order to advance policies
that promote freedom, democracy, and economic opportunity. The center focuses on critical
emerging issues, such as the increasing role of China in Latin America, possibilities for increased
regional cooperation on energy issues, and avenues for improving U.S.-Latin American
relations. The center also generates scenarios through workshops with leaders in government and
the policy and business communities.
12
JAMES CLAD
Senior Fellow
A journalist, diplomat, and National Defense University professor, James Clad has decades of
experience reporting , analyzing , and participating in interventions by the U. S. or other external
countries in conflicts and failed states . After the 9/ 11 attacks , he worked on Afghan and Iraq
issues in a variety of U.S. agencies , including the Agency for International Development, the
Overseas Private Investment Corporation , and the Department of Defense.
CURRENT PROJECT
Postconflict Incompetence : Causes and Effects. U.S.-dominated occupation structures promise
quick stabilization after the American military's elimination of hostile regimes in Afghanistan
and Iraq. Yet postwar occupation too often fails us, as well as those we temporarily govern or
guide. This project will provide intellectual leadership in identifying causes of post-conflict
incompetence and offering remedial paths. By surveying the comprehensive nature of official
American post-intervention incompetence, the project will offer doable measures to regain field
competence, curtail interagency clutter, and streamline procurement requirements.
13
MARY FITZGERALD
Research Fellow
The author of numerous articles on Soviet and Russian military topics and an expert on defense
and national security issues, the U.S. military, and Russian, Eastern European, and Eurasian
studies, Mary Fitzgerald is part of Hudson's National Security Studies group as well as a
research fellow.
CURRENT PROJECT
Sino-Russian Strategies for Future Wars. This project provides analysis of Sino-Russian
military views on the "space-information" continuum; existing and prospective technologies for
waging "space-information" wars; evolving "space-information" operations; technical and
operational counters to the global positioning and other space systems; asymmetrical and
offensive counters to the U.S. national missile defense system; and implications of these issues
for U.S. defense strategy and acquisition.
14
CHARLES HORNER
Senior Fellow
RISE OF ASIA AND U.S.-ASIA RELATIONS

A China scholar with expertise in Asia-Pacific affairs and international science and technology
relations, Charles Homer formerly served as deputy assistant secretary of state for science and
technology and associate director of the United States Information Agency.
CURRENT PROJECTS
Rising China ' s Grand Design . This project examines important intellectual influences on
China's rising leaders as they develop a "grand design" and a "grand strategy." It was conceived
to aid in the U.S. understanding of how China might manage a strategic map of the world 30
years hence. The approach is historical and historiographical. Deng Xiaoping's socioeconomic
reforms have been accompanied by a wholesale reexamination of the country's history,
especially modem history. The Chinese are now able to debate major issues of interpretation. In
the process, their understandings of received verdicts about "success" and "failure" of previous
policies in the Qing and Republic eras are open to question. The project examines relevant
materials and relates them to arguments about the future, as the Chinese themselves understand
it.
Responding to the Chinese Strategic Threat. This project is intended to produce a research
monograph to highlight America's need to deal with what could become a significant Chinese
strategic challenge. It focuses particularly on America's need to have the capacity to fight two
different kinds of wars simultaneously: the man-to-man combat of the war on terror and the
possibility of an eventual high-technology engagement with China. The monograph will begin
with a scenario-based analysis of a U.S.-China conflict several decades from now, presenting a
strong and modernized Chinese military versus American and allied forces focused on the more
localized combat of the war on terror. A multichapter analysis of China's quest for high
technology will follow, drawing on many of today's well-known analyses of China's growing
high-technology capacity. The study will conclude with a second scenario-based analysis of
U.S.-China conflict after a directed U.S. and allied military modernization effort.
PLANNED PROJECTS
Future of Sino-Islamic Relations . A joint project with Hudson's Center for Islam, Democracy,
and the Future of the Muslim World, this project will address present and future relationships
between China and the 28 majority-Muslim societies of the greater Middle East. The immediate
objective will be to bring a broader understanding and perspective to American policy and
strategy discussions concerning the challenges of the war with radical Islam and the rise of
China. The project will focus on analytic essays, workshops, scenario building, and field
research to examine possible strategic landscapes that could emerge between China and the
greater Middle East.
Future of Sino-Japanese Relations. This project will use historical perspectives to analyze the
relationship between China and Japan and assess the implications of this relationship as it moves
forward in the twenty-first century. It will also seek to understand Japan's changing views of
China in light of the past twenty years of developments in Asia, including the collapse of the
Soviet Union, the rise of China, and the war on terrorism.
15
Hudson Institute Global A(airs
MANEEZA HOSSAIN
Senior Fellow
With academic training in law and Middle Eastern Studies, Maneeza Hossain is a Senior Fellow
focusing on political evolution and its cultural impact in Bangladesh, South Asia, and the Islamic
world. She has previously worked on the Iraq Democracy Papers, a collection of readers of
widely distributed in post-Saddam Hussein Iraq. She also managed the operations of Iraq
Democracy Information Center and was the project coordinator for the Iraqi Women's
Educational Institute (IWEI) at the Foundation for the Defense of Democracies.
CURRENT PROJECTS
Bangladesh in its South Asian Context:
Challenges, Opportunities and Implications for US Policy. Bangladesh, with the world's third
largest Muslim population, runs the risk of becoming the first democracy ever to be defeated by
radical Islamism. Having experienced a peaceful transfer of power in the last three elections,
Bangladesh will soon hold its most important election in decades. Corruption and lack of
transparency have created an atmosphere in which radical Islamism has taken root. As a result,
Bangladeshi democracy, stability, and prosperity are at risk of succumbing to the coordinated
action of local, regional, and international radical interests.
This project scrutinizes the recent political evolution in Bangladesh. An examination of the
evolution of the corruption/extremism relationship and of the Islamism versus democracy duel in
Bangladesh yields elements for policy reconsideration with impact and effect on Bangladesh
itself, South Asia, the Muslim world, and the international community.
Through policy briefs, newspaper articles and a book-length monograph, this project brings the
issues at stake in the developments to be witnessed by Bangladesh in the next crucial period to
the fore of the attention of the US policy community.
16
LEWIS LIBBY
Senior Advisor
Lewis Libby, former chief of staff to Vice President Richard B. Cheney and assistant to the vice
president for national security affairs, focuses on issues relating to the War on Terror and the
future of Asia. He also offers research guidance and advises the institute on strategic planning.
Libby first entered government service with the United States Department of State in 1981 as a
member of the Policy Planning Staff in the Office of the Secretary. From 1982 to 1985 he served
in the United States Department of State as director of special projects in the Bureau of East
Asian and Pacific Affairs. Libby also served as the legal adviser to the U.S. House of
Representatives' Select Committee on U.S. National Security and Military/Commercial
Concerns with the Peoples' Republic of China, commonly known as the "Cox Committee."
During the administration of President George H.W. Bush, Libby served in the United States
Department of Defense as principal deputy under secretary (Strategy and Resources), and later
was confirmed by the U.S. Senate as deputy under secretary of defense for policy.
17
LAURENT MURAWIEC
Senior Fellow
Formerly a senior international policy analyst with the RAND Corporation, Laurent Murawiec is
an expert in military affairs and information warfare. Before moving to the United States he
advised France's Ministry of Defense.
CURRENT PROJECTS
The Mind of Jihad (Part I). Part of an ongoing three-part project, the Mind of Jihad
investigates the origin and development of Gnostic millenarianism in the Arab Muslim world,
notably from the nineteenth century's Jamal al-Din al-Afghani, and its progress in the world of
Islam. It shows how terrorism is thus not only a technical means of waging war, but also a
reflection of the mind ofjihad.
U.S.-Japan Strategic Summit. The U.S.-Japan Strategic Summit seeks to serve as a channel for
the development of defense, economic, and social initiatives to serve the mutual strategic
interests of the U.S. and Japan for East Asia. A critical focus will be on the deployment of
economic tools to address national security objectives. The project will provide a means for
continuous focus on, and improvement of, the relationship between the U.S. and Japan as
partners for achieving important governmental objectives in Asia, including security,
democratization, and the maintenance of democracies and economic development. The project
relies on the participation of high-level political, business, academic, and government leaders
from the U.S. and Japan. Its resources will include a restricted-access website and weblog that
will promote daily discussions and exchanges of views, as well as serve as a central site for the
presentation of monographs and articles. The project anticipates that actual summits, consisting
of a variety of in-person meetings of summit members, other leaders, experts, and scholars, will
be held twice per year, once in Tokyo and once in Washington.
18
WILLIAM E. ODOM
Senior Fellow
A former director of the National Security Agency, General William Odom's research focuses on
U.S. strategy globally and more specifically on Europe, East Asia, and the Middle East-Persian
Gulf region. Additionally, he has worked on intelligence reform, defense policy, and Russian
politics. His op-eds have appeared in several newspapers, including The Washington Post, The
New York Times, The Wall Street Journal. His articles have appeared in Foreign Affairs, World
Politics, The National Interest, and Current History among others. He is a frequent guest on
radio and television shows, and interview subject in the print media. Odom's latest book,
America's Inadvertent Empire, was co-authored with Robert Dujarric, with whom he also co-
authored Commonwealth or Empire? Russia, Central Asia, and the Transcaucasus. Odom has
authored six additional books: Fixing Intelligence for a More Secure America; The Collapse of
the Soviet Military, for which he was awarded the Marshall Shulman Prize; America's Military
Revolution: Strategy and Structure after the Cold War; Trial After Triumph: East Asia after the
Cold War; On Internal War: American and Soviet Approaches to Third World Clients and
Insurgents; and The Soviet Volunteers.
19
Hudson Institute Global A(Lairs
ANDREI PIONTKOVSKY
Visiting Fellow
Andrei Piontkovsky, PhD, executive director of the Strategic Studies Center (Moscow), is a well-
known political analyst in Russia, where he contributes regularly to such publications as Novaya
Gazyeta and the Moscow Times. An applied mathematician by training, Piontkovsky is the
author of several best-selling books on Vladimir Putin's presidency in Russia. Piontkovsky is
internationally recognized as one of Russia's leading political and strategic analysts. He is a
Russian democrat and patriot, and he has been a consistent critic of the authoritarian direction set
by the Putin government. Over the last few months, as a Visiting Fellow at Hudson Institute, Dr.
Piontkovsky has: keynoted the 2006 Vilnius Conference: Common Vision for a Common
Neighborhood; given seminars at the Shelby Cullom Davis Russian Research Center at Harvard
University, at the U.S. Military Academy at West Point, and at the Paul Nitze School of
Advanced International Studies at the Johns Hopkins University; been cited in such publications
as The New York Times and the BBC online; and briefed U.S. government officials from the
Pentagon, State Department, National Security Council and the Vice President's office.
CURRENT PROJECTS
Another Look into Putin's Soul . Piontkovsky published in summer 2006 a translation and
adaptation of his Russian language book on Russian President Vladimir Putin . The book, entitled
Another Look into Putin 's Soul, reminds U.S. policymakers of the dangerous tendencies of
Russian foreign and domestic policy. Hudson Institute published and distributed this volume
prior to the G-8 Summit in St. Petersburg , Russia.
20
MAX SINGER
Senior Fellow
Max Singer, a cofounder of Hudson Institute in 1961 and its president until 1973, is an expert in
the Middle East, economic development, and political warfare. Concurrently, he is also a senior
research associate at the BESA Institute of Bar Ilan University in Israel.
CURRENT PROJECTS
Foreign Political Action Programs and Their Potential Effect on U.S. Force
Requirements-Conventional and Nuclear. This project creates scenarios and recommends
strategies for political action to achieve U.S. objectives of containing hostile forces. It explores
measures for understanding enemy strategy and the international environment that serve to
protect U.S. security. The project will generate reports on strategies for encouraging democracy
in the Middle East.
Radical Islam ' s Confrontation with West and East : Origins , Directions , Strategies. In
conjunction with Hudson's Center on Islam , Democracy, and the Future of the Muslim World
and the Institute for Policy and Strategy in Herzlyia, Israel, this project will provide an integrated
analysis of the current and future state of the relationship between Islam-as both religion and
political culture-and the West. The objective is to bring about a broader understanding of Islam
and the Middle East in order to widen the current perspective on policies related to the war on
terrorism, the threat of radical Islam, and the Middle East generally.
PLANNED PROJECT
U.S., Russia , and China Democracy and Security Project . Since U.S. policies toward both
Russia and China affect their political evolution and foreign policies, this project would focus on
the strategies of U.S. policy toward both countries. Its research will add to the fund of knowledge
and provide information, analysis, and policy ideas to leaders and experts in the U.S. policy,
business, and labor communities, the media, and the general public.
21
SCIENCE, ENVIRONMENT, AND TECHNOLOGY
Hudson's projects in science , environment, and technology , conducted by Senior Fellow Dennis
Avery, concentrate on global food issues ; global warming and environmental studies; and
science, health , and biotechnology.
22
HUDSON INSTITUTE SCIENCE, ENVIRONMENT, AND TECHNOLOGY
DENNIS AVERY
Senior Fellow
CENTER FOR GLOBAL FOOD ISSUES

The Center for Global Food Issues (CGFI) serves as a broker between urban and farming
communities, helping to educate city dwellers about the importance of modern farming while
helping farmers see their role in a broader light. The center monitors national and global farm
production and consumption trends, new technologies that affect farming and food demand, and
farm/food policy changes. The center's director, Dennis Avery, formerly an agricultural analyst
for the Department of State, is an expert on a range of issues relating to food, including
agriculture, the environment, world hunger, and biotechnology and pesticides.
CURRENT PROJECTS
Global Warming . Coauthored by Dennis Avery and S. Fred Singer of the University of
Virginia, Global Warming Every 1500 Years, Naturally (Rowman & Littlefield, Fall 2006),
challenges global warming premises that provide the basis for the Kyoto treaty. The authors
argue that the current change in temperatures is not a marked increase caused by pollution, but
rather is slight and due to a regular 1,500-year temperature cycle.
Earth Friendly, Farm Friendly Seal. CGFI, in conjunction with independent academic,
consumer, and farm policy and practice experts, has designed a program of farm and process
management practices that are independently verifiable as both farm and environment friendly.
CGFI's "Earth Friendly, Farm Friendly" seal assures the public that all products bearing it are
produced in a manner consistent with the best available scientific, environmental, and quality
standards and technologies. The program is based on farmers' adoption of environmentally
sound and economically sustainable practices that do not limit their freedom to farm.
Milk Is Milk. This project aims to counter misleading milk and dairy marketing practices by
some in the dairy industry who seek to increase sales of niche products by creating false fears
and driving consumers away from affordable, nutritious dairy products. CGFI is part of a broad-
based coalition that has filed state and federal complaints about these marketing practices. The
U.S. Food and Drug Administration announced it will review the claims and take action. CGFI
also has launched a grassroots campaign of concerned consumers to educate food and dairy
retailers about false and misleading labeling and marketing practices.
PLANNED PROJECT
Feast or Famine . Feast or Famine is an educational program focused on telling the public how
their food is produced and on explaining farming's impact on the environment. The series will
look in-depth at agricultural, earth, and environmental sciences. Each segment will be shot on
location, with expert interviews from leading scientists, thought leaders, and award-winning
researchers. The project will cover such topics as plant breeding, pest management, sustainable
meat production, and feeding the world in 20
23
LAW, CULTURE, AND SOCIETY
Six Hudson fellows-Robert Bork, Michael Horowitz, John Fonte, William Schambra, Amy
Kauffman, and Amy Kass-oversee projects involving law, culture, and society. Their research
explores such topics as civil justice and tort reform, international religious liberty, American
common culture and democracy, and civil society, and philanthropy.
24
HUDSON INSTITUTE LAW, CULTURE, AND SOCIETY
ROBERT BORK
Distinguished Fellow
CENTER ON LAW, CULTURE, AND SOCIETY

Directed by Judge Robert Bork, renowned as a jurist and analyst of American culture, the Center
on Law, Culture and Society conducts research, publishes books and papers, and convenes
conferences and seminars that analyze the crisis facing American law and interests. This crisis
has two primary aspects.
First, American constitutional iaw has become detached from its proper grounding in the U.S.
Constitution. That law has , instead , become prey to the dominant trends of opinion among the
intelligentsia , thus forcing minority values (radical versions of individual autonomy) on the
American public . This development increasingly frustrates republican self-government , presses
the culture to the left, and threatens social cohesion.
Second, parallel developments in international law may erode U.S. sovereignty by fostering
regional and even global governance on subjects central to American interests. In addition to the
United Nations' ambition to play a central role in all world affairs, nations now sign treaties that
purport to bind even those countries that refuse to agree, while alleged changes in customary
international law would further erode America's capacity to govern itself and conduct its own
foreign policy.
25
MICHAEL HOROWITZ
Senior Fellow
A practicing lawyer since 1967, Michael Horowitz is an expert in tort reform, welfare,
federalism, Congress, and religious liberty. Between 1981 and 1985, he was general counsel for
the Office of Management and Budget.
CURRENT PROJECTS
Project on Civil Justice and Tort Reform. This project looks at innovative means for tort
reform in the United States and at current issues on welfare reform. Its current focus is an ethics
petition initiative. Ethics petitions have been filed before fifteen state supreme courts challenging
excessive attorney fees in personal injury cases on the grounds of attorney fiduciary
responsibility. The project aims at a series of strategic tort initiatives that focus on expanding
rather than reducing the rights of injured parties through early offer, choice, and attorney fee
overreach reforms.
Project on International Religious Liberty. This project promotes democracy and fights
religious oppression around the globe. Currently, it seeks to promote a bill that encourages
democracy in countries now under dictatorial rule and a bill to deal with domestic sex trafficking
in the United States. It also has drafted model legislation to deal with parental child abduction to
foreign countries. Among its goals, the project aims to ensure effective implementation of the
Trafficking Freedom Protection Act and to ameliorate religious and human rights violations of
the regimes in North Korea and Sudan.
26
NINA SHEA
Senior Fellow
PAUL MARSHALL
Senior Fellow
THE CENTER FOR RELIGIOUS FREEDOM
The Center for Religious Freedom, staffed by Nina Shea and Paul Marshall, promotes religious
freedom as a component of U.S. foreign policy. It defends against religious persecution and
oppression, working with a worldwide network of religious freedom experts. An international
human-rights lawyer for twenty-five years, Nina Shea joined Hudson Institute as a senior fellow
in November 2006. Paul Marshall is the author and editor of over twenty books on religion and
politics.
CURRENT PROJECTS
Defense of Persecuted and Oppressed Christians , and Other Religious Minorities.

The Center undertakes advocacy on the behalf of both non-Muslims and Muslims accused of
blasphemy and apostasy in the Muslim world, as well as those persecuted for the religious beliefs
or identities under other harsh regimes in China, Vietnam, N. Korea and elsewhere. It is
preparing a book for completion in 2007 that examines the contemporary application of
blasphemy and apostasy laws.
World Survey on Religious Freedom . The Center' s second edition of the World Survey on
Religious Freedom that profiles and ranks over a hundred countries will be published in 2007.
The Spread of Extreme Islamic Law . In 2005, the Center produced Radical Islam's Rules,
edited by Center Fellow Paul Marshall, that traces the spread of extreme sharia. It holds
conferences and briefings on sharia that provide a platform for those living under Islamic rule.
The Center produces numerous articles analyzing the incorporation and implementation of sharia
in Iraq, Afghanistan, Iran, Pakistan, Nigeria and Sudan. It also takes up the cases of individual
victims of persecution.
Saudi Government Export of Extremist Ideology. The Center produced two studies on official
Saudi government publications, Saudi Publications Invade American Mosques (2005) and Saudi
Arabia's Curriculum ofIntolerance (2006). It presents testimony and publishes articles on the
propagation of Wahhabism by the government of Saudi Arabia in numerous countries.
Minority Religions in the Middle East. The Center works to raise awareness of the extreme
intolerance and consequent decline of religious minorities in the Middle East, and its
implications for American foreign policy through its writings and a speakers' program it has
organized with Members of Congress on Capitol Hill.
27
JOHN FONTE
Senior Fellow
CENTER FOR AMERICAN COMMON CULTURE

The Center for American Common Culture provides analysis and policy advice on issues of
citizenship, patriotism, civic education, the assimilation of immigrants, democratic sovereignty,
and American common culture. It focuses on strengthening American liberal democracy, civic
identity, and citizenship in an age of increasing transnational connections. Its director John Fonte
joined Hudson in 1999 after directing the Committee to Review National Standards, under the
chairmanship of Lynne Cheney, as a visiting scholar at the American Enterprise Institute.
CURRENT PROJECTS
Patriotic Assimilation of Immigrants . This project works to strengthen the means whereby
immigrants receive education on core American civic values and awareness as part of the
assimilation process. It has worked with Congress to establish the United States Citizenship and
Immigrations Services (formerly Immigration and Naturalization Service, now part of the U.S.
Department of Homeland Security).
Challenges to U.S. Democratic Sovereignty and the Principles of Liberal Democracy from
Ideological Forces within the UN, NGOs, and Elements of the Legal Profession . This project
seeks to clarify and strengthen U.S. democratic sovereignty, the principles of liberal democracy,
and a serious American internationalism. This is in contrast to forces at home and abroad that
aim to diminish both democratic self-government and American influence in the world in the
name of "trans-nationalism" and "global governance." The project has worked with Congress on
these issues. A forthcoming book on "post democracy" will address these issues.
Strengthening Civic Education in American K-12 Schools . The project works with
governments and schools to evaluate and improve school curricula. The goal is to get schools to
include citizenship education and thereby strengthen American identity.
29
HUDSON INSTITUTE LAW, CUL TURE, A ND SOCIE TY
WILLIAM SCHAMBRA
Senior Fellow
BRADLEY CENTER FOR PHILANTHROPY AND CIVIC RENEWAL

The Bradley Center for Philanthropy and Civic Renewal aims to encourage foundations and
charitable donors to direct more resources toward support of small, local, often faith-based
grassroots associations that are the heart of vital civil society. Its director William Schambra
served as director of programs at the Bradley Foundation in Milwaukee. He has written
extensively on the Constitution, the theory and practice of civic rcvitalization, and civil society.
The center undertakes critical examination of current giving practices of American foundations,
which, in supporting large, expert-driven projects, often undercut small civic associations. The
center also provides practical advice and counsel to funders with an interest in designing grant-
making programs that support civic renewal.
30
AMY KAUFFMAN
Research Fellow
An expert in campaign and election laws, campaign finance reform, politics, and U.S. elections,
Amy Kauffman joined Hudson in 1999 after serving as director of Campaign For America, a
Washington, D.C.-based nonprofit organization dedicated to campaign finance reform.
CURRENT PROJECT
Pew Discussion Series at Hudson Institute on Preserving and Strengthening Democracy at
Home and Abroad. With the support of the Pew Charitable Trusts, this project will convene two
distinct series of roundtable discussions to explore critical themes on the vitality and
perpetuation of democracy. The seminar series will examine the state of democracy in the U.S.
and efforts to promote democracy abroad. Rather than explicitly or implicitly seeking to promote
particular policy outcomes, the series, aimed primarily at busy congressional staffers, would
have a more didactic focus: it would seek to help support and sustain a more civil and thoughtful
discourse on key issues in American constitutional democracy and foreign policy, and thereby
point toward more responsible and public-spirited approaches to fundamental policy questions.
Senior Fellow Amy Kass will assist with the project and lead some of the discussions about
democracy at home.
31
AMY KASS
Senior Fellow
For over 25 years Amy Kass been an award-winning teacher of classic texts in the College of the
University of Chicago. Her areas of expertise are philanthropy, civic leadership and education,
and citizenship.
CURRENT PROJECT
Project on Civic Philanthropy. This project seeks to foster discussion on ethical issues and
critical issues facing civil society to provide guidance for thinking on philanthropic decision
making. It promotes dialogue on dispositions and attitudes rather than on procedures and rules
regarding philanthropy. It conducts symposia on civic philanthropy around the nation for leading
foundation officials and charitable donors. It works in conjunction with Hudson's Bradley
Center, the Council on Foundations, and the Association of Family Foundations. The project will
eventuate in a volume of readings, tentatively titled "The Perfect Grant."
32
INTERNATIONAL GOVERNANCE
Hudson international governance projects, conducted by two fellows, Carol Adelman and Anne
Bayefsky, explore such areas as global health and international health care initiatives, foreign aid
and economic development, and the role of the United Nations in promoting human rights.
33
HUDSON INSTITUTE INTERNATIONAL GOVERNANCE
CAROL ADELMAN
Senior Fellow
CENTER FOR SCIENCE IN PUBLIC POLICY

The Center for Science in Public Policy seeks to apply the highest scientific standard and
rigorous analysis to public policy issues. Recognizing the amount and complexity of information
on global issues, particularly health care, foreign aid, and trade, the center strives to underpin its
analyses with data and sound scientific methods. Carol Adelman, the center's director, has
expertise in foreign aid as well as international health, trade, and development, gained through
over 30 years as a public servant and as a consultant to private businesses and nonprofit groups.
CURRENT PROJECTS
Philanthropic Effort in Multi-Drug Resistant Tuberculosis . This project provides research
and analysis assessing global government and private philanthropic activities in the prevention
and treatment of tuberculosis. It monitors international scientific developments, provides overall
strategic planning, and brokers public/private partnerships toward this end.
Global Health, International Organizations , and U. S. Government Programs. This project
researches, publishes, and conducts seminars on global health issues, specifically focusing on
international health and development projects conducted by both private and government donor
organizations. Analysis focuses on determinants of health status in developing countries,
effectiveness of programs addressing health care problems, and public policies that affect the
delivery of health care services.
International Health Care and Pharmaceutical Issues. This project researches, publishes, and
conducts seminars on the effect of governments' and international organizations' policies on
pharmaceutical formularies and the pharmaceutical trade; health care infrastructure and quality;
and intellectual property rights. It monitors international health care initiatives such as WHO
programs and the Global Fund for HIV/AIDS, Tuberculosis, and Malaria. It also explores
innovative opportunities for public/private partnerships with health care providers and
government.
CENTER FOR GLOBAL PROSPERITY
The Index of Global Philanthropy. The center publishes annual indexes of global philanthropy
documenting and categorizing international philanthropy from private U.S. sources. It tracks and
reports on advances in economic development and provides case studies of pnvate-sector success
stories in economic development initiatives.
34
ANNE BAYEFSKY
Senior Fellow
Anne Bayefsky is an expert in international and constitutional human rights law, and equality
rights. In 2003 she launched www.bayefsky.com , a website dedicated to enhancing the
implementation of the human rights legal standards of the United Nations. She is a member of
the Ontario Bar and has taught at Columbia University Law School. In 2005, she launched
www.eyeontheun.org , a website dedicated to drawing attention to the UN's failure to expose and
fight human rights violations around the world.
CURRENT PROJECT
United Nations and Middle East Policy. This project monitors the ongoing operations of the
United Nations and its impact on Middle East policy, the war against terrorism, and the
international protection of human rights. Particular attention is paid to the activities of the United
Nations Human Rights Commission, the General Assembly, and the Security Council, as well as
related activities of human rights and nongovernmental organizations. Project activities include
publications, speeches, media outreach, and the development of a website on these issues.
35
ECONOMICS AND ENERGY POLICY
Hudson research in economics and energy policy seeks to offer future-oriented analyses of
macroeconomic and microeconomic policy developments. Our major areas of research include
monetary and fiscal policy, regulatory and tax policy, international trade, energy policy,
employment policy, and housing and financial market studies. Hudson's economic policy
research team includes noted economists with distinguished policy backgrounds, such as Irwin
Stelzer, Diana Furchtgott-Roth, and John Welcher.
36
DIANA FURCHTGOTT-ROTH
Senior Fellow
CENTER FOR EMPLOYMENT POLICY

The mission of the Center for Employment Policy is to research and publicize factors driving
sound economic policies that give employers flexibility to hire workers. The center's director
Diana Furchtgott-Roth spent two years as chief economist at the Department of Labor before
joining Hudson in 2005. She also served as chief of staff and special adviser to the president's
Council of Economic Advisers.
CURRENT PROJECTS
Hudson Economic Reports. Hudson Economic Reports are issued every week and posted on
Hudson's website. These reports analyze the major economic data series, with a focus on labor
data, and provide a context in which to evaluate them. They are sent to financial reporters
monthly.
Monthly Conference Series . This project focuses on key issues affecting employment, such as
legal reform, a reduction in burdensome regulation, broader availability of low-cost fringe
benefits, taxation, immigration, and workforce training. Each monthly conference focuses on one
key issue, featuring the presentation of an invited academic paper followed by discussion by a
panel of prominent experts.
Barriers to Entrepreneurship . This project examining barriers to entrepreneurship is made
possible with support from the Ewing Marion Kauffman Foundation. Topics at a series of
conferences include the contribution of entrepreneurs to employment growth; entrepreneurs'
access to capital; Mexican-American entrepreneurs; the taxation of entrepreneurs; and the effects
of household savings on entrepreneurship. Discussants will include experienced entrepreneurs
who can add a practical perspective to the conference.
Analyzing Expenditures of Organized Labor. New U.S. Department of Labor regulations will
require the reporting of heretofore unreported data on union finances and spending, in particular
political contributions. Until now, unions have escaped the financial transparency requirements
to which other sectors of the economy have had to submit. The center will gather, examine, and
report newly available data on union financial activities.
Using Community Colleges for Workforce Training. The use of community colleges for
training unemployed workers has been relatively limited due to federal regulations. An attempt is
being made to restructure these regulations in order to give unemployed workers the advantages
of the broad choices of vocational training that community colleges offer. A kick-off conference
on October 21, 2005, will feature a paper by Professor Robert LaLonde of the University of
Chicago showing how earnings of displaced workers are affected by different community college
course offerings. This will be followed by additional research into other aspects of community
college training.
37
IRWIN STELZER
Senior Fellow
CENTER FOR ECONOMIC POLICY
The Center for Economic Policy provides timely analyses of both macroeconomic and
microeconomic developments. Special attention is paid to developments in international trade
and exchange rates, monetary and fiscal policy, energy policy, and regulatory policy. The
center's director Irwin Stelzer is the U.S. political and economic columnist for The Sunday Times
(London). Before joining Hudson in 1998, he was resident scholar and director of regulatory
policy studies at the American Enterprise Institute. He was also previously a director of the
Energy and Environmental Policy Center at Harvard University and advisor to, among others,
former British prime minister Margaret Thatcher.
38
JOHN WEICHER
Senior Fellow
CENTER ON HOUSING AND FINANCIAL MARKETS

The mission of the Center on Housing and Financial Markets is to examine public policy issues
that affect the functioning of the housing and mortgage markets, with an immediate focus on
promoting home ownership. Its director John Weicher served from 2001 to 2005 as the
Department of Housing and Urban Development's (HUD) assistant secretary for housing and
federal housing commissioner. He previously served as assistant secretary for policy
development and research at HUD and as chief economist at both HUD and the Office of
Management and Budget.
Among the issues to be explored by the center are sustaining the record high home-ownership
rate in America; rising housing prices in metropolitan areas; the future of the Federal Housing
Administration, Fannie Mae, and Freddie Mac; and predatory lending. The center will conduct
ongoing research, commission papers, and hold seminars and conferences.
39
FORM 990, PART IV - INVESTMENTS - SECURITIES
ENDING COST
DESCRIPTION BOOK VALUE OR FMV
BOND MUTUAL FUND 1,182,908. FMV

STOCK MUTUAL FUND 5,466,213. FMV
US TREASURY BILLS 4,921,719. FMV
HEDGE FUND 1,872,012. FMV
---------------
TOTALS 13,442,852.
---------------
STATEMENT 5
51283J 1394 V05-8.1

FORM 990, PART IV-A - OTHER REVENUE ON RETURN BUT NOT ON BOOKS
DESCRIPTION AMOUNT
----------- ------
PASSTHROUGH CONTRIBUTION 230,000.

---------------
TOTAL 230,000.
---------------
STATEMENT 6
51283J 1394 V05-8.1

FORM 990, PART IV-B - OTHER EXPENSES ON RETURN BUT NOT ON BOOKS
DESCRIPTION AMOUNT
PASSTHROUGH CONTRIBUTION 230,000.

---------------
TOTAL 230,000.
---------------
STATEMENT 7
51283J 1394 V05-8.1

FORM 990, PART V-A - CURRENT OFFICERS, DIRECTORS, AND TRUSTEES

--------------------------------------------------------------
CONTRIBUTIONS EXPENSE ACCT

TITLE AND TIME TO EMPLOYEE AND OTHER
NAME AND ADDRESS DEVOTED TO POSITION COMPENSATION BENEFIT PLANS ALLOWANCES
---------------- ------------------- ------------ -------------
HERBERT I. LONDON 240,000. NONE NONE

C/0 HUDSON INSTITUTE, INC. PRESIDENT
1015 15TH STREET, N.W 40
HERBERT I. LONDON IS PAID AS AN INDEPENDENT CONTRACTOR THROUGH HERBERT I.
LONDON, INC.
DEBORAH HOOPES 88,131. 7,510. NONE

C/O HUDSON INSTITUTE, INC. CFO
DIANE REED 60, 829. 5,219. NONE

C/0 HUDSON INSTITUTE, INC. CORPORATE SECRETARY
KENNETH WEINSTEIN 200,357 19,765. NONE

C/0 HUDSON INSTITUTE, INC. CEO
GRACE TERZIAN 42,233. 181. NONE

C/0 HUDSON INSTITUTE, INC. VICE PRESIDENT
-------------- ------•-------- --------------

GRAND TOTALS 631,550. 32,675. NONE
-------------- --------------
--------------- --------------
51283J 1394 V05-8.1 STATEMENT 8

YEAR ENDED 9/30/2006
Executive Committee Trustee Emeriti
Francis S. Blake Linden S. Blue Thomas J. Donohue

Linden S. Blue Charles H. Brunie James H. Dowling
Rudy Boschwitz Joseph M. Giglio Pierre S. du Pont IV
Charles H. Brunie Marie-Josee Kravis Kenneth Duberstein
Pierre Dassas Hebert I. London Roger D. Fisher
Gerald Dorros Robert H. McKinney Craig L. Fuller
Joseph M. Giglio Wallace 0. Sellers Gay Hart Gaines
Roy Innis Walter P. Stern Alexander M. Haig, Jr.
Lawrence Kadish Allan R. Tessler Bernadine P. Healy, M.D.
Deborah Kahn Cunningham Frederick W. Hill
Marie-Josee Kravis Allan B. Hubbard
George Lichtblau Donald Kagan
Herbert I. London Emmanuel A. Kampouris
Michael Lunceford Harold D. Marshall
Robert Mankin Steuart L. Pittman
Robert H. McKinney Dan Quayle (Honorary)
Neil H. Offen Ian M. Rolland
Yoji Ohashi Daniel C. Searle
Charles Parlato Roger D. Semerad
Richard N. Perle Beurt SerVaas
E. Miles Prentice, III Paul G. Stern
Jack Rosen Edward Wanandi
Nina Rosenwald
Wallace 0. Sellers
Max Singer
Walter P. Stern
Allan R. Tessler
Ambassador Curtin Winsor, Jr.
John C. Wohlstetter
Trustees were uncompensated, and worked an average of 1 Hour/Week. They can be contacted
at the organization's address.
n
FORM 990, PART VIII - ACCOMPLISHMENT OF EXEMPT PURPOSES
EXPLANATION OF HOW EACH ACTIVITY FOR WHICH INCOME

LINE IS REPORTED IN COLUMN (E) OF PART VII CONTRIBUTED
NO. IMPORTANTLY TO THE ACCOMPLISHMENT OF EXEMPT PURPOSES
--- ----------------------------------------------------
93 INDEPENDENT RESEARCH CONTRACTS ALLOW THE INSTITUTE TO

EXAMINE CRITICAL ISSUES ON NATIONAL AND WORLD SECURITY,
ECONOMIC DEVELOPMENT AND POLITICAL VALUES AND ATTITUDES.
103 REVENUE FROM THESE ITEMS PROMOTES THE INSTITUTE'S PURPOSE
THROUGH EDUCATION OF THE PUBLIC ON CURRENT MATTERS OF
INTEREST.
STATEMENT 9
51283J 1394 V05-8.1

.
HUDSON INSTITUTE, INC. 13-1945157 .
FORM 990, PART IX - INFORMATION REGARDING TAXABLE SUBSIDIARIES
PERCENTAGE NATURE OF
NAME AND ADDRESS OWNERSHIP BUSINESS TOTAL ENDING
EMPLOYER IDENTIFICATION NUMBER INTEREST ACTIVITIES INCOME ASSETS
------------------------------ -------- ---------- ------ ------
HUDSON ANALYTICAL SERVICES,INC 100.000000 ANALYT. SERV. NONE NONE

1015 15TH STREET, N.W
35-1645201
------------ ------------
TOTAL INCOME NONE NONE
------------ ------------
51283J 1394 V05-8.1 STATEMENT 10

SCHEDULE A, PART I - COMPENSATION OF THE FIVE HIGHEST PAID EMPLOYEES
CONTRIBUTIONS
TITLE AND TIME TO EMPLOYEE EXPENSE
NAME AND ADDRESS DEVOTED TO POSITION COMPENSATION BENEFIT PLANS ACCOUNT
---------------- ------------------- ------------ -------------
CAROL C. ADELMAN SENIOR FELLOW 191,255. 20,001. NONE
MICHAEL HOROWITZ SENIOR FELLOW 185,834. 19,356. NONE

HILLEL FRADKIN SENIOR FELLOW 185,744. 19,338. NONE

WILLIAM SCHAMBRA SENIOR FELLOW 185,357. 4,589. NONE

S. ENDERS WIMBUSH SENIOR FELLOW 175,952. 12,050. NONE

---------- ---------- ----------

TOTAL COMPENSATION 924,142. 75,334. NONE
---------- ---------- ----------
51283) 1394 V05-8.1 STATEMENT 11

n
•SCH. A, PART II-A COMPENSATION OF THE 5 HIGHEST PAID FOR PROF. SERV.
NAME AND ADDRESS TYPE OF SERVICE COMPENSATION

---------------- --------------- ------------
DREAMSCANNER PRODUCTIONS FILM PRODUCTION 228,500.

BRAUNSCHWEIGER STR 53
12055 BERLIN, GERMANY,
JUNJIRO ISOMURA CONSULTING 130,000.

1-17-8, KAMI KITAZAWA; SETAGAYA-Kra
TOKYO 1560057, JAPAN,
IRWIN M. STELZER ASSOCIATES, INC. CONSULTING 112,000.

1150 17TH STREET NW, SUITE 502
CHARLES HORNER CONSULTING 109,001.

607 MARSHALL STREET
LEXINGTON, VA 24450
GAMZU RESEARCH LRD. CONSULTING 80,000.

21 A KEHILAT PADOVA ST.
TAL AVIV 69404, ISRAEL,
------------
TOTAL COMPENSATION 659,501.
STATEMENT 12
51283J 1394 V05-8.1

SCHEDULE A, PART III - EXPLANATION FOR LINE 2C
SEE FORM 990 PART V-A
STATEMENT 13
51283J 1394 V05-8.1

SCHEDULE A, PART III - EXPLANATION FOR LINE 3A

----------------------------------------------
FELLOWSHIPS ARE GIVEN TO STUDENTS BASED UPON A NATIONWIDE SEARCH.

ANNOUNCEMENTS ARE SENT TO UNIVERSITIES AND OVER ONE HUNDRED
APPLICATIONS ARE RECEIVED. AN INTERNATIONAL COMMITTEE CHOOSES
INDIVIDUALS ON A NONDISCRIMINATORY BASIS. HOWEVER, THERE ARE
ACADEMIC QUALIFICATIONS WHICH MUST BE MET ON THE APPLICATION IN ORDER
TO QUALIFY FOR THE FELLOWSHIP. OCCASIONALLY GRANTS ARE MADE TO
QUALIFYING UNIVERSITIES AT THE BOARD OF DIRECTOR'S DISCRETION.
STATEMENT 14
51283J 1394 V05-8.1

HUDSON INSTITUTE , INC . 13-1945157 '! 4
Schedule D Detail of Long-term Capital Gains and Losses
Date Date Gross Sales Cost or Other Long-term

Descri p tion Ac q uired Sold Price Basis Gain/Loss
APITAL GAINS ( LOSSES ) FROM SECURITIES
PUBLICLY-TRADED SECURITIES VARIOUS VARIOUS 3 , 488 , 6 47. 3 , 235 , 429. 253 218.
TOTAL CAPITAL GAINS ( LOSSES ) FROM SECURITI E S 3 , 488 , 647. 3 , 235 , 429. 253 218.
Totals 3 488 647. 3 235 429. 253 218.
JSA
5F0970 1 000
51283J 1394 V05-8.1 STATEMENT 15
YEAR ENDED 9/30/2006
DETAIL OF FIXED ASSETS AND DEPRECIATION
BUILDINGS & FIXTURES 707,726

EQUIPMENT 816,310
GROSS LAND, BULDINGS, & EQUIPMENT 1,524,036
LESS: ACCUMULATED DEPRECIATION (764,858)
NET LAND, BUILDINGS, & EQUIPMENT 759,178
CURRENT-YEAR DEPRECIATION OF $100,553 WAS CALCULATED USING THE STRAIGHT-LINE METHOD

OVER THE ESTIMATED USEFUL LIVES OF THE ASSETS.
STATEMENT 16

Hudson Institute 990 2006

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JI i

Form 990 Return of Organization Exempt From Income Tax

512831 1394 V05-8.1 n ^7

51283J 1394 V05-8.1

51283J 1394 V05-8.1

45 Cash - non-interest-bearing . . . ..... .. . . . . . . .... .. . . . . 442 845. 45 475 620.

47a Accounts receivable .............. 47a 818 , 117

48a Pledges receivable .. . ..... ... .. .. 48a 48 , 257 .

66 Total liabilities . Add lines 60 through 65 . . . . . . . . . . . . . . . . . . . 4, 121, 533. 66 4,088,284.

51283J 1394 V05-8.1

Form 990 (2005)

51283J 1394 V05-8.1

(D) c""t,^buttons to employee (E) Expense

Other Information (See the instructions. ) Yes No

51283J 1394 V05-8.1

51283J 1394 V05-8.1

99 Other investment income . . . . . . .

HUDSON INSTITUTE , INC. I 13-1945157

Total number of other employees paid over $50,000 . . ^ 18

Total number of others receiving over $50 , 000 for

Total number of other contractors receiving over

51283J 1394 V05-8.1

a Sale, exchange, or leasing of property? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a X

I (b) Line number

c Add Amounts from column (e) for lines 15 16

51283J 1394 V05-8.1

32 Does the organization maintain the following-

a Students' rights or privileges? ............................ . ................ .

c Employment of faculty or administrative staff? . . ... . .... . . . .... . . .. . . ... . . . . . . .... .

d Scholarships or other financial assistance? .......................................

e Educational policies? ...................................................

f Use of facilities? .....................................................

h Other extracurricular activities? .............................................

51283J 1394 V05-8 .1

Limits on Lobbying Expenditures Affiliated group To be completed

Over $17,000,000 , , , , , , , , , $1,000,000 , , , , , , , , , , , , , , , ,

Lobbying Expenditures During 4-Year Averaging Period

47 Total lobb yi n g exp enditures

51283J 1394 V05-8.1

Schedule A (Form 990 or 990 - EZ) 2005

51283J 1394 V05-8.1

• The books are in the care of ^ DEBORAH HOOPES, CONTROLLER

Telephone No ^ 317 859-6456 FAX No ^

SUGOG1 1394 V05-8.1 020-01583-430

FORM 990, PART I - OTHER INCREASES IN FUND BALANCES

NET CHANGE IN UNREALIZED GAIN/(LOSS)

51283J 1394 V05-8.1

RELATIONSHIP TO SUBSTANTIAL CONTRIBUTOR

51283J 1394 V05-8.1 STATEMENT 2

FORM 990, PART II, LINE 25 - OFFICER COMPENSATION SCHEDULE

51283J 1394 V05-8.1

FORM 990, PART III - ORGANIZATION'S PRIMARY EXEMPT PURPOSE

THE PRIMARY EXEMPT PURPOSE OF THE HUDSON INSTITUTE, INC. IS TO

51283J 1394 V05-8.1

PRO G RAMS AND SCHOLARS

1015 15TH STREET, N.W. SIXTH FLOOR WASHINGTON, D.C. 20005

PROGRAMS AND SCHOLARS

ABOUT HUDSON INSTITUTE ....................................................................................... 1

HUDSON INSTITUTE' S LEADERSHIP ..........................................................................3

SCIENCE, ENVIRONMENT, AND TECHNOLOGY .................................................................22

LAW, CULTURE, AND SOCIETY ......................................................................................... 24

INTERNATIONAL GOVERNANCE ........................................................................................32

ECONOMICS AND ENERGY POLICY ...................................................................................35

Hudson Institute is a nonpartisan policy research organization dedicated to innovative research