National Rural Utilities Cooperative Finance Corporation
National Rural Utilities Cooperative Finance Corporation (CFC) is a member-owned cooperative association based in Dulles, Virginia, that provides financing and related services to rural electric cooperatives. The organization’s 2025 filing lists it as a public charity.
Key facts about National Rural Utilities Cooperative Finance Corporation
In short: National Rural Utilities Cooperative Finance Corporation gave $1.1M across 43 grants in 2025 (avg $26K), top state Texas. 2% of 2025 grantees were new. Source: 2025 IRS Form 990.
- EIN
- 52-0891669
- Latest 990 filing
- Form 990, 2025
- Annual giving (2025)
- $1,121,281
- Grants made (2025)
- 43
- Average grant
- $26,076
- Median grant
- $22,250
- New grantees (estimate)
- 2% first-time grantees (1 of 43, 2025)
- Total assets
- $38,295,081,990
- Primary geography
- Texas (19% of itemized 2025 grant dollars)
Data from IRS Form 990, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Financial Overview
From 2025 IRS Form 990 · View filing
Total Assets
$38.3B
+5.9% YoY
Annual Giving
$1.1M
-26.8% YoY
Grant Count
43
+0.0% YoY
Avg Grant Size
$26K
-26.8% YoY
Is National Rural Utilities Cooperative Finance Corporation open to new grantees?
2%
first-time grantees, 2025
In 2025, 1 of 43 grantees (2%) were first-time recipients. First grants averaged $71K; repeat grants $25K. How we count
Medians: $71K first-time, $22K repeat.
- 93% of 2025 grantees were also funded in 2024. Method
- Giving held roughly steady from 2022 to 2025 (−9%). Method
Estimate from itemized grant lists in IRS Form 990 filings (2021–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Mission & Focus Areas
CFC’s stated mission is “to bridge the financial needs of the rural electric network with the expectations of the global capital markets, one cooperative at a time.” Its lending program provides loans to member rural electric cooperatives and related organizations, using funds raised in capital markets or private third-party transactions.
Its filing describes an Education Fund for statewide and eligible regional associations. Applicants submit forms describing the proposed program; annual allocations are calculated using factors that include association and cooperative membership. The filing also describes an Integrity Fund, a voluntary fund that assists cooperatives in defending their territories and protecting cooperative principles. A rural electric system must show at least one specified threat to its territory, right to offer non-electric energy services, or cooperative business model to be considered.
Grantees include electric cooperative associations. For example, Missouri Electric Cooperatives describes its mission as coordinating services provided by its 47 member systems to support continued affordable, reliable electricity. Pennsylvania Rural Electric Association says it provides legal, legislative and regulatory representation, job training and safety education, and communications services for member cooperatives.
Grantmaking
In filing year 2025, CFC reported 43 grants totaling $1,121,281. Grants ranged from $5,500 to $154,659, with a median of $22,250. The largest listed grant was $154,659 to NRECA for its Educational Fund. Other notable grants included $71,372 to Alger-Delta Co-operative Electric Association for an Integrity Fund territory threat, $63,500 to Texas Electric Cooperatives for educational materials, and $37,750 to Missouri Electric Cooperatives for youth education and leadership-related expenses.
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Geographic Focus
Where this funder awards grants
The 2025 grants went to recipients in multiple states. The largest reported shares of grant dollars by recipient state were Texas (19%), Michigan (7%), Missouri (3%), Indiana (3%), and Georgia (3%).
Grant Distribution by State
Share of 2025 grant dollars across all 43 itemized grants.
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2025, annual grant giving ranged from $1.1M (2025) to $1.5M (2024). In 2025 it made 43 grants totaling $1.1M.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was Nreca ($155K). Together the top 10 received $517K.
Grant Size Distribution
220 grants across all recorded years
The most common grant size was under $50K: 197 grants of 220 (90%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Nreca Dallas, TX | Educational Fund Nreca | $154,659 |
| MI020 Alger-Delta Co-Operative Electric Association Gladstone, MI | Integrity Fund - Territory Threat | $71,372 |
| Texas Electric Cooperatives Inc Austin, TX | Educational fund-your tour magazine and Texas co-op power tool kit | $63,500 |
| Missouri Electric Cooperatives Jefferson City, MO | Educational fund-rural electric youth tour and youth conference and leadership exp. (CYCLE) | $37,750 |
| Indiana Electric Cooperatives Indianapolis, IN | Educational Fund-Educational Resources and Member Education | $35,750 |
| Georgia Electric Membership Corporation Tucker, GA | Educational Fund-Georgia EMC Sunbelt Agricultural Exposition Exhibit | $33,250 |
| Iowa Association of Electric Cooperatives Des Moines, IA | Educational fund-educational content for living with energy in Iowa magazine | $32,250 |
| Minnesota Rural Electric Association Maple Grove, MN | Educational Fund-Board Leadership Certificate Director Courses | $32,000 |
| Association of Illinois Electric Cooperatives Springfield, IL | Educational Fund- Statewide Survey | $30,000 |
| Ohio's Electric Cooperatives Columbus, OH | Educational Fund-Nreca Courses and Leadershipprograms | $26,750 |
Financial History
Multi-year comparison from IRS filings
| Filing year | Assets | Revenue | Expenses | Grants |
|---|---|---|---|---|
| 2025 | $38,295,081,990 | $2,071,222,273 | $1,836,035,643 | $1,121,281 |
| 2024 | $36,153,418,188 | $2,006,337,656 | $1,733,194,225 | $1,531,683 |
| 2023 | $33,983,672,971 | $1,630,263,995 | $1,378,195,724 | $1,391,606 |
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $38,295,081,990 | $36,153,418,188 | $33,983,672,971 |
| Revenue | $2,071,222,273 | $2,006,337,656 | $1,630,263,995 |
| Expenses | $1,836,035,643 | $1,733,194,225 | $1,378,195,724 |
| Net Investment Income | $9,044,902 | $20,967,286 | $17,689,759 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2021 (received by the IRS October 5, 2021)
- Updated Form 990 for fiscal year 2022 (received by the IRS October 13, 2022)
- Updated Form 990 for fiscal year 2023 (received by the IRS October 6, 2023)
- Updated Form 990 for fiscal year 2024 (received by the IRS October 3, 2024)
- Updated Form 990 for fiscal year 2025 (received by the IRS December 10, 2025)
- IRS filings on file for fiscal years 2021–2025
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Gordon Anthony Norton as president, Mark Suggs as vice president, and Brent McRae as secretary treasurer. Directors listed include Barbara E Hampton, William Keith Hayward, Shane Lucas Larson, Jeffrey A Rehder, Timothy S Eldridge, and Charles Abel II.
National Rural Utilities Cooperative Finance Corporation is led by Jonathan Andrew Don, CEO on every filing since 2021; 43 of 44 officers listed in 2025 are compensated.
Officers on the 2025 filing
Jonathan Andrew Don
CEO
On filings since 2021
70 hrs/week
$662K (2021) → $2.6M (2025)
Gordon Anthony Norton
President
New on the 2025 filing
17 hrs/week
$95K (2025)
Anthony Larson
Director
On filings since 2022
12 hrs/week
$63K (2022) → $85K (2025)
Barbara E. Hampton
Director
On filings since 2022
6 hrs/week
$65K (2022) → $90K (2025)
Bradley P. Janorschke
Director
On filings since 2022
6 hrs/week
$60K (2022) → $85K (2025)
Dennis R. Fulk
Director
On filings since 2022
10 hrs/week
$63K (2022) → $85K (2025)
Jeffrey A. Rehder
Director
On filings since 2022
8 hrs/week
$60K (2022) → $88K (2025)
Kendall J. Montgomery
Director
On filings since 2022
11 hrs/week
$60K (2022) → $85K (2025)
Thomas A. Bailey
Director
On filings since 2022
6 hrs/week
$60K (2022) → $85K (2025)
William Keith Hayward
Director
On filings since 2022
5 hrs/week
$60K (2022) → $90K (2025)
Jared Echternach
Director
On filings since 2023
10 hrs/week
$60K (2023) → $85K (2025)
John Metcalf
Director
On filings since 2023
6 hrs/week
$60K (2023) → $85K (2025)
Jonathan J. Poletti
Director, Info. Systems & Deputy CIO
Director, Info Sys & Deputy CIO → Director, Info. Systems & Deputy CIO, 2024
On filings since 2023
40 hrs/week
$308K (2023) → $368K (2025)
Michael J. Heinen
Director
On filings since 2023
3 hrs/week
$60K (2023) → $85K (2025)
Timothy S. Eldridge
Director
On filings since 2023
7 hrs/week
$60K (2023) → $87K (2025)
Bruce Anthony Everhart
Director
On filings since 2024
10 hrs/week
$60K (2024) → $85K (2025)
Charles A. Abel II
Director
On filings since 2024
4 hrs/week
$60K (2024) → $85K (2025)
Darick Eisenbraun
Director
On filings since 2024
8 hrs/week
$35K (2024) → $85K (2025)
Donald Bidegain
Director
On filings since 2024
3 hrs/week
$35K (2024) → $85K (2025)
Shane Lucas Larson
Director
On filings since 2024
8 hrs/week
$60K (2024) → $88K (2025)
John Bartley Start
Director
New on the 2025 filing
5 hrs/week
$53K (2025)
Terry Michael Partin
Director
New on the 2025 filing
10 hrs/week
$75K (2025)
Jeanette Ingrid Kessler
Director
New on the 2025 filing
3 hrs/week
No compensation reported
Amy S. Luongo
Senior Vice President & Strategic Services
Vice President & Portfolio Management → Vice President, Portfolio Management & Loan Services, 2024
Vice President, Portfolio Management & Loan Services → Senior Vice President & Strategic Services, 2025
On filings since 2021
50 hrs/week
$326K (2021) → $424K (2025)
Brad Captain
Senior Vice President & Chief Corporate Affairs Officer
Senior Vice President & Chief Corporate Affairs Officer → Senior Vice President & Chief Corp Affairs Officer, 2023
Senior Vice President & Chief Corp Affairs Officer → Senior Vice President & Chief Corporate Affairs Officer, 2024
On filings since 2021
55 hrs/week
$462K (2021) → $604K (2025)
David W. Olah
Vice President & Portfolio Management
On filings since 2021
50 hrs/week
$298K (2021) → $398K (2025)
Gary A. Bradbury
Senior Vice President & Chief Operating Officer
Senior Vice President & Corporate Services → Senior Vice President & COO, 2023
Senior Vice President & COO → Senior Vice President & Chief Operating Officer, 2025
On filings since 2021
55 hrs/week
$363K (2021) → $570K (2025)
Gholam M. Saleh
Senior Vice President & Chief Risk Officer
Vice President & Financial Risk Managem → Senior Vice President & Chief Risk Officer, 2022
On filings since 2021
70 hrs/week
$339K (2021) → $561K (2025)
Joel Allen
Senior Vice President & Chief Banking Officer
Senior Vice President & Member Services Group → Senior Vice President & Chief Banking Officer, 2024
On filings since 2021
55 hrs/week
$524K (2021) → $673K (2025)
John Frederick Suter
Vice President & Economic Research
On filings since 2021
40 hrs/week
$330K (2021) → $397K (2025)
Lawrence Saunders
Vice President & Credit Risk Management
Vice President & Portfolio Management → Vice President & Credit Risk Management, 2022
On filings since 2021
50 hrs/week
$345K (2021) → $392K (2025)
W. Daniel Cawood
Vice President & Portfolio Management
On filings since 2021
50 hrs/week
$295K (2021) → $364K (2025)
Yu Ling Wang
Senior Vice President & CFO
On filings since 2021
65 hrs/week
$326K (2021) → $650K (2025)
Jill Maison
Senior Vice President & Chief Relationship Management Officer
Vice President & Portfolio Management → Senior Vice President & Relationship Management, 2023
Senior Vice President & Relationship Management → Senior Vice President & Chief Relationship Management Officer, 2025
On filings since 2022
55 hrs/week
$270K (2022) → $500K (2025)
Mark A. Suggs
Vice President
Director → Secretary Treasurer, 2024
Secretary Treasurer → Vice President, 2025
On filings since 2022
10 hrs/week
$60K (2022) → $95K (2025)
Nathan Howard
Senior Vice President & General Counsel
On filings since 2022
55 hrs/week
$274K (2022) → $496K (2025)
Vu Ly
Vice President & Capital Markets
On filings since 2022
50 hrs/week
$221K (2022) → $297K (2025)
Brent McRae
Secretary Treasurer
Director → Secretary Treasurer, 2025
On filings since 2023
5 hrs/week
$60K (2023) → $93K (2025)
Heesun Choi
Vice President & Capital Markets Relations
Vice President & Capital Market Relations → Vice President & Capital Markets Relations, 2024
On filings since 2023
40 hrs/week
$197K (2023) → $286K (2025)
Andrew Coleman
Vice President & Portfolio Management
On filings since 2024
45 hrs/week
$330K (2024) → $339K (2025)
Kimberly Miller
Vice President & Deputy General Counsel
Assistant General Counsel → Vice President & Deputy General Counsel, 2025
On filings since 2024
50 hrs/week
$332K (2024) → $360K (2025)
Pankaj Shah
Vice President & Chief Accounting Officer
Vice President & Controller → Vice President & Chief Accounting Officer, 2025
On filings since 2024
55 hrs/week
$344K (2024) → $370K (2025)
Aamer Arshad
Vice President & Portfolio Management
New on the 2025 filing
40 hrs/week
$240K (2025)
Matthew Augustosky
Vice President & Portfolio Management
New on the 2025 filing
50 hrs/week
$246K (2025)
Former officers (68)
- Former: Richard Perreault (2021–2025) — Vice President & CIO · Filing note: Until 62025
- Former: Anthony A. Anderson (2022–2025) — Former Director · Filing note: Until 32025
- Former: David E. Felkel (2022–2025) — Former Director · Filing note: Until 62024
- Former: Bruce A. Vitosh (2022–2024) — Director
- Former: Chris D. Christensen (2022–2024) — Former Director
- Former: G. Anthony Norton (2022–2024) — Vice President
- Former: Marsha L. Thompson (2022–2024) — Director
- Former: Joseph D. Martin (2024) — Director
- Former: Michael Partin (2024) — Director
- Former: Mark Snowden (2022–2023) — Senior Vice President & Strategic Services · Filing note: As of 422
- Former: Alan W. Wattles To (2023) — Director
- Former: Bruce Anthony Everhart Begin (2023) — Director
- Former: Charles A. Abel Ii Begin (2023) — Director
- Former: Chris Christensen To (2023) — Director
- Former: Graceann Clendenen To (2023) — Former Senior Vice President & CAO
- Former: Joseph D. Martin Begin (2023) — Director
- Former: Kevin M. Bender To (2023) — Director
- Former: Michael Ryan Thomas (2023) — Vice President & Strat Facilitation Svcs
- Former: Robert Brockman To (2023) — Director
- Former: Roberta B. Aronson To (2023) — Former Senior Vice President & General Counsel
- Former: Shane Larson Begin (2023) — Director
- Former: Allyn J. Amato (2021–2022) — Vice President & Dep General Counsel · Filing note: Until 11/2021
- Former: Graceann Clendenen (2021–2022) — Senior Vice President & CAO · Filing note: Until 621
- Former: Gregory Starheim (2021–2022) — Former Senior Vice President, Bus & Ind Development · Filing note: Until 521
- Former: John M. Borak (2021–2022) — Senior Vice President & Credit Risk Managemen · Filing note: Until 721
- Former: Robert E. Geier Jr. (2021–2022) — Vice President & Controller · Filing note: Until 522
- Former: Roberta B. Aronson (2021–2022) — Senior Vice President & Corporate Counsel · Filing note: Until 322
- Former: Robin Reed (2021–2022) — Former Senior Vice President & Loan Operations · Filing note: Until 521
- Former: Sheldon C. Petersen (2021–2022) — Former CEO · Filing note: Until 521
- Former: Alan W. Wattles (2022) — President
- Former: Bradley J. Schardin (2022) — Former Director · Filing note: Until 521
- Former: Brent McRae Begin (2022) — Director
- Former: Doyle Jay Hanson (2022) — Former Director · Filing note: Until 521
- Former: Jared Echternach Begin (2022) — Director
- Former: Jimmy A. Lafoy (2022) — Former Director · Filing note: Until 521
- Former: John Metcalf Begin (2022) — Director
- Former: Kevin M. Bender (2022) — Director
- Former: Michael Heinen Begin (2022) — Director
- Former: Robert Brockman (2022) — Director
- Former: Timothy Eldridge Begin (2022) — Director
- Former: Todd P. Ware (2022) — Former Director · Filing note: Until 521
- Former: Bailey Thomas A. (2021) — Director
- Former: Bender Kevin M. Begin (2021) — Director
- Former: Brockman Robert J. (2021) — Director
- Former: Christensen Chris (2021) — Director
- Former: Farmer Kent D. (2021) — Former Director · Filing note: Until 3/2020
- Former: Felkel David E. (2021) — Secretary-Treasurer
- Former: Fulk Dennis R. (2021) — Director
- Former: Hampton Barbara E. (2021) — Director
- Former: Hanson Doyle Jay (2021) — Director
- Former: Hayward William Keith Begin (2021) — Director
- Former: Janorschke Bradley P. (2021) — Director
- Former: Lafoy Jimmy A. (2021) — Director
- Former: Larson Anthony Begin (2021) — Director
- Former: Montgomery Kendall J. Begin (2021) — Director
- Former: Norton Gordon Anthony (2021) — Director
- Former: Rehder Jeffrey A. Begin (2021) — Director
- Former: Robinson Debra L. (2021) — Former Director · Filing note: Until 4/2020
- Former: Rodriguez Timothy J. (2021) — Director
- Former: Schardin Bradley J. (2021) — Director
- Former: Steven M. Kettler (2021) — Former Senior Vice President · Filing note: Until 120
- Former: Suggs Mark Begin (2021) — Director
- Former: Tesch Dean R. (2021) — Director · Filing note: Until 10/2020
- Former: Thompson Marsha L. (2021) — Director
- Former: Vitosh Bruce A. (2021) — Vice President
- Former: Ware Todd P. (2021) — Director
- Former: Wattles Alan W. (2021) — President-Director
- Former: Wynn Curtis (2021) — Director
Data from IRS Form 990 filings, 2021–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $2.6M, to Jonathan Andrew Don (CEO). 46 officers or directors reported compensation on that filing.
Contact
Mailing address: 20701 Cooperative Way, Dulles, VA 20166
Phone: (703) 467-1800
Website: https://nrucfc.coop
Frequently asked questions about National Rural Utilities Cooperative Finance Corporation
How much does National Rural Utilities Cooperative Finance Corporation give each year?
National Rural Utilities Cooperative Finance Corporation gave $1.1M across 43 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $1.5M across 43 grants.
What is National Rural Utilities Cooperative Finance Corporation's typical grant size?
National Rural Utilities Cooperative Finance Corporation's median grant in 2025 was $22,250, and its average grant was $26,076, across 43 grants on its 2025 IRS Form 990. Organizations receiving their first grant from National Rural Utilities Cooperative Finance Corporation that year got $71K on average.
Where does National Rural Utilities Cooperative Finance Corporation give grants?
National Rural Utilities Cooperative Finance Corporation's top state is Texas, with 19% of the grant dollars itemized on its 2025 IRS Form 990. The next largest state was Michigan (7%).
Does National Rural Utilities Cooperative Finance Corporation give general operating support?
Not in 2025: none of the 43 grants with a stated purpose on National Rural Utilities Cooperative Finance Corporation's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Educational Fund-Nreca Youth Tour of Washington, DC" (4 grants).
Who are National Rural Utilities Cooperative Finance Corporation's largest grantees?
National Rural Utilities Cooperative Finance Corporation's largest 2025 grantees include Nreca ($154,659), MI020 Alger-Delta Co-Operative Electric Association ($71,372) and Texas Electric Cooperatives Inc ($63,500), according to its 2025 IRS Form 990. Together they received 26% of its itemized 2025 grant dollars.
How large is National Rural Utilities Cooperative Finance Corporation?
National Rural Utilities Cooperative Finance Corporation reported $38.3B in total assets on its 2025 IRS Form 990. Its revenue that year was $2.1B.
What does National Rural Utilities Cooperative Finance Corporation fund?
CFC’s stated mission is “to bridge the financial needs of the rural electric network with the expectations of the global capital markets, one cooperative at a time.” See mission & focus areas ↑
How do I apply for a grant from National Rural Utilities Cooperative Finance Corporation?
National Rural Utilities Cooperative Finance Corporation has no public application process in the sources Grantable reviewed. Check nrucfc.coop for current guidelines, or contact the foundation directly before submitting a request.
What is National Rural Utilities Cooperative Finance Corporation's EIN?
National Rural Utilities Cooperative Finance Corporation's EIN (Employer Identification Number) is 52-0891669. IRS Form 990 filing data is available on this page for 2021–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Here's the math on researching National Rural Utilities Cooperative Finance Corporation by hand.
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