Form 990 Non-Profit Filings For The Fraser Institute

Form 990 Return of Organization Exempt From Income Tax
OMS No 1545-0047
Under section 501 (c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung ~©11
benefit trust or private foundation) Open to Public
Department of the Treasury
Intemal Revenue Service ~ The organization may have to use a copy of this return to satisfy state reporting requirements Inspection
A For the 2011 calendar year or tax~ear beginni~ January_1 2011 and endinQ December 31 ,20 11
B Check If applicable C Name of organization The Fraser Institute D Employer identification number
o Address change DOing Business As 980032427

o Name change Number and street (or PObox If maills not delivered to street address) Room/sUite E Telephone number
o Initial return 1770 Burrard St I 4th Fir 604-688-0221
o Terminated City or town, state or country, and ZIP + 4
o Amended return Vancouver, BC Canada V6J 3G7 G Gross receipts $ 9,887,322
o Application pending F Name and address of principal officer H(a) Is thiS agroup return for affiliates? DYes 0 No
H(b) Are all affiliates Included? DYes D No
------------~--~----------~~--------------~=-------~=-----~
Tax-exempt status 0501(C)(3L D 501 (c) ( ) ... (Insert no) D 4947(a)(1) or D 527 If "No," attach a list (see Instructions)
J Website: ~ www.fraserinstitute.org H(e) Group exemption number ~ nfa
K Form of organization 0 CorporallOn D Trust D ASSOCiation D Other ~ /l Year of formation / M State of legal domiCile
.:F.Ti.. Summary
1 Briefly describe the organization's mission or most significant activities: _!_~~~!'!~!!!':l~J~_~_'::I~!:!C?!:~~!?_f~!_C?!_9~EI!~~!i~!,!!~~_~~~~_.
41 _!~_~_~!_~_~c?_~~_~!~~!:!E~~~!c::_~_t~~'::I~!~'::I_!!?_!!!~_~~~~_~~.r_~~_t_~_C::~~_p'I~y_~'::I_~~!?_~~~!!'!~'-!~~~!!~_~_C::~'::I~~!~_~'::I_~_~~C::!~_I_~~I~:~~!'::I_9_!?!_p'~~p_I~~!!'_~ __
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co _~_,!!~!!!C?_~_i_~_~f!_!~e~f!_~~_!~~_C::~~_~~C::!_~~~':l_~!!~_p_~!!~·t~'::I_~_~c?_!'::I_~~~!!~_':E~!!~!'!~~_~!'!_'!!~!~~!:>'~~_~~y._!!?_~_c?!~_~_~~~_,:C::_~!,!c?!!,!i!:-,:>!~~I~~~___ _
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of the society. This us done via research; publishing; conferences & seminars
41
> 2 C-heck-th~s-i;ox-j;D-i-ith;o~ga-niz~tio;;-dis-co~-ti;;~-ed-,t;-~-peratio~;-~~-disposed-~f-m-~~e-t-h~~-25%--of-it-~-~-et-ass-et~.-------------
0
CJ 3 Number of voting members of the governing body (Part VI, line 1 a) . 3 45
oCI
III
CD
4 Number of Independent voting members of the governing body (Part VI, line 1 b) 4 45
:e> 5 Total number of individuals employed in calendar year 2011 (Part V, line 2a) 5 -
:uct 6 Total number of volunteers (estimate If necessary) 6 -
7a Total unrelated business revenue from Part VIII, column (C), line 12 7a -
b Net unrelated business taxable Income from Form 990-T, line 34 7b -
Prior Year Current Year
CD8 Contributions and grants (Part VIII, line 1h) . 9,523,500 8,766,022
::I
9
cQ) Program service revenue (Part VIII, line 2g) -
>10
Q) Investment income (Part VIII, column (A), lines 3, 4, and 7d) 37,369 48,875
a:
11 Other revenue (Part VIII, column (A), lines 5, 6d, Bc, 9c, 10c, and 11 e) . 1,125,734 879,924
12 Total revenue-add lines 8 through 11 (must equal Part VIII, column (A), line 12) 10,686,603 9,694,821
13 Grants and similar amounts paid (Part IX, column (A), lines 1-3) . - -
14 Benefits paid to or for members (Part IX, column (A), line 4) - -
III
41
15 Salaries, other compensation, employee benefits (Part IX, column (A), lines 5-10) 5,652,345 5,611,811
III
C
41
16a Professional fundraislng fees (Part IX, column (A), line 11 e) - -
0.
)(
b Total fundraislng expenses (Part IX, column (0), line 25) ~ ______________ ~_~~!!_~~_ !
w 17 Other expenses· (Part IX, column (A)~line~':'1~1';1;a\1-~[24e)=. . . . 5,018,833 4,042,283
18 Total expenses. Add lines 13-17 ~ust eg6§ Irtl~ oIJm.n& ,line25) 10,671,178 9,654,094
19 Revenue less expenses. Subtract linFafrom line 12 . . (f). . . 15,425 40,727
~
o~
en.,
.. (5 MAY 1 4 2012 Y Beginning of Current Year End of Year
ijJ!! 20 Total assets (Part X, line 16) 0 (/) 4,489,854 5,132,690
en ..
.::!III 21 Total liabilities (Part X, line 26) .
..~~: 3,478,096 4,094,566
t;§
z ... 22 Net assets or fund balances. Sub ;ac~ 1i~~~~fi~f~l~eL~ir 1,011,758 1,038,124
I;E.,.. •• 1 Signature Block
Under penalties of perjury, I decl.ar~ t~xammed thiS retum, Includmg accompanying schedules and statements, and to the besl of my knowledge and behef, II IS
tnue, correct, and complel~lc'Tt~ of 9¢parer (other th~ officer) IS based on all information of which preparer has any knowledge
Sign
Here
Paid PnntfType preparer's name Ipreparer's signature

Preparer~________________________~__________________________~______. -__~se_'f_-e_m~p_'o~ye_d~I___________ ~
I Dale ICheck D If I PTIN
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USeOnIYrF~I~rm~'s~n~a~m~e~_~______________________________________________________~/FI~rm~'~S=EI~N~~
___________________ V/
Firm's address ~ I Phone no
May the IRS diSCUSS thiS return with the preparer shown above? (see instructions) DYes DNo
For Paperwork Reduction Act Notie.. · " .... th .. " .. n::l'':Ite instructions. Cat No 11282Y Form 990 (2011)
Z
Form 990 (2011) Page 2
'm'lll Statement of Program Service Accomplishments
a
Check if Schedule contains a response to any question in this Part III ........ 0
1 Briefly describe the organization's mission.
_!.~~_!~~!!!~!~!~_~_'.1~!:~?~J!~~.f!!_?~JI~-,~!~~!i~~.!~~~~,=~_i~_~~?i_t~E,=~~,:~_t_e~_~!~~_~!!!l_'.1!!~~_!?_!~_':_~~!~_'!'.~~~'=!:;_!:~~J!!~l_~'.1_P!.?Y.i~!'.15I _______ _
_!~!_!~'=_~_~~_'.1~~!~_~_'.1~_~~~!~!_~~_I!:~_«:!'.15I_~!_p"':~p!~:_!!~_~_,!!~!!!~_~_~~_!?_~~P..~~_'!~_!~_,:_~~~_~~~!_~~e~_~!!~_p_~!!~Y_~'.1~_!?_!'.1!:~~_<!~~!_':!!~~_~~ __ .___ _
_~~_~~~~~!~_~_~_~_~~,-_t_~_~~!~~"~~_~~~,:,_~~!~p'~~~!~_'!'.~_~!_~~_~!~!Y:___________________________ ._______ .____________________________ .___ .____________ .__ .___ _
2 Did the organization undertake any significant program services dUring the year which were not listed on the
prior Form 990 or 990-EZ? . . . . . . . . DYes 0No
If "Yes," describe these new services on Schedule O.
3 Did the organization cease conducting, or make significant changes In how It conducts, any program
.
services.? . . . . . . . .
DYes 0No
If "Yes," describe these changes on Schedule O.
4 Describe the organization's program service accomplishments for each of ItS three largest program services, as measured by
expenses. Section 501 (c)(3) and 501 (c)(4) organizations and section 494 7(a)(1) trusts are required to report the amount of
grants and allocations to others, the total expenses, and revenue, if any, for each program service reported
4a (Code: ______________ .l (Expenses $ _________ ~,_~~_~~~)_~_ including grants of $ ________________________ ) (Revenue $ ____________~!!_~~!~~~_ )
_~~~~~~~_~_~_p.~_~!!~~!'.1~_i~_!~~!~!I_~~!':'JJ_~!_':~_~:_~!~~!_'3.':~':I!~_t!~':'_~~_~~~!~~':'_'!I.~~!,_~~':~~¥!_~':~_I!~_~_«:~~!_'!I.~~~~~_~!~_~~I_'~_<!!!?~~ _____________ _
_~-'~~~I_~!~_~!~_~~~~~!!~_~_~~~~~~~~':I!~~_~~~!_~!:~_~~I_~~!!~~~_~~_~~!_~~_~~_~!~?~_(l~~i!:y!_~'.1~l!~~':'_~~: ____________________________________________________ _
_~_~!~_ ~ _~~P_«:~_~!l_:: _~! ~!l_~! _'=~p~'.1~~~ _______________________________________________________________________________________________________________________________ _
4b (Code: ______________ .l (Expenses $ __________~,_!~_~!~~~_ including grants of $ ________________________ ) (Revenue $ ____________ !!~_~~!~_~~ )
..
_~!~~E!~!_I?_«:~_~~?P.~~':' _~_~~~i~!~~~~ ____________________________________________________________________________________________________________________________ _
_':'_?!~_ ~_~_~P_~~~!l_:: _~! ~~_~! _':~(I~'.1~~~ _______________________________________________________________________________________________________________________________ _
4c (Code: ______________ .l (Expenses $ ____________~~_~!~~~_ including grants of $ ________________________ ) (Revenue $ ______________ ~_~~!~_~~_ )
_~~~~_~!!~!!:_ ~!~_~!l_'.1!_P!_~~~~_1!1_~ ___________________________________________________________________________________________________________________________________ _

_~_~!~_ ~_~_~P_«:~_~!l__': _~!~~_~! _':~(I~'.1~~~ ___________________________________ -------___ ------____ -----_____ ----______ ---_______ --________________________________________ _
4d Other program services (DeSCribe in Schedule 0.)

(Expenses $ ','62,'68 including grants of $ ) (Revenue $ 3,4'5,753 )
4e Total program service expenses ~ 7,097,'42
Form 990 (2011)
Form 990 (2011) Page 3
1:F.Ti1~'. Checklist of Required Schedules
Yes No
1 Is the organization described In section 501(c)(3) or 4947(a)(1) (other than a private foundation)? If "Yes,"
complete Schedule A . 1 ./
2 Is the organrzation required to complete Schedule B, Schedule of Contributors (see instructions)? 2 ./
3 Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to
candidates for public office? If "Yes," complete Schedule C, Part I . 3 ./
4 Section 501(c)(3) organizations. Old the organization engage in lobbYing activities, or have a section 501(h)
election In effect dunng the tax year? If "Yes," complete Schedule C, Part /I . 4 ./
5 Is the organization a section 501 (c)(4), 501 (c)(5), or 501 (c)(6) organization that receives membership dues,
assessments, or similar amounts as defined in Revenue Procedure 98-19? If "Yes," complete Schedule C,
Part 11/ • ./
5
6 Did the organrzation maintain any donor advised funds or any similar funds or accounts for which donors
have the right to provide advice on the distribution or Investment of amounts In such funds or accounts? If
"Yes," complete Schedule D, Part I 6 ./
7 Old the organization receive or hold a conservation easement, including easements to preserve open space,
the environment, historic land areas, or hlstonc structures? If "Yes," complete Schedule D, Part /I 7 ./
8 Old the organrzatlon maintain collections of works of art, historical treasures, or other similar assets? If "Yes, "
complete Schedule D, Part 1/1 8 ./
9 Old the organrzatlon report an amount In Part X, line 21; serve as a custodian for amounts not listed In Part
X; or provide credit counseling, debt management, credit repair, or debt negotiation services? If "Yes,"
complete Schedule D, Part IV 9 ./
10 Did the organization, directly or through a related organization, hold assets In temporanly restncted
endowments, permanent endowments, or quasi-endowments? If "Yes," complete Schedule D, Part V 10 ./
11 If the organization's answer to any of the following questions is "Yes," then complete Schedule 0, Parts VI,
VII, VIII, IX, or X as applicable.
---- --- -~-
-- -
a Old the organization report an amount for land, buildings, and equipment In Part X, line 10? If "Yes,"
complete Schedule D, Part VI 11a ./
b Old the organrzation report an amount for investments-other securities In Part X, line 12 that is 5% or more
of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VI/ 11b ./
c Old the organrzation report an amount for investments-program related In Part X, line 13 that is 5% or more
of its total assets reported in Part X, line 16? If "Yes," complete Schedule D, Part VI/I . 11c ./
d Old the organrzation report an amount for other assets in Part X, line 15 that is 5% or more of ItS total assets
reported in Part X, line 16? If "Yes," complete Schedule D, Part IX 11d ./
e Did the organization report an amount for other liabilities in Part X, line 25? If "Yes," complete Schedule D, Part X 11e ./
f Did the organization's separate or consolidated financial statements for the tax year Include a footnote that addresses
the organrzation's liability for uncertain tax positions under FIN 48 (ASC 740)? If "Yes," complete Schedule D, Part X 11f ./
12a Old the organrzatlon obtain separate, Independent audited financial statements for the tax year? If "Yes, .. complete
Schedule D, Parts XI, XII, and XIII ./
12a
b Was the organization included in consolidated, independent audited financial statements for the tax year? If "Yes," and If
the organization answered "No" to Ime 12a, then completmg Schedule D, Parts XI, XII, and XIII is optional ./
12b
13 Is the organrzation a school descnbed in section 170(b)(1 )(A)(II)? If "Yes," complete Schedule E 13 ./
14a Did the organrzation maintain an office, employees, or agents outSide of the United States? 14a ./
b Old the organrzation have aggregate revenues or expenses of more than $10,000 from grantmaklng,
fundralslng, business, investment, and program service actiVities outSide the Unrted States, or aggregate
foreign investments valued at $100,000 or more? If "Yes," complete Schedule F, Parts I and IV. 14b ./
15 Did the organization report on Part IX, column (A), line 3, more than $5,000 of grants or assistance to any
organization or entity located outSide the United States? If "Yes," complete Schedule F, Parts /I and IV 15 ./
16 Did the organization report on Part IX, column (A), line 3, more than $5,000 of aggregate grants or assistance
to indiViduals located outSide the Unrted States? If "Yes," complete Schedule F, Parts 11/ and IV 16 ./
17 Old the organrzatlon report a total of more than $15,000 of expenses for professional fundraislng services on
Part IX, column (A), lines 6 and 11 e? If "Yes," complete Schedule G, Part I (see instructions) 17 ./
18 Did the organization report more than $15,000 total of fundraising event gross income and contnbutlons on
Part VIII, lines 1c and 8a? If "Yes," complete Schedule G, Part /I . 18 ./
19 Old the organization report more than $15,000 of gross Income from gaming activities on Part VIII, line 9a?
If "Yes, " complete Schedule G, Part 1/1 19 ./
20a Did the organrzation operate one or more hospital facilities? If "Yes, .. complete Schedule H . 20a ./
b If "Yes" to line 20a, did the organization attach a copy of its audited financial statements to this return? 20b
Form 990 (2011)
Form 990 (2011) Page 4
I :r.Tii in'. Checklist of Required Schedules (continued)
Yes No
21 Old the organization report more than $5,000 of grants and other assistance to any government or organization
in the United States on Part IX, column (A), line 1? If "Yes," complete Schedule I, Parts I and 1/ 21 ./
22 Did the organization report more than $5,000 of grants and other assistance to individuals in the United States
on Part IX, column (A), line 2? If "Yes," complete Schedule I, Parts I and 11/ 22 ./
23 Old the organization answer "Yes" to Part VII, Section A, line 3, 4, or 5 about compensation of the
organization's current and former officers, directors, trustees, key employees, and highest compensated
employees? If "Yes," complete Schedule J . 23 ./
24a Old the organization have a tax-exempt bond Issue with an outstanding principal amount of more than
$100,000 as of the last day of the year, that was Issued after December 31, 2002? If "Yes," answer lines 24b
,
through 24d and complete Schedule K. If "No, " go to line 25 . 24a ./
b Old the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception? . 24b ./
c Old the organization maintain an escrow account other than a refunding escrow at any time during the year
to defease any tax-exempt bonds? 24c ./
d Did the organization act as an "on behalf of" issuer for bonds outstanding at any time during the year? . 24d ./
25a Section 501 (c)(3) and 501 (c)(4) organizations. Old the organization engage In an excess benefit transaction
with a disqualified person during the year? If "Yes," complete Schedule L, Part I 25a ./
b Is the organization aware that It engaged In an excess benefit transaction With a disqualified person in a prior
year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?
If "Yes, " complete Schedule L, Part I 25b ./
26 Was a loan to or by a current or former officer, director, trustee, key employee, highly compensated employee, or
disqualified person outstanding as of the end of the organization's tax year? If "Yes," complete Schedule L, Part" . 26 ./
27 Old the organization provide a grant or other assistance to an officer, director, trustee, key employee,
substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled
entity or family member of any of these persons? If "Yes," complete Schedule L, Part 11/ . 27 ./
28 Was the organization a party to a business transaction with one of the following parties (see Schedule L,
Part IV instructions for applicable filing thresholds, conditions, and exceptions).
--- . - ----
a A current or former officer, director, trustee, or key employee? If "Yes, " complete Schedule L,
Part IV 28a ./
b A family member of a current or former officer, director, trustee, or key employee? If "Yes," complete
Schedule L, Part IV 28b ./
c An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof)
was an officer, director, trustee, or direct or indirect owner? If "Yes," complete Schedule L, Part IV 28c ./
29 Did the organization receive more than $25,000 In non-cash contributions? If "Yes," complete Schedule M 29 ./
30 Did the organization receive contributions of art, historical treasures, or other Similar assets, or qualified
conservation contributions? If "Yes," complete Schedule M 30 ./
31 Old the organization liquidate, terminate, or dissolve and cease operations? If "Yes," complete Schedule N,
Part I 31 ./
32 Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets? If "Yes,"
complete Schedule N, Part 1/ 32 ./
33 Did the organization own 100% of an entity disregarded as separate from the organization under Regulations
sections 301.7701-2 and 301. 7701-3? If "Yes," complete Schedule R, Part I . 33 ./
34 Was the organization related to any tax-exempt or taxable entity? If "Yes," complete Schedule R, Parts 1/, 11/,
IV, and V, line 1 . 34 ./
35a Old the organization have a controlled entity Within the meaning of section 512(b)(13)? 35a ./
b Old the organization receive any payment from or engage In any transaction with a controlled entity within the
meaning of section 512(b)(13)? If "Yes," complete Schedule R, Part V, line 2 . ./
35b
36 Section 501(c)(3) organizations. Did the organization make any transfers to an exempt non-charitable
related organization? If "Yes, " complete Schedule R, Part V, line 2 . ./
36
37 Old the organization conduct more than 5% of its activities through an entity that IS not a related organization
and that is treated as a partnership for federal income tax purposes? If "Yes," complete Schedule R,
Part VI . 37 ./
38 Did the organization complete Schedule 0 and prOVide explanations In Schedule 0 for Part VI, lines 11 and
19? Note. All Form 990 filers are reqUIred to complete Schedule 0 . 38 ./
Form 990 (2011)
Form 990 (2011) Page 5
I:m;,' Statements Regarding Other IRS Filings and Tax Compliance
Check If Schedule 0 contains a response to any question in this Part V D
Yes No
1a Enter the number reported In Box 3 of Form'1 096, Enter -0- If not applicable 1a I0 I
b Enter the number of Forms W-2G included In line 1a, Enter -0- If not applicable, l1b 0 t
c Did the organization comply with backup withholding rules for reportable payments to vendors and
- -- --
reportable gaming (gambling) winnings to prize winners? 1c
2a Enter the number of employees reported on Form W-3, Transmittal of Wage and Tax I I
Statements, filed for the calendar year ending with or within the year covered by this return l2a '--'----~ -- -- -
b If at least one IS reported on line 2a, did the organization file all required federal employment tax returns? 2b
Note. If the sum of lines 1a and 2a IS greater than 250, you may be required to e-file (see Instructions)
-
3a Did the organization have unrelated business gross Income of $1 ,000 or more during the year? 3a ./
b If "Yes," has it filed a Form 990-T for this year? If "No," provide an explanation in Schedule 0 3b
4a At any time during the calendar year, did the organization have an Interest in, or a signature or other authority
over, a financial account in a foreign country (such as a bank account, securities account, or other financial
account)? , 4a ./
b If "Yes," enter the name of the foreign country: ~ The Fraser Instltute-a Not for Profit Organization in Canada
See instructions for filing requirements for Form TO F 9-6~22~f-Fieport-(irForeign-B-an-k-a'-ricrFinancfafAccounts,------
5a Was the organization a party to a prohibited tax shelter transaction at any time during the tax year? 5a./
b Did any taxable party notify the organization that It was or IS a party to a prohibited tax shelter transaction? 5b
r---/----i--
c If "Yes" to line 5a or 5b, did the organization file Form 8886-T? 5c
r~--+--
6a Does the organization have annual gross receipts that are normally greater than $100,000, and did the
organization solicit any contributions that were not tax deductible? , 6a ./
b If "Yes," did the organization Include with every solicitation an express statement that such contributions or
gifts were not tax deductible? 6b
I-'-~--+--
7 Organizations that may receive deductible contributions under section 170(c).
a Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods
- - ---- - --- I
and services prOVided to the payor? 7a ./
b If "Yes," did the organization notify the donor of the value of the goods or services provided? 7b ./
c Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was
required to file Form 8282? 7c ./
d If "Yes," indicate the number of Forms 8282 filed dUring the year I 7d I
' - - - ' ' - - - - - - / --- ----- -- -
I
I
e Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract? 7e ./
f Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract? , 7f ./
g If the organization received a contribution of qualified Intellectual property, did the organization file Form 8899 as required? 7g
h If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C? 7h
8 Sponsoring organizations maintaining donor advised funds and section 509(a)(3) supporting
organizations. Did the supporting organization, or a donor adVised fund maintained by a sponsoring
organization, have excess business holdings at any time during the year? 8
9 Sponsoring organizations maintaining donor advised funds.
a Did the organization make any taxable distributions under section 4966? , 9a
b Did the organization make a dlstnbution to a donor, donor adVisor, or related person? 9b
10 Section 501 (c)(7) organizations. Enter:
a Initiation fees and capital contributions Included on Part VIII, line 12 110a I
b Gross receipts, included on Form 990, Part VIII, line 12, for public use of club faCIlities 10b
11 Section 501 (c)(12) organizations. Enter:
a Gross income from members or shareholders , 11a
b Gross income from other sources (Do not net amounts due or paid to other sources
against amounts due or received from them,) 11b
'--:-:::-'--'-----1-·- - - - - - -
i
12a Section 4947(a)(1) non-exempt charitable trusts. Is the organization filing Form 990 In lieu of Form 1041? 12a
b If "Yes," enter the amount of tax-exempt Interest received or accrued dUring the year" 112b I
~'-:...J.------l
13 Section 501 (c)(29) qualified nonprofit health insurance issuers.
a Is the organization licensed to issue qualified health plans In more than one state? 13a
Note. See the instructions for additional Information the organization must report on Schedule 0
b Enter the amount of reserves the organization is reqUired to maintain by the states In which
the organization is licensed to Issue qualified health plans l13b I
r---/-----~
c Enter the amount of reserves on hand 13c _ _ _ _ _+-__ L-~ ~~~~
14a Did the organization receive any payments for indoor tanning services during the tax year? 14a
b If "Yes," has It filed a Form 720 to report these payments? If "No," provide an explanatIOn in Schedule 0 14b
Form 990 (2011)
Form 990 (2011) Page 6
'd'*d Governance, Management, and Disclosure For each "Yes" response to lines 2 through 7b below, and for a "No"
response to line 8a, 8b, or 10b below, describe the circumstances, processes, or changes in Schedule O. See instructions.
Check if Schedule 0 containS a response to any question in this Part VI . . . . . . . . . . . . . . 0
Section A. Governing Body and Management
Yes No
1a Enter the number of voting members of the governing body at the end of the tax year. 1a 45
If there are material differences In voting rights among members of the governing body, or
If the governing body delegated broad authority to an executive committee or similar
committee, explain in Schedule O.
b Enter the number of voting members included in line 1a, above, who are Independent 1b 45
2 Did any officer, director, trustee, or key employee have a family relationship or a business relationship with
any other officer, director, trustee, or key employee? 2 .;
3 Did the organization delegate control over management duties customarily performed by or under the direct
supervision of officers, directors, or trustees, or key employees to a management company or other person? 3 .f
4 Did the organization make any significant changes to Its governing documents since the prior Form 990 was filed? 4 .;
5 Did the organization become aware dUring the year of a Significant diversion of the organization's assets? 5 .f
6 Did the organization have members or stockholders? 6 .;
7a Did the organization have members, stockholders, or other persons who had the power to elect or appoint
one or more members of the governing body? 7a .;
b Are any governance deCisions of the organization reserved to (or subject to approval by) members,
stockholders, or persons other than the governing body?
.;
7b
8 Did the organization contemporaneously document the meetings held or written actions undertaken dUring
the year by the following:
, - - --- " -
a The governing body? 8a .;
b Each committee With authority to act on behalf of the governing body? 8b .;
9 Is there any officer, director, trustee, or key employee listed In Part VII, Section A, who cannot be reached at
the organization's mailing address? If "Yes, " provide the names and addresses in Schedule 0 . 9 .;
.. ..
Section B. PoliCies (ThiS Section B requests mformatlon about poliCies not reqUired by the Internal Revenue Code)
Yes No
10a Did the organization have local chapters, branches, or affiliates? 10a .;
b If "Yes," did the organization have written poliCies and procedures governing the actiVities of such chapters,
affiliates, and branches to ensure their operations are consistent with the organization's exempt purposes? 10b .;
11a Has the organization prOVided a complete copy of this Form 990 to all members of Its governing body before filing the form? 11a .;
. ,
b Describe In Schedule 0 the process, if any, used by the organization to review thiS Form 990. '
-- ~-- --
12a Did the organization have a written conflict of interest policy? If "No," go to line 13 12a .;
b Were officers, directors, or trustees, and key employees required to disclose annually Interests that could give rise to conflicts? 12b .;
c Did the organization regularly and consistently monitor and enforce compliance with the poliCY? If "Yes,"
describe in Schedule 0 how this was done . 12c .;
13 Did the organization have a written whistle blower poliCY? 13 .;
14 Did the organization have a written document retention and destruction policy? 14 .;
15 Did the process for determining compensation of the following persons include a review and approval by ',. . "
'-
independent persons, comparability data, and contemporaneous substantiation of the deliberation and deciSion? .:1 .. ,
- - -----
;.
------
a The organization's CEO, Executive Director, or top management official 15a .f
b Other officers or key employees of the organization . 15b .;
If "Yes" to line 15a or 15b, deSCribe the process In Schedule 0 (see instructions). , ", .'
16a Did the organization Invest in, contribute assets to, or participate In a jOint venture or similar arrangement ,
- - --- - , -
With a taxable entity during the year? . 16a
b If "Yes," did the organization follow a written policy or procedure requiring the organization to evaluate ItS '"
partiCipation in Joint venture arrangements under applicable federal tax law, and take steps to safeguard the
--- - -- - -
organization's exempt status With respect to such arrangements? 16b
Section C. Disclosure
17 List the states With which a copy of thiS Form 990 is reqUired to be filed ~
18 Section 6104 requires an organization to make its Forms 1023 (or 1024 if appllc-abfe),--990,--ancT99Cf:'nSectjc)rI50-1(cf(3)s-or,-Iyj
available for public inspection. Indicate how you made these available. Check all that apply.
o Own webSite 0 Another's website 0 Upon request
19 Describe in Schedule 0 whether (and if so, how), the organization made its governing documents, conflict of Interest POliCY,
and financial statements available to the public during the tax year.
20 State the name, physical address, and telephone number of the person who possesses the books and records of the
organization: ~ Stuart Macinnes, Director of Finance
Form 990 (2011)
Form 990 (2011) Page 7
'@i9" Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and
Independent Contractors
Check if Schedule 0 contains a response to any question in this Part VII . 0
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
1a Complete this table for all persons required to be listed Report compensation for the calendar year ending with or within the
organization's tax year.
• List all of the organization's current officers, directors, trustees (whether Individuals or organizations), regardless of amount of
compensation. Enter -0- in columns (D), (E), and (F) if no compensation was paid.
• List all of the organization's current key employees, if any. See instructions for definitIOn of "key employee"
• List the organization's five current highest compensated employees (other than an officer, director, trustee, or key employee)
who received reportable compensation (Box 5 of Form W-2 and/or Box 7 of Form 1099-MISC) of more than $100,000 from the
organization and any related organizations
• List all of the organization's former officers, key employees, and highest compensated employees who received more than
$100,000 of reportable compensation from the organization and any related organizations.
• List all of the organization's former directors or trustees that received, in the capacity as a former director or trustee of the
organization, more than $10,000 of reportable compensation from the organization and any related organizations.
list persons in the follOWing order indiVidual trustees or directors; Institutional trustees; officers; key employees; highest
compensated employees; and former such persons.
o-I C hec k t h'IS b ox I'f nelt herth
e organizationi
nor any
t re a ed organlzaf Ion compensat ed any curren t 0 ff Icer, d Irec or, or trustee
(C)
(B)
Position (0) (E) (F)
(A)
(do not check more than one
Name and Title Average box, unless person IS both an Reportable Reportable Estimated
hours per officer and a director/trustee) compensation compensation from amount of
week 0 -
,:::1
(deSCribe 0.9- 5" 0 A " 'I
3-
,.,
0
from
the
related
organizations
other
compensation
hours for ;§a ~
g
31
n -< '" -c'§- 3 organization ryJ-2/1099-MISC) from the
related Oc !!l 3 '" ~~ !!l ryJ-2/1099-MISC) organization
oe!. 6 -c ~g
:J
organizations ' - ~
6"
-< 3
and related
In Schedule
2 (\I
-c organizations
2
'"
0)
* '"
(\I
III
iii
'"
:::I
(II
el.
'"
a.
_J~)_~~~!!_~~~~~~!__________________________________________
President 37.5 ./ 289,155 2,823
--(~)-~-~!~!_~~~I_~y___ ------------------------------- ________
Senior VP-Operations 37.5 ./ 215,349 2,803
_J~)_~_i~~~_Y-~!~_~~~~ ________________________________________
VP . Canadian Research 37.5 ./ 181,345 2,803
--(~)-~!-~~-~-~~~~~~-----------------------------------------
VP - International Research 37.5 ./ 179,294 1,294
_J~)_~_~~E~~_~~~~~____________________________________________
VP - Development 37.5 ./ 176,671 2,770
_J~)_~~~~_r:.t_~~~~~~~~_______________________________________
Director of Finance· SecretaryfTreasurer 37.5 ./ 59,283 601
_J?t~~~_~_~~~~_~y____________________________________________
Director of Communication 37.5 ./ 117,853 2,802
__(~) _~~!_~_13.'?~~~~ ____________________ --_____________ ------__
Associate Director·Health Policy 37.5 ./ 104,254 1,275
_J~)£~~~I_~~_!:~_~~~-,!~ _____________________________________
Senior Researcher 37.5 ./ 102,908 2,412
i~_Qt~~i_~!i_~_~~_<?_~~_,?~ _____________________________________
Director of Publication 37.5 ./ 115,322 2,802
i~_~t!~~_~_c:~~~~~ ________________________________________
Director of Development 37.5 ./ 102,544 2,415
i~_~t~~~~~~~~~!~_~~ _______________________________________
Senior Fellow (Former Officer) varied ./ ./ 404,863 2,759
i~_~)_~~~~~~I_~~!!_' ___________________________________________
Former CFO ./ 65,509 707
i~_~) ___________________________________________________________
Form 990 (2011)

Form 990 (2011) PageS
~iIl~JI. Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees {contmued)
(C)
Position
(A) (B) (0) (E) (F)
(do not check more than one
Name and title Average box. unless person IS both an Reportable Reportable Estimated
hours per officer and a director/trustee) compensation compensation from amount of
week from related other
0
,::>- :;- 0 ;>; "'::t: "T1
(descnbe 3<5 0 the organizations compensation
hours for
0.9-
~a
!!'.
;::.
=I:
0 '< '" ""C=r
3 organization (W-2/1 099-M ISC) from the
related nc 50.
5
~ '"3 ~~ ~ (W-2/1099-MISC)
organization
oe!.
organizatIOns ' -
::>
""C
0- ffig and related
!!!. '< 3
m Schedule 2
(II
2 ffi ""C organizatIOns
0) co (II
'en::>"
'" iii'" a
'0."
!~-~)------------------------------------------------------------
!~-~)-----------------------------------------------------------
!~})------------------------------------------------------------
!~-~}-----------------------------------------------------------
J~_~t __________________________________________________________ _
J~~t _________________________________________________________ _
J~ ~} __________________________________________________________ _
!~?)-----------------------------------------------------------
!~~)-----------------------------------------------------------
J~~) __________________________________________________________ _
J~~} __________________________________________________________ _
1b Sub-total, o
c Total from continuation sheets to Part VII, Section A 2,114,350 29,266
d Total (add lines 1b and 1c) , 2,114,350 29,266
2 Total number'of Individuals (including but not limited to those listed above) who received more than $100,000 of
reportable compensation from the organization ~
Yes No
3 Did the organization list any former officer, director, or trustee, key employee, or highest compensated j <~
.. >
~
employee on line 1a? If "Yes, II complete Schedule J for such indiVidual 3 ./
4 For any individual listed on line 1a, IS the sum of reportable compensation and other compensation from the ~:L'~ ~ t~ ;11' I
.~.i:~:~, ,,""
•
organization and related organizations greater than $150,OOO? If "Yes, complete Schedule J for such II
' .~~: ~i~"-",~ l
"
individual , 4 ./
5 Did any person listed on line 1a receive or accrue compensation from any unrelated organization or individual
'-- -- ---'
for services rendered to the organization? If "Yes, complete Schedule J for such person
II
5 ./
Section B. Independent Contractors
1 Complete this table for your five highest compensated independent contractors that received more than $100,000 of
compensation from the organization, Report compensation for the calendar year ending with or within the organization's tax
year,
(A) (B) (C)
Name and busmess address Descnptlon of services Compensation
Steane Consulting 250 Yonge St. Ste 2400, Toronto ON business consulting 158,172
Mark Milke, Calgary business consulting 147,070
Angevine Economic Consulting, Calgary business consulting 100,800
2 Total number of independent contractors (Including but not limited to those listed above) who
received more than $100,000 of compensation from the organization ~ 3
Form 990 (2011)
Form 990 (2011) Page 9
l:r.TIIiIl'J.1 Statement of Revenue
(A) (B) (C) (0)
Total revenue Related or Unrelated Revenue
exempt busmess excluded from tax
function revenue under sections
revenue 512,513,or514
......
In II)
&: c:
1a Federated campaigns 1a - ,
~ ::I b Membership dues 1b 40,002
CJ_ E
0
Inc( c Fundraislng events 1c 864,718
~ tQ d Related organizations 1d 343,900
CJ==
uiE e Government grants (contributions) 1e -
&:(j)
,2 ... f All other contributions, giftS, grants,
S
,g.r:.
III
and Similar amounts not Included above 1f 7,517,402
0
..
'..
1:
&: 'C 9 Noncash contributions Included In lines 1a-lf $ . ------------------"'-
281,574
- .. _- - ---- ...........
<3 ; h Total. Add lines 1a-1f 8,766,022
Business Code
- --- - - ---- -- -- - - - - -- -
2a ------------------------------------------------- 1 - - - - - - - + - - - - - + - - - - - - 1 - - - - - - + - - - - - -
b ------------------------------------------------- 1-------+-----+--------+------+------
c ------------------------------------------------- 1-------+-----+--------+------+------
d ------------------------------------------------- r - - - - - t - - - - - + - - - - - - + - - - - - - - - i - - - - - -
e _________________________________________________ 1-_ _ _ _ _+-_____+-_____+ _____+ _______
f All other program service revenue.
9 Total. Add lines 2a-2f
3 Investment Income (including dividends, interest,
and other similar amounts) .. 48,875 48,875
4 Income from Investment of tax-exempt bond proceeds ..
5 Royalties ..
(I) Real (II) Personal
6a Gross rents
b Less: rental expenses
c Rental income or (IOSS)L-_ _ _ _---l_ _ _ _ _--l __ -'~ __________________________ _
d Net rental income or (loss) ..
7a I) ;:;se::-:c~u::;nt:::le:::-s~,----=--7:(II)~O::;;t-;:-he::-:r-=----+------1------I------+--------
Gross amount from sales of F::;(=f-
assets other than Inventory
b Less: cost or other baSIS
and sales expenses
c Gain or (loss) ' - -_ _ _ _ _-L---_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ---- ____ - ____________ _
d Net gain or (loss)

Q)
~ 8a Gross income from fund raising
cQ)
events (not Including $ 864,718
~ of contributions reported on line 1c).
a:
...
Q) See Part IV, line 18 a 1--_ _'-',_04_2--'-,0_°--15
.c
o b Less: direct expenses bL-_ _-..:.1.:...78:.:.,9.:...6..:.3~---~---
'---+-_::--_8--,-63-',O_4_3+:--_ _ _ _-t_____+ ___--=8:..63:,:,O:..4=-3
C Net income or (loss) from fundraising re.:. ve::. :n.;, :t.: .s_ _..
9a Gross Income from gaming activities.
See Part IV, line 19 al--_ _ _ _- l
b Less. direct expenses bL-_ _ _ _--l ______________________________ c _________
c Net income or (loss) from gaming activrl...:.ti...:.e.:...s_ _ _..-t_____-+_____+ _____+ _______

10a Gross sales of inventory, less
returns and allowances a
J.-------l
b Less: cost of goods sold bL-_ _ _--::-_+_______ ____ ______ _______ _ ___ ___ __ _ _ ______ _ __
c Net Income or (loss) from sales of Inventory ..
Miscellaneous Revenue Business Code
1 - - - - - - - - - - - - - - - - - + - - - - - - 1 - - - - - - --- -- -- - - -- - - -- --- - - - -- - - - - - -
11 a _~_'!~~_?_fJ~~~~!~_~_~i~~_!~_c:?_~~__________ 9000099 8,246 8,246
b
c
d All other revenue 8,635 8,635
e Total. Add lines 11 a-11 d 16,881
12 Total revenue. See instructions. 9,694,821 65,756 863,043
Form 990 (2011)
Form 990 (2011) Page 10
'Im'" Statement of Functional Expenses
Section 501(cJ(3) and 501 (cJ(4) organizations must complete all columns. All other organizations must complete column (A) but are not
reqUired to complete columns (B), (C), and (D),
Check If Schedule 0 contains a response to any question in this Part IX 0
Do not include amounts reported on lines 6b, 7b, (A) (8) (e) (0)
Total expenses Program service Management and Fundralslng
8b, 9b, and 10b of Part VII/. expenses general expenses expenses
1 Grants and other assistance to governments and
organizations in the United States, See Part IV, line 21 "
2 Grants and other assistance to Individuals In

the United States, See Part IV, hne 22
3 Grants and other assistance to governments,
organizations, and Individuals outside the
United States, See Part IV, lines 15 and 16
4 Benefits paid to or for members
5 Compensation of current officers, directors,
trustees, and key employees 2,250,066 1,575,046 562,516 112,504
6 Compensation not included above, to disqualified
persons (as defined under section 4958(ij(1)) and
persons described In section 4958(c)(3)(8)
7 Other salaries and wages 2,847,387 2,283,122 388,330 175,935
8 Pension plan accruals and contributions (include
section 401 (k) and 403(b) employer contributions) 199,250 139,631 32,300 27,319
9 Other employee benefits 127,193 89,134 20,619 17,439
10 Payroll taxes 187,916 131,688 30,462 25,765
11 Fees for services (non-employees).
a Management
b Legal 8,758 8,758
c Accounting 25,956 25,956
d Lobbying
e ProfeSSional fundralsing services, See Part IV, line 17
f Investment management fees
9 Other 68,491 68,491
12 Advertising and promotion
13 Office expenses
14 Information technology 142,503 99,864 23,101 19,539
15 Royalties
16 Occupancy 501,883 351,711 81,358 68,813
17 Travel
18 Payments of travel or entertainment expenses
for any federal, state, or local public offiCials
19 Conferences, conventions, and meetings 25,488 25,488
20 Interest
21 Payments to affiliates .
22 Depreciation, depletion, and amortization 243,726 243,726
23 Insurance. 18,549 18,549
, .0,
24 Other expenses Itemize expenses not covered , j
above. (List miscellaneous expenses in line 24e If
~
'. ,
line 24e amount exceeds 10% of line 25, column ,,
' 0
"
(A) amount, list line 24e expenses on Schedule 0,) !
a -~~?j~~!~---~~~~~~~~-~-~,!!:!~!-~!~!~~------------------ 2,620,916 2,153,231 467,684

b _~~i-'~!!'.1J!_~_~~~~!~~!i_~!:! ____________________ . __________ 148,734 148,734
52,085 52,085
C
-~~!:!~-~~~~~~-~----- ------- -----------------------------
d _!_~ !~p-~_~~~---_______________ ------________ --______ ------ 46,850 32,832 7,595 6,424
e All other expenses 138,343 66,660 61,347 10,338
25 Total functional expeiis-es~-Aadilries-fihrOlJgfi24e 9,654,094 7,097,141 1,625,193 931,760
26 Joint costs. Complete this line only if the
organization reported in column (8) JOint costs
from a combined educational campaign and
fundraisin~ solicitation, Check here ~D If
following OP 98-2 (ASC 958-720)
Form 990 (2011)
Form 990 (2011) Page 11
.:t:.I."~_ Balance Sheet
(A) (8)
Beginning of year End of year
1 Cash - non-Interest-bearing 3,663,955 1 4,104,320
2 Savings and temporary cash Investments 2
3 Pledges and grants receivable, net 22,000 3 8,017
4 Accounts receivable, net 106,533 4 36,658
5 Receivables from current and former officers, directors, trustees, key
employees, and highest compensated employees. Complete Part " of
Schedule L 5
6 Receivables from other disqualified persons (as defined under section
4958(f)(1)), persons desCribed In section 4958(c)(3)(8), and contributing
employers and sponsoring organizatIOns of section 501 (c)(9) voluntary
employees' benefiCiary organizations (see Instructions) 6
7 Notes and loans receivable, net 7
8 Inventories for sale or use 8
9 Prepaid expenses and deferred charges 89.785 9 133,699
10a Land, bUildings, and equipment: cost or
other basIs. Complete Part VI of Schedule D 10a 1,118,571
~~--------~~~
b Less: accumulated depreciation L1'-'0:.c::b:....L....______7_2-..:4,'-28_9+-______6_0-..:7._58_1+1...::0...::C+-_ _ _ _~39.:..4:.:..:,2:..:8=-2
11 Investments- publicly traded securities 11 455,714
12 Investments-other securities. See Part IV, line 11 12
13 Investments-program-related See Part IV, line 11 13
14 Intangible assets 14
15 Other assets. See Part IV, line 11 15
16 Total assets. Add lines 1 through 15 (must equal line 34) . 4,489.854 16 5,132,690
17 Accounts payable and accrued expenses 1.588.557 17 1,163.053
18 Grants payable. 18
19 Deferred revenue 1,787.503 19 2.888,545
20 Tax-exempt bond liabilities. 20
21 Escrow or custodial account liability. Complete Part IV of Schedule D 21
~ 22 Payables to current and former officers, directors, trustees, key
~ employees, highest compensated employees, and disqualified persons.
:sIII Complete Part" of Schedule L 22
:J 23 Secured mortgages and notes payable to unrelated third parties 102.036 23 42,968
24 Unsecured notes and loans payable to unrelated third parties 24
25 Other liabilities (Including federal Income tax, payables to related third
parties, and other liabilities not included on lines 17-24). Complete Part X
of Schedule D 25
26 Total liabilities. Add lines 17 through 25 3,478.096 26 4.096,566
Organizations that follow SFAS 117, check here ~ [{] and complete
VI
Q) lines 27 through 29, and lines 33 and 34.
u
fij 27 Unrestricted net assets 1.011.758 27 1,038,124
iii
al
28 Temporarily restricted net assets . 28
'C 29 Permanently restricted net assets. 29
c
:::J Organizations that do not follow SFAS 117, check here ~ 0 and
...o
~
complete lines 30 through 34 .
.1!l 30 Capital stock or trust principal, or current funds 30
5: 31 Paid-in or capital surplus, or land, building, or equipment fund 31
..
~
~
32
33
Retained earnings, endowment, accumulated Income, or other funds
Total net assets or fund balances.
32
33
34 Total liabilities and net assets/fund balances 4,489.854 34 5.132,690
Form 990 (2011)
• Form 990 (2011) Page 12
l:tjil31 Reconciliation of Net Assets
Check if Schedule a contains a response to any question in this Part XI .0
1 Total revenue (must equal Part VIII, column (A), line 12) . 1 9,694,821
2 Total expenses (must equal Part IX, column (A), line 25) 2 9,654,094
3 Revenue less expenses. Subtract line 2 from line 1 3 40,727
4 Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) 4
5 Other changes In net assets or fund balances (explain in Schedule 0) 5
6 Net assets or fund balances at end of year. Combine lines 3, 4, and 5 (must equal Part X, line 33,
column (8)) 6
.:r.r..;~II. Financial Statements and Reporting
... 0
Yes No
1 Accounting method used to prepare the Form 990: 0 Cash [{] Accrual 0 Other -:-::-=-.,...---::-_-:-:--:-
If the organization changed Its method of accounting from a prior year or checked "Other," explain in
Schedule 0
2a Were the organization's financial statements compiled or reviewed by an independent accountant? . . 2a ./
b Were the organization's financial statements audited by an Independent accountant? . . . . 2b ./
c If "Yes" to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight
of the audit, review, or compilation of its financial statements and selection of an Independent accountant? 2c ./
If the organization changed either Its oversight process or selection process during the tax year, explain in
Schedule O.
d If "Yes" to line 2a or 2b, check a box below to indicate whether the financial statements for the year were
issued on a separate basis, consolidated basis, or both:
[{] Separate basis 0 Consolidated basis 0 80th consolidated and separate basis
3a As a result of a federal award, was the organization required to undergo an audit or audits as set forth In
the Single Audit Act and OM8 Circular A-133? . . . . . . . .. .... 3a
1----+--+--
b If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the
required audit or audits, explain why In Schedule 0 and describe any steps taken to undergo such audits 3b
Form 990 (2011)
,SCHEDULE A OMS No 1545-0047
(Form 990 or 990-EZ) Public Charity Status and Public Support
Complete if the organization is a section 501 (c)(3) organization or a section ~(Q)11
4947(a)(1) nonexempt charitable trust. Open to Public
Intemal Revenue Service • Attach to Form 990 or Form 990-EZ. • See separate instructions. Inspection
Name of the organization Employer identification number
The Fraser Institute
The organization is not a private foundation because It is: (For lines 1 through 11, check only one box.)
1 0 A church, convention of churches, or association of churches descrrbed in section 170(b)(1)(A)(i).
2 0 A school descrrbed in section 170(b)(1)(A)(ii). (Attach Schedule E.)
3 0 A hospital or a cooperative hospital service organrzatlon descrrbed In section 170(b)(1)(A)(iii).
4 0 A medical research organrzation operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the
hospital's name, city, and state:
5 0 An organization operated for the ben-efii-of--a-colie-ge-o;:-uriiv-erslty-ci;;;ried-o;:-clperat-e(i"by--a-goveriimentai"u"riii"described"in
section 170(b)(1)(A)(iv). (Complete Part 11.)
6 0 A federal, state, or local government or governmental unit described In section 170(b)(1)(A)(v).
7 0 An organrzation that normally receives a substantial part of its support from a governmental unit or from the general public
descrrbed in section 170(b)(1)(A)(vi). (Complete Part 11.)
8 0 A community trust described In section 170(b)(1)(A)(vi). (Complete Part 11.)
9 0 An organization that normally receives: (1) more than 33 113% of its support from contributions, membership fees, and gross
receipts from activities related to its exempt functions-subject to certain exceptions, and (2) no more than 33 113% 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). (Complete Part 111.)
10 0 An organization organrzed and operated exclUSively to test for public safety, See section 509(a)(4).
11 0 An organization organized and operated exclUSively for the benefit of, to perform the functions of, or to carry out the
purposes of one or more publicly supported organrzations described in section 509(a)(1) or section 509(a)(2). See section
509(a}(3). Check the box that describes the type of supporting organization and complete lines 11 e through 11 h.
a 0 Type I b 0 Type II c 0 Type III-Functionally Integrated d 0 Type III-Other
e 0 By checking this box, I certify that the organization IS not controlled directly or Indirectly by one or more disqualified persons
other than foundation managers and other than one or more publicly supported organrzatlons descrrbed in section 509(a)(1)
or section 509(a)(2).
f If the organization received a written determination from the IRS that It is a Type I, Type II, or Type III supporting
organization, check this box . . . . . . . . . . . . . . .. ...... 0
9 Since August 17, 2006, has the organization accepted any gift or contrrbutlon from any of the
follOWing persons?
(i) A person who directly or indirectly controls, either alone or together With persons descrrbed in (ii) and Yes No
(iii) below, the governing body of the supported organrzation? . 11g(i)
(ii) A family member of a person descrrbed in (i) above? . . 11g(lI)
(iii) A 35% controlled entity of a person descrrbed in (i) or (il) above? . 11g(i1O
h Provide the following information about the supported organrzation(s).
(i) Name of supported (h)EIN (iii) Type of organization (IV) Is the organization (v) Did you nollfy (vi) Is the (vii) Amount of
organization (deSCribed on lines 1-9 In col (ij listed In your the organization In organization In col support
above or IRC sectIOn governing docurnent? col (I) of your (i) organized In the
(see instructions)) support? US?
Yes No Yes No Yes No
(A)
(8)
(e)
(0)
(E)
Total
For Paperwork Reduction Act Notice, see the Instructions for Cat No 11285F SChedule A (Form 990 or 990-EZ) 2011
Form 990 or 990-EZ.
Version A, cycle 1
Schedule A (Form g90 or 990-Ell 2011 Page 2

I@'II Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5,7, or 8 of Part I or if the organization failed to qualify under
Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)
Section A Public Support
Calendar year (or fiscal year beginning in) ~ (a) 2007 (b) 2008 (c) 2009 (d) 2010 (e) 2011 (f) Total
1 Gifts, grants, contributions, and
membership fees received. (Do not
Include any "unusual grants. ") 12,249,464 13,507,477 12,523,430 10,609,636 9,544,517 58,545,524
2 Tax revenues levied for the
organization's benefit and either paid
to or expended on Its behalf
3 The value of services or facilities
furnished by a governmental Unit to the
organization without charge .
4 Total. Add lines 1 through 3 . 12,249,464 13,507,777 12,523,430 10,609,636 9,544,517 58,545,524
5 The portion of total contnbutions by
each person (other than a
governmental unit or publicly
supported organization) included on
line 1 that exceeds 2% of the amount
shown on line 11, column (f) . - 8,779,503
6 Public support. Subtract line 5 from line 4. 49,766,021
Section B. Total Support
7 Amounts from line 4 12,249,464, 13,507,777 12,523,430 10,609,636 9,544,517 59,545,524
8 Gross Income from interest, dividends,
payments received on seCUrities loans,
rents, royalties and Income from Similar
sources 240,960 140,335 58,853 58,779 48,875 547,802
9 Net Income from unrelated bUSiness
actiVities, whether or not the bUSiness
is regularly carned on
10 Other income. Do not Include gain or
loss from the sale of capital assets
(Explain In Part IV.) . 79,165 25,037 8,828 27,517 8,246 149,373
.-
11 Total support. Add lines 7 through 10 -- 59,242,699
12 Gross receipts from related activities, etc. (see instructions) 121 820,224
,
13 First five years. If the Form 990 IS for the organization s first, second, third, fourth, or fifth tax year as a section 501 (c)(3)
organization, check this box and stop here . . . . . .. ..... ~ [{]
Section C. Computation of Public Support Percentage

14 Public support percentage for 2011 (line 6, column (f) diVided by line 11, column (f)) . . . . %
15 Public support percentage from 2010 Schedule A, Part", line 14 %
16a 33'/3% support test-2011.lfthe organization did not check the box on line 13, and line 14 IS 33'/3% or more, check thiS
box and stop here. The organization qualifies as a publicly supported organization . . . " ~ 0
b 33'/3% support test-2010. If the organization did not check a box on line 13 or 16a, and line 15 IS 33'/3% or more,
check this box and stop here. The organization qualifies as a publicly supported organization ...... ~ 0
17a 10%-facts-and-circumstances test-2011. If the organization did not check a box on line 13, 16a, or 16b, and line 14 IS
10% or more, and If the organization meets the "facts-and-clrcumstances" test, check thiS box and stop here. Explain In
Part IV how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported
organization. . . . . . . . . . . . . . .... ............... ~ 0
b 10%-facts-and-circumstances test-2010. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line
15 IS 10% or more, and if the organization meets the "facts-and-clrcumstances" test, check thiS box and stop here.
Explain In Part IV how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly
supported organization . . . . . . . . . . . . . . . . . . . . . . ........ ~ 0
18 Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check thiS box and see
Instructions . . . . . . . . . . . . . . . .
Schedule A (Form 990 or 990-EZI 2011
.Schedule A (Form 990 or 990-EZj 2011 Page 3
Iblill Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part /I.
If the organization fails to qualify under the tests listed below, please complete Part II.)
Section A. Public Support
1 GiftS, grants, contnbutions, and membership fees
received. (Do not mclude any 'unusual grants.")
2 Gross receipts from admissions, merchandise
sold or services performed, or facilities
furnished in any activity that is related to the
organization's tax-exempt purpose .
3 Gross receipts from activities that are not an
unrelated trade or business under section 513
4 Tax revenues levied for the
organization's benefit and either paid
to or expended on Its behalf
5 The value of services or facilities
furnished by a governmental Unit to the
organization without charge .
6 Total. Add lines 1 through 5 .
7a Amounts Included on lines 1, 2, and 3
received from disqualified persons
b Amounts included on lines 2 and 3
received from other than disqualified
persons that exceed the greater of $5,000
or 1% of the amount on line 13 for the year
c Add lines 7a and 7b
8 Public support (Subtract line 7c from
line 6.)
Section B. Total Support
9 Amounts from line 6
10a Gross Income from Interest, dividends,
payments received on securities loans, rents,
royalties and income from similar sources
b Unrelated business taxable Income (less
section 511 taxes) from businesses
acquired after June 30, 1975 .
c Add lines 10a and 1Db
11 Net income from unrelated business
activities not included in line 1~b, whether
or not the bUSiness is regularly carned on
12 Other Income. Do not Include gain or
loss from the sale of capital assets
(Explain in Part IV.) .
13 Total support. (Add lines 9, 10c, 11,
and 12.)
,
14 First five years. If the Form 990 IS for the organization s first, second, third, fourth, or fifth tax year as a section 501 (c)(3)
organization, check this box and stop here . . . . . . . . . . . . ~ 0
Section C. Computation of Public Support Percentage
15 Public support percentage for 201 1 (line 8, column (1) divided by line 13, column (1)) %
16 Public su ort ercentage from 2010 Schedule A, Part III, line 15 . . %
Section D. Computation of Investment Income Percentage
17 Investment Income percentage for 2011 (line 10c, column (1) divided by line 13, column (1) %
18 Investment income percentage from 2010 Schedule A, Part III, line 17. . . . %
19a 33'/3% support tests-2011. If the organization did not check the box on line 14, and line 15 is more than 33'/3%, and line
17 IS not more than 33'/3%, check this box and stop here. The organization qualifies as a publicly supported organization ~ 0
b 33'/3% support tests-2010. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33'/3%, and
line 181s not more than 33'/3%, check this box and stop here. The organization qualifies as a publicly supported organization ~ 0
20 Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check thiS box and see instructions ~ 0
Schedule A (Form 990 or 990-EZ/2011
,Schedule A (Form 990 or 990-EZ) 2011 Page 4
hlft;WrJ Supplemental Information. Complete this part to provide the explanations required by Part II, line 10;
Part II, line 17a or 17b; and Part III, line 12. Also complete this part for any additional information. (See
instructions).
_~~!_~I_: _I!!!~_~_~ _:.!: ?E~!~t~ __~~~_~~_~~~_9_~ !~____________________ .______________ .________________ .____________________________________________________________________________ _
Schedule A (Form 990 or 990-EZ) 2011

SCHEDULE D OMB No 1545-0047
(Form 990) Supplemental Financial Statements
~ Complete if the organization answered "Yes," to Form 990,
~(Q)11
Part IV, line 6,7,8,9,10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b. Open to Public
Internal Revenue Service ~ Attach to Form 990. ~ See separate instructions. Inspection
Ni~~~~~~~-----------------------------------------------------rEm~~~~rcBt~· number
The Fraser Institute 98 0032427
~O~rg-a-n~i~z-a~ti~0-n-s~M~ai~n~ta~i~n7in-g-=D~0-n-o-r~~--~~~--~~~~~~~~--~----~~~--p~le~te~if~th~e---
organization answered "Yes" to Form 990 , Part IV ,
(a) Donor adVised funds (b) Funds and other accounts
1 Total number at end of year. nfa nfa
2 Aggregate contributions to (dUring year) .
3 Aggregate grants from (during year)
4 Aggregate value at end of year
..
5 Old the organization Inform all donors and donor adVisors In wntlng that the assets held In donor adVised
funds are the organization's property, subject to the organization's exclusive legal control? . . . ., 0 Yes 0 No
6 Did the organization inform all grantees, donors, and donor advisors In writing that grant funds can be used
only for chantable purposes and not for the benefit of the donor or donor adVisor, or for any other purpose
conferring impermissible private benefit? . . . . . . ...... . . . . 0 Yes 0 No
l:zttilll Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.
1 Purpose(s) of conservation easements held by the organization (check all that apply).
o Preservation of land for public use (e.g., recreation or education) 0 Preservation of an historically Important land area
o Protection of natural habitat 0 Preservation of a certified histOriC structure
o Preservation of open space
2 Complete lines 2a through 2d if the organization held a qualified conservation contribution In the form of a conservation
easement on the last day of the tax year.
Held at the End of the Tax Year
a Total number of conservation easements . . . . . ... . 2a nfa
b Total acreage restricted by conservation easements.. ... . 2b
c Number of conservation easements on a certified histonc structure Included In (a) 2c
d Number of conservation easements Included in (c) acquired after 8/17/06, and not on a
historic structure listed in the National Register .... 2d
3 Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization dUring the
tax year~
4 Number of states where property subject to conservation easement is located ~
5 Does the organization have a written policy regarding the penodic monltoring;'-ins-';ection~- handling of
violations, and enforcement of the conservation easements It holds? . . . 0 Yes 0 No
6 Staff and volunteer hours devoted to monitoring, inspecting, and enforCing conservation easements dUring the year
~- ---_. _. - ---- ----- _._-
7 Amount of expenses incurred In mOnitoring, inspecting, and enforcing conservation easements during the year
~$
8 Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(8)
(I) and section 170(h)(4)(8)(II)? . . . . .. ......... 0 Yes 0 No
9 In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, If applicable, the text of the footnote to the organization's financial statements that describes the
organization's accounting for conservation easements.
Im"ll Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.
1a If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet
works of art, historical treasures, or other similar assets held for public exhibition, education, or research In furtherance of
public service, provide, In Part XIV, the text of the footnote to its financial statements that describes these items
b If the organization elected, as permitted under SFAS 116 (ASC 958), to report in ItS revenue statement and balance sheet
works of art, historical treasures, or other similar assets held for public exhibition, education, or research In furtherance of
public service, provide the follOWing amounts relating to these Items:
(i) Revenues Included In Form 990, Part VIII, line 1 . . . . . . . . . . . . . ~ $ ____________ . __ . ___ . _____~!~_
(ii) Assets Included in Form 990, Part X . . . . . . . . . . . . . . ~ $
2 If the organization received or held works of art, histOrical treasures, or other Similar assets for flnanciaf'gain~--provide-·tii-e
following amounts reqUired to be reported under SFAS 116 (ASC 958) relating to these Items:
a Revenues Included in Form 990, Part VIII, line 1 ~ $
------ ------- - -- ----- ----- ---
b Assets Included In Form 990, Part X . . ~ $
For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 52283D Schedule D (Form 990) 2011
Schedule D (Form 990) 2011 Page 2
'U"" Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)
3 Using the organization's acquisition, accession, and other records, check any of the following that are a significant use of ItS
collection items (check all that apply):
a 0 Public exhibition d 0 Loan or exchange programs
b 0 Scholarly research e 0 Other
c 0 Preservation for future generations
4 Provide a description of the organization's collections and explain how they further the organization's exempt purpose In Part
XIV.
5 Dunng the year, did the organization soliCit or receive donations of art, historical treasures, or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization's collection? 0 Yes 0 No
IG,t.. Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990, Part IV,
line 9, or reported an amount on Form 990, Part X, line 21.
1a Is the organization an agent, trustee, custodian or other intermediary for contnbutlons or other assets not
included on Form 990, Part X? . . . .. 0 Yes 0 No
b If "Yes," explain the arrangement In Part XIV and complete the following table:
Amount
c Beginning balance. . . . 1c
d Additions during the year 1d
e Dlstnbutions dunng the year 1e
f Ending balance. . 1f
2a Did the organization Include an amount on Form 990, Part X, line 21? DYes 0 No
b , explain the arrangement in Part XIV
If "Yes"
• :F.Tiill'. Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10 .
(a) Current year (b) Prior year (c) Two years back (d) Three years back (e) Four years back
1a Beginning of year balance ,

b Contnbutlons . :
C Net investment earnings, gains, and - I
losses ; 'I
d Grants or scholarships
,. , ., "
~
.'
'\
~-
I
:
e Other expenditures for facilities and
programs.
-." ,
I
- . I
f Administrative expenses ,,'
,
' . I
9 End of year balance
2 ProVide the estimated percentage of the current year end balance (line 1g, column (a)) held as:
a Board designated or quasI-endowment ~ ___________________ %
b Permanent endowment ~ %
c Temporanly restncted endowment ~ ___________________ %
The percentages in lines 2a, 2b, and 2c should equal 100%.
3a Are there endowment funds not in the possession of the organization that are held and administered for the
organization by: Yes No
(i) unrelated organizations. . . . . 3a(i)
(ii) related organizations. . . . . . 3a(ii)
b If "Yes" to 3a(il), are the related organizations listed as required on Schedule R? 3b
4 Descnbe in Part XIV the Intended uses of the organization's endowment funds.
l.:lffi.iIl'J. Land, Buildings, and Equipment. See Form 990, Part X, line 1O.
DeSCription of property (a) Cost or other baSIS (b) Cost or other baSIS (c) Accumulated (d) Book value
(Investment) (other) depreCiation
1a Land "
b Buildings
c Leasehold improvements 98,045 61,337 36,708
d Equipment 469,086 174,384 294,702
e Other 551.441 488,568 62,873
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), Ime 10(c).) .~ 394,282
Schedule 0 (Form 990) 2011
.:F.1iill'JI. InVI::~lIl1l::rll~ ·Other Securities. See Form 990,-Part X, Iin912."
(a) Description 01 secunty or category (b) Book value (c) Method 01 valuation
(including name 01 security) Cost or end-aI-year market value
(1) Financial denvatlves

(2) Closely-held equity interests
(3) Other - -- ... -- --- -- -- -- ----- - ------- -- -- ------ ------- --- ----
(A) nfa
-------------------------------------------------------------
(8)
-. --{cj ------------------------------------------------------
...... --_ ......... -----_ ......... - _... --_ ... - ----- -- -_... -- ----- - -_................ ---- -_ ...... --- -- ---
(D)
-- -- _............ -- --- _...... ----_ ... -_ ... --_ ...... _...... -_ ............ --- -_... -_ ... ----- ...
.....................
(E)
- ... --_...... -- --- - -_ ... _...... ---- _...... --- _......... ---- --- -- -_ ......... ----- _......... -----
-... --(F)- -_ ... -- _...... _............ ---_ ...... -- -_ ............... --- --_ ... - _... - --- -----_... -- -----
(G)
...... --- _... - -_ ... ---_............... -- -_ ......... ---- -_ ... _... -_ ... --- -_ ... -...... -- --- -_... _......... ----
(H)
--------------------------------------------------------------
(I)
Total. (Column (b) must equal Form 990, Part X, col. (B) Ime 12.) ~
• :F.T1 ill'~ III I.
IIIVI::;:'UIII::IIL~ ·P'uyri:llli Related. See Form 990, Part X, line 13.
(a) Descnptlon 01 Investment type (b) Book value (c) Method 01 valuatIOn
Cost or end-aI-year market value
(1) nfa
(2)
J3)
J4)
(5)
J6)
(7)
J8)
(9)
L10)
Total. (Column (b) must equal Form 990, Part X, col (8) line 13) ~
• :F.Ti.t~. Other A;:,;:,.:a~. See Form 990, Part X, line 15 .
(a) uescnpllor (b) Book value
_(1) nfa
(2)
(3)
j4)
(5)
(6)
j7)
(8)
.(9)
i10)
.~
Total. (Column (b) must equaf Form 990, Part X, col. (B) fme 15.)
~.~_ Ot~ Liabilities. See Form 990, Part X line 25
•• (a) v~~"dlo'''v 1 of liability (il)Book value
(1) Federal income taxes
_(2) nfa
.'3)
(4)
I
(5)
(6)
(7)
(8)
_(9)
(10) , .,
i11 )
Total. (Column (b) must equal Form 990, Part X, col (B) Ime 25) ~
2. FIN 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the
organization's liability for uncertain tax positions under FIN 48 (ASC 740).
..
Schedule D (Form 990) 2011
Reconciliation of Change in Net Assets from Form 990 to Audited Financial Statements
Page 4
1 Total revenue (Form 990, Part VIII, column (A), line 12) 1 9,694,821
2 Total expenses (Form 990, Part IX, column (A), line 25) 2 9,654,094
3 Excess or (deficit) for the year. Subtract line 2 from line 1 3 40,727
4 Net unrealized gains (losses) on Investments 4
5 Donated services and use of facilities 5
6 Investment expenses 6
7 Prior period adjustments . 7
8 Other (Descnbe in Part XIV.) . 8
9 Total adjustments (net). Add lines 4 through 8 9
10 Excess or (defiCit) for the year per audited financial statements Combine lines 3 and 9 10 40,727
.:iffi.~.I. Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1 Total revenue, gains, and other support per audited financial statements 1 9,878,686
2 Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a Net unrealized gains on investments . 2a
b Donated services and use of facilities 2b
c Recoveries of prior year grants . 2c
d Other (Descnbe in Part XIV) . 2d -
e Add lines 2a through 2d 2e
3 Subtract line 2e from line 1 3 9,878,686
4 Amounts Included on Form 990, Part VIII, line 12, but not on line 1 .
a Investment expenses not included on Form 990, Part VIII, line 7b 4a
b Other (Describe In Part XIV.) . 4b (183,865) ---
cAdd lines 4a and 4b 4c (183,865)
5 Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) 5 9,694,821
.:iffi.~.II. Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1 Total expenses and losses per audited financial statements 1 9,846,594
2 Amounts included on line 1 but not on Form 990, Part IX, line 25: '.
. ' "'",
't, ~ I
a Donated services and use of facilities 2a
~. , '~;" \
b Prior year adjustments 2b " ~'I" \.
-...;r:J
c Other losses . 2c
2d
~'~;-..
d Other (Describe in Part XIV.) . ,~
e Add lines 2a through 2d 2e

3 Subtract line 2e from line 1 3
4 Amounts Included on Form 990, Part IX, line 25, but not on line 1: -',
~ 1
--,
<;~.
a Investment expenses not Included on Form 990, Part VIII, line 7b 4a ," t,;,t • ~
b Other (Describe In Part XIV.) . 4b (192,500) ~V:r:

_L_ ~
C Add lines 4a and 4b 4c (192,500)
. 5
.
Total expenses Add lines 3 and 4c. (ThiS must equal Form 990, Part I, line 18.) .
Supplemental Information
5 9,654,094
Complete this part to provide the deSCriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part IV, lines 1band 2b;
Part V, line 4; Part X, line 2; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete thiS part to provide
any additional information.
_~~~_~!~_~~_::!..«:~~~~~i!!~_~!~«!~_«!!_~_i~~~~_~~~~_~!!~~_~_~~!~i_~~__~~?!'_~~_~!~~?_~!_«!!J'-~~~_~_~!~JJ_~~~_~~t~~~-'=~J!~~~_~!~_~~___________________________________ _
j)_«:~X_~~~_~~~:_~~~_y"I~!_~~~_~_~_~_!~_~! ___________________________________________________________________________________________________________________________________ _

I@EU" Supplemental Information (continued)
Schedule D (Form 990) 2011

SCHEDULE F OMB No 1545-0047
Statement of Activities Outside the United States
(Form 990)
~ Complete if the organization answered "Yes" to Form 990,
Part IV, line 14b, 15, or 16.
~©11
Open to Public
Department of the Treasury ~ Attach to Form 990. ~ See separate instructions.
Internal Revenue Service Inspection
Name of the organization Employer Identification number
The Fraser Institute 98-0032427
General Information on Activities Outside the United States. Complete if the organization answered "Yes" to
Form 990, Part IV, line 14b.
1 For grantmakers. Does the organization maintain records to substantiate the amount of its grants and other
assistance, the grantees' eligibility for the grants or assistance, and the selection crtterta used to award the
grants or assistance? . DYes DNo
2 For grantmakers. Descrtbe In Part V the organization's procedures for monitoring the use of ItS grants and other
assistance outside the United States.
3 Activities per Region. (The follOWing Part I, line 3 table can be duplicated if additional space IS needed)
(a) Region (b) Number of (c) Number of (d) Activities conducted In (e) If activity listed In (d) IS (f)Total
offices In the employees. region (by type) (e g . a program service. expenditures for
region agents. and fund raising. program services. descnbe specific type of and Investments
Independent Investments. servlce(s) In region In region
contractors grants to recIpients
In region located In the region)
(1) North America 4 51 Research; Programs & 100%
(2) Development
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
3a Sub-total .
b Total from continuation
sheets to Part I
c Totals (add lines 3a and 3b)
For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 50082W Schedule F (Form 990) 2011
Schedule F (Form 990) 2011 Page 2
Imlll Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" to Form 990,
Part IV, line 15, for any recipient who received more than $5,000. Check this box if no one recipient received more than $5,000 . . . . . ~ 0
Part II can be duplicated if additional space is needed
1 (a) Name of (f) Manner of (9) Amount of (i) Method of
(b) IRS code (c) Region (d) Purpose of (e) Amount of (h) Descnptlon valuation
organization section and EIN cash grant cash non-cash (book, FMV,
grant of non-cash assistance
(If applicable) disbursement assistance appraisal,
other)
1)
2)
3)
4)
5) .0,
6) - . , .
7)
,
<
8)
9) -
10)
11)
12)
13)
14)
15)
~16)
-- -
2 Enter total number of recipient organizations listed above that are recognized as chanties by the foreign country, recognized as tax-exempt
by the IRS, or for which the grantee or counsel has provided a section 501 (c)(3) equivalency letter ~
3 Enter total number of other organizations or entities ~
Schedule F (Form 990) 2011
.@IIII Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 16.
Part III can be duplicated if additional space is needed.
(e) Manner of (f) Amount of (h) Method of
(a) Type of grant or assistance (b) Region (c) Number of (d) Amount of (g) Description valuation
recIpients cash grant cash non-cash (book, FMV,
of non-cash assistance
disbursement assistance appraisal,
other)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
--
"-- - -
- --
Schedule F (Form 990) 2011 4
'mirA Foreign Forms
Page
1 Was the organization a U.S transferor of property to a foreign corporation during the tax year? If "Yes,"
the organization may be required to file Form 926, Return by a U S Transferor of Property to a Foreign
Corporation (see Instructions for Form 926).. .... . . . . . . .. 0 Yes o No
2 Old the organization have an Interest in a foreign trust dunng the tax year? If "Yes," the organization
may be required to file Form 3520, Annual Return to Report Transactions with Foreign Trusts and
Receipt of Certain Foreign Gifts, and/or Form 3520-A, Annual Information Return of Foreign Trust With a
US. Owner (see Instructions for Forms 3520 and 3520-A). . . . . . . . ...... 0 Yes o No
3 Did the organization have an ownership interest in a foreign corporation dunng the tax year? If "Yes,"
the organization may be reqUired to file Form 5471, Information Return of U.S Persons With Respect To
Certam Foreign CorporatIOns. (see Instructions for Form 5471) . . . . . . . . . . . 0 Yes [{] No
4 Was the organization a direct or indirect shareholder of a passive foreign investment company or a
qualified electing fund during the tax year? If "Yes," the organization may be required to file Form 8621,
Information Return by a Shareholder of a PassIVe Foreign Investment Company or Qualified Electing
Fund. (see Instructions for Form 8621) . . . . . . . . . . . . . . . 0 Yes o No
5 Old the organization have an ownership Interest In a foreign partnership dunng the tax year? If "Yes,"
the organization may be required to file Form 8865, Return of U.S. Persons With Respect To Certain
Foreign Partnerships. (see Instructions for Form 8865) . . . . . . . . . . . . . 0 Yes [{] No
6 Old the organization have any operations in or related to any boycotting countries during the tax year? If
"Yes," the organization may be required to file Form 5713, International Boycott Report (see Instructions
for Form 5713) . . . ......... ............... 0 Yes o No
,:ztti'" Supplemental Information
Complete this part to provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (1)
(accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III
(accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete thiS part to
provide any additional information (see instructions).

SCHEDULE G
Supplemental Information Regarding OMS No 1545-0047
Fundraising or Gaming Activities
(Form 990 or 990-EZ) Complete if the organization answered "Yes" to Form 990, Part IV, lines 17, 18, or 19, or if the ~@11
Department of the Treasury organization entered more than $15,000 on Form 990-EZ, line Ga. Open to Public
Intemal Revenue Service ~ Attach to Form 990 or Form 990-EZ. .. See separate Instructions. Inspection
Fundraising Activities. Complete if the organization answered "Yes" to Form 990, Part IV, line 17.
IjlITjll
Form 990-EZ filers are not required to complete this part.
1 Indicate whether the organization raised funds through any of the following activities. Check all that apply.
a 0 Mail solicitations e 0 Solicitation of non-government grants
b 0 Internet and email solicitations f 0 Solicitation of government grants
C 0 Phone solicitations 9 [{] Special fundraislng events
d 0 In-person solicitations
2a Old the organization have a written or oral agreement with any Individual (Including officers, directors, trustees
or key employees listed in Form 990, Part VII) or entity In connection with professional fundraislng services? 0 Yes [{] No
b If "Yes," list the ten highest paid Individuals or entities (fundraisers) pursuant to agreements under which the fundralser is to be
compensated at least $5,000 by the organization.
(ni) Did fundralser have (v) Amount paid to

(I) Name and address of Individual (iv) Gross receipts (or retained by) (VI) Amount paid to
(n) ActiVity custody or control of from activity (or retained by)
or entity (fund raiser) contributions? fund raiser hsted In
col (I) organization
Yes No
1
10
Total ~
3 List all states In which the organization IS registered or licensed to soliCit contributions or has been notified It IS exempt from
..
registration or licenSing.
Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. Cat No 50083H Schedule G (Form 990 or 990-EZ) 2011
Schedule G (Form 990 or 990-EZ) 2011 Page 2
I@"I Fundraising Events. Complete If the organization answered "Yes" to Form 990, Part IV, line 18, or reported more
than $15,000 of fundraising event contributions and gross income on Form 990-EZ, Imes 1 and 6b. List events with
gross receipts greater than $5,000.
(a) Event #1 (b) Event #2 (e) Other events
(d) Total events
Donner NP Award Education Award Dinners/Excursion (add col (a) through
col (e))
(event type) (event type) (total number)
OJ
::J
C
OJ 1 Gross receipts 242,500 200,000 1,464,224 1,906,724
>
OJ
a: 2 Less: Charitable
contributions
3 Gross income (line 1 minus
line2) .
4 Cash prizes
5 Noncash prizes
III
OJ Rent/facility costs
III 6
C
OJ
a.
x 7 Food and beverages
w
'0
OJ
.... 8 Entertainment
0
9 Other direct expenses 101,838 104,707 206,545 646,647
10 Direct expense summary. Add lines 4 through 9 In column (d) ~ ( 646,647 )

11 Net income summary Combine line 3, column (d), and line 10 ~ 1,260,077
~ riilUi Gaming. Complete if the organization answered "Yes" to Form 990, Part IV, line 19, or reported more
than $15 ,000 on Form 990-EZ, line 6a.
OJ (b) Pull tabslinstant (d) Total gaming (add
(a) Bingo (e) Other gaming
::J
c bingo/progressive bingo col (a) through col (e))
OJ
>
OJ
a: 1 Gross revenue
III
OJ 2 Cash prizes .
III
C
OJ
a. 3 Noncash prizes
x
-
W
u
OJ
.... 4 Rent/faCility costs
0
5 Other direct expenses
0 Yes % 0 Yes % 0 Yes % I
------------ ------------ ------------ !
6 Volunteer labor. 0 No 0 No 0 No I
7 Direct expense summary. Add lines 2 through 5 in column (d) ~ ( )
8 Net gaming Income summary. Combine line 1, column d, and line 7 ~
9 Enter the state(s) in which the organization operates gaming activities.

a Is the organization licensed to operate gaming activities In each of these-statiis?------------------------------------------EfYes-tfNo-
b If" No," explal n: __________________________________________________________________________________________________________________________________________________ _
10a We~~-a;;y-~f-th~-o~ga;;~zation'-s-g-aml-~g-lic-~;;ses-~e~ok~d:-sus-pe;;-ded--o~-te~m;ii-atec{du~l;;g-t-he-t~-yea~?-----------O--Yes--O--No-
b If "Yes," explain:
SchedUle G (Form 990 or 990-EZ) 2011

Schedule G (Form 990 or 990-EZ) 2011 Page 3
11 Does the organization operate gaming activities with nonmembers? . . . . DYes 0 No
12 Is the organization a grantor, beneficiary or trustee of a trust or a member of a partnership or other entity
formed to administer charitable gaming? . . . . . . . . . . . . . . . . . DYes 0 No
13 Indicate the percentage of gaming actiVity operated in:
a The organization's facility . . .. . . . . }-1'-'3:..,:a+_ _ _ _---:o/c,..,o_
b An outside facility . . . . 13b %
~~-------
14 Enter the name and address of the person who prepares the organization's gaming/special events books and
records.
Name~
Address ~
15a Does the organization have a contract With a third party from whom the organization receives gaming
revenue? .............. 0 Yes 0 No
b If "Yes," enter the amount of gaming revenue received by the organization ~ $ and the
amount of gaming revenue retained by the third party ~ $ ___________________ _
c If "Yes," enter name and address of the third party:
Name~
Address ~
16 Gaming manager Information:
Name~
Gaming manager compensation ~ $
Description of services provided ~
o Director/officer o Employee o Independent contractor

17 Mandatory distributions.
a Is the organization required under state law to make charitable distributions from the gaming proceeds to
retain the state gaming license? . . . . 0 Yes 0 No
b Enter the amount of distributions required under state law to be distributed to other exempt organizations or
spent in the organization's own exempt activities dUring the tax year ~ $
'pm'" Supplemental Information. Complete this part to provide the explanations required by Part I, line 2b,
columns (iii) and (v), and Part III, lines 9, 9b, 1Db, 15b, 15c, 16, and 17b, as applicable. Also complete this
part to provide any additional information (see instructions).
Schedule G (Form 990 or 990-EZ) 2011

SCHEDULEJ Compensation Information OMS No 1545·0047
(Form 990)
~©11
For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
~ Complete if the organization answered "Yes" to Form 990,
Part IV, line 23. Open to Public
Depanmenl of Ihe Treasury
Inlemal Revenue Service ~ Attach to Form 990. ~ See separate instructions. Inspection
Name of the organizatIOn Employer Identification number
Questions Regarding Compensation
Yes No
1a Check the appropriate box(es) if the organization provided any of the following to or for a person listed In Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.
o First-class or charter travel 0 HOUSing allowance or reSidence for personal use
o Travel for companions 0 Payments for bUSiness use of personal residence
o Tax indemnification and gross-up payments [{] Health or social club dues or initiation fees
o Discretionary spending account 0 Personal services (e.g., maid, chauffeur, chef)
b If any of the boxes on line 1a are checked, did the organization follow a written policy regarding payment
or reimbursement or proVision of all of the expenses deSCribed above? If "No," complete Part III to
explain . . . . . . .. 1b ./
2 Old the organization reqUire substantiation prior to reimbursing or allowing expenses incurred by all officers,
directors, trustees, and the CEO/Executive Director, regarding the items checked In line 1a? . . . . 2./
3 Indicate WhiCh, if any, of the follOWing the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods used by a
related organization to establish compensation of the CEO/Executive Director. Explain in Part III.
[{] Compensation committee [{] Written employment contract
o Independent compensation consultant [{] Compensation surveyor study
o Form 990 of other organizations [{] Approval by the board or compensation committee
4 DUring the year, did any person listed In Form 990, Part VII, Section A, line 1a, with respect to the filing
organization or a related organization:
a Receive a severance payment or change-of-control payment? . . . . 4a ./
b Participate in, or receive payment from, a supplemental nonqualified retirement plan? 4b ./
c Participate in, or receive payment from, an eqUity-based compensation arrangement? 4c ./
If "Yes" to any of lines 4a-c, list the persons and prOVide the applicable amounts for each Item In Part III.
Only section 501 (c)(3) and 501 (c)(4) organizations must complete lines 5-9.
5 For persons listed In Form 990, Part VII, Section A, line 1a, did the organization payor accrue any
compensation contingent on the revenues of:
._------,
a The organization? . . . . . . 5a ./
b Any related organization? 5b ./
If "Yes" to line 5a or 5b, deSCribe in Part III.
6 For persons listed in Form 990, Part VII, Section A, line 1a, did the organization payor accrue any
compensation contingent on the net earnings of: ____.-.J
a The organization? ....... . 6a ./
b Any related organization? ... . 6b ./
If "Yes" to line 6a or 6b, describe In Part III.
7 For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe In Part III . 7 ./
8 Were any amounts reported in Form 990, Part VII, paid or accrued pursuant to a contract that was subject
to the initial contract exception deSCribed in Regulations section 53.4958-4(a)(3)? If "Yes," deSCribe
in Part III . . . . . . . . . . . 8./
9 If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure deSCribed in
Regulations section 53 4958-6(c)? . . . . 9
For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cal No 50053T Schedule J (Form 990) 2011
Schedule J (Fonn 990) 2011 Page 2
i::F.tilii Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.
For each Individual whose compensation must be reported in Schedule J, report compensation from the organization on row (I) and from related organizations, described In the
Instructions, on row (11). 00 not list any Individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (8)(1)-(111) for each listed Individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (0) and (E) amounts for that indiVidual
I (8) Breakdown of W-2 and/or 1099-MISe compensation I I I I
(C) Retirement and (0) Nontaxable (E) Total of columns (F) CompensatiOn
(i) Base (iI) Bonus & Incentive (iii) Other other deferred benefits (B)(I)-(D)
(A) Name reported as deferred In
compensation compensation reportable compensation
pnor Form 990
compensation
Brett Skinner (i) _______________ ~~~,_~~_~1 _________________ ~?,_~~_~1 _________________ ~]..,_~~_~+----. _________ J. __________________ ~~~?_~1 _______________ ~~_~,_~!_~L _____________ ~~~~~~_~_
1 PreSident (ii)
Peter Cowley (i) ________________~~_~~~~~L _______________ ~~~~~~L _______________ ~_~~~?_~+----. ______________ -+-__________________~~~~_~1________________~ ~ ~~! ~_~L --_____________~!~~! ~_~_
2 Sr. VP- Operation (ii)
Niels Veldhuis (i) ________________~~~,_~~_~L _______________ ~~~~~_~L _______________ ~~~~?_~J. _________________________ +-------- _______~~~~_~+----------------~~~,-!~-~L--------------_~?_~~~~_~_
3 VP-Canadian Research (ii)
Fred McMahon (i) ----------------~~~~~~_~l _________________ ~~~~~_~L ________________ ~~~~~_~+--. ~ ~~?_~ L_______________~~~,_~~_~1 ________________~ ~~'-~~_~_
_________________ ! ___________________
4 VP-International Research (ii)
Sherry Stein (i) ________________~~_~~!?_~L _______________ ~~~~~_~L _______________ ~~~~?_~L _______________________ L ________________ ~,_~!_~L ______________~?~~~~_~L ______________~~~,3!_~_
5 VP-Development (ii)
Stuart Macinnes (i) _________________ ~~~~~_~L ___________________~~_~L ___________________~~_~! _________________________ +---------_____ _ __~~_~L _______________ ~~~~~_~+ - - ______ - ___ - - - - - - - - - - ___ _
6 Director of Finance (ii)
Dean Pelkey 0) ___________ ___ ___~?~~!_~L ________________ ~,_! !_~ L _______________ ~ _~,_~~_~+ ____ . _____________ ! __________________ ~~~~_~L _______________~?~,_~~_~L _______________~~]..,_~~_~ _
7 Director of Communication (ii)
Mark Rovere (i)

-----------------~~~!~_~L _______________ ~_~~~~_~L ________________ ~~~!_~+------. ___________________~~~!_~1________________~~~~~?_~+ _____________________ -___ _
8 Associate Dir - Health Policy (ii)
Charles Lammam (i) _________________~_~,_~~_~l _________________ ~~~~~_~L _________________ ~~~~n _________________________1___________________~,_~~_~1 _______________ ]..~_~~~?_~
9 Sr. Analyst (ii)
Kristin McCahan (i) -________________~~,_~?_~L _________________~~~~_~L _______________ ~~,_~!_~+----. ________________.__ ~~~~_~L _______________~~~,_!?_~1_______________ ]..~~~~?_~_
10 Dir of Publication (ii)
Tom McCarten (i) ________________~~~~~~_~L ___________________~~_~l ___________________~,_~~_~L ______________________ J _________ ------___ ~~~~_~+----------------~~~,-~~-~+---.
11 Dir of Development (ii)
Michael Walker (i) ________________~?_~~~~_~L _______________~~~~~~_~l _________________?~~~~_~+-------------------------L------- ________ ~~,_~~_~L _____________ ~?_~~~~_~L ______________ ~~~~~~_~_
12 Senior Fellow (ii)
Michael Perri 0) -----------------~~,_~~_~l _________________?_~~~~_~L ________________ ~,_~~_~! _________________________ +------__ . 707 66.216 181,509
------------+-------------------------+--------------------------
13 Former CFO (ii)
(i)
(ii)
- - -- - - - - - - -- --- -- ---- -- --+ - -- - - - - - - --- - - - - - - - - - -- - - +- - --------- ---------- -- -- +-- - - - - --- -- --------- --- - - +-------------------------+----. - - - - --- + - --- -- - - - - - - - - - - - - - - -- ----
14
0)
(ii)
f-------· -------+------------------------- t---
15
(i)
-------------------------+-------------------------+-------------------------+-------------------------+-------------------------+-------------------------+-----------------
16 (ii)
Schedule J (Form 990) 2011
Schedule J (Form 990) 2011 Page 3
IMIIiI Supplemental Information
Complete this part to provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, Sa, 5b, 6a, 6b, 7, and 8, and for Part II.
Also complete this part for any additional information.
_~_,!~~_:~I~~_~)_~~~_:!!1_~~~~~!p_~f_!~~!_~~_~~~_p_,!~~_~~_~_:~~~!_?!_~~_:!:>_y-~~~~_~~~ ________________________________________________________________________________________________________________________________________________ _
_~_'!~_~_':~~!~_~~~~_!1.:'_':~~~!_~~_'E_?!_~_~~~]_~_~~~_(l~~~_?_~_~_':~_~!~_c:!!_~!!:~_~~~~_~~~_______________________________________________________________________________________________________________________________________________ _
_~_'!!_~_':~~!~_~~~~_!1.:'_':~~~L~~_iE_?!_~~~~_~~~E~!~_?!!_~~~_'!~~~!_~~~!_~_~~!:~____________________________________________________________________________________________________________________________________________________ _
_~_~)_~~~_~:>_~~_~_~~~~!!~i~~_~_?!!1.P~~~~!!?_~_!?!_!~~_~~~~~~~_~!_~!!~__~~¥_~~p_I_c:!>'_~~_~_~~_~!!:>!:~_~~_!~~_!~~~~~~~!.P~'!c:!~!!1_~!!':~~!_~~~~~9..~!!~~~~!?_~_~~_~_':~_c:!~~~!!~_':_~~t~_~~~i!____________________________________ _
_~~p~~¥!!1_~!!~!!9!_~~_~~!!!~~?_~P_~~_~~_~~~_~?~~!~~':~!~?_~~~_!!PE~~~!!~~~~_':~!.'!.e~~!~?_~_?!_~_~_~~~_:.e~!!~_~!!~_'!~_~!!~~~!!:~_?!_!~!:_?~9..~!!~~~_t!~~~:>_!!~_'!~<:!~~_:>~~~~~_':~_~~ _________________________________________ _
_~)'_~~!~~E~~~>_'_~~~!!~~~__________________________________________________________________________________________________________________________________________________________________________________________________________________ _
Schedule J (Form 990) 2011

OMS No 1545-0047
SCHEDULE J-2 Continuation Sheet for Form 990
(Form 990)
~ Attach to Form 990 to list additional information for Form 990, Part VII, Section A, line 1a.
~@09
Department of the Treasury ~ See the Instructions for Form 990.
Open to Public
Name of the Organization Employer identification number
The Fraser Institute 98 : 0032427

Continuation of Officers, Directors, Trustees, Key and Highest Compensated
Employees
(A) (8) (e) (0) (E) (F)
Name and title Average hours Position (check all that apply) Reportable Reportable Estimated
per week compensation compensation amount of
Q
c.- a:s ::J
g}
0
:!l '"
CD
'<
CDI
3-
u'g. "3
0 from from related other
=i
CDC.
n c:
g
5
n
!!l CD
3 om
'<- !!l
the
organization
organizations
1YJ-2/1 D99-MISC)
compensation
from the
o~ ::J
"0
5" :Bg CN-211099-MISC) organizatIOn
'-
2
!!!. '< 3
CD and related
'"ro- 2 CD uCD
organizations
CD '"ro-CD ::J
'"r0-
III
c.
Salem Allsmaily
-r-rustee----------------------------------------- I 0 0 0
_~~!_~~_r:!_~~r:!~IJ ________________________________ _
Trustee I 0 0 0
_~~!~J_~~~_~Y~9___________________________ -___ _
Trustee I 0 0 0
_~Y~_r:! _~~!!.~!~_________________________________ -_
Trustee I 0 0 0
_~~_ ~~!~~~~9. __________________________________ _
Trustee I 0 0 0
-~~~~-~~~!!~!!---------------------------------
Trustee I 0 0 0
-~-~!~!- ~~~~!! ---- --- ------ -- -- --------- ---- -----
Trustee I 0 0 0
_~~!?~ph _~_~~_~y~~_____________________________ _
Trustee I 0 0 0
_~I_~J:C_~!:l_~~':I~~ _________________________________ _
Trustee I 0 0 0
_p.~~~~~_~_~~_~~!_~~: _________________________ _
Trustee I 0 0 0
_~~~~_~_I?_'!y~~_~~E _____________________________ _
Trustee I 0 0 0
_~~!:l_r:! _1?_i~I_~_~~ ________________________________ _
Trustee I 0 0 0
_~_t_~~_~_~I_I!'.~!1. _________________________________ _
Trustee I 0 0 0
_p.~yJ~_~!l.I!'.~_r:! _________________________________ _
Trustee I 0 0 0
-~~~g-~!~~~-------------------------------------
Trustee I 0 0 0
_~_<!~_I_ f_I~~~~_~~ _______________________________ -__
Trustee I 0 0 0
_~_~~_~!1. !:~~_r:!~J§l____________ -----__ --------------
Trustee I 0 0 0
_~t:'~_~_~~_~!!1_~~_____________________________ ----
Trustee I 0 0 0
_~~!:l_r:! _tl_<!9_9 _________________ ----______ ----------
Trustee I 0 0 0
_~_<!~.I_l:!ll! _______________________________________ _
Trustee I 0 0 0
_~_t_~p_~~!! _tl)'~_~~_______________________________ _
Trustee I 0 0 0
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 49915E Schedule J-2 (Form 990) 2009
OMS No 1545-0047
(Form 990)
~ Attach to Form 990 to list additional information for Form 990, Part VII, Section A, line 1a.
~@09
Department of the Treasury ~ See the Instructions for Form 990. Open to Public
Name of the OrganizatIOn
Continuation of Officers, Directors, Trustees, Key Employees, and Highest

Employees
(A) (B) (e) (0) (E) (F)
per week o ::l 0 ;x: ClIJ: "T1 compensation compensation amount of
::l
~o.
3i ClI 3<15 0 from from related other
~~ $: '<
3
ClIO. ~
0
!ll ClI
3 om
"O:::T
!ll
the organizations compensation
o c
-Ill
0-
~ -
2<II
(5
::l
e!-
2
"0
0"
'<
ClI
ClI
~-
ClIO
o
3
"0
organization
(W-211099·MISC)
(W-2/1099-MISC) from the
organization
and related
ro-
C1I ~
ClI
::l organizations
ClI
ClI '"
Charles Jeannes
Trustee
*
0.
.f 0 0 0
_~~!1_~~_~~.P~_r:.~~_~ ______________________________ _
Trustee .f 0 0 0
Andrew Judson
---- .-. -- ------- - -- ---- ------ -- -- -- -.. -. -------- ---
Trustee .f 0 0 0
_~C?~~!1_ ~_~~____________________________________ _
Trustee .f 0 0 0
_~r:.~~~!_~~~J~ _________________________________ _
Trustee .f 0 0 0
_I?.~YJ~ _~_~~_~~t:l~i~ ____________________________ _
Trustee .f 0 0 0
_~~~~_~_~C?~~~~_r:.~ ____________________________ _
Trustee .f 0 0 0
-~~~~g-~ -~-~!y~~,-~ -------------------------------
Trustee .f 0 0 0
---- --- --Mitchell
Mark - ----- ------ --- ---- - -------- -- -------- ----
Trustee .f 0 0 0
_~~~ _~C?!g~~ ________________________________ _
Trustee .f 0 0 0
--Eleanor Nicholls
- - --- - ---- --- ---- -- - ---- ------ - ---- - - - ----- - --- --
Trustee .f 0 0 0
_~_i~r:.r:.~ _~~~! _,=,~I_~~_~~~ ________________________ _
Trustee .f 0 0 0
_~C?g~!_~t)~WRl? ________________________________ _
Trustee .f 0 0 0
_tt_~~~~!t:l_~~! ___________________________________ _
Trustee .f 0 0 0
-~.- ~-~~~ -'='~~~~-
Trustee
---------------------------------- .f 0 0 0
_~~y_i ~ B_~~~ ___________________________________ _
Trustee .f 0 0 0
_~_~!1_f_~~~_ R!'-~y_________________________________ _
Trustee .f 0 0 0
_~~y'i_~_~_~~RI_~ ________________________________ _
Trustee .f 0 0 0
_~C?~ _~~~f! _____________________________________ _
Trustee .f 0 0 0
_~1)!!1.C?~Y_ ~~~_~!C?~~__________ --- ______ ---- ____ _
Trustee .f 0 0 0
_w~m~_'!'!_~~~_~~_~~ ______________________________ _
Trustee .f 0 0 0
OMS No 1545-0047
(Form 990)
~ Attach to Form 990 to list additional information for Form 990, Part VII, Section A, line 1a_
~©09
Department of the Treasury • See the Instructions for Form 990.
Open to Public
Name of the OrgamzatlOn Employer identification number
The Fraser Institute 98 i 0032427

Continuation of Officers, Directors, Trustees, Key Employees, and Highest Compensated
Employees
(A) (B) (C) (0) (E) (F)
per week 0 compensallOn compensation amount of
0 "
~c.
~:5
";:;.
!!l. :;;
0
(1)
'<
;>\ (1)J:
3-
1J'g.
"3
0 from from related other
50. !!l (1)
o~ the orgamzallons compensation
(1)c.
o c 3 '(6- !!l organlzallOn ryv-2/1099-MISC) from the
i5 1J
o~ (1)0
~-
2
"!!!. '<
(1)
0"
3
0 (W-2110SS-MISe) orgamzat,on
~ 1J and related
'"CD '"
c (1)
(1)
orgamzat,ons
'"CDOJ"
(1)
CD
(1)
c.
-Anna
--------Stylianides
-_...... _........ -_ ........ -_ .................... _.. - _.. _.. _...... _.. ..
Trustee ,f o o o
_~~I)! .Th~!_~~~!I)_~~n _________________________ ---
Trustee ,f o o o
_M~~h~~.I_W~t~~! _______________________________ _
Trustee ,f o o o
_~~I)_~~I:l~I)_ W~I)!i~~ _____________________________ _
Trustee ,f o o o
SCHEDULE M OMS No 1545-0047
(Form 990)
Noncash Contributions
~ Complete If the organizations answered "Yes" on Form ~@11
990, Part IV, lines 29 or 30. Open To Public
~ Attach to Form 990. Inspection
Internal Revenue Service
Name of the orgamzallon Employer identification number

Types of Property
(a) (b)
c (d)
Noncash contribution
Check If Number of contributions or Method of determining
amounts reported on
applicable Items contributed noncash contribution amounts
Form 990, Part VIII, line 19
1 Art-Works of art .
2 Art-Historical treasures
3 Art - Fractional interests
4 Books and publications
5 Clothing and household
goods.
6 Cars and other vehicles
7 Boats and planes .
8 Intellectual property
9 Securities- Publicly traded
10 Securities-Closely held stock
11 Secunties-Partnership, LLC,
or trust Interests
12 Secuntles-Mlscellaneous 4 281,574 share price at transfer
13 Qualified conservation
contnbution - Historic
structures.
14 Qualified conservation
contribution - Other
15 Real estate-Residential
16 Real estate-Commercial
17 Real estate-Other.
18 Collectibles.
19 Food inventory .
20 Drugs and medical supplies.
21 Taxidermy
22 Hlstoncal artifacts .
23 Scientific specimens
24 Archeological artifacts
25 Other~ ( )
Other ~ (--------------------------)
26
Other ~ (--------------------------)
27
Other ~ --------------------------)
28
29 Number of Forms 8283 received by the organization dunng the tax year for contributions for
which the organization completed Form 8283, Part IV, Donee Acknowledgement . 29
Yes No
30a Dunng the year, did the organization receive by contnbutlon any property reported in Part I, lines 1-28 that
it must hold for at least three years from the date of the initial contribution, and which IS not required to be
used for exempt purposes for the entire holding penod?
b If "Yes," describe the arrangement In Part II.
31 Does the organization have a gift acceptance policy that requires the review of any non-standard
contnbutions? 31 ./
32a Does the organization hire or use third parties or related organizations to solicit, process, or sell noncash
contnbutlons? 32a ./
b If "Yes," describe In Part II.
33 If the organization did not report an amount in column (c) for a type of property for which column (a) IS checked,
descnbe in Part II.
For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 51227J Schedule M (Form 990) (2011)
Schedule M (Form 990) (2011) Page 2
'HIII Supplemental Information. Complete this part to provide the information required by Part I, lines 30b, 32b,
and 33, and whether the organization is reporting in Part I, column (b), the number of contributions, the
number of items received, or a combination of both. Also complete this part for any additional information.
Schedule M (Form 990) (2011)

SCHEDULE 0 OMB No 1545-0047
(Form 990 or 990-EZ) Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on ~(Q)11
Form 990 or 990-EZ or to provide any additional information. Open to Public
Intemal Revenue ServIce ~ Attach to Form 990 or 990-EZ. Inspection
Name of the organizatIon Employer identification number
The Fraser Institute 08·0032427
F990 Part III
F990 Part VI
.~~!1:1~i.t~~«:~.~!_I.~i.~~_~~_'f..«:~~_~!!_~~_~~_9~~~~_~~~!~: ____________________________________________________________________________________________________________________ _
_~_~~_:_~~_~~~t_t!:~_~~~~!~«:~~~~~~J.I~~i~t:_i_~!~!..~~~_~_~~«:!~~~!!~~!!~L _________________________________________________________________________________________________ _
_~!!~~_':~~__ ~_~~_~~_:t __=!!1.e!~:t~_':~_~!~~~_~'?!!1.(J~~'f..:_~~~~!~_~~_~_~y~_~_~~_'!!~_':_~!_':~~~~~!~___________________________________________________________________________ _

_~_~~_:_~~~!1:1_~_~~~~~~~~~~~~J.I!_I.~~~~_:_~J.I~~_~~_q!_l.~~~ ____________________________________________________________________________________________________________________ _
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ. Cat No 51056K Schedule 0 (Form 990 or 990-EZ) (2011)
Schedule 0 (Form 990 or 990-EZ) (2011) Page 2
Schedule a (Form 990 or 990-EZ) (2011)

OMS No 1545-0047
SCHEDULE R
Related Organizations and Unrelated Partnerships
(Form 990) ~(Q)11
~ Complete If the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37. Open to Public
Department 01 the Treasury
Intemal Revenue Service ~ Attach to Form 990. ~ See separate instructions. Inspection
Name 01 the organization Employer identification number
1:Im'I Identification of Disregarded Entities (Complete if the organization answered "Yes" to Form 990, Part IV, line 33.)
(a) (b) (c) (d) (e) (f)

Name. address. and EIN 01 disregarded entity Pnmary activity Legal domicile (state Total Income End-ol-year assets Direct controlling
or foreign country) entity
__l~t ________________________________________________________________________________________________ _
__ l?) _________________________________________________________________________________________________ _
_J~t ________________________________________________________________________________________________ _
_J~) _________________________________________________________________________________________________ _
_Jl?t ________________________________________________________________________________________________ _
__l~) _________________________________________________________________________________________________ _
'iffli"' Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" to Form 990, Part IV, line 34 because it had
one or more related tax-exempt organizations during the tax year.)
w ~ (c) (d) (e) (f) (9)
Section 512(b)(13)
Name, address, and EIN of related organization Pnmary activity Legal domicile (state Exempt Code section Public chanty status Direct controlling
or lorelgn country) (II secllOn 501 (c)(3)) entity controlled
entity?
Yes I No
_J~t~!_'!~~~_I~~~~!~~':_~~~_~~~~~~~_______________________________________________ _
Foundation Canada nfa nfa
__l?t _________________________________________________________________________________ _
__{~t _________________________________________________________________________________ _
_ ___________________________________________________________________________________,
J~t
(5)
- --- - -- --- --- - -- --------- - - --- --- ---- - ----- - ----- - -- -- - ---- --- --- --- ------ -- ---- -- --
_J~t _________________________________________________________________________________ _
__l?t __________ -_----_________________________________________________________________ _
For Paperwork Reduction Act Notice, see the Instructions for Form 990. Cat No 50135Y Schedule R (Form 990) 2011
Schedule R (Form 990) 2011 Page 2
IjEJIIII Identification of Related Organizations Taxable as a Partnership (Complete If the organization answered "Yes" to Form 990, Part IV, line 34
because it had one or more related organizations treated as a partnership during the tax year.)
(a) (b) (c) (d) (e) (f) (9) (h) (i) OJ (k)
Name, address, and EIN Pnmary activity Legal Direct controlhng Predominant Share of total Share of end-of- Olsproportlonate Code V-UBI General or Percentage
of domicile entity Income (related, Income year assets allocations? amount In box 20 of managing ownership
related organization (state or unrelated, Schedule K-l partner?
excluded from
foreign (Form 1065)
tax under
country) sections 512-514)
Yes No Yes No
_J~)_~!~ ___________________
__{~t ______________________
--(~) ---------- -- -----------

_J~) _______________________
_J!?L _____________________
-_(I?) ________________________
--{?)-----------------------
Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered Yes" to Form 990, Part IV,
';mph" line 34 because It had one or more related organizations treated as a corporation or trust during the tax year.)
(a)
Name, address, and EIN of related organization
(b)
Pnmary activity
(c)
Legal domicile
(d)
Direct controlhng
(e)
Type of entity
(f)
Share of total
(9)
Share of
I (h)
Percentage
(state or entity (C corp, S corp, Income end-of-year assets ownership
foreign country) or trust)
(1) nfa
--- -------- --- -- -- --- -- -- ------ -- ----- ----- - --- -- --- ---- - ---- --- -- ---- ---
_J~t ________________________________________________________________________ _
_J~t ________________________________________________________________________ _
_J~) _________________________________________________________________________ _
_J!?t ________________________________________________________________________ _
_Jl?t ________________________________________________________________________ _
--(?) --------------------------------------------------------------------------
Schedule R (Form 990) 2011

Schedule R (Form 990) 2011 PageS
'§'1 Transactions With Related Organizations (Complete if the organization answered "Yes" to Form 990, Part IV, line 34, 35, 35a, or 36.)
Note. Complete line 1 If any entity IS listed In Parts II, III, or IV of this schedule. Yes No
1 Dunng the tax year, did the orgamzatlon engage In any of the following transactions with one or more related orgamzatlons listed In Parts II-IV?
a Receipt of (i) Interest (ii) annUities (iii) royalties or (iv) rent from a controlled entity 1a .;
b Gift, grant, or capital contribution to related organlzatlon(s) 1b .;
c Gift, grant, or capital contnbutlon from related orgamzatlon(s) 1c .;
d Loans or loan guarantees to or for related organizatlon(s) 1d .;
e Loans or loan guarantees by related orgamzatlon(s) 1e .;
f Sale of assets to related orgamzatlon(s) 1f .;

9 Purchase of assets from related orgamzatlon(s) 19 .;
h Exchange of assets With related orgamzatlon(s) 1h .;
i Lease of faCilities, equipment, or other assets to related orgamzatlon(s) 1i .;
j Lease of facilities, equipment, or other assets from related organlzatlon(s) 1j .;

k Performance of services or membership or fundralslng soliCitations for related organizatlon(s) . 1k .;
1 Performance of services or membership or fundralslng soliCitations by related organlzatlon(s) . 11 .;
m Shanng of faCilities, equipment, mailing lists, or other assets with related orgamzatlon(s) . 1m .;
Shanng of paid employees With related orgamzatlon(s) . .;
" 1"
~
0 Reimbursement paid to related orgamzatlon(s) for expenses 10 .;

P Reimbursement paid by related organlzation(s) for expenses . 1p .;
q Other transfer of cash or property to related organlzatlon(s) 1q .;

r Other transfer of cash or property from related organizatlon(s) 1r .;
2 If the answer to any of the above IS "Yes," see the instructions for information on who must complete thiS line, including covered relationships and transaction thresholds.
(a) (b) (e) (d)
Name of other organization Transaction Amount Involved Method of determining
type (a-r) amount Involved
Grants
(1) c 343,900
Fraser Institute Foundation owns 50% of the building that the Fraser Institute Rents. FI office space is 25% of the
(2) building - Rent is at fair market rates $ figures noted J 463,344 FM rates
shared staff - administration and accounting
(3) n nil
(4)
(5)
{61 --- -

Schedule R (Form 990) 2011 Page 4
Uflil.. ! Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" to Form 990, Part IV, line 37.)
Provide the follOWing Information for each entity taxed as a partnership through which the organization conducted more than five percent of Its activities (measured by total assets
or gross revenue) that was not a related orgamzatlon. See Instructions regarding exclusion for certain Investment partnerships.
(a) (b) (c) (d) (e) (f) (9) (h) (i) It) (k)
Name, address, and EIN of enllty Pnmary acllvlty Legal domicile Predominant Are all partners Share of Share of Disproportionate Code V-UBI General or Percentage
(state or foreign Income (related, section total Income end-of-year allocations? amount In box 20 managing ownership
country) unrelated, excluded 501 (c)(3) assets of Schedule K-1 partner?
from tax under organizations? (Form 1065)
section 512-514)
Yes No Yes I No Yes I No
_J~) ___________________________________________________ _
__(?t __________________________________________________ _
__(~t __________________________________________________ _
_J~t __________________________________________________ _
_J!?t __________________________________________________ _
__(~t __________________________________________________ _
_J?t __________________________________________________ _
__(~t __________________________________________________ _
_J~t __________________________________________________ _
j~_Qt __________________________________________________ _
j~_~t __________________________________________________ _
j~_?t __________________________________________________ _
j~_~t __________________________________________________ _
j~-~)----------------------------------------------------
j~-!?)----------------------------------------------------
j~_~t __________________________________________________ _

~chedule R (Fonn 990) 2011 PageS
IC,f) II Supplemental Information
Complete this part to provide additional information for responses to questions on Schedule R (see
instructions).

Financial Statements
December 31, 2011
pwc
April 12, 2012
Independent Auditor's Report
To the Trustees of
We have audited the accompanying financial statements of The Fraser Institute, which comprise the statement of
financial position as at December 31, 2011 and the statements of changes in net assets, operations and cash flows for
the year then ended, and the related notes which comprise a summary of significant accounting policies and other
explanatory information.
Management's responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with
Canadian generally accepted accounting principles, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor's responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit
in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of The Fraser
Institute as at December 31, 2011 and the results of its operations and its cash flows for the year then ended in
accordance with Canadian generally accepted accounting principles.
Chartered Accountants
["' ..... " ..... ,..... ....... ". ..... ,. . ".. ...... .. . .....".,
PricewaterhouseCoopers LLP, Chartered Accountants
PricewaterhouseCoopers Place, 250 Howe Street, Suite 700, Vancouver, British Columbia, Canada V6C 3S7
T: +1 6048067000, F: +1 6048067806
'PWC' relem to PncewaterhouseCoopers LLP. an Ontano limited liability partnership

Statement of Financial Position
As at December 31, 2011
2011 2010
$ $
Assets
Current assets
Cash and cash equivalents 2,786,789 2,999,376
Cash held in trust (note 5) 1,317,531 664,579
Accounts receivable (note 6) 44,675 128,533
Prepaid expenses 133!699 89,785
4,282,694 3,882,273
Investments (note 7) 455,714
Property and equipment (note 8) 394,282 607,581
5,132,690 4,489,854
Liabilities and Net Assets

Current liabilities
Accounts payable and accrued liabilities 748,518 1,132,049
Accrued employee pension liability (note 9) 414,535 456,508
Deferred program revenue (note 10) 2,888,545 1,781,503
Capital lease obligation (note 12) 25,600 53,670
4,077,198 3,423,730
Deferred program revenue (note 10) 6,000
Capital lease obligation (note 12) 17!368 48,366
4,094,566 3,478,096
Net assets (note 13)

Net assets invested in property and equipment 351,314 505,545
Unrestricted net assets 686,810 506,213
1,038,124 1,011,758
5,132,690 4,489,854
Commitments (note 12)
~-pprov:jby the Board of Trustees
~---==---.-:..;t~=-=_~_~_'~
_______ Trustee _--.r..p...._=-+_---="--_ _ _ _ _ _ _ _ Trustee
The accompanying notes are an integral part of these financial statements.

Statement of Operations
For the year ended December 31, 2011
2011 2010
$ $
Revenues
Donations, annual dues and other admission fees (note 14) 8,657,289 9,127,938
Children First program donations (note 5) 1,153,366 1,629,752
Investment income 48,874 58,779
Sale of publications 13,538 16,161
Other project revenue 5,619 23 1190
9,878,686 10 1855,820
Expenses
Staff salaries and benefits (note 9) 5,611,811 5,652,346
Project costs 1,808,169 2,120,744
Children First program project costs (note 5) 1,155,266 1,643,630
Rent and property tax (note 14) 501,883 473,590
Office and other administration 422,535 446,650
Amortization 243,726 419,849
Professional fees 103,204 52,672
9,846,594 10 1809,481
Increase in net assets before the following 32,092 46,339
Foreign exchange gain (loss) 8,635 (9,505)
Loss on sale of investments and fixed assets (211410)
Increase in net assets from operations 40,727 15,424

Statement of Changes in Net Assets
2011 2010
Property and
equipment Unrestricted Total Total
$ $ $ $
(note 16)
Balance - Beginning of year 505,545 506,213 1,011,758 1,029,414
Increase in net assets from operations (243,726) 284,453 40,727 15,424
Investment in property and equipment 89,495 (89,495)
Disposal of property and equipment (65,461 )
Change In unrealized gains/losses on

investments {14,361 } {14,361 } 32,381
Balance - End of year 351,314 686,810 1,038,124 1,011,758

Statement of Cash Flows
2011 2010
$ $
Cash flows from operating activities
Increase in net assets from operatIons 40,727 15,424
Items not affecting cash
Amortization 243,726 419,849
Loss on sale of investments and fixed assets - net 21,410
284,453 456,683
Changes in non-cash working capital
Cash held in trust (652,952) 236,345
Accounts receivable 83,858 49,654
Prepaid expenses (43,914) (26,585)
Accounts payable and accrued liabilities (383,531 ) 300,843
Accrued employee pension liability (41,973) (2,042)
Deferred program revenue 1,101,042 37,457
346,983 1,052,355
Cash flows from financing activities

Repayment of capital lease obligation {59,068} {50,699}
Cash flows from investing activities

Purchase of investments (470,075) (158,915)
Sale of investments 1,199,654
Purchase of property and equipment (30,427) (66,398)
Proceeds on sale of property and equipment 1,999
{500,502} 976,340
(Decrease) increase in cash and cash equivalents (212,587) 1,977,996
Cash and cash equivalents - Beginning of year 2,999,376 1,021,380
Cash and cash equivalents - End of year 2,786,789 2,999,376

Notes to Financial Statements
December 31, 2011
1 Nature of organization
The Fraser Institute (the Institute) is incorporated without share capital under Part II of the Canada
Corporations Act.
The Institute is a not-for-profit organization that was founded in 1974 to redirect public attention to the role
markets can play in providing for economic and social well-being of Canadians. Its ambition is to improve the
conduct of public policy and to increase the reliance on markets as a way to solve the economic problems of
society.
These financial statements do not include the assets, liabilities and results of operations of the Fraser Institute
Foundation (the Foundation) (note 13).
The Fraser Institute America was incorporated as a non-profit corporation on July 30, 2008 in the state of
Washington, USA and is related to The Fraser Institute through common control. The Fraser Institute America
has been inactive since incorporation and was dissolved in November 2009.
2 Accounting policies
Fund accounting
The Institute maintains its accounts in accordance with the restrictions on the use of resources as designated by
donors or the Board of Trustees. Accordingly, resources are classified for accounting and financial reporting
purposes into funds. To meet the ongoing objectives of the Institute, certain interfund transfers are necessary to
ensure the appropriate allocation of assets and liabilities to the respective funds. Transfers between funds are
made when appropriate, as authorized by the Board of Trustees. These interfund transfers are recorded in the
statement of changes in net assets.
• Assets invested in property and equipment reflect the Institute's property and equipment at cost less
amortization, and any related capital lease obligations.
• The unrestricted net assets fund reports donations received for which no explicit restrictions, either
internally or externally imposed, exist on their use and comprises the unrestricted net assets from the
Institute's operations each year, and are available for use in the general operations of the Institute.
Revenue recognition
The Institute uses the deferral method for recognition of revenues from annual dues and donations. Under the
deferral method, restricted dues and donations are recognized as revenue in the year in which the related
expenses are incurred. Unrestricted dues and donations are recognized as revenue when received or receivable
if the amount can be reasonably estimated and collection is reasonably assured.
Seminar and luncheon fees are recognized as revenue when the seminars are held.
(1)
December 31, 2011
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, balances with banks, and investments in short-term money
market instruments with initial terms of 90 days or less.
Investments
The Institute's investments are designated as available-far-sale (AFS). Purchases and sales of investments are
accounted for on a trade date basis.
These investments are recorded at fair value' on the statement of financial position with changes in the fair value
recorded as movements in unrealized gains and losses directly in net assets. Realized gains and losses are
recorded in the statement of operations. Interest income earned is recorded to investment income.
The investment portfolio is tested for impairment on an annual basis. When there is objective evidence that an
AFS investment is impaired and the decline in value is considered other than temporary, the loss is recognized
in the statement of operations. Once an impairment loss is recorded to income, it is not reversed. Following
impairment loss recognition, these assets will continue to be recorded at fair value with changes in fair value
recorded to net assets, and tested for further impairment. Objective evidence of impairment includes financial
difficulty of the issuer, bankruptcy or defaults, delinquency in payments of interest or principal, or a significant
or prolonged decline in the fair value of the investment below cost.
Property and equipment
Property and equipment are stated at cost, net of accumulated amortization,
Amortization is provided over the estimated useful life of an asset, which is recorded as follows:
Furniture, fixtures and equipment 3 - 10 years straight-line

Leasehold improvements 10 years straight-line
Websites 3 - 5 years straight-line
Capital lease
Leases entered into that transfer substantially all benefits and risks associated with the ownership of the asset
to the Institute are recorded as the acquisition of an asset and the occurrence of an obligation. The asset is
amortized in a manner consistent with assets owned by the Institute, and the obligation, including interest, is
liquidated over the term of the lease.
December 31, 2011
Foreign exchange
Foreign currency investments are initially translated at exchange rates at the date of purchase. Foreign currency
movements on AFS financial instruments are translated using exchange rates in effect at the date of the
statement of financial position with increases (decreases) in unrealized gains (losses) recorded directly through
net assets until realized. Other assets and liabilities considered to be monetary items are translated at exchange
rates in effect at the reporting date with realized gains and losses and unrealized gains and losses arising from
translation included within the statement of operations. Revenues and expenses are translated using average
monthly exchange rates.
Use of accounting estimates
The preparation of financial statements in accordance with Canadian generally accepted accounting principles
requires the Institute's management to make estimates and assumptions. These estimates and assumptions
affect the reported amounts of assets and liabilities as at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period presented. Actual results could differ from those
estimates.
Financial instruments
The Institute has elected to continue to apply the Canadian Institute of Chartered Accountants (CICA)
Handbook Section 3861, Financial Instruments - Disclosure and Presentation, as permitted by the Accounting
Standards Board rather than adopting Sections 3862, Financial Instruments - Disclosures, and 3863, Financial
Instruments - Presentation, which require more extensive financial instrument disclosure.
The fair value of financial instruments traded in active markets is based on quoted market prices at the date of
the statement of financial position. The carrying values of cash and cash equivalents, short-term receivables and
payables are assumed to approximate their fair values.
3 Future accounting pronouncements
In December 2010, the CICA in conjunction with the Accounting Standards Board (AcSB) issued new
accounting standards for not-for-profit organizations. Going forward, private sector not-for-profit organizations
will be required to adopt either Part I of the CICA Handbook - International Financial Reporting Standards
(IFRS) or Part III ofthe CICA Handbook - Accounting Standards for Not-far-Profit Organizations.
The Institute will be adopting Part III of the CICA Handbook - Accounting Standards for Not-far-Profit
Organizations for its fiscal year ending December 31, 2012. The financial reporting impact of the transition
results in the elimination of the AFS designation for financial instruments. Other financial reporting impacts
are currently under review.
December 31, 2011
4 Income tax status
The Institute is registered in Canada as a tax-exempt charitable organization under paragraphs 149(1)(f) and
149.1(1)(b) of the Income Tax Act and in the United States as a tax-exempt organization under
Sections SOl(c)(3) and 4948(a) of the Internal Revenue Code. Accordingly, donations to the Institute are
deductible for income tax purposes by donors from Canada and the United States and the Institute is not
subject to income tax.
5 Cash held in trust
Cash held in trust represents cash held in separate accounts specifically for use for the Institute's projects, the
Children First: School Choice Trust and other restricted projects. Donations to the Children First project are
recorded as deferred program revenue until costs under this project are incurred, at which time matching
amounts are recognized as revenue.
6 Accounts receivable
2011 2010
$ $
Donations receivable 8,017 85,937

Trade 36,658 42,596
44,675 128,533
7 Investments
Investments comprise the following:
2011 2010
$ $
Pooled fund - fixed income and equities 455,714

December 31, 2011
8 Property and equipment
2011 2010
$ $
At cost
Website 549,984 739,738
Leasehold improvements 98,045 122,802
Furniture, fixtures and equipment 470,542 748,392
1,118,571 1,610,932
Less: Accumulated amortization (724,289) (1,003,351 )
394,282 607,581
Furniture, fixtures and equipment include $110,944 (2010 - $102,036) that represents the cost of the telephone
system under capital lease.
9 Employee future benefits
The Institute has a group retirement savings plan and a registered pension plan for its employees.
Contributions paid or payable by the Institute to the plans during the year of $320,958 (2010 - $335,764) have
been recorded as a cost of staff salaries and benefits. In addition, the Institute has a supplemental pension plan
for executives that is unfunded and is recorded as an accrued employee pension liability.
10 Deferred program revenue
Deferred program revenue represents funds donated from third parties in the current year for programs and
seminars related to a subsequent year, including the Children First project. Movements in deferred program
revenue are as follows:
2011 2010
$ $
Balance - Beginning of year 1,787,503 1,750,046

Add: Amounts received during the year 2,717,644 1,712,503
Less: Amounts recognized as revenue in the year (1,616,602) (1,675,046)
Balance - End of year 2,888,545 1,787,503

Less. Long-term deferred program revenue (6,000)
Current portion of deferred program revenue 2,888,545 1,781,503
11 Line of credit
The Institute has a $1 million revolving line of credit at prime plus 0.5%. The Foundation has provided a
guarantee of $1,000,000 in support ofthis line of credit. The line of credit was unused during 2011.
(5)
December 31, 2011
12 Commitments
The Institute has operating lease commitments for its Vancouver premises until October 31,2016, its Calgary
premises until June 30, 2013 and its Montreal premises until September 30, 2013.
It also has two capital lease obligations at 0% interest expiring February 28, 2012 and October 31, 2013 for
telecommunication equipment.
As at December 31, 2011, lease commitments for the remainder of the capital and operating lease terms are as
follows:
Capital lease Operating leases

$ $
2012 25,600 257,941
2013 17,368 255,091
2014 239,352
2015 232,164
2016 193,470
Thereafter
42,968 1,178,018
13 The Fraser Institute Foundation
The Foundation was incorporated in 2003 as a corporation without share capital under Part II of the Canada
Corporations Act. The Foundation is a registered public foundation for tax purposes. In 2006, the Institute
transferred certain assets to the Foundation for the Foundation to hold and administer in a manner consistent
with the Foundation's objects, which include furthering the interests and objectives of the Institute. The
Foundation may in future make grants to the Institute to fund the ongoing research activities of the Institute.
(6)
December 31, 2011
The net assets and results from operations of the Foundation are not consolidated in the Institute's financial
statements. Financial statements of the Foundation are available on request. The financial summary of the
Foundation as at December 31, 2011 and for the year then ended is as follows:
2011 2010
$ $
Fraser Institute Foundation
Financial position
Total assets 7,653,644 7,965,511
Total liabilities (15,381) (19,029)
Net assets 7,638,263 7,946,482
Results of operations
Revenues 146,751 295,951
Expenses (292,651 ) (204,866)
Foreign exchange loss and realized loss on sale of investments (2,201 ) (22,012)
Share in earnings from investments in co-ownership 187,022 218,177
Increase in unrestricted net assets from operations 38,921 287,250
Cash flows
Cash flows from operating activities (150,239) 126,562
Cash flows from financing activities (18,692) 24,167
Cash flows from investing activities (755,985) (1,007,904)
(924,916) (857,175)
Cash and cash equivalents - Beginning of year 1,819,999 2,677,174
Cash and cash equivalents - End of year 895,083 1,819,999
14 Transactions with the Foundation
The transactions below were made in the normal course of business and were measured at the exchange
amount:
a) The Institute rents its main premises from a company co-owned by the Foundation for a rental expense of
$463,344 (2010 - $437,585), which represents the estimated fair value of the rent.
b) The Institute provides certain non-cash management services and pays certain administrative fees on
behalf of the Foundation, without reimbursement.
c) During the year, the Foundation made a donation of $343,900 (2010 - $322,500) to the Institute. This
donation was recognized as revenue by the Institute.
December 31, 2011
15 Financial risk management objectives and policies
Liquidity risk
Liquidity risk is the risk that the Institute cannot meet the demand for cash or fund its obligations as they
become due. Management minimizes its exposure to liquidity risk by regularly monitoring cash flows.
Price risk
Price risk comprise currency risk, market risk and interest rate risk. Currency risk is the risk that variations in
exchange rates between the Canadian dollar and foreign currency will affect the operating and financial results.
The Institute earns a portion of its donation revenues and incurs certain expenses in US dollars and does not
use derivative instruments to reduce its exposure to this foreign exchange risk. At December 31,2011, the
Institute is holding $967,275 (2010 - $358,421) in a US dollar denominated bank account. The Institute is not
exposed to significant market risk or interest rate risk.
The Institute is not exposed to significant credit risk or cash flow risk.
16 Managing capital
The Institute defines its capital as the amounts included in its net assets.
Its objective when managing its capital is to safeguard its ability to continue as a going concern so that it can
continue to fulfill its objectives.
The Institute sets the amount of net assets in proportion to risk, and makes adjustments to it in light of changes
in economic conditions and the risk characteristics of the underlying assets.
17 Corresponding figures
Certain corresponding figures have been reclassified to conform with the current year presentation.
(8)

Form 990 Non-Profit Filings For The Fraser Institute

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Form 990 Return of Organization Exempt From Income Tax

o Address change DOing Business As 980032427

Paid PnntfType preparer's name Ipreparer's signature

_~~~~_~!!~!!:_ ~!~_~!l_'.1!_P!_~~~~_1!1_~ ___________________________________________________________________________________________________________________________________ _

4d Other program services (DeSCribe in Schedule 0.)

Form 990 (2011)

d Net gain or (loss)

c Net income or (loss) from gaming activrl...:.ti...:.e.:...s_ _ _..-t_____-+_____+ _____+ _______

2 Grants and other assistance to Individuals In

a -~~?j~~!~---~~~~~~~~-~-~,!!:!~!-~!~!~~------------------ 2,620,916 2,153,231 467,684

Schedule A (Form g90 or 990-Ell 2011 Page 2

Section C. Computation of Public Support Percentage

_~~!_~I_: _I!!!~_~_~ _:.!: ?E~!~t~ __~~~_~~_~~~_9_~ !~____________________ .______________ .________________ .____________________________________________________________________________ _

Schedule A (Form 990 or 990-EZ) 2011

1a Beginning of year balance ,

(1) Financial denvatlves

e Add lines 2a through 2d 2e

b Other (Describe In Part XIV.) . 4b (192,500) ~V:r:

C Add lines 4a and 4b 4c (192,500)

Schedule 0 (Form 990) 2011

Schedule D (Form 990) 2011

(1) North America 4 51 Research; Programs & 100%

Schedule F (Form 990) 2011

(ni) Did fundralser have (v) Amount paid to

10 Direct expense summary. Add lines 4 through 9 In column (d) ~ ( 646,647 )

7 Direct expense summary. Add lines 2 through 5 in column (d) ~ ( )

8 Net gaming Income summary. Combine line 1, column d, and line 7 ~

9 Enter the state(s) in which the organization operates gaming activities.

SchedUle G (Form 990 or 990-EZ) 2011

16 Gaming manager Information:

Gaming manager compensation ~ $

Description of services provided ~

o Director/officer o Employee o Independent contractor

Schedule G (Form 990 or 990-EZ) 2011

6 Director of Finance (ii)

Mark Rovere (i)

Schedule J (Form 990) 2011

The Fraser Institute 98 : 0032427

Continuation of Officers, Directors, Trustees, Key Employees, and Highest

The Fraser Institute 98 i 0032427

The Fraser Institute 98-0032427

Schedule M (Form 990) (2011)

F990 Part III

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Schedule a (Form 990 or 990-EZ) (2011)

(a) (b) (c) (d) (e) (f)

--(~) ---------- -- -----------

Schedule R (Form 990) 2011

f Sale of assets to related orgamzatlon(s) 1f .;

j Lease of facilities, equipment, or other assets from related organlzatlon(s) 1j .;

0 Reimbursement paid to related orgamzatlon(s) for expenses 10 .;

q Other transfer of cash or property to related organlzatlon(s) 1q .;

Schedule R (Form 990) 2011

Schedule R (Form 990) 2011

Schedule R (Form 990) 2011

April 12, 2012

Independent Auditor's Report

Management's responsibility for the financial statements

'PWC' relem to PncewaterhouseCoopers LLP. an Ontano limited liability partnership

Investments (note 7) 455,714

Property and equipment (note 8) 394,282 607,581

Liabilities and Net Assets

Deferred program revenue (note 10) 6,000

c Net income or (loss) from gaming activrl...:.ti...:.e.:...s_ _ _..-t___-+_+ _+ _____

a -?j!~---~~~~~~~~-~-~,!!:!~!-~!~!~~------------------ 2,620,916 2,153,231 467,684

_~~!_~I_: _I!!!~_~_~ _:.!: ?E~!~t~ ~~~~_9_~ !~ . . .__________________________________________________________ _

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