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Charity Math
The 990 read · EIN 13-1623829 · New York, NY · Fiscal year 2024

ASPCA

American Society for the Prevention of Cruelty to Animals: CEO salary, finances and where donations go

One of America's richest animal charities. Its CEO's pay is ordinary for its size. The real stories are a fundraising machine partly counted as programs, and a pile of savings that keeps growing.

Reviewed by Amir Arani, CPA, CA · Updated

Since you opened this page
$0.00
donated to the ASPCA, at its 2024 pace of $12.51 a second.
CEO pay
$1.11M Matt Bershadker, 0.29% of spending
Donations
$394.6M given in 2024, 88% of income
Spent
$387.9M 74.5% on programs, as reported
Kept
$58.2M surplus in 2024, the 11th in a row
Net assets
$639.9M end of 2024, $748.8M by end of 2025
Cash on call
14.5 months of spending it could use within a year
Form 990 (2024), Parts I, VII, X · audited financials, note 11
01 · The verdict

Four things it does well. Four to watch.

Each line links to the filing it comes from.

The good

CEO pay is in line with peers
0.29% of spending, against 0.33% at Humane World and 0.31% at Best Friends.
990 (2024), Part VII
Clean audit, full disclosure
An independent auditor gave an unmodified opinion. The 990 and audit are posted on its own site.
Audited financials 2024, auditor's report
Shelter and vet care is growing
Up 11.7% in 2025 to $158.3M, its biggest program by far.
2025 annual report
Admin is lean
Management costs were 5.0¢ of each dollar in 2024 and 4.8¢ in 2025.
990 (2024), Part IX, line 25

Watch

$70M of "programs" began as fundraising mail
Count it as fundraising and programs fall from 74.5¢ to 56.4¢ per dollar.
Audited financials 2024, note 9
Savings keep piling up
14.5 months of spending on hand, and net assets up another $109M in 2025.
Audit note 11 · 2025 annual report
About $83M went to four marketing firms
Mail, media and digital ad agencies were its largest outside contractors.
990 (2024), Part VII, Section B
Grants out are small
$23.3M to other groups, 6.0% of spending, while net assets top $600M.
990 (2024), Part IX, lines 1–2
02 · Where $1 goes · 2024

Of each dollar it spent, 36.5¢ went to shelters and vet care.

The split the ASPCA filed, which the accounting rules allow.
74.5¢
Programs, $289.0M
20.5¢
Fundraising, $79.6M
5.0¢
Admin, $19.3M
Form 990 (2024), Part IX, line 25
Cost to raise $1
20¢
as reported
38¢
counting the shared mail

For each dollar donated in 2024, the ASPCA spent 20¢ on fundraising. Add the mailings it counted as education and the cost is closer to 38¢.

Fundraising ÷ $394.6M donations · 990 Part IX line 25, Part VIII · audit note 9
03 · The programs

"Programs" covers three very different things.

The ASPCA's official names are generic. Here is what each one is, what the money bought in 2024, and what it produced in 2025.

01 · Officially “Shelter and veterinary services”

Hands-on animal care

$141.7M
36.5% of all spending

The work most donors picture: the ASPCA Animal Hospital, Adoption Center and Kitten Nursery in New York City, low-cost vet and spay/neuter clinics in New York, Miami and Los Angeles, an equine adoption center in Oklahoma, moving shelter animals to places with more adopters, the 24-hour Animal Poison Control hotline, and grants to other shelters.

What the money bought, 2024 · accounting basis, includes non-cash depreciation
Staff pay and benefits $87.1M 61.4%
Grants to other shelters $18.1M 12.8%
Vet and medical services $8.4M 5.9%
Outside professional services $6.7M 4.8%
Building depreciation (non-cash) $5.5M 3.9%
Everything else $15.9M 11.2%
What it produced, 2025
70,000+
animals adopted, relocated or placed
129,000+
spay/neuter surgeries supported
1,400+
shelters and rescues supported

This is the strongest part of the ASPCA. Six of every ten dollars here pay the vets, techs and shelter staff who do the work.

02 · Officially “Public education and communications”

Ads, mail and awareness

$85.6M
22.0% of all spending

Awareness campaigns on animal welfare issues, plus the ASPCA's internal, external and marketing communications. This is where TV ads, direct mail and digital campaigns land when the ASPCA counts them as education.

What the money bought, 2024 · accounting basis, includes non-cash depreciation
Media buys and promotion $39.3M 45.9%
Outside agencies and services $16.8M 19.6%
Postage $6.8M 8.0%
Printing $6.6M 7.8%
Data processing $5.5M 6.4%
Staff pay and benefits $8.9M 10.4%
Everything else $1.6M 1.9%
The ASPCA reports no outcome numbers for this program. Its 2025 annual report counts animals helped, surgeries and grants, but nothing produced by this $85.6M.

Call it what it mostly is: marketing. 88¢ of every dollar here bought ads, agency work, postage, printing and data processing. Much of it is the same mail that asks you for money.

03 · Officially “Policy, response and engagement”

Rescue, cruelty cases and lobbying

$62.4M
16.1% of all spending

The National Field Response team for disasters and cruelty cases, humane law enforcement and investigations in New York City, a veterinary forensics center in Gainesville, Florida, behavioral rehab centers in North Carolina, Ohio and New York, farm animal welfare, grants, and government relations in Washington, D.C.

What the money bought, 2024 · accounting basis, includes non-cash depreciation
Staff pay and benefits $32.2M 51.5%
Grants $5.2M 8.3%
Outside professional services $3.9M 6.2%
Travel and conferences $2.8M 4.6%
Supplies, rent, vet care, depreciation and other $18.4M 29.4%
What it produced, 2025
20,000+
animals helped in disasters, emergencies and cruelty cases
600+
forensic exams for cruelty cases
500+
cruelty and animal fighting cases given legal support

Field rescue and cruelty work is real and hard to fund elsewhere. Lobbying sits in the same bucket, and the filings don't split the two.

Audited financials 2024, statement of functional expenses and note 22025 annual report, impact at a glance
04 · 2025, early look

Income flat. Spending up 8.7%. Savings up $109 million.

From the ASPCA's 2025 annual report. The 2025 tax return, with pay and contractor detail, isn't public yet.

Line20252024Change
Income$447.4M$446.1M+0.3%
Total spending$421.8M$387.9M+8.7%
Programs$315.8M$289.0M+9.3%
Shelter and vet care$158.3M$141.7M+11.7%
Fundraising$85.7M$79.6M+7.7%
Admin$20.2M$19.3M+4.9%
Net assets, year end$748.8M$639.9M+17.0%

Net assets rose $109 million, far more than the $26 million gap between income and spending. That points to investment gains. Good news for shelter care too: that line grew 11.7%.

ASPCA 2025 annual report, financial statements section
05 · The savings

From $207 million to $749 million in eleven years.

Net assets at each year end. It ran a surplus every year from 2014 to 2024, keeping $385.7 million in total.

Net assets at year end, $ millions
207
214
231
274
283
340
407
508
488
553
640
749
Form 990, 2014–2024, via ProPublica2025 annual report
06 · The CPA read

What the filings say, and what it means.

The fact is the filing's. The read, in italics, is ours.

  1. Worth knowing

    $70 million of program spending started as fundraising mail

    In 2024 the ASPCA spent $134.2M on mailings and ads that both ask for money and educate. It booked $70.3M as programs, $61.9M as fundraising and $2.0M as admin.

    Allowed under the rules, and the ASPCA says so. But it is why the headline 74.5¢ looks better than the 56.4¢ a skeptic would count.

    Audited financials 2024, note 9 · 990 Part IX, line 26
  2. Worth knowing

    More than a year of spending in the bank

    $469.1M of financial assets were available for general use within a year, against $387.9M of 2024 spending. Investments alone were $466.8M.

    A cushion protects animals in a bad year. One this large means a new gift may not be spent for a long time.

    Audited financials 2024, note 11 and statement of financial position
  3. Look closer

    About $83 million went to four marketing firms

    Its largest contractors were Eaglecom ($33.8M, media placement), Laughlin Constable ($25.9M, marketing), Ascenta Group ($15.7M, donor engagement) and Google ($7.7M, ads). A separate $22.9M went to Andron Construction.

    Raising $395M a year takes a machine. Because of joint-cost accounting, part of this marketing spend shows up as program work.

    990 (2024), Part VII, Section B · figures pending check against the filing
  4. In line

    The CEO's $1.1 million is normal for its size

    Matt Bershadker was paid $1,113,870 in 2024, up 2.6%. That is 0.29% of spending.

    The salary gets the clicks, but peers pay about the same share. It is not where a donor's dollar goes missing.

    990 (2024), Part VII, Section A
  5. Good sign

    Hands-on care grew fastest in 2025

    Shelter and veterinary services rose to $158.3M in 2025 from $141.7M, faster than fundraising, which grew 7.7%.

    The right direction. We will confirm it against the 2025 tax return when it is filed.

    2025 annual report · audited financials 2024
07 · Who gets paid

Eight executives earned over $440,000.

Reportable pay in 2024. Board members are unpaid.

Matt Bershadker
President and CEO
$1,113,870
Todd Hendricks
SVP, Development
$533,529
Gordon Lavalette
SVP and CFO
$491,110
Elizabeth Estroff
SVP, Communications
$488,076
Beverly Jones
SVP, Chief Legal Officer
$472,173
Stacy Wolf
SVP, Policy, Response and Engagement
$457,727
Bert Troughton
SVP, Shelter and Veterinary Services
$453,298
Cheryl Bucci
SVP, Operations and People
$442,209
Form 990 (2024), Part VII, Section A
CEO pay against its peers
Latest filings. Years differ.
CharityYearSpendingCEO payPay / spendingSavings, months
ASPCA2024$387.9M$1,113,8700.29%19.8
Humane World for Animals2025$204.1M$670,4020.33%29.7
Best Friends Animal SocietyFY Sep 2025$175.7M$536,3700.31%9.4

Measured as a share of the budget, the ASPCA pays its CEO about what its peers do. Humane World holds even more in savings relative to its size.

Savings, months = net assets ÷ annual spending × 12.

Humane World for Animals, Form 990 (2025)Best Friends Animal Society, Form 990 (FY Sep 2025)
08 · Bottom line

A legitimate, well-run charity that raises money very well and saves a lot of it.

The CEO's pay isn't the issue. If you want your gift to reach animals directly, watch the shelter and vet line, which grew to $158 million in 2025. And know that today's gift is likely to sit in savings for a while.

Amir Arani, CPA, CA

09 · Questions

The questions people ask about the ASPCA.

Short, sourced answers. Each one stands on its own.

Is the ASPCA a legitimate charity?

Yes. The ASPCA is a 501(c)(3) public charity, tax-exempt since 1921, that files a full Form 990 every year. Its independent auditor gave its 2024 financial statements a clean (unmodified) opinion.

Audited financials 2024, auditor's report

Is the ASPCA a good charity to donate to?

It is large, transparent and does real hands-on work: 70,000+ animals placed and 129,000+ spay/neuter surgeries supported in 2025. The trade-offs are a high fundraising cost (20¢ to 38¢ per dollar raised) and more than a year of spending held in reserve. If you want your gift to go to direct care, a local shelter may stretch it further.

2025 annual report · Form 990 (2024)

How much does the ASPCA CEO make?

President and CEO Matt Bershadker was paid $1,113,870 in 2024, up 2.6% from $1,085,129 in 2023. That is 0.29% of the ASPCA's $387.9 million in spending, similar to peer charities.

Form 990 (2024), Part VII

What percentage of ASPCA donations go to animals?

The ASPCA reports 74.5% of 2024 spending as programs. Hands-on shelter and veterinary care was 36.5%. About $70 million of the program figure is mail and advertising that also raised money; without it, programs are 56.4%.

Audited financials 2024, statement of activities and note 9

How much does the ASPCA spend on fundraising and advertising?

Reported fundraising was $79.6 million in 2024, about 20¢ per donated dollar. Across all its budget lines the ASPCA spent $71.1 million on media buys and promotion, plus $12.7 million on postage and $12.2 million on printing.

Audited financials 2024, statement of functional expenses

How much money does the ASPCA have?

Net assets were $639.9 million at the end of 2024 and $748.8 million at the end of 2025. In 2024 it had $469.1 million of financial assets available for general use within a year, about 14.5 months of spending.

Audited financials 2024, note 11 · 2025 annual report

Does the ASPCA run animal shelters?

A few, mostly in New York City: an animal hospital, an adoption center and a kitten nursery, plus vet and spay/neuter clinics in New York, Miami and Los Angeles. It is not a national network of local shelters.

Audited financials 2024, note 2

Is my local SPCA part of the ASPCA?

Usually not. Most local SPCAs and humane societies are independent charities with their own boards and budgets. A gift to the national ASPCA does not automatically reach them.

ASPCA program descriptions

Does the ASPCA give money to other shelters?

Yes. It made $23.3 million in grants in 2024. Its 2025 annual report says it supported 1,400+ shelters and rescues, with grant figures of $23 million and $29 million in different sections.

Form 990 (2024), Part IX · 2025 annual report

Are donations to the ASPCA tax-deductible?

Generally yes. The ASPCA is a 501(c)(3) public charity, so gifts are deductible for donors who itemize, within IRS limits. Check with a tax adviser for your situation.

Form 990 (2024)

How does the ASPCA compare with Humane World for Animals and Best Friends?

The ASPCA is the largest, with $387.9 million in 2024 spending against $204.1 million at Humane World and $175.7 million at Best Friends. CEO pay is a similar share of spending at all three (0.29% to 0.33%). Humane World holds the most savings relative to its size.

Form 990s via ProPublica
10 · Sources and citing

Every number, traced.

  1. ASPCA Form 990 filings, 2011–2024 (ProPublica Nonprofit Explorer)
  2. ASPCA 2024 Form 990 (PDF)
  3. ASPCA audited consolidated financial statements, 2024 and 2023 (PDF)
  4. ASPCA 2025 Annual Report
  5. ASPCA program funding descriptions
  6. Humane World for Animals Form 990 (ProPublica)
  7. Best Friends Animal Society Form 990 (ProPublica)
Cite this page

Amir Arani, “ASPCA: CEO salary, finances and where your dollar goes,” Charity Math, updated 2026-11-01. https://charitymath.com/charities/aspca/