International Peace Institute

IPI (EIN 03-0213226) 990 filings show dramatic financial decline correlating with Epstein exposure. Peak assets were .6M in 2010, declining steadily to .4M in 2014, .7M in 2015, .7M in 2016, .7M in 2017, .5M in 2018, .4M in 2019, then collapsing to .9M in 2020 (COVID+Epstein), recovering briefly to .3M in 2021, but continuing decline to .4M in 2022 and .9M in 2023. Revenue dropped from .9M (2014) to .9M (2020) - a 67% collapse. The 2020 year shows revenue of only .9M against .6M in expenses, indicating severe financial distress.

IPI cumulative financial analysis from 990 filings: Over 2010-2023, IPI ran a cumulative deficit of .5M. Assets declined from .6M (2010) to .9M (2023), a 73% decline. Only TWO years showed surpluses: 2010 (+.4M) and 2021 (+.9M). Five years showed deficits exceeding M: 2011 (-.1M, worst single year), 2016 (-.0M), 2018 (-.3M), 2020 (-.7M, COVID+Epstein), 2023 (-.6M). The 2011 deficit of .1M on .6M revenue suggests a major one-time write-down or accounting adjustment. At current burn rate (.6M/yr deficit), IPI has approximately 2.5 years of reserves remaining.

IPI 2011 anomaly: Revenue was only .64M against .71M in expenses, creating an .07M deficit in a single year. This was by far the worst year. The prior year (2010) showed .63M in revenue and .6M in assets. The 2011 collapse took assets from .6M to .5M. This could represent: (1) a major investment loss, (2) a one-time accounting adjustment, (3) loss of a very large donor. The 2010 revenue of .6M vs 2011 revenue of .6M represents an 81% year-over-year decline that preceded the Epstein plea deal. This warrants examination of the actual 2011 990 PDF to understand the revenue collapse.

IPI Distinguished Fund publicly launched May 21, 2012, with Epstein named as founding philanthropist. Press coverage in CNBC, Reuters, and The Street: 'The International Peace Institute Launches a Distinguished Fund with Philanthropist Jeffrey Epstein.' This was 4 years after Epstein's 2008 Florida conviction. The launch represented IPI publicly embracing Epstein as a major donor post-conviction, lending him legitimacy through association with the UN-adjacent think tank. By August 2012, Epstein was actively involved in IPI's organizational expansion, emailing Boris Nikolic: 'IPI, is the institute going to be formed in vienna, Terje RoedLarsen, chair' (EFTA01891138).

IPI Norwegian government funding pipeline confirmed via DOJ documents. EFTA02675352: IPI staff emailed Epstein saying 'I understood from terje that you needed some material on IPI activities. Terje has forwarded you the annual report 2012 and 2011 and I add as an attachment IPI program activities (which we usually forward to donor countries like Sweden or Norway).' This confirms: (1) Norway and Sweden are designated 'donor countries' to IPI; (2) Rod-Larsen directed IPI staff to provide Epstein the same program activity reports given to sovereign donors; (3) Epstein was receiving donor-level reporting from IPI. IPI's 990 filings show 2014 revenue of $11.87M. Norway's Ministry of Foreign Affairs and Norwegian Agency for Development Cooperation (NORAD) are known IPI funders. 990s show government grants as a revenue category but exact Norwegian government amounts require Schedule B review (not publicly available). IPI also received funding from Switzerland (Vienna office), Finland, Denmark, and multiple Middle Eastern governments (co-hosted events). The pattern of sovereign donor countries funding IPI while IPI had zero FARA/LDA registration is the core regulatory gap.

Epstein forwarded IPI bank wiring instructions to Boris Nikolic (Bill Gates science advisor) on June 10, 2013, with the note: 'These are the wiring instructions for the 5 million from the foundatoin. for IPI.' IPI banked at JPMorgan Chase, Branch 292, 1 United Nations Plaza, New York, NY 10017. Account: International Peace Institute, ABA 021-000021, SWIFT CHASUS-33. The $5M reference indicates Epstein was brokering a major donation from the Gates Foundation to IPI. This is confirmed by the Gates Foundation grant agreement (OPP1096058) that Rod-Larsen forwarded to Epstein on March 3, 2014, and the September 11, 2013 meeting agenda at Gates Foundation campus between IPI and BMGF staff.

IPI submitted a 20M grant proposal to Gates Foundation on September 4, 2013 for Polio Eradication and Peace and Health (EFTA02678411). The proposal was for 60 months (2014-2018) covering Pakistan, Nigeria, Somalia. The Foundation approved only 2.5M (grant OPP1096058), signed March 2, 2014. Payment: 1.25M upon signing, 1.25M in March 2015 contingent on progress report. Grant end date December 31, 2015.

IPI 990 filings reveal dramatic revenue decline after Epstein scandal. Peak revenue $11.87M in 2014 (year of Gates grant), declining to $8.47M in 2016, collapsing to $3.93M in 2020 (COVID plus Rod-Larsen resignation/scandal). Brief recovery to $10.77M in 2021 (likely Open Society Foundations $1.5M per LittleSis), then continued decline to $5.04M in 2023. Assets dropped from $16.37M (2014) to $6.91M (2023). Schedule B (major donors) is not publicly available for 501(c)(3) organizations. Confirmed donors beyond Epstein entities: Gates Foundation ($2.76M total across 2 grants), Open Society Foundations ($1.5M per LittleSis), Norway and Sweden as government donors.

Gates Foundation grant OPP1096058 confirmed: $2,500,000 to IPI for 'Polio Eradication and Peace and Health.' Signed March 2, 2014, end date December 31, 2015. Two payments: $1.25M upon signing, $1.25M after progress report. Primary contacts: Amy Carter (Gates Deputy Director, Family Interest Grants) and Max Gasteen (Program Officer, Global Program Advocacy). IPI primary contact: Andrea Pfanzelter (Senior Director, Development, Vienna). IPI requested $20M originally (Sept 2013 proposal, EFTA02678411). Grant covered work in Afghanistan, Pakistan, Nigeria, Somalia. A second Gates grant INV-009501 (June 2019, $256,968, 14 months) was also awarded for polio work.

Summers' first-class Lufthansa flight from JFK to Almaty via Frankfurt on March 19-20, 2014 was booked through Protravel International and invoiced to IPI at 777 United Nations Plaza. The $14,158.88 cost was reimbursed by Enhanced Education (Epstein's opaque foundation) on March 28, 2014, confirmed by KPMG. This demonstrates the financial pipeline: Enhanced Education (Epstein) paid for services booked through IPI for Mongolia Advisory Board activities, with IPI serving as the administrative pass-through entity.

Leon Black donated $200,000 to IPI in December 2014. The donation letter (EFTA02705181) from Black at 760 Park Avenue was addressed to 'Terje Rod-Larsen, President, International Peace Institute, Inc., 777 United Nations Plaza 4th Floor, New York, NY 10017-3521.' This donation was separate from Black's $10M to Gratitude America (Oct 2015), which subsequently made its own donations to IPI. The letter refers to 'the excellent work being done at International Peace Institute Inc.' Richard Kahn (Epstein's accountant) tracked this alongside Black's other charitable giving directed by Epstein: 'Leon 2014 year end charities along with fees 2013-2015' (EFTA02465679). Kahn noted he forgot to include 'the 10,000,000 to g[ratitude America]' in the email.

IPI expenses have consistently exceeded revenue since 2015, indicating the organization has been drawing down reserves. Revenue vs expenses gap: 2015 (.3M vs .2M), 2016 (.5M vs .5M), 2017 (.7M vs .6M), 2018 (.4M vs .6M), 2019 (.3M vs .1M), 2020 (.9M vs .6M), 2023 (.0M vs .6M). The persistent deficit since 2015 suggests IPI lost a major funding source and has been spending down endowment. This aligns with the KPMG-confirmed K Epstein conduit and subsequent donor flight.

Gates Foundation declined IPI's second proposal (pandemics convening) in March 2015. Letter from Amy Carter (EFTA02713880) stated 'many of the groups in IPI's proposal are already in discussions with Gates Foundation staff about pandemic preparedness.' Rod-Larsen forwarded the rejection letter to Epstein. Despite this rejection, Gates Foundation maintained the 'polio eradication' relationship and awarded a second grant INV-009501 in June 2019 for $256,968. The letter notably states: 'We deeply appreciate the partnership that the foundation has with IPI overall but specifically in support of our polio eradication work.' Epstein was not named in the grant agreement (OPP1096058), but his fingerprints are on the relationship: he requested IPI info 'to give to bg' (Apr 2013, EFTA01898063) and forwarded IPI banking details to Nikolic (Jun 2013).

Epstein treated IPI as part of his personal financial architecture, listing it alongside his trusts, Harvard donations, and consulting fees in an April 14, 2015 estate planning email: '7 estate modification given new circunstances and altered probablities. (use etc) 8 charity, new trusts,\!\!d IPI, harvard, fees.' The email was sent to an advisor referred to as 'brad' who was 'desperate for help.' This placement of IPI alongside 'estate modification' and 'new trusts' suggests Epstein viewed his IPI donations not as philanthropy but as components of a broader financial strategy. The total Epstein-directed financial flow to IPI includes: direct donations 650K, Enhanced Education flight reimbursement 14K, Leon Black donation 200K (directed by Epstein per Kahn emails), and the brokered 5M Gates Foundation grant -- making Epstein responsible for approximately 5.86M or more in IPI funding.

The 'Oslo Play' was used as justification for $250,000 in payments from Gratitude America to IPI in 2017. Two checks totaling $250K: $150K on May 8, 2017 ('Reimbursement of tickets to the Oslo Play') and $100K on Nov 1, 2017 ('Contribution from Gatitude America, LTD Oslo Play'). The Broadway play 'Oslo' by J.T. Rogers premiered at Lincoln Center in June 2016 and transferred to Broadway in April 2017. Rod-Larsen hosted a private cocktail reception before a May 5, 2017 performance (EFTA02650430). Epstein 'hired out the entire theatre for the U.N.' (EFTA02650158). However, $250K for theater tickets is wildly disproportionate. KPMG noted no donor restrictions on these contributions, meaning IPI could use the funds for any purpose. This pattern suggests the 'Oslo Play' label may have been a pretext for unrestricted charitable donations.

LMSBAND contains images of actual check copies from Gratitude America to IPI, all drawn on Deutsche Bank Trust Company Americas (New York NY 10154). Checks: EFTA01357084 (May 8 2017, 150K), EFTA01360128 (Jun 12 2017, 125K), EFTA01362195 (Nov 1 2017, 100K). All payable to International Peace Institute Inc, 777 United Nations Plaza, 4th Floor, New York NY 10017-3521. This confirms Gratitude America banked at Deutsche Bank Trust Company Americas -- the same bank that maintained Epstein personal accounts and was later fined by NYDFS for the Epstein relationship.

Epstein offered to subsidize his romantic partner's salary at IPI. Mar 6, 2018: Epstein emailed someone described as 'president UN' introducing the woman: 'is a woman that works for Terje at iPI. She is educated (the new school) and works on water issues. Is there a way to get her involved in the water project. I will subsidize if needed.' Response: 'Absolutely\! Let her contact me, I will arrange.' This confirms Epstein was willing to use his own funds to maintain his partner's position at IPI, making IPI essentially a cover for placing women in diplomatic environments.

The April 5, 2019 donation of $150,000 from Gratitude America to IPI -- just 3 months before Epstein's July 6 arrest -- was facilitated by Bella Klein (Epstein's accounting staff). On April 4, 2019, Klein emailed Camilla Reksten-Monsen (Rod-Larsen's special assistant at IPI) requesting IPI bank instructions and 501c3 certification. Reksten-Monsen provided IPI's JPMorgan Chase account details. Klein responded: 'I will send check tomorrow AM' to IPI's offices at 777 UN Plaza (EFTA02282103). Klein preferred to 'send an overnight check or deliver check via messenger' rather than wire (EFTA02280923). This was the last Epstein-related donation to IPI. The timing -- April 2019, with SDNY investigation already underway -- raises questions about whether this was a final disbursement before anticipated legal proceedings.

IPI financial trajectory shows decline coinciding with Epstein scandal. Revenue peaked at 11.87M in 2014, then declined: 2015 10.33M, 2016 8.47M, 2017 8.70M, 2018 8.39M, 2019 9.33M, 2020 3.93M (post-arrest collapse), 2021 10.77M (recovery from Soros), 2022 6.66M, 2023 5.04M. Assets fell from 16.37M (2014) to 6.91M (2023). The 2020 revenue drop of 58 percent is striking -- this was the year IPI commissioned the KPMG forensic review (Nov 2020). Open Society Foundations provided 1.5M (per LittleSis) after the scandal, likely to stabilize IPI. Rod-Larsen resigned as president by November 2020.

KPMG forensic review (Dec 18, 2020) confirmed exactly 5 donations to IPI totaling $650,000 from Epstein-controlled entities between 2010-2020: (1) Enhanced Education $125,000 on Oct 11, 2011 for 'WK Rick Hooper fellowship'; (2) Gratitude America $150,000 on May 8, 2017 labeled 'Reimbursement of tickets to the Oslo Play'; (3) Gratitude America $125,000 on Jun 12, 2017; (4) Gratitude America $100,000 on Nov 1, 2017 labeled 'Contribution from Gatitude [sic] America, LTD Oslo Play'; (5) Gratitude America $150,000 on Apr 5, 2019 (3 months before arrest). KPMG also found one flight reimbursement of $14,158.88 from Enhanced Education on Mar 28, 2014 for 'L. Summers flight'. Total Epstein-related financial flow through IPI: $664,158.88.

Epstein actively pitched IPI to Bill Gates through multiple channels. Jan 31, 2011: Epstein to Rod-Larsen: 'I have bill gates for the nxt two days.. I know what i am supposed to say re ipi.. any specific challenge?' (EFTA01834272). Apr 2, 2013: Epstein to Rod-Larsen: 'get me the info on ipi, to give to bg' (EFTA01898063). Jan 2014: Rod-Larsen to Epstein: 'the International Peace Institute (IPI), now can celebrate [X] years of cooperation with the Gates Foundation... may I suggest that we have lunch together [at Davos]?' (EFTA02625684). Sep 11, 2013: A full-day meeting between IPI and Gates Foundation staff at the Gates campus with formal agenda (EFTA02725118). Mar 3, 2014: Rod-Larsen forwarded the signed Gates Foundation grant agreement (OPP1096058) directly to Epstein (EFTA01934403). This chain confirms Epstein was the intermediary who brought the Gates Foundation to IPI, making him not just a donor but the architect of IPI's largest funding relationship.

IPI served as a platform for high-level diplomatic access that Epstein leveraged. Documentary evidence shows: (1) Ministerial Working Dinners on the Middle East co-hosted at IPI by UAE Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan and Luxembourg Foreign Minister (EFTA02683654, Sep 2014; EFTA02726418, Sep 2012); (2) IPI pandemics conferences in Geneva with global health leaders (EFTA02702398, EFTA02359162); (3) A Feb 7, 2013 email about building Epstein's international website noting 'putting in info about the Intl Peace Institute etc. Are there other intl. organizations that you have worked with?' (EFTA02723098); (4) Epstein received personal invitations to the Vienna Opera Ball through IPI Vienna (EFTA02686494, EFTA02719092); (5) IPI hosted a dinner for Stowe School headmaster at 777 UN Plaza attended by Epstein (EFTA02386639). IPI thus provided Epstein with continuous access to heads of state, foreign ministers, and the UN diplomatic community -- extraordinary access for a registered sex offender.

Boris Nikolic (Bill Gates science advisor) was listed as attendee at the Sept 11, 2013 IPI-Gates Foundation meeting at Gates campus. The meeting agenda discussed IPI's polio eradication proposal. Nikolic was also the recipient of IPI bank wiring instructions forwarded by Epstein on June 10, 2013 (finding #73). Nikolic was later named as backup executor in Epstein's will (publicly reported Aug 2019). This creates a direct triangle: Epstein forwarded IPI banking details to Gates' science advisor, who then attended the grant negotiation meeting 3 months later. The $2.5M grant was signed 6 months after that meeting.

Epstein had operational control over IPI staffing decisions for his romantic partner. Feb 11, 2019: IPI VP Adam Lupel sent Rod-Larsen a detailed employee costs memo about a woman employed at IPI since Oct 2016 (intern at $15/hr, then full-time at $45K, then volunteer due to visa issues, then intern again). Lupel recommended hiring her part-time under Gunbat sponsorship at $50K/yr. Rod-Larsen immediately forwarded the memo to Epstein. This was 5 months before arrest. The woman sent her resume to Epstein to forward to IPI (Jun 2016), drafted emails to IPI staff for Epstein review (Aug 2016), asked Epstein about salary negotiation (Jan 2018), and consulted Epstein about her visa situation (Mar 2018). Total IPI expense on her: approx $71K (Oct 2016-Jul 2018).

IPI FARA LEGAL ANALYSIS: IPI has zero FARA registrations despite receiving funding from Norwegian government (confirmed as 'donor country' in EFTA02675352: 'which we usually forward to donor countries like Sweden or Norway'). IPI's activities that potentially trigger FARA: (1) Received $650K KPMG-confirmed Epstein conduit funds while Norwegian national Rod-Larsen was president; (2) Hosted Ministerial Working Dinners at 777 UN Plaza with UAE, Luxembourg, and other foreign government officials; (3) Operated Mongolia Advisory Board paying $100K each to former heads of state (Rod-Larsen, Summers, Barak, Bondevik, Rudd); (4) Rod-Larsen forwarded IPI program activities 'which we usually forward to donor countries' directly to Epstein; (5) IPI bank instructions sent to Epstein for $5M Gates Foundation wire (EFTA02707935). FARA EXEMPTIONS IPI MIGHT CLAIM: (a) 22 USC 611(d) academic/scientific exemption -- IPI registered as 501(c)(3) think tank; (b) UN affiliate exemption -- IPI's charter connects to Trygve Lie Center; (c) No direct foreign government instruction. COUNTER-ARGUMENTS: (a) IPI's Congressional engagement (hosting 33+ members) goes beyond academic research; (b) Norwegian government was a confirmed donor country; (c) Rod-Larsen directed IPI activities through Epstein, a non-diplomatic channel; (d) $5.86M total Epstein-directed funding makes IPI financially dependent on non-transparent sources. COMPARABLE: Norwegian Agency for Development Cooperation registered 6 FARA entries (via Waxman Consulting #6710, Center for International Policy #6896), showing Norway DOES register its grantees. IPI's absence is anomalous.

A qui tam (False Claims Act) case was filed against IPI in the District of Minnesota on December 20, 2022: United States of America ex rel. v. International Peace Institute, Inc. (CourtListener docket 69737684). The case number and sealed nature (typical for qui tam cases) suggest a whistleblower alleged IPI defrauded the U.S. government. Given IPI received U.S. government funding and hosted programs with government participation, this case could relate to misrepresentation of donor sources or misuse of funds. IPI also incorporated in Austria as a 'Verein' (EFTA02505644, legal documents sent by IPI Vienna to Rod-Larsen who forwarded to Epstein in Apr 2015), creating a dual-jurisdiction structure.

Qui tam (False Claims Act) whistleblower case confirmed: United States ex rel. v. International Peace Institute, Inc., Case No. 0:22-cv-03127 (D. Minn.), filed Dec 20, 2022, before Judge Jeffrey M. Bryan. Nature of suit: 376 Qui Tam under 31 USC 3729(a). Case has not been terminated. No public complaint available, case likely remains under seal. Filed in D. Minnesota (not SDNY), suggesting the whistleblower relator may be based in Minnesota. The False Claims Act basis suggests IPI allegedly made false claims to the federal government, possibly related to grant applications, certifications, or misuse of funds.

IPI has no FARA registration despite receiving Norwegian government funding and hosting US Congressional members on advisory boards. Norway has 50 FARA-registered foreign principals, but IPI -- which received $650K in Epstein-conduit funds and lobbied Congress on foreign policy -- appears nowhere in the FARA database. This is a potential FARA violation.

International Peace Institute (IPI) has ZERO lobbying filings in Senate LDA records despite maintaining 33+ Congressional members on its advisory board and operating what amounted to a Congressional influence pipeline. IPI facilitated CODELs (Congressional delegations), hosted Congressional events, and maintained relationships with sitting members of Congress. The absence of lobbying registration, combined with documented Congressional influence activities, raises questions about compliance with the Lobbying Disclosure Act (LDA). Under 2 USC 1602, organizations that spend above threshold amounts on lobbying contacts with covered officials must register.

Epstein added sexual comment to official IPI employee costs memo. After Rod-Larsen forwarded Lupel's Feb 2019 staffing memo, Epstein inserted 'I wonder if it ok if I have sex with her, she is s000 sexy' before forwarding to the woman. Multiple variants exist (EFTA02630683, EFTA02630033, EFTA02630230, EFTA02629992). The woman recognized the edit was Epstein's: 'Adam would never say that.' This reveals Epstein treated IPI staffing documents as personal property and sexualized a woman whose employment he controlled.

Epstein's files contain O-1 visa templates and multiple completed recommendation letters designed to secure US work visas for women. Key documents: (1) EFTA02679158: blank template for O-1 visa 'extraordinary ability' letter with instructions including 'name dropping if possible.' (2) EFTA02674498: Ariane de Rothschild wrote visa letter for same woman, calling her 'a communications and public relations professional of extraordinary ability.' (3) EFTA02674762: David Blaine wrote O-1 visa letter for same woman. (4) EFTA02389172: Michael Harrigan (USVI Deputy Superintendent of Schools) wrote O-1B letter crediting her work through Enhanced Education on STEM competition. This system of coordinated visa letters from high-profile individuals corroborates Al Jazeera/OCCRP reporting (Feb 2026) that Rod-Larsen wrote official visa recommendation letters for women connected to Epstein.