Sen. Jim DeMint, who has spent his career in Congress railing against big spending, may have plenty of opportunities to do the same in his new job as president of the Heritage Foundation.
The group ran a $7.9 million deficit in 2011 on $80 million in expenses, according to tax forms it filed with the Internal Revenue Service. That’s worse than in 2010, when Heritage’s deficit was $2.1 million.
Heritage also experienced losses in its investment portfolio, bringing the group’s total decline in net worth to $21.6 million.
Unlike the federal government, Heritage doesn’t need to borrow to balance its books. It just dipped into its pile of assets, which totaled $143.2 million at the end of 2011.
Of course, as a prolific fund-raiser, the South Carolina Republican may not have to worry about the bottom line so much if he can shake the money tree and make the top line bigger.