I am pleased to present the Statement of Activities and Financial Position for the Foundation Fighting Blindness’ fiscal year that ended June 30, 2012.
Let me begin by noting the achievement of an exceptional milestone. After 41 years of fundraising, the Foundation surpassed the $500 million mark. Because we garnered $41.4 million in revenues in the 2012 fiscal year, the highest annual amount ever, we have now raised $502 million since our inception — cause for celebration, indeed!
This milestone reflects the Foundation’s consistently sharp focus on research and, in particular of late, translational research: the clinical, or human, trials which help determine the safety and efficacy of potential treatments. To this end, we spent more than $20 million on clinical and pre-clinical research during this fiscal year — a 21 percent increase over last year — and set aside an additional $8.6 million for future translational research.
A clear reason for this unprecedented research expenditure is demand. Researchers worldwide are planning clinical trials, the last series of steps before bringing treatments to the marketplace. Clinical trials cost up to $40 million each, however. In order to take advantage of the growing, high quality research opportunities and, ultimately, achieve our mission, the Foundation must continue to increase its expenditures in this area.
Fortunately, we have a staff as well as armies of volunteers and donors worthy of the challenge. Their passion, commitment and generosity have enabled the Foundation to do the work necessary to provide sight for millions of people around the world.
Haynes P. Lea
Vice President and Treasurer
FOUNDATION FIGHTING BLINDNESS, INC. AND AFFILIATES
Statement of Activities
Revenue and Support
|Public health information||2,373,000|
|Change in unrestricted net assets||251,000|
|Change in restricted net assets||8,551,000|
|Total Change in Net Assets||$8,802,000|
Statement of Financial Position
|Cash and investments||$45,053,000|
|Trusts and other funds||5,887,000|
|Accounts payable and accrued liabilities||$2,525,000|
|Research grants payable||14,030,000|
|Liabilities under trusts and other funds||1,023,000|
|Unrestricted net assets||$1,806,000|
|Board designated net assets||2,916,000|
|Temporarily restricted net assets||38,219,000|
|Permanently restricted net assets||500,000|
|Total Net Assets||43,441,000|
|Total Liabilities and Net Assets||$61,359,000|
Our financial statements were audited by Raffa, P.C., independent certified public accountants. A complete copy of our audited financial statements is available upon request from the Foundation Fighting Blindness, 7168 Columbia Gateway Drive, Suite 100, Columbia, MD 21046, or at www.FightBlindness.org.