Letter from Our Treasurer



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.

Sincerely,

Haynes P. Lea Signature
Haynes P. Lea
Vice President and Treasurer




Statement of Activities

Revenue and Support

Contributions $27,609,000
Special events 8,708,000
Bequests 1,233,000
Other revenue 3,811,000
Total Revenue 41,361,000

Expenses

Research $20,075,000
Public health information 2,373,000
Management 2,267,000
Fundraising 7,843,000
Total Expenses 32,558,000
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

Assets

Cash and investments $45,053,000
Pledges receivable 6,949,000
Other assets 1,664,000
Trusts and other funds 5,887,000
Fixed assets 1,806,000
Total Assets $61,359,000

Liabilities

Accounts payable and accrued liabilities $2,525,000
Research grants payable 14,030,000
Deferred revenues 340,000
Liabilities under trusts and other funds 1,023,000
Total Liabilities 17,918,000

Net Assets

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.