A Message from Our Treasurer

It was a very productive year, as the Foundation raised $44.7 million, its highest amount in revenues ever. This result continues the financial momentum we’ve built these past several years. It also brings the total earned by the Foundation since its inception in 1971 to almost $550 million.

Speaking of momentum, for the second consecutive year, the Foundation spent more than $20 million on research and public health education. We focused intently on awarding grants to a variety of promising projects, ranging from lab studies to pre-clinical and clinical trials.

Worth noting this year is a jump in special events revenues, from $8.7 million to $10.4 million, due largely to Walmart’s Save Your Vision Month program. The campaign, in which Walmart associates secured grants from the Walmart Foundation by participating in eye-health-awareness activities, garnered FFB $1.2 million.

Federal funding also increased, from $2 million to $4 million, with the launch of ProgSTAR, our Stargardt disease natural history study. The two-year study will involve 250 participants at nine sites worldwide, all focused on disease and vision loss progression so that researchers can best measure the outcomes of emerging therapies in clinical trials.

The launch of ProgSTAR, which promises long-term benefits, is just one example of the Foundation’s crucial work. Thanks to our support, researchers worldwide are ushering potential treatments and cures toward clinical trials, where their safety, efficacy and suitability for the marketplace will be determined.

The process of taking cures and treatments from the laboratory to the patient is extremely costly yet necessary. The closer we move therapies to the marketplace, the more we must continue to build our momentum for increasing revenues. A daunting task, yes, but one in which the Foundation — backed by dedicated staff members, volunteers and donors — has proven itself very capable. Eventually, these therapies will provide sight for millions of people worldwide. 

Sincerely,
Haynes P. Lea
Treasurer 

Statement of Activities 2013

REVENUE AND SUPPORT
Contributions 27,914,000
Special events, net of direct 10,379,000
Bequests 1,972,000
Other revenue 4,489,000
Total revenue $44,754,000
   
EXPENSES
Research 17,502,000
Public Health Information 2,507,000
Management 2,271,000
Fundraising 7,613,000
Total Expenses $29,893,000
   
Change in unrestricted net assets 2,646,000
Change in restricted net assets 12,215,000
Total change in net assets $14,861,000

Statement of Financial Position

ASSETS 
Cash and investments58,076,000
Pledges receivable, net5,186,000
Other assets2,469,000
Trusts and other funds6,925,000
Fixed assets, net2,502,000
Total Assets $75,158,000
  
LIABILITIES 
Accounts payable and accrued liabilities2,529,000
Research grants payable12,960,000
Deferred revenues229,000
Liabilities under trusts and other funds1,138,000
Total Liabilities    $16,856,000
  
NET ASSETS 
Unrestricted net assets3,569,000
Board designated net assets3,800,000
Temporarily restricted net assets50,433,000
Permanently restricted net assets500,000
Total net assets$58,302,000
Total liabilities and net assets  $75,158,000

 

A complete copy of our audited financial statements is available upon request from the Foundation Fighting Blindness, 7168 Columbia Gateway Dr., Suite 100, Columbia, MD 21046.

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