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.
Haynes P. Lea
Statement of Activities 2013
|REVENUE AND SUPPORT|
|Special events, net of direct||10,379,000|
|Public Health Information||2,507,000|
|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
|Cash and investments||58,076,000|
|Pledges receivable, net||5,186,000|
|Trusts and other funds||6,925,000|
|Fixed assets, net||2,502,000|
|Accounts payable and accrued liabilities||2,529,000|
|Research grants payable||12,960,000|
|Liabilities under trusts and other funds||1,138,000|
|Unrestricted net assets||3,569,000|
|Board designated net assets||3,800,000|
|Temporarily restricted net assets||50,433,000|
|Permanently restricted net assets||500,000|
|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.