Financial Reporting

2020 Revenues and Expenses

RFF is committed to transparency and accountability in its financial reporting and is dedicated to providing the maximum research value for our supporters.


In fiscal year 2020, RFF’s operating budget was $15 million, two-thirds of which came from grants from foundations, governments and other organizations, and individual and corporate contributions. RFF augments its operating revenue with net income from its building and earnings from its reserve fund. At the end of fiscal year 2020, RFF’s reserve fund was valued at $58.4 million.


RFF research and policy engagement continued to be vital in 2020, representing 79 percent of total expenses. Management, administration, and development expenses combined were 21 percent of the total.

RFF’s audited financial statements are available below.

2020 Finances-01.png

*The investments category includes investment earnings designated for operations and net building income before depreciation. Building expenses for space not occupied by RFF are included in net building income.

Annual Reports


Audited Financial Statements

OMB Circular A133 Reports

IRS 501c3 tax exemption certification