Financial Reporting

2023 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 2023, RFF’s operating budget was $17.5 million, over 79 percent of which came from grants from foundations, government, and other organizations, alongside individual and corporate contributions.

RFF’s operating budget in fiscal year 2024 is $18 million. RFF augments its operating revenue with net income from the RFF building and earnings from the RFF reserve fund. At the end of fiscal year 2023, the reserve fund was valued at $54 million.


RFF research and policy engagement represented 77 percent of total expenses in 2023. Management, administration, and development expenses combined were 23 percent of the total.

RFF’s audited financial statements are available below.

AR FInancials FY2023

*The Investments category includes investment earnings designated for operations.


Annual Reports


Audited Financial Statements

IRS 501c3 tax exemption certification