Financial Reporting

2021 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 2021, RFF’s operating budget was $15 million, over two-thirds of which came from grants from foundations, governments and other organizations, and individual and corporate contributions. RFF’s operating budget in fiscal year 2022 is $16 million. RFF augments its operating revenue with net income from its building and earnings from its reserve fund. At the end of fiscal year 2021, RFF’s reserve fund was valued at $66 million.


RFF research and policy engagement represented 79 percent of total expenses in 2021. Management, administration, and development expenses combined were 21 percent of the total.

RFF’s audited financial statements are available below.


*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