Financial Reporting

2022 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 2022, RFF’s operating budget was $16 million, over 70 percent of which came from grants from foundations, governments, and other organizations, alongside individual and corporate contributions.

RFF’s operating budget in fiscal year 2023 is $17.5 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 2022, the reserve fund was valued at $56 million.


RFF research and policy engagement represented 77 percent of total expenses in 2022. Management, administration, and development expenses combined were 23 percent of the total.

RFF’s audited financial statements are available below.

2022 Annual Report Financials v2.png

*The Investments category includes investment earnings designated for operations.


Annual Reports


Audited Financial Statements

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