annual report 2012

2012ANNUAL REPORTRESOURCES FOR THE FUTURE

RESOURCES FOR THE FUTURE

The task of objectively and comprehensively assessing the relationship between

natural resources and society is not done, and never will be. The commission

recognized this fact and strongly recommended that the research that formed

the basis for the commission’s report continue to be carried on cooperatively

by government and private citizens.

It was with this conviction that some of us decided to create a private, nonprofit

organization to contribute to the research task. That organization became

Resources for the Future. Since 1952, RFF has provided the United States

with the knowledge it needed and still needs to meet the challenges ahead.

Resources for Freedom 35th Anniversary Edition

Foreword by William S. Paley

Former Chairman, President Truman’s Materials Policy Commission

October 1, 1987

RFF’S REACH IN 2012

u RFF’s Academic Update reached more than 1,300 scholars, highlighting new research, job opportunities, and information for academic colleagues.

u More than 2,100 Facebook and Twitter users followed RFF.

u Since its launch in April 2012, more than 7,500 people visited Common Resources, RFF’s blog on current research and policy debates.

u The RFF Connection, RFF’s monthly newsletter, went out to more than 11,000 people.

u More than 14,600 subscribers read Resources, RFF’s flagship magazine, first

published in 1959.

uMore than 700 people attended RFF’s First Wednesday Seminars in person and more than 1,200 watched via live webcast.

uRFF experts produced 58 discussion papers, 13 issue briefs, and 6 reports—all of which are available at www.rff.org/publications.

12012 ANNUAL REPORT

Celebrating RFF’s 60th Anniversary ............................................ 2

About RFF .................................................................................. 3

Focused on Environmental Economics ....................................... 4

Committed to Research Excellence ............................................ 6

Providing Independent Analysis ................................................. 8

Delivering Practical Solutions ................................................... 10

Board of Directors .................................................................... 11

Supporters ............................................................................... 12

Financial Statements ................................................................ 14

Experts and Staff ...................................................................... 16

Contents

2 RESOURCES FOR THE FUTURE

Celebrating RFF’s 60th Anniversary

Resources for the Future has always been committed to preparing decisionmakers around the world to meet the environmental and resource challenges of today and beyond. Such a tall order requires continuous objective research and rigorous analysis by our scholars—along with ongoing conversations with leaders across the public, private, and nonprofit sectors. It requires that we base our work on principles that remain fixed—research quality, integrity, and independence—even as we adapt to changing realities.

In 2012, RFF celebrated its 60th anniversary, marking six decades of advancing environmental and natural resource policymaking worldwide. Our theme for this anniversary was Resources 2020, an exploration of how economic inquiry can address emerging and future environmental challenges. We had the privilege of welcoming three renowned Nobel Laureates in Economics to the RFF stage—Joseph Stiglitz, Kenneth Arrow, and Thomas Schelling—as part of a distinguished lecture series. Likewise, our 2012–2013 First Wednesday Seminar Series continues to provide an opportunity to engage firsthand on issues that lie at the intersection of resource scarcity, environmental risk, and economic growth.

Throughout the year, RFF scholars have brought fresh perspectives to the table by proposing various policy approaches for addressing pressing natural resource and environmental challenges.

u RFF’s Center for Energy Economics and Policy catalogued the plausible environmental risks associated with shale gas development, and its experts are examining state and federal regulatory approaches to managing these risks.

u Experts in RFF’s Center for Climate and Electricity Policy explored the potential impacts of a federal carbon tax in the United States to help industry and government leaders understand the associated costs and benefits in light of current fiscal pressures.

u Scholars in RFF’s Center for the Management of Ecological Wealth worked to identify opportunities to cost-effectively mitigate risks from floods and other catastrophic events by creatively employing “green” infrastructure, along with groundbreaking models to project future risks.

Complementing these major initiatives, RFF scholars also made contributions in areas as diverse as the analysis of regulatory costs, the regulation of greenhouse gases under the Clean Air Act, estimates of the potential of “blue carbon,” the value of information collected by satellites from space, and approaches to valuing, managing, and funding state parks, among many others.

As always, all this work would not be possible without RFF’s many generous supporters. We are incredibly grateful and look forward to what the next year may bring.

Phil Sharp, President Resources for the Future

32012 ANNUAL REPORT

About RFF

For 60 years, Resources for the Future (RFF) has served as a steward of natural resources, providing objective economic research and policy analysis to help government, corporate, and nonprofit leaders make informed decisions about complex environmental challenges.

Today’s environmental policy decisions can have serious implications for economic growth, and economic decisions can profoundly impact the environment. RFF is a credible, independent voice that helps “cut through the noise” of current debates, providing decisionmakers in the public and private sectors with the ability to understand the present and prepare for the future.

ROLE

With a focus on environmental economics, RFF is committed to utilizing research excellence and independent analysis to deliver practical solutions.CORE VALUES

RFF brings together PhD economists and other leading experts focused on environmental, natural resource, and energy issues.EXPERTS

As a 501(c)(3) organization, RFF is supported by individual and institutional donors who understand the role that rigorous, objective research plays in formulating sound public policies.

SUPPORT

GOVERNANCE RFF’s Board of Directors includes industry and environmental leaders, as well as former policymakers and preeminent scholars.


Focused onEnvironmental Economics

October 5

2001 Nobel Laureate in Economic Sciences Joseph E. Stiglitz on “Inequality and Environmental Policy”

“You can’t just rely on markets to have the right degree

of conservation, the right use of our natural resources,

or the right level of protection of our environment. And

that of course raises the fundamental issue . . . what is the

appropriate role of government and how best to achieve

these societal goals? What is clear is that markets, by

themselves, will not lead to the desirable level or policies

of environment—and that’s something we all should

remember. . . . The conversation has moved from being

almost exclusively about improving extraction and energy-

generating technologies to one that also considers regulating

externalities, the well-being of society, and the reevaluation

of our priorities. RFF has been a leader in this transformation

of the discussion.”

Founded in 1952, RFF pioneered the field of environmental and natural resource economics as the first research institution dedicated exclusively to these increasingly critical policy drivers. In 2012, RFF celebrated its 60th anniversary with the launch of Resources 2020, a yearlong exploration of how economic inquiry can address future environmental and natural resource challenges. At the center of the celebration was a distinguished lecture series featuring three Nobel Laureates in Economics, special First Wednesday Seminars, and a dialogue on Common Resources, RFF’s blog.

NOBEL LAUREATE LECTURE SERIES AT RFF

RFF thanks the following sponsors for helping to make Resources 2020 a success:

PATRON SPONSORS Peter R. KaganWarburg Pincus

ASSOCIATE SPONSORSEQT Hunton & Williams LLP

FRIENDSCovington & Burling LLPGeorge Kaiser Family FoundationLockheed Martin CorporationFrank & Dale LoyJohn W. and Jeanne M. RoweSteven W. PercySmall Package Productions

52012 ANNUAL REPORT

December 13 2005 Nobel Laureate in Economic Sciences Thomas C. Schelling on “Geoengineering: Time for Some Gentle Experimentation”

“One important kind of geoengineering may be solar

radiation management [SRM], screening out some of

the incoming sunlight. . . . There are a lot of objections

to any kind of geoengineering, including solar radiation

management. . . . One of the strongest arguments is that if

you think about SRM as the ultimate solution, we may not

try so hard to reduce emissions. And I’m afraid that that is

a valid argument. . . . If we begin SRM and kept it up for

a long time, and didn’t do much about emissions, we will

have accumulated the capacity for a very sudden, huge

increase in temperature if we ever have to discontinue it.”

November 13 1972 Nobel Laureate in Economic Sciences Kenneth J. Arrow on “The Environment in the Anthropocene Era: Values, Rationality, and Justice”

“The Anthropocene Era, the era in which man is

dominant, it’s a new era. . . . What it signifies is the idea

that one particular species has a dominant position in the

world. It has power . . . with power comes responsibility

. . . and there are two questions that are suggested by

this. . . . One is why is it that we have this power? What

is it about mankind that has done this? And the other is

what are the responsibilities that we might reasonably

consider? What I want to suggest is that these two

questions are intimately linked.”

Visit www.rff.org/resources2020 to watch videos of RFF’s 60th Anniversary lectures.


Committed toResearch Excellence

Blue Carbon: Global Options for Reducing Emissions from the Degradation and Development of Coastal EcosystemsIn this report, RFF and University of California, Davis, coauthors Juha Siikamäki, James Sanchirico, Sunny Jardine, David McLaughlin, and Daniel Morris present high-resolution spatial estimates to explain where blue carbon ecosystems (such as mangroves and sea marshes) occur, how much carbon they store, and their economic potential for mitigating greenhouse gas emissions. The report expands on a study by Siikamäki, Sanchirico, and Jardine published in the Proceedings of the National Academy of Sciences.

Prioritizing Policies for Biodiversity Conservation in Latin America and the Caribbean: A Rapid AssessmentThis report, prepared by RFF’s Allen Blackman, Rebecca Epanchin-Niell, Juha Siikamäki, and Daniel Velez-Lopez, was commissioned by the Inter-American Development Bank to provide input into its Biodiversity Platform, launched at the Rio+20 conference in June. It describes the main threats to biodiversity in Latin America and the Caribbean, assesses the effectiveness of existing conservation policies, and proposes five “lines of action” for the Inter-American Development Bank’s Biodiversity Platform.

RFF experts reflect the largest team of economists working on environmental and natural resource issues anywhere in the world. They adhere to the highest standards of academic research, often creating wholly new research methodologies and pioneering new tools and techniques to solve real-world problems. Former senior government officials often serve as visiting scholars to enhance RFF’s understanding of the public policy process. RFF’s reach is global and supported by an extensive network of research partners around the world.

2012 RESEARCH HIGHLIGHTS

72012 ANNUAL REPORT

The Supply Chain and Industrial Organization of Rare Earth Minerals: Implications for the US Wind Energy SectorIn this report, RFF experts Jhih-Shyang Shih, Joshua Linn, Timothy J. Brennan, Joel Darmstadter, Molly K. Macauley, and Louis Preonas examine some of the key economic and physical factors influencing the markets for rare earth metals, focusing on how China’s market dominance may affect the US wind energy sector.

US Status on Climate Change MitigationWork by RFF Darius Gaskins Senior Fellow Dallas Burtraw and coauthor Matthew Woerman highlights that the United States is on course to achieve greenhouse gas emissions reductions of 16.3 percent from 2005 levels in 2020. The US State Department’s Special Envoy for Climate Change Todd Stern quoted this research in his discussions at the 18th session of the Conference of the Parties to the UNFCCC in Doha, Qatar.

Analysis of the Bingaman Clean Energy Standard ProposalRFF’s Anthony Paul, Karen Palmer, and Matt Woerman describe the design features of the proposed clean energy standard, including how credits are allocated, how costs are managed, and which utilities are included. Palmer later testified before the US Senate Committee on Energy and Natural Resources on how the bill would affect electricity prices and carbon dioxide emissions.

Hurricane Sandy, Storm Surge, and the National Flood Insurance Program: A Primer on New York and New JerseyFollowing the flooding caused by Hurricane Sandy, RFF Fellow Carolyn Kousky and Erwann Michel-Kerjan of the University of Pennsylvania examined how many of the affected homeowners in New Jersey and New York had federal flood insurance and whether the National Flood Insurance Program—which is already $17 billion in debt—would be able to pay for the damage.

An article in Ecological Economics ranks RFF second among the “most influential” institutions in the field of environmental and ecological economics on the basis of a citation analysis of articles published during 2000 to 2009 in 14 journals.


Whither Markets for Environmental Regulation of Air, Water, and Land?

“You need to think about how it plays out in practice, and I don’t

think we know enough. . . . I would hope that in the next decade we

would find ourselves with much more robust data to work with.”

Sally Katzen, Senior Advisor at the Podesta Group and RFF Board

Member, on market-based versus command-and-control regimes for

environmental regulation.

RFF is an independent, nonpartisan research organization focused on finding the most efficient and effective policy solutions. RFF experts openly provide the results of their work to all interested parties. As a result of this independence, RFF is known as a place of new ideas and brings together diverse groups of stakeholders to explore the latest thinking about environmental and natural resource issues through dozens of events each year.

RFF’s First Wednesday Seminar Series is the longest-running public forum on environmental issues in Washington, DC. Held every first Wednesday of the month during the academic year, these seminars are free, open to the public, and broadcast live on the web. A sample of RFF’s 2012 First Wednesday Seminars is below.

ProvidingIndependent Analysis

The Future of Fuel: Toward the Next Decade of US Energy Policy

“For the next 20 years, we’re going to be looking at competing

or conflicting interests on the economic side, on the environment

side, and in national security. . . . Sometimes the economy is top,

sometimes security is top, and sometimes climate change is top, but

you never get out of dealing with the tradeoffs.”

Frank Verrastro from the Center for Strategic and International

Studies on the future of oil and gas.

92012 ANNUAL REPORT

Green Infrastructure: Using Natural Landscapes for Flood Mitigation and Water Quality Improvements

“We’re evaluating a green infrastructure investment in [the East River]

watershed, and in particular [asking] . . . If the land that is projected to be

developed by 2025 is instead retained as green space, what would be the

flood protection benefits and what are the costs?”

Margaret Walls, RFF Research Director and Thomas J. Klutznick Senior

Fellow, with Co-Director of RFF’s Center for the Management of Ecological

Wealth Lynn Scarlett, on using open land to minimize flooding.

Invasive Species: Impacts, Challenges, and Strategies for Management

“Typically the advantages of transoceanic shipping are pretty easy to

quantify. . . . Quantifying the damages brought in their ballast water

is much more difficult.”

Roger Cooke, RFF Chauncey Starr Chair in Risk Analysis, with RFF

Fellow Becky Epanchin-Niell, on the challenges of assigning value to

the impacts of invasive species.

The Next Decade in Forest Health and Policy: A Role for Biotechnology?

“What we’re talking about here is genetic modification. Should

we use modern science to address modern problems? We’re not

advocating that it should be the solution. We’re suggesting that

society should look at it scientifically . . . look at it socially . . . and

through a regulatory lens of, should this tool—if it’s possible—be

added to the tool chest?”

Carlton Owen, President of the US Endowment for Forestry and

Communities, on methods for combating tree pests.


Delivering PracticalSolutionsRFF provides a foundation for policymaking based on facts, analyzing issues that directly affect the well-being of current and future generations. Its location in Washington, DC, allows RFF experts to engage regularly with the White House, federal agencies, and Congress—and these decisionmakers frequently call upon RFF experts to help them develop and analyze solutions to complex environmental policy problems.

In addition to an active portfolio of research on environmental and natural resource issues, RFF has three Centers of Excellence that focus on key areas. Some flagship initiatives currently underway in RFF’s centers include the following:

Considering a US Carbon Tax

This year RFF’s Center for Climate and Electricity Policy launched an initiative to help leaders better understand the fiscal and environmental costs and benefits of a federal carbon tax. RFF experts met with policymakers across sectors to learn about the questions being asked, provide a place for open discussion, and share the results of RFF’s research, including analyses on carbon leakage, output-based subsidies, carbon markets, competitiveness, and distributional effects.

Managing the Risks of Shale Gas

RFF’s Center for Energy Economics and Policy began releasing results from its signature initiative, Managing the Risks of Shale Gas: Identifying a Pathway toward Responsible Development. Experts developed a catalogue all of the plausible environmental risks—the Risk Matrix for Shale Gas Development—and a survey of existing state regulations, which shows regulatory patterns for more than 20 types of shale gas regulations in 31 states. Learn more at www.rff.org/shalegasrisks.

Exploring the Benefits of Green Infrastructure

Experts in RFF’s Center for the Management of Ecological Wealth explored how “green” infrastructure can be a cost-effective substitute for the “gray” infrastructure—pipes, dams, levees, treatment plants, and so on—traditionally used to control flooding, purify and store water, and reduce urban stormwater runoff. They conducted a case study on flood abatement options in a Wisconsin watershed, helped implement a payment for environmental services program in the Florida Everglades, and are advising on minimizing storm impacts along the Texas Gulf Coast.

112012 ANNUAL REPORT

Board of Directors

LEADERSHIP W. Bowman Cutter Chair Senior Fellow and Director, Economic Policy Initiative, The Roosevelt Institute

John M. Deutch Vice Chair Institute Professor, Massachusetts Institute of Technology

Frank E. Loy Vice Chair Washington, DC

Lawrence H. Linden Treasurer Founder and Trustee, Linden Trust for Conservation

Phil Sharp President Resources for the Future

MEMBERS Vicky A. Bailey Principal/Partner, BHMM Energy Services LLC

Anthony Bernhardt Northern California Director, Environmental Entrepreneurs

Trudy Ann Cameron Raymond F. Mikesell Professor of Environmental and Resource Economics, University of Oregon

Red Cavaney Senior Vice President, Government and Public Affairs, ConocoPhillips

Mohamed T. El-Ashry Senior Fellow, UN Foundation

Linda J. Fisher Vice President and Chief Sustainability Officer, DuPont Environment and Sustainable Growth Center

C. Boyden Gray Founder/Partner, Boyden Gray and Associates

Deborah S. Hechinger Debbie Hechinger Consulting

Rick Holley President and CEO, Plum Creek

Peter R. Kagan Managing Director, Warburg Pincus, LLC

Sally Katzen Senior Advisor, Podesta Group

Rubén Kraiem Partner, Covington and Burling LLP

Richard G. Newell Director, Duke University Energy Initiative; Professor, Nicholas School of the Environment, Duke University

Richard Schmalensee Howard W. Johnson Professor and Dean Emeritus, Sloan School of Management, Massachusetts Institute of Technology

Robert N. Stavins Albert Pratt Professor of Business and Government and Chairman of the Environment and Natural Resources Faculty Group, John F. Kennedy School of Government, Harvard University

Lisa A. Stewart President and CEO, Sheridan Production Company, LLC

Joseph Stiglitz Professor of Economics, Business and International Affairs, Columbia University School of Business

Mark R. Tercek President and CEO, The Nature Conservancy

CHAIR EMERITI Darius W. Gaskins, Jr. Partner, Norbridge, Inc.

Robert E. Grady Managing Director, Cheyenne Capital Fund

As of October 2012


Supporters

INDIVIDUALS AND FAMILY FOUNDATIONS Chairman’s Circle $50,000 and aboveGregory Alexander

S.D. Bechtel, Jr. Foundation

Joseph Gleberman

Mark Heising and Liz Simons

Peter R. Kagan

Lawrence H. Linden

Litterman Family Foundation

The G. Unger Vetlesen Foundation

President’s Circle $25,000 and aboveAnthony Bernhardt

Preston Chiaro

W. Bowman Cutter

C. Boyden Gray

The Cynthia & George Mitchell Foundation

Council $5,000 and aboveChristopher C. Aitken

Garrett Albright

Merribel Ayres

Vicky A. Bailey

Paul F. Balser

David Blood

John M. Deutch

Mohammed T. El-Ashry

John Evangelakos

Linda J. Fisher

Robert W. Fri

Edward F. Hand

George Kaiser Family Foundation

Sally Katzen

Raymond J. Kopp

Rubén Kraiem

Richard E. Kroon

Jan W. Mares

Merck Family Fund

Steven W. Percy

F. Noel Perry

Helen Raffel

William K. Reilly

John W. and Jeanne M. Rowe

Robert P. Rotella Foundation

Roger and Vicki Sant

Philip R. Sharp

Pamela Spofford

Lisa Stewart

Edward L. Strohbehn, Jr.

Mark Tercek

Associates $250 and aboveCatherine G. Abbott

H. Spencer Banzhaf

Glenn C. Blomquist

Harold & Colene Brown Family Foundation

Dallas Burtraw

Barbara Bush

Trudy Ann Cameron

John M. Campbell

Red Cavaney

Emery Castle

Joel Darmstadter

Christopher Elliman

Lee H. Endress

Richard L. Epstein

Robert S. Epstein

Margaret Fisher

Dod Fraser

Kathryn S. Fuller

Kathryn Gabler

Ridgway M. Hall

Steven C. Hamrick

Lea Harvey

Deborah S. Hechinger

Richard B. Herzog

William Hildreth

The Inge Foundation

Stephen D. Kahn

The Jennifer and Tim Kingston Charitable Fund

Kurt Layne

Thomas E. Lovejoy

Frank E. Loy

George G. Montgomery

Richard G. Newell

Daniel H. Newlon

Abby Newton

Robert R. Nordhaus

Edward L. Phillips

Bernard J. Picchi

Mark Pisano

William Pizer

Paul and Chris Portney

Thomas C. Schelling

Richard Schmalensee

Schmitz-Fromherz Family Fund

Deborah J. Schumann

Robert M. Stavins

Joseph Stiglitz

John E. Tilton

Victoria J. Tschinkel

R. James Woolsey

LEGACY SOCIETYCatherine G. Abbott

John F. Ahearne

Paul F. Balser

Emery N. Castle

Thomas D. Crocker

J. Clarence Davies

Margaret W. Fisher

Maybelle Frashure

Kenneth D. Frederick

Robert W. Fri

Darius W. Gaskins, Jr.

Robert E. Grady

Debbie Groberg

Winston Harrington

Donald M. Kerr

Thomas J. Klutznick

Richard Morgenstern

Steven W. Percy

Paul R. Portney

William D. Ruckelshaus

Clifford S. Russell

Helen Marie Streich

Edward L. Strohbehn, Jr.

Victoria J. Tschinkel

FRIENDS OF FIRST WEDNESDAYSSimon Fredrich

Richard B. Herzog

Madeleine Nawar

Jack Person

Rodney Weiher

CORPORATIONS AND ASSOCIATIONS Chairman’s Circle $100,000 and aboveExelon

ExxonMobil Corporation

General Electric

Goldman, Sachs & Co.

United Technologies Corporation

President’s Circle $50,000 and aboveAmerican Chemistry Council

Biotechnology Industry Organization

Chevron Corporation

Cummins Inc.

Duke Energy*

Electric Power Research Institute

Green Diamond Resource Company

RFF thanks the following supporters for their generous contributions during 2012.


Southern CompanyToyotaWarburg Pincus*

Council $25,000 and aboveAmerican Gas Association

American Honda Motor Company

Anadarko Petroleum Corporation

Aramco Services Company

BP America

Cenovus Energy

CF Industries

Chesapeake Energy Corporation

ConocoPhillips*

The Dow Chemical Company

EQT*

Hunton & Williams LLP

NRG Energy

Nuclear Energy Institute

Pacific Gas and Electric Company

The Salt River Project

Schlumberger Ltd.

Shell Oil Company

Weyerhaeuser

Associates Less than $25,000American Forest and Paper Association

Bracewell & Giuliani LLP

Consolidated Edison Company of New York

Edison Electric Institute

Koch Companies Public Sector, LLC

Lockheed Martin Corporation

MeadWestvaco Corporation

Merrill Lynch & Co., Inc.*

Mitsubishi Corporation

National Alliance of Forest Owners

Plum Creek Timber Company, Inc.

Rio Tinto

Stout & Teague

Two Sigma Investments LLC

Vinson & Elkins LLP

Westport Innovations, Inc.

FOUNDATIONSThe Energy Foundation

Fuel Freedom Foundation

Generation Foundation

Robert Wood Johnson Foundation*

The Gordon and Betty Moore Foundation

Rockefeller Family Fund

Skoll Global Threats Fund

Alfred P. Sloan Foundation

Tinker Foundation

US Endowment for Forestry and Communities

The Walton Family Foundation

OTHER INSTITUTIONS Asian Development Bank

Bipartisan Policy Center

Cornell University

Deurstche Gesellschaft Für Internationale Zusammenarbeit

Inter-American Development Bank

IVL, Swedish Environmental Research Institute, Ltd.

Next 10

Statistics Norway

US National Academy of Sciences

University of Gothenburg

Wageningen University

The World Bank

World Health Organization

World Wildlife Fund—US

GOVERNMENT AGENCIESGovernment grant and contract support of RFF research is nonproprietary. RFF maintains the right to share the results of its work with the public.

National Science Foundation

US Army Corps of Engineers

US Centers for Disease Control and Prevention

US Department of Agriculture/Forest Service

US Department of Defense

US Department of Energy

US Department of Health and Human Services

US Department of Transportation (FTA)

US Environmental Protection Agency

US Geological Survey

US National Aeronautics Space Administration

US National Oceanic and Atmospheric Administration

*Matched their employees’ contributions to RFF.

HOW YOU CAN HELPEvery gift helps RFF advance rigorous, objective research that informs sound public policies.

u Send your gift directly to RFF: 1616 P St. NW, Washington, DC 20036.

u Donate online through the secure Network for Good website, www.networkforgood.org.

u Participate in the Combined Federal Campaign using RFF’s CFC code 19241.

u Provide matching gifts through your employer’s matching gift program.

u Give gifts of stocks, bonds, or mutual funds.

u Consider planned gifts through bequests or deferred giving.

Learn more at www.rff.org/support.


Financial StatementsYear Ending September 30th

AssetsCURRENT ASSETS 2012 2011Cash and cash equivalents $310,029 $404,102 Grants and contract revenue receivable 543,997 1,223,518 Contributions receivable 1,259,301 516,628 Other receivables 77,149 58,762 Other assets 43,304 117,331 Total current assets $2,233,780 $2,320,341

Contributions receivable, net of current portion $457,490 $430,781 INVESTMENTSInvestments at fair value 20,473,766 19,021,473 Investment in Land, LLC 8,900,000 8,900,000 Investment in RCC 4,689,894 4,035,131 Total investments $34,063,660 $31,956,604

Fixed assets - net of accumulated depreciation 6,019,189 6,013,565 Assets held under charitable trust agreements 334,003 281,174 Total Assets $43,108,122 $41,002,465

Liabilities and Net AssetsCURRENT LIABILITIES 2012 2011Tax-exempt bond financing, current portion $250,000 $235,000 Line of credit 908,776 725,358 Grants and awards payable 32,500 35,625 Accounts payable and accrued liabilities 1,712,976 1,366,893 Postretirement benefits, current 53,045 59,166 Deferred revenue 379,816 7,379 Total current liabilities $3,337,113 $2,429,421

Tax-exempt bond financing, net of current portion 5,420,000 5,670,000 Postretirement benefits, net of current 469,645 454,536 Liabilities under split-interest agreements 221,052 207,653 Funds held for others 83,603 37,397 Total Liabilities $9,531,413 $8,799,007

NET ASSETSUnrestricted 24,798,050 24,167,037 Temporarily restricted 2,855,752 2,113,514 Permanently restricted 5,922,907 5,922,907 Total net assets $33,576,709 $32,203,458 Total Liabilities and Net Assets $43,108,122 $41,002,465


Statement of Activities and Changes in Net AssetsREVENUE 2012 2011Individual contributions $2,348,554 $1,183,544

Foundation grants 1,525,872 1,382,004

Corporate contributions 1,353,550 1,688,600

Government grants and contracts 2,512,294 2,254,525

Other institution grants 1,255,166 1,197,490

Rental income 3,168,343 3,092,653

Investment income net of fees 187,317 182,551

Other revenue 35,177 36,768 Total operating revenue $12,386,273 $11,018,135

EXPENSESResearch 8,488,544 9,207,308

Academic Relations 188,594 157,125

RFF Press - 57,208

Communications 1,140,249 1,080,326

Other direct 102,405 55,837 Total program expenses $9,919,792 $10,557,804

Fundraising 959,775 854,405

Management and administration 1,622,396 1,609,238

Building operations and maintenance 1,008,127 1,040,472 Total functional expenses $13,510,090 $14,061,919

Change in unrestricted net assets from operations ($1,123,817) ($3,043,785)

NON-OPERATING REVENUES (EXPENSES)Realized and unrealized gains (losses) on investment transactions 2,497,068 (899,679)

Increase (Decrease) in Unrestricted Net Assets $1,373,251 ($3,943,463)

Net Assets at the Beginning of Year $32,203,458 $36,146,922

Net Assets at Year End $33,576,709 $32,203,459

Gifts & Grants 72.6%

Investment & Rental Income 27.1%

Other Revenue .3%

Research Programs73.4%

Management & Administration 12%

Building Operations 7.5%

Fundraising 7.1%

Revenue In fiscal year 2012, RFF’s operating revenue was $12.4 million, 72.6 percent of which came from individual contributions, foundation grants, corporate contributions, and government grants. RFF augments its income by an annual withdrawal from its reserve fund to support operations. At the end of fiscal year 2012 the reserve fund was valued at $20 million.

Expenses RFF research and educational programs continued to be vital in 2012, representing 73.4 percent of total expenses. Management and administration expenses combined with fundraising expenses were 12.0 percent of the total. The balance is related to facilities rented to other nonprofit organizations.


Experts and Staff

EXECUTIVE LEADERSHIPPhil Sharp President

Edward F. Hand Vice President, Finance and Administration

Lea Harvey Vice President, Development and Corporate Secretary

Molly K. Macauley Vice President for Research and Senior Fellow

Peter Nelson Director of Communications

RESEARCHJoseph E. Aldy Nonresident Fellow

Blair Beasley Research Assistant

Allen Blackman Senior Fellow

James W. Boyd Senior Fellow and Co-Director, CMEW

Timothy J. Brennan Senior Fellow

Anna Brittain Manager, CMEW

Stephen P.A. Brown Nonresident Fellow

Dallas Burtraw Darius Gaskins Senior Fellow

Ziyan Chu Research Assistant

Roger M. Cooke Chauncey Starr Senior Fellow

Maureen L. Cropper Senior Fellow

Joel Darmstadter Senior Fellow

J. Clarence Davies Senior Fellow

Rebecca Epanchin-Niell Fellow

Carolyn Fischer Senior Fellow and Associate Director, CCEP

Brian Flannery Visiting Scholar

Arthur G. Fraas Visiting Scholar

Per Fredriksson Gilbert F. White Postdoctoral Fellow

Robert Fri Visiting Scholar

Hal Gordon Research Assistant

Madeline Gottlieb Research Assistant

Winston Harrington Senior Fellow

Kristin Hayes Manager, CCEP and CEEP

Mun Ho Visiting Scholar

Shefali Khanna Research Assistant

Raymond J. Kopp Senior Fellow and Director, CCEP

Carolyn Kousky Fellow

Alan J. Krupnick Senior Fellow and Director, CEEP

Yusuke Kuwayama Fellow

Joshua Linn Fellow

Antung Anthony Liu Fellow

Randall Lutter Visiting Scholar

Jan Mares Senior Policy Advisor

Virginia D. McConnell Senior Fellow

Richard D. Morgenstern Senior Fellow

Daniel F. Morris Center Fellow, CCEP

Lucija Anna Muehlenbachs Fellow

Clayton Munnings Research Assistant

Sheila M. Olmstead Fellow

Karen L. Palmer Research Director, Senior Fellow, and Associate Director for Electricity, CCEP

Ian W.H. Parry Senior Fellow

Anthony Paul Center Fellow, CCEP

Nigel Purvis Visiting Scholar

Nathan Richardson Resident Scholar

Anne Riddle Research Assistant

Heather L. Ross Visiting Scholar

Stephen W. Salant Nonresident Fellow

James N. Sanchirico Nonresident Fellow

P. Lynn Scarlett Visiting Scholar and Co-Director, CMEW

Roger A. Sedjo Senior Fellow and Director, FEPP

Leonard A. Shabman Resident Scholar

Jhih-Shyang Shih Fellow

Hilary Sigman Nonresident Fellow

Juha Siikamäki Associate Research Director and Fellow

Kenneth A. Small Nonresident Fellow

Elisheba Beia Spiller Postdoctoral Researcher

Adam Stern Research Assistant

Daniel Velez-Lopez Research Assistant

Margaret A. Walls Research Director and Thomas J. Klutznick Senior Fellow

As of October 2012


Yushuang Wang Research Assistant

Zhongmin Wang Fellow

Roberton C. Williams, III Director of Academic Programs and Senior Fellow

Matt Woerman Research Associate

Michael Wolosin Visiting Scholar

UNIVERSITY FELLOWSJohn F. Ahearne Sigma Xi

John M. Antle Oregon State University

Jesse H. Ausubel The Rockefeller University

Gardner M. Brown, Jr. University of Washington

Mark A. Cohen Vanderbilt University

Partha Dasgupta University of Cambridge

Robert T. Deacon University of California, Santa Barbara

Hadi Dowlatabadi University of British Columbia

Lawrence H. Goulder Stanford University

W. Michael Hanemann University of California, Berkeley

Charles D. Kolstad University of California, Santa Barbara

Jon A. Krosnick Stanford University

Simon Levin Princeton University

John A. List University of Chicago

Anup Malani University of Chicago

Wallace E. Oates University of Maryland

William A. Pizer Duke University

Stephen Polasky University of Minnesota

Paul R. Portney University of Arizona

V. Kerry Smith Arizona State University

Brent L. Sohngen Ohio State University

Robert N. Stavins Harvard University

Thomas Sterner University of Gothenburg

John E. Tilton Colorado School of Mines

Jonathan B. Wiener Duke University

JunJie Wu Oregon State University

FINANCE AND ADMINISTRATIONMarilyn Alano Grants and Contracts Administrator

Julie Alleyne Research Division Manager

Aris Awang Database Programmer/Analyst

Danish Baig Desktop Support Analyst

Jane Bergwin-Rand Grants and Contracts Administrator

Michael Brewer Mailroom and Purchasing Assistant

Chris Clotworthy Librarian

Khadijah Hill Staff Assistant

Nauman Memon IT Manager

Mara Parrish Human Resources Manager

Teri Paz Accounting Staff Assistant

Charlotte Pineda Senior Staff Assistant

Claudia Rios Staff Accountant

Tiffany Smith HR Staff Assistant

Priscilla Ugoji Accounting Manager

Jhon Valdez Desktop Support Analyst

Marilyn M. Voigt Executive Assistant to the President

DEVELOPMENTAngela Blake Development Assistant

Barbara Bush Donor Relations Director

Key Hill Director of Foundation and Corporate Relations

Amy Kersteen Development Officer

Mike Viola Development Associate

COMMUNICATIONSJeannine Ajello Digital Strategy Manager

Sarah Aldy Editor, Resources

Nicole Hardy Online Communications Associate

Scott Hase Manager, Institutional Outreach and Events

Christine Tolentino Events Coordinator

Ellen Walter Graphic Designer and Production Associate

Shannon Wulf Public Affairs Manager

Adrienne Young Managing Editor

18 RESOURCES FOR THE FUTURE© 2013, Resources for the Future

Resources for the Future is an independent and nonpartisan organization that conducts economic research and analysis to inform decisions about critical environmental and natural resource challenges. Located in Washington, DC, RFF works with public, private, and nonprofit leaders to help them make informed decisions that benefit both the economy and environment.

1616 P St. NWWashington, DC 20036

www.rff.org

annual report 2012

Documents

rffs blog

rffs reach

futurecelebrating rffs

u rffs academic update

natural resources

research task

annual reportcelebrating

current research