2014
ANNUAL REPORT
Resources for the Future (RFF) is an independent, nonpartisan organization
that conducts economic research and analysis to help leaders make
better decisions and craft smarter policies about natural resources and
the environment. RFF brings together respected economists and leading
environmental researchers from around the world to develop solutions that
balance the need for both economic growth and environmental stewardship.
www.rff.org/annualreport
ii Contents
A Message from the President
1
RFF by the Numbers: 2014
2
Leading Research Excellence
3
Convening Our Community
7
Engaging in Global Issues
11
Enriching Policy Dialogues
13
Resources Magazine
16
Supporters
17
Financial Statements
19
Board of Directors
21
Experts and Staff
22
How You Can Help
24
iii
Welcome
A MESSAGE FROM THE PRESIDENT
Separating fact from fiction in today’s policy debates takes more than an
eye for detail and an ear for the truth. It requires a network of independent
experts—committed to cutting through the noise—focused on developing
smart solutions to address societal, economic, and environmental needs. It
takes Resources for the Future.
“In this polarized
environment, RFF’s role
as a credible, trusted
source of information
is more necessary than
ever before.”
Let’s face it: When historians reflect on our era, the story that’s told will be one
of profound environmental, economic, and political gridlock, exacerbated
by ideological divides and cynical partisanship. Yet here at RFF, something
fascinating is happening. More and more individuals and institutions are
turning to our experts for knowledge, counsel, and research-based insights
that help them interpret the opportunities and challenges presented by today’s
environmental, energy, and climate policy issues. In this polarized environment,
RFF’s role as a credible, trusted source of information is more necessary than
ever before.
As we share this annual report, we applaud and are sincerely grateful to the
visionary donors who make our work possible and believe that environmental
and natural resource policies around the world can and should be better. Many
RFF supporters maintain that economic growth and environmental stewardship
are not mutually exclusive. In fact, they are willing to make an investment in
the prospect of balancing such goals by supporting an independent research
institution that strives to do just that.
In 2015, major decisions are expected from various levels of government
that will shape the ongoing management and use of our natural resources.
Recognizing that these decisions will have effects that ripple across
generations to come, RFF experts will be there, providing data and analysis
to decisionmakers, conducting stakeholder outreach and discussions, hosting
public seminars, and maintaining our role as technical advisors to regulators
and policymakers.
As we do so, we send our thanks to you and others who generously provide
the financial and intellectual resources that enable RFF to conduct this vitally
important—and increasingly rare—work.
1 President
Resources for the Future
2014
RFF by the Numbers
A YEAR IN REVIEW
142
13,000
People received RFF’s
monthly newsletter,
RFF Connection
Viewers tuned in for RFF’s
live event webcasts
17,000
210
4,100
People visited Common
Resources, RFF’s blog
Blog posts were written for
Common Resources
Facebook and Twitter users
followed RFF
54
1,350
24
RFF publications were
produced by RFF experts
People attended RFF’s
public seminars and events
Academic seminars were
hosted by RFF experts
14,000
182
68
Subscribers received
Resources magazine
Individuals, corporations,
foundations, and other
institutions supported RFF
Researchers and staff made
up the RFF team
Research projects were
tackled by RFF experts
3,100
2
2
Leading Research Excellence
HIGHLIGHTS OF THE CRITICAL RESEARCH
CONDUCTED AT RFF IN 2014
3 Climate Policy
Disaster Aid
Analyzing Policies to Reduce Power
Plant Emissions
Investigating Options for Funding
Disaster Recovery
In June, the US
Environmental Protection
Agency released the Clean
Power Plan—a proposal to
reduce carbon dioxide
emissions from the nation’s
existing power plants, using
the agency’s authority under
the Clean Air Act.
In anticipation of such
a proposal, RFF experts
had examined the potential impacts of and possible
approaches for implementing the rule. The American
Economic Review published “The Costs and
Consequences of Greenhouse Gas Regulation under
the Clean Air Act” by RFF’s Dallas Burtraw, Joshua Linn,
Karen Palmer, and Anthony Paul in early 2014 (also an
RFF discussion paper). The authors compared the costs
and benefits of policy options that put a price on carbon
emissions, finding that the most cost-effective option is
one that keeps the revenue within the electricity sector.
RFF’s Anthony Paul and Sophie
Pan examined the details of
the Clean Power Plan in “EPA’s
Clean Power Plan: Breaking
Down the Building Blocks.”
They demonstrate the actual
emissions reductions that
would be achieved by each
of the “building blocks”
of the proposal and show
possible futures for emissions
reductions if any of the
building blocks fail to survive legal challenge.
Years have passed since
Hurricane Sandy made
landfall, but the storm’s
economic and environmental
impacts can still be felt
along the East Coast.
Congress initially approved
approximately $50 billion
in supplemental recovery
funding—more than the
annual expenditures of many
federal agencies. However,
in “A New Era of Disaster Aid? Reflections on the Sandy
Supplemental” and a related infographic, RFF’s Carolyn
Kousky and Leonard Shabman show that affected
households only received a fraction of the aid. Funds
were used primarily to reimburse local governments,
assist businesses, rebuild infrastructure, and support
projects to reduce damages from future storms. The
authors note that although risk mitigation is important,
Congress should use a more deliberate approach
for investing in such projects and not rely on funds
designated as “emergency” spending.
In addition to emergency
relief funds, flood insurance is
another form of disaster aid
provided at the federal level. In
“Pricing Flood Insurance: How
and Why the NFIP Differs from
a Private Insurance Company,”
Kousky and Shabman explain
why the National Flood
Insurance Program (NFIP) is
fundamentally different from
private insurance policies,
which can collect higher premiums to cover payouts
over the long run.
4
Natural Gas
Water
Exploring the Risks and Benefits of
Shale Gas Development
Managing Water Resources in the
United States
Shale gas development
continues to divide
stakeholders concerned
about the economic and
environmental impacts
of hydraulic fracturing. Some
concerns focus
on how shale wells might
affect communities and
the value of nearby homes.
Using data from New York
and Pennsylvania, RFF’s
Lucija Muehlenbachs of the University of Calgary,
Elisheba Spiller of the Environmental Defense Fund,
and Christopher Timmins of Duke University examined
these effects in “The Housing Market Impacts of Shale
Gas Development.” They conclude that shale gas
development can have significant negative impacts
on nearby groundwater-dependent homes, although
homes that depend on piped water experience small
positive impacts from lease payments.
The development of
new fossil fuel resources has
increased water demand
in the United States at a
time when many western
states are experiencing
extreme droughts. RFF’s
Yusuke Kuwayama and Alan
Krupnick, and RFF’s Sheila
Olmstead of the University of
Texas, Austin, explored this
issue in “Water Resources
and Unconventional Fossil Fuel Development: Linking
Physical Impacts to Social Costs.” Their report shows
that, on average, unconventional fuel development does
not use much more water than conventional. However,
they emphasize that the specific location and timing of
water use matters; it is possible for unconventional fuel
projects to have significant localized negative impacts.
In a survey of the public in
Pennsylvania and Texas,
RFF’s Alan Krupnick and Juha
Siikamäki found a broad
base of support for shale
gas development, despite
concern about the potential
environmental risks. In “Would
You Pay to Reduce Risks from
Shale Gas Development?” they
write that although 59 percent
of respondents said that they
are supportive of development,
survey participants in both states ranked concerns about
the risks to groundwater and surface water highest
among possible risks.
5 Kuwayama proposes another
option that could help
water-stressed regions better
manage uncertain water
supplies. In “Groundwater
Markets: Managing a Critical,
Hidden Resource,” he
outlines what such a market
might look like: A regulatory
body could quantify existing
groundwater rights and a
broker would take on the
role of “matchmaker” for buyers and sellers seeking
to exchange those rights. This type of market could
function in many places throughout the country,
because groundwater use is typically unregulated in
the United States.
Oil and Gasoline
Economy and Environment
Providing Recommendations on the
Future of Fossil Fuels
Measuring the Impacts of a Carbon
Tax in the United States
The shale gas boom and
tumbling gas prices have
prompted US lawmakers to
take a second look at several
longstanding fossil fuel
policies. RFF’s Joseph Aldy of
Harvard University addresses
one of these programs in
“Money for Nothing: The
Case for Eliminating US Fossil
Fuel Subsidies.” He argues
that special tax provisions
that subsidize oil, gas, and coal companies have little
effect on overall fossil fuel production, despite costing
taxpayers $4.9 billion per year, and cutting them would
lead to significant emissions reductions. He explains that
the best prospect for eliminating these provisions might
be found in comprehensive tax reform.
Following the election of a
new prime minister in 2014,
Australia became the first
country to repeal a carbon
tax, citing that households
would save hundreds of
dollars per year. The need
for objective research on
the subject became critical.
RFF’s Roberton Williams,
Hal Gordon, Dallas Burtraw,
Richard Morgenstern,
and Jared Carbone of the Colorado School of Mines
released two discussion papers on how a US carbon tax
might impact people by state and by income group.
Another energy policy
that received considerable
attention in 2014 was the
possibility of lifting the ban
on US oil exports. RFF’s
Stephen P.A. Brown of the
University of Nevada, Las
Vegas, and RFF’s Charles
Mason of the University of
Wyoming released “Lifting
the Oil Export Ban: What
Would It Mean for US
Gasoline Prices?” They find that lifting the ban would
boost crude oil production and improve the efficiency
of global refinery operations, while US gasoline prices
would fall—despite fears to the contrary.
In “The Initial Incidence of
a Carbon Tax across Income
Groups,” they explore how
the revenue from such a
tax might be used, and
how the costs would be
distributed across various
income groups under three
approaches. Their findings
indicate that recycling the
revenue through lump-sum
rebates to the public would
be less regressive, but also less efficient. In “The Initial
Incidence of a Carbon Tax across US States,” they note
similar effects. Cutting capital taxes benefits states with
large shares of capital income, lump-sum rebates favor
low-income states, and cutting labor taxes results in a
relatively even distribution of the costs across states.
6
Convening Our Community
HIGHLIGHTS FROM SOME OF RFF’S MOST
THOUGHT–PROVOKING EVENTS IN 2014
7 7 2
3
1
1
A Discussion of the Independent Risk Assessment for Risky
Business: The Economic Risks of Climate Change in the United
States. June 26, 2014. At this RFF seminar, authors of the
independent risk assessment for the Risky Business Project and
other experts highlighted the methods, data, original research,
and key findings in the assessment. Pictured: RFF’s Molly
Macauley, Trevor Houser of the Rhodium Group, and Robert
Kopp of Rutgers University.
2
A Conversation with EPA Administrator Gina McCarthy
September 25, 2014. RFF President Phil Sharp and EPA
Administrator Gina McCarthy discussed the economics of critical
environmental issues facing the nation.
3
Considering the Contributions of Forests in the Management
of Greenhouse Gas Emissions. January 29, 2014. At a seminar
co-sponsored with the Society of American Foresters, experts
outlined how the responsible management of forests in the
United States can help mitigate climate change impacts at a
national and international scale. Pictured: David A. Cleaves of
the US Forest Service.
8
7
4
6
5
9 4
Limits to Securitization: The Future of Insurance.
June 4, 2014. Experts explored the challenges of insuring
risky events, such as climate-related disasters, and emerging
tools for better managing risk. Pictured: Peter Nakada of Risk
Management Solutions, Inc. and RFF Board Member Bob
Litterman of Kepos Capital.
5
Natural Resources, Ecology, and Public Policy: Time for Some
Unconventional Ideas? May 28, 2014. Experts discussed how
public policies shape the linkages among humankind, natural
resources, and ecology in today’s era of the Anthropocene.
Pictured: RFF’s Molly Macauley, Jack Bobo of the US Department
of State, and RFF’s Joel Darmstadter.
6
Energy Revolution: Utilities Confront the Shifting Energy
Landscape—A Conversation with Chris Crane, President and
CEO, Exelon. May 13, 2014. Chris Crane joined RFF’s Phil Sharp
for a conversation about the massive shifts affecting the energy
industry and how they will shape the economy in years to come.
7
From the Gulf to the Arctic: What Have We Learned Since the
Deepwater Horizon Spill? April 17, 2014. RFF hosted a dialogue
on lessons learned from restoration in the Gulf of Mexico region
and how they might be applied to the development of oil and
gas resources in the Arctic. Pictured: Fran Ulmer of the US Arctic
Research Commission, William Brown of the Bureau of Ocean
Energy Management, Mark Fesmire of the Bureau of Safety and
8
9
10
Environmental Enforcement at the US Department of the Interior,
Beth Kerttula of the Center for Ocean Solutions at Stanford
University, and Christopher Smith of the US Department of
Energy.
8
Nobel Laureate Robert Engle: A Financial Approach to
Environmental Risk. March 18, 2014. Robert Engle discussed
financial strategies for hedging against future market volatilities
caused by climate change.
9
Making Sense of EPA’s Proposed Rule for Reducing
Greenhouse Gas Emissions from Existing Power Plants.
June 5, 2014. Three days following the announcement of EPA’s
Clean Power Plan, RFF convened experts to examine the new
proposed rule and the challenges and opportunities that
implementing the rule might bring. Pictured: Reid Harvey of the
US Environmental Protection Agency.
10
The Shale Gas Debate: How Industry and Environmental
Messages Stack Up. December 6, 2013. At this RFF briefing
on Capitol Hill, experts revealed new survey results about the
public’s perception of the potential risks associated with shale
gas development, and how different sources of information
affect those concerns. Pictured: RFF’s Juha Siikamäki and
Alan Krupnick.
10
Engaging in Global Issues
HIGHLIGHTS OF RFF’S FOCUS ON POLICY
SOLUTIONS AROUND THE WORLD
11 11 Carbon Trading and Shale Gas
Fuel Conservation
China
India
As China continues to reform its economy, it has also
begun to address the environmental challenges that
accompany economic growth. RFF’s Clayton Munnings,
Richard Morgenstern, Zhongmin Wang, and Xu Liu looked
at three regional pilot programs for carbon trading in
China and made recommendations to improve their
design as the country prepares for implementation of a
national program in 2016.
India is also facing the environmental challenges
associated with a growing economy, and its car
market has expanded rapidly over the past 20 years.
RFF’s Maureen Cropper, with Randy Chugh of the US
Department of Justice, reviewed various policies that the
country is considering to conserve fuel and reduce its
dependence on foreign oil, finding that raising taxes on
diesel fuel might be the most effective.
In addition, the development of shale gas reserves in
China could have a significant effect on China’s economy
and environmental performance. RFF’s Zhongmin Wang
and Alan Krupnick, with Lei Tian and Xiaoli Liu of the
Energy Research Institute in Beijing, examined the US
experience with shale gas development to offer insights
on how China could overcome the inherent problems with
exploiting its hard-to-reach shale reserves.
Energy and Climate Coordination
North America
Energy production in Canada, Mexico, and the United
States is evolving rapidly, providing an opportunity to
reap both the economic and environmental benefits
from trilateral coordination of energy and climate
policies. RFF’s Alan Krupnick and Raymond Kopp, in
partnership with the Mario Molina Center in Mexico and
the International Institute for Sustainable Development
in Canada, are exploring a number of issues, including
onshore oil and gas regulations, enhanced integration
of the electricity grid and competitive wholesale power
markets, options for coordinated action on climate
change, and fossil energy export strategies.
Biodiversity
Latin America
In Latin America—a region stressed by poverty, political
instability, and natural disasters—biodiversity conservation
may not always be a priority. RFF’s Allen Blackman,
Rebecca Epanchin-Niell, Juha Siikamäki, and Daniel VelezLopez provided a five-point action plan for policymakers,
focused on building green agriculture, strengthening
terrestrial protected areas, improving environmental
governance, managing coastal and marine resources, and
furthering biodiversity data and policy evaluation.
Emissions Trading
Europe
The European Union’s Emissions Trading System operates
in 28 countries and covers approximately 45 percent
of the EU’s greenhouse gas emissions. However, an
oversupply of emissions allowances has caused the
allowance price to drop to levels that threaten the
success of the program. RFF’s Dallas Burtraw examined
an efficient policy solution: the adoption of a price floor.
He argues that such a fix would lead to more predictable
market outcomes and greater public support.
12
Enriching Policy Dialogues
HIGHLIGHTS OF ANALYSIS BY RFF EXPERTS ON
THE MOST IMPORTANT ISSUES OF 2014
13 Invasive Species
“Rather than a single strategy, a portfolio of approaches
is required. The first is to keep invasives from arriving
in the first place. . . . But even the best-designed
inspection strategy will not be 100 percent effective.”
Rebecca Epanchin-Niell, Developing Policies to Combat
Invasive Species
Sea-Level Rise and Shoreline
Impacts
“More flexible property rights, such as rolling easements,
have been suggested to allow for private use of the
shore until inundation occurs. Such strategies—if they
could be adopted—would allow for orderly retreat.”
Carolyn Kousky, Managing Shoreline Retreat in the United
States: A Three-Part Strategy
The Midterm Review of the
Corporate Average Fuel Economy
Standards
“The next several years will be a key time for research
that can enhance this evaluation and inform future
policies to reduce [greenhouse gas] emissions and oil
use from the light-duty fleet. Major questions remain
about consumer and manufacturer responses to the
regulations and about how the costs and benefits of the
rule should be estimated.”
Arctic Offshore Drilling Regulations
“Can [the Department of the Interior] lead us beyond
the level of minimum technical requirements to a mix of
performance- and technical-based standards centered
on safety? A lesson from the Deepwater Horizon spill
was just that: the need for safety performance to
figure prominently across the culture of our regulatory
agencies.”
Molly Macauley, On Proposed Regulations for Arctic
Offshore Oil Drilling
The Oil Export Ban
“The first step would be to allow crude oil exports to
Mexico and the European Union, the latter having
imported 30 percent of its crude oil from Russia in 2013.
This step would thus lead to an increase in domestic
activity and jobs.”
Jan Mares and Alan J. Krupnick, Lifting the Oil Export
Ban: A Staged Approach
The United Nations Climate Summit
“Commitments to reduce emissions offered by each
country should emanate from legally binding domestic
policies that are capable of producing the reductions
contained in the commitments.”
Raymond J. Kopp, Pursuing a Global Climate Treaty:
Next Stop, New York
Alan J. Krupnick, Joshua Linn, and Virginia D. McConnell,
Research Questions for the Midterm CAFE Review
14
Energy Efficiency in 111(d)
“Incorporating state energy efficiency policies into
Clean Air Act plans will make those policies federally
enforceable and potentially limit a state’s flexibility with
respect to changing or modifying the program in the
future. Whether this is a deterrent or not remains to
be seen.”
Karen L. Palmer, Energy Efficiency in 111(d): The Role of
End-Use Efficiency in State Compliance Plans
The Russia-Ukraine Conflict
“While, in years to come, expanded shipments [of
liquefied natural gas] from the United States, Qatar,
Australia, and other countries will undoubtedly result in
the creation of a worldwide gas trading system (blunting
would-be supply manipulation), for now, the natural gas
card remains a conceivable option for Mr. Putin to play.”
Joel Darmstadter, Russia and Ukraine:
The Energy Dimension
Water Scarcity and Droughts
“Although people are generally willing to pay much less
for water used to flush toilets or irrigate parks than for
drinking water, investment in providing this lower-value
recycled water may be economically justified if the
cost of treating wastewater to greywater or landscape
irrigation standards is much lower than the cost of
treatment to potable quality.”
Yusuke Kuwayama, Getting Past the “Yuck” Factor:
Challenges for Public Acceptance of Recycled Water
15 Climate Change Opinions
“Our surveys suggest that Americans have been
overwhelmingly ‘green’ on climate change issues for
many years, despite a barrage of natural disasters,
media events, and campaign speeches that one might
have imagined would impact such opinions.”
Jon A. Krosnick, Nuri Kim, and Bo MacInnis,
What Americans Think about Climate Change
Fossil Fuel Subsidies
“These so-called tax expenditures—which are effectively
equivalent to government spending—subsidize oil,
gas, and coal companies by about $4.9 billion annually.
In return, however, there is virtually no change in US
production.”
Joseph E. Aldy, Money for Nothing: The Case for
Eliminating US Fossil Fuel Subsidies
Shale Gas Risks
“The public in two very different states is supportive of
sustainable shale gas development and willing to pay,
through higher natural gas prices, to reduce some of the
risks that sustainability implies. The government can use
this information to examine how stringent its regulations
should be by comparing these monetary benefits of risk
reductions as the public sees them to regulatory costs.”
Alan J. Krupnick and Juha Siikamäki, Would You Pay
to Reduce Risks from Shale Gas Development? Public
Attitudes in Pennsylvania and Texas
RESOURCES MAGAZINE
Resources is RFF’s flagship magazine, first published in 1959. In
2014, Resources featured articles by more than 35 leading experts,
including the following:
•
What Americans Think about Climate Change
•
Can Product Labels Nudge Energy Efficient Behavior?
•
Private Funding for Public Parks: Assessing the Role of Philanthropy
•
Reflections on the Oil Shock of 40 Years Ago
•
Getting to an Efficient Carbon Tax: How the Revenue is Used Matters
•
Forever Ours? The Challenges of Long-Lived Environmental Problems
Read more: www.rff.org/resources.
16
Supporters
RFF is sincerely grateful to the following supporters for their generous contributions during 2014.
INDIVIDUALS AND FAMILY FOUNDATIONS
John Evangelakos
Mohamed T. El-Ashry
Linda J. Fisher
Richard Epstein
Kathryn S. Fuller
Robert S. Epstein
Edward F. Hand
Markus Fromherz
W. Bowman Cutter
Robert & Ardis James
Foundation
William Fulkerson
Heising-Simons Foundation
Sally Katzen
Linden Trust for Conservation
Knobloch Family Foundation
Lea Harvey
Robert Litterman
Raymond J. Kopp
Merck Family Fund
Rubén Kraiem
S.D. Bechtel, Jr. Foundation
Richard E. Kroon
The G. Unger Vetlesen
Foundation
Jan W. Mares
President’s Circle
$25,000 and above
William Pizer
Chairman’s Circle
$50,000 and above
Gregory Alexander
Anthony Bernhardt
Paul F. Balser
Larry Birenbaum
W. Bowman Cutter
Samuel Freeman Charitable
Trust
Steven W. Percy
Robert P. Rotella Foundation
John W. Rowe
Roger W. Sant
Henry B. Schacht
Phil Sharp
Lisa A. Stewart
Christopher J. Elliman
Edward L. Strohbehn Jr.
C. Boyden Gray
Associates
$250 and above
Council
$5,000 and above
Anonymous
Christopher C. Aitken
Merribel S. Ayres
James K. Asselstine
Harold Brown
Vicky A. Bailey
Dallas Burtraw
David Blood
Barbara Bush
Kristin L. Breuss
Trudy Ann Cameron
Red Cavaney
John M. Campbell
Preston Chiaro
Emery N. Castle
John M. Deutch
Joel Darmstadter
Elaine J. Dorward-King
Sandy Dean
17 Kathryn Gabler
William Hildreth
R. Glenn Hubbard
Stephen D. Kahn
Donald M. Kerr
Robert A. Kistler
Howard Klee
Thomas E. Lovejoy
Kelly McKemy
Wilhelm Merck
George G. Montgomery
Daniel H. Newlon
Edward L. Phillips
Bernard J. Picchi
Mark A. Pisano
Paul R. Portney
Nicholas E. Powers
Helen Raffel
William K. Reilly
Richard Schmalensee
Bruce Smart
Helen Marie Streich
Michael L. Telson
John E. Tilton
Victoria J. Tschinkel
Chris G. Whipple
LEGACY SOCIETY
AND FRIENDS
OF FIRST
WEDNESDAYS
Catherine 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
Robert E. Grady
Debbie Groberg
Winston Harrington
Jeffery Horn
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
Victoria J. Tschinkel
CORPORATIONS AND ASSOCIATIONS
Chairman’s Circle
$100,000 and above
Duke Energy*
Exelon
Goldman, Sachs & Co.
Hess Corporation
Lockheed Martin Corporation
The National Council for Air
and Stream Improvement
Pacific Gas and Electric
Company
Plum Creek Timber
Company, Inc.
The Salt River Project
Weyerhaeuser
Shell Oil Company
President’s Circle
$50,000 and above
BP America
Chevron Corporation
Electric Power Research
Institute
Green Diamond Resource
Company
Rio Tinto
Southern Company
United Technologies
Corporation
Schlumberger Ltd.
Southern California Edison
TD Bank
Toyota
Associates
Less than $25,000
American Forest and Paper
Association
Bracewell & Giuliani LLP
Consolidated Edison Company
of New York
FOUNDATIONS
Research Institute of Innovative
Technology for the Earth
The Bill & Melinda Gates
Foundation
Statistics Norway
The Energy Foundation
Generation Foundation
The Curtis & Edith Munson
Foundation
New Venture Fund
The New York Community Trust
Next 10
Rockefeller Family Fund
Alfred P. Sloan Foundation
Smith Richardson Foundation
Tinker Foundation
US Endowment for Forestry and
Communities
OTHER
INSTITUTIONS
Asian Development Bank
DMV.org
Bipartisan Policy Center
Edison Electric Institute
Warburg Pincus*
Merrill Lynch & Co., Inc.*
Biotechnology Industry
Organization
Cornell University
Council
$25,000 and above
Microsoft Corporation*
Mitsubishi Corporation
Deustche Gesellschaft für
Internationale Zusammenarbeit
American Gas Association
American Honda Motor
Company
National Alliance of Forest
Owners
Health Canada
Pioneer Natural Resources
University of Gothenburg
Raytheon Company*
Inter-American Development
Bank
BASF
Southwestern Energy
CF Industries
Stout and Teague
Cheniere
Venable LLP
Conoco Phillips
Vinson & Elkins LLP
The Lincoln Institute of Land
Policy
DrillingInfo*
Westport Innovations, Inc.
National Academy of Sciences
EQT*
*Matching gift donor
IVL, Swedish Environmental
Research Institute Ltd.
Wageningen University
The World Bank
World Health Organization
World Wildlife Fund—US
GOVERNMENT
Centers for Disease Control and
Prevention
National Aeronautics and Space
Administration
National Oceanic and
Atmospheric Administration
National Science Foundation
The State of California Air
Resources Board
US Army Corps of Engineers
US Department of Agriculture
(Forest Service)
US Department of Agriculture
(National Institute of Food and
Agriculture)
US Department of Defense
US Department of Energy
US Department of Health and
Human Services
US Department of
Transportation (Federal Transit
Authority)
US Environmental Protection
Agency
US Geological Survey
The Nature Conservancy
18
Financial Statements
Year ending September 30th
ASSETS
2014
2013
$205,653
1,133,062
1,526,222
600
224,747
$50,000
1,348,984
1,664,517
788
217,473
3,090,284
3,281,762
485,854
587,490
62,358,875
-
48,040,529
8,900,000
62,358,875
56,940,529
6,532,143
377,197
6,844,141
373,046
$72,844,353
$68,026,968
2014
2013
Tax-exempt bond financing, current portion
Grants and awards payable
Accounts payable and accrued liabilities
Postretirement benefits, current
Deferred Revenue
$270,000
77,483
1,722,902
51,005
677,079
$260,000
67,750
1,612,343
53,045
598,563
Total current liabilities
2,798,469
2,591,701
Tax exempt bond financing, net of current portion
Postretirement benefits, net of current
4,890,000
548,609
5,160,000
463,763
Liabilities under split-interest agreements
239,544
237,323
Funds held for others
238,925
146,231
5,917,078
6,007,317
$8,715,547
$8,599,018
54,765,593
2,879,306
6,483,907
49,532,008
3,583,035
6,312,907
CURRENT ASSETS
Cash and equivalents
Grants and contract revenue receivable
Contributions receivable
Other receivables
Other assets
Total current assets
Contributions receivable, net of current portion
INVESTMENTS
Investments at fair value
Investment in Land, LLC
Total investments
Fixed assets - net of accumulated depreciation
Assets held under charitable trust agreements
Total assets
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Total long-term liabilities
Total liabilities
NET ASSETS
Unrestricted
Temporarily restricted
Permanently restricted
Total net assets
Total liabilities and net assets
19 64,128,806
59,427,950
$72,844,353
$68,026,968
Revenue
In fiscal year 2014, RFF’s operating
revenue was $10.1 million,
69.6 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 2014 the reserve fund
was valued at $62 million.
CHANGES IN UNRESTRICTED NET ASSETS
2014
2013
$1,879,229
640,787
1,188,627
2,288,735
1,062,788
1,808,727
1,267,477
8,563
$2,494,226
1,488,922
2,300,150
2,036,023
972,491
2,023,711
1,567,343
13,017
$10,144,934
$12,895,884
7,923,039
135,543
1,340,984
69,729
8,600,249
185,195
1,255,065
221,535
Total program expenses
9,469,295
10,262,044
Fundraising
Management and administration
Building operations and maintenance
1,088,990
1,833,008
1,283,367
1,114,947
1,795,025
1,261,596
$13,674,660
$14,433,612
(3,529,726)
(1,537,728)
4,051,294
4,179,289
2,807,881
24,581,087
$4,700,856
$25,851,241
REVENUE
Individual contributions
Foundation grants
Corporate contributions
Government grants and contracts
Other institution grants
Rental income
Investment income net of fees
Other revenue
Total operating revenue
EXPENSES
Programs
Research
Academic relations
Communications
Other direct
Total functional expenses
Change in unrestricted net assets from operations
Expenses
RFF research and educational
programs continued to be vital in
2014, representing 69.2 percent
of total expenses. Management
and administration combined with
fundraising expenses were only
21.4 percent of the total. The balance
is related to facilities rented to other
nonprofit organizations.
NON-OPERATING REVENUES (EXPENSES)
Realized and unrealized gains (losses) on investment transactions
Realized gain on sale of investment in Land, LLC
Increase (decrease) in unrestricted net assets
Net assets at beginning of year
$59,427,950
$33,576,709
Net assets at end of year
$64,128,806
$59,427,950
20
Board of Directors
As of October 2014
LEADERSHIP
Richard L. Schmalensee (Chair)
Howard W. Johnson Professor and Dean
Emeritus, Sloan School of Management,
Massachusetts Institute of Technology
Phil Sharp
President,
Resources for the Future
MEMBERS
James Asselstine
Tyler Hill, Pennsylvania
Vicky A. Bailey
President, Anderson Stratton Enterprises,
LLC; and Principal, BHMM Energy
Services, LLC
Paul F. Balser
Co-Founder, Ironwood Partners, 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
Alexandria, Virginia
John M. Deutch
Institute Professor, Department of
Chemistry, Massachusetts Institute of
Technology
21 Elaine Dorward-King
Executive Vice President of Sustainability
and External Relations, Newmont Mining
Corporation
Daniel Esty
Clinical Professor of Environmental Law
and Policy, Yale Law School
Linda J. Fisher
Vice President and Chief Sustainability
Officer, Dupont Environment and
Sustainable Growth Center
C. Boyden Gray
Partner, Boyden Gray and Associates
David G. Hawkins
Director, Climate Center, Natural
Resources Defense Council
Rick R. Holley
Chief Executive Officer, Plum Creek
Peter R. Kagan
Managing Director, Warburg Pincus, LLC
Sally Katzen
Senior Advisor, Podesta Group
Rubén Kraiem
Partner, Covington and Burling, LLP
Robert B. Litterman
Chairman, Risk Committee,
Kepos Capital
Richard G. Newell
Director, Duke University Energy
Initiative; and Gendell Associate
Professor of Energy and Environmental
Economics, Nicholas School of the
Environment, Duke University
Henry Schacht
Managing Director and Senior Advisor,
Warburg Pincus
Robert N. Stavins
Albert Pratt Professor of Business and
Government, John F. Kennedy School of
Government, Harvard University
Joseph L. Stiglitz
Professor of Economics, Business, and
International Affairs, Columbia University
School of Business
Mark R. Tercek
President and CEO,
The Nature Conservancy
Susan F. Tierney
Senior Advisor, Analysis Group
CHAIR EMERITI
W. Bowman Cutter
Senior Fellow and Director, Economic
Policy Initiative,The Roosevelt Institute
Darius W. Gaskins, Jr.
Partner, Norbridge, Inc.
Robert E. Grady
Managing Director, Cheyenne
Capital Fund
Lawrence H. Linden
Founder and Trustee, Linden Trust
for Conservation
Frank E. Loy
Washington, DC
Experts and Staff
As of October 2014
LEADERSHIP
Maureen L. Cropper
Senior Fellow
Phil 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
RESEARCH
Francisco Aguilar
Gilbert F. White Postdoctoral
Fellow
Joseph E. Aldy
Visiting Fellow
Allen Blackman
Thomas Klutznick Senior Fellow
James W. Boyd
Senior Fellow and Director, RFF
Center for the Management of
Ecological Wealth
Timothy J. Brennan
Senior Fellow
Stephen P.A. Brown
Visiting Fellow
Dallas Burtraw
Darius Gaskins Senior Fellow
Ziyan Chu
Research Associate
Roger M. Cooke
Chauncey Starr Senior Fellow
Joel Darmstadter
Senior Fellow
J. Clarence Davies
Senior Fellow
Alexander Egorenkov
Research Assistant
Rebecca Epanchin-Niell
Fellow
Carolyn Fischer
Senior Fellow
Brian Flannery
Center Fellow, RFF Center for
Energy and Climate Economics
Arthur G. Fraas
Visiting Fellow
Robert Fri
Visiting Fellow
Leonard Goff
Research Assistant
Hal Gordon
Senior Research Assistant
Marc Hafstead
Fellow
Winston Harrington
Senior Fellow
Kristin Hayes
Assistant Director, RFF Center
for Energy and Climate
Economics
Jacqueline Ho
Research Assistant
Mun Ho
Visiting Fellow
Raymond J. Kopp
Senior Fellow and Co-Director,
RFF Center for Energy and
Climate Economics
Carolyn Kousky
Fellow
Kailin Kroetz
Fellow
Alan J. Krupnick
Senior Fellow and Co-Director,
RFF Center for Energy and
Climate Economics
Yusuke Kuwayama
Fellow
Benjamin Leard
Fellow
Joshua Linn
Senior Fellow
Antung Anthony Liu
Fellow
Randall Lutter
Visiting Fellow
Anna Malinovskaya
Research Assistant
Joseph Maher
Postdoctoral Fellow
Chuck Mason
Visiting Fellow
Jan Mares
Senior Policy Advisor
Virginia D. McConnell
Senior Fellow
Katrina McLaughlin
Research Assistant
Richard D. Morgenstern
Senior Fellow
Lucija Anna Muehlenbachs
Visiting Fellow
Clayton Munnings
Research Associate
Lucy O’Keeffe
Research Assistant
Sheila M. Olmstead
Visiting Fellow
Karen L. Palmer
Senior Fellow and Research
Director
Sophie Pan
Research Assistant
Anthony Paul
Center Fellow, RFF Center for
Energy and Climate Economics
Nigel Purvis
Visiting Fellow
William Raich
Research Assistant
Nathan Richardson
Visiting Fellow
Skyler Roeshot
Research Assistant
Heather L. Ross
Visiting Fellow
Stephen W. Salant
Visiting Fellow
James Salzman
Gilbert F. White Postdoctoral
Fellow
Francisco Santiago-Avila
Research Assistant
Roger A. Sedjo
Senior Fellow and Director, RFF
Forest Economics and Policy
Program
Samantha Sekar
Research Assistant
Leonard A. Shabman
Resident Scholar
Daniel Shawhan
Visiting Fellow
Jhih-Shyang Shih
Fellow
22
Hilary Sigman
Visiting Fellow
Juha Siikamäki
Senior Fellow and Associate
Research Director
Kenneth A. Small
Visiting Fellow
Alexandra Thompson
Research Assistant
Peter Vail
Research Assistant
Margaret A. Walls
Senior Fellow and Research
Director
Zhongmin Wang
Fellow
Roberton C. Williams, III
Senior Fellow and Director,
Academic Programs
Michael Wolosin
Visiting Fellow
Hang Yin
Research Assistant
UNIVERSITY
FELLOWS
John 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
23 Hadi Dowlatabadi
COMMUNICATIONS
University of British Columbia
Lawrence H. Goulder
Stanford University
W. Michael Hanemann
University of California,
Berkeley
Charles D. Kolstad
Stanford University
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
James N. Sanchirico
University of California, Davis
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
Jeannine Ajello
Digital Strategy Manager
Sarah Aldy
Editor, Resources
Lauren Caserta
Outreach Coordinator
Dave Cohen
Press Secretary
Scott Hase
Manager, Institutional Outreach
Christine Tolentino
Events Coordinator
Shannon Wulf Tregar
Deputy Director for Public and
Government Affairs
Adrienne Young
Managing Editor
DEVELOPMENT
Angela Blake
Development Assistant
Jane Bergwin-Rand
Grants and Contracts
Administrator
Michael Brewer
Mailroom and Purchasing
Assistant
Chris Clotworthy
Librarian
Karen Furman
Staff Assistant
Mara Parrish
Human Resources Manager
Charlotte Pineda
Senior Staff Assistant
Claudia Rios
Accounting Manager
Tiffany Smith
Human Resources Assistant
Marilyn M. Voigt
Executive Assistant to the
President
Lester Wilkerson
Payroll-Project Accounting
Clerk
Key Hill
Senior Director of
Development
Khadija Hill
Development Officer
Emily McLaughlin
Development Officer
Mike Viola
Development Operations
Officer
Dana Yanocha
Development Officer
FINANCE AND
ADMINISTRATION
Julie Alleyne
Research Division Manager
INFORMATION
TECHNOLOGY
Aris Awang
Database Programmer/Analyst
Danish Baig
Desktop Support Analyst
Nauman Memon
IT Manager
John Valdez
Desktop Support Analyst
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1616 P Street NW
Washington, DC 20036
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and the economy.
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24
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Washington, DC 20036
www.rff.org