2012
ANNUAL REPORT
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.
RESOURCES FOR THE FUTURE
Contents
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
2012 ANNUAL REPORT
1
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
2
RESOURCES FOR THE FUTURE
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.
ROLE
CORE VALUES
EXPERTS
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.
With a focus on environmental economics, RFF is committed to utilizing research
excellence and independent analysis to deliver practical solutions.
RFF brings together PhD economists and other leading experts focused on
environmental, natural resource, and energy issues.
GOVERNANCE
RFF’s Board of Directors includes industry and environmental leaders, as well as former
policymakers and preeminent scholars.
SUPPORT
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.
2012 ANNUAL REPORT
3
Focused on
Environmental Economics
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
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 energygenerating 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.”
RFF thanks the following sponsors for helping to make Resources 2020 a success:
PATRON SPONSORS
Peter R. Kagan
Warburg Pincus
ASSOCIATE SPONSORS
EQT
Hunton & Williams LLP
4
FRIENDS
Covington & Burling LLP
George Kaiser Family Foundation
Lockheed Martin Corporation
Frank & Dale Loy
John W. and Jeanne M. Rowe
Steven W. Percy
Small Package Productions
RESOURCES FOR THE FUTURE
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.”
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.”
Visit www.rff.org/resources2020 to watch videos of RFF’s 60th Anniversary lectures.
2012 ANNUAL REPORT
5
Committed to
Research Excellence
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
Blue Carbon: Global Options
for Reducing Emissions from the
Degradation and Development of
Coastal Ecosystems
In this report, RFF and University of
California, Davis, coauthors Juha Siikamäki,
James Sanchirico, Sunny Jardine, David
McLaughlin, and Daniel Morris present highresolution 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.
6
Prioritizing Policies for Biodiversity
Conservation in Latin America and the
Caribbean: A Rapid Assessment
This 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.
RESOURCES FOR THE FUTURE
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.
The Supply Chain and Industrial
Organization of Rare Earth Minerals:
Implications for the US Wind Energy
Sector
In 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.
Analysis of the Bingaman Clean
Energy Standard Proposal
RFF’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 Jersey
US Status on Climate Change
Mitigation
Work 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.
Following 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.
2012 ANNUAL REPORT
7
Providing
Independent Analysis
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.
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.
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.
8
RESOURCES FOR THE FUTURE
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.
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.
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.
2012 ANNUAL REPORT
9
Delivering Practical
Solutions
RFF 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.
10
RESOURCES FOR THE FUTURE
Board of Directors
As of October 2012
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
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
Phil Sharp
President
Resources for the Future
Peter R. Kagan
Managing Director,
Warburg Pincus, LLC
MEMBERS
Sally Katzen
Senior Advisor,
Podesta Group
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
Rubén Kraiem
Partner,
Covington and Burling LLP
Richard G. Newell
Director, Duke University Energy Initiative; Professor,
Nicholas School of the Environment,
Duke University
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
Richard Schmalensee
Howard W. Johnson Professor
and Dean Emeritus, Sloan
School of Management,
Massachusetts Institute
of Technology
2012 ANNUAL REPORT
11
Supporters
RFF thanks the following supporters for their generous contributions during 2012.
INDIVIDUALS AND FAMILY
FOUNDATIONS
Chairman’s Circle
$50,000 and above
Gregory Alexander
Jan W. Mares
Richard B. Herzog
Robert E. Grady
Merck Family Fund
William Hildreth
Debbie Groberg
Steven W. Percy
The Inge Foundation
Winston Harrington
F. Noel Perry
Stephen D. Kahn
Donald M. Kerr
S.D. Bechtel, Jr.
Foundation
Helen Raffel
The Jennifer and Tim
Kingston Charitable Fund
Thomas J. Klutznick
William K. Reilly
John W. and Jeanne M.
Rowe
Kurt Layne
Thomas E. Lovejoy
Steven W. Percy
Peter R. Kagan
Robert P. Rotella
Foundation
Frank E. Loy
Lawrence H. Linden
Roger and Vicki Sant
Litterman Family
Foundation
Philip R. Sharp
Richard G. Newell
Joseph Gleberman
Mark Heising and Liz
Simons
The G. Unger Vetlesen
Foundation
President’s Circle
$25,000 and above
Anthony Bernhardt
Preston Chiaro
W. Bowman Cutter
C. Boyden Gray
The Cynthia & George
Mitchell Foundation
Council
$5,000 and above
Christopher 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
12
Pamela Spofford
Lisa Stewart
Edward L. Strohbehn, Jr.
Mark Tercek
George G. Montgomery
Daniel H. Newlon
Abby Newton
Robert R. Nordhaus
Edward L. Phillips
Bernard J. Picchi
Richard Morgenstern
Paul R. Portney
William D. Ruckelshaus
Clifford S. Russell
Helen Marie Streich
Edward L. Strohbehn, Jr.
Victoria J. Tschinkel
FRIENDS OF FIRST
WEDNESDAYS
Simon Fredrich
Associates
$250 and above
Mark Pisano
Catherine G. Abbott
Paul and Chris Portney
H. Spencer Banzhaf
Thomas C. Schelling
Glenn C. Blomquist
Richard Schmalensee
Harold & Colene Brown
Family Foundation
Schmitz-Fromherz Family
Fund
Dallas Burtraw
Deborah J. Schumann
Barbara Bush
CORPORATIONS AND
ASSOCIATIONS
Chairman’s Circle
$100,000 and above
Robert M. Stavins
Trudy Ann Cameron
Exelon
Joseph Stiglitz
John M. Campbell
ExxonMobil Corporation
John E. Tilton
Red Cavaney
General Electric
Victoria J. Tschinkel
Emery Castle
Goldman, Sachs & Co.
R. James Woolsey
United Technologies
Corporation
Joel Darmstadter
Christopher Elliman
Lee H. Endress
Richard L. Epstein
Robert S. Epstein
Margaret Fisher
Dod Fraser
Kathryn S. Fuller
Kathryn Gabler
Sally Katzen
Ridgway M. Hall
Raymond J. Kopp
Steven C. Hamrick
Rubén Kraiem
Lea Harvey
Richard E. Kroon
Deborah S. Hechinger
William Pizer
LEGACY SOCIETY
Catherine G. Abbott
John F. Ahearne
Paul F. Balser
Emery N. Castle
Richard B. Herzog
Madeleine Nawar
Jack Person
Rodney Weiher
President’s Circle
$50,000 and above
American Chemistry
Council
Thomas D. Crocker
Biotechnology Industry
Organization
J. Clarence Davies
Chevron Corporation
Margaret W. Fisher
Cummins Inc. Maybelle Frashure
Duke Energy*
Kenneth D. Frederick
Electric Power Research
Institute
Robert W. Fri
Darius W. Gaskins, Jr.
RESOURCES FOR THE FUTURE
Green Diamond Resource
Company
Southern Company
Toyota
Warburg Pincus*
Council
$25,000 and above
Associates
Less than $25,000
The Gordon and Betty
Moore Foundation
GOVERNMENT
AGENCIES
American Forest and Paper
Association
Rockefeller Family Fund
Bracewell & Giuliani LLP
Alfred P. Sloan Foundation
Government grant and
contract support of RFF
research is nonproprietary.
RFF maintains the right to
share the results of its work
with the public.
American Gas Association
Consolidated Edison
Company of New York
American Honda Motor
Company
Edison Electric Institute
Anadarko Petroleum
Corporation
Aramco Services Company
BP America
Cenovus Energy
CF Industries
Chesapeake Energy
Corporation
ConocoPhillips*
The Dow Chemical
Company
EQT*
Hunton & Williams LLP
Koch Companies Public
Sector, LLC
Lockheed Martin
Corporation
OTHER INSTITUTIONS
Cornell University
Mitsubishi Corporation
National Alliance of Forest
Owners
Deurstche Gesellschaft
Für Internationale
Zusammenarbeit
Plum Creek Timber
Company, Inc.
Inter-American
Development Bank
Rio Tinto
IVL, Swedish Environmental
Research Institute, Ltd.
Stout & Teague
Vinson & Elkins LLP
Pacific Gas and Electric
Company
Westport Innovations, Inc.
Weyerhaeuser
The Walton Family
Foundation
Merrill Lynch & Co., Inc.*
Nuclear Energy Institute
Shell Oil Company
US Endowment for Forestry
and Communities
Asian Development Bank
NRG Energy
Schlumberger Ltd.
Tinker Foundation
MeadWestvaco
Corporation
Two Sigma Investments
LLC
The Salt River Project
Skoll Global Threats Fund
FOUNDATIONS
Bipartisan Policy Center
Next 10
Statistics Norway
US National Academy of
Sciences
University of Gothenburg
The Energy Foundation
Wageningen University
Fuel Freedom Foundation
The World Bank
Generation Foundation
World Health Organization
Robert Wood Johnson
Foundation*
World Wildlife Fund—US
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 HELP
Every 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 Provide matching gifts through your
employer’s matching gift program.
u Donate online through the secure Network for
Good website, www.networkforgood.org.
u Give gifts of stocks, bonds, or mutual funds.
u Participate in the Combined Federal
Campaign using RFF’s CFC code 19241.
u Consider planned gifts through bequests or
deferred giving.
Learn more at www.rff.org/support.
2012 ANNUAL REPORT
13
Financial Statements
Year Ending September 30th
Assets
2012
CURRENT ASSETS
Cash and cash equivalents
Grants and contract revenue receivable
$310,029
$404,102
543,997
1,223,518
1,259,301
516,628
77,149
43,304
$2,233,780
58,762
117,331
$2,320,341
$457,490
$430,781
Investments at fair value
20,473,766
19,021,473
Investment in Land, LLC
Investment in RCC
Total investments
8,900,000
4,689,894
$34,063,660
8,900,000
4,035,131
$31,956,604
Fixed assets - net of accumulated depreciation
Assets held under charitable trust agreements
Total Assets
6,019,189
334,003
$43,108,122
6,013,565
281,174
$41,002,465
2012
2011
Contributions receivable
Other receivables
Other assets
Total current assets
Contributions receivable, net of current portion
INVESTMENTS
Liabilities and Net Assets
CURRENT LIABILITIES
Tax-exempt bond financing, current portion
$250,000
$235,000
908,776
725,358
32,500
35,625
1,712,976
1,366,893
53,045
379,816
$3,337,113
59,166
7,379
$2,429,421
5,420,000
469,645
5,670,000
454,536
Liabilities under split-interest agreements
Funds held for others
Total Liabilities
221,052
83,603
$9,531,413
207,653
37,397
$8,799,007
NET ASSETS
Unrestricted
24,798,050
24,167,037
2,855,752
2,113,514
5,922,907
$33,576,709
$43,108,122
5,922,907
$32,203,458
$41,002,465
Line of credit
Grants and awards payable
Accounts payable and accrued liabilities
Postretirement benefits, current
Deferred revenue
Total current liabilities
Tax-exempt bond financing, net of current portion
Postretirement benefits, net of current
Temporarily restricted
Permanently restricted
Total net assets
Total Liabilities and Net Assets
14
2011
RESOURCES FOR THE FUTURE
Statement of Activities and Changes in Net Assets
2012
2011
$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
187,317
182,551
35,177
$12,386,273
36,768
$11,018,135
8,488,544
9,207,308
188,594
157,125
-
57,208
1,140,249
1,080,326
102,405
$9,919,792
55,837
$10,557,804
959,775
854,405
1,622,396
1,609,238
Building operations and maintenance
Total functional expenses
1,008,127
$13,510,090
1,040,472
$14,061,919
Change in unrestricted net assets from operations
($1,123,817)
($3,043,785)
2,497,068
(899,679)
$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
REVENUE
Individual contributions
Investment income net of fees
Other revenue
Total operating revenue
EXPENSES
Research
Academic Relations
RFF Press
Communications
Other direct
Total program expenses
Fundraising
Management and administration
NON-OPERATING REVENUES (EXPENSES)
Realized and unrealized gains (losses)
on investment transactions
Increase (Decrease) in Unrestricted Net Assets
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.
Management &
Administration 12%
Other Revenue .3%
Investment & Rental
Income 27.1%
Building Operations 7.5%
Fundraising 7.1%
Gifts & Grants
72.6%
Research Programs
73.4%
2012 ANNUAL REPORT
15
Experts and Staff
As of October 2012
EXECUTIVE LEADERSHIP
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
Joseph 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
16
Brian Flannery
Visiting Scholar
Sheila M. Olmstead
Fellow
Arthur G. Fraas
Visiting Scholar
Karen L. Palmer
Research Director, Senior Fellow,
and Associate Director for Electricity,
CCEP
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
RESOURCES FOR THE FUTURE
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
Yushuang Wang
Research Assistant
William A. Pizer
Duke University
Charlotte Pineda
Senior Staff Assistant
Zhongmin Wang
Fellow
Stephen Polasky
University of Minnesota
Claudia Rios
Staff Accountant
Roberton C. Williams, III
Director of Academic Programs and
Senior Fellow
Paul R. Portney
University of Arizona
Tiffany Smith
HR Staff Assistant
V. Kerry Smith
Arizona State University
Priscilla Ugoji
Accounting Manager
Brent L. Sohngen
Ohio State University
Jhon Valdez
Desktop Support Analyst
Robert N. Stavins
Harvard University
Marilyn M. Voigt
Executive Assistant to the President
Thomas Sterner
University of Gothenburg
DEVELOPMENT
Matt Woerman
Research Associate
Michael Wolosin
Visiting Scholar
UNIVERSITY FELLOWS
John F. Ahearne
Sigma Xi
John M. Antle
Oregon State University
Jesse H. Ausubel
The Rockefeller University
John E. Tilton
Colorado School of Mines
Jonathan B. Wiener
Duke University
Angela Blake
Development Assistant
Barbara Bush
Donor Relations Director
Gardner M. Brown, Jr.
University of Washington
JunJie Wu
Oregon State University
Key Hill
Director of Foundation and
Corporate Relations
Mark A. Cohen
Vanderbilt University
FINANCE AND
ADMINISTRATION
Amy Kersteen
Development Officer
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
Marilyn Alano
Grants and Contracts Administrator
Mike Viola
Development Associate
Julie Alleyne
Research Division Manager
COMMUNICATIONS
Aris Awang
Database Programmer/Analyst
Danish Baig
Desktop Support Analyst
Jane Bergwin-Rand
Grants and Contracts Administrator
Jeannine Ajello
Digital Strategy Manager
Sarah Aldy
Editor, Resources
Nicole Hardy
Online Communications Associate
Michael Brewer
Mailroom and Purchasing Assistant
Scott Hase
Manager, Institutional Outreach and
Events
Chris Clotworthy
Librarian
Christine Tolentino
Events Coordinator
Khadijah Hill
Staff Assistant
Ellen Walter
Graphic Designer and Production
Associate
Nauman Memon
IT Manager
Mara Parrish
Human Resources Manager
Teri Paz
Accounting Staff Assistant
2012 ANNUAL REPORT
Shannon Wulf
Public Affairs Manager
Adrienne Young
Managing Editor
17
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. NW
Washington, DC 20036
www.rff.org
18
© 2013, Resources for the Future
RESOURCES FOR THE FUTURE