FAVER achieved another year of growth. As of December 31, 2017, FAVER’s net assets increased by 7.8% compared to the previous fiscal year.
FAVER’s total revenue for this time period amounted to $11,484,815 and total expenses were $10,418,479.
FAVER’s revenues stem mostly from project specific funding based on the high-quality research proposals submitted by the researchers in our research community.
This table summarizes the statement of functional expenses as submitted to the IRS on FAVER’s “Return of Organization Exempt from Income Tax Form 990.”
|Statement of Functional Expenses||Total||Program||Management|
|Compensation of Current Officers and Key Employees||$121,016||$0||$121,016|
|Other Salaries and Wages||5,477,300||4,807,801||669,499|
|Pension Plans, Other Employee Benefits, and Payroll Taxes||1,078,691||932,434||146,257|
|Conferences, Conventions, and Meetings||65,592||59,499||6,093|
|Research Material Costs||487,878||466,960||20,918|
|Other Personnel Costs||221,345||221,345||0|
As of December 2017, FAVER had no fundraising expenses