Finances

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.

FY2017 Funding Sources

FY2017 Funding Sources

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
Legal Fees 4,598 4,598 0
Accounting Fees 41,750 0 41,750
Other Fees 139,310 84,898 54,412
Office Expenses 37,996 31,234 6,762
Information Technology 21,087 12,350 8,737
Occupancy 25,650 0 25,650
Travel 72,686 63,114 9,572
Conferences, Conventions, and Meetings 65,592 59,499 6,093
Depreciation 75,583 0 75,583
Insurance 15,213 0 15,213
Research Material Costs 487,878 466,960 20,918
Other Personnel Costs 221,345 221,345 0
Subawards 2,521,335 2,521,335 0
Other 11,449 8,124 3,325
Total $10,418,479 $9,213,692 $1,204,787

As of December 2017, FAVER had no fundraising expenses