resources for the future 2014 annual report...natural gas exploring the risks and benefits of shale...
TRANSCRIPT
2014 ANNUAL REPORT
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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
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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
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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.
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.
“In this polarized environment, RFF’s role as a credible, trusted source of information is more necessary than ever before.”
WelcomeA MESSAGE FROM THE PRESIDENT
President Resources for the Future
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13,000People received RFF’s monthly newsletter, RFF Connection
210Blog posts were written for Common Resources
1,350People attended RFF’s public seminars and events
182Individuals, corporations, foundations, and other institutions supported RFF
3,100Viewers tuned in for RFF’s live event webcasts
4,100Facebook and Twitter users followed RFF
24Academic seminars were hosted by RFF experts
68Researchers and staff made up the RFF team
142Research projects were tackled by RFF experts
17,000People visited Common Resources, RFF’s blog
54RFF publications were produced by RFF experts
14,000Subscribers received Resources magazine
RFF by the NumbersA YEAR IN REVIEW 2014
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Leading Research ExcellenceHIGHLIGHTS OF THE CRITICAL RESEARCH CONDUCTED AT RFF IN 2014
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Climate Policy
Analyzing Policies to Reduce Power Plant Emissions
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.
Disaster Aid
Investigating Options for Funding Disaster Recovery
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.
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Natural Gas
Exploring the Risks and Benefits of Shale Gas Development
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.
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.
Water
Managing Water Resources in the United StatesThe 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.
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.
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Oil and Gasoline
Providing Recommendations on the Future of Fossil FuelsThe 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.
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.
Economy and Environment
Measuring the Impacts of a Carbon Tax in the United StatesFollowing 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.
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.
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Convening Our CommunityHIGHLIGHTS FROM SOME OF RFF’S MOST THOUGHT–PROVOKING EVENTS IN 2014
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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.
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.
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.
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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.
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.
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.
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
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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.
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.
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.
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.
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Engaging in Global IssuesHIGHLIGHTS OF RFF’S FOCUS ON POLICY SOLUTIONS AROUND THE WORLD
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Carbon Trading and Shale Gas
ChinaAs 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.
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 AmericaEnergy 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.
Fuel Conservation
IndiaIndia 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.
Biodiversity
Latin AmericaIn 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 Velez-Lopez 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
EuropeThe 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.
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Enriching Policy DialoguesHIGHLIGHTS OF ANALYSIS BY RFF EXPERTS ON THE MOST IMPORTANT ISSUES OF 2014
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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.”
Alan J. Krupnick, Joshua Linn, and Virginia D. McConnell, Research Questions for the Midterm CAFE Review
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
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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
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
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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.
RESOURCES MAGAZINE
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INDIVIDUALS AND FAMILY FOUNDATIONS
Chairman’s Circle $50,000 and above
Gregory Alexander
Anthony Bernhardt
W. Bowman Cutter
Heising-Simons Foundation
Linden Trust for Conservation
Robert Litterman
Merck Family Fund
S.D. Bechtel, Jr. Foundation
The G. Unger Vetlesen Foundation
President’s Circle $25,000 and above
Paul F. Balser
Larry Birenbaum
W. Bowman Cutter
Samuel Freeman Charitable Trust
Christopher J. Elliman
C. Boyden Gray
Council $5,000 and above
Christopher C. Aitken
James K. Asselstine
Vicky A. Bailey
David Blood
Kristin L. Breuss
Red Cavaney
Preston Chiaro
John M. Deutch
Elaine J. Dorward-King
John Evangelakos
Linda J. Fisher
Kathryn S. Fuller
Edward F. Hand
Robert & Ardis James Foundation
Sally Katzen
Knobloch Family Foundation
Raymond J. Kopp
Rubén Kraiem
Richard E. Kroon
Jan W. Mares
Steven W. Percy
William Pizer
Robert P. Rotella Foundation
John W. Rowe
Roger W. Sant
Henry B. Schacht
Phil Sharp
Lisa A. Stewart
Edward L. Strohbehn Jr.
Associates $250 and above
Anonymous
Merribel S. Ayres
Harold Brown
Dallas Burtraw
Barbara Bush
Trudy Ann Cameron
John M. Campbell
Emery N. Castle
Joel Darmstadter
Sandy Dean
Mohamed T. El-Ashry
Richard Epstein
Robert S. Epstein
Markus Fromherz
William Fulkerson
Kathryn Gabler
Lea Harvey
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
SupportersRFF is sincerely grateful to the following supporters for their generous contributions during 2014.
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CORPORATIONS AND ASSOCIATIONS
Chairman’s Circle $100,000 and above
Duke Energy*
Exelon
Goldman, Sachs & Co.
Plum Creek Timber Company, Inc.
Weyerhaeuser
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
Warburg Pincus*
Council $25,000 and above
American Gas Association
American Honda Motor Company
BASF
CF Industries
Cheniere
Conoco Phillips
DrillingInfo*
EQT*
Hess Corporation
Lockheed Martin Corporation
The National Council for Air and Stream Improvement
Pacific Gas and Electric Company
The Salt River Project
Schlumberger Ltd.
Shell Oil Company
Southern California Edison
TD Bank
Toyota
Associates Less than $25,000American Forest and Paper Association
Bracewell & Giuliani LLP
Consolidated Edison Company of New York
DMV.org
Edison Electric Institute
Merrill Lynch & Co., Inc.*
Microsoft Corporation*
Mitsubishi Corporation
National Alliance of Forest Owners
Pioneer Natural Resources
Raytheon Company*
Southwestern Energy
Stout and Teague
Venable LLP
Vinson & Elkins LLP
Westport Innovations, Inc.
FOUNDATIONS
The Bill & Melinda Gates Foundation
The Energy Foundation
Generation Foundation
The Curtis & Edith Munson Foundation
New Venture Fund
The New York Community Trust
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Rockefeller Family Fund
Alfred P. Sloan Foundation
Smith Richardson Foundation
Tinker Foundation
US Endowment for Forestry and Communities
OTHER INSTITUTIONS
Asian Development Bank
Bipartisan Policy Center
Biotechnology Industry Organization
Cornell University
Deustche Gesellschaft für Internationale Zusammenarbeit
Health Canada
University of Gothenburg
Inter-American Development Bank
IVL, Swedish Environmental Research Institute Ltd.
The Lincoln Institute of Land Policy
National Academy of Sciences
The Nature Conservancy
Research Institute of Innovative Technology for the Earth
Statistics Norway
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
*Matching gift donor
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ASSETS 2014 2013
CURRENT ASSETS
Cash and equivalents $205,653 $50,000Grants and contract revenue receivable 1,133,062 1,348,984Contributions receivable 1,526,222 1,664,517Other receivables 600 788Other assets 224,747 217,473
Total current assets 3,090,284 3,281,762
Contributions receivable, net of current portion 485,854 587,490
INVESTMENTS
Investments at fair value 62,358,875 48,040,529Investment in Land, LLC - 8,900,000
Total investments 62,358,875 56,940,529
Fixed assets - net of accumulated depreciation 6,532,143 6,844,141Assets held under charitable trust agreements 377,197 373,046
Total assets $72,844,353 $68,026,968
LIABILITIES AND NET ASSETS 2014 2013
CURRENT LIABILITIES
Tax-exempt bond financing, current portion $270,000 $260,000Grants and awards payable 77,483 67,750Accounts payable and accrued liabilities 1,722,902 1,612,343Postretirement benefits, current 51,005 53,045Deferred Revenue 677,079 598,563
Total current liabilities 2,798,469 2,591,701
Tax exempt bond financing, net of current portion 4,890,000 5,160,000Postretirement benefits, net of current 548,609 463,763
Liabilities under split-interest agreements 239,544 237,323
Funds held for others 238,925 146,231
Total long-term liabilities 5,917,078 6,007,317
Total liabilities $8,715,547 $8,599,018
NET ASSETS
Unrestricted 54,765,593 49,532,008Temporarily restricted 2,879,306 3,583,035Permanently restricted 6,483,907 6,312,907
Total net assets 64,128,806 59,427,950
Total liabilities and net assets $72,844,353 $68,026,968
Financial Statements
RevenueIn 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.
Year ending September 30th
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CHANGES IN UNRESTRICTED NET ASSETS 2014 2013
REVENUE
Individual contributions $1,879,229 $2,494,226Foundation grants 640,787 1,488,922Corporate contributions 1,188,627 2,300,150Government grants and contracts 2,288,735 2,036,023Other institution grants 1,062,788 972,491Rental income 1,808,727 2,023,711Investment income net of fees 1,267,477 1,567,343Other revenue 8,563 13,017
Total operating revenue $10,144,934 $12,895,884
EXPENSES
ProgramsResearch 7,923,039 8,600,249Academic relations 135,543 185,195Communications 1,340,984 1,255,065Other direct 69,729 221,535
Total program expenses 9,469,295 10,262,044
Fundraising 1,088,990 1,114,947Management and administration 1,833,008 1,795,025Building operations and maintenance 1,283,367 1,261,596
Total functional expenses $13,674,660 $14,433,612
Change in unrestricted net assets from operations (3,529,726) (1,537,728)
NON-OPERATING REVENUES (EXPENSES)
Realized and unrealized gains (losses) on investment transactions 4,051,294 2,807,881Realized gain on sale of investment in Land, LLC 4,179,289 24,581,087
Increase (decrease) in unrestricted net assets $4,700,856 $25,851,241
Net assets at beginning of year $59,427,950 $33,576,709
Net assets at end of year $64,128,806 $59,427,950
ExpensesRFF 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.
LEADERSHIP
Richard L. Schmalensee (Chair)Howard W. Johnson Professor and Dean Emeritus, Sloan School of Management, Massachusetts Institute of Technology
Phil SharpPresident, Resources for the Future
MEMBERS
James AsselstineTyler Hill, Pennsylvania
Vicky A. BaileyPresident, Anderson Stratton Enterprises, LLC; and Principal, BHMM Energy Services, LLC
Paul F. BalserCo-Founder, Ironwood Partners, LLC
Anthony BernhardtNorthern California Director, Environmental Entrepreneurs
Trudy Ann CameronRaymond F. Mikesell Professor of Environmental and Resource Economics, University of Oregon
Red CavaneyAlexandria, Virginia
John M. DeutchInstitute Professor, Department of Chemistry, Massachusetts Institute of Technology
Elaine Dorward-KingExecutive Vice President of Sustainability and External Relations, Newmont Mining Corporation
Daniel EstyClinical Professor of Environmental Law and Policy, Yale Law School
Linda J. FisherVice President and Chief Sustainability Officer, Dupont Environment and Sustainable Growth Center
C. Boyden GrayPartner, Boyden Gray and Associates
David G. HawkinsDirector, Climate Center, Natural Resources Defense Council
Rick R. HolleyChief Executive Officer, Plum Creek
Peter R. KaganManaging Director, Warburg Pincus, LLC
Sally KatzenSenior Advisor, Podesta Group
Rubén KraiemPartner, Covington and Burling, LLP
Robert B. LittermanChairman, Risk Committee, Kepos Capital
Richard G. NewellDirector, Duke University Energy Initiative; and Gendell Associate Professor of Energy and Environmental Economics, Nicholas School of the Environment, Duke University
Henry SchachtManaging Director and Senior Advisor, Warburg Pincus
Robert N. StavinsAlbert Pratt Professor of Business and Government, John F. Kennedy School of Government, Harvard University
Joseph L. StiglitzProfessor of Economics, Business, and International Affairs, Columbia University School of Business
Mark R. TercekPresident and CEO, The Nature Conservancy
Susan F. TierneySenior Advisor, Analysis Group
CHAIR EMERITI
W. Bowman CutterSenior Fellow and Director, Economic Policy Initiative,The Roosevelt Institute
Darius W. Gaskins, Jr.Partner, Norbridge, Inc.
Robert E. GradyManaging Director, Cheyenne Capital Fund
Lawrence H. LindenFounder and Trustee, Linden Trust for Conservation
Frank E. LoyWashington, DC
Board of DirectorsAs of October 2014
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LEADERSHIP
Phil SharpPresident
Edward F. HandVice President, Finance and Administration
Lea HarveyVice President, Development, and Corporate Secretary
Molly K. MacauleyVice President for Research and Senior Fellow
Peter NelsonDirector of Communications
RESEARCH
Francisco AguilarGilbert F. White Postdoctoral Fellow
Joseph E. AldyVisiting Fellow
Allen BlackmanThomas Klutznick Senior Fellow
James W. BoydSenior Fellow and Director, RFF Center for the Management of Ecological Wealth
Timothy J. BrennanSenior Fellow
Stephen P.A. BrownVisiting Fellow
Dallas BurtrawDarius Gaskins Senior Fellow
Ziyan ChuResearch Associate
Roger M. CookeChauncey Starr Senior Fellow
Maureen L. CropperSenior Fellow
Joel DarmstadterSenior Fellow
J. Clarence DaviesSenior Fellow
Alexander EgorenkovResearch Assistant
Rebecca Epanchin-NiellFellow
Carolyn FischerSenior Fellow
Brian FlanneryCenter Fellow, RFF Center for Energy and Climate Economics
Arthur G. FraasVisiting Fellow
Robert FriVisiting Fellow
Leonard GoffResearch Assistant
Hal GordonSenior Research Assistant
Marc HafsteadFellow
Winston HarringtonSenior Fellow
Kristin HayesAssistant Director, RFF Center for Energy and Climate Economics
Jacqueline Ho
Research Assistant Mun Ho
Visiting Fellow
Raymond J. KoppSenior Fellow and Co-Director, RFF Center for Energy and Climate Economics
Carolyn KouskyFellow
Kailin KroetzFellow
Alan J. KrupnickSenior Fellow and Co-Director, RFF Center for Energy and Climate Economics
Yusuke KuwayamaFellow
Benjamin LeardFellow
Joshua LinnSenior Fellow
Antung Anthony LiuFellow
Randall LutterVisiting Fellow
Anna Malinovskaya Research Assistant
Joseph MaherPostdoctoral Fellow
Chuck MasonVisiting Fellow
Jan MaresSenior Policy Advisor
Virginia D. McConnellSenior Fellow
Katrina McLaughlinResearch Assistant
Richard D. MorgensternSenior Fellow
Lucija Anna MuehlenbachsVisiting Fellow
Clayton MunningsResearch Associate
Lucy O’KeeffeResearch Assistant
Sheila M. OlmsteadVisiting Fellow
Karen L. PalmerSenior Fellow and Research Director
Sophie PanResearch Assistant
Anthony PaulCenter Fellow, RFF Center for Energy and Climate Economics
Nigel PurvisVisiting Fellow
William RaichResearch Assistant
Nathan RichardsonVisiting Fellow
Skyler RoeshotResearch Assistant
Heather L. RossVisiting Fellow
Stephen W. SalantVisiting Fellow
James SalzmanGilbert F. White Postdoctoral Fellow
Francisco Santiago-AvilaResearch Assistant
Roger A. SedjoSenior Fellow and Director, RFF Forest Economics and Policy Program
Samantha SekarResearch Assistant
Leonard A. ShabmanResident Scholar
Daniel ShawhanVisiting Fellow
Jhih-Shyang ShihFellow
Experts and StaffAs of October 2014
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Hilary SigmanVisiting Fellow
Juha SiikamäkiSenior Fellow and Associate Research Director
Kenneth A. SmallVisiting Fellow
Alexandra ThompsonResearch Assistant
Peter VailResearch Assistant
Margaret A. WallsSenior Fellow and Research Director
Zhongmin WangFellow
Roberton C. Williams, IIISenior Fellow and Director, Academic Programs
Michael WolosinVisiting Fellow
Hang YinResearch Assistant
UNIVERSITY FELLOWS
John F. AhearneSigma Xi
John M. AntleOregon State University
Jesse H. AusubelThe Rockefeller University
Gardner M. Brown, Jr.University of Washington
Mark A. CohenVanderbilt University
Partha DasguptaUniversity of Cambridge
Robert T. DeaconUniversity of California, Santa Barbara
Hadi DowlatabadiUniversity of British Columbia
Lawrence H. GoulderStanford University
W. Michael HanemannUniversity of California, Berkeley
Charles D. KolstadStanford University
Jon A. KrosnickStanford University
Simon LevinPrinceton University
John A. ListUniversity of Chicago
Anup MalaniUniversity of Chicago
Wallace E. OatesUniversity of Maryland
William A. PizerDuke University
Stephen PolaskyUniversity of Minnesota
Paul R. PortneyUniversity of Arizona
James N. SanchiricoUniversity of California, Davis
V. Kerry SmithArizona State University
Brent L. SohngenOhio State University
Robert N. StavinsHarvard University
Thomas SternerUniversity of Gothenburg
John E. TiltonColorado School of Mines
Jonathan B. WienerDuke University
JunJie WuOregon State University
COMMUNICATIONS
Jeannine AjelloDigital Strategy Manager
Sarah AldyEditor, Resources
Lauren CasertaOutreach Coordinator
Dave CohenPress Secretary
Scott HaseManager, Institutional Outreach
Christine TolentinoEvents Coordinator
Shannon Wulf TregarDeputy Director for Public and Government Affairs
Adrienne YoungManaging Editor
DEVELOPMENT
Angela BlakeDevelopment Assistant
Key HillSenior Director of Development
Khadija HillDevelopment Officer
Emily McLaughlinDevelopment Officer
Mike ViolaDevelopment Operations Officer
Dana YanochaDevelopment Officer
FINANCE AND ADMINISTRATION
Julie AlleyneResearch Division Manager
Jane Bergwin-RandGrants and Contracts Administrator
Michael BrewerMailroom and Purchasing Assistant
Chris ClotworthyLibrarian
Karen FurmanStaff Assistant
Mara ParrishHuman Resources Manager
Charlotte PinedaSenior Staff Assistant
Claudia RiosAccounting Manager
Tiffany SmithHuman Resources Assistant
Marilyn M. VoigtExecutive Assistant to the President
Lester WilkersonPayroll-Project Accounting Clerk
INFORMATION TECHNOLOGY
Aris AwangDatabase Programmer/Analyst
Danish BaigDesktop Support Analyst
Nauman MemonIT Manager
John ValdezDesktop Support Analyst
WWW.RFF.ORG/SUPPORT 24
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