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Environmental Defense Fund completed fiscal 2012 on a sound financial footing, with a record level of program expenditures from continued strong growth in support.
We raised $116.5 million in new funds, including pledges and grants paid during the year and to be paid in future years. This compares to $98.1 million raised in fiscal 2011.
Contributions and membership provided $77.5 million, or 66% of our total support and revenue for the year. Foundation grants accounted for $30.1 million, or 26%.
We spent a total of $105.4 million in fiscal 2012. Program services accounted for 82%, or $86.2 million, a new record. Development represented 8% of expenditures, while management and administration was 7%. Membership and new member acquisition totaled 3%.
Considering both revenues and expenses, our total net assets at the end of the year were $156.6 million, an increase of $14.5 million over the prior year.
We report our results using Generally Accepted Accounting Principles (GAAP), which require us to record income based on the year funds are raised, not in the year designated for use, among other requirements.
The financial statement's Unrestricted column parallels our operating budget. To build the budget, we look first at funds available from multiyear gifts, then at a forecast of new fundraising and prospective spending.
As the year unfolds, we monitor fundraising closely and adjust our spending patterns to maintain a balanced budget.
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