amfAR Audit Final
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The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) d.b.a. “amfAR” and “AIDS Research Foundation” (A New York Not-for-Profit Corporation) Report on Audited Financial Statements For the Year Ended September 30, 2007 (With Summarized Financial Information for the Year Ended September 30, 2006) The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR” and “AIDS Research Foundation” Index September 30, 2007 Page(s) Report of Independent Auditors................................................................................................................ 1 Financial Statements Statement of Financial Position .................................................................................................................... 2 Statements of Activities and Changes in Net Assets.................................................................................... 3 Statement of Cash Flows.............................................................................................................................. 4 Statement of Functional Expenses ............................................................................................................... 5 Notes to Financial Statements ................................................................................................................ 6–17 Report of ...
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The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) d.b.a. “amfAR and “AIDS Research Foundation (A New York Not-for-Profit Corporation) Report on Audited Financial Statements For the Year Ended September 30, 2007 (With Summarized Financial Information for the Year Ended September 30, 2006)
The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR and “AIDS Research Foundation Index September 30, 2007
Page(s)
Report of Independent Auditors ................................................................................................................ 1
Financial Statements
Statement of Financial Position .................................................................................................................... 2
Statements of Activities and Changes in Net Assets .................................................................................... 3
Statement of Cash Flows .............................................................................................................................. 4
Statement of Functional Expenses ............................................................................................................... 5
Notes to Financial Statements ................................................................................................................ 617
Report of Independent Auditors
To the Board of Trustees of The Foundation for AIDS Research
In our opinion, the accompanying statement of financial position and the related statements of activities and changes in net assets, cash flows, and expenses by function present fairly, in all material respects, the financial position of The Foundation for AIDS Research (a New York not-for-profit corporation, d.b.a. "amfAR" and "AIDS Research Foundation") at September 30, 2007, and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of amfAR's management. Our responsibility is to express an opinion on these financial statements based on our audit. The prior year summarized comparative information has been derived from amfAR’s September 30, 2006 financial statements, and in our report dated December 8, 2006, we expressed an unqualified opinion on those financial statements. We conducted our audit of these statements in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
January 22, 2008
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The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR and “AIDS Research Foundation Statement of Financial Position September 30, 2007 (With Summarized Financial Information at September 30, 2006)
Assets Current Assets Cash and cash equivalents Short-term investments (Note 3) Short-term pledges receivable, net (Note 4) Accounts receivable, net Prepaid expenses and other current assets Merchandise inventory and donated assets (Note 5) Total current assets Long-term pledges receivable, net (Note 4) Long-term accounts receivable, net Furniture, equipment and leasehold improvements, net (Note 6) Other assets Total assets Liabilities and Net Assets Current Liabilities Accounts payable and accrued expenses Short-term grants and fellowships payable, net (Note 7) Deferred support and refundable advances Total current liabilities Long-term grants and fellowships payable, net (Note 7) Other long-term liabilities Total liabilities Net assets (Note 12) Unrestricted Temporarily restricted Permanently restricted Total net assets Total liabilities and net assets
2007
$ 8,300,437 13,330,611 864,716 644,798 289,387 513,869 23,943,818 115,427 -840,517 164,484 $ 25,064,246
$ 1,267,408 1,774,385 1,429,967 4,471,760 60,774 566,171 5,098,705 14,848,535 4,815,046 301,960 19,965,541 $ 25,064,246
2006
$ 6,990,867 9,125,691 250,218 817,303 275,203 107,900 17,567,182 -31,432 954,088 141,939 $ 18,694,641
$ 922,602 922,607 998,173 2,843,382 111,980 571,258 3,526,620 11,961,589 2,912,262 294,170 15,168,021 $ 18,694,641
The accompanying notes are an integral part of these financial statements. 2
The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR and “AIDS Research Foundation Statement of Activities and Changes in Net Assets For the Year Ended September 30, 2007 (With Summarized Financial Information for the Year Ended September 30, 2006)
Public support and revenue Contributions Public support (Note 9) Special events, net of direct donor benefit expense of 1,900,536 Planned giving Total Contributions Other support Government funding Total other support Investment income and other revenue (Note 3) Net assets released from restrictions for satisfaction of Time restrictions Purpose restrictions Total net assets released from restrictions Total public support and revenue Program services Research Global initiatives Public policy Education and Information Total program services Supporting services Fundraising Management and general Total supporting services Total expenses Change in net assets Net assets Beginning of year End of year
Year Ended September 30, 2007 Temporaril Permanentl Total Total Unrestricted Restricted Restricted 2007 2006 5,443,812 1,704,345 7,790 7,155,947 6,481,485 9,616,974 125,000 - 9,741,974 6,647,369 1,947,199 - - 1,947,199 1,870,336 17,007,985 1,829,345 7,790 18,845,120 14,999,190 3,735,511 370,192 - 4,105,703 2,744,284 3,735,511 370,192 - 4,105,703 2,744,284 845,601 - - 845,601 539,735
127,000 (127,000) - - -169,753 (169,753) - - --296,753 (296,753) - - -21,885,850 1,902,784 7,790 23,796,424 18,283,209 7,577,791 - - 7,577,791 6,172,240 2,585,001 - - 2,585,001 2,027,859 1,081,867 - - 1,081,867 1,253,817 3,366,625 - - 3,366,625 3,636,827 14,611,284 - - 14,611,284 13,090,743 2,691,494 - - 2,691,494 2,597,071 1,696,126 - - 1,696,126 1,383,095 4,387,620 - - 4,387,620 3,980,166 18,998,904 - - 18,998,904 17,070,909 2,886,946 1,902,784 7,790 4,797,520 1,212,300 11,961,589 2,912,262 294,170 15,168,021 13,955,721 $ 14,848,535 $ 4,815,046 $ 301,960 $ 19,965,541 $ 15,168,021
The accompanying notes are an integral part of these financial statements. 3
The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR and “AIDS Research Foundation Statement of Cash Flows For the Year Ended September 30, 2007 and 2006 (With Summarized Financial Information for the Year Ended September 30, 2006) 2007 2006 Cash flows from operating activities Change in net assets $ 4,797,520 $ 1,212,300 Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities Realized and unrealized (gain)/loss on investments (33,890) 14,820 Depreciation and amortization 342,671 256,777 Loss on disposal of fixed assets 7,964 20,272 Adjustments for permanently restricted contributions (7,790) (9,394) Increase/(decrease) in inventory reserve 43,959 (485) (Decrease)/increase in pledges and accounts receivable reserve (419,197) 365,154 Increase in reserve for unexpended grants and awards (100,000) -Changes in operating assets and liabilities Short-term and long-term pledges receivable (320,786) 334,953 Short-term and long term accounts receivable 213,994 (628,267) Prepaid expenses and other current assets (36,729) 111,301 Merchandise inventory and donated assets (449,928) 3,938 Accounts payable and accrued expenses 344,806 176,466 Short-term and long-term grants and fellowships payable 900,572 (451,704) Deferred support and refundable advances 431,794 63,268 Other long-term liabilities (5,087) (5,515) Net cash provided by operating activities 5,709,873 1,463,884 Cash flows from investing activities Purchases of investments (12,231,764) (7,600,441) Sale of investments 8,060,735 6,911,373 Purchase of furniture, equipment and leasehold improvements (233,084) (582,340) Proceeds from sale of furniture, equipment and leasehold improvements (3,980) (11,970) Net cash used in investing activities (4,408,093) (1,283,378) Cash flows from financing activities Adjustments for permanently restricted contributions 7,790 9,394 Net cash used in financing activities 7,790 9,394 Net increase in cash and cash equivalents 1,309,570 189,900 Cash and cash equivalents Beginning of year 6,990,867 6,800,967 End of year $ 8,300,437 $ 6,990,867 The accompanying notes are an integral part of these financial statements. 4
The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR and “AIDS Research Foundation Statement of Functional Expenses For the Year Ended September 30, 2007 (With Summarized Financial Information for the Year Ended September 30, 2006)
Program Services Supporting Services Total Management Total 2007 2006 Global Public Education & Pro ram and Supporting Total Total Research Initiatives Polic Information Services Fundraising General Services Expenses Expenses Grants and awards $ 3,437,490 $ - $ - $ - $ 3,437,490 $ - $ - $ - $ 3,437,490 $ 2,361,279 Salaries and benefits 1,260,322 882,951 471,580 1,715,919 4,330,772 1,035,067 812,106 1,847,173 6,177,945 5,803,550 Program technical support 357,719 14,367 185,290 17,509 574,885 - - - 574,885 391,159 Professional fees 366,210 369,680 159,832 591,935 1,487,657 636,969 352,621 989,590 2,477,247 1,865,301 Supplies, printing, postage and shipping 1,371,830 64,015 59,082 374,784 1,869,711 413,918 19,704 433,622 2,303,333 2,792,138 Occupancy and telecommunications 443,482 155,368 73,856 200,312 873,018 230,792 205,357 436,149 1,309,167 1,210,389 Travel, conferences and meetings 77,544 1,009,264 74,598 195,723 1,357,129 156,084 50,453 206,537 1,563,666 1,243,517 Depreciation and amortization 118,503 39,077 19,264 51,954 228,798 58,985 54,942 113,927 342,725 257,235 Other 144,691 50,279 38,365 218,489 451,824 159,679 200,943 360,622 812,446 1,146,341 2007 total expenses $ 7,577,791 $ 2,585,001 $ 1,081,867 $ 3,366,625 $ 14,611,284 $ 2,691,494 $ 1,696,126 $ 4,387,620 $ 18,998,904 2006 total expenses $ 6,172,240 $ 2,027,859 $ 1,253,817 $ 3,636,827 $ 13,090,743 $ 2,597,071 $ 1,383,095 $ 3,980,166 $ 17,070,909
The accompanying notes are an integral part of these financial statements. 5
The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR and “AIDS Research Foundation Notes to Financial Statement September 30, 2007
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Organization and Current Programs The Foundation for AIDS Research is an international not-for-profit organization incorporated in New York in 1989. amfAR was formed through the unification in 1985 of two not-for-profit organizations, the AIDS Medical Foundation (“AMF),incorporated in New York in April 1983, and the National AIDS Research Foundation, incorporated in California in August 1985. First based in California, amfAR transferred its legal domicile to New York in 1989, using the initial incorporation documents of AMF, making it AMF’s legal successor. amfAR has offices in New York, NY, Washington, D.C., and Bangkok, Thailand. On March 7, 2005, the board of trustees of the American Foundation for AIDS Research approved a change in legal name to “The Foundation for AIDS Research. On October 18, 2005, the New York State Department of State approved this change. In addition, the Foundation has secured approval for Doing Business As (DBA) the following: • American Foundation for AIDS Research • amfAR • AIDS Research Foundation amfAR is dedicated to ending the global AIDS epidemic through innovative research. The Foundation accomplishes this mission through: • research to explore scientific approaches for preventing and treating HIV infection and enhancing the health and survival of people with HIV/AIDS; • global initiatives to facilitate the development and implementation of effective research, treatment, prevention, and education strategies in developing countries; • public policy analysis and the advocacy of rational and compassionate policies that promote public health and protect the rights of people threatened by HIV/AIDS; and • education and information programs to build awareness of the continued threat HIV/AIDS poses and to provide up-to-date medical, scientific, and prevention information to people with HIV/AIDS, healthcare professionals, and the public. Research amfAR supports research projects that explore novel approaches to scientifically sound but untested hypotheses in all areas of research on HIV/AIDS, funding goal-oriented grants and fellowships that often lack the preliminary data required for support from traditional grant-makers. The Foundation plays a vital role in HIV/AIDS research, identifying critical gaps in knowledge and providing essential seed money that enables grantees and fellows to test the merits of new concepts or technologies that subsequently can be validated through large-scale studies, such as those funded by the National Institutes of Health (NIH). amfAR fellowships allow talented young investigators to conduct original investigations under the guidance of experienced scientists, helping to ensure the long-term vitality of AIDS research. Both grants and fellowships are selected through a rigorous process of peer review by a team of independent HIV/AIDS experts drawn largely from the volunteer scientists on amfAR’s Scientific Advisory Committee (SAC). Guided by its scientific advisors and with the approval of its board of
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The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR and “AIDS Research Foundation Notes to Financial Statement September 30, 2007
trustees, amfAR pursues a strategic research plan that focuses on the treatment, prevention, and cure of HIV/AIDS. Research studies make an initial impact on the AIDS field and the broader scientific community when published in scientific journals. In the past year, approximately 40 scientific publications resulted from amfAR-funded research. These covered current and past targeted areas of research interest such as cellular restriction factors, AIDS vaccine development, drug resistance and other treatment complications, and HIV transmission and acute infection. In December 2006, amfAR awarded six research grants and two fellowships for new research into rectal transmission of HIV. The awards, which were part of the Foundation’s Rectal HIV Transmission Initiative, totaled nearly $1 million. In January 2007, amfAR issued a request for proposals (RFP) seeking research projects that aim to optimize the treatment of HIV infection. This RFP focused on research gaps that were identified through discussions with health department officials and researchers at the Centers for Disease Control and Prevention (CDC). In June 2007, the Foundation announced nearly $1.2 million in grants for eight new research projects and two fellowships aimed at increasing understanding of the social and biological factors influencing HIV/AIDS treatment. Also in June 2007, the Foundation issued two additional RFPs. The newly established Mathilde Krim Fellows in Basic Biomedical Research will provide funding for exceptional researchers who are new to the field of HIV/AIDS research. The second RFP solicited proposals for new studies of the effects of psychoactive drugs and mental health issues on HIV transmission and acquisition. Global Initiatives amfAR’s Global Initiatives program utilizes the Foundation’s scientific, social science, public policy, and education and information expertise to help healthcare workers and AIDS organizations in resource-limited countries develop and implement effective research, treatment, prevention, and professional and community education programs. amfAR’s TREAT Asia initiative is a network of hospitals, clinics, and research institutions working with civil society to ensure the safe and effective delivery of HIV/AIDS treatments across Asia and the Pacific. The seventh annual TREAT Asia Network Meeting took place in Hanoi, Vietnam, in September 2007. TREAT Asia pioneered the region’s first HIV observational database, which now includes anonymous data collected from more than 3,500 patients. The information gathered and analyzed through the TREAT Asia HIV Observational Database (TAHOD) informs the development of more effective research and treatment programs and helps define treatment standards specific to HIV/AIDS in Asia. In the past year, TAHOD investigators produced seven research publications in such prestigious peer-reviewed journals as The Journal of Acquired Immune Deficiency Syndrome , HIV Medicine , and Clinical Infectious Diseases . Representing more than 6,000 HIV-positive children in Asia, TREAT Asia’s Pediatric Network includes 34 sites in eight countries. The second annual Pediatric Network meeting was held in November 2006. The TREAT Asia Pediatric HIV Observational Database (TApHOD), a major component of the pediatric program, began collecting data in Fall 2007.
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The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR and “AIDS Research Foundation Notes to Financial Statement September 30, 2007
TREAT Asia was selected to manage the Asia-Pacific section of a collaboration known as the International Epidemiologic Databases to Evaluate AIDS (IeDEA), which was established by the U.S. National Institute of Allergy and Infectious Diseases, and began its first year of operation in 2007. To support IeDEA, TREAT Asia is contributing anonymous data from more than 6,000 patients in 44 clinical centers in the Asia-Pacific region, including Australia. TREAT Asia is working with organizations in the Netherlands to build capacity to monitor the emergence of HIV drug resistance in Asia and Africa. The TREAT Asia Studies to Evaluate Resistance (TASER) program made significant progress over the past year in implementing complex resistance studies. Researchers participating in an allied program, the TREAT Asia Quality Assurance Scheme (TAQAS), which helps standardize the performance of HIV drug resistance labs in the region, held an annual meeting in Bangkok in August 2007. Recognizing the need for health education for HIV-positive women, TREAT Asia co-facilitated ongoing antiretroviral treatment workshops for more than 20 women beginning in Cambodia in December 2006. Another amfAR-supported program provides treatment education and training to physicians and healthcare providers in conjunction with the Cambodian National HIV Care Training program. As part of its commitment to strengthen understanding of HIV treatment among Asia’s most affected communities, TREAT Asia has launched several initiatives involving regional civil society organizations. The Purple Sky Network, which brings together more than 80 organizations, works in the Greater Mekong Sub-Region to address the rise of HIV among men who have sex with men (MSM). TREAT Asia serves as the network’s regional coordination secretariat. In addition, TREAT Asia’s Asian Community for AIDS Treatment and Advocacy (ACATA) provides training for young treatment advocates and community activists. In June 2007, amfAR launched another important global program, the MSM Initiative, to address the spread of HIV among MSM. This effort will enable the Foundation to award small targeted grants to grassroots organizations in developing countries to support HIV/AIDS services for MSM. The Initiative will also promote advocacy aimed at increasing funding for prevention and treatment programs for MSM, and at ending stigma, discrimination, and violence against them. Public Policy Informed by thorough research and analysis, amfAR is a highly respected advocate of rational and compassionate AIDS-related public policy. The Foundation's Public Policy program is engaged in efforts to secure necessary increases in funding for HIV/AIDS research; implement an evidence-based, national HIV prevention strategy, including repeal of the current ban on federal funding for syringe exchange programs; expand access to care and treatment; and protect the civil rights of all people affected by HIV/AIDS. On World AIDS DayDecember 1, 2006amfAR held a Congressional briefing, HIV/AIDS in the U.S.: Focusing on the Needs of African-American Women . The briefing, which was conducted in collaboration with the Sexuality Information and Education Council of the United States, focused on HIV prevention, education, care, and treatment for African-American women and families living with HIV. In February 2007, amfAR also co-sponsored a conference in Los Angeles titled It’s All About M.E.E. , which was organized by the Black AIDS Institute to address the HIV epidemic among African-American women.
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The Foundation for AIDS Research (formerly known as The American Foundation for AIDS Research) (A New York Not-for-Profit Corporation) d.b.a. “amfAR and “AIDS Research Foundation Notes to Financial Statement September 30, 2007
amfAR sponsored the 6 th Annual Harm Reduction Coalition Conference, which was held in November 2006 in Oakland, CA. Also in November, amfAR co-sponsored a meeting in Washington, D.C., titled Opportunities for Improving HIV Diagnosis, Prevention and Access to Care in the U.S. , to discuss the new HIV testing guidelines issued by the CDC. In February 2007, amfAR was a partner in organizing the HIV Prevention Research Advocacy Workshop in Los Angeles, a training event focused on increasing advocates’ knowledge about HIV prevention research methodology, ongoing challenges, and future opportunities. In March 2007, amfAR organized and co-sponsored a Congressional briefing, Drug Use Fueling Epidemics in the East , to educate legislators and their staff about the role of injection drug use in the spread of HIV throughout Asia and Eastern Europe. The briefing included a panel of international experts who pointed to increased use of injection drugs and a lack of harm reduction programs as drivers of the epidemic. As part of its advocacy of harm reduction programs to prevent the spread of HIV infection, amfAR funds the only annual national survey of U.S. syringe exchange programs, which is traditionally published in the CDC’s Morbidity and Mortality Weekly Report (MMWR). Under contract with the New York State Department of Health’s AIDS Institute, amfAR continued to administer the distribution of harm reduction supplies to the 17 authorized syringe exchange programs statewide, which currently serve more than 121,000 registered participants. Education and Information amfAR seeks to translate and disseminate information on important AIDS-related research, treatment, prevention, and policy issues to diverse audiences and to stimulate broad awareness of the need for better treatment and prevention methods. amfAR also organizes and hosts community forums for people living with or affected by HIV/AIDS, publishes a wide range of educational materials, maintains an informative website, and engages respected public figures, HIV/AIDS scientists, and policy makers in communicating the need for continued research to develop new methods of prevention, treatment, and, ultimately, a cure for AIDS. Accredited by the Accreditation Council for Continuing Medical Education (ACCME), the Foundation develops and organizes continuing medical education (CME) courses for physicians and other healthcare professionals. From June to September 2007, amfAR conducted a series of CME programs for more than 550 physician assistants and nurse practitioners on Improving HIV Treatment Outcomes and Care for the Treatment-Experienced Patient . These programs were held in Raleigh-Durham; Albany, NY; San Diego; Los Angeles; Denver; Atlanta; Indianapolis; Portland, OR; Kansas City, MO; and Boston. The meetings featured case-based interactive presentations integrated with study data. amfAR also co-sponsored the 2 nd National Conference on Methamphetamine, HIV, and Hepatitis in Salt Lake City in February 2007, which provided CME credits to physicians who attended. In 2007, amfAR conducted two live interactive community forums in Seattle (January) and Las Vegas (May) titled Understanding Antiretroviral Therapy: Lessons for the Treatment Experienced Patient . The forums, which were attended by nearly 100 participants each, targeted treatment-experienced individuals, caregivers, social workers, educators, nurses, and other healthcare providers, and were supported by educational grants from Boehringer Ingelheim and Gilead Sciences.
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