2025 Financials
REEF's 2025 expenses totaled $2.8 million, with 88.5% dedicated directly to conservation, education, and citizen science programs. Our relatively low percentage of expense allocated for fundraising reflects REEF's strong community base and successful grant partnerships. In 2025, administrative expenses focused on supporting the organization’s continued growth as we increased our staff and opened the Ocean Exploration Center, which require investment in systems, personnel, and facilities management to increase the impact of our ocean conservation programs.
REEF's 2025 financial statement includes $3.1 million in capital funding for the Ocean Exploration Center, which opened in June 2025. This major facility investment is reported separately to show the distinction between operating expenses and facility development.
We invest responsibly in organizational capacity because sustainable growth serves conservation. When we strengthen our systems and team, we strengthen our ability to deliver impact for decades to come.
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Almost 90% of our revenue is spent directly on REEF's mission-oriented ocean conservation and education programs.
**REEF's FY25 990 filing also includes $3,127,636 in capital funding for the new Ocean Exploration Center on the REEF Campus in Key Largo, FL (opened June 2025).
You Can Trust REEF
REEF has a proven track record of achieving our mission and making a difference for our oceans. REEF’s focus is to develop strong programming to engage and inspire the public through citizen science, education, and partnering with the scientific community to achieve a healthier ocean.
REEF has an exceptional ‘Give with Confidence’ rating and Four Stars on Charity Navigator, joining the less than 1% of charities with a perfect score for fulfilling our mission in a fiscally-responsible way while adhering to good governance and other best practices. In addition, REEF has been awarded the Platinum Seal of Transparency by GuideStar. These ratings mean your donation goes directly to making a difference for our oceans. REEF also has been consistently recognized as a Top-Rated Non-profit by GreatNonprofits each year and is an approved nonprofit partner in the1% for the Planet network.
Principles and Practices for Nonprofit Excellence
As a charitable nonprofit, REEF follows best practices reflecting accountability and transparency, prudent fiduciary oversight, legal, ethical, and responsible fundraising, and effective governance, as outlined by the National Council of Nonprofits. This includes policies that cover conflicts of interest, accounting activities, Board giving and governance, financial reporting and transparency, and demonstrating REEF's outcomes and effectiveness.
Board Transparency and Governance
The REEF Board of Trustees provides strategic leadership, fiscal oversight, and policy guidance for the organization. The Board meets quarterly to review progress toward REEF’s mission and to make key decisions regarding programs, finances, and long-term planning. Board meetings are closed sessions for Directors to allow candid discussion of organizational and confidential matters. While meeting dates are not publicly posted, REEF is committed to transparency in its governance and financial practices. Stakeholders, members, and supporters are welcome to contact REEF’s Executive Director with questions about governance, or to learn how to engage through committees, volunteer opportunities, or annual member events. REEF publishes annual audited financial statements, IRS Form 990 filings, and an Annual Impact Report summarizing the organization’s impact and major actions approved by the Board.
The Impact of REEF
Click on the infographic above to view REEF's 2025 Imapct Report.
Indirect Cost Limitations
REEF occasionally provides funding through partners, including academic institutions, government agencies, and NGOs, to accomplish aspects of our work. In order to maximize resources, the indirect cost rates for funding cannot exceed 10% for US academic institutions and 15% for NGOs and other institutions. The requirements and activities of each project will be considered when determining direct and indirect costs.