Following the challenges of 2020, 2021 continued to be a an unusual year for REEF's financials because of COVID-19 pandemic. REEF continued to allocate over 80% of our revenue to program-related expenses. Our program income was down, but thanks to the generosity of our members, contribution income was higher than usual. We also received CARES Act funding, which helped bridge the gap with lower Program Services Income.
Over 80% of our revenue is spent directly on REEF's mission-orriented ocean conservation and education programs.
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 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.
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.