AFSA, Inc.

The American Fibromyalgia Syndrome Association, Inc.

  Research   Education   Patient Advocacy

Financial Summary

July 1, 2004 to June 30, 2006

Your Dollars Go To Research

AFSA began raising money for research in March of 1994, and as of June 30, 2006, we have raised $1,746,456 and funded 30 projects on FMS/CFS. We continue to be an all-volunteer organization with no major overhead expenses (we receive all in-kind services free from Fibromyalgia Network). AFSA operates this way because we understand that you want your generous donations to go to research, not administrative expenses. Our financial summary for the past two years (July 1, 2004 to June 30, 2006) has been combined for ease of presentation and appears in the table below.

Ordinarily, AFSA strives to maintain a fund balance between $80,000 and $100,000—enough to ensure that any new and exciting proposal submitted to AFSA can be awarded. However, last year we had a larger-than-normal balance due to the enormous generosity of Dyrna Hastings, who put AFSA in her will. It is sad to lose a person with fibromyalgia, but her desire to see that more research is conducted on FMS has led to the development of our new sleep research initiative (as described in the November 2006 Update).

We are proud of our finances and will gladly send United States residents our IRS-990 report. All we ask is that you mail us a self-addressed, stamped envelope (9"x12" size) with $4.60 postage so that we can keep expenses to a minimum. AFSA is picky about the projects it funds. We don't fund behavioral studies or "do-it-yourself approaches," and all proposals must be budget-conscious. Your charitable contributions are definitely needed to help us continue with our research-funding mission!

Financial Summary for July 1, 2004 to June 30, 2006
REVENUE
EXPENSES
Contributions:
$444,453
Research Grants:
$97,528
Interest & Other:
$7,040
Educational:
$4,058
Note Cards:
$348
Operating Expense:
$10,491
Total Revenue:
$451,851
Total Expenses:
$112,077



Click here to download the July 1, 2001 - June 30, 2002 Financial Report, plus a summary of past years  —  352kb (PDF)

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Click here to view Financial Reports from previous years


 

Notes To Financial Statements

Note 1 - Accounting Policies

Description of operations

The American Fibromyalgia Syndrome Association, Inc. (AFSA) is a non-profit corporation whose primary mission is to encourage scientific research toward finding the cause of and cure for fibromyalgia syndrome and chronic fatigue syndrome, as well as to promote public awareness and understanding of these conditions. AFSA accomplishes this mission by funding exceptional research that is focused on the physiology and treatment of these illnesses. It also educates the public through dissemination of free information packets and newsletters. The majority of AFSA's revenue is derived from contributions from the public and from the sale of informational items.

Inventory

Inventory consists of informational note cards and are recorded at cost on a first-in, first-out basis.

Donated services

AFSA receives donated services for certain functions. However, there is no objective basis for measuring the value of donated services. Therefore, no amounts have been included in the accompanying financial statements for these services.

Revenue recognition

Contributors, though often called members, do not receive any goods or services for their contributions that are not available to the general public at no charge. Therefore, AFSA recognizes all contributions as revenues when received, except for pledges. Pledges are recognized as revenue at the time that monies associated with the pledge are received. Contributions and sales are considered to be available for unrestricted use unless specified by the contributor.

Research grants

AFSA's primary goal is to fund medical research projects on fibromylagia syndrome, chronic fatigue syndrome, and related areas. Each year, AFSA attempts to maximize the amount it awards in grants of this type. To ensure that the most worthy and promising research projects are funded, AFSA utilizes a Medical Advisory Committee (MAC) to review and grade grant applications received by AFSA. The MAC is comprised of many of the most noted researchers in the area of fibromylagia and chronic fatigue syndrome research. In addition to the MAC, AFSA enlists the advice of other experts in the field on an as-needed, voluntary basis. Grades received from the MAC are the primary tool used by the Executive Committee in deciding which projects should be funded. However, the Executive Committee is ultimately responsible for making all funding decisions.

Conflict of interest

All members of AFSA's Board of Directors and Medical Advisory Committee are governed by a conflict-of-interest policy. This policy precludes members from voting on motions with respect to which he/she may have a conflict of interest. Conflict of interest is deemed to exist if the member would directly benefit, personally or professionally, from a motion that has been made.

Note 2 - Tax Status

AFSA is a not-for-profit voluntary health organization, exempt from federal and state income tax under Section 501(c)(3) of the Internal Revenue Code and Sections 23701d of the General Statutes of California. AFSA's advanced ruling period under Federal law ended June 30, 1998. AFSA has now received its final approval as a publicly supported organization described in sections 170(b)(1)(A)(1) or in section 509(a)(2) of the Internal Revenue Code.


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AFSA, Inc., PO Box 32698, Tucson, AZ  85751
(520) 733-1570

Copyright 1998-2007 - American Fibromyalgia Syndrome Association, Inc.