Foundation Fighting Blindness

CharityWatch's rating of Foundation Fighting Blindness (FFB) also includes the financial activities of the affiliates consolidated in the FFB audited financial statements for the fiscal year ended June 30, 2025. 

According to the Foundation Fighting Blindness consolidated audit of June 30, 2025 (Note 1, Organization and Summary of Significant Accounting Policies, Organization):

"...The Foundation’s affiliates are as follows:

Foundation Fighting Blindness Retinal Degeneration Fund (The RD Fund), a supporting organization, of which the Foundation is the sole member, supports late preclinical studies and early-stage clinical trials for retinal degenerative diseases.

Macular Degeneration International, Inc. (MDI), an affiliated organization, is a nonprofit corporation organized under the laws of the state of Illinois.

National Retinitis Pigmentosa Foundation, Inc. (NRPF), an affiliated organization, is a nonprofit corporation organized under the laws of the state of Maryland."

According to the Foundation Fighting Blindness consolidated audit of June 30, 2025 (Note 1, Organization and Summary of Significant Accounting Policies, Principles of Consolidation):

"The consolidated financial statements include the accounts of the Foundation and the RD Fund (collectively referred to as the Organization). All significant intercompany balances and transactions between entities have been eliminated in consolidation. There was no financial activity for MDI and NRPF for the years ended June 30, 2025 and 2024."

According to the Foundation Fighting Blindness consolidated audit of June 30, 2025 (Note 6, Commitments and Contingencies, Research Grants):

"The Foundation has entered into grants with conditional renewal options including milestones. As of June 30, 2025, total conditional research commitments, including milestone contracts, were $36,701,592, which will be recognized in the consolidated financial statements when the conditions have been substantially met."

According to the Foundation Fighting Blindness consolidated audit of June 30, 2025 (Note 6, Commitments and Contingencies, Co-funding Agreements):

"The Organization entered into co-funding agreements as a form of programmatic lending with two separate for-profit research companies. Each agreement outlined initial research funding, not to exceed $7,500,000 to either company, provided by the Organization. As of June 30, 2025, the Organization had paid a total of $12,250,000, with a potential $750,000 remaining to be funded. The agreements included repayment terms whereby the Organization could be entitled to payments of up to $59,500,000 if both companies achieve commercial success in the future...

...The funded amounts were recorded as grant expense on the consolidated statements of activities in previous years when the funding occurred. Given the potential for any future repayment was highly uncertain, the receivable balance was insignificant.

The Organization entered into a co-funding agreement as a form of programmatic lending with Opus Genetics on June 13, 2025. The agreement outlined initial research funding, not to exceed $2,000,000, provided by the Organization. As of June 30, 2025, the Organization had paid a total of $1,000,000, with a potential $1,000,000 remaining to be funded. The agreement included repayment terms whereby the Organization could be entitled to payments of up to $8,000,000 if the company achieves commercial success in the future...

...The funded amounts were recorded as grant expense on the consolidated statements of activities. Given the potential for any future repayment was highly uncertain, the receivable balance was insignificant." 

According to the Foundation Fighting Blindness consolidated audit of June 30, 2025 (Note 7, Concentration of Risk):

"...The Organization received approximately 18% and 37% of its total public support from its Board of Directors and national trustees during the years ended June 30, 2025 and 2024, respectively..."

According to the Foundation Fighting Blindness consolidated audit of June 30, 2025 (Note 10, Related-Party Transactions):

"Given the Organization’s singular focus on inherited retinal degenerative diseases and the limited pool of relevant experts to serve as advisors and investigators, there is some overlap in the Organization’s operations and the research supporting the Organization’s mission. The Organization’s policy to mitigate this overlap requires that all grant applications be subject to independent evaluation by appropriate peer reviewers prior to grant commitment. The review and final approval process excludes anyone directly associated with the application, and anyone, including scientific experts, who, in any other way, has a recognizable conflict of interest.

During the years ended June 30, 2025 and 2024, the Organization committed funds in the amount of $3,243,878 and $3,048,726, respectively, to research projects whose principal research investigators also serve as scientific experts."

According to The Foundation Fighting Blindness (FFB) tax filing for the fiscal year ended June 30, 2025, FFB reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):

Regarding severance payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, line 4a):

"...In calendar year 2024, Claire Gelfman received a severance payment of $20,000..."

[Gelfman had total reported compensation of $373,020 during 2024 (IRS Form 990, Schedule J, Part II)]. 

Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, line 7):

"FFB employees participate in an annual incentive plan (AIP). The plan provides an annual cash bonus, depending upon the achievement of pre-determined organization and individual performance criteria."

FBB reports providing "bonus & incentive compensation" during 2024 to 14 individuals. Jason D. Menzo, CEO, received $98,225 of bonus and incentive compensation with total reported compensation of $723,931. The remaining 13 individuals received between $15,982 to $47,837 with total compensation ranging from $225,004 to $540,342. The above compensation figures include compensation from related organizations as reported in row (ii), if applicable.

According to The Foundation Fighting Blindness (FFB) 2025 tax filing: "Jonathan Steinberg and Joshua Steinberg have a family relationship" (IRS Form 990, Schedule O re: Form 990, Part VI, Section A, line 2).

Jonathan Steinberg is reported as the Board Chair, Science, of FBB and is reported as both an Officer and a Director; Joshua Steinberg is reported as a Director (IRS Form 990, Part VII, Section A). FBB reports having 25 voting members on its governing body at the end of fiscal 2025, with 24 members being independent (IRS Form 990, Part VI, Section A, lines 1a & 1b).