As of December 31, 2019, the Cystic Fibrosis Foundation, a 501(c)(3) nonprofit organization, had unrestricted financial reserves of about 11 times its budgeted 2020 expenses, following a royalty sale in 2014. The sale was made possible by the Foundation’s successful venture philanthropy model, through which we have raised and invested hundreds of millions of dollars to help discover and develop breakthrough CF therapies. This and any future revenue from our model is reinvested into the CF Foundation’s mission to cure cystic fibrosis and to provide all people with CF the opportunity to lead long, fulfilling lives. To obtain a copy of our latest Annual Report, visit https://www.cff.org/About-Us/Reports-and-Financials/, email info@cff.org or call 1-800-FIGHT-CF.