In FY 2016, Ceres expanded its reach and impact with an 18 percent overall increase in expenses allocated among program areas. Overall, 82 percent of Ceres’ operating expenses directly supported program work. Ceres’ revenue base remains diverse, with 51 percent from private foundations; 21 percent from event, sponsorships, corporate foundations, and other revenues; 18 percent from member fees; and 10 percent from individual giving and family foundations. Individual giving increased 69 percent in FY 2016.
October 31, 2016 total net assets were $11.0 million, up from $7.7 million the prior year. Total net assets were 90 percent of FY 2016 expenses, reflecting a solid base of unrestricted reserves and restricted funds for program activities in FY 2017 and beyond.
The financial statements of Ceres, Inc. as of October 31, 2016 were examined by the independent certified public accounting firm Mayer Hoffman McCann P.C., Boston, MA. The above are financial highlights. The complete audited financial statements and report are available for download below. Ceres' fiscal year 2016 started November 1, 2015, and ended October 31, 2016.