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Maryland · Nonprofit

FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND

FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND (Maryland) receives grants from 7 organizations whose IRS filings report $156,040 to it, the largest being FIDELITY INVESTMENTS CHARITABLE GIFT FUND ($78,508). 4 of them have funded it in more than one year, and 83% of the money arrives through donor-advised or pass-through sponsors rather than from an institution directly.

Revenue FY2025
$7.0M
Funders on record
7
Grants received
$156k
Net assets
$60M
4/7 repeat funderspeak grant-dependency 0%
01What it does

What Foundation Fighting Blindness Retinal Degeneration Fund does

Mission

The Foundation Fighting Blindness Retinal Degeneration Fund's mission is to accelerate the translation of retinal laboratory-based research into clinical trials to expedite the commercialization of patient therapies.

As stated on its FY2025 Form 990.

Program

  1. The Foundation Fighting Blindness Retinal Degeneration Fund (rd fund) aims to deliver life-changing solutions for individuals with retinal degenerative diseases today, while creating a pipeline of next-generation and novel therapeutic opportunities for tomorrow. Rd fund is flexible in how it structures investments leveraging equity, debt, royalty, and/or project co-funding. All proceeds of this high-impact philanthropic vehicle are returned to the foundation to provide resources for furthering its mission. Rd fund accomplishes this by investing in early stage biotechnology companies that are focused on advancing promising therapies for retinal degenerative diseases.

    $2,402,495 spentof which $1,000,000 as grants
    100% of program spending

The program described on its FY2024 Form 990. Program spending in total: $2,402,495.

02The organization over time

The organization over time

Each line starts at 100 in 2017, so what you read is the shape rather than the size: 150 means half as much again as 2017, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.

100 = 20172017 Revenue 100 ($5.4M) Expenses 100 ($4.8M) Net assets 100 ($1.8M)2018 Revenue 245 ($13M) Expenses 246 ($12M) Net assets 183 ($3.2M)2020 Revenue 221 ($12M) Expenses 62 ($3.0M) Net assets 587 ($10M)2021 Revenue 392 ($21M) Expenses 42 ($2.0M) Net assets 1742 ($31M)2022 Revenue 285 ($15M) Expenses 22 ($1.1M) Net assets 2558 ($45M)2023 Revenue 172 ($9.3M) Expenses 21 ($1.0M) Net assets 2689 ($47M)2024 Revenue 162 ($8.8M) Expenses 27 ($1.3M) Net assets 2981 ($52M)2025 Revenue 129 ($7.0M) Expenses 51 ($2.4M) Net assets 3389 ($60M)
'17'18'20'21'22'23'24'25
Revenue (129)Expenses (51)Net assets (3389)Peer revenue range

Balance sheet

Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2020 to 2021, from $11M to $31M (+171%).

$4.9M
$3.9M
$11M
$31M
$45M
$47M
$52M
$60M
'17'18'20'21'22'23'24'25
Total assetsTotal liabilities

How it's funded, over time

Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.

2017
2018
2020
2021
2022
2023
2024
2025
ContributionsProgram revenueInvestmentOther

125% of FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND’s revenue is contributions — more reliant on donations than three-quarters of its peers (51% for the typical peer).

This organization
Typical peer · 8,611 orgs

Surplus & reserves

Operating surplus or deficit each year, and months of liquidity in hand. 0 of the last 8 reported years ran a deficit.

$614k
’17
$1.4M
’18
$9.0M
’20
$19M
’21
$14M
’22
$8.3M
’23
$7.4M
’24
$4.6M
’25
0.6
months of
reserve

Leadership and staff

The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.

Chief executive

Jason D Menzo

CEO

Board chair

Adrienne Graves Phd

Chairman

As listed on its FY2025 Form 990.

'17'18'20'21'22'23'24'25
Listed1416111112151515
Joined·+4·+1+3+4+1+1
No longer listed·2·12111
03Who funds it

Who funds it, year by year

2017 → 2023: the base broadened from 1 funder to 2 funders, grant income rose $6k → $13k.

3 of 7 of your funders are donor-advised or pass-through sponsors (tagged DAF) — 83% of grant dollars received. That money is really individual donors directing a sponsor; the institutions to cultivate are the non-DAF funders.

Left out of every figure on this page: $92M from one payer (the payer shares this organization's board, largest The Foundation Fighting Blindness Inc). These are real filings, and they are not money FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND raised.

From the IRS filings of FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND’s funders (the co-funder graph). Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.

How concentrated its funding is

FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND leans on a few funders — its largest provides 50% of grant income and the top three 92%; half comes from just 1 funder.

the vertical line marks half of all grant income — 1 funder to its left

98% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND.

50%
largest funder
92%
top three
~3
effective funders

Largest funder’s share by year: 2017 100% · 2018 73% · 2019 39% · 2020 58% · 2021 43% · 2022 54% · 2023 96% — diversifying over time.

“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.

Where its funders are

83% of FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND's grant income arrives through donor-advised or pass-through sponsors, whose addresses record where the money is held rather than where the donor is. Of the $26k that is directly attributable, 100% of it comes from funders outside Maryland, across 4 states.

MN
CT
NC
GA

In-state vs out-of-state, by year

’17
’18
’19
’20
’21
’22
’23
Maryland out of state home

Funder states come from each funder’s own filing. $130k arriving through sponsors registered in 3 states is excluded from the map and the split above: a sponsor holds money on a donor’s behalf, so its registered address would place those dollars somewhere no donor need ever have been. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.

04Its place in the field

Against its field

FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND runs a healthier operating margin than three-quarters of the 4,665 health nonprofits its size.

Operating margin65% · top quartile
Months of reserve0.6mo · bottom quartile
Revenue growth (annualized)3% · below the median

this organization peer median middle 50% of peers· 4,665 health nonprofits $1M–$10M, FY2025

Organizations like FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND

Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.

In Maryland

Nationally

05Profile & governance

Read directly from this organization’s own Form 990, as neutral context.

Where the money goes

98% of spending goes to programs.

Program 98%Management 2%Fundraising 0%

Governance

11
board members
91%
independent
✓Conflict-of-interest policy✓Whistleblower policy✓Document retention✓Board reviewed the 990✓Audited financials

Footprint & structure

Part of a family of 3 related entities

  • The Foundation Fighting Blindness Inc · exempt
  • Macular Degeneration International Inc · exempt
  • National Retinitis Pigmentosa Foundation · exempt

Screen this organization

A dated, signed PDF of the compliance screen for FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.

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Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf

Questions and answers

Who funds FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND?
FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND (Maryland) receives grants from 7 organizations whose IRS filings report $156,040 to it, the largest being FIDELITY INVESTMENTS CHARITABLE GIFT FUND ($78,508). 4 of them have funded it in more than one year, and 83% of the money arrives through donor-advised or pass-through sponsors rather than from an institution directly.
How many funders does FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND have?
IRS filings report 7 organizations giving $156,040 in grants to FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND, 4 of which have funded it in more than one year.
Who is the largest funder of FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND?
FIDELITY INVESTMENTS CHARITABLE GIFT FUND is the largest funder on record, with $78,508 in grants. The full list of funders is on this page.
How can an organization like FOUNDATION FIGHTING BLINDNESS RETINAL DEGENERATION FUND find more funders?
Start with the funders already giving here, then look at the foundations that back similar organizations in Maryland. The funding by cause and by state pages list the largest funders for a given area and how to approach them.

These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2025 (financials across 2017–2025), and the filings of 7 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 14, 2026. What this page cannot tell you · view filing