International Food Policy Research Institute Financial Statements and Schedules December 31, 2024 and 2023 (With Independent Auditors’ Report Thereon) Table of Contents Statement of the Board Chair .......................................................................................................................... 1-2 Management Statement of Responsibility for Financial Reporting and Internal Controls ................................ 3 Independent Auditorʼs Report ............................................................................................................................ 4 Statements of Financial Position ........................................................................................................................ 6 Statements of Activities ..................................................................................................................................... 7 Statements of Functional Expenses .................................................................................................................... 8 Statements of Changes in Net Assets ................................................................................................................. 9 Statements of Cash Flows ................................................................................................................................ 10 Notes to Financial Statements .......................................................................................................................... 11 Supplementary Information ........................................................................................................................... 266 Supplemental Schedule 1 Schedule of Revenue and Expenses by Funding Type ........................................ 277 Supplemental Schedule 2 Summary of Grant and Contract Income ................................................................ 28 Supplemental Schedule 3 Schedule of Certain Contracts and Grants .............................................................. 33 Supplemental Schedule 4 Indirect Cost Rate ................................................................................................... 34 Supplemental Schedule 5 – HarvestPlus Program ........................................................................................... 39 Note To Supplemental Schedule 5 ................................................................................................................... 45 Statement of the Board Chair For the Year Ended December 31, 2024 As we reflect on 2024 and look to the future, it is clear that IFPRI’s mission remains vital, but food policy research must adapt to an evolving world. The landscape of global development and international cooperation is rapidly changing amid unabated conflicts, crises, misinformation, growing geopolitical uncertainties and, as we write this in May 2025, a sharp decline in development assistance and a shaken international trading system. Yet the fundamental need for high-quality evidence and independent policy analysis remains more critical than ever. Research-based, timely, and well-coordinated actions have the power to build communities that are healthier and more food secure, resilient, and sustainable worldwide. Throughout 2024, IFPRI worked with local, national, and global partners to develop policy-relevant evidence that addresses widespread malnutrition, builds resilience in fragile and conflict-affected food systems, and supports country-led efforts to improve people’s lives and livelihoods. This included conducting essential surveys on the impact of conflict on rural and urban food systems in Sudan, tracking how the war in Gaza has affected food security, and expanding the coverage of IFPRI’s special blog series on how overlapping crises and shocks impact food systems. IFPRI’s flagship 2024 Global Food Policy Report, which highlighted the importance of putting healthy, diverse diets at the heart of food systems transformation and identifying policy routes to improve nutrition outcomes, also showcased IFPRI’s deep expertise and commitment to better diets and nutrition. Its findings were discussed at nine events around the world, drawing more than 35,000 participants and widespread media coverage. Much of 2024 was also devoted to working in partnership with CGIAR colleagues to design CGIAR’s new 2025–2030 Science and Innovation Portfolio, which comprises eight Science Programs, four Accelerators, and a Scaling for Impact Program. IFPRI researchers are engaged in most of these and excited about the ongoing collaboration with their colleagues from across the CGIAR system. Financing research activities continues to present serious challenges given the lack of flexible funding under the current funding modality. Despite these challenges, IFPRI succeeded in achieving a positive outcome for the year. Total project revenue increased by $11 million in 2024 to $121 million, reflecting extensive participation of IFPRI’s robust partnership network in executing the research agenda. The implementation of IFPRI’s Board-approved Financial Stability Plan, along with a favorable interest rate environment, contributed significantly to achieving a $0.98 million surplus for the year. IFPRI’s Board of Trustees has continued to provide effective oversight and guidance to the Institute’s strategic research, financial, and operational planning. Moreover, the Audit Committee of IFPRI’s Board of Trustees along with the Audit, Finance, and Risk Committee of the CGIAR Integrated Partnership Board have played a critically important and active role in overseeing risk management, which is essential to IFPRI’s programmatic and financial sustainability. In November, IFPRI was delighted to welcome three new members to IFPRI’s Board of Trustees, who also serve on various Board Committees, including the Audit and Nominating and Governance Committees and the Board’s Strategy and Program Council. We remain grateful to CGIAR System Board members who stepped down from IFPRI’s Board as part of the implementation of CGIAR’s unified governance review process. . 1 2025 marks IFPRI’s 50th anniversary. It is a time to celebrate our successes over five decades and plan how to tackle the challenges of the future. A special 50th anniversary issue of IFPRI’s Global Food Policy Report was launched that provides an overview of the evolution of food policy research since the Institute’s founding in 1975 and highlights key research priorities to be pursued in the run-up to 2050. A new forward- looking strategy factoring in the strong headwinds we have to cope with will be released during the year that will guide how IFPRI can build on existing partnerships and forge new ones, innovate using cutting-edge methods and tools, and meet the needs of decision-makers in charge of pro-poor policies, programs, and investments. IFPRI’s management, staff and Board stand ready to rise to the challenges of this new world, continuing its positive and lasting impact on the lives of the world’s most vulnerable people. Pascal Lamy Chair, Board of Trustees 2 Management Statement of Responsibility for Financial Reporting and Internal Controls The accompanying financial statements of the International Food Policy Research Institute (IFPRI), for the years ended December 31, 2024 and 2023, are the responsibility of management. The financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America. IFPRI maintains a system of internal control designed to provide reasonable assurance that assets are safeguarded and transactions are properly recorded and executed in accordance with management’s authorization. The system of reporting within IFPRI presents management with an accurate view of the operations, enabling us to discern risks to our assets of fluctuations in the economic environment of IFPRI at an early stage, and at the same time, providing a reliable basis for the financial statements and management reports. The Board of Trustees exercises its responsibility for these financial statements through its Audit Committee. The Audit Committee meets regularly with management and representatives of the external and internal auditors to review matters relating to financial reporting, internal controls, and auditing. Each year, the Audit Committee recommends to the Board the appointment of an external audit firm. The external audit for 2024 was performed by RSM US LLP. Johan Swinnen Director General Sushant Mukherjee Director of Finance and Administration 3 4 Independent Auditorʼs Report Audit Committee of the Board of Directors International Food Policy Research Institute Report on the Audit of the Financial Statements Opinion We have audited the financial statements of International Food Policy Research Institute (IFPRI), which comprise the statements of financial position as of December 31, 2024 and 2023, the related statements of activities, functional expenses, changes in net assets and cash flows for the years then ended, and the related notes to the financial statements. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of IFPRI as of December 31, 2024 and 2023, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of IFPRI and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about IFPRI’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. 5 In performing an audit in accordance with GAAS, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of IFPRI’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about IFPRI’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Supplementary Information Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The schedules in the supplementary information section are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information, except for the columns for Supplemental Schedule 5 marked “unaudited”, on which we express no opinion, has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements, or to the financial statements themselves and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information except for the columns for Supplemental Schedule 5 marked “unaudited,” on which we express no opinion, is fairly stated, in all material respects, in relation to the financial statements as a whole. Washington, D.C. August 29, 2025 6 International Food Policy Research Institute Statements of Financial Position December 31, 2024 and 2023 (In U.S. Dollar Thousands) 2024 2023 Assets Current assets Cash and cash equivalents (Note 2(d)) 23,712 $ 14,434 $ Investments (Note 3) 60,739 69,157 Advances, prepaids and other assets, net (Note 4) 10,125 9,276 Receivable, net (Note 4) 28,244 24,450 Total current assets 122,820 117,317 Property and equipment, net (Note 5) 3,477 4,287 Right of use asset (Note 6) 18,849 22,562 Total assets 145,146 $ 144,166 $ Liabilities and net assets Current liabilities Accounts payable and accrued expenses 15,974 8,770 $ Accrued vacation 5,200 4,476 Unexpended project funds 44,294 41,380 Amount held for HarvestPlus program (Note 2(h)) 20,027 25,875 Total current liabilities 85,495 80,501 Lease Liability (Note 6) 27,275 32,530 Accrued postretirement benefits (Note 8) 4,637 4,854 Total liabilities 117,407 117,885 Net assets without donor restrictions (Note 2(b)) Board designated 505 543 Undesignated 23,614 22,596 Other net assets 3,620 3,142 Total net assets without donor restrictions 27,739 26,281 Commitments and contingencies (Note 10) Total liabilities and net assets 145,146 $ 144,166 $ The accompanying notes are an integral part of the financial statements. 7 International Food Policy Research Institute Statements of Activities Years Ended December 31, 2024 and 2023 (In U.S. Dollar Thousands) 2024 2023 Support and revenue: Grants and contracts 121,480 $ 109,877 $ Investment income, net 2,554 2,002 Other Income 1,705 - Total support and revenue 125,739 111,879 Expenses: Program expenses 108,474 97,375 Support and other expenses 16,285 14,160 Total expenses 124,759 111,535 Change in net assets without donor restrictions before other changes 980 344 Other changes: Unrealized gain 399 2,139 Postretirement related change 79 (623) 478 1,516 Change in net assets 1,458 1,860 Net assets: Beginning 26,281 24,421 Ending 27,739 $ 26,281 $ The accompanying notes are an integral part of the financial statements. 8 International Food Policy Research Institute Statements of Functional Expenses Years Ended December 31, 2024 and 2023 (In U.S. Dollar Thousands) Program Services Management and General Fundraising and Development Total Program Services Management and General Fundraising and Development Total Salaries and wages 32,521$ 4,550$ 60$ 37,131$ 30,883$ 4,493$ 59$ 35,435$ Employee benefits 15,463 2,586 33 18,082 14,997 2,462 33 17,492 Professional services 623 1,100 - 1,723 366 1,130 - 1,496 Accounting fees 36 300 - 336 61 156 - 217 Legal fees 9 98 - 107 5 72 - 77 Office expenses 191 8 - 199 248 8 - 256 Information technology 742 515 - 1,257 623 514 - 1,137 Occupancy 3,212 1,642 - 4,854 2,893 1,642 - 4,535 Travel 3,025 97 19 3,141 2,847 107 14 2,968 Conferences, conventions, meetings 1,554 130 - 1,684 1,651 61 - 1,712 Insurance 14 303 - 317 34 451 - 485 Training and development 11 39 - 50 17 17 - 34 Depreciation 748 372 - 1,120 946 354 - 1,300 Bad debt expense - 1,704 - 1,704 - 170 - 170 Other collaborators & subcontractors 47,808 492 - 48,300 38,421 453 - 38,874 CSP - 1,441 - 1,441 - 1,359 - 1,359 Printing & publication 489 38 - 527 430 55 - 485 Equipment rental & maintenance 724 398 - 1,122 1,116 384 - 1,500 All other expenses 1,304 360 - 1,664 1,837 166 - 2,003 Total 108,474$ 16,173$ 112$ 124,759$ 97,375$ 14,054$ 106$ 111,535$ 2024 2023 The accompanying notes are an integral part of the financial statements. 9 International Food Policy Research Institute Statements of Changes in Net Assets Years Ended December 31, 2024 and 2023 (In U.S. Dollar Thousands) Board Designated Undesignated Other Net Assets Total Balance at December 31, 2023 543 $ 22,596 $ 3,142 $ 26,281 $ Net change in investment in property and equipment (Note 5(a)) (810) 810 - - Landlord-financed property and equipment (Note 5(b)) - - - - Amortization of landlord-financed property and equipment (Note 5(b)) 772 (772) - - Change in unrestricted net assets before other comprehensive income - 980 - 980 Post-retirement related changes - - 79 79 Unrealized gain on investment - - 399 399 Balance at December 31, 2024 505 $ 23,614 $ 3,620 $ 27,739 $ Board Designated Undesignated Other Net Assets Total Balance at December 31, 2022 462 $ 22,333 $ 1,626 $ 24,421 $ Net change in investment in property and equipment (Note 5(a)) (949) 949 - - Landlord-financed property and equipment (Note 5(b)) - - - - Amortization of landlord-financed property and equipment (Note 5(b)) 1,030 (1,030) - - Change in unrestricted net assets before other comprehensive income - 344 - 344 Post-retirement related changes - - (623) (623) Unrealized gain on investment - - 2,139 2,139 Balance at December 31, 2023 543 $ 22,596 $ 3,142 $ 26,281 $ The accompanying notes are an integral part of the financial statements. 10 International Food Policy Research Institute Statements of Cash Flows Years Ended December 31, 2024 and 2023 (In U.S. Dollar Thousands) 2024 2023 Cash flows from operating activities Change in unrestricted net assets 1,458$ 1,860$ Adjustments to reconcile change in unrestricted net assets to net cash used in operating activities: Net realized and unrealized gains on investments (1,331) (2,817) Depreciation and amortization 1,120 1,300 Provisions for uncollectible receivables 1,704 170 Amortization of right of use asset 3,713 3,517 (Increase) decrease in assets: Accounts receivable (5,498) 5,829 Advances, prepaids and other assets (849) (1,285) Increase (decrease) in liabilities: Accounts payable and accrued expenses 7,204 (2,398) Accrued vacation 724 453 Advance payment of CGIAR grant funds - (7,190) Unexpended project funds 2,914 (8,733) Amount held for HarvestPlus Program (5,848) (1,980) Lease liability (5,255) (4,903) Accrued postretirement benefits (217) 309 Net cash used in operating activities (161) (15,868) Cash flows from investing activities Acquisition of property and equipment (310) (351) Purchases of investments (8,061) (11,252) Proceeds from sales of investments 17,810 11,328 Net cash provided by (used in) investing activities 9,439 (275) Net increase (decrease) in cash and cash equivalents 9,278 (16,143) Cash and cash equivalents, beginning of year 14,434 30,577 Cash and cash equivalents, end of year 23,712$ 14,434$ The accompanying notes are an integral part of the financial statements. 11 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) 1. Nature of Activities By Executive Order 12359, the International Food Policy Research Institute (IFPRI) is a public international organization entitled to certain privileges, exemptions and immunities conferred by the International Organizations Immunities Act, including exemption from federal income tax under Section 501(c)(3), except on unrelated business activities. IFPRI was established to identify and analyze alternative national and international strategies and policies for meeting food needs in the world, with particular emphasis on low-income countries and on the poorer groups in those countries. While the research effort is geared to the precise objective of contributing to the reduction of hunger and malnutrition, the factors involved are many and wide-ranging, requiring analysis of underlying processes and extending beyond a narrowly defined food sector. IFPRI’s direct research program reflects worldwide interaction with policymakers, administrators and others concerned with increasing food production and with improving the equity of its distribution. Research results are published and distributed to officials and others concerned with national and international food and agricultural policy. As a constituent of the CGIAR, IFPRI receives the majority of its support for the integrated program of research from governments, international and regional organizations and foundations. As a constituent of CGIAR with international status, 50% of IFPRI’s Trustees are appointed by CGIAR. Created in 1971, CGIAR is an association of public and private members supporting a system of 15 research centers (Centers), including IFPRI, which work in more than 100 countries to utilize cutting- edge science to reduce hunger and poverty, improve human nutrition and health, and protect the environment. In 2011, the CGIAR introduced a new programmatic based approach to doing business. The Funders to the CGIAR, represented by a new Fund Council, approved the creation of 15 CGIAR Research Programs (CRPs), each to be led by a designated Center. IFPRI was designated to lead two of these CRPs, with a commencement date of January 1, 2012. The CRPs led by IFPRI were the Policies, Institutions and Markets and the Agriculture for Nutrition and Health. The Lead Center is responsible, through a Program Implementation Agreement (PIA), for overseeing the implementation of the CRP by Program Participants and for all payments to and reporting from Program Participants. Program participants include other CGIAR supported Centers and Partners who are subcontracted by the Lead Center via Program Participant Agreement (PPA) or other suitable contracting arrangement. The Lead Center includes in its Statement of Activities expenses incurred by subcontracted Centers and the corresponding revenue. A second phase of the transition to a new operating structure commenced on January 1, 2017, which resulted in the continuing operation of 11 CRPs and 3 Platforms. The CRP on Policies, Institutions, and Markets and on Agriculture for Nutrition and Health (A4NH) were among the CRPs approved for the second phase and continued to be led by IFPRI. Following the conclusion of CRPs in 2021, a new portfolio of CGIAR Initiatives was launched in January 2022 to channel CGIAR’s collective research efforts toward impact across five Impact Areas: 1) Nutrition, Health, and Food Security; 2) Poverty Reduction, Livelihoods, and Jobs; 3) Gender Equality, Youth, and Social Inclusion; 4) Climate Adaptation and Mitigation; and 5) Environmental Health and Biodiversity. 12 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) Initiatives concluded in 2024. On January 1, 2025, a new Portfolio was launched, comprising 8 Science Programs, 1 Scaling Program and 4 Accelerators. This Portfolio aims to raise the ambition for CGIAR science and innovations by bringing together and leveraging all of CGIAR’s work, across all Centers and all sources and types of funding. With a small number of entry points, the portfolio aims to make CGIAR’s offer easier to understand, communicate, engage with, and fund. Funders to the CGIAR may channel funds through the CGIAR Fund’s “Windows”. Window 1 funding comprises unrestricted contributions from various funders; the System Council is responsible for setting priorities and determining the allocation of these funds to Programs. Funds through Window 2 are designated to specific Programs (or, in the past, CRPs – this window was discontinued during 2022-24 and reinstated in 2025). Funding through Window 3 is allocated by Funders to specific CGIAR Centers to finance research activities. Funds through Bilateral agreements are provided directly to specific CGIAR Centers from the Funder, rather than passing through a CGIAR Fund. IFPRI presents revenue and expenses flowing through these “Windows” and “Bilateral” funding (i.e. initiative and CRP structure) as part of Grants and contracts in the accompanying statements of activities. 2. Summary of Significant Accounting Policies a) Basis of Accounting The accompanying financial statements are presented in accordance with the accrual basis of accounting, whereby, revenue is recognized when earned and expenses are recognized when incurred. b) Basis of Presentation IFPRI prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. Net Assets Net assets represent resources classified for accounting and reporting purposes based on the existence or absence of donor-imposed restrictions. A description of the two classes is as follows: Net assets without donor restrictions: Net assets without donor restrictions represent funds that are available for the support of IFPRI’s operations. Net assets without donor restrictions are available for the overall operations of IFPRI and include both designated and undesignated net asset portions, as follows: Board Designated: Net Investment in Property and Equipment – A portion of net assets without donor restrictions has been designated by the Board to reflect net investment in property and equipment. See Note 5 for additional disclosure. 13 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) Undesignated: IFPRI considers its undesignated net assets to be operating reserves. Under the guidelines of CGIAR, operating reserves should be equivalent to 75 to 90 days of operating expenses; however, IFPRI’s Board encourages a minimum 90-day reserve. The operating reserves are composed of cash and cash equivalents and certain receivables, less certain liabilities, prepaid grant funds, and contract funds received in advance. These net assets represent approximately 73 and 76 days of total net assets expenses for 2024 and 2023, respectively. The balances of $23,614 and $22,596 are presented as undesignated net assets at December 31, 2024 and 2023, respectively. Unrecognized Actuarial Gain: IFPRI provides health care and life insurance benefits to certain retired employees and their dependents. This portion of unrestricted net assets represents the accumulated changes in net assets related to the postretirement benefit changes that have not yet been recognized in net periodic postretirement benefit cost. See Note 8 for additional disclosure. Net assets with donor restrictions: Net assets subject to donor-imposed restrictions. Some donor- imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that is, when the stipulated time has elapsed, when the stipulated purpose for which the resource was restricted has been fulfilled, or both. IFPRI did not have any net assets with donor restrictions at December 31, 2024 or 2023. Donor restricted contributions where the restrictions are met in the same year the contribution is received are classified as net assets without donor restrictions in the accompanying financial statements. c) Revenue IFPRI’s revenue is primarily derived from cost-reimbursement-type grants and contracts, which are accounted for as are conditional contributions. Revenue is recognized when the barriers to recognition are met, generally over the grant period as related allowable expenses are incurred. IFPRI’s receivables represent amounts which have been earned, but for which funds have not yet been received. Unexpended project funds primarily represent amounts received by IFPRI and related to specific projects funded by donors, but for which the related costs have not yet been incurred. Advance payment of CGIAR’s grant funds in the accompanying statements of financial position relates to amounts received by IFPRI prior to the research conducted on the respective grant and include disbursements from the CGIAR to CRPs via the Funding Windows referred to in Note 1. Concentrations of credit risk with respect to receivables are limited due to the majority of receivables being from CGIAR-member countries and international organizations. Management does not believe a significant risk exists in connection with IFPRI’s concentrations of credit at December 31, 2024. 14 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) d) Cash and Cash Equivalents Cash and cash equivalents are carried at cost, which approximates fair value and is comprised of interest- bearing deposits in money market accounts and commercial paper with original maturities of three months or less. IFPRI maintains its cash equivalents at two financial institutions in the United States. The balances, at times, may exceed levels fully insured under federal law. At December 31, 2024 and 2023, IFPRI held $21,149 and $13,339, respectively in five accounts, in balances in excess of amounts covered by the Federal Deposit Insurance Company. e) Investments Investments consist of U.S. government and agency obligations, equity and fixed income mutual and exchange traded funds, and corporate obligations. Investments are recorded at fair value, which is based on quoted market prices or dealer quotes. Gains and losses arising from the sale, maturity or other disposition of investments are accounted for on a specific identification basis, calculated as of the trade date. Realized gains and losses are reported as financial income in the statements of activities. Unrealized gains and losses are reported as other changes in net assets on the statement of activities. Investment income is reported as net assets without donor restrictions revenue, unless stipulated for a specific purpose by a donor. IFPRI’s investments are exposed to various risks, such as market and credit. Due to the level of risk associated with such investments, and the level of uncertainty related to changes in the value of such investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances and the amounts reported in the financial statements. f) Fair Value of Financial Statements ASC 820, Fair Value Measurements, establishes among other things, a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. The hierarchy gives highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3 measurements). Under ASC 820, Financial instruments are classified and disclosed in one of the following three categories: Level 1 – Quoted market prices in active markets for identical assets or liabilities Level 2 – Observable market-based inputs or unobservable inputs corroborated by market data Level 3 – Unobservable inputs that are not corroborated by market data In determining the appropriate levels, IFPRI performs a detailed analysis of the assets and liabilities that are measured at fair value, on a recurring basis. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs that are not corroborated are classified as Level 3. There were no Level 3 inputs for any assets held by IFPRI at December 31, 2024 and 2023. 15 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) g) Property and Equipment Furnishings and equipment, software, computer equipment and vehicles owned by IFPRI are recorded at cost and depreciated over their estimated useful lives of three to six years using the straight-line method, with one-half year convention in the first year. Leasehold improvements are recorded at cost and are amortized over the term of the lease. Expenditures for long-lived additions greater than $1 are capitalized. Expenditures for less costly items and maintenance and repairs are charged to operations as incurred. Valuation of Long Lived Assets: IFPRI accounts for the subsequent measurement of certain long-lived assets in accordance with subsection of the FASB ASC Topic Property, Plant, and Equipment that addresses impairment or disposal of long- lived assets. The accounting standard requires that property, plant and equipment be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. There was no impairment of long lived assets as of December 31, 2024 or 2023. h) Amount held for HarvestPlus Program Amount held for HarvestPlus Program relates to funds received for the benefit of participating organizations in the HarvestPlus Program. In January 2012, the HarvestPlus Program activities became a component of the IFPRI led CRP “Agriculture for Nutrition and Health (A4NH)”. Prior to January 2013, the net balance of funds received and disbursed for the benefit of participating organizations in the HarvestPlus Program were captured under the Amount held for HarvestPlus Program in the statements of financial position. During 2012, IFPRI continued to disburse funds received for HarvestPlus under the prior funding mechanism and only reflected revenues and expenses for HarvestPlus Program activities undertaken directly by IFPRI in the statement of activities. Starting January 2013, IFPRI determined that all amounts held for the HarvestPlus Program were received under the A4NH CRP and, therefore, were under the control of IFPRI. Revenues are recognized by IFPRI for all expenditures by IFPRI and the participating organizations to the extent expenses have been incurred. All amounts received from funding agencies but not yet expended by IFPRI or other participating organizations are reported as Amount held for HarvestPlus Program on the statements of financial position. All amounts disbursed by IFPRI to participating organizations where the participating organization has not yet expended the funds are included in Advances, prepaids, and other assets on the statements of financial position (see note 4(b)). 16 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) i.) Leases IFPRI determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to, and the agreement creates enforceable rights and obligations. A contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. IFPRI also considers whether its service arrangements include the right to control the use of an asset. IFPRI recognizes most leases on its statement of financial position as a ROU asset representing the right to use an underlying asset and a lease liability representing the obligation to make lease payments over the lease term, measured on a discounted basis. Leases are classified as either finance leases or operating leases based on certain criteria. Classification of the lease affects the pattern of expense recognition in the income statement. IFPRI made an accounting policy election available not to recognize ROU assets and lease liabilities for leases with a term of 12 months or less. For all other leases, ROU assets and lease liabilities are measured based on the present value of future lease payments over the lease term at the commencement date of the lease (or January 1, 2022, for existing leases upon the adoption of ASC Topic 842, Leases). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives received. To determine the present value of lease payments, IFPRI made an accounting policy election available to non-public companies to utilize a risk-free borrowing rate, which is aligned with the lease term at the lease commencement date (or remaining term for leases existing upon the adoption of Topic 842). Future lease payments may include fixed-rent escalation clauses or payments that depend on an index (such as the consumer price index), which is initially measured using the index or rate at lease commencement. Subsequent changes of an index and other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. Residual value guarantees or payments for terminating the lease are included in the lease payments only when it is probable they will be incurred. IFPRI has made an accounting policy election to account for lease and nonlease components in its contracts as a single lease component for its real estate, vehicle and equipment asset classes. The nonlease components typically represent additional services transferred to IFPRI, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred. j.) Lease liabilities Long-term leases are recognized at the present value of all lease payments using an incremental borrowing rate comparable with that of the individual lease terms. k.) Expenses Costs are presented as research expenses, collaborator expenses and general and administration expenses. Research expenses include personnel, travel, supplies and services and depreciation. Collaborator expenses are distinguished between CGIAR collaboration and other partner collaborations. 17 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) l.) Allocation of Expenses Direct costs are charged specifically to the programs benefited. Benefit costs are allocated to the programs based upon the proportion of fringe benefit costs to total salaries. Research support and general and administration costs are collectively referred to as indirect costs. The costs of program and supporting services activities have been summarized on a functional basis in the statements of activities. The statements of functional expenses present the natural classification detail of expenses by function. Accordingly, certain costs have been allocated among the programs and supporting services benefited. m.) Use of Estimates Preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. n.) Accounts Receivable Accounts receivables are carried at original invoice amount, less an estimate made for doubtful receivables based on a review of all outstanding amounts. Management determines the allowance for doubtful accounts by regularly evaluating individual account receivable balances for conditions that may impair collection. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. o) Income Taxes IFPRI is generally exempt from federal income tax under Internal Revenue Code Section 501(c) (3). In addition, IFPRI has been classified as an organization that is not a private foundation within the meaning of Section 170 (b) (1) (A) (vi) of the Code. Income that is not related to its exempt purposes, less applicable deductions, is subject to federal and state corporate income taxes. IFPRI has adopted the standard on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this policy, IFPRI may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position would be sustained on examination by taxing authorities, based on the technical merits of the position. Management evaluated IFPRI’s tax positions and concluded that IFPRI has taken no uncertain tax positions that require recognition or disclosure in the financial statements. Generally, IFPRI is no longer subject to income tax examinations by the U.S. federal, state or local tax authorities for years before 2020. o) Subsequent Events IFPRI has evaluated subsequent events through August 29, 2025, the date on which the financial statements were available to be issued. 18 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) 3. Investments and Fair Value Measurements Investments are comprised of the following at December 31: 2024 2023 U.S. government and agency obligations 1,629$ 2,610$ Corporate obligations 10,057 14,408 Mutual funds - equity 8,949 9,462 Mutual funds - fixed income 40,104 42,677 Investments 60,739$ 69,157$ Investment income is comprised of the following for the years ended December 31: 2024 2023 Realized gain 932$ 678$ Interest and dividends 1,889 1,595 2,821 2,273 Investment expenses (267) (271) Investment income 2,554$ 2,002$ Interest, dividends and realized gains are included in financial income on the statements of activities. Financial expenses on the statement of activities includes investment fees and foreign exchange losses. The table below presents the balances of assets measured at fair value on a recurring basis by level within the hierarchy as defined in ASC 820 (see Note 2(f)) as of December 31: 2024 Level 1 Level 2 U.S. Government and agency obligations 1,629$ -$ 1,629$ Corporate obligations 10,057 - 10,057 Mutual Funds - Equity 8,949 8,949 - Mutual Funds - Fixed Income 40,104 40,104 - 60,739$ 49,053$ 11,686$ 2023 Level 1 Level 2 U.S. Government and agency obligations 2,610$ -$ 2,610$ Corporate obligations 14,408 - 14,408 Mutual Funds - Equity 9,462 9,462 - Mutual Funds - Fixed Income 42,677 42,677 - 69,157$ 52,139$ 17,018$ IFPRI’s U.S. government and agency obligations and corporate obligations are priced based on their stated interest rates and quality ratings. The interest and quality ratings are observable at commonly quoted intervals for the full term of the instruments and are, therefore, considered Level 2 items. The fair value of IFPRI’s mutual and exchange traded fund investments is based on quoted market prices and is considered Level 1 in the fair value hierarchy. 19 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) 4. Receivables, Net and Advances, Prepaids and Other Assets, Net a) Receivables, net consist of the following at December 31: 2024 2023 Restricted projects 31,745$ 26,247$ 31,745 26,247 Less allowance for doubtful accounts (3,501) (1,797) Receivable, net 28,244$ 24,450$ Billed accounts receivable and unbilled accounts receivable on projects totaled $5,906 and $25,839 at December 31, 2024, respectively, compared to $12,136 and $14,111 at December 31, 2023, respectively. b) Advances, prepaids and other assets, net consist of the following at December 31: 2024 2023 Advance to HarvestPlus partners 3,868$ 3,766$ Other advances, prepaids and deposits 6,607 5,860 10,475 9,626 Less allowance for doubtful accounts (350) (350) Advances, prepaids and deposits, net 10,125$ 9,276$ Advances, prepaids and other assets are primarily comprised of funding advanced to research partners that will be liquidated and recorded as revenue and expenses upon submission of expenditure reports by partners. Employee and miscellaneous receivables are also included. 20 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) 5. Property and Equipment a) Property and equipment, net Property and equipment, net consist of the following at December 31: 2024 Additions Disposals 2024 Acquisition cost: 5,697$ 223$ -$ 5,920$ 8,645 -$ - 8,645 634 - - 634 986 87$ - 1,073 15,962 310 - 16,272 Accumulated depreciation: 11,675 1,120 - 12,795 4,287$ (810)$ -$ 3,477$ Furnishing, computer and equipment Leasehold improvements Vehicles Software Net book value Total 2023 Additions Disposals 2023 Acquisition cost: Furnishing, computer and equipment 5,346 $ 351 $ -$ 5,697 $ Leasehold improvements 8,645 - - 8,645 Vehicles 634 - - 634 Software 986 - - 986 Total 15,611 351 - 15,962 Accumulated depreciation: 10,375 1,300 - 11,675 Net book value 5,236 $ (949) $ -$ 4,287 $ 21 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) b) Leasehold improvements IFPRI’s lease agreement for a new headquarters office, effective May 2017, includes a $10,703 allowance for renovation cost. Landlord-financed costs are included in property and equipment, with a corresponding entry to deferred rent. Since the amounts arise from the overall lease transaction and there is no net impact on cash and expenses, the net book value of landlord-financed assets is deducted in arriving at the adjusted net book value. The 2024 net investment in properties and equipment’s is computed as follows: Total net book value of property and equipment at December 31, 2024 (Note 5) 3,477$ Less landlord-financed assets: Cost of assets 10,102$ Accumulated amortization at December 31, 2024 (7,130) Total net book value of landlord financed 2,972 Net investment in property and equipment at December 31, 2024 505$ Total net book value of property and equipment at December 31, 2023 (Note 5) 4,287$ Less landlord-financed assets: Cost of assets 10,102$ Accumulated amortization at December 31, 2023 (6,358) Total net book value of landlord financed 3,744 Net investment in property and equipment at December 31, 2023 543$ 6. Leases IFPRI leases office space at its headquarters. The current headquarters lease ends in 2029. In addition, IFPRI has other office lease arrangements at several international locations. The weighted-average discount rate of the office lease is 3.86%. The weighted-average remaining lease term is 4.33 years. Supplemental cash flow information related to leases is as follows for the year ended December 31,: 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 6,263$ 6,236$ 22 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) Future minimum lease payments for office and certain office equipment leases are as follows: Years Ending December 31: 2025 7,086$ 2026 7,048 2027 6,938 2028 7,087 2029 2,382 Future minimum lease payments 30,541 Less imputed interest 3,266 27,275$ IFPRI adopted FASB ASC 842 effective January 1, 2022, requiring leases to be recognized on the balance sheet as a lease liability based on the present value of the remaining lease payments through the end of the lease period. A corresponding right of use (ROU) asset was recorded net of deferred rent as of December 31, 2024. The lease liability is amortized and expensed over the remaining lease term by applying IFPRI’s incremental borrowing rate as of the ASC 842 implementation date to unamortized balances. Straight-line rent expense over the full lease term less lease amortization reduces the ROU balance. Operating lease cost is recognized on a straight-line basis over the lease term. Total operating lease expense for the years ended December 31, 2024 and 2023, amounted to approximately $6,077 and $5,111, respectively. 7. Retirement Plan IFPRI maintains a defined contribution retirement plan for all full-time employees, under which IFPRI contributes 15% of an employee’s base compensation. Contributions for U.S. employees and resident aliens are made to the Teachers Insurance and Annuity Association and the College Retirement Equities Fund. Contributions for the nonresident staff are made to the International Agricultural Research Centers Retirement Plan. Total contributions were $5,693 and $5,718 for the years ended December 31, 2024 and 2023, respectively. All plan participants are immediately vested in their contributions. 23 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) 8. Postretirement Benefits IFPRI provides health care and life insurance benefits to certain retired employees and their dependents. Employees become eligible for benefits after meeting certain age and service requirements. The plan is contributory with retiree contributions adjusted annually and contains other cost-sharing features, such as deductibles and coinsurance. Postretirement benefit plan’s funded status recognized in the financial statements at December 31: 2024 2023 Components of net periodic benefit cost: Service cost 323$ 262$ Interest cost 249 246 Amortization of unrecognized net gain (637) (758) Net periodic cost (65)$ (250)$ The postretirement benefit plan’s funded status recognized in the financial statements at December 31: 2024 2023 Change in benefit obligation: Benefit obligation at beginning of year 4,854$ 4,545$ Service cost 323 262 Interest cost 249 246 Participant Contribution (73) (64) Actuarial gain (717) (136) Benefits paid - - Benefit obligation at year-end 4,637 4,854 Funded status - liability 4,637 4,854 Accrued benefit cost 4,637$ 4,854$ The net gain that has not been recognized as a component of net periodic postretirement benefit cost as of December 31: 2024 2023 Unrecognized gain 3,988$ 3,909$ The net gain that is amortized into net periodic benefit cost over the next fiscal year: 2024 2023 Amortization of gain during the year Unrecognized net gain 637$ 758$ 24 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) The accumulated postretirement benefits obligation was determined using a discount rate of 5.80% and 5.20% at December 31, 2024 and 2023, respectively. For the years ended December 31, 2024 and 2023, the health care cost trend rate was 6.50% and 6.25% respectively, grading down by 0.25% each year until 5% is reached for 2031 and thereafter. In October 2021, the Society of Actuaries released new data regarding observed mortality rate improvements. Fiscal year 2020 mortality gain reflects the changes in mortality improvement projection assumptions. The mortality improvement projection assumption was updated from Scale MP-2020 to Scale MP-2021 applied on a generational basis beginning with the Pri-2012 mortality tables’ base year of 2012. IFPRI’s policy is to fund the aforementioned benefits as claims and premiums are paid. Employer contributions expected to be made for the next fiscal year are $124. Postretirement benefits expected to be paid for each of the next five years, and the aggregate for the succeeding five years, are as follows: 2025 124$ 2026 179 2027 215 2028 225 2029 255 2030– 2034 1,779 9. Liquidity and Availability IFPRI regularly monitors liquidity required to meet its annual operating needs and other contractual commitments while also striving to maximize the return on investment of its funds not required for annual operations. Financial assets available for general expenditure, that is, without donor or other restrictions limiting their use, within one year of the balance sheet date, comprise the following: 2024 2023 Cash and cash equivalents 23,712$ 14,434$ Receivables, net 28,244 24,450 Operating investments 60,739 69,157 112,695$ 108,041$ As part of IFPRI’s liquidity management, operating investments have been structured to be available as general expenditures, liabilities, and other obligations come due. 25 International Food Policy Research Institute Notes to Financial Statements December 31, 2024 and 2023 (In U.S. Dollar Thousands) 10. Conditional Grants Conditional grants are recognized as earned in the year in which IFPRI incurs qualified expenses which also meet the conditions. Conditional grant funds received in excess of costs incurred are recorded as deferred revenue until earned. Grant costs incurred in excess of funds received are recorded as accounts receivable. As of December 31, 2024, the following are conditional grants by funder: Total Conditional Grant Amount Earned Through 2024 Amount of Conditional Grant Left to Earn $ 130,353 $ 102,988 $ 27,365 561,256 267,695 293,560 $ 691,608 $ 370,683 $ 320,925 Cash grants from Other Donors Funder Cash grants from U.S. Government IFPRI has awarded conditional grants to subrecipients related to the performance of these projects. The outstanding commitment on these subrecipient agreements was $4,264 as of December 31, 2024. 11. Related Parties HarvestPlus Solutions, an independent entity, is subcontracted by IFPRI to support various activities associated with IFPRI’s HarvestPlus program. IFPRI also provides administrative services to HarvestPlus Solutions under a separate agreement. During the years ended December 31, 2024 and 2023, IFPRI provided $80 and $189 of services to HarvestPlus Solutions. 12. Subsequent Event Subsequent to year-end, President Trump signed several executive orders (EOs) ordering the pause or termination of federal assistance for programs that do not align with the new administration’s policies. The Administration has tasked federal departments with evaluating all federal programs they administer to determine if the funding being provided falls under any of the EOs. During the year ended December 31, 2024, IFPRI recognized federal grants and contracts totaling $21,328 for which IFPRI had $6,034 of outstanding federal receivables as of December 31, 2024. Subsequent to year end federal grants and contracts in the amount $13,240 were terminated at August 29, 2025. These amounts are included within conditional grants footnote 10. IFPRI has not experienced any issues with the collectability of the receivables as a result of the EOs. As of the date of this report, the full impact of President Trump’s EOs on the organization’s financial position and results of operations is uncertain. Management is actively monitoring the situation and assessing the potential effects on the organization's financial statements. 26 Supplementary Information See accompanying independent auditor’s report. 27 INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE SUPPLEMENTAL SCHEDULE 1 SCHEDULE OF REVENUE AND EXPENSES BY FUNDING TYPE YEARS ENDED DECEMBER 31, 2024 AND 2023 (IN U.S. DOLLAR THOUSANDS) 2024 2023 Restricted Total Restricted Total Portfolio Non-Portfolio Portfolio Non- Portfolio Portfolio Non- Portfolio Portfolio Non- Portfolio Portfolio Non- Portfolio Portfolio Non- Portfolio Revenues and gains Grant revenue Window 1 & 2 -$ -$ 48,536$ -$ 48,536$ -$ 48,536$ -$ -$ 40,116$ -$ 40,116$ -$ 40,116$ Window 3 - - 22,658 - 22,658 - 22,658 - - 27,338 - 27,338 - 27,338 Bilateral 6 50,280 - 50,286 - 50,286 6 42,340 - 42,346 - 42,346 Total grant revenues 6 - 121,474 - 121,480 - 121,480 6 - 109,794 - 109,800 - 109,800 Other revenue and gains - - 1,705 - 1,705 - 1,705 - - 77 - - - 77 Total revenues and gains 6 - 123,179 - 123,185 - 123,185 6 - 109,871 - 109,800 - 109,877 Expenses and losses Research expenses 6 - 61,572 - 61,578 - 61,578 65 - 57,103 - 57,168 - 57,168 CGIAR collaborator expenses - - 5,717 - 5,717 - 5,717 - - 1,786 - 1,786 - 1,786 Non CGIAR collaborator expenses - - 41,179 - 41,179 - 41,179 - - 38,421 - 38,421 - 38,421 General and administration expenses - - 14,522 - 14,522 - 14,522 - - 13,955 - 13,955 - 13,955 Other expenses and losses - - 1,763 - 1,763 - 1,763 - - 205 - 205 - 205 Total expenses and losses 6 - 124,753 - 124,759 - 124,759 65 - 111,470 - 111,535 - 111,535 Operating surplus (deficit) - - (1,574) - (1,574) - (1,574) (59) - (1,599) - (1,735) - (1,658) Financial income - 2,821 - - - 2,821 2,821 - 2,274 - - - 2,274 2,274 Financial expenses - (267) - - - (267) (267) - (272) - - - (272) (272) Surplus for the year - 2,554 (1,574) - (1,574) 2,554 980 (59) 2,002 (1,599) - (1,735) 2,002 344 Other changes in net assets Unrealized gain (loss) on investment - 399 - - - 399 399 - 2,139 - - - 2,139 2,139 Postretirement related changes - 79 - - - 79 79 - (623) - - - (623) (623) - 478 - - - 478 478 - 1,516 - - - 1,516 1,516 Change in net assets without donor restrictions -$ 3,032$ (1,574)$ -$ (1,574)$ 3,032$ 1,458$ (59)$ 3,518$ (1,599)$ -$ (1,735)$ 3,518$ 1,860$ * This is a CGIAR revenue classifications. Under ASC Topic 958, all activities of IFPRI are unrestricted. Please refer to Note 2(c) for more detail. Unrestricted Grand Total Grand Total Unrestricted See accompanying independent auditor’s report. 28 2024 2023 UNRESTRICTED ANONYMOUS - - - 6 6 SUBTOTAL-UNRESTRICTED - - - 6 6 RESTRICTED ABT GLOBAL 250 - (124) 126 - ACIAR 1,763 - (1,175) 588 220 ADB 240 249 - 489 - AFRICAN CLIMATE FOUNDATIO 96 - (1) 95 48 AGA KHAN UNIVERSITY (45) 55 - 10 4 AKADEMIYA2063 (A2063) 325 44 (3) 366 282 ALLIANCE FOR A GREEN REVOLUTION IN AFRICA (AGRA) 83 146 - 229 17 ANONYMOUS 1,115 - (568) 547 605 ASIAN PRODUCTIVITY ORGANIZATION - 30 - 30 - BILL AND MELINDA GATES FOUNDATION 18,653 7 (12,680) 5,980 3,885 BIOVERSITY INTERNATIONAL 350 60 (17) 393 211 CROPLIFE INTERNATIONAL 74 - (23) 51 39 CORNELL UNIVERSITY 25 7 - 32 27 BFAP 233 - (102) 131 299 BMZ 511 - (95) 416 206 CARE MALAWI 215 263 - 478 228 China 1,301 - (1,026) 275 192 CIAT 121 74 (104) 91 326 CIFOR 18 - - 18 31 DONOR FUNDS AVAILABLE ACCOUNTS RECEIVABLE ADVANCE PAYMENT GRANT REVENUE INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE SUPPLEMENTAL SCHEDULE 2 SUMMARY OF GRANT AND CONTRACT INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023 (IN U.S. DOLLAR THOUSANDS) See accompanying independent auditor’s report. (Continued) 29 2024 2023 CIMMYT 1,286 71 (7) 1,350 565 CIP 24 129 - 153 360 CONTEXT GLOBAL DEV 25 3 - 28 11 DAI 109 - (2) 107 102 DFAT, AUSTRALIA 2,504 - (1,344) 1,160 108 DIGITAL GREEN 10 64 - 74 115 EDESIA INC - 4 - 4 - EGYPTIAN FOOD BANK (39) 58 - 19 42 ESRF-ECONOMIC & SOCIAL RF 21 36 - 57 56 ETHIOPIAN AGRICULTURAL TRANSFORMATION AGENCY 5 24 - 29 61 EUROPEAN COMMISSION 974 176 (315) 835 1,204 FAO 738 139 (248) 629 341 FCDO 285 90 - 375 - FHI 360 101 - - 101 99 FORD FOUNDATION 400 - (137) 263 - GIZ (283) 2,160 (367) 1,510 735 GLOBAL ALLIANCE FOR IMPROVED NUTRITION (GAIN) 60 - (8) 52 - GOVERNMENT OF FLANDERS 4 - (1) 3 100 HAYEL SAEED ANAM GROUP 78 - (6) 72 - HEREWEGROW gGmbH 297 113 (189) 221 114 IDB 100 - (68) 32 - IFAD 526 - (26) 500 9 ILRI 45 5 - 50 - INDIAN COUNCIL OF AGRICULTURAL RESEARCH (ICAR) 852 - (305) 547 369 Innovations Poverty Action - - - - - INTERNATIONAL DEVELOPMENT RESEARCH CENTRE (IDRC) 434 - (333) 101 105 INTERNATIONAL LABOUR OFFICE (ILO) - 3 - 3 - DONOR FUNDS AVAILABLE ACCOUNTS RECEIVABLE ADVANCE PAYMENT GRANT REVENUE INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE SUPPLEMENTAL SCHEDULE 2 SUMMARY OF GRANT AND CONTRACT INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023 (IN U.S. DOLLAR THOUSANDS) See accompanying independent auditor’s report. (Continued) 30 2024 2023 Ireland 512 3 (512) 3 103 IrishAid 849 - (495) 354 - IRRI 729 123 (158) 694 33 ISU - 28 - 28 3 JAPAN 3,458 - (1,623) 1,835 2,389 JOHNS HOPKINS UNIVERSITY (JHU) 369 337 - 706 395 MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT) 170 344 - 514 163 MASTERCARD FOUNDATION 813 294 - 1,107 714 MATHEMATICA POLICY RES. 13 - (7) 6 - MAX UND INGEBURG 186 - (140) 46 74 MICHIGAN STATE UNIVERSITY (MSU) 505 830 (37) 1,298 971 MILLENNIUM CHALLENGE CORPORATION (MCC) 92 102 - 194 141 NIRAS ASIA MANILA INC. 60 - - 60 - NSF 13 - - 13 67 NUTRITION INTERNATIONAL 399 - (267) 132 106 OECD 32 - (5) 27 - Partnership for Economic Policy (PEP) 80 9 - 89 11 RDA, REPUBLIC OF KOREA 219 - (151) 68 3 ReNAPRI 99 39 - 138 - REPUBLIC OF KOREA 1,553 - (531) 1,022 300 RIMISP 285 - (209) 76 - RTI INTERNATIONAL 427 17 - 444 253 SAC 410 - (196) 214 282 SAfA 372 - (336) 36 214 SARB-SOUTH AFRICAN RESERV 18 - (9) 9 133 Save the Children 42 228 - 270 401 SHAMBA CENTRE FOR FOOD AND CLIMATE 70 - - 70 - DONOR FUNDS AVAILABLE ACCOUNTS RECEIVABLE ADVANCE PAYMENT GRANT REVENUE INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE SUPPLEMENTAL SCHEDULE 2 SUMMARY OF GRANT AND CONTRACT INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023 (IN U.S. DOLLAR THOUSANDS) See accompanying independent auditor’s report. (Continued) 31 2024 2023 SOCIAL FUND FOR DEVELOPMENT 224 - (51) 173 52 TARGET FOUNDATION 194 - (5) 189 70 THE BROOKINGS INSTITUTION 25 - (2) 23 - THE ROCKEFELLER FOUNDATION (RF) 391 - (147) 244 159 TUFTS UNIVERSITY (10) 85 - 75 139 UN WOMEN - 43 - 43 - UNDP 161 120 (49) 232 - UNICEF (409) 877 (139) 329 385 UNITED ARAB EMIRATES 2,450 - (2,420) 30 - UNIV OF ARIZONA 17 76 - 93 45 UNIVERSITY OF CALIFORNIA 60 48 - 108 130 UNIVERSITY OF GRONINGEN 39 - (36) 3 3 UNIVERSITY OF MARYLAND (UMD) 87 27 - 114 6 UNIVERSITY OF NEBRASKA 51 75 - 126 - UNIVERSITY OF NOTRE DAME - 2 - 2 - UNIVERSITY OF NOTTINGHAM 24 212 - 236 256 UNIVERSITY OF WASHINGTON 410 176 (12) 574 430 USAID 11,722 3,900 (8) 15,614 10,994 USAID/WORLD BANK 20,271 50 (11,325) 8,996 9,635 USDA 39 25 - 64 2 WAL-MART FOUNDATION 126 - - 126 924 WINDWARD FUND 250 - (231) 19 - WORLD BANK (WB) 312 85 (75) 322 204 WORLD FOOD PROGRAMME (WFP) 245 213 - 458 25 WORLD RESOURCES INSTITUTE 92 29 - 121 9 WORLD VISION US 1,020 581 - 1,601 1,605 WORLD VISION, INC. (WV) 129 72 - 201 347 MISCELLANEOUS 431 5,516 (5,800) 147 12,788 SUBTOTAL-RESTRICTED BEFORE MULTIPLE DONOR PROJECTS AND HARVESTPLUS PROGRAMS 84,010 18,576 (44,250) 58,336 56,080 DONOR FUNDS AVAILABLE ACCOUNTS RECEIVABLE ADVANCE PAYMENT GRANT REVENUE INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE SUPPLEMENTAL SCHEDULE 2 SUMMARY OF GRANT AND CONTRACT INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023 (IN U.S. DOLLAR THOUSANDS) See accompanying independent auditor’s report. (Continued) 32 2024 2023 CGIAR FUND 37,747 10,906 (44) 48,609 40,117 HARVESTPLUS PROGRAM CONSORTIUM OF DONORS 12,128 9 (9,644) 2,493 3,126 ADB 56 5 - 61 - ALLIANCE FOR A GREEN REVOLUTION IN AFRICA (AGRA) 4 476 - 480 307 BILL AND MELINDA GATES FOUNDATION 3,033 63 (242) 2,854 4,098 CARGILL 2,000 - (1,652) 348 - DFATD 2,630 - (1,356) 1,274 315 DRC 3,162 22 - 3,184 1,752 FAO - - - - - FCDO 866 138 (67) 937 1,897 GIZ - - - - - GREATER HORIZONS 13 1 - 14 244 HAPPEL FOUNDATION 1,577 - (728) 849 607 HARVESTPLUS SOLUTIONS (HPS) 121 172 - 293 - ICRISAT 13 - - 13 5 INSTITUTE OF FOOD TECHNOLOGY 250 - (164) 86 - NUTRITION INTERNATIONAL - - - - - SOLIDARIDAD 16 29 - 45 4 THE CHURCH OF JESUS CHRIST OF LATTER-DAY 500 - (297) 203 - UNIVERSITY OF ZURICH 12 - (1) 11 18 USAID 672 59 - 731 28 VIAMO INC 33 15 - 48 - WATERLOO FOUNDATION - - - - - WORLD VISION CANADA 739 - (161) 578 39 WORLD VISION, INC. (WV) - - - - - MISCELLANEOUS 4,468 1,274 (5,715) 27 1,157 SUBTOTAL-HARVESTPLUS 32,293 2,263 (20,027) 14,529 13,597 SUBTOTAL-RESTRICTED 154,050 31,745 (64,321) 121,474 109,794 TOTAL GRANT INCOME 154,050 31,745 (64,321) 121,480 109,800 DONOR FUNDS AVAILABLE ACCOUNTS RECEIVABLE ADVANCE PAYMENT GRANT REVENUE INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE SUPPLEMENTAL SCHEDULE 2 SUMMARY OF GRANT AND CONTRACT INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023 (IN U.S. DOLLAR THOUSANDS) See accompanying independent auditor’s report. 33 CONTRACT/ TOTAL GRANT PRIOR CURRENT FROM TO AMOUNT YEARS YEAR (2024) ABT GLOBAL USAID CACCI 641034 10/24/24 12/31/25 750 - 126 126 ACIAR INCL AG VAL CHAIN FINANCE 303009 06/29/18 06/30/24 1,494 1,170 196 1,366 ACIAR FOOD SYSTEM-GANGETIC PLAI 613034 10/01/21 09/30/26 643 190 99 289 ACIAR PNG-APSP ACIAR 641021 06/01/24 05/30/25 1,327 - 293 293 ADB RURAL RECOVERY AGRI-FOOD 641011 12/12/23 06/30/25 1,001 - 489 489 AFRICAN CLIMATE FOUNDATIO RESILIENCE INVEST PLAN SA 642002 05/15/23 01/31/24 144 48 95 143 AGA KHAN UNIVERSITY EFFECTIVENESS OF BEP 601166 01/01/22 03/31/24 471 45 10 55 AKADEMIYA2063 (A2063) ReSAKSS REVIEW&DATA SYSTE 614035 11/17/20 10/31/24 805 525 276 801 AKADEMIYA2063 (A2063) SUPPORT BR NSPRT & FS 614040 06/01/22 12/31/24 300 154 91 245 ALLIANCE FOR A GREEN REVOLUTION IN AFRICA (AGRA) CAADP BR 641006 08/01/23 11/30/24 249 17 229 246 ANONYMOUS IPV RESEARCH COLLAB PH 2 601149 03/01/21 12/31/25 1,940 1,008 368 1,376 ANONYMOUS EDUTAINMENT PHASE 2 601167 07/01/22 12/31/24 350 167 179 346 ASIAN PRODUCTIVITY ORGANIZATION MODELING-FUTURE AGR ASIA 642005 03/15/24 09/27/24 30 - 30 30 BILL AND MELINDA GATES FOUNDATION WOMEN IMPROVING NUTRITION 301009 11/12/15 03/31/24 3,865 3,800 50 3,850 BILL AND MELINDA GATES FOUNDATION SE LEVER IMPACT EVAL. 301013 09/20/16 06/27/25 4,410 3,946 398 4,344 BILL AND MELINDA GATES FOUNDATION SOCIAL TRANS IMPROV NUTR 301055 10/16/17 12/31/25 5,978 2,968 1,375 4,343 BILL AND MELINDA GATES FOUNDATION REDESIGN GMPS IMPRV NUTRI 301057 09/02/22 12/31/25 810 363 296 659 BILL AND MELINDA GATES FOUNDATION POSHAN PH 3 301058 11/04/22 12/31/25 2,004 781 554 1,335 BILL AND MELINDA GATES FOUNDATION CLIMATE CHG x AGRICULTURE 301059 11/14/22 10/31/25 845 134 216 350 BILL AND MELINDA GATES FOUNDATION COVID-19 IAT POLICY MODEL 302057 07/15/20 09/30/24 2,410 2,146 264 2,410 BILL AND MELINDA GATES FOUNDATION ReSAKSS SOUTH ASIA- IAT 313004 11/01/20 10/31/24 1,499 924 575 1,499 BILL AND MELINDA GATES FOUNDATION FASTR 341001 10/16/23 10/31/26 1,525 6 383 389 BILL AND MELINDA GATES FOUNDATION POL ECON LG SCALE FORT 341002 10/31/23 11/05/25 452 35 140 175 BILL AND MELINDA GATES FOUNDATION GCAN INITIATIVE 343001 09/01/23 08/29/27 5,086 31 630 661 BILL AND MELINDA GATES FOUNDATION GAIA PHASE I 343002 11/05/23 12/31/24 996 16 726 742 BILL AND MELINDA GATES FOUNDATION ASIA ECS TRENDS ON AG PUB 613026 12/19/19 12/31/24 1,042 677 373 1,050 BIOVERSITY INTERNATIONAL PBA-DIGITAL EXT FIELD PIC 603206 12/01/21 04/30/24 421 248 172 420 BIOVERSITY INTERNATIONAL FRESH-EN UP 631005 01/01/24 03/31/25 199 - 67 67 BIOVERSITY INTERNATIONAL NUTURE LOSS MITIGATE APPR 643006 01/01/24 01/31/25 196 - 155 155 BMZ TRUE COSTING PRICING COMM 600307 01/01/22 03/31/25 812 270 416 686 USAID/WORLD BANK FOOD INSECURITY WARNING 303029 10/01/22 09/30/25 500 - 374 374 CARE MALAWI TITUKULANE PROGRAM 619024 10/01/19 12/31/24 1,407 907 478 1,385 CGIAR FUND SPIA NRR GRANT 643010 01/01/24 12/31/24 88 - 73 73 CHINA Training/Scientific Activ 302004 01/01/13 12/31/25 3,170 1,869 275 2,144 CIAT ACCEL. IMPACT OF CLIMATE 699016 02/04/21 01/31/25 628 586 17 603 CIAT AICCRA PHASE II 699018 01/01/24 12/31/25 484 - 74 74 CIFOR SECURE WOMEN LAND RIGHTS 600315 01/01/22 06/30/24 55 37 18 55 CIMMYT CSISA 4 613035 10/01/21 03/31/25 500 304 196 500 CIMMYT RUSSIA-UKRAINE CRISIS RSP 613038 10/01/22 08/30/24 944 404 541 945 CIMMYT HUBS FRAMEWORK ASSMNT 632011 07/01/24 12/20/24 70 - 70 70 CIMMYT INNOV & VALUE CHAIN RESIL 641014 01/02/24 03/31/25 708 - 473 473 CIMMYT WOMEN EMPOWERMENT MEXICO 643012 07/01/24 12/31/24 70 - 69 69 CIP CLIMATE-SMART INNOVATIONS 602216 12/10/19 05/31/25 493 396 105 501 CIP ANALYSIS BIOTECH POTATO 644001 04/01/23 01/31/25 85 34 48 82 CONTEXT GLOBAL DEV IMAGE 600287 01/01/21 12/31/25 186 109 28 137 CORNELL UNIVERSITY BUILD RESILNCE SOC PROTEC 601173 01/01/22 05/31/25 121 28 32 60 CROPLIFE INTERNATIONAL GENE EDITING EASTWEST AFR 600303 10/15