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50 years of financial stability so programs can launch, deepen and grow.

For five decades, PHI has served as the fiscal agent for the innovative projects it supports and the dynamic public health leaders it attracts. PHI remains committed to financial integrity, transparency, and stability, and to leveraging resources, partnerships and collaboration to maximize advances that improve public health and well-being in the U.S. and around the world. PHI serves as a comprehensive fiscal sponsor for initiatives that scale from a single committed researcher to programs with more than 100 staff, and manages awards from 300+ funding sources. PHI has a history of receiving unqualified opinions on its audits—an important designation that indicates financial compliance and transparency, and which makes PHI competitive for federal and other funding streams.

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2020 Financial Snapshot


Grants and contracts193,504,696
Other revenue1,300,925


Research and program services 136,961,527
Management and general17,566,650

Net Asssets

Net assets at beginning of year18,662,921
Change in net assets40,277,444
Net assets at end of year58,940,365
  • 83.8% Direct Research & Program Services
  • 16.2% Indirect Expenses
  • < 1% Fundraising

The information presented here is drawn from PHI’s financial statements, prepared by independent auditors Crowe LLP, Certified Public Accountants.

Financial Statements and Reviews

Research Compliance

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New PHI Study on Breakthrough Infection Shows Steep Vaccine Efficacy Decline Over Six Months

A PHI study in the journal Science analyzed COVID infection by vaccination status among 780,225 Veterans. Researchers found that protection against any COVID-19 infection declined for all vaccine types, with overall vaccine protection declining from 87.9% in February to 48.1% by October 2021.

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