Where IFAW $$ goes

From ANIMAL PEOPLE, December 2006:
The International Fund for Animal Welfare on October 25,
2006 began building new offices in Yarmouth-port, Massachusetts. A
1.5-acre open space in the center of the complex will be named after
Juliana Kickert, of Sedona, Arizona, who died at age 64 in March
2006, leaving IFAW $10 million. IFAW raised $17.3 million in the
most recently reported fiscal year, but by its own reckoning spent
just $11.5 million on programs, and by ANIMAL PEOPLE reckoning spent
$6.8 million on programs, less than went into fundraising and
reserves.