In 2013, Acumen raised $15.7 million in philanthropic capital, an increase of 57% from the prior year, $3.0 million of this was due to a grant we received for our expansion work in Latin America. In addition, we had non-cash revenue of $1.1 million in donated legal services, primarily to support our investing work, as well as donated office space. We received $1.3 million in interest from portfolio loans, and have a loss provision of $4.8 million for portfolio investment losses, representing a conservative valuation policy. Acumen Fund carries our program investments at cost, and we lower these valuations when impairment exists. In an effort to air on the conservative side, we do not mark up our equity investments to fair market value, even when our holdings increase in value in subsequent funding rounds. We only realize gains or profits when we exit an equity investment.
Operating Expenses & Program Investments
Operating expenses cover all the direct costs of running Acumen Fund programs as well as our management and general and fundraising costs. They do not reflect any of our investments in our portfolio companies. Total expenses for the 2013 year were $13.0 million, which was a 2% increase compared to the prior year.
Program work constitutes 66% of expenses. Portfolio expenses were $5.0 million, representing the cost of sourcing, due diligence, planning and the execution of $12.3 million in new investment approvals, as well as managing our active portfolio of 48 companies. Outreach, Impact and Communications expenses were $2.2 million, representing our work in measuring our performance metrics, and the research and sharing of our insights on patient capital. Our Fellows programs have expanded in scope to $1.4 million in spend, with the Global Fellows program in its ninth year and Regional Fellows programs in East Africa, India and Pakistan. Fundraising costs and Management and General expense accounted for $4.4 million with investments in improving organization efficiency and effectiveness.