FIFA was founded in 1904 and currently comprises 209 national football associations from within six regional confederations: Africa, Asia, Europe, North & Central America and the Caribbean, Oceania and South America. It is a registered charity, established under Swiss law, with headquarters in Zurich. It generates income from sponsorship. In 2013 it had revenues of more than $1.3 billion, resulting in a net profit of $72 million, and retained cash reserves in excess of $1.4 billion. The association is led by an Executive Committee composed of 24 individuals: the President, 8 vice-presidents and 15 members; and daily administration is undertaken by the General Secretariat, with a staff of around 280, under the leadership of the President and General Secretary. Remuneration for the presidency in 2011 was approximately 2 million Swiss francs, (about $ 2million) with 1.2 million Swiss francs /dollars in salary plus bonuses.