CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.

Any time an Analysts' Note refers to a charity's Audited Financial Statements or IRS tax form, CharityWatch encourages interested donors to obtain a copy of the referenced documents so that they may view the information in context. Please contact the charity directly to request a copy of any referenced document. Charity tax forms and audits may also be obtained from a number of online databases. For a list of sources, please visit our LINKS page.

Note(s)
According to the Breast Cancer Research Foundation consolidated audit of June 30, 2015 (Note K, Major Contributors):

"During fiscal-year 2015 and 2014, the Foundation received approximately $18,978,000 and $16,908,000, respectively, from seven other organizations, exclusive of the donations received from the related parties described in Note I [see the last Analysts' Note below]."

[The $18,978,000 received from seven organizations during fiscal 2015 represents about 33% of the Foundation's cash contributions for that year.]
According to the Breast Cancer Research Foundation consolidated audit of June 30, 2015, the Foundation reports receiving approximately $471,000 in donated goods and services in fiscal 2015, including approximately $302,000 in donated "special events - fundraising merchandise" (Note G, Donated Goods and Services).

[Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found by clicking on "About CharityWatch" from the navigation bar and then clicking on "Criteria & Methodology".]
According to the Breast Cancer Research Foundation consolidated audit of June 30, 2015 (Note I, Related-Party Transactions):

"Two members of the Foundation's Board of Directors are also members of the board of directors of a corporation that donated a portion of its sales revenue to the Foundation and held various fund-raising events for the benefit of the Foundation. For fiscal-years 2015 and 2014, the Foundation recognized contribution revenue from the corporation of approximately $4,106,000 and $4,444,000, respectively..."

"The Foundation also reimburses this corporation to cover certain operating expenses paid on its behalf each fiscal-year. These reimbursements to the corporation are for payroll and related benefits for the staff who exclusively conduct [the] Foundation's activities, as well as reimbursement for information services and other administrative services provided at cost. For fiscal-years 2015 and 2014, these reimbursements approximated $5,245,000 and $4,654,000, respectively..."

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