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.
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|CharityWatch's rating of Memorial Sloan Kettering Cancer Center includes the financial activities of the legal entities included in its combined audited financial statements for the fiscal year-ended 12/31/15. This includes the public charity, Memorial Sloan Kettering Cancer Center, as well as the following public charity incorporated affiliates: Memorial Hospital for Cancer and Allied Diseases; Sloan Kettering Institute for Cancer Research; S.K.I. Realty, Inc.; MSK Insurance US, Inc.; the Louis V. Gerstner Jr. Graduate School of Biomedical Sciences; Prostate Cancer Clinical Trials Consortium, LLC; Ralph Lauren Center for Cancer Care and Prevention; and MSK Proton, Inc.|
|According to the Memorial Sloan Kettering Cancer Center (the Institution) tax filing for the year ended December 31, 2015 (IRS Form 990 Schedule L, Parts IV & V, Business Transactions Involving Interested Persons & Supplemental Information):|
"1. Mr. Stephen Friedman is a board member of the Institution. The Institution purchased architectural services from the firm of Perkins/Eastman. The total amount paid in 2015 was $6,094,378. Mr. Perkins and Mr. Friedman are brothers-in-law."
"2. Dr. Thompson is the President of the Institute. His spouse is a laboratory member for Sloan-Kettering Institute for Cancer Research. Her compensation for 2015 was $198,379."
"3. Mr. Michael P. Gutnick is the Executive Vice President and Chief Financial Officer. His son is a fund coordinator in the Division of Medicine. His son's total compensation for 2015 was $103,555."
"4. Ms. Jamie Nicholls is a board member of the Institution. Her spouse is a co-founder of King Street Capital Management. During 2015, the Institution paid King Street $694,897 in management fees. The investment agreement calls for carried interest that is normal and customary in the course of investing in alternative investments."
"5. Mr. Norman C. Selby is a board member within the Organization. His son is a research fellow in the Department of Surgery. His son's total compensation for 2015 was $66,445."
"The individuals listed were not a party to the transactions. There is no sharing of the Institution's revenue. The purchases of goods or services by the Institution were made in the ordinary course of the provider's business, at commercially available rates normally charged to regular customers."
|According to the Memorial Sloan Kettering Cancer Center (the Institution) combined audit of December 31, 2015 (Note 10, Grant Awards):|
"The accompanying combined financial statements do not include amounts related to research grants (or portions thereof) that have been awarded to the Institute for which expenditures have not been incurred or cash has not been received. Such grant awards approximated $130.2 million and $116.3 million at December 31, 2015 and 2014, respectively."
|According to the Memorial Sloan Kettering Cancer Center (the Institution) combined audit of December 31, 2015 (Note 11, Commitments and Contingencies):|
"... The Institution removes contained asbestos and any applicable radioactive materials from facilities as facilities are being repaired and/or replaced. The Institution has recorded the estimated liability for the cost of asbestos remediation and radiation decommissioning for the Institution's current plans for building modifications and lease end costs of approximately $36.7 million at December 31, 2015."