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.
|CharityWatch's rating of Prostate Cancer Foundation (PCF) also includes the financial activities of the Coalition to Cure Prostate Cancer, which is consolidated in the PCF audited financial statements for the fiscal year ended December 31, 2017.|
According to the PCF 2017 consolidated audit (Note 1, Nature of Organization):
"The Coalition to Cure Prostate Cancer (the Coalition) was incorporated under the Canada Corporations Act during April 2011. The Coalition was granted charitable registration effective June 15, 2011. The Coalition's mission is to pursue research and clinical studies related to prostate and related cancers and to disseminate research reports and other educational materials related to such cancers.
"The Coalition is an affiliate of the Prostate Cancer Foundation. Pursuant to terms of a service agreement, the Prostate Cancer Foundation has agreed to provide certain pro bono services to the Coalition, including communications and fundraising support, program service and financial administration, and facilities. In addition, the Prostate Cancer Foundation has extended a guaranty to the Coalition for up to a maximum of $100,000 to ensure that the Coalition will be able at all times to fund research awards approved by the Coalition's Board of Directors."
All inter-organization balances and transaction between PCF and the Coalition are eliminated in the audit consolidation.
|According to the Prostate Cancer Foundation (PCF) consolidated audit of December 31, 2017 (Note 6, Related Party Transactions):|
"Since the Foundation's inception in 1993 through December 31, 2017, it has received more than $64,000,000 in contributions from the Milken Family, the Milken Family Foundation and affiliated organizations."
According to the PCF 2017 tax filing, Michael Milken is listed as "Founder & Chairman" of PCF (IRS Form 990, Part VII, Section A).
|According to the Prostate Cancer Foundation (PCF) 2017 tax filing, PCF reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):|
Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7):
"The Committee awarded discretionary bonuses to the officers and employees based on exceptional individual performance."
PCF reports "Bonus & incentive compensation" payments to nine individuals in 2017 (IRS Form 990, Schedule J, Part II). Three individuals each received "Bonus & incentive compensation" in the amount of $5,000, and one individual in the amount of $4,000. In addition, PCF reports "Bonus & incentive compensation" payments in the following amounts to the five individuals listed below:
-- Jonathan W. Simons, M.D., CEO & President: $620,000, with reported total compensation of $1,288,873;
-- Tom Andrus, EVP, Digital: $48,000, with reported total compensation of $389,070;
-- John Weston, EVP, Chief Operating Officer: $30,000, with reported total compensation of $364,836;
-- Helen Hsieh, SVP, Finance and Administration: $15,000, with reported total compensation of $293,209; and
-- Howard Soule, Ph.D., EVP, Chief Science Officer: $10,000, with reported total compensation of $445,025.