Breast Cancer Research Foundation

CharityWatch's rating of The Breast Cancer Research Foundation (BCRF) also includes the financial activities of The Breast Cancer Research Foundation in Canada, which are consolidated in BCRF's audited financial statements for the fiscal year ended June 30, 2023.

According to The Breast Cancer Research Foundation (BCRF) consolidated audit of June 30, 2023 (Note A-1, The Foundation):

"...The Breast Cancer Research Foundation in Canada ('BCRF Canada') is an officially registered tax-exempt charity in Canada. As this entity meets the criteria for consolidation, its financial statements are consolidated with those of BCRF... All significant inter-organization balances and transactions have been eliminated in consolidation."

According to The Breast Cancer Research Foundation (BCRF) consolidated audit of June 30, 2023 (Note G, Donated Goods and Services), BCRF received donated goods and services in fiscal 2023 on which it placed a total value of $1,294,579.

[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 on the Our Process page.]

According to The Breast Cancer Research Foundation consolidated audit of June 30, 2023 (Note K, PPP Loans and Gain on Loan Forgiveness):

"The Foundation received $1,272,100 in funds from the PPP [Paycheck Protection Program] First Draw on May 1, 2020, and applied for and received an additional $1,272,100 under the PPP Second Draw program on May 21, 2021, for a total of $2,544,200. These proceeds have been reported as PPP loans payable in the consolidated statements of financial position as of June 30, 2021. 

The first draw PPP loan, which had a maturity date of May 1, 2022, was forgiven. The forgiveness of this loan is reflected in non-operating activities in the consolidated statement of activities for fiscal year 2022. With respect to the Second Draw, neither principal nor interest is due for a deferral period, which ends when the SBA remits the loan forgiveness to the bank. 

In November 2022, the Foundation was notified that $1,169,874 of the second loan was forgiven, and that the Foundation would remain responsible for the remaining balance of $102,226. The notification of partial forgiveness remains subject to bank approval in accordance with SBA guidelines. The outstanding principal of the remaining loan converted to a term loan with an interest rate of 0.98% payable in equal installments of principal and interest over the remaining period until the loan maturity date. The remaining balance was repaid in August 2023. 

The SBA may audit any PPP loan at its discretion for up to six years after the date the SBA forgave the loan. The SBA reserves the right to audit any PPP loan, regardless of size and these audits may occur after forgiveness has been granted. In accordance with the Cares Act, all borrowers are required to maintain the PPP loan documentation for six years after the PPP loan was forgiven or repaid in full and to provide that documentation to the SBA upon request."

According to The Breast Cancer Research Foundation consolidated audit of June 30, 2023 (Note I-1, Related-Party Transactions, Fund-raising):

"One of the Co-chairs of the Foundation's Board of Directors is also the Executive Chairman of the Estee Lauder Companies, Inc. (the '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 2023 and 2022, the Foundation recognized contribution revenue from the Corporation of approximately $21,699,000 and $6,243,000, respectively. During fiscal-years 2023 and 2022, certain directors of this Corporation also made personal contributions to the Foundation totaling approximately $1,581,000 and $1,315,000, respectively. Additionally, during fiscal-years 2023 and 2022, the Corporation donated items to be given away during the Foundation's fund-raising events valued at approximately $44,000 and $64,000, respectively."

According to The Breast Cancer Research Foundation consolidated audit of June 30, 2023 (Note I-2, Related-Party Transactions, Operating expenses):

"Through December 31, 2021, the Foundation also had reimbursed the Corporation for certain operating expenses paid on its behalf each fiscal year. These reimbursements to the Corporation were for payroll and related benefits for the staff who exclusively conducted the Foundation's activities, as well as reimbursement for other administrative services provided at cost. Effective January 1, 2022, the Foundation began to manage its own payroll process and contracted the services of a Professional Employer Organization ('PEO') to facilitate its employees' payroll and benefits. For fiscal year 2022, the Foundation had reimbursed the Corporation approximately $4,750,000 for such costs."

According to The Breast Cancer Research Foundation consolidated audit of June 30, 2023 (Note J-2, Commitments, Employment agreement):

"Pursuant to an agreement with the Foundation's former President and Chief Executive Officer who retired during fiscal year 2023, the Foundation has provided post-employment compensation and other benefits. Substantially, all costs associated with this agreement are included in accounts payable and accrued expenses for fiscal years 2023 and 2022, respectively. The Foundation has entered into an employment agreement with its new President and Chief Executive Officer who was hired during fiscal year 2023."

According to The Breast Cancer Research Foundation (BCRF) tax filing for the fiscal year ended June 30, 2023, BCRF 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 Foundation's Board of Directors authorized a bonus for the President."

BCRF reports "Bonus & incentive compensation" in the amount of $50,000 paid to Myra Biblowit, Past President & CEO; her reported total compensation in calendar year 2022 is $855,428 (IRS Form 990, Schedule J, Part II).