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, 2020.

According to The Breast Cancer Research Foundation (BCRF) consolidated audit of June 30, 2020 (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, 2020 (Note H, Donated Goods and Services), BCRF received donated goods and services in fiscal 2020 on which it placed a total value of $733,810.

[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, 2020 (Note L, PPP Loan Payable):

"On May 1, 2020, the Foundation received $1,272,100 in funds from the PPP [Paycheck Protection Program]... Neither principal nor interest is due for a ten-month deferral period from the last day of the Foundation's covered period, which is October 15, 2021. This loan may be forgiven subject to bank approval in accordance with SBA [Small Business Administration] guidelines. Any outstanding principle of the loan that is not forgiven under the PPP Loan program at the end of the ten-month deferral period will convert to a term loan with an interest rate of 0.98% payable in equal installments of principle and interest over the next twenty-four months, beginning in February 2021. The loan matures on May 1, 2022. The Foundation is in the process of applying for forgiveness."

According to The Breast Cancer Research Foundation consolidated audit of June 30, 2020 (Note J-1, Related-Party Transactions, Fund-raising):

"One member of the Foundation's Board of Directors is also a member 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 2020 and 2019, the Foundation recognized contribution revenue from the corporation of approximately $6,994,000 and $8,224,000 respectively..."

According to The Breast Cancer Research Foundation consolidated audit of June 30, 2020 (Note J-2, Related-Party Transactions, Operating expenses):

"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 other administrative services provided at cost. For fiscal years 2020 and 2019, these reimbursements approximated $9,413,000 and $7,932,000, respectively..."

Related to Audit Note J-2, cited above, according to The Breast Cancer Research Foundation (BCRF) fiscal 2020 tax filing, BCRF reports re: Business Transactions Involving Interested Persons:

"William Lauder is a member of the Board of Directors of The Breast Cancer Research Foundation as well as the Executive Chairman of the Estee Lauder Companies. The Foundation reimburses Estee Lauder for payroll and benefits for the Foundation's staff who exclusively conduct the Foundation's activities, as well as for miscellaneous fund-raising and office expenses" (IRS Form 990, Schedule L, Part V). 

According to The Breast Cancer Research Foundation consolidated audit of June 30, 2020 (Note K-2, Commitments, Employment agreement):

"The Foundation is obligated under an employment agreement with its President. The agreement is automatically extended on an annual basis, unless either party provides 90 days of prior written notice of its intention not to do so."

According to The Breast Cancer Research Foundation consolidated audit of June 30, 2020 (Note K-5, Other uncertainty):

"The extent of the impact of the coronavirus ('COVID-19') outbreak on the operational and financial performance of the Foundation will depend on the continued future developments, including the duration and spread of the outbreak and related travel advisories and restrictions and the impact of COVID-19 on the overall availability of contributions towards the Foundation's programs, all of which are highly uncertain and cannot be predicted. If contributions towards the Foundation's programs are impacted for an extended period, results of operations may be materially adversely affected.

"The Foundation retained over $18 million in net income in FY2020 to provide additional fiscal support to offset the potential impact of COVID-19 on the Foundation's operations."

According to The Breast Cancer Research Foundation (BCRF) tax filing for the fiscal year ended June 30, 2020, 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):

"In the prior year, the Foundation's board of directors authorized a bonus for the president which was paid to her in the current year."

BCRF reports "Bonus & incentive compensation" in the amount of $50,000 paid to Myra Biblowit, President & CEO; her reported total compensation in calendar year 2019 is $828,063 (IRS Form 990, Schedule J, Part II).