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Dave Thomas Foundation for Adoption

CharityWatch rating issued
October 2022

Top-Rated Charity
A
CharityWatch Rating
Our independent rating based
on a number of factors.
 
85%
Program Percentage
Amount spent on programs
relative to overhead.
 
$7
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Dave Thomas Foundation for Adoption
4900 Tuttle Crossing Blvd
Dublin, OH 43016

Other Names

Wendy's Wonderful Kids

Tax Status

501(c)3

Stated Mission

Dedicated exclusively to finding permanent homes for more than 150,000 children waiting in North America's foster care systems.

View similar charities
Data based on Fiscal Year Ended 06/30/2021

Program Percentage: 85%

The percentage of Dave Thomas Foundation for Adoption's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).

$27,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $7

How many dollars Dave Thomas Foundation for Adoption spends on fundraising to raise each $100 of contributions.

$32,000,000

Calculated Total Contributions

(rounded)

Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources

 

Financial Documents

Entity Document Type Tax ID
Dave Thomas Foundation for Adoption IRS Form 990 31-1356151
Dave Thomas Foundation for Adoption Audited Financial Statements 31-1356151
Entity: Dave Thomas Foundation for Adoption
Document Type: IRS Form 990
Tax ID: 31-1356151
Entity: Dave Thomas Foundation for Adoption
Document Type: Audited Financial Statements
Tax ID: 31-1356151

Governance & Transparency

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
This charity is Top-Rated
What does it mean to be Top-Rated?
 
Dave Thomas Foundation for Adoption
meets governance benchmarks.
 
Dave Thomas Foundation for Adoption
meets transparency benchmarks.
Transparency
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy Opt-Out Policy  

  Name Title Compensation
1 Rita L. Soronen President/CEO $442,795
2 Jennifer Justice Senior VP, Strategic Program Development $213,005
3 Jill Crumbacher Senior VP, Marketing & Development $212,173
1
Name: Rita L. Soronen
Title: President/CEO
Compensation: $442,795
2
Name: Jennifer Justice
Title: Senior VP, Strategic Program Development
Compensation: $213,005
3
Name: Jill Crumbacher
Title: Senior VP, Marketing & Development
Compensation: $212,173

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.

According to the Dave Thomas Foundation for Adoption audited Statement of Activities and Change in Net Assets for the year ended June 30, 2021, the Foundation received donated public service announcements (PSA) broadcasting and donated in-kind contributions on which it placed a total value of $17,905,098 and $39,326, respectively.

According to the Dave Thomas Foundation for Adoption audit of June 30, 2021 (Note 9, Related Parties):

"Certain key employees of Wendy's have donated information technology services to the Foundation. These services were provided in connection with the individuals' responsibilities as employees of Wendy's. Contributed services from these individuals amounted to approximately $39,000 and $34,000 for the years ended June 30, 2021 and 2020, respectively..."

[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 Dave Thomas Foundation for Adoption audit of June 30, 2021 (Note 8, Payroll Protection Program Loan):

"The Foundation was the recipient of a Paycheck Protection Program (PPP) loan of $651,230 in May 2020, granted by the Small Business Administration (SBA) under the Coronavirus Aid, Relief and Economic Security Act. Under the program terms, PPP loans may be forgiven if loan proceeds are used to maintain compensation costs and employee headcount and other qualifying expenses incurred following receipt of the loan and accrued interest. During 2020, the Foundation elected to record this loan...as debt on the accompanying [audited] statement of financial position as of June 30, 2020.

"In March 2021, the Foundation received forgiveness from the SBA in full and recorded the forgiveness as a gain on the extinguishment of debt which is included as income on the accompanying [audited] statement of activities and change in net assets as of June 30, 2021."

According to the Dave Thomas Foundation for Adoption audit of June 30, 2021 (Note 9, Related Parties):

"The Foundation is the sole beneficiary of certain fundraising events and in-store campaigns sponsored by Wendy's and its franchisees. The Foundation received approximately $14,843,000 and $12,183,000 from Wendy's from various fundraising activities for the years ended June 30, 2021 and 2020, respectively..."

[...]

"Wendy's entered into an Assignment of Rights Agreement with Oldemark, LLC, dated as of November 5, 2000 (the Assignment). Wendy's has used Mr. Thomas, the Founder, as a focal point for its products and services for many years, and has, through its extensive investment in the advertising and promotional use of Mr. Thomas' name, likeness, image, voice, caricature, endorsement rights and photographs (the Thomas Persona), made the Thomas Persona well-known in the United States and throughout North America. Under the terms of the Assignment, the Foundation was granted the use of the Thomas Persona, at no charge, for as long as the Foundation maintains its present purpose and ideals. No revenue or expense has been recorded in the financial statements for the use of the Thomas Persona."

According to the Dave Thomas Foundation for Adoption audit of June 30, 2021 (Note 13, Risks and Uncertainty):

"The coronavirus pandemic and resulting economic uncertainties have resulted in disruptions to the Foundation's operations. Additionally, revenue and support could be adversely affected by further disruptions, which in turn could negatively impact the Foundation's operating results. The Foundation continues to monitor the situation and consider necessary financial and operational changes. While it is premature to accurately predict the ultimate impact of these developments, the Foundation's results for the year ending June 30, 2022 may be impacted."

According to the Dave Thomas Foundation for Adoption tax filing for the fiscal year ended June 30, 2021, the Foundation 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):

(1) The President & CEO received a bonus of $65,630.
(2) The Senior VP & CFO received a bonus of $15,000.
(3) The Senior VP of Marketing & Development received a bonus of $10,000.
(4) The Senior VP of Strategic Program Development received a bonus of $10,000.
(5) The Senior VP of General Counsel received a bonus of $10,000.
(6) The Senior VP of Business Development received a bonus of $10,000.
(7) The VP of Marketing and Communications received a bonus of $5,000.
(8) The VP of Human Resources received a bonus of $4,000.
(9) The Director of Wendy's Wonderful Kids received a bonus of $3,000.

The reported total compensation in calendar year 2020 for the nine individuals listed above ranges from $442,795 to $104,344 (IRS Form 990, Part VII, Section A).