CharityWatch reduces the grade of any charity that has available assets equal to three to five years of operating expenses. Charities with "years of available assets" of more than five years receive an "F" grade regardless of other measurements. In CharityWatch's view, a reserve of less than three years is reasonable and does not affect a charity's grade. These reductions in grades are based solely on the charities' asset reserves as compared to budget. The CharityWatch definition of "years of available assets" includes funds currently available for the charity's use, including investments that the charity has set aside as a reserve but could choose to spend if it wanted to do so. Livestrong Foundation's letter grade rating has been downgraded because it has 3 or more years of available assets.
See Our Process to learn more about how CharityWatch considers a charity’s asset reserves and the High Asset List for a list of charities whose ratings have been reduced due to high assets.
CharityWatch currently has concerns about this organization and/or is unable to provide complete rating information due to the organization's nondisclosure of financial information. Please see the Analysts' Notes section for a more detailed explanation.
| Name | Title | Compensation | |
|---|---|---|---|
| 1 | Suzanne Stone | President / CEO | $348,919 |
| 2 | Patrick Rastelli | IT Director | $124,030 |
| 3 | Willy Snell | Systems Administrator | $122,275 |
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1 Name: Suzanne Stone Title: President / CEO Compensation: $348,919 |
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2 Name: Patrick Rastelli Title: IT Director Compensation: $124,030 |
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3 Name: Willy Snell Title: Systems Administrator Compensation: $122,275 |
CharityWatch is unable to provide a rating of Livestrong Foundation due to the Foundation's fiscal 2024 audited financial statements receiving a "Qualified" audit opinion. A qualified opinion is an auditor’s conclusion that a nonprofit’s (or company’s) financial statements are generally presented fairly, except for one or more specific issues that are material but not pervasive. In other words, the auditor is saying, “We’re comfortable with most of what we reviewed, but there is a particular area where we cannot fully agree, verify, or conclude that accounting standards were properly followed.” Qualified opinions commonly arise from limited scope (such as records the auditor could not obtain), departures from generally accepted accounting principles (GAAP), or unresolved questions about how certain transactions were recorded. While a qualified opinion is less serious than an adverse opinion or a disclaimer of opinion, it is still a red flag that warrants attention, because it signals a meaningful weakness in financial reporting that donors, regulators, and boards should understand and address.
Per the Independent Auditors' Report: "The Livestrong Foundation financial statements report an interest in We are Here, Inc. of $97,495, inventory of $1,284,631, intangible assets of $1,069,496, and convertible promissory notes of $310,849 as of December 31, 2024. We have been unable to obtain sufficient appropriate audit evidence about the carrying amount of these assets totaling $2,762,471. Consequently, we were unable to determine whether any adjustments to these amounts were necessary." CharityWatch requires that a charity's audited financial statements for the period under review receive an "Unqualified" opinion. This indicates that the entire audit report presents fairly, in all material respects, the financial position of an organization. In the opinion of CharityWatch, the absence of an "Unqualified" opinion does not make the financial statements reliable for purposes of issuing a meaningful rating update. CharityWatch's most recent letter grade rating of Livestrong Foundation was a "D" on our "A+" to "F" rating scale based on our analysis of its fiscal 2022 audited financial statements and IRS tax Form 990. CharityWatch determined that the Foundation spent 63% of its cash budget on programs that year, and that it cost the charity $173 to raise each $100 in cash support.
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