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Top Rated

Memorial Sloan Kettering Cancer Center

CharityWatch report issued
March 2019

Top-Rated Charity
A-
CharityWatch Grade
Our independent grade based
on a number of factors.
 
97%
Program Percentage
Amount spent on programs
relative to overhead.
 
$22
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Memorial Sloan Kettering Cancer Center
1275 York Avenue
New York, NY 10065

Other Names

None

Tax Status

501(c)3

Website

www.mskcc.org

Stated Mission

Leadership in the prevention, treatment, and cure of cancer through excellence, vision, and cost-effectiveness in patient care, outreach programs, research, and education.

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Data based on Fiscal Year Ended 12/31/2017

Program Percentage: 97%

The percentage of Memorial Sloan Kettering Cancer Center's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).

$4,168,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $22

How many dollars Memorial Sloan Kettering Cancer Center spends on fundraising to raise each $100 of contributions.

$326,000,000

Calculated Total Contributions

(rounded)

Joint Costs

Memorial Sloan Kettering Cancer Center's rating was adjusted for Joint Costs. If you are a donor who considers direct mail, telemarketing, and other Joint Cost solicitations to be true charitable programs, the below efficiency ratios, which were not adjusted for joint costs, may better reflect your goals.

Program % Cost to Raise $100
98% $20
Accounting rules allow charities to report some telemarketing, direct mail, and other solicitation costs as Program expenses. CharityWatch believes that most donors do not consider a charity's solicitation activities to be the Programs they are intending to support with their donations. We therefore adjust such expenses out of a charity's reported Program expense and add it to Fundraising expense prior to calculating its rating.

Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources

 

Financial Documents

Entity Document Type Tax ID
Memorial Sloan-Kettering Cancer Center IRS Form 990 91-2154267
Memorial Sloan Kettering Cancer Center & Affiliated Corporations Combined Audited Financial Statements Multiple
Entity: Memorial Sloan-Kettering Cancer Center
Document Type: IRS Form 990
Tax ID: 91-2154267
Entity: Memorial Sloan Kettering Cancer Center & Affiliated Corporations
Document Type: Combined Audited Financial Statements
Tax ID: Multiple

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?
 
Memorial Sloan Kettering Cancer Center
meets governance benchmarks.
 
Memorial Sloan Kettering Cancer Center
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 Craig B. Thompson, M.D. President/CEO $5,303,958
  Note: Includes $2,084,620 bonus & incentive compensation, and $1,276,326 retirement and other deferred compensation.
2 Mark Bilsky, M.D. Attending - Department Of Neurosurgery $3,568,374
  Note: Includes $1,500,000 bonus & incentive compensation.
3 Kathryn Martin COO $3,382,794
  Note: Includes $1,490,220 bonus & incentive compensation.
1
Name: Craig B. Thompson, M.D.
Title: President/CEO
Compensation: $5,303,958
Note: Includes $2,084,620 bonus & incentive compensation, and $1,276,326 retirement and other deferred compensation.
2
Name: Mark Bilsky, M.D.
Title: Attending - Department Of Neurosurgery
Compensation: $3,568,374
Note: Includes $1,500,000 bonus & incentive compensation.
3
Name: Kathryn Martin
Title: COO
Compensation: $3,382,794
Note: Includes $1,490,220 bonus & incentive compensation.

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.
CharityWatch's rating of Memorial Sloan Kettering Cancer Center includes the financial activities of the legal entities included in its combined audited financial statements for the fiscal year-ended 12/31/2017. This includes the public charity, Memorial Sloan Kettering Cancer Center, as well as the following public charity incorporated affiliates: Memorial Hospital for Cancer and Allied Diseases; Sloan Kettering Institute for Cancer Research; S.K.I. Realty, Inc.; MSK Insurance US, Inc.; the Louis V. Gerstner Jr. Graduate School of Biomedical Sciences; Prostate Cancer Clinical Trials Consortium, LLC; Ralph Lauren Center for Cancer Care and Prevention; and MSK Proton, Inc.
According to the Memorial Sloan Kettering Cancer Center (the Institute or the Center) 2017 tax filing, the Center reports re: Business Transactions Involving Interested Persons (IRS Form 990, Schedule L, Parts IV & V):

"1. Dr. Thompson is the President of the Institute. His spouse is a laboratory member for Sloan-Kettering Institute for Cancer Research. Her compensation for 2017 was $211,950."

"2. Mr. Michael P. Gutnick is the Executive Vice President and Chief Financial Officer. His son is a fund coordinator in the Division of Medicine in the hospital. His son's total compensation for 2017 was $105,088."

"3. Ms. Jamie Nicholls is a board member of the Institution. Her spouse is a co-founder of King Street Capital Management. During 2017, the Center paid King Street $733,235 in management fees. The investment agreement calls for carried interest income that is normal and customary in the course of investing in alternative investments. During 2017, carried interest income earned was $542,381. The Institution invested in King Street prior to Ms. Nicholls joining the board of Memorial Sloan Kettering Cancer Center."

"4. Jose Baselga MD PhD is the Physician in Chief and Chief Medical Officer of the Organization. He is also 100% owner of Memorial Medical Care PC. Memorial Medical Care PC was established as a 501(c)(3) to provide home healthcare to the hospital's bone marrow transplant patients. The PC and the hospital have a management agreement where there is no cost to the hospital for the service. The hospital provides and charges the PC for leased employees and medical services as needed. Patients enrolled in this program are billed accordingly. The amount reported is the cost of such services provided to the PC."

"The individuals listed were not a party to the transactions. There is no sharing of the Institution's revenue. The purchases of goods or services by the Institution were made in the ordinary course of the provider's business, at commercially available rates normally charged to regular customers."
According to the Memorial Sloan Kettering Cancer Center (the Institute) combined audit of December 31, 2017 (Note 10, Grant Awards):

"The accompanying [audited] combined financial statements do not include amounts related to research grants (or portions thereof) that have been awarded to the Institute for which expenditures have not been incurred or cash has not been received. Such grant awards approximated $116.2 million and $126.8 million at December 31, 2017 and 2016, respectively."
According to the Memorial Sloan Kettering Cancer Center (the Institution) combined audit of December 31, 2017 (Note 12, Commitments and Contingencies):

"The Institution recognizes a liability for the future cost of conditional asset retirement obligations, including building modifications and lease end costs. The Institution removes contained asbestos and any applicable radioactive materials from facilities as facilities are being repaired and/or replaced. The Institution has recorded the estimated liability for the cost of asbestos remediation and radiation decommissioning for the Institution's current plans for building modifications and lease end costs of approximately $38.6 million and $38.4 million at December 31, 2017 and 2016, respectively."
According to the Memorial Sloan Kettering Cancer Center (the Center) 2017 tax filing, the Center reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):

Regarding severance payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 4A):

"Included in Form 990 is severance pay for Edwin Taliaferro, VP Internal Audit & Compliance, of $220,608. He terminated in April 2017."


Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7):

"Incentive pay is provided to officers and key employees based on their achievement of pre-determined goals relating to quality of care, patient safety, operational efficiency and financial performance. The compensation committee of the board authorizes all executive bonuses and incentive plans on an annual basis. In addition, as well as an overall authorization and approval for key employees and other management including professional and other staff by setting the bonus pool in conjunction with the input from human resources. Staff bonuses are impacted by annual merit review process."


The Center reports "Bonus & incentive compensation" payments to 21 individuals in 2017. The five highest amounts reported are as follows (IRS Form 990, Schedule J, Part II):

(1) Craig B Thompson MD, President & CEO: $2,084,620, with reported total compensation of $5,303,958;
(2) Bernard Bochner MD, Attending-Surgery: $1,890,000, with reported total compensation of $2,903,222;
(3) Anne McSweeney, Special Advisor to President: $1,584,118, with reported total compensation of $2,188,970;
(4) Mark Bilsky MD, Attending-Dept of Neurosurgery: $1,500,000, with reported total compensation of $3,568,374; and
(5) Kathryn Martin, Chief Operating Officer: $1,490,220, with reported total compensation of $3,382,794.

In addition, the Center reports that five individuals received "Bonus & incentive compensation" payments in amounts ranging from $1,326,230 to $1,050,000; six individuals in amounts ranging from $778,881 to $503,250; and five individuals in amounts ranging from $414,650 to $76,862 (IRS Form 990, Schedule J, Part II).

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