Celebrating 30 years of helping you give wisely
America's most independent,
assertive charity watchdog
Top Rated

Memorial Sloan Kettering Cancer Center

CharityWatch report issued
March 2024

Top-Rated Charity
A-
CharityWatch Grade
Our independent grade based
on a number of factors.
 
98%
Program Percentage
Amount spent on programs
relative to overhead.
 
$20
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.

View similar charities
Charity  
American Breast Cancer Foundation  
American Cancer Society  
American Institute for Cancer Research  
Avon Products Foundation  
Breast Cancer Charities of America (DISSOLVED)  
Breast Cancer Outreach Foundation (DISSOLVED)  
Breast Cancer Prevention Partners  
Breast Cancer Research Foundation  
Breast Cancer Society (DISSOLVED)  
Cancer Fund of America (DISSOLVED)  
Cancer Recovery Foundation International  
Cancer Research Institute  
Cancer Survivors' Fund (DISSOLVED)  
CancerCare  
Childhood Leukemia Foundation  
Children's Cancer Fund of America (DISSOLVED)  
Children's Cancer Recovery Foundation (DISSOLVED)  
Children's Cancer Research Fund  
Children's Leukemia Research Association  
CureSearch for Children's Cancer  
Damon Runyon Cancer Research Foundation  
Dana-Farber Cancer Institute  
Entertainment Industry Foundation / Stand Up To Cancer  
Good Charity (DISSOLVED)  
Leukemia & Lymphoma Society  
Livestrong Foundation  
Movember Foundation  
Multiple Myeloma Research Foundation  
National Breast Cancer Coalition Fund  
National Breast Cancer Foundation  
National Cancer Assistance Foundation  
National Cancer Center  
National Cancer Coalition (DISSOLVED)  
National Children's Cancer Society  
National Children's Leukemia Foundation (DISSOLVED)  
National Foundation for Cancer Research  
Ovarian Cancer Research Alliance  
Pancreatic Cancer Action Network  
Prevent Cancer Foundation  
Prostate Cancer Foundation  
St. Jude Children's Research Hospital  
Susan G. Komen Breast Cancer Foundation  
United Breast Cancer Foundation  
United Cancer Support Foundation  
Walker Cancer Research Institute  
Woman to Woman Breast Cancer Foundation (DISSOLVED)  
Data based on Fiscal Year Ended 12/31/2022

Program Percentage: 98%

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

$6,828,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $20

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

$458,000,000

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% $19
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 Consolidated Audited Financial Statements Multiple
Memorial Sloan Kettering Cancer Center IRS Form 990 91-2154267
Entity: Memorial Sloan Kettering Cancer Center
Document Type: Consolidated Audited Financial Statements
Tax ID: Multiple
Entity: Memorial Sloan Kettering Cancer Center
Document Type: IRS Form 990
Tax ID: 91-2154267

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. Past President/CEO $8,104,960
  Note: Includes $6,080,000 bonus & incentive compensation.
2 Jason Klein Senior VP/Chief Investment Officer $6,868,047
  Note: Includes $2,530,000 bonus & incentive compensation and $2,980,253 deferred compensation.
3 Mark Bilsky, M.D. Attending - Neurosurgery $3,403,996
  Note: Includes $1,500,000 bonus & incentive compensation.
1
Name: Craig B. Thompson, M.D.
Title: Past President/CEO
Compensation: $8,104,960
Note: Includes $6,080,000 bonus & incentive compensation.
2
Name: Jason Klein
Title: Senior VP/Chief Investment Officer
Compensation: $6,868,047
Note: Includes $2,530,000 bonus & incentive compensation and $2,980,253 deferred compensation.
3
Name: Mark Bilsky, M.D.
Title: Attending - Neurosurgery
Compensation: $3,403,996
Note: Includes $1,500,000 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 12/31/2022. 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 (the Hospital); Sloan Kettering Institute for Cancer Research (the Institute); S.K.I. Realty, Inc.; MSK Insurance US, Inc. (MSKI); the Louis V. Gerstner Jr. Graduate School of Biomedical Sciences; Prostate Cancer Clinical Trials Consortium, LLC; and MSK Proton, Inc. 

According to the Memorial Sloan Kettering Cancer Center (the Institute) combined audit of December 31, 2022 (Note 11, Grant Awards):

"The accompanying 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 $172.5 million and $119.8 million at December 31, 2022 and 2021, respectively."

According to the Memorial Sloan Kettering Cancer Center (the Institute) combined audit of December 31, 2022 (Note 14, Commitments and Contingencies):

"...In 2022, the Institution entered into an agreement with the intent to purchase residential apartment units. The building is estimated to be completed by December 2024. The Institution made a $34.1 million refundable deposit recorded in other noncurrent assets as of December 31, 2022. Upon completion of construction, a final payment up to $37.5 million will be made."

According to the Memorial Sloan Kettering Cancer Center (the Center) 2022 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):

"Phillip Kantoff [M.D.], Chairman Attending $1,250,040 terminated in 2021. Roxanne Taylor, SVP, Chief Marketing & Communications Officer $179,567 terminated 2022[.]"

Regarding participating in or receiving payment from a supplemental nonqualified retirement plan (Schedule J, Part I, Line 4b):

"Jason Klein was paid $2,980,253 as part of a deferred compensation agreement."

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."

Regarding amounts paid or accrued pursuant to a contract that was subject to the initial contract exception described in Regulations section 53.4958-4(a)(3) (Schedule J, Part I, Line 8):

"An employment contract was entered into and signed prior to employment."

The Center reports "Bonus & incentive compensation" payments to 24 individuals in 2022. The three highest amounts reported are as follows (IRS Form 990, Schedule J, Part II):

(1) Craig B. Thompson MD, President & CEO: $6,080,000, with reported total compensation of $8,120,960.


(2) Jason Klein, SVP-Chief Investment Officer, $2,530,000 with reported total compensation of $6,884,047.


(3) Mark Bilsky MD, Attending-Neurosurgery : $1,500,000, with reported total compensation of $3,411,996.

In addition, the Center reports that 21 individuals received "Bonus & incentive compensation" payments in 2022 in amounts ranging from $50,000 to $1,171,000 (IRS Form 990, Schedule J, Part II).

According to the Memorial Sloan Kettering Cancer Center (the Institute or the Center) 2022 tax filing, the Center reports re: Business Transactions Involving Interested Persons (IRS Form 990, Schedule L, Parts IV & V):

"1. Dr. Craig Thompson was the President of the institution until September 2022. His spouse, Dr. Tullia Lindsten, is a laboratory member for Sloan-Kettering Institute for cancer research. Her compensation, for 2022 was $318,446.

2. Dr. Lisa Deangelis is the [physician-in-chief] of the Organization. In such a capacity, she is a 75% owner of Memorial Medical Care PC (MMPC). MMPC is a section 501(c)(3) tax-exempt captive medical group. MMPC operates a facility in Brooklyn where patients have access to a wide range of services, including advanced imaging, [state-of-the-art] therapies, cutting-edge clinical trials, and a multidisciplinary team of specialists. The amount reported in Part IV, $541,000, is the net costs for such services in 2022.

3. Scott Stuart is a board member of Memorial Hospital, his daughter, Jessica Stuart, is an instructor at Memorial Hospital. Her compensation for 2022 was $21,411. 

The individuals listed were not a party to the transactions. There is no sharing of the Institute's revenue. The purchase of goods and services by the institution were made in the ordinary course of the provider's business, at commercially available rates normally charged to others."

[NOTE: As previously reported in the Center's 2019 IRS Form 990, Lisa DeAngelis M.D. was the Physician-in-Chief and Chief Medical Officer of the Organization. As of at least 12/31/2019 she was also 75% owner of Memorial Medical Care PC.]

According to the Memorial Sloan Kettering Cancer Center (the Institute) combined audit of December 31, 2022 (Note 16, COVID-19):

"The Institution's combined COVID-19 relief funding received and recognized..." in Memorial Sloan Kettering Cancer Center's combined audited financial statements for its fiscal year ended 2022 included $74,342,000 in funding from the U.S. Department of Health and Human Services (HHS), and $4,826,000 in Federal Emergency Management Agency (FEMA) funds. 


Related External Articles