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Michael J. Fox Foundation for Parkinson's Research

CharityWatch report issued
December 2022

Top-Rated Charity
A+
CharityWatch Grade
Our independent grade based
on a number of factors.
 
92%
Program Percentage
Amount spent on programs
relative to overhead.
 
$4
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Michael J. Fox Foundation for Parkinson's Research
Grand Central Station, P.O. Box 4777
New York, NY 10163-4777

Other Names

None

Tax Status

501(c)3

Stated Mission

Dedicated to finding a cure for Parkinson's disease through an aggressively funded research agenda and to ensuring the development of improved therapies for those living with Parkinson's today.

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Data based on Fiscal Year Ended 12/31/2021

Program Percentage: 92%

The percentage of Michael J. Fox Foundation for Parkinson's Research's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).

$280,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $4

How many dollars Michael J. Fox Foundation for Parkinson's Research spends on fundraising to raise each $100 of contributions.

$348,000,000

Calculated Total Contributions

(rounded)

Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources

 

Financial Documents

Entity Document Type Tax ID
The Michael J. Fox Foundation for Parkinson's Research Audited Consolidated Financial Statements multiple
The Michael J. Fox Foundation for Parkinson's Research IRS Form 990 13-4141945
Entity: The Michael J. Fox Foundation for Parkinson's Research
Document Type: Audited Consolidated Financial Statements
Tax ID: multiple
Entity: The Michael J. Fox Foundation for Parkinson's Research
Document Type: IRS Form 990
Tax ID: 13-4141945

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?
 
Michael J. Fox Foundation for Parkinson's Research
meets governance benchmarks.
 
Michael J. Fox Foundation for Parkinson's Research
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 No Sharing  

  Name Title Compensation
1 Deborah W. Brooks Co-Founder/CEO $989,290
2 Todd Sherer Executive VP, Research Strategy $936,301
3 Sohini Chowdhury Deputy CEO $551,284
1
Name: Deborah W. Brooks
Title: Co-Founder/CEO
Compensation: $989,290
2
Name: Todd Sherer
Title: Executive VP, Research Strategy
Compensation: $936,301
3
Name: Sohini Chowdhury
Title: Deputy CEO
Compensation: $551,284

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 The Michael J. Fox Foundation for Parkinson's Research also includes the financial activities of The Michael J. Fox Foundation for Parkinson's Research in Canada, which are consolidated in the Foundation's audited financial statements for the year ended December 31, 2021. All significant intercompany accounts and transactions have been eliminated in the audit consolidation.

According to The Michael J. Fox Foundation for Parkinson's Research consolidated audit of December 31, 2021 (Note M, Concentration of Revenue): "During 2021 and 2020, approximately 65% and 58%, respectively, of the Foundation's total support and revenue was provided by two donors."

According to The Michael J. Fox Foundation for Parkinson's Research consolidated audit of December 31, 2021 (Note A-12 re: Paycheck Protection Program loan payable):

"On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security ('CARES') Act. The Paycheck Protection Program ('PPP') established by the CARES Act, implemented by the U.S. Small Business Administration ('SBA'), provided businesses, including certain not-for-profit organizations, with funds to pay payroll and other costs during the coronavirus ('COVID-19') outbreak. During 2020, the Foundation applied for and received PPP funds.

"...During 2020, the Foundation elected to record the PPP funds as a loan... During the year ended December 31, 2021, the Foundation applied for and received full forgiveness of its loan from the bank and the SBA in the amount of $3,704,328. Accordingly, this forgiven amount is reflected as a gain on Paycheck Protection Program loan forgiveness in the [audited] consolidated statements of activities as of December 31, 2021."

According to The Michael J. Fox Foundation for Parkinson's Research consolidated audit of December 31, 2021 (Note J-5, Commitments, Contingencies and Other Uncertainty, COVID-19):

"The extent of the impact of the COVID-19 outbreak on the Foundation's operational and financial performance 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 has taken several measures to conserve cash, including reducing the 2022 budget and reforecasting expenses. These steps are intended to help protect the liquidity of the Foundation, which intentionally carries minimal operating reserves in order to maximize mission-related investments."

According to The Michael J. Fox Foundation for Parkinson's Research 2021 tax filing, 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):

"The board of directors and compensation committee approved nonfixed bonus payments for listed employees for 2020 performance paid in 2021." 


The Foundation reports "Bonus & incentive compensation" payments to 10 individuals in 2021, including: (1) $530,000 paid to Deborah W. Brooks, co-founder & CEO, (2) $480,000 paid to Todd Sherer, EVP, Research Strategy, and (3) $200,000 paid to Sohini Chowdhury, Deputy CEO. Their reported total compensation in 2021 is $989,290, $936,301, and $551,284, respectively. The "Bonus & incentive compensation" payments to the other seven individuals range from $70,000 to $25,000, with associated reported total compensation ranging from $372,378 to $299,773 (IRS Form 990, Schedule J, Part II).


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