Michael J. Fox Foundation for Parkinson's Research

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).