Pancreatic Cancer Action Network

According to the Pancreatic Cancer Action Network audit of June 30, 2021 (Note 8, Note Payable):

"In March 2020, Congress passed the Paycheck Protection Program, authorizing loans to small businesses for use in paying employees that they continue to employ throughout the COVID-19 pandemic and for rent, utilities and interest on mortgages. Loans obtained through the Paycheck Protection Program are eligible to be forgiven as long as the proceeds are used for qualifying purposes and certain other conditions are met.

"In June 2020, the Organization received loan proceeds in the amount of $1,950,000 under the Paycheck Protection Program (PPP). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act ('CARES Act'), provides for loans to qualifying business for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. On August 6, 2021, the Small Business Administration approved forgiveness of the PPP loan in full. The Organization will recognize income from the forgiveness of the PPP loan during the year ended June 30, 2022."

According to the Pancreatic Cancer Action Network audit of June 30, 2021 (Note 9, Commitments and Contingencies, Business Risks Associated with the Impact of COVID-19):

"The spread of the coronavirus has resulted in federal, state and local governments mandating various restrictions on public gatherings and stay-at-home orders. Because of the severity and global nature of the COVID-19 pandemic, the impact on the Organization's business could be significant and have a material impact on its financial position and operating results going forward. Certain events and programming have been postponed or rescheduled to accommodate remote attendance. Management continues to evaluate the potential future impact on its business and financial statements."

According to the Pancreatic Cancer Action Network (PCAN) tax filing for the fiscal year ended June 30, 2021, PCAN 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):

"The following individual received a severance payment during fiscal year eneded [sic] June 30, 2020: Victoria Manax $131,213."

[Victoria Manax is reported as "Former (thru 2/14/20)," with total compensation of $187,469 in calendar year 2020 (Schedule J, Part II).]

Regarding the payment or accrual of any compensation to officers, directors, trustees, key employees and highest compensated employees contingent on the revenues of the organization (Schedule J, Part I, line 5a):

"The performance incentive plan incentivizes our valued team members if certain revenue achievements are reached."

PCAN reports "Bonus & incentive compensation" payments to nine individuals in calendar year 2020, including $85,163 paid to Julie Fleshman, President & CEO, whose reported total compensation in 2020 is $804,892. The other eight reported "Bonus & incentive compensation" payments range from $46,770 to $25,245, with associated reported total compensation ranging from $389,829 to $267,521 (IRS Form 990, Schedule J, Part II).