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Top Rated

Prostate Cancer Foundation

CharityWatch report issued
December 2021

Top-Rated Charity
A
CharityWatch Grade
Our independent grade based
on a number of factors.
 
80%
Program Percentage
Amount spent on programs
relative to overhead.
 
$9
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Prostate Cancer Foundation
1250 Fourth St.
Suite 360
Santa Monica, CA 90401-1353

Other Names

None

Tax Status

501(c)3

Website

www.pcf.org

Stated Mission

Committed to ending death and suffering from prostate cancer; accelerates the world's most promising prostate cancer research with the goal of developing new precision medicines and cures for prostate cancer.

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Data based on Fiscal Year Ended 12/31/2020

Program Percentage: 80%

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

$35,000,000

Calculated Total Expenses

(rounded)

 

Cost to Raise $100: $9

How many dollars Prostate Cancer Foundation spends on fundraising to raise each $100 of contributions.

$35,000,000

Calculated Total Contributions

(rounded)

Joint Costs

Prostate Cancer Foundation'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
83% $6
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
Prostate Cancer Foundation IRS Form 990 95-4418411
Prostate Cancer Foundation Audited Consolidated Financial Statements multiple
Entity: Prostate Cancer Foundation
Document Type: IRS Form 990
Tax ID: 95-4418411
Entity: Prostate Cancer Foundation
Document Type: Audited Consolidated 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?
 
Prostate Cancer Foundation
meets governance benchmarks.
 
Prostate Cancer Foundation
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 Jonathan W. Simons, M.D. President/CEO $1,358,211
  Note: Includes $620,000 bonus & incentive compensation.
2 Howard Soule Executive VP/Chief Science Officer $512,649
3 Christine Jones COO $398,851
1
Name: Jonathan W. Simons, M.D.
Title: President/CEO
Compensation: $1,358,211
Note: Includes $620,000 bonus & incentive compensation.
2
Name: Howard Soule
Title: Executive VP/Chief Science Officer
Compensation: $512,649
3
Name: Christine Jones
Title: COO
Compensation: $398,851

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.

According to the Prostate Cancer Foundation (PCF) consolidated audit of December 31, 2020 (Note 6, Paycheck Protection Program Loans):

"In April 2020, the Foundation applied for and received a first draw PPP [Paycheck Protection Program] loan in the amount of $820,000. The PPP loan, administered by the Small Business Administration (SBA), bears interest at a fixed rate of 1.0% per annum, has a term of two years, and is unsecured and guaranteed by the SBA. Interest accrues on the loan beginning with the initial disbursement; however, payments of principal and interest are deferred until the lender's determination of the amount of forgiveness applied for by the borrower is approved by the SBA.

"In October 2020, the Foundation submitted its application for forgiveness for the full amount of the PPP loan. In November 2020, the loan was repaid to the lending institution by the SBA and the Foundation accordingly received notification of full forgiveness of the loan and accrued interest. Accordingly, the Foundation recognized debt forgiveness income of $820,000 for the year ended December 31, 2020.

"In January 2021, the Foundation received approval from a lending institution for a second draw PPP loan of $895,750. The same general terms and conditions apply, except that second draw PPP loans have a maturity of five years."

According to the Prostate Cancer Foundation (PCF) consolidated audit of December 31, 2020 (Note 7, Related Party Transactions):

"Since the Foundation's inception in 1993 through December 31, 2020, it has received more than $67,600,000 in contributions from The Michael and Lori Milken Family Foundation, the Milken Family Foundation, and affiliated organizations."

[According to the PCF 2020 tax filing, Michael Milken is listed as "Founder & Chairman" of PCF; Lori Milken is listed as "Director/VP" (IRS Form 990, Part VII, Section A).]

According to the Prostate Cancer Foundation (PCF) 2020 tax filing, PCF 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 [compensation] committee awarded the discretionary bonuses to the officers and employees based on exceptional individual performance."


PCF reports "Bonus & incentive compensation" payments to eight individuals in 2020, including $620,000 paid to Jonathan W. Simons, M.D., CEO & President, whose reported total compensation in 2020 is $1,358,211. The reported "Bonus & incentive compensation" amounts for the other seven individuals ranged from $35,000 to $9,000, with associated reported total compensation ranging from $512,649 to $193,092 (IRS Form 990, Schedule J, Part II).


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