Multiple Myeloma Research Foundation does not meet the following 3 Standards for Charity Accountability:
Standard 6 (Board Policy on Effectiveness)
Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.
The MMRF does not meet this Standard because:
- The board of directors does not have a written policy stating that, at least every two years, an appraisal be done assessing the organization’s performance and effectiveness and determining future actions required to achieve its mission.
Standard 7 (Board Approval of Written Report on Effectiveness)
Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.
The MMRF does not meet this Standard because:
- The organization has not completed an effectiveness assessment in the last two years.
Standard 16 (Annual Report)
Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.
The MMRF does not meet this Standard because the 2019 annual report did not include:
- A roster of the board of directors.
- The recommended 2019 financial information.
The BBB Wise Giving Alliance requested but did not receive complete information from the organization and is unable to verify the organization's compliance with the following Standard(s) for Charity Accountability:
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Multiple Myeloma Research Foundation meets the remaining 15 Standards for Charity Accountability.
The Multiple Myeloma Research Foundation (The MMRF) reports that it uses its end-to-end precision medicine model to collaborate with partners to accelerate basic and transnational research, and to move ideas rapidly into clinical trials. The end-to-end precision medicine model is based on three interrelated pillars: the patient data bank, the learning network, and the clinic. The MMRF also engages with patients, their families, and friends to educate and encourage them to optimize their outcomes. In 2019, the organization reports that it opened the first-ever Platform Clinical Trial for Multiple Myeloma. The platform trial screens patients' tumor samples for genetic signatures and randomizes them to appropriate targeted therapies, which allows for greater efficiency in assessing treatment options.
For the year ended December 31, 2020, Multiple Myeloma Research Foundation's program expenses were:
Research |
$14,716,548 |
Education |
$4,534,676 |
Awareness |
$4,129,329 |
Myeloma Investment Fund |
$1,048,869 |
Total Program Expenses: |
$24,429,422 |
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Chief Executive
Michael Andreini, President and Chief Executive Officer
-
Compensation*
$0
-
Chair of the Board
Michael Mortimer
-
Chair's Profession / Business Affiliation
Managing Partner and Founder, GHO Capital
-
Board Size
20
-
Paid Staff Size
56
*2019 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Note: Mr. Andreini became President and Chief Executive Officer in January 2021. In 2019, the previous President and Chief Executive Officer, Paul Giusti, received $556,792 in compensation.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Invitations to fund raising events, Planned giving arrangements, Print advertisements (newspapers, magazines, etc.), Telephone appeals
MMRF incurred joint costs of $187,961 for informational materials and activities that included fundraising materials. Of those costs $94,467 was allocated to program expenses and $93,494 was allocated to fundraising expenses.
Fundraising costs were 14% of related contributions. (Related contributions, which totaled $20,349,878, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c) (3) of the Internal Revenue Code.It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Multiple Myeloma Research Foundation's audited financial statements - consolidated for the year ended December 31, 2020.
Source of Funds |
Contributions and grants |
$15,544,138 |
PMIC membership |
$4,800,000 |
Special events, net |
$3,975,451 |
Clinical trial revenue |
$2,546,093 |
Royalties |
$758,795 |
In-kind contributions |
$574,289 |
Investment return |
($1,530,381) |
Total Income |
$26,668,385 |
- Programs: 86%
- Fundraising: 11%
- Administrative: 3%
Total Income |
$26,668,385 |
Program expenses |
$24,429,422 |
Fundraising expenses |
$2,882,046 |
Administrative expenses |
$1,115,430 |
Other expenses |
$0 |
Total expenses: |
$28,426,898 |
Income in Excess of Expenses |
$-1,758,513 |
Beginning Net Assets |
$55,730,374 |
Other Changes In Net Assets |
$-704,631 |
Ending Net Assets |
$53,267,230 |
Total Liabilities |
$20,009,693 |
Total Assets |
$73,276,923 |
Note 1: As noted in the above financial section, "other changes in net assets" refers to an allowance for doubtful contributions receivable (-$256,000) and loss on disposal of assets (-$448,631).
Note 2: According to the organization's audited financial statements - consolidated - for the year ended December 31, 2020, MMRF received in-kind contributions totaling $574,000 in the form of special event support and legal, consulting, printing, and promotional services.