BBB Wise Giving Report for
V Foundation for Cancer Research

BBB Wise Giving Report issued October 2010
BBB Wise Giving Report expires October 2012


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: V Foundation for Cancer Research
Address: 106 Towerview Court
  Cary, NC 27513
Phone: 919-380-9505
Web Address: www.jimmyv.org
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BBB Wise Giving Alliance Comments

Year, State Incorporated: 1993, North Carolina
Affiliates: None
Stated Purpose: "to help save lives by finding a cure for cancer through supporting cancer research, promoting awareness about cancer, advocacy, education, fundraising and philanthropy."

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Evaluation Conclusions

               

V Foundation for Cancer Research (VFCR) does not meet the following 3 Standards for Charity Accountability.

Standard 1: Oversight of Operations and Staff - Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.

VFCR does not meet this Standard because its board of directors does not:

  • Review the performance of the chief executive officer at least once every 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.

VFCR does not meet this standard because the most recent annual report did not include:

  • A roster of the board of directors

Standard 18: Privacy for Written Appeals & Internet Privacy - Address privacy concerns of donors by (a) providing in written appeals, at least annually, a means (e.g., such as a check off box) for both new and continuing donors to inform the charity if they do not want their name and address shared outside the organization, (b) providing a clear, prominent and easily accessible privacy policy on any of its websites that tells visitors (i) what information, if any, is being collected about them by the charity and how this information will be used, (ii) how to contact the charity to review personal information collected and request corrections, (iii) how to inform the charity (e.g., a check off box) that the visitor does not wish his/her personal information to be shared outside the organization, and (iv) what security measures the charity has in place to protect personal information.

VFCR does not meet this Standard because the privacy policy on this website, www.jimmyv.org, does not indicate:

  • What security measures are in place to protect visitors' personal information.
In addition, the BBB Wise Giving Alliance requested but did not receive complete information on the organization’s solicitation materials and is unable to verify the organization's compliance with the following Standard for Charity Accountability: 15.
V Foundation for Cancer Research (VFCR) meets the remaining 16 Standards for Charity Accountability.
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Programs

               

VFCR solicits cancer research proposals from National Institutes of Health designated cancer centers and other facilities involved in cancer research prospects. VFCR's scientific advisory board oversees and selects to whom research grants will be provided. The organization's V Scholars program grants are two-year, $200,000 awards that are provided to scientists who then determine the best use of the project funds. Designated grant research projects are identified in communities that local fundraisers and VFCR jointly submit to its scientific review committee. VFCR's transitional grants, $200,000 per year for 3 years, encourage research facilities to create multidisciplinary scientific teams to develop advances in cancer research.

For the fiscal year ended September 30, 2009, VFCR's program expenses were:

  
Programs 12,519,830
Total Program Expenses: $12,519,830
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Governance

               

Chief Executive : Nicholas P. Valvano, CEO
Compensation*:
 $169,177

Chair of the Board:
Chair's Profession / Business Affiliation:

Co-Chair of the Board : Pam Valvano Strasser

Chair's Profession / Business Affiliation: retired

Co-Chair of the Board : Robert Lloyd

Chair's Profession / Business Affiliation: retired

Board Size: 30

Paid Staff Size: 9

*October 1, 2008 - September 30, 2009 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

               

Method(s) Used:

Direct mail, special events, telemarketing, radio, Internet appeals, planned giving, cause-related marketing, and special events.
Fund raising costs were 4% of related contributions. (Related contributions, which totaled $12,157,401, are donations received as a result of fund raising activities.)
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Tax Status

               

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.
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Financial

               

The following information is based on VFCR's audited financial statements for the fiscal year ended September 30, 2009.

Source of Funds  
Revenues, contributions 10,114,129
Special events (net) 2,043,272
Investment income 1,288,212
Total Income $13,445,613


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Uses of Funds as a % of Total Expenses

Programs: 94%  Fund Raising: 3%  Administrative: 3% 

Total income   $13,445,613
  Program expenses $12,519,830
  Fund raising expenses 461,601
  Administrative expenses 348,463
 
Total expenses   $13,329,894
Income in Excess of Expenses   115,719
Beginning net assets   16,659,101
Ending net assets   16,774,820
Total liabilities   19,553,133
Total assets   $36,327,953


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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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