BBB Wise Giving Report for
Locks of Love

BBB Wise Giving Report issued July 2008
BBB Wise Giving Report expires July 2010


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: Locks of Love
Address: 2925 10th Avenue North
Suite 102
  Lake Worth, FL 33461
Phone: 561-963-1677
Web Address: www.locksoflove.org
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BBB Wise Giving Alliance Comments

Year, State Incorporated: 1997, Florida
Affiliates: None
Stated Purpose: "to return a sense of self confidence and normalcy to children suffering from hair loss by providing hair prosthetics to financially disadvantaged children by utilizing donated ponytails."

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Evaluation Conclusions

               

The BBB Wise Giving Alliance requested but did not receive complete information on the organization’s finances and is unable to verify the organization's compliance with the following Standard for Charity Accountability: 13.
Locks of Love (LoL) meets the remaining 19 Standards for Charity Accountability.
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Programs

               

LoL provides hairpieces to children 18 years and younger in the United States and Canada suffering from any type of medical hair loss. These custom-fitted hair prosthetics are provided either free of charge or on a sliding scale based on the organization guidelines. Each hairpiece is made from donated human hair. Recipients are able to choose skin tone and hair color. All pieces are delivered long, so the recipient may style it to compliment their facial features. Children can receive up to 8 hairpieces to be replaced every 18 months or as needed.

For the fiscal year ended November 30, 2007, LoL's program expenses were:

  
Program services 960,681
Total Program Expenses: $960,681
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Governance

               

Chief Executive : Linda Borum, General Manager
Compensation*:
 $55,000

Chair of the Board: Madonna W. Coffman
Chair's Profession / Business Affiliation: Registered Nurse

Board Size: 5

Paid Staff Size: 6

*December 1, 2006 - November 30, 2007 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

               

Method(s) Used:

Internet appeals, cause-related marketing, special events and newsletter.
Fund raising costs were
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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 LoL's audited financial statements for the fiscal year ended November 30, 2007.

Source of Funds  
Contributions 1,380,582
Materials 695,821
Interest income 89,281
In-kind 15,000
Unrealized gain on investments 1,866
Total Income $2,182,550


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Uses of Funds as a % of Total Expenses

Programs: 87%  Fund Raising: 1%  Administrative: 12% 

Total income   $2,182,550
  Program expenses $960,681
  Fund raising expenses 6,343
  Administrative expenses 131,075
 
Total expenses   $1,098,099
Income in Excess of Expenses   1,084,451
Beginning net assets   2,326,297
Ending net assets   3,410,748
Total liabilities   16,835
Total assets   $3,427,583

Note: In the above financial summary LoL reports receiving in-kind donations in the amount of $15,000. Included in this are $10,000 (legal services) and $5,000 (web design services).

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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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