BBB Wise Giving Report for
Locks of Love

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


This BBB Accredited charity meets all 20 Standards for Charity Accountability and is a Seal Holder. Find out more...


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Charity Contact Information

Name: Locks of Love
Address: 234 Southern Boulevard
  West Palm Beach, FL 33405
Phone: 561-833-7332
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

               

Locks of Love (LoL) meets the 20 Standards for Charity Accountability.
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Programs

               

LoL provides hairpieces to children 21 years and younger in the United States and Canada suffering from any type of medical hair loss. These hair prosthetics are provided either free of charge or on a sliding scale based on the organization guidelines. Each hairpiece is made from donated ponytails.

For the fiscal year ended November 30, 2009, LoL's program expenses were:

  
Program services 1,041,105
Total Program Expenses: $1,041,105
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Governance

               

Chief Executive : Linda Borum, General Manager
Compensation*:
 $56,952

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

Board Size: 5

Paid Staff Size: 7

*December 1, 2008 - November 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:

Internet appeals and newsletters.
Fund raising costs were 1% of related contributions. (Related contributions, which totaled $1,876,773, 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 LoL's audited financial statements for the fiscal year ended November 30, 2009.

Source of Funds  
Contributions 939,637
Materials 937,136
Other 26,384
Interest income 11,322
Program fees 10,866
Total Income $1,925,345


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Uses of Funds as a % of Total Expenses

Programs: 80%  Fund Raising: 2%  Administrative: 18% 

Total income   $1,925,345
  Program expenses $1,041,105
  Fund raising expenses 20,185
  Administrative expenses 230,207
 
Total expenses   $1,291,497
Income in Excess of Expenses   633,848
Beginning net assets   4,586,851
Ending net assets   5,220,699
Total liabilities   11,144
Total assets   $5,231,843


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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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