BBB Wise Giving Report for
Robert A. Toigo Foundation

BBB Wise Giving Report issued February 2012
BBB Wise Giving Report expires February 2014


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: Robert A. Toigo Foundation
Address: 180 Grand Avenue, Suite 900
  Oakland, CA 94612
Phone: 510-763-5771
Web Address: www.toigofoundation.org
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BBB Wise Giving Alliance Comments

Year, State Incorporated: 1990, California
Affiliates: None
Stated Purpose: "to promote a framework of academic excellence, ethical leadership and social responsibility that provides aspiring minority students with a strong entrée into their career in finance and firms with the multi-cultural talent poised for leadership."

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Evaluation Conclusions

               

Robert A. Toigo Foundation (RATF) does not meet the following 4 Standards for Charity Accountability.

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.

RATF does not meet this Standard because:

  • The organization’s effectiveness assessment did not take place within the past two years. The last assessment was completed September 1, 2009.
  • It did not produce a written report outlining the results of its 2009 effectiveness assessment.

Standard 12: Detailed Functional Breakdown of Expenses - Include in the financial statements a breakdown of expenses (e.g., salaries, travel, postage, etc.) that shows what portion of these expenses was allocated to program, fund raising, and administrative activities. If the charity has more than one major program category, the schedule should provide a breakdown for each category.

RATF does not meet this Standard because, in the organization's 2010 financial statements, the detailed functional breakdown of expenses:

  • Only included one program service category. It did not include a detailed breakdown of expenses for each of its major program activities (i.e., education, career management, and Toigo institute).

Standard 14: Budget - Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.

RATF does not meet this Standard because, when the organization provided budget information, it indicated that the 2011 budget:

  • Did not identify total projected fund raising expenses.

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.

RATF does not meet this standard because:

  • The organization states it does not have an annual report covering activities conducted in 2010.
Robert A. Toigo Foundation (RATF) meets the remaining 16 Standards for Charity Accountability.
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Programs

               

RATF hosts educational events aimed at educating prospective minority MBA students about the value of an advanced business education, and career possibilities within finance. The organization grants financial awards to selected students in the program as tuition payments and/or internship stipends as annual contribution to the cost of education. RATF’s APEx leadership program provides leadership development training and career management services to participants. The organization reports that the leadership curriculum is developed through workshops and learning sessions designed to present both theoretical as well as practical learning principles and skill building. RATF’s Toigo Institute program works to address the ongoing career development needs of the post-graduate population of Toigo Fellows.

For the year ended December 31, 2010, RATF's program expenses were:

  
Programs 2,787,238
Total Program Expenses: $2,787,238
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Governance

               

Chief Executive : Nancy Sims, President
Compensation*:
 $272,705

Chair of the Board: Marcos D. Rodriguez
Chair's Profession / Business Affiliation: Managing Partner, Palladuim Equity Partners

Board Size: 25

Paid Staff Size: 6

*2010 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, telemarketing, special events, print advertisements, grant proposals, Internet appeals, planned giving, and membership appeals.
Fund raising costs were 4% of related contributions. (Related contributions, which totaled $3,406,132, 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 RATF's audited financial statements for the year ended December 31, 2010.

Source of Funds  
Contributions 2,527,889
Special events 878,243
Other revenue 20,979
Loss from disposal of property and equipment 15,040
Interest income 453
Total Income $3,442,604


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Uses of Funds as a % of Total Expenses

Programs: 86%  Fund Raising: 4%  Administrative: 10% 

Total income   $3,442,604
  Program expenses $2,787,238
  Fund raising expenses 140,192
  Administrative expenses 318,617
 
Total expenses   $3,246,047
Income in Excess of Expenses   196,557
Beginning net assets   5,157,587
Ending net assets   5,354,144
Total liabilities   214,044
Total assets   $5,568,188


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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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