BBB Wise Giving Report for
Starkey Hearing Foundation

BBB Wise Giving Report issued October 2011
BBB Wise Giving Report expires October 2013


This BBB Accredited charity meets all 20 Standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Starkey Hearing Foundation
Address: 6700 Washington Avenue South
  Eden Prairie, MN 55344
Phone: 866-354-3254
Web Address: www.sotheworldmayhear.org
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BBB Wise Giving Alliance Comments

Year, State Incorporated: 1973, Texas
Affiliates: None
Stated Purpose: "to heighten social consciousness on the importance of hearing and to help hearing-impaired individuals worldwide."

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Evaluation Conclusions

               

Starkey Hearing Foundation (SHF) meets the 20 Standards for Charity Accountability.
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Programs

               

SHF’s domestic programs include “Hear Now,” which assists hearing-impaired people in the United States who would otherwise not be able to afford hearing aids. Through an application and approval process, hearing aids are distributed to financially needy persons through a nationwide network of hearing health care professionals who agree to fit identified recipients with donated hearing aids. SHF has also launched hearing conservation programs, to educate the public about responsible listening. The organization bestows grants to organizations which work to better conditions for the deaf on a world-wide scale. SHF reports that it works to distribute hearing aids for those in need in 86 countries worldwide.

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

  
International 4,367,994
Domestic 3,453,267
Sponsorships and donations 1,789,542
Total Program Expenses: $9,610,803
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Governance

               

Chief Executive : Brady Forseth, Executive Director
Compensation*:
 $0

Chair of the Board: Peter Lecy
Chair's Profession / Business Affiliation: Business Owner

Board Size: 5

Paid Staff Size: 1

*SHF reports that Brady Forseth receives no compensation for serving as Executive Director.
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Fund Raising

               

Method(s) Used:

Special events, print advertisements, grant proposals, and Internet appeals.
Fund raising costs were 13% of related contributions. (Related contributions, which totaled $20,826,237, 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 SHF's audited financial statements for the year ended December 31, 2010.

Source of Funds  
In-kind contributions 7,648,421
Contributions 6,699,930
Special events 6,477,886
"Hear Now" program revenue 722,217
Realized gain on investments 26,996
Investment income 2,679
Unrealized loss on investment securities -24,082
Total Income $21,554,047


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Uses of Funds as a % of Total Expenses

Programs: 67%  Fund Raising: 19%  Administrative: 14% 

Total income   $21,554,047
  Program expenses $9,610,803
  Fund raising expenses 2,643,330
  Administrative expenses 2,012,598
 
Total expenses   $14,266,731
Income in Excess of Expenses   7,287,316
Beginning net assets   (704,400)
Other Changes in Net Assets (246,626)
Ending net assets   6,336,290
Total liabilities   4,114,035
Total assets   $10,450,325

Note: According to audited financial statements for the year ended December 31, 2010, SHF received $7,648,421 of in-kind contributions of hearing aids.

Note: In the financial section above, "other changes in net assets" includes interest expense (-$36,379) and income tax settlement (-$210,247).

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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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