Update on MRF Financials

So, progress on transparency! MRF has posted their 2016 tax form 990. We see Net Assets/Balances in the negative; –$1,389,095 for 2016. [2016 MRF 990_2.pdf]

They do go on to explain a change to their fiscal year as well. [financials-annual-reports]

That explains the partial year return for 2015, (April 1, 2015 to Mar 31, 2016) which shows a Net Asset/Balance of -$928,072. [MRF March 2016 990 Public Copy.pdf]

We see Net Assets in the negative for the past two tax returns. I don’t actually understand how a business that does not have goods but only services, is able to operate in the red, nor how a Board of Directors could approve expenses which would leave a non-profit in the red. But hopefully the return for 2017 will be in the positive! But it certainly is disturbing to know that over a million dollars in donations by Melanoma patients, their family and friends, are not going to research or to fulfill any of the MRF Mission, but to dig the charity out of a very deep hole!

So the Comment posted earlier this week mirrors the concerns of many I suspect! I do not agree with the anonymous commenters’ opinion that “Shame on MRF and those who support them!” – those who support them have no reason for shame in this situation!  But MRF does owe the public an explanation for how they are going to proceed with their promise to create, fund and manage the Ocular Melanoma Patient Registry (as well as their other commitments to their donors).

Here are some of my remaining questions about the CURE OM Patient Registry, which I sent in an email reply to the management of MRF a couple weeks ago

  • How much of the original 100K in funding is left?
    (this amount was confirmed earlier in an  email from ljohnston@melanoma.org)
  • How much additional funding earmarked for the Patient Registry has been procured?
  • When will the Patient Registry actually be launched?
  • What plans are in place for multi-year funding and what is the amount needed?

4 thoughts on “Update on MRF Financials

  • April 22, 2019 at 5:26 pm
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    I clicked on the financial reports. The foundation’s last report is for the fiscal year ended 3/31/18. It showed a profit of about $1.2 million on revenue of about $5.6 million. You can see how they spent the money by looking at the detail on the financial statement, as opposed to the balance sheet. Executive comp appears reasonable. The CEO earns $120k and modest benefits.

    Reply
  • April 23, 2019 at 9:31 am
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    You are not reading the balance sheet correctly. At the of2017 assets exceeded liabilities by about $1.5 million. The income statement showed a profit of over $1.2 million. They are very healthy.

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    • April 26, 2019 at 4:31 pm
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      You are critiquing an article from almost a year ago Jerry.

      Reply

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