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CHARITY REVIEW
Issued: November 2025 Expires: November 2027

Multiple Myeloma Research Foundation

Standards Not Met
Standards Not Met
1 3 6 7
(203) 229-0464
383 Main Avenue, Seventh Floor
Norwalk, CT, 06851
https://themmrf.org
📄 Full Report 🖨️ Print 📋 BBB Charity Standards

Standards For Charity Accountability

Governance

  1. Board Oversight
  2. Board Size
  3. Board Meetings
  4. Board Compensation
  5. Conflict of Interest

Measuring Effectiveness

  1. Effectiveness Policy
  2. Effectiveness Report

Finances

  1. Program Expenses
  2. Fundraising Expenses
  3. Accumulating Funds
  4. Audit Report
  5. Detailed Expense Breakdown
  6. Accurate Expense Reporting
  7. Budget Plan

Fundraising & Info

  1. Truthful Materials
  2. Annual Report
  3. Website Disclosures
  4. Donor Privacy
  5. Cause Marketing Disclosures
  6. Complaints

Multiple Myeloma Research Foundation does not meet the following 4 Standards for Charity Accountability:

Standard 1 (Oversight of Operations and Staff)
Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.

The MMRF does not meet this Standard because:

  • The chair of the board of directors also serves as chair of the board finance committee or treasurer. 

Standard 3 (Frequency and Attendance of Board Meetings)
An organization shall have a minimum of three evenly spaced meetings per year of the full governing body with a majority in attendance, with face-to-face participation. A conference call of the full board can substitute for one of the three meetings of the governing body. For all meetings, alternative modes of participation are acceptable for those with physical disabilities.

The MMRF does not meet this Standard because:

  • The board of directors held two meetings in 2024.

Standard 6 (Board Policy on Effectiveness)
Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.

The MMRF does not meet this Standard because:

  • The board of directors does not have a written policy stating that, at least every two years, an appraisal be done assessing the organization’s performance and effectiveness and determining future actions required to achieve its mission.

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.

The MMRF does not meet this Standard because:

  • The organization has not completed an effectiveness assessment in the last two years.

Multiple Myeloma Research Foundation meets the remaining 16 Standards for Charity Accountability.

Stated Purpose:
"to accelerate a cure for each and every multiple myeloma patient."

Year, State Incorporated:
1998, CT

The Multiple Myeloma Research Foundation (MMRF) reports that it works to drive the development and delivery of next-generation therapies, leverage data to identify more personalized treatment approaches, and empower myeloma patients and the broader community with information and resources to extend their lives. As part of its programming, the organization hosts a patient data bank, runs the Horizon Clinical Trials Program, and provides financial support and mentorship for Black researchers and clinicians currently active or interested in pursuing a career in the field of myeloma. The MMRF also provides diagnosis navigation services, education resources, and support to patients, caregivers, and families.

For the year ended December 31, 2024, Multiple Myeloma Research Foundation's program expenses were:

Research $18,979,072
Education $5,132,737
Awareness $4,702,459
Myeloma Investment Fund $1,210,408
Total Program Expenses $30,024,676

Chief Executive
Michael Andreini, President and Chief Executive Officer

Compensation*
$552,533

Chair of the Board
Thomas Conheeney

Chair's Profession / Business Affiliation
Retired

Board Size
15

Paid Staff Size
63

*2023 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.

Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Direct mail appeals, Planned giving arrangements, Print advertisements (newspapers, magazines, etc.), Telephone appeals

The MMRF incurred joint costs of $299,362 for informational materials and activities that included fundraising materials. Of those costs $150,111 was allocated to fundraising expenses and $149,251 was allocated to program expenses.

Fundraising costs were 18% of related contributions. (Related contributions, which totaled $23,611,323, are donations received as a result of fundraising activities.)

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.

The following information is based on Multiple Myeloma Research Foundation's audited financial statements - consolidated for the year ended December 31, 2024.

Source of Funds
Contributions and grants $19,626,436
Investment return, net $3,018,625
Special events, net $2,879,247
Clinical trial revenue $2,261,716
In-kind contributions $1,105,640
Royalties and other income, net $597,340
Total Income $29,489,004

Programs: 85% Fundraising: 11% Administrative: 3%

Total Income $29,489,004
Total expenses: $35,211,653
  Program expenses $30,024,676
  Fundraising expenses $3,976,189
  Administrative expenses $1,210,788
  Other expenses $0
Income in Excess of Expenses $-5,722,649
Beginning Net Assets $56,285,424
Other Changes In Net Assets $-540,382
Ending Net Assets $50,022,393
Total Liabilities $16,374,755
Total Assets $66,397,148

Note 1: As noted in the above financial section, "other changes in net assets" refers to gain on lease termination ($152,828) and loss on disposal of assets (-$693,210).

Note 2: According to the organization's 2024 – consolidated – audited financial statements, MMRF received in-kind contributions totaling $1,105,640, in the form of legal, consulting, printing, and promotional services.

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 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 International Association of Better Business Bureaus.

This report is not to be used for fundraising or promotional purposes.

RELATED CONTENT

Report completed by:
BBB Wise Giving Alliance