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CHARITY REVIEW

The Grant Cardone Foundation

Standards Not Met
Standards Not Met
3 8 10 11 14
(310) 777-0255
18909 NE 29th Avenue
Aventura, FL, 33180
https://grantcardonefoundation.com/
📄 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

The Grant Cardone Foundation does not meet the following 5 Standards for Charity Accountability:

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.

GCF does not meet this Standard because:

  • The board of directors did not hold any meetings during 2022.

Standard 8 (Program Service Expense Ratio)
Spend at least 65% of its total expenses on program activities.

GCF does not meet this Standard because:

  • According to the organization's 2021 unaudited financial statements, the organization spent $265,452 or 47% of its total expenses on programs.

Standard 10 (Ending Net Assets)
Avoid accumulating funds that could be used for current program activities. To meet this standard, the charity's unrestricted net assets available for use should not be more than three times the size of the past year's expenses or three times the size of the current year's budget, whichever is higher.

GCF does not meet this Standard because:

  • According to its 2021 unaudited financial statements, the organization's total unrestricted net assets were $5,477,416, or 9.8 times the charity's total expenses of $559,249.

Standard 11 (Financial Statements)
Make available to all, on request, complete annual financial statements prepared in accordance with generally accepted accounting principles. When total annual gross income exceeds $1 million, these statements should be audited in accordance with generally accepted auditing standards. For charities whose annual gross income is less than $1 million, a review by a certified public accountant is sufficient to meet this standard. For charities whose annual gross income is less than $250,000, an internally produced, complete financial statement is sufficient to meet this standard.

GCF does not meet this Standard because:

  • The organization's 2021 financial statements were not audited using Generally Accepted Accounting Principles. 

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.

GCF does not meet this Standard because, when the organization provided 2023 budget information, it indicated that the budget did not identify:

  • Total projected fundraising expenses.
  • Total projected administrative expenses.

The BBB Wise Giving Alliance requested but did not receive complete information from the organization and is unable to verify the organization's compliance with the following Standard(s) for Charity Accountability: 5, 13, 16

The Grant Cardone Foundation meets the remaining 12 Standards for Charity Accountability.

Stated Purpose:
"to provide mentoring and financial literacy education to adolescents in underserved and at-risk populations, especially those without a father figure."

Year, State Incorporated:
2017, FL

The Grant Cardone Foundation (GCF) works to help youth reach their full potential. The organization reports partnering with community organizations, municipal agencies, corporations, and other non-profit entities to help deliver energy and educational resources to kids in need. The organization reports using the 10X Kids book to teach success strategies. The organization’s 10X Kids University program is an interactive E-learning program for adolescents, designed to provide financial literacy and goal-setting skills. GCF also offers a 10X Kid award, mentorship workshops, an entrepreneurial pitch competition, a paid internship program, and a scholarship program for first-generation college students studying business.

For the year ended December 31, 2021, The Grant Cardone Foundation's program expenses were:

Program services: $265,452

Total Program Expenses: $265,452

Chief Executive
Jackeline Alers, Director of Philanthropy

Chair of the Board
Grant Cardone

Chair's Profession / Business Affiliation
Founder and Chief Executive Officer, Grant Cardone Training Technologies

Board Size
4

Paid Staff Size
4

*2021 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.

Note: GCF report being an all-volunteer organization with no compensated employees. 

Method(s) Used:
Grant proposals, Internet, Direct mail appeals, Special events, Print advertisements

Fundraising costs were 2% of related contributions. (Related contributions, which totaled $4,191,258, 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 The Grant Cardone Foundation's audited financial statements for the year ended December 31, 2021.

Source of Funds
Contributions $1,203,907
Revenue $110,572
Special events $830,000
In-kind contributions $2,157,351
Total Income $4,301,830

Programs: 47% Fundraising: 19% Administrative: 34%

Total Income $4,301,830
Total expenses: $559,249
  Program expenses $265,452
  Fundraising expenses $103,775
  Administrative expenses $190,022
  Other expenses $0
Income in Excess of Expenses $3,742,581
Beginning Net Assets $1,734,835
Other Changes In Net Assets $0
Ending Net Assets $5,477,416
Total Liabilities $0
Total Assets $5,477,416

Note: According to GCF’s 2021 financial statements, the organization received in-kind contributions of $2,157,351, including investment in Arlin Holdings, LLC ($2,144,390) and artwork ($12,961).

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