Diabetes Research Institute Foundation
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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Complaints
Diabetes Research Institute Foundation does not meet the following 3 Standards for Charity Accountability:
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.
DRIF does not meet this Standard because:
- The organization's effectiveness assessment policy does not specify that this assessment will take place at least once every two years.
Standard 8 (Program Service Expense Ratio)
Spend at least 65% of its total expenses on program activities.
DRIF does not meet this Standard because:
- According to the organization's audited financial statements - consolidated - for the year ended June 30, 2023, it spent $6,722,326 or 58% of its total expenses on programs.
In response to the finding, the charity stated:
"The DRIF is a direct support organization to the Diabetes Research Institute (DRI). Like many health care fundraising organizations that support clinical trials, during the year ended June 30, 2023, DRIF continued to recover from the financial impact of the COVID-19 pandemic. During this time, we were conservative in categorizing our expenses. Rising operational costs compounded by significant leadership changes pushed program expense ratios (percentage of total expenses spent on programs) slightly below 65%. We are diligently working to improve our ratios going forward."
Standard 9 (Fund Raising Expense Ratio)
Spending should be no more than 35% of related contributions on fund raising. Related contributions include donations, legacies, and other gifts received as a result of fund raising efforts.
DRIF does not meet this Standard because:
- According to the organization's audited financial statements - consolidated - for the year ended June 30, 2023, its fundraising costs were 56% ($3,591,259) of related contributions, which totaled $6,395,847.
In response to the finding, the charity stated:
"The DRIF supports the Diabetes Research Institute (DRI). For the period ended June 30, 2023, like many health care fundraising organizations that support clinical trials, DRIF continued to recover from the financial impact of the COVID-19 pandemic. During this time, the organization had significant leadership changes which coupled with an event-based fundraising model had an impact on our ratios. The Foundation is striking a better balance between event-based fundraising, which is relatively expensive to execute, and other fundraising channels that will prove more cost effective. This pivot has required investment in personnel, infrastructure and training, however it will allow the DRIF to spend less on fundraising over time. As we invest in our future, we remain fully committed to fiscal prudence, expert stewardship of donor funds and significant improvements in our ratios."
Diabetes Research Institute Foundation meets the remaining 17 Standards for Charity Accountability.
Stated Purpose:
"to provide the Diabetes Research Institute with the funding to cure diabetes now."
Year, State Incorporated:
1974, FL
The Diabetes Research Institute Foundation (DRIF) provides funding to the Diabetes Research Institute (DRI) at the University of Miami, for research aimed at discovering a biological cure for diabetes. The organization funds studies in every phase of DRI's multidisciplinary research strategy, including patient-based trials where new therapies, like islet transplantation, are tested in people. Other funded research areas include cell-based therapies for islet replacement, immune tolerance, immune regulation, regenerative medicine, and stem cell research to restore biological insulin in people living with diabetes.
For the year ended June 30, 2023, Diabetes Research Institute Foundation's program expenses were:
Research: $6,255,837
Community diabetes education: $466,489
Total Program Expenses: $6,722,326
Chief Executive
Michael J. Burton, Chief Executive Officer
Compensation*
$380,429
Chair of the Board
William J. Fishlinger
Chair's Profession / Business Affiliation
Chairman and Chief Executive Officer, Gramercy Risk Holdings, LLC
Board Size
22
Paid Staff Size
18
*2023 compensation, as reported by the organization, 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, Radio, Special events, Print advertisements
Fundraising costs were 56% of related contributions. (Related contributions, which totaled $6,395,847, 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 Diabetes Research Institute Foundation's audited financial statements for the year ended June 30, 2023.
Source of Funds
Contributions, net | $3,478,520 |
Investment income, net | $2,109,793 |
Other income | $104,281 |
Special events, net | $2,818,999 |
In-kind contributions | $98,328 |
Total Income | $8,609,921 |
Programs: 58% Fundraising: 31% Administrative: 11%
Total Income | $8,609,921 |
Total expenses: | $11,640,223 |
Program expenses | $6,722,326 |
Fundraising expenses | $3,591,259 |
Administrative expenses | $1,326,638 |
Other expenses | $0 |
Income in Excess of Expenses | $-3,030,302 |
Beginning Net Assets | $29,980,454 |
Other Changes In Net Assets | $0 |
Ending Net Assets | $26,950,152 |
Total Liabilities | $1,233,220 |
Total Assets | $28,183,372 |
Note: According to DRIF's audited financial statements - consolidated - for the year ended June 30, 2023, the organization received in-kind contributions totaling $98,328 in the form of advertising ($92,767) and auction items ($5,561).
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