Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1c · Fundraising events

  $70,957,505

• 1g · Noncash contributions included above

  $2,714,372

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $1,661,775 · excluded $1,661,775

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7c · Gain or loss

  securities $0 · other assets $0

• 8a · Fundraising events: gross income

  $8,599,961

• 8a · Fundraising events: contributions included on line 1c

  $71,257,505

• 8b · Fundraising events: direct expenses

  $4,503,233

• 8c · Net income from fundraising events

  total $4,096,728 · excluded $4,096,728

• 10a · Gross sales of inventory

  $486,325

• 10b · Cost of goods sold

  $274,065

• 10c · Net income from sales of inventory

  total $212,259 · excluded $212,259

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $72,000,000 · program services $72,000,000

• 5 · Compensation of officers, directors and key employees

  total $1,802,048 · program services $0 · management and general $1,802,048 · fundraising $0

• 7 · Other salaries and wages

  total $776,051 · management and general $776,051

• 8 · Pension plan contributions

  total $166,435 · management and general $166,435

• 9 · Other employee benefits

  total $234,507 · management and general $234,507

• 10 · Payroll taxes

  total $144,470 · management and general $144,470

• 11b · Fees: legal

  total $55,465 · management and general $55,465

• 11c · Fees: accounting

  total $75,524 · management and general $75,524

• 11g · Fees: other

  total $592,435 · program services $0 · management and general $118,487 · fundraising $473,948

• 12 · Advertising and promotion

  total $405,272 · fundraising $405,272

• 13 · Office expenses

  total $143,778 · management and general $14,378 · fundraising $129,400

• 14 · Information technology

  total $91,321 · management and general $91,321

• 16 · Occupancy

  total $184,877 · management and general $184,877

• 19 · Conferences, conventions and meetings

  total $46,051 · fundraising $46,051

• 22 · Depreciation, depletion and amortization

  total $80,744 · management and general $80,744

• 24a · Other expenses: CREDIT CARD PROCESS FEES

  total $941,386 · management and general $188,277 · fundraising $753,109

• 24b · Other expenses: LOCKBOX ANALYSIS FEE

  total $29,696 · fundraising $29,696

• 24c · Other expenses: PROFESSIONAL DEVELOPMENT

  total $7,257 · management and general $7,257

• 24e · All other expenses

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $247,469 · end of year $413,728

• 2 · Savings and temporary cash investments

  beginning of year $1,165,463 · end of year $1,641,332

• 4 · Accounts receivable

  beginning of year $2,118,178 · end of year $1,223,296

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $41,976 · end of year $8,321

• 9 · Prepaid expenses and deferred charges

  beginning of year $134,477 · end of year $248,984

• 10a · Land, buildings and equipment: cost or other basis

  $808,438

• 10b · Land, buildings and equipment: accumulated depreciation

  $573,161

• 10c · Land, buildings and equipment, net

  beginning of year $281,969 · end of year $235,277

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $303,377 · end of year $219,340

• 17 · Accounts payable and accrued expenses

  beginning of year $300,726 · end of year $217,655

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $1,535,612 · end of year $1,865,102

• 27 · Net assets without donor restrictions

  beginning of year $706,571 · end of year $882,521

• 28 · Net assets with donor restrictions

  beginning of year $1,750,000 · end of year $1,025,000

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments

WILLIAM STARR RECEIVES CAR AND LIFE INSURANCE ALLOWANCES WHICH ARE GROSSED UP. THESE ALLOWANCES INCLUSIVE OF THE GROSS UP ARE INCLUDED IN TAXABLE COMPENSATION.

Schedule J, Part I, Line 5a Compensation contingent on revenues of the organization

FOR 2023, WILLIAM STARR AND JARRETT COLLINS WERE PAID BASE SALARIES, AND THEY RECEIVED BONUSES BASED ON THE PERFORMANCE OF THE PAN MASSACHUSETTS CHALLENGE FOR 2023, AS MEASURED BY THE SIZE OF ITS DONATION TO THE DANA-FARBER CANCER INSTITUTE (DFCI) THAT YEAR FOR CANCER RESEARCH. AS IN PRIOR YEARS, THE DONATION WAS DETERMINED BY THE PAN MASSACHUSETTS CHALLENGE BOARD OF DIRECTORS (MR. STARR AND MR. COLLINS WERE NOT PRESENT FOR, AND DID NOT PARTICIPATE IN, THE VOTE). THEIR BONUS COMPENSATION FORMULA WAS DESIGNED, AMONG OTHER THINGS, TO MAXIMIZE THE ORGANIZATION'S FUNDRAISING EFFICIENCY; AND HELPED THE PAN MASSACHUSETTS CHALLENGE, FOR THE SEVENTEENTH CONSECUTIVE YEAR, TO DONATE 100% OF RIDER-RAISED FUNDS RECEIVED IN THE CURRENT YEAR TO DFCI. (THE PAN MASSACHUSETTS CHALLENGE BUDGET IS UNDERWRITTEN BY SPONSORSHIP PAYMENTS, AUXILIARY REVENUE AND BIKE-A-THON REGISTRATION FEES.) WILLIAM STARR'S COMPENSATION CONSISTS OF AN ANNUAL BASE SALARY OF $539,189 AND A BONUS BASED ON THE AMOUNT THE PAN MASSACHUSETTS CHALLENGE DONATES FOR THE YEAR. HE RECEIVED A BONUS OF $220,000 IN 2023. JARRETT COLLINS' COMPENSATION CONSISTS OF A BASE SALARY OF $304,141 AND A BONUS OF $26,250 WHICH IS BASED ON THE AMOUNT THE PAN MASSACHUSETTS CHALLENGE DONATES FOR THE YEAR. JENNIFER SCHACHTER'S COMPENSATION CONSISTS OF A BASE SALARY OF $222,615 AND A BONUS IN THE AMOUNT OF $25,113. MICHELE SOMMER'S COMPENSATION CONSISTS OF A BASE SALARY OF $216,438 AND A BONUS IN THE AMOUNT OF $23,917. WILLIAM ALFANO'S COMPENSATION CONSISTS OF A BASE SALARY OF $200,885 AND A BONUS IN THE AMOUNT OF $23,500. BONUSES FOR JENNIFER SCHACHTER, MICHELE SOMMER, AND WILLIAM ALFANO, ARE AWARDED BASED 50% ON INDIVIDUAL PERFORMANCE EVALUATIONS AND 50% ON ORGANIZATION PERFORMANCE.

Schedule J, Part I, Line 2 SUBSTANTIATION REQUIREMENT FOR LINE 1A ITEMS

ORGANIZATION DID NOT REQUIRE SUBSTANTIATION PRIOR TO REIMBURSING OR ALLOWING EXPENSES INCURRED BECAUSE GROSS-UP PAYMENTS WERE ALLOWANCES AND SUCH SUBSTANTIATION IS NOT NEEDED FOR ALLOWANCES.