Research Frequently Asked Questions

Frequently Asked Questions

About the Life Raft Group

Are you seeking a tax donation?

• Is the organization you are donating to recognized as a charity by the IRS (usually a 501(c)3 designation)?
• Do they provide a formal acknowledgment letter that will support a tax deduction?

• The LRG is a 501(c)3 organization.

• All contributions are acknowledged by a formal letter acceptable to the IRS.

Is the organization you are thinking of donating to fiscally responsible?
• Does that organization account for its financial operations by making its tax returns available (form 990)?
• Does that organization have an annual independent financial audit and does it make copies of that audit available?

• The LRG posts copies of its 990 on its website: http://www.liferaftgroup.org/about_budget.html

• The LRG has an independent financial audit performed by an outside CPA firm on an annual basis and makes copies available to anyone who requests it.

How much will actually go to research?
• Will a recognized cancer research center be the recipient of the donation?
• How much does that center charge for administrative overhead (indirect costs)? Note that these can typically range from 55% to 75%.

• The LRG has awarded research grants to Stanford, Memorial Sloan-Kettering, Brigham & Women’s Hospital, Oregon Health & Science University, Cleveland Clinic, Catholic University in Belgium and the University of Seattle.

• The LRG caps all indirect cost rates at 10%. When compared to a not-uncommon 75% rate this is what is needed to get $100,000 to a researcher:
A 75% indirect cost rate requires a donation of $400,000. The LRG research dollar is worth 3.6 typical research dollars.

What accountability exists for the research?
• Is the research part of a strategic plan?
• Is there a clear and objective financial report and a progress report?

• All LRG Research is part of a strategic plan consisting of clear priority projects and requiring the cooperation and collaboration of all participating researchers. A copy is posted to the LRG website.
• The LRG requires formal six month progress and budget reports.