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Multiple Myeloma Research Foundation Recognized for Second Consecutive Year for Outstanding Financial Management


New Canaan, Conn. — March 3, 2005
Charity Navigator cites MMRF for its fiscal responsibility

The Multiple Myeloma Research Foundation (MMRF) today announced that for the second year in a row it has received a four-star rating for its exceptional fiscal management from Charity Navigator, America's largest independent evaluator of charitable organizations. Four stars is the group's highest rating and indicates that the MMRF has outperformed most of its peers in its ability to manage and grow finances in the most efficient and fiscally responsible manner.

As a volunteer-driven organization, 94 percent of funds raised by the MMRF are channeled directly into supporting pivotal multiple myeloma research and related programming.

In addition to the four-star rating from Charity Navigator, the MMRF also is in compliance with all of the Better Business Bureau's Wise Giving Alliance standards for charity accountability and has earned approval from the National Cancer Institute (NCI) for its research grants program. Approval from the NCI means that the MMRF's research grants issuance process is only one of nine private, charitable research organizations that meets the same rigorous scientific standards the NCI applies to its own grant issuing process. These achievements mark the first time a 501(c)3 organization has earned all three of these elite designations.

"As an organization that prides itself on sound fiscal management and excellence in donor stewardship, we are pleased and honored to be recognized for the second year in a row with this prestigious distinction," said Scott Santarella, Executive Director of the MMRF. "This four-star rating, as well as approval from the NCI, validates our business model and reinforces our credibility among our supporters."

Charity Navigator helps charitable givers make intelligent giving decisions by providing information on more than 2,800 charities and by evaluating the financial health of each of these charities. The Charity Navigator rating system uses publicly available tax returns (Forms 990) filed with the Internal Revenue Service to evaluate a charity's overall financial health. Specifically, Charity Navigator looks at an organization's fundraising efficiency, fundraising, program and administration expenses to show users how efficiently the charity operates on a day-to-day basis. To assess the charity's capacity to sustain its programs over time, Charity Navigator looks at average annual growth of operating revenue, average annual growth of programs and services and working capital ratio.

The Multiple Myeloma Research Foundation was founded in 1998 by twin sisters Karen Andrews and Kathy Giusti after Kathy was diagnosed with multiple myeloma. Today, the MMRF is the largest non-profit foundation dedicated to the single mission of accelerating the search for a cure for multiple myeloma.

Since its inception, the MMRF has quickly become the world's number-one private funder of myeloma-specific research, supporting innovative efforts in the most promising areas of cancer research, including targeted therapies, immune therapy and genomics. To date, the MMRF has raised more than $50 million and has funded more than 51 research institutions around the globe, bringing scientific breakthroughs from the laboratory to the clinic and laying the groundwork for promising, new treatments.

The MMRF is dedicated to building interdisciplinary collaborations among researchers, pharmaceutical companies and biotech firms, and the National Cancer Institute to improve therapeutic treatments for multiple myeloma patients. In addition, The MMRF is committed to educating and informing patients, caregivers and physicians of the latest therapeutic approaches in multiple myeloma through symposia, teleconferences, and its cutting-edge website. To learn more about the MMRF and its programs, call 203-972-1250 or visit www.themmrf.org.

For information, contact:
Anne Quinn Young, MMRF, 203-652-0212, quinnyoung@www.themmrf.org