Taco Bell Foundation does not meet the following 5 Standards for Charity Accountability:
Standard 1 (Oversight of Operations and Staff)
Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.
TBF does not meet this Standard because its board of directors does not:
- Review the performance of the Chief Executive Officer at least once every two years.
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.
TBF does not meet this Standard because:
- The board of directors does not have a written policy stating that, at least every two years, an appraisal be done assessing the organization’s performance and effectiveness and determining future actions required to achieve its mission.
Standard 7 (Board Approval of Written Report on Effectiveness)
Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.
TBF does not meet this Standard because:
- The organization has not completed an effectiveness assessment in the last two years.
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.
TBF does not meet this Standard because, when the organization provided 2021 budget information, it indicated that the budget:
- Did not identify total projected fundraising expenses.
Standard 16 (Annual Report)
Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.
TBF does not meet this Standard because:
- The organization states it does not have an annual report covering activities conducted in 2019.
Taco Bell Foundation meets the remaining 15 Standards for Charity Accountability.
Taco Bell Foundation (TBF) reports that it provides grants to local youth-serving organizations in and around communities where Taco Bell does business. Grants support programs that prepare young people for high school graduation and secondary education. The organization promotes career-readiness through the Live M?s Scholarship, which seeks to help those aged 16-24 years old address challenges in reaching higher education and connects young people to future career opportunities.
For the year ended December 31, 2019, Taco Bell Foundation's program expenses were:
Program services |
$13,006,523 |
Total Program Expenses: |
$13,006,523 |
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Chief Executive
Jennifer Bradbury, Interim Executive Director
-
Compensation*
$0
-
Chair of the Board
Neil Borkan
-
Chair's Profession / Business Affiliation
Owner, NJB Operations, Inc.
-
Board Size
11
-
Paid Staff Size
10
*2021 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Note: In 2019, Tina Nguyen served as TBF's Executive Director, receiving $300,880 in compensation.
Method(s) Used:
Internet, Invitations to fund raising events, Cause- related marketing (affinity credit cards, consumer product sales, etc.)
Fundraising costs were 5% of related contributions. (Related contributions, which totaled $23,124,137 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 Taco Bell Foundation's audited financial statements for the year ended December 31, 2019.
Source of Funds |
Special events, net |
$18,032,083 |
Contributions |
$4,498,255 |
Canister collections |
$593,799 |
Other income |
$552,517 |
Total Income |
$23,676,654 |
- Programs: 84%
- Administrative: 9%
- Fundraising: 7%
Total Income |
$23,676,654 |
Program expenses |
$13,006,523 |
Fundraising expenses |
$1,168,660 |
Administrative expenses |
$1,460,837 |
Other expenses |
$0 |
Total expenses: |
$15,636,020 |
Income in Excess of Expenses |
$8,040,634 |
Beginning Net Assets |
$12,181,514 |
Other Changes In Net Assets |
$0 |
Ending Net Assets |
$20,222,148 |
Total Liabilities |
$1,594,179 |
Total Assets |
$21,816,327 |