HealthWell Foundation does not meet the following 1 Standards for Charity Accountability:
Standard 4 (Compensated Board Members)
Not more than one or 10% (whichever is greater) directly or indirectly compensated person(s) serving as voting member(s) of the board. Compensated members shall not serve as the board's chair or treasurer.
HealthWell Foundation does not meet this Standard because:
- Seven out of eight board members (88%), including the chair and treasurer, are directly compensated.
HealthWell Foundation meets the remaining 19 Standards for Charity Accountability.
HealthWell Foundation aims to improve access to care for America?s underinsured. The organization provides financial assistance to underinsured adults and children living with chronic or life-altering diseases, such as cancer, asthma, and autoimmune disorders. HealthWell Foundation helps eligible individuals with out-of-pocket costs for prescription drug co-payments, coinsurance, deductibles, premiums, and other select costs. In 2020, the organization reports granting more than $658 million in awards to more than 169,000 patients.
For the year ended December 31, 2020, HealthWell Foundation's program expenses were:
Program services |
$448,483,554 |
Total Program Expenses: |
$448,483,554 |
*2020 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Note: The highest compensated employee in 2020 was Mr. Alan Klein, Chief Development Officer, who received $347,365.
Method(s) Used:
Direct mail appeals, Internet, Planned giving arrangements, Telephone appeals, Cause- related marketing (affinity credit cards, consumer product sales, etc.), Other
Fundraising costs were less than 1% of related contributions. (Related contributions, which totaled $546,256,983, are donations received as a result of fundraising activities.)
Note: According to HealthWell Foundation's 2020 audited financial statements, the organization received 84% of its total revenue from four donors.
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 HealthWell Foundation's audited financial statements for the year ended December 31, 2020.
Source of Funds |
Contributions |
$546,256,983 |
Investment income, net |
$24,670,842 |
Interest income |
$7,417,028 |
Total Income |
$578,344,853 |
- Programs: 100%
- Fundraising: Less than 1%
- Administrative: Less than 1%
Total Income |
$578,344,853 |
Program expenses |
$448,483,554 |
Fundraising expenses |
$1,726,550 |
Administrative expenses |
$1,726,199 |
Other expenses |
$0 |
Total expenses: |
$451,936,303 |
Income in Excess of Expenses |
$126,408,550 |
Beginning Net Assets |
$455,710,646 |
Other Changes In Net Assets |
$0 |
Ending Net Assets |
$582,119,196 |
Total Liabilities |
$22,794,136 |
Total Assets |
$604,913,332 |