CharityWatch recently analyzed the audited financial statements and IRS tax Form 990 of Project Cure for its fiscal year ended December 31, 2024. The results of our review raise continued concerns about the organization’s financial stability, vendor relationships, and governance structure.
Project Cure’s stated mission is to promote “increased public awareness of cutting-edge, evidence-based prevention strategies and treatments for a variety of disease conditions.” Project Cure also solicits potential donors under the names Alzheimer Disease Fund,
National Diabetes Fund, and Prostate Cancer Fund. In 2024 the organization raised approximately $4.2 million in cash contributions from the public.
When a single organization solicits under multiple names such as “Alzheimer Disease Fund,” “National Diabetes Fund,” or “Prostate Cancer Fund,” donors may reasonably assume they are supporting well-known, independent charities devoted exclusively to those causes. In reality, these names are simply fundraising brands of the same underlying organization; in this case, Project Cure.
It is important for donors not to confuse similar sounding names with established charities that have distinct governance, track records, and financial transparency. Before giving, donors should confirm the legal name of an organization and check its CharityWatch rating to ensure their contribution supports the specific charity they intend to help.
Project Cure is a 501(c)(4) social welfare organization, not a 501(c)(3) public charity. Both types of nonprofits are tax-exempt, but contributions to social welfare organizations are not tax-deductible. 501(c)(4) organizations may engage in lobbying related to their mission and can participate in a limited amount of political activity, so long as that activity is not their primary purpose.
By contrast, 501(c)(3) public charities are tax-exempt organizations organized for charitable, educational, religious, or similar purposes, and donations to them are generally tax-deductible for donors. They are strictly limited in the amount of lobbying they may conduct and are prohibited from participating in political campaigns on behalf of or in opposition to candidates for public office.
Project Cure’s independent auditors have issued a “going concern” audit disclosure for the nonprofit for 2024. This means the auditor has identified substantial doubt about the nonprofit’s ability to continue operating for at least the next 12 months without significant financial restructuring, new funding, or other corrective action. It signals that the organization’s financial condition is sufficiently strained that its long-term viability may be at risk if conditions do not improve.
According to Note 11 of Project Cure’s December 31, 2024 audit:
“As of December 31, 2024, the Organization’s current liabilities exceeded its current assets by $2,913,965, and the Organization’s total liabilities exceeded its total assets by $2,824,819.”
The same pattern existed in 2023:
“As of December 31, 2023, the Organization’s current liabilities exceeded its current assets by $3,015,864, and the Organization’s total liabilities exceeded its total assets by $2,912,901.”
Project Cure reported a net deficit of $2,824,819 in 2024 and $2,912,901 in 2023, underscoring continuing financial strain.
CharityWatch generally updates a nonprofit’s rating every other fiscal year. Our records of rating Project Cure go back to 2006. We noted that starting in at least 2010, the organization’s auditors issued Project Cure a Going Concern audit for every year rated by CharityWatch since that time, which includes 2010; 2012; 2014; 2016; 2018; 2021; and 2024.
Project Cure has receiving a failing grade from CharityWatch every year since we began rating the organization in 2006. Rating data for the past seven ratings is outlined in the chart below.
| Fiscal Year | Rating | Program % | Cost to Raise $100 |
|---|---|---|---|
| 2010 | F | 23% | $80 |
| 2012 | F | 24% | $88 |
| 2014 | F | 23% | $78 |
| 2016 | F | 25% | $77 |
| 2018 | F | 27% | $75 |
| 2021 | F | 27% | $71 |
| 2024 | F | 23% | $73 |
Note 8 of the 2024 audit discloses a fundraising contract with Direct Response Consulting Services (DRCS) that includes unusually strong collection protections.
The contract states:
“If any invoice or account payable to DRCS is unpaid for a period of 61 or more days, a lien will be placed on all list rental income of Project Cure, Inc. to pay such invoices.”
As of December 31, 2024:
“The Organization had invoices and payables due to DRCS and its affiliates unpaid for a period of 61 or more days totaling $2,729,498.”
In 2023, that figure was even higher, at $2,771,163.
Large, long-outstanding fundraising payables can indicate cash flow strain and raise questions about the sustainability of direct response fundraising operations.
Note 6 of the 2024 audit discloses that Project Cure’s President, Michael Evers, received advances from the organization.
The audit states:
“The President’s repayments of these advances resulted in a decrease of $31,250… to the Officer Advances account in 2024 and 2023.”
An imputed interest rate of 4% was applied, generating modest imputed interest income.
The ending balance of officer advances was:
While officer advances are not automatically improper, they represent transactions between Project Cure and its top executive that require strong oversight, documentation, and transparency. The nonprofit’s 2024 tax filing discloses that Project Cure has only three board members on its governing body, also reporting that zero are considered “independent” by IRS standards. Constructively, a nonprofit that has no independent board members inherently lacks the ability to provide independent oversight over an organization’s finances and other matters.
The audit also discloses that:
“The Organization made payments for research and project analysis services to its Secretary, Scott Anderson, in the amount of $0 and $40,000 in 2024 and 2023, respectively.”
Related-party transactions and officer advances heighten the need for independent board oversight, which this organization does not have.
Project Cure’s 2024 IRS Form 990 (Schedule O, Part VI, line 2) discloses a family relationship between:
The audit further states:
“Christopher Evers, son of Michael Evers, became a board member during 2021. He received no compensation in 2024 or 2023.”
According to the 2024 Form 990:
A three-member board with two related members concentrates governance authority within one family. Even when compensation is not paid, such structures can weaken independent oversight and increase the risk of conflicts of interest.
Project Cure’s 2024 audit and tax filing reveal:
As always, informed giving is the best defense against potentially wasting your donation on an organization that lacks financial efficiency and independent oversight.
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| Charity | |
|---|---|
| Project Cure |
