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1. NONPROFIT INVESTOR
INDEPENDENT RESEARCH FOR PHILANTHROPY
Red Sox Foundation SUMMARY
The Red Sox Foundation (“RSF” or the “Foundation”), the official
Nonprofit Investor Rating: team charity of the Boston Red Sox, focuses in serving the health,
education, recreation and social service needs of children, families in
NEUTRAL need, and wounded veterans across New England. The Foundation
strives to capture the passion of Red Sox fans and transform it into a
Mission Statement vehicle for positive change in the community. RSF accomplishes this
The official team charity of the Boston Red through partnerships with local communities, active involvement
Sox, the Red Sox Foundation is committed to from Red Sox players, and strong dedication from the team’s
using the power of Red Sox Nation to create ownership group led by Principal Owner John Henry, Chairman Tom
community partnerships that will improve the Werner and President/CEO Larry Lucchino.
lives of at risk children and wounded veterans
STRENGTHS
across New England.
▲ Official affiliation with the Boston Red Sox provides instant
credibility, an established and passionate group of potential
Financial Overview volunteers and donators, and access to high net worth individuals
$ in MM, Fiscal Year Ended December 31 with the resources to materially impact local communities.
2008 2009 2010
▲ Lean organization with minimal full-time staff reduces program
Revenue and Support $5.3 $4.1 $6.6
overhead and expenses, increasing the amount of capital which
Operating Expenses $4.1 $3.8 $8.0
flows directly to partner organizations.
% of Total: ▲ Diversified charitable work allows RSF to contribute to
Program Expenses 88.3% 93.6% 95.1% community and individual development in many ways, enhancing
G&A 6.0% 3.0% 1.4%
the Foundation’s reach throughout communities.
Fundraising 5.7% 3.5% 3.5%
▲ Significant public recognition and awards adds credibility to the
Foundation’s operations.
Year Founded: 2002
CAUTIONS
Contact Details ● Lack of transparent information available to the public. While
Red Sox Foundation annual Form 990 tax filings are available, the Foundation provides
4 Yawkey Way
minimal documentation, such as an Annual Report or Audited
Boston, MA 02215
(617) 226-6323 Financial Statements, which are often provided by peer
organizations. What information is available is often out of date.
http://www.redsoxfoundation.org/ ● Consistent decline in Grants and Contributions could signal
EIN: 33-1007984
underlying issues with key fundraisers.
Analyst: J.B. Oldenburg RECOMMENDATION: NEUTRAL
Peer Review: Jordan Carter, Kent Chao The Red Sox Foundation does an excellent job of leveraging its assets,
including cash and ticket donations, autographs, player appearances,
Publication Date while keeping costs low, which has resulted in $52 million of
October 1, 2012 donations over the past 10 years. The key areas of caution are the
current lack of transparency by RSF and increasing employee costs.
Nonprofit Investor Research | nonprofitinvestor.org

2. OVERVIEW OF RED SOX FOUNDATION’S ACTIVITIES
RSF is the official charity of Major League Baseball’s Boston Red Sox. The Foundation was created in 2002 following the
acquisition of the Red Sox by Principal Owner John Henry, Chairman Tom Werner and President/CEO Larry Lucchino. The
new owners signed a contract with Massachusetts Attorney General Tom Reilly to raise $20 million over the next 10
years to support local charities. In a report recently released by the Foundation, RSF stated that it has donated $52
million to charitable programs since inception, making it the most charitable team in Major League Baseball.
The Foundation has received considerable public notoriety for its effort over the last 10 years, including the first-ever
MLB Commissioner’s Award for Philanthropic Excellence in 2010 for its Red Sox Scholars program. In 2009, it won the
Patterson Award for Excellence in Sports Philanthropy from the Sports Philanthropy Project and the Robert Wood
Johnson Foundation.
RSF focuses a majority of its efforts on five Cornerstone programs:
• The Jimmy Fund
• Dimock Community Health Center
• Home Base
• Red Sox Scholars
• Youth baseball programs, including Reviving Baseball in Inner Cities (“RBI”) and Red Sox Rookie Leagues
See below for additional information on each Cornerstone program.
Cornerstone programs overview
The Jimmy Fund
The relationship between the Jimmy Fund, an organization focused on cancer research and care at the Dana-Farber
Cancer Institute, and the Boston Red Sox, is over 58 years old. For the past nine years, RSF has been a title sponsor of
the Pan Mass Challenge, a cross-the-state bicycle ride that annually raises approximately half of the Jimmy Fund. For the
past 10 years, the Red Sox have been key sponsors of the WEEI/NESN Jimmy Fund Telethon, which raised over $3.4
million in 2010 and has raised more than $28 million since inception. Additional one-off activities, such as first baseman
Adrian Gonzalez donating $5,000 per home run for the remainder of the 2012 season, contribute to the program’s
success as well.
Dimock Community Health Center
In 2004, RSF established a partnership with the Dimock Community Health Center (“DCHC”) located in Roxbury, MA.
DCHC is a non-profit medical center focused on providing medical and social services to at-risk individuals in some of
Boston’s most disadvantaged urban settings. The partnership between RSF and DCHC began following a visit by John
Henry to DCHC’s Teen Center, a safe haven for local at-risk youth and key department for healthy sociological
development, which was facing closure due to budget cutbacks. Over the past decade, RSF has donated approximately
$900,000 to DCHC, to go along with numerous volunteer and fundraising efforts.
Home Base Program
The Home Base program was founded by a partnership between RSF and Massachusetts General Hospital with the goal
of identifying, motivating, and clinically treating wounded service members and veterans with combat stress and
traumatic brain injury and their families. The Home Base program also offers opportunities for health care professionals
Red Sox Foundation | Nonprofit Investor Research 2

3. from across New England and beyond to increase their understand of how to help veterans. An annual Run-Walk to
Home Base event is held annually, with the 2012 event bringing in more than $2 million to support the Home Base
program.
Red Sox Scholars
Founded in 2003, the Red Sox Scholars program currently serves more than 210 students in the Boston Public School
system. The goal of the Red Sox Scholars program is to provide an emotionally and financially supportive environment
for at-risk students from low-income families to graduate from high school, enroll in and graduate from college, and
grow as an individual.
In addition to tutoring and mentoring, RSF offers each Scholar a college scholarship of up to $10,000, pending
graduation from high school, enrollment in an accredited college and continued good citizenship. Serving as an incentive
right from the start of the program, the funds are invested by the RSF in each Scholar’s name immediately when the
Scholars are selected. The scholarships are redeemable only directly to the college or university in which the Scholar
enrolls to aid in tuition funding. Neither the student nor their parent/guardian will access the funds for any other
purpose. Understanding that some students must work to obtain additional funds for college, the scholarships are held
for up to three years after a student graduates from high school, with additional time offered for approved military
service or health reasons.
All Red Sox Scholars also live in low-income neighborhoods throughout the Greater Boston area. Many
parents/guardians do not have a car and younger Scholars cannot travel alone on public transportation. For Scholars to
fully participate in academic prep and enrichment programs sponsored by local colleges/universities and corporations,
RSF staff and volunteers have also personally driven Scholars to and from their program. The dedication, time
commitment and sacrifices made by RSF staff in an effort to improve the futures of the Scholar’s demonstrates true
commitment to the youth of Boston beyond a financial commitment.
Youth baseball programs, including Reviving Baseball in Inner Cities and Red Sox Rookie Leagues
Reviving Baseball in Inner Cities (“RBI”)
An initiative started by Major League Baseball, RBI brings baseball to children ages 13-18 who are from economically
disadvantaged areas. RBI promotes positive conflict resolution, resistance to drugs and alcohol, and school retention
along with programs that seek to raise self-esteem on and off the field. RSF furnishes teams with equipment and
uniforms and helps pay for umpire fees for the league.
Red Sox Rookie Leagues
Red Sox Rookie Leagues introduces baseball to young children, ages 5-12. With over 15 years in operation, the Rookie
League program serves children from Chelsea, Charlestown, Dorchester, East Boston, Hill House, North End, Mission Hill,
Roxbury, South End, and South Boston.
PROGRAM RESULTS AND EFFECTIVENESS
Despite the lack of public information, RSF has received significant publicity for its philanthropic efforts. See the Awards
and Additional Documents and News Section on Page 7 for additional information.
One area for improvement for RSF is to make public the Foundation’s goals and expectations on an annual basis for
donations to RSF affiliated programs, third-party organizations and one-off event success. Stating goals will allow donors
to better determine the success of the Foundation’s efforts, and can be used as a powerful marketing tool when these
Red Sox Foundation | Nonprofit Investor Research 3

4. goals are exceeded. The 2009 Red Sox Foundation Community Report (can be found here) is an excellent report
highlighting the Foundation’s strengths and accomplishments; however, there is not one available for 2010 or 2011,
making it difficult to see how RSF has progressed over the last two years.
TRANSPARENCY
Transparency is the key improvement area for RSF going forward. There is limited information that is easily found
through the RSF website or other public databases, other than the IRS Form 990s. Documents, such as annual reports,
audited financial statements, and updated Community Reports (the currently report on the RSF website is from 2009),
will not only provide financial transparency to potential donors and volunteers, but will also provide operational
transparency. RSF is active in a variety of operations, including support of community programs, direct donations to
other non-profits, assisting in fundraising efforts through event holding and personnel appearances, and an incalculable
amount of tickets, autographs and other in-kind donations. Given RSF’s extremely positive public image, it should be
easier to find key pieces of financial and operational data.
So the question becomes: where to go from here? There are three key “next-step” activities RSF can take to improve
transparency:
1. Clear and consistent website updates provide the easiest way for an organization to relay current
information to the public. RSF’s current website is somewhat cluttered, making it cumbersome and
overwhelming to navigate. Additionally, outdated material can reduce the credibility in the organization in
donor’s eyes.
2. Consistent release of any annual reports, audited financial reports or Community Reports. These
documents would provide a window into the operations of RSF. Annual reports can be a powerful marketing
tool and provide a forum for RSF management to talk about ongoing operations and future philanthropic
plans. Audited financial reports increase organization credibility and enable management to discuss the
financial operations of the company beyond the numbers. Community Reports, and other such materials,
would allow RSF to release key updates from time to time and capture important events for the Foundation.
3. Active marketing of one-off events, such as awards, reports and event success. The Foundation has gained
significant public credibility over the last three years, winning two notable awards and continuing to build
relationships with local communities. However, it is difficult to quickly and easily find information relating to
these items and there is no mention on the RSF website. Additionally, a recent Boston Globe article
discussing the immense success of RSF references a report released by the Foundation; however, the report
cannot be found publicly. It is not an immediate red flag that this information is not available, it does draw
into question i) what is the information in the report?, and ii) what is the data behind the information in the
report? Finally, additional marketing and a clear understanding of RSF’s successes in various annual events
(i.e. the Run-Walk to Home Base) will provide an additional layer of operational and financial transparency.
FINANCIAL OVERVIEW
Revenue
The historical revenue picture for RSF is not a pretty one at first glance. Revenue fell by 28% from 2007-2008 and 23%
from 2008-2009, primarily driven by declining Contributions and Grants. Couple the drop in donations with volatile
Other Revenue, which is primarily generated from one-off fundraising events, and one could argue that RSF’s reputation
as the “best charity in Major League Baseball” is in serious jeopardy. Hello, 2010! Contributions and Grants continued to
decline (we’ll get to this in a little), but a surge in Other Revenue, primarily due to the Run-Walk to Home Base which
generated over $2.5 million, helped to increase total revenues to a level not seen since 2007. We believe this trend will
continue as the Run-Walk to Home Base initiative is relatively new…
Red Sox Foundation | Nonprofit Investor Research 4

5. …however, we will want to continue watching the Contributions and Grants line item. Annual decreases over the last 4
years are no doubt troubling as these donations often help to provide a consistent inflow of capital to non-profits. Given
RSF’s affiliation to the Boston Red Sox and Major League Baseball, we are less concerned with the decrease as there is
ongoing access to high net worth individuals. Additionally, these contributions and grants do not include autographs,
ticket donations, etc. which are contributed by the Red Sox organization and corporate sponsors over the course of the
year.
Expenses
Opposite of the revenue picture, the RSF expense profile is exemplary for a non-profit. Expenses tracked revenue intake
during years of revenue decline, staying below 100% of revenues during 2008 and 2009, while increasing the percentage
of Program Expenses as a percent of Total. The biggest question related to expenses is what drives the increase from
2009 to 2010? The answer is the same as for revenues: Home Base Program. In 2010, RSF contributed over $4 million to
Massachusetts General Hospital through its partnership with the Home Base Program, compared to $0 in 2009. Expect
to see donations to Massachusetts General Hospital continue to increase driven by the program partnership and efforts
of the Home Base Program.
The remainder of the approximately $7.6 million in program expenses from 2010 was spread across 59 third-party
organizations, with a majority of these organizations receiving less than $100k in donations, and RSF affiliated
organizations.
The one thing to watch on the expense side will be in Salaries, other compensation and employee benefits, which
increased from 2008-2009 before almost doubling from 2009-2010. The increase is largely driven by an increase in
Compensation in current officers, directors, trustees and key employees from $0 to over $200,000, a diligence item
which we would like to discuss with RSF management.
2010 Red Sox Foundation Donation Breakdown
2010 RSF Donations Breakdown
Massachusetts General Hospital $4,076,809
Jimmy Fund Pan Mass Challenge 266,589
Mike Lowell Foundation 125,000
George W Bush Foundation 100,000
The Dimock Center 80,000
Total Top 5 $4,648,398
Remaining Third-Party 1,118,013
RSF Affiliated Organizations 1,842,693
Total Program Expenses $7,609,104
Revenue Breakdown Expense Breakdown by Function
$ in MM
$8.0 $7.4 $10.0 140%
121.1%
$7.0 $6.6 120%
$8.0 $8.0
$6.0 $5.3 93.0%
78.1% 100%
$5.0 $4.1 $6.0 80%
$4.0
$3.0 $4.1
$4.0 $3.8 60%
$2.0
40%
$1.0 $2.0
20%
$0.0
($1.0) 2007 2008 2009 2010 $0.0 0%
2008 2009 2010
Investment Income Program service revenue Other expenses
Salaries, other compensation, employee benefits
Contributions and grants Other Revenue Grants and similar amounts paid
Expense % of Revenue
Red Sox Foundation | Nonprofit Investor Research 5

6. Detailed Financial Information
Fiscal Year Ended December 31 2008 2009 2010
Revenue and Expenses (GAAP Tax Accounting Basis)
Operating Revenue:
Contributions and grants $4,704,253 $4,340,042 $2,929,270
Program service revenue 0 0 0
Investment Income (190,123) (123,844) 83,746
Other Revenue 780,499 (127,004) 3,596,846
Total Support and Revenues $5,294,629 $4,089,194 $6,609,862
% Growth (28.2%) (22.8%) 61.6%
Expenses:
Program Services:
Grants and similar amounts paid $3,461,634 $2,914,983 $6,446,901
Benefits paid to or for members 0 0 0
Salaries, other compensation, employee benefits 358,835 368,090 622,389
Professional fundraising fees 0 0 0
Other expenses 314,624 521,558 935,072
Total Expenses: $4,135,093 $3,804,631 $8,004,362
% of Revenue 78.1% 93.0% 121.1%
Increase in Net Assets from Operations $1,159,536 $284,563 ($1,394,500)
Net Appreciation in Fair Value of Investments 0 340,171 44,705
Change in Assets $1,159,536 $624,734 ($1,349,795)
KEY BALANCE SHEET INFORMATION
Cash and Cash Equivalents $7,091,431 $6,793,235 $7,210,437
Investments $0 $1,092,883 $1,386,936
Total Assets $7,171,066 $7,967,051 $8,629,641
Expenses by Function (Tax Accounting Basis)
Program Services $3,651,021 $3,560,975 $7,609,104
Management, G&A 248,822 112,343 113,050
Fundraising 235,250 131,313 282,208
Total Expenses $4,135,093 $3,804,631 $8,004,362
Program Costs as a % of Total Expenses 88.3% 93.6% 95.1%
G&A as a % of Total Expenses 6.0% 3.0% 1.4%
Fundraising as a % of Total Expenses 5.7% 3.5% 3.5%
Source: IRS Form 990 (Tax Acccounting Basis)
Red Sox Foundation | Nonprofit Investor Research 6

7. OTHER THIRD PARTY RATINGS AND AWARDS
Third Party Ratings
• GreatNonprofits rates the Red Sox Foundation 5 out of 5 stars based on 4 user reviews. One thing to highlight is
that all 4 user reviews have been submitted since August 2, 2012, which could be the beginning of an internal
push by RSF to actively market itself to the volunteer community
Red Sox Foundation is not currently covered by Charity Navigator, Philanthropedia and GiveWell.
Awards
• MLB Commissioner’s Award for Philanthropic Excellence – Red Sox Scholars – 2010
o Award recognizes extraordinary charitable programs, run by the selected foundation, which have
resulted in significant and sustained community impact
• Patterson Award for Excellence in Sports Philanthropy – 2009
o The Patterson Award honors the legacy of Steve Patterson and celebrates and promotes the selfless
service of those within the world of sports whose passionate efforts make a difference in the lives
around them
GET INVOLVED
Make Donations Become A Volunteer - Positions
Make a financial donation Become an RSF volunteer
http://www.redsoxfoundation.org/donate/Form.aspx http://www.redsoxfoundation.org/donate/VolunteerServiceSheet.pdf
Make a donation to Teddy Ebersol’s Red Sox Fields
http://www.redsoxfoundation.org/ebersol/
Make a donation to the Home Base Program
http://www.homebaseprogram.org/general-
information/for-donors.aspx
ADDITIONAL DOCUMENTS AND NEWS
2009 Red Sox Foundation Community Report:
http://www.redsoxfoundation.org/what/CommunityReport2009.pdf
Boston Globe Article - August 7, 2012:
http://bostonglobe.com/1969/12/31/redsoxcharity/k9ANSjKMb7eLnyTnmkMakM/story.html#
Red Sox Foundation | Nonprofit Investor Research 7

8. DISCLOSURES
John Barrett Oldenburg certifies that he does not have any affiliation with Red Sox Foundation and has never made a donation to
the organization. Additionally, John Barrett Oldenburg has not supported directly competing organizations in a greater capacity than
a nominal donation. NPI analysts and NPI as an organization do not receive any form of compensation from reviewed charities.
This report is for informational purposes only and does not constitute a solicitation for donations. While the reliability of information
contained in this report has been assessed by NPI, NPI makes no representation as to its accuracy or completeness, except with
respect to the Disclosure Section of the report. Any opinions expressed herein reflect our judgment as of the date of the materials
and are subject to change without notice. NPI has no obligation to update, modify or amend any report or to otherwise notify a
reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes
or subsequently becomes inaccurate, or if research on the subject organization is withdrawn.
Opinions and recommendations in our reports do not take into account specific reader circumstances, objectives, or needs. The
recipients of our reports must make their own independent decisions regarding any organization mentioned by NPI.
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Red Sox Foundation | Nonprofit Investor Research 8