No Halo News · Sourced development
Independent auditors issued a qualified opinion on the Livestrong Foundation’s 2024 financial statements
Independent auditors said Livestrong’s financial statements were fairly presented except for specified assets totaling $2,762,471. The auditors could not obtain sufficient evidence to determine whether adjustments were needed for inventory, intangible assets, convertible promissory notes and an interest in We Are Here, Inc. The audit also disclosed that Livestrong’s president and CEO served on the We Are Here board and had an ownership interest in that company. Livestrong reported a $1.08 million decline in net assets and $1.33 million of cash used by operations during 2024, while retaining $25.23 million in net assets.
Status matters. This page records a sourced development, not a completed No Halo investigation. An allegation is not a finding. Dismissals, settlements, judgments, corrections and final outcomes remain distinct.
Donor relevance
Why this matters
The audit limitation covered about $2.76 million in reported assets and included assets connected to a company in which the CEO disclosed governance and ownership interests. Donors may want to monitor asset valuation, related-party oversight and whether the next audit receives an unqualified opinion.
Attribution
Who reported or established this
The qualified opinion and financial disclosures were made by Livestrong’s independent auditors and management in the audited financial statements.
Evidence limits
What remains unverified
No Halo has not determined the correct values of the questioned assets, whether adjustments will ultimately be required, or whether the related-party interests affected any transaction terms. The qualified opinion was not a finding of fraud, misuse of funds or a material misstatement.
Right of reply
Organization response
Livestrong’s board statement said the qualification did not concern cash, revenue, expenses or day-to-day operations and that there were no findings involving internal controls, compliance or financial management. It said the organization would seek an audit firm with deeper experience in complex nonprofit asset structures and maintained that Livestrong remained financially sound.
Classification
How No Halo records this event
Event type: Audit Finding. Current state: Open. No Halo preserves the current procedural state rather than treating every mention as a finding.
Published March 1, 2026 · Last verified September 18, 2026. See an error or a later outcome? Submit a correction or right of reply.