Does it seem like everybody has their own "foundation"?

[Anonymous]

Why does every two bit celebrity, sports figure, or successful business person have their own "foundation"? Are these smaller foundations more effective than giving donations to or helping causes promoted by larger, more established, charitable organizations? I think the Bill and Melinda Gates foundation is 100% legit and focused on the right things, but it seems like the exception rather than the rule. Can someone explain this to me? I'd love to hear from someone who has their own foundation.

[Anonymous]

Ego.

[Anonymous]

I think it's a tax write off and they somehow get a salary out of it.

[Anonymous]

Tax write-off and way to support family and posse. Everyone draws a salary and it becomes legitimate. There was an expose a few years back about this - there are something like 4-5 legitimate foundations that actually distribute any real money.

[Anonymous]

Tax write off, plus they can put their kids and relatives on the Board of the charity and give all of them salaries. Kids can direct use of the assets without incurring tax liabilities.

It's basically just a tax shelter.

[Anonymous]

Tax deductions. Everything they put in is a right off. Its why Mark Zuckerberg + wife went the foundation route as well. They have $15 billion, put in $7 billion towards good causes, and they only have to pay taxes on the remaining.

The difference between them + other minor celebrities and Gates or Clinton is that the latter are self-sustaining.

[Anonymous]

Does this also work for small scale pundits? On NPR I heard an interview with x, later introduced as Fellow and Founder of X Foundation. I desperately want to be a Fellow and be interviewed for my niche topics. Can I set something up like this?

[Anonymous]

made up to funnel money back to themselves through administrative costs

And it's not just for the wealthy. I know someone that "accidentally" killed his kid and set one up in the child's name. They give out the minimum according to the law and keep building the rest.

[Anonymous]

I wouldn't count the Clinton Foundation alongside the Gates. Only one of those is well-intentioned and altruistic.

[Anonymous]

Anonymous wrote:I wouldn't count the Clinton Foundation alongside the Gates. Only one of those is well-intentioned and altruistic.

This is so off the mark that it's laughable.

CF has a 4/4 rating:

https://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=16680

And A:

https://www.charitywatch.org/ratings-and-metrics/clinton-foundation/478


Gates is completely self-funded so is unrated:

https://www.charitynavigator.org/index.cfm?bay=search.profile&ein=562618866

But go back to your Fox News talking points.

[Anonymous]

It seems like the "regular folk" have their own foundations too! For the more wealthier ones, I think they use it as a tax deduction. For the less wealthy, I think it's an excuse to throw a gala or dinner party. Also both groups seem to use foundations to increase their social status and seem like better, kinder people.