Friday, October 3, 2008

Newman's Philanthropic Planning

Another piece of information on Paul Newman's philanthropy surfaced in an article in the Philanthropy News Digest.  Apparently Mr. Newman didn't like to plan ahead much and liked to control his company, Newman's Own.  But two years ago, to make sure the company would continue to support his philanthropic interests, Mr. Newman established the Newman's Own Foundation to continue his charitable work.  Mr. Newman also formulated the plan for his company's mission:  quality food, fair labor practices, a mission focused on philanthropy rather than profit, and a welcoming work place.  The company will carry out the mission - both the philanthropy and what one might call socially responsible work practices - without the benefit of 501(c)(3) status.  Presumably the new foundation has qualified as a 501(c)(3) organization.

sng

http://lawprofessors.typepad.com/nonprofit/2008/10/newmans-philant.html

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