Wednesday, April 3, 2013

ESPN: "Athlete Charities Often Lack Standards"

EspnESPN reports that many of the 115 charities founded by high-profile athletes that it investigated had relatively few assets, engaged in little actual charitable work, lacked effective boards, or had relatively high administrative expenses.  For example, only about a third of such charities had assets of $500,000 or more.  Other charities appear to have gone inactive, sometimes without providing a clear accounting of the use of their remaining funds.  Some charities appear to have had at least questionable expenses, including spending that bordered on providing a personal benefit to the founding athletes or their family and friends.  The more common complaint, however, seems to be simply that even when launched with great fanfare most charities founded by athletes are mostly ignored by their founders and so fizzle.

Hat tip:  EO Tax Journal; Tax Prof Blog

LHM

http://lawprofessors.typepad.com/nonprofit/2013/04/espn-athlete-charities-often-lack-standards.html

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