BrainFood

50 readers

1 users here now

Interesting/educative videos that generate (scientific) wonder, curiosity, and/or understanding. Videos about: science, technology, engineering, mathematics, humanities, arts, philosophy, and everything else that makes this universe worth exploring.

founded 1 year ago

Billionaire Foundation - The Most Immoral Charity In The World (invidious.no-logs.com)

submitted 10 months ago by [email protected] to c/[email protected]

2 comments fedilink hide all child comments

Private foundation is an institution with a very special status. They are tax exempt private organizations yet they are still allowed to invest into for profit companies. Foundations can hold corporate stocks and bonds and generate revenue this way.

There is only one major condition they have to fulfill to keep their tax exempt status - and that is to donate 5% of foundation's total assets on annual basis. So when you hear a billionaire donating their wealth to charity and it's going through a foundation, up to 95% of it can go into profitable investments. In practice, all foundations' assets in the US amount to more than $1 trillion. Yet, they donated only $90.88 billion in 2021.

top 2 comments

sorted by: hot top controversial new old

[–] MoonManKipper 1 points 10 months ago (1 children)

So not having read the article if the foundations total value is $1000 billion and they donated $90 billion that’s 9% so more than 5%. And over twenty years they’ll donate rather more than if they just had a fire sale and gave all the money once to charity? Sounds ok to me.

[–] [email protected] 0 points 10 months ago* (last edited 10 months ago)

I think you might change your mind if you take a look at this video. It does a pretty good job explaining where this money is given and how it is actually used.