Henry Louis Gates’ Foundation to Revise Tax Return

web cpa ^ | July 28, 2009 | web cpa

[NonValueAdded]

Oh, the devil is in the details!!! Ok now, let's see how the recipients classified it on their tax returns. As income, right? Sure. That would be the case if it was simply an accounting error on the foundation's part. but obviously the treasurer and secretary knew it was salary and reported it as such, right? Otherwise, there might be fraud and collusion going on.

[okie01]

miscalibrated

LOL. The nouveau form...

[AppyPappy]

Cooking the books to make it look like they are actually doing something.

[Red in Blue PA]

Until we are ready to call for their heads, I no longer care.

I feel the same way....curious how many others do.

[browardchad]

Dan Riehl had a post on this on Saturday -- the foundation has come under criticism before, by the Boston Globe, among others.

The $11,000 was about 40% of their total expenditures: "the [2007 return] declares the charity received $205,400 in direct support, but declares only $27,600 in total expenditures for program services."

A Gatesgate At Henry Gates' "Bogus" Charity?

There's a lot more about Gates' "charitable" and business enterprises at the link.

[tired&retired]

The tax return appears to be a sham as the source of the revenue(donations) section is not completed. The payments do not qualify for the described purpose of the organization, and a large portion of the program expenditures were not (non-profit) recipients.

This private foundation would lose its non-profit status under even the most lienient analysis of the organization.

Here is the link to the return. Better download it before it disappears. The 1023 application should also be available if you want to see it.

http://www.guidestar.org/FinDocuments/2007/020/756/2007-020756843-047b169d-9.pdf

[tired&retired]

Contact Information:
INKWELL FOUNDATION INC
Physical Address:17 Ware St
% Henry Louis Gates Jr
Cambridge, MA 02138

[tired&retired]

This would be a guaranteed audit if you turned him in as the annual tax return is clearly incomplete and incorrect.

[tired&retired]

Dime to a dollar that he claimed the charitable contribution on his own return and that the art work listed as “owned” by the foundation is hanging at his house. This alone is grounds for total disqualification.

[SERKIT]

"mischaracterized "

Anything like "calibrating your words"?

[tired&retired]

My intuition as a fraud investigator and a CPA tells me that if one were to cross reference the payouts listed to individuals that they just might cross reference to presidential political contributions per the national political contributions database. In short... it may have been an Obummer fundraising org.

[hinckley buzzard]

They are a nonprofit. They probably paid no taxes at all on their return.

[SERKIT]

In short... it may have been an Obummer fundraising org.

Well, that pattern seems to fit. You may just be right, but then, the entire (and historic) $700+M campaign war chest was never audited, not will it ever be, apparently.