Posted on 02/21/2012 2:41:21 PM PST by Beaten Valve
Hip-hop superstar Kanye West's charity spent more than a half-million dollars in 2010 — but none of that money went to actual charitable causes, The Daily reported Tuesday.
An analysis of federal tax filings reveals that in 2010, the Kanye West Foundation had expenditures totaling $572,383, with the majority going to salaries and other overhead expenses.
Meanwhile, the charity gave nothing to charity that year. According to its tax return, West's foundation made precisely $0 in contributions, gifts and grants.
And this isn't the first time the Kanye West Foundation has given celebrity charities a bad rap.
In 2009, it was slightly more frugal, spending $553,826 — but of that amount, just $583 went toward charitable endeavors.
(Excerpt) Read more at myfoxny.com ...
It’s a good scam, and somewhat driven by tax laws. Every celeb and athlete has a “foundation” these days. Great way to keep the family and hangers-on in the $$. If some bucks come in as donations from outside, that’s more gravy.
If it paid 5 people a wage, it’s still a more cost effective out of work measure than the recent U.S. Federal Budgets.
A pillar of society, that one.
What a cheap MoFo...
Yup, if you just give money to family and hangers-on outright, you are limited to $13,000 apiece per year (double that if you are married).
After that, you start deducting from the unified gift/estate tax exclusion, which is currently $5M (double it, if you are married).
Once that is gone, you start paying gift taxes (or estate taxes when you die). That rapidly peaks out at 35%, and the gifter (not the giftee) pays the tax.
PS: The exclusion will drop to $1M, and the top tax rate will increase to 55% in 2013, if Congress doesn't take any action.
You avoid all of this by creating a bogus foundation and paying people a "salary". You still have to pay income, SS, and Medicare taxes, but it's mostly assessed on the "employee".
Most liberal charities are just vehicles to funnel tons of money to the liberals running the charity. Or to promote liberal political ideologies.
All image and no substance.....the way of the beast.
The IRS frowns on such shenanigans. They don’t get they cut.
M.C. Hammer was hugely charitable, and at EVERY turn his biz managers told him to stop —it wasn’t cool. It wasn’t real.
He went ahead anyway, and look where it got him. I can’t say THAT was why, but that is almost surely ONE of the reasons.
In the ghetto unforced charity —which means REAL charity— is for suckaz. It’s not, “real”.
Who contributes to Morehouse College? You think it’s their GRADUATES...?
Ni*ga pleeaze...!
He is just a Jesse Jackson/Al Sharpton shake down artist...
“it does not appear to have been financed by Mr. West, instead raising the bulk of its money from companies and individuals with whom Mr. West does business”
******
Kanye West’s Charity Closes
April 19, 2011
The charity named for the rapper Kanye West that was intended to reduce high school dropout rates has closed mysteriously.
Its former executive director, Joseph Collins, sent an e-mail to associates last month, telling them that he was looking for a job because the charity, the Kanye West Foundation, had closed, and its phone has been disconnected.
“I am reaching out to let you know that the Kanye West Foundation (kanyewestfoundation.org) has officially closed it doors after a successful 4+ years of programming and events,” Mr. Collins wrote in the e-mail, which was given to The New York Times by executives from two nonprofit groups that had worked with the organization. “It has been an incredible experience working with Kanye and the board to realize his mother’s vision and I am honored to have been given the opportunity to lead the Foundation.”
Reached by phone, Mr. Collins declined to comment. “You’d have to get in touch with Mr. West,” he said.
Efforts to reach Mr. West failed, however. Mr. West’s agency, WME Entertainment, referred calls about the closing of the charity to the performer’s publicist, Gabriel Tesoriero, but Mr. Tesoriero did not respond to e-mail sent to the address the agency provided.
Nor did a representative for Universal Music, where Mr. Tesoriero works, return a call.
Michelynn Woodard, listed as the organization’s chairwoman, did not respond to e-mails or phone messages.
The charity filed tax forms as if it were a private foundation, but it does not appear to have been financed by Mr. West, instead raising the bulk of its money from companies and individuals with whom Mr. West does business.
In 2009, for instance, Madison Square Garden gave it $151,754, and the retailer Karmaloop donated $20,000. The previous year, the charity received contributions from the concert promoters Live Nation Music Group and Goldenvoice.
The charity raised an average of $492,000 and made total grants averaging $18,080 in each of 2007, 2008 and 2009, the last year for which tax forms are available.
http://www.nytimes.com/2011/04/20/business/20charity.html
Similarly I’m convinced the “student loan bubble” was caused by universities paying big $$ to liberal profs who donate to politicians.
Kanye West is a racist fraud who belongs in jail.
Which is the exact reason they so strongly support and direct such large amounts of money to the unions.
Which is the exact reason they so strongly support and direct such large amounts of money to the unions.
I say good on Kanye West. /s Anyone stupid enough to donate to him, should have their money burnt off by someone else.
Seriously, is there even one person on this forum that would donate to a charity run by an entertainment figure? I would certainly hope not.
Sad thing is, Kanye may not have to worry about this at all. He’s part of the protected class.
This was fraud. He should be under arrest and headed for a long term in prison. Well see, but my gut says fat chance...
Warrick Dunn and Charlie Ward may be exceptions. But of course, im biased.
How much on fish sticks, that’s the question nobody dare ask.
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