Posted on 04/27/2008 11:17:02 PM PDT by george76
Former Sen. Robert G. Torricelli, a top fundraiser for Sen. Hillary Rodham Clinton, is sending hundreds of thousands of dollars in donations from his 2002 Senate campaign to a private foundation registered in his name and based out of his New Jersey lobbying office — an arrangement that troubles campaign-finance and tax experts.
Federal election rules allow former elected officials to use surplus campaign money on charitable causes, though Mr. Torricelli's Rosemont Foundation, which received $1.5 million in campaign cash last year, has not yet been granted tax-exempt status.
Angelo Genova, an attorney for Mr. Torricelli, said the foundation's application for nonprofit status is pending, adding that it was "established within all rules and regulations."
Both Mr. Torricelli's lobbying firm, Rosemont Associates, and the Rosemont Foundation are based at the same address in Lambertville, about 15 miles north of Trenton. A lobbying firm partner runs Mr. Torricelli's 2002 campaign fund.
Experts said that although the transfer of campaign funds to a private foundation in Mr. Torricelli's name is legal, the ties among the campaign fund, the former senator's lobbying business and new foundation raise questions about whether the charity can steer clear of politics.
The IRS prohibits tax-exempt charities from campaigning for or against politicians.
Frances Hill, a nonprofit tax specialist and law professor at the University of Miami, said she wouldn't allow a client to base a nonprofit from the same address as a lobbying firm.
"It's about appearance," she said. "They have to be very careful that they're not just fueling his consulting business and distributing charitable grants to organizations that agree with his positions."
(Excerpt) Read more at washingtontimes.com ...
He’s a democrat and a crook, but then I repeat myself.
I thought when a politician retired, or was retired, s/he could do what s/he wished with campaign contributions remaining.
The clinocchios obviously took the torch’s FBI file with them when they slithered out of the White House. They can still make him jump through hoops. This is a clear cut extortion, simple as that.
They used to in the past.
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