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Posted by: laperla not logged in ( )
Date: August 29, 2015 02:27PM
private foundations

I now know of two large private foundations who's exempt purpose is to support the LDS church.

Typically you start a private foundation to:

Take a deduction but still control the money (you still have to donate it eventually, but you can decide later.)

Employ your adult children

Get the thrill of having Joe Blow Foundation on the donors list.

But the exempt purpose is so specific, why wouldn't you just hand it over?

Oh yeah, employ your adult children.

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Posted by: caffiend ( )
Date: August 30, 2015 01:15PM
There are risks with foundations

After the foundation donor dies you (obviously!) lose control of it. Then you have to trust your successors to carry out your wishes. Even the most explicitly, carefully crafted charter can get broken and the foundation money diverted to other purposes.

Examples:

1) The successors/executors go to court to get an adjustment (increase) in administrative costs, then loot the principal.

2) The successors decide they want to use the money for some thing more attuned to THEIR ideology. Consider:

2-a) A Boston patroness of the arts, Isabella Stuart Gardner, wrote explicit instructions on how her art was to be displayed in her mansion/museum, including the architecturally significant carriage house. The carriage house has been torn down and a huge modern glass atrium built in its place.

2-b) John D. Rockefeller was a socially conservative man, but look at all the left-of-center causes that have benefited from the Rockefellar Foundation--conservatives despise it!

2-c) The Foundation for the Propagation of True Mormon Doctrine was hijacked by a bunch of radical ex-Mo's and now funds the Recovery From Mormonism website.

Okay, 2-c is not for real, but you get the point.

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Posted by: goodeye ( )
Date: August 30, 2015 05:01PM
Re: private foundations

What is the two foundations?

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Posted by: laperla not logged in ( )
Date: August 30, 2015 05:20PM
Not privy to details

Private foundations have to wind down eventually due to the requirement for ever increasing distributions - unless they somehow are making a lot of income (taxable) or get additional contributions.

It just seems weird that you would go to all the trouble of setting up a foundation just to give the money to the MO.

Oh yeah, employ your adult children.

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