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Billionaire Foundation - The Most Immoral Charity In The World

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First published at 15:19 UTC on June 19th, 2023.

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Billionaire philanthropy is not just charitable giving. It's an investment venture before anything else. Then it's about hoarding wealth, avoiding taxes and getting some positive PR for it.
Support independent research and analysis by joini…

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.

Sources (references are available in the transcript)

[0a] https://nccs.urban.org/publication/nonprofit-sector-brief-2019#recipients
[0b] https://www.statista.com/statistics/250878/number-of-foundations-in-the-united-states/
[1] https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
[2] https://www.nytimes.com/2021/06/08/us/politics/income-taxes-bezos-musk-buffett.html
[3] https://www.irs.gov/charities-non-profits/charitable-organizations/private-foundations
[4] https://www.irs.gov/charities-non-profits/private-foundations/taxes-on-failure-to-distribute-income-private-foundations
[5] https://www.nptrust.org/philanthropic-resources/charitable-giving-statistics/
[6] https://www.issuelab.org/resources/36381/36381.pdf
[7] https://www.gatesfoundation.org/about/financials
[8] https://www.thenation.com/article/society/bill-gates-foundation-philanthropy/
[9] https://www.latimes.com/archives/la-xpm-2007-jan-07-na-gatesx07-s..