Paul Caron at Tax Prof Blog reports on a study by the Salt Lake Tribune on the financial documentation filed by 89 NBA player charities. The study found that the average player foundation actually put just 51 cents of every dollar earned towards charitable programs, the rest eaten by administrative costs and inefficiencies. The post and the study are worth a read.
-- Posted by Howard Wasserman @ 12/28/2008 09:31:00 PM --
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3 Comments:
It is a way to give their friends and family a job.
It is obvious that every Charity does take a fairly unreasonable amount of money away from its charity and puts it into administration. However, costs are high and employing your friends is never cheap, so its only obvious that having that many more charities only continously decreases the money that gets to the people who need to be helped!
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