[BostonCard]

it's been a while since I've had the relevant tax course, but I was under the impression that a foundation needs to pay out a minimum of 5% of the fund's assets.  The fund has $25 million in assets, meaning they'd have to pay out a minimum of $1.25 million annually.  Instead, it appears that they paid out $644,000 last year.  In 2008, they paid out $1.1 million.  The 5% includes reasonable administrative expenses, but what is reasonable when directors are looting the fund?  They might have an IRS issue here, though they do have a year to make up the shortfall.

Odd aside: Other than Unbelievably Spoiled Children, their top 10 investments were Srs. of St. Joseph Carondolet/St. Mary's Academy; Jesuit (Loyola Marymount University, Loyola Marymount University, U of San Francisco, Verbum Dei); Diocesan (Bishop Amat), Interdenominational Christian (Azusa Pacific), Disciples of Christ (Chapman).

I'm actually a bit surprised that the "donations" didn't go to USC feeder high schools.

BC

[BostonCard]

it's been a while since I've had the relevant tax course, but I was under the impression that a foundation needs to pay out a minimum of 5% of the fund's assets.  The fund has $25 million in assets, meaning they'd have to pay out a minimum of $1.25 million annually.  Instead, it appears that they paid out $644,000 last year.  In 2008, they paid out $1.1 million.  The 5% includes reasonable administrative expenses, but what is reasonable when directors are looting the fund?  They might have an IRS issue here, though they do have a year to make up the shortfall.

Odd aside: Other than Unbelievably Spoiled Children, their top 10 investments were Srs. of St. Joseph Carondolet/St. Mary's Academy; Jesuit (Loyola Marymount University, Loyola Marymount University, U of San Francisco, Verbum Dei); Diocesan (Bishop Amat), Interdenominational Christian (Azusa Pacific), Disciples of Christ (Chapman).

I'm actually a bit surprised that the "donations" didn't go to USC feeder high schools.

BC