Carroll Shelby's Children's Foundation Pays Out Bupkis
July 28th, 2007 8:17 PM Share
Automotive News writes that Carroll Shelby's Children's Foundation– set-up in 2002 after The Man's heart switch– has doled-out less than one percent of its $2.9m stash. (The money is supposed to help children who need organ transplants.) The revelation is bound to embarrass FoMoCo, as The Glass House Gang have provided four new Shelby vehicles for Carrol's charity to raffle and auction. It could also reduce the Foundation's ability to raise funds, as donors learn that their money's destined for a charitable parking lot. Although there are no implications of financial impropriety, and the Foundation now promises to "professionalize," it is worth mentioning that the Texas legend hasn't donated a single dime to his own cause.
Published July 23rd, 2007 10:08 AM
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As director of the Carroll Shelby Children’s Foundation, I’d like to share what is really happening with our organization. Please read Carroll’s comments on our website (http://cscf.org/jul07letter.asp) that explains how our donations are being used to establish a perpetual endowment so the Foundation can make grants for years to come. Once you read his message, I’m sure you’ll understand our goal as this is a standard practice for major charities worldwide. Jenni Shreeves
CSCF, I didn't read anything in the link provided that directly refutes the article. I understand if you are putting in a lot of money and hoping to use the interest forever to pay for the goodies but post the actual dollar figures as to what goes in what goes out what is invested what your recieve in donations and interest and what you pay in administrative costs. Otherwise it stands that you pay out less than 1 percent which is a pittiance
Easy to pile on...just like crabs in a pot. He's not pocketed a dime. Hasn't miss used it. Someone thought they'd get some press for themself for half way doing a piece...bad form. I guess that's why their subs are down. Can't do a decent story on a car, so let's trash an industry icon. You that trash him must know him personally. Sherman is right, there should be disclosure, but if I was giving more than a couple hundred dollars, I'd investigate it myself, make a call and find out for myself just what the numbers are and then make a decision. I surely wouldn't rely on some flimsy written article that hasn't bothered to print his personal comments and that of the foundation's.
The best thing to do here is to have an indeendent audit of the entire oranization - financial records, communications, and internal documents. Where there is smoke, there is fire. Knowing the IRS, they will most probably be scheduling one shortly !!! An endowment is one thing, but there are rules that specifically stipulate that for a non-profit organzation like this, a specific minimum mount must be distributed - and they have not done this. Make me wonder if a hand is in the cookie jar ! Lets m=have the IRS do their thing.