Domain: fdncenter.org
Stories and comments across the archive that link to fdncenter.org.
Comments · 7
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Re:Who really funded this study?
Does this help (Their Tax Exempt Form 990)?
http://dynamodata.fdncenter.org/990_pdf_archive/205/205283809/205283809_201112_990EZ.pdfIt says they are DBA as "Coalition for Affordable Health Coverage Found." The organization's officers are all based in Washington, D.C. Considering their funding dropped sharply right after 2008, I'm sure they were heavily involved in the last election.
This is their web site: http://cahc.net/
Paul S. Hewitt is the primary person behind the organization. He is originally from Salt Lake City, Utah.
Purpose statement (useless):
The Organization's primary
purpose is to ensure that the interests of the younger and future
generations are well-defined and fairly represented. The Organizaion
seeks to measure and communicate their interests to interested parties
and the general public.Also interesting:
Thierry Dongala, former vice president
of the organization, misappropriated funds totaling $17,559. T. Dongala
was removed from his position with the organization. Efforts to recover
these funds from T. Dongala were unsuccessful and the organization in 2011
reported this balance as taxable compensation to T. Dongala on a Form
1099. -
Re:parent poster is right
Randi is a sad little man who cannot get the world's attention, even with a million dollars (a million non-existent dollars, by the way).
So is this (PDF file) and this fake? From the Million Dollar Challenge FAQ:
- 3.1 I heard the prize money doesn't really exist and that it's all just a scam.
- The short answer: The money is real.
The medium-length answer: The money is held in the form of immediately negotiable bonds held by Goldman Sachs, a highly respected investment firm. Anyone can verify that the money exists by requesting the information in writing from the JREF. They will in turn forward you the most recent account statement from Goldman Sachs.
The long answer: The JREF is a 'tax exempt' organization, so they are required by law to have a level of financial transparency. That means that the public can request things like an annual report and copies of JREF's 990 (the tax return non-profits file). Go to http://tfcny.fdncenter.org/990s/990search/esearch.php (search for Randi, 2005 is here.) to look up JREF's 990. Contained within these types of documents is enough information to verify that the organization does indeed have special assets in a reserved account to cover the prize, should it ever be won. The contract between the claimant and JREF is binding enough that the JREF must pay the prize if someone wins it. This is a published, legal obligation, not just a casual offer. We have no choice in the matter. As a savvy applicant, all you need to do is verify that the organization has the funds to cover the prize. Also, if JREF were not able to hold up its end of the bargain, the IRS would investigate and pull the JREF's tax exempt status. It would mean severe penalties for the JREF, and Randi himself would also be personally liable and subject to potential incarceration. Rest assured: The money is there.
Long answer, continued: The JREF prize fund is maintained in a way that is similar to an endowment fund. Non-profits often create reserves of assets called endowments to build up enough money to take care of the organization in the case of bad financial times, or to save up money for a project down the road, like building a new facility or starting a large new program that would require a lot of capital. Endowment funds are held in a separate Goldman Sachs account designated, "James Randi Educational Foundation Prize Account." This prevents the JREF from accidentally spending the prize money. It is never a good idea to just let large sums of money sit in a savings account for years and years, so most non-profits invest their endowment funds. The way they invest it is really not important. JREF invests in bonds, which is fine. If a claimant wins the prize, it must be awarded within ten days, as per the Challenge rules and the legally binding contract entered into when the application was signed.
I know you are going to ask, "What if the bonds cannot be easily liquidated?" If the JREF did not pay a winning claimant in a reasonable amount of time, we would be open to a lawsuit for breach of contract. The claimant will be paid. The JREF states that the funds are held in immediately negotiable bonds so that a claimant can feel at ease about the ability of the JREF to pay. The fact that the JREF will do so is going above and beyond the requirements of the law and the generally accepted practices of good, responsible non-profits. It is an enormous act of good faith on JREF's part. The million dollars exist. Arguments to the contrary are utterly pointless, and they will not be entertained by the JRE
- The short answer: The money is real.
- 3.1 I heard the prize money doesn't really exist and that it's all just a scam.
-
Re:parent poster is right
Randi is a sad little man who cannot get the world's attention, even with a million dollars (a million non-existent dollars, by the way).
So is this (PDF file) and this fake? From the Million Dollar Challenge FAQ:
- 3.1 I heard the prize money doesn't really exist and that it's all just a scam.
- The short answer: The money is real.
The medium-length answer: The money is held in the form of immediately negotiable bonds held by Goldman Sachs, a highly respected investment firm. Anyone can verify that the money exists by requesting the information in writing from the JREF. They will in turn forward you the most recent account statement from Goldman Sachs.
The long answer: The JREF is a 'tax exempt' organization, so they are required by law to have a level of financial transparency. That means that the public can request things like an annual report and copies of JREF's 990 (the tax return non-profits file). Go to http://tfcny.fdncenter.org/990s/990search/esearch.php (search for Randi, 2005 is here.) to look up JREF's 990. Contained within these types of documents is enough information to verify that the organization does indeed have special assets in a reserved account to cover the prize, should it ever be won. The contract between the claimant and JREF is binding enough that the JREF must pay the prize if someone wins it. This is a published, legal obligation, not just a casual offer. We have no choice in the matter. As a savvy applicant, all you need to do is verify that the organization has the funds to cover the prize. Also, if JREF were not able to hold up its end of the bargain, the IRS would investigate and pull the JREF's tax exempt status. It would mean severe penalties for the JREF, and Randi himself would also be personally liable and subject to potential incarceration. Rest assured: The money is there.
Long answer, continued: The JREF prize fund is maintained in a way that is similar to an endowment fund. Non-profits often create reserves of assets called endowments to build up enough money to take care of the organization in the case of bad financial times, or to save up money for a project down the road, like building a new facility or starting a large new program that would require a lot of capital. Endowment funds are held in a separate Goldman Sachs account designated, "James Randi Educational Foundation Prize Account." This prevents the JREF from accidentally spending the prize money. It is never a good idea to just let large sums of money sit in a savings account for years and years, so most non-profits invest their endowment funds. The way they invest it is really not important. JREF invests in bonds, which is fine. If a claimant wins the prize, it must be awarded within ten days, as per the Challenge rules and the legally binding contract entered into when the application was signed.
I know you are going to ask, "What if the bonds cannot be easily liquidated?" If the JREF did not pay a winning claimant in a reasonable amount of time, we would be open to a lawsuit for breach of contract. The claimant will be paid. The JREF states that the funds are held in immediately negotiable bonds so that a claimant can feel at ease about the ability of the JREF to pay. The fact that the JREF will do so is going above and beyond the requirements of the law and the generally accepted practices of good, responsible non-profits. It is an enormous act of good faith on JREF's part. The million dollars exist. Arguments to the contrary are utterly pointless, and they will not be entertained by the JRE
- The short answer: The money is real.
- 3.1 I heard the prize money doesn't really exist and that it's all just a scam.
-
Re:I can't believe it.
Corporations doing good
The "all corporations are evil" idea is way overblown around here. -
Re:The coolest part
I am no big Gates or Microsoft fan but he does far more than anybody on that Forbes 500. His foundation gave the most grants in the US - $1.2 billion mostly to Global Health and Education (to contrast - Larry Ellison's (#5 on Forbes) Foundation gave $33 million mostly for aging and infectious disease - prevention I assume). There is really only so much that money can do, though. Think of a country like Sudan. $100 billion is not going to save that country's problems.
I am not saying that we should put Gates on a pedastal or build a monument to him but we should respect was he does try to do.
PS - He is not even close to being the richest man on the planet. If you think that the wealth of all of those Saudi oil Princes is even close to what Forbes reports you are looney. -
Really help the children.
We could stop sending our toxic computer waste to their countries. We could stop quietly condoning their use of child labor in sweatshop conditions. They could use food, water, shelter.
Even this guy had something sane to say about it, can you guess his name before you follow the link?
Do people have any concept of what it means to live on less than a dollar a day? There's no electricity. Do they have PCs that don't use electricity?" -
Re:Two questions.
I think that you can see here that Mr. Gates cannot be accused of not giving any money to charity.