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Google.org, a For-Profit Charity
Google has set up a subsidiary, Google.org, a for-profit philanthropy with initial capital of a billion dollars. Not being organized on a tax-free basis carries both advantages and drawbacks. From the article: "Unlike most charities, this one will be for-profit, allowing it to fund start-up companies, form partnerships with venture capitalists and even lobby Congress. It will also pay taxes." One of Google.org's first projects is the development of a plug-in hybrid vehicle that achieves a mileage rating equivalent to 100 MPG.
Gee, I can't wait to see how Google finds a way to profit from a battered women's shelter.
And the largest disadvantage to a "for-profit charity?" Your donations are NOT tax deductible.
They've slit their own throats on this one.
As I understand it charity means you are donating something or partaking in some action motivated exclusively out of kindness. It sounds like their primary motivation here is to make a profit. If its a charity then they would effectively just be giving away shareholder money. This sounds more like socially conscious investing than charity to me. Or at least I hope it is, if they are giving away the shareholders money and claiming its 'for profit' as a cover that wouldnt bode well for their future.
It was too heavy on facts and everyone know that facts are the enemy of truthiness. It may have been a reasonable reply but it felt like a troll to the libertarians with modpoints.