‘Almost all multibillionaire philanthropists in the United States set up tax-exempt, grant-making, private foundations when they want to make the world a better place. Not Mark Zuckerberg and Priscilla Chan. They plan to give away their fortune gradually over the course of their lifetimes, but they’ll do so through a for-profit corporation.
There’s a simple explanation why: private foundations in the US cannot engage in political activity; they cannot campaign for or contribute to candidates for public office or lobby legislators; with limited exceptions, they cannot fund for-profit organizations. By funding their philanthropic work outside the confines of foundation law, Chan and Zuckerberg reserve the right to do all of these. According to their Facebook post: “The Chan Zuckerberg Initiative will pursue its mission by funding non-profit organizations, making private investments and participating in policy debates”.’
Read more
No comments:
Post a Comment