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I don't care where Mayweather's money goes. This is a fundraiser, though, with tickets available to the general public. The public should know where their donated dollars go. Also, if you go on the FMJ Foundation website, there's a link that says "donate here." If you want to make a donation to the foundation, you should know how YOUR money is being spent. I also want to make it clear that I'm not trying to imply that your money is being misspent, or that Mayweather's Foundation is doing anything wrong, illegal, or questionable.
Anyway, setting up a charitable foundation isn't "hiding money" from the government. It's working within the government's guidelines to reduce tax burden by contributing money to charity. I'd have to imagine that the Mayweather's Foundation is audited regularly, as are most major non-profits.
Correct you are, though - Oscar De La Hoya's foundation should be equally up for scrutiny as Mayweather's. I have no particular axe to grind with the Mayweather Foundation, or Mosley's Foundation, or Oscar's, or whatever - just giving some perspective as a non-profit employee.
So to critique the Oscar De La Hoya Foundation - as far as I can tell, the foundation does not have its own website. Any links I've found for the Foundation all link back to the GBP website, where they mention the Foundation, but don't really provide much information. See http://goldenboypromotions.com/about-us/. The GBP website doesn't really include any place to donate, so they perhaps don't have as much need for a public declaration of where your money goes. However, the ODLH Foundation does host a charity golf tournament. If you were participating, wouldn't you want to know how that money is being spent?
While the GBP website doesn't really spell out where the money goes, you can get a good sense of it from reading the tax documents on guidestar.org - hospitals, high schools, etc. You can also see who some of the major donors are to the Foundation, including Judd Burstein, HBO, Comcast, UBS, etc. I'd imagine that the Foundation must give them some sort of annual statement when convincing them to make donations. All of these people are savvy enough to make sure their money is being donated appropriately. Nonetheless, it seems that the ODLH foundation could potentially raise more money by having a website with a donate button and some publicity that states exactly where your donations go.
Anyway, setting up a charitable foundation isn't "hiding money" from the government. It's working within the government's guidelines to reduce tax burden by contributing money to charity. I'd have to imagine that the Mayweather's Foundation is audited regularly, as are most major non-profits.
Correct you are, though - Oscar De La Hoya's foundation should be equally up for scrutiny as Mayweather's. I have no particular axe to grind with the Mayweather Foundation, or Mosley's Foundation, or Oscar's, or whatever - just giving some perspective as a non-profit employee.
So to critique the Oscar De La Hoya Foundation - as far as I can tell, the foundation does not have its own website. Any links I've found for the Foundation all link back to the GBP website, where they mention the Foundation, but don't really provide much information. See http://goldenboypromotions.com/about-us/. The GBP website doesn't really include any place to donate, so they perhaps don't have as much need for a public declaration of where your money goes. However, the ODLH Foundation does host a charity golf tournament. If you were participating, wouldn't you want to know how that money is being spent?
While the GBP website doesn't really spell out where the money goes, you can get a good sense of it from reading the tax documents on guidestar.org - hospitals, high schools, etc. You can also see who some of the major donors are to the Foundation, including Judd Burstein, HBO, Comcast, UBS, etc. I'd imagine that the Foundation must give them some sort of annual statement when convincing them to make donations. All of these people are savvy enough to make sure their money is being donated appropriately. Nonetheless, it seems that the ODLH foundation could potentially raise more money by having a website with a donate button and some publicity that states exactly where your donations go.
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