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Lamar Odom, other athletes setting up borderline illegal charities
Posted on 3/31/13 at 10:22 pm
Posted on 3/31/13 at 10:22 pm
LINK
Not surprising. Thug POS
Not surprising. Thug POS
quote:
In 2004, Odom founded Cathy's Kids, named after his mother who the NBA forward says died from cancer. But eight years of tax records reveal that Cathy's Kids never gave any grant money to cancer-related causes and that the charity primarily existed to finance two elite youth basketball travel teams. Of the $2.2 million raised by the charity, at least 60 percent -- $1.3 million -- went to those AAU teams.
quote:
In 2006, Davis and Celtics forward Paul Pierce took over a celebrity charity event in Los Angeles that the Magic Johnson Foundation had sustained for 20 years, raising millions of dollars. The new event -- and ticket sales -- was advertised to raise money for Davis' Team Play Foundation and Paul Pierce's Truth Foundation, among other nonprofits.
quote:
But instead of raising money for Team Play or the Truth Foundation, LA Stars took money from Team Play -- a total of $623,000, according to the charity's IRS filings. There are no records from Team Play or Pierce's Truth Foundation that indicate the event raised a single dollar for either charity, even though some of the events were advertised as sold out.
3
Posted on 3/31/13 at 10:25 pm to jimithing11
There was a Reddit AMA with a sports publicist or something a while back. He said about 95% of athlete's charities are bullshite ways for them to hide money or funnel to their entourage.
Posted on 3/31/13 at 10:29 pm to ProjectP2294
Aren't most charities bullshite and ways to hide money
At least its hooking up kids, probably inner city, from being up to no good
At least its hooking up kids, probably inner city, from being up to no good
This post was edited on 3/31/13 at 10:31 pm
Posted on 3/31/13 at 10:35 pm to SDVTiger
quote:And starting to make trouble in the neighborhood.
from being up to no good
Posted on 3/31/13 at 10:36 pm to jimithing11
let's be somewhat fair
these are "charities" under the IRS tax code. i do not believe by any account, these violate the tax codes.
i don't get what the big deal is
these are "charities" under the IRS tax code. i do not believe by any account, these violate the tax codes.
i don't get what the big deal is
Posted on 3/31/13 at 10:53 pm to SlowFlowPro
Yup because it's pretty awesome to set up a "charity" for cancer and all then use the money for your own personal expenses. 
Posted on 3/31/13 at 10:56 pm to jimithing11
quote:
Yup because it's pretty awesome to set up a "charity" for cancer and all then use the money for your own personal expenses.
Waiting on the Spiderman pic in 4, 3, 2, 1...
Posted on 3/31/13 at 10:56 pm to jimithing11
if you don't like it, move to re-write the tax code 
and yes, i know the IRS has revoked some of their TES, which is a good thing
it doesn't sound like many of these charities really raise much money anyway...and if you give to charities continually and don't check up on what's happening with your money, then it's your fault
and yes, i know the IRS has revoked some of their TES, which is a good thing
it doesn't sound like many of these charities really raise much money anyway...and if you give to charities continually and don't check up on what's happening with your money, then it's your fault
Posted on 3/31/13 at 11:02 pm to jimithing11
quote:The charity itself says it's purpose is to
"charity" for cancer and all then use the money for your own personal expenses.
quote:Are they misleading with the cancer stuff, yes. But they don't seem to promote that as the #1 cause of the charity. They say it's to help inner city children, which you could make an argument they're doing. It's not as fraudulent as you make it out to be when you say
focus on making a positive impact on the lives of under-privileged children as well as targeting a disease that has played a significant role in his life; cancer
quote:
set up a "charity" for cancer and all then use the money for your own personal expenses.
Posted on 3/31/13 at 11:43 pm to SlowFlowPro
What does the tax code require? Not spending money raised through the charity explicitly for personal purposes?
Props to guys like Carmelo, Warrick Dunn, Alex Smith, and Steve Young for actually contributing 75% or more for the real causes.
Props to guys like Carmelo, Warrick Dunn, Alex Smith, and Steve Young for actually contributing 75% or more for the real causes.
Posted on 3/31/13 at 11:48 pm to Rittdog
quote:
Waiting on the Spiderman pic in 4, 3, 2, 1...
Posted on 3/31/13 at 11:50 pm to memphstigers23
Posted on 3/31/13 at 11:52 pm to KosmoCramer
Posted on 4/1/13 at 12:20 am to jimithing11
There's nothing borderline about it. Almost all athlete foundations are simply tax shelters. They rarely do any positive work or operate as normal 501(c)3's do.
Posted on 4/1/13 at 12:39 am to CtotheVrzrbck
It would be controversial and rile up all sorts of special interests but I wish we would talk about eliminating tax deductions for charitable donations. The primary motivation for giving to real charities is to do good and this would eliminate the motivations of many setting up bullshite charities designed to hide money etc.
Posted on 4/1/13 at 5:22 am to molsusports
quote:
designed to hide money etc.
Dateline and/or 20/20 should be on this shortly
Posted on 4/1/13 at 7:21 am to SlowFlowPro
just because something is techinally legal, doesn't mean it's exactly ethical. this is pretty unethical
Posted on 4/1/13 at 7:32 am to CtotheVrzrbck
quote:
There's nothing borderline about it.
so you're claiming they're illegal?
why hasn't the IRS been arresting athletes then?
Posted on 4/1/13 at 7:33 am to Keys Open Doors
quote:
What does the tax code require? Not spending money raised through the charity explicitly for personal purposes?
it's a %, and i'm guessing, but like 25% of the money raised has to go to the charitable functions. the rest can go to running the charity
Posted on 4/1/13 at 7:34 am to southernelite
quote:
just because something is techinally legal, doesn't mean it's exactly ethical. this is pretty unethical
i think these are more unorganized than unethical
and look at odom's charity...it's doing what it said it would do. i bet you those kids on that AAU team ain't rich
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