SEC forms show Apple execs donated $3 million in 2010
Millard Drexler, the CEO of J. Crew and a member of Apple's board, gave away a total of 6,800 shares, as you can see above, and the other givers are also board members or executives. It's good to see the generosity flowing in Cupertino this year.
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A few Securities and Exchange Commission forms filed this week show that Apple executives gave shares of Apple stock to various charities...
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@jb: "... when the american taxpayer is subsidizing these 503(c) charities. it's all of our business... "
Just did an online search, and find that these charities are "exempt from federal taxes" -- so are they really "subsidised" by other taxpayers?
In the UK, charities are exempt from paying certain taxes but can claim £0.28 per £1 donated by any tax-paying individual -- a tax rebate directly to the charity which encourages people to give.
Most people, especially those giving large sums, are going to ensure that their donation is going to be used for a good cause.
look, 501(c)(3)organizations do not have to pay federal taxes. but they are companies like any other. they exist outside the federal tax structure, for the most part. the more organizations go exempt, the more taxes have to be collected from the rest of us to keep the government going.
that's what i mean by subsidized. i pay more taxes because they don't pay any. so they better be held accountable to the public.
go on guidestar.org and look up some of these big charities like united way, billy graham's churches, etc. they have billions of dollars in the bank and don't pay a penny in federal taxes on any unearned income, or on any profits from activities. the directors can pay themselves up to.
furthermore, it's very likely that these big stock donations were set up as charitable remainder trusts. that means that the donator will be able to move all that stock to a trust (without paying taxes), sell the stock (without paying taxes) invest the money into something that pays dividends/interest, and pull all the gains out of the trust (without paying taxes). the donator can do this until he/she dies, pulling in all kinds of income tax-free. of course the money left (the "remainder") then goes to the charity at that time.
but wait, there's also wealth replacement trusts! the tax-free bonanza does not have to end when you die!
read this link, and weep:
http://www.findmyinsurance.com/charitabletrustarticle.htm
there are a lot of bogus charities... just because they are registered as 503(c) corporations does not mean they are legitimate. the guy i bought my first house from had 2 503(c)s, both entirely bogus.
that's why it's nice to know where the money went.
I was responding mainly to this sentence: "Unfortunately, none of the charities designated to receive the money were listed in the forms."
Nothing "unfortunate" about the omission of receiving charities.
In my view, giving to charities is very much a personal matter. Who gives what amount to which charity is the donors business and no-one else's.
In this case, the only reason to learn about these donations is because shares were given instead of cash and therefore had to be reported to the SEC.
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