DomKen
Posts: 19457
Joined: 7/4/2004 From: Chicago, IL Status: offline
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quote:
ORIGINAL: SadistDave quote:
ORIGINAL: DomKen quote:
ORIGINAL: SadistDave The SPLC is desperately trying to remain relevant. They make their money fund raising off of alleged bigotry. Legitimate charities spend around 75% of their proceeds on their programs. SPLC's M.O. is to fundraise for a program and raise millions for the cause, then pocket around 75% of the money. making up shit I see. http://www.charitynavigator.org/index.cfm?bay=search.summary&orgid=4482#.U8fJ-CxOWB8 From their financial statements I could only account for about 55% of what they make being spent on their charity work. SPLC's own financial information is right out there for anyone to check. Their own documentation provides a pretty basic breakdown of where their money was spent in 2012 for related activities. That's the latest information I could find on their activities on their site. About 55% of the money they spent went to litigation and education, but of that 55% almost half went to pay their own lawyers salaries and expenses, and that doesn't really count towards what they're spending since the lawyers work for SPLC. Once you count what they're paying their own people as administrative expenses where it should be counted, you end up with $15M out of $40M being spent on their stated mission of tracking hate groups and litigation for hate crimes. What's especially interesting about their finances is how they manage to make money from out of nowhere. According to their Form 990 for the year 2011 SPLC started the year with $238M in assets. They made $40M. They spent $38M, leaving them a balance of $2M. They claimed $22M in losses, for a net loss of $20M for the year. Somehow, at the end of the year their assets increased $19M to a total of $257M. In order for that to happen, the net worth of SPLC had to increase by another $40M. Simply put, in 2011 after expenses, the net worth of SPLC increased by just over 50% of what they claimed their income for the year was AFTER also claiming to have spent 95% of their years income AND losing another 51% to boot. I don't care who you are, that's a pretty slick trick! More importantly, it shows that their income and net worth increase combined for around $80M. If their accounting includes employee salaries as charity expenses like it did in 2012, then they probably only actually spent an estimated $15M on their mission. You understand they have an invested endowment? It earns substantial income (just over $34 million according to the audit). That is what endowments are supposed to do. Did you think they simply raised a dolor and spent it?
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