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Thu Aug 2, 2012, 08:02 PM

Michigan GOP candidate allegedly siphoned off 95 percent of charity’s money

The Michigan Democratic Party has accused Republican Senate candidate Clark Durant of illegally profiting off a “sponsor-a-child” charity.

The charity, Genesis Foundation, was created to provide tuition for children attending Cornerstone Schools, a system of nonprofit schools Durant co-founded in Detroit. But tax returns showed that about 95 percent of all funds donated to the charity go directly to Durant and his daughter, Hope Durant Loomis.

“For that reason it does not appear that this Foundation is organized and operating as a tax-exempt charitable organization,” attorney Tammie Tischler explained in an IRS complaint filed on behalf of Democrats Monday. “Contributions come in from two donors and go directly to Mr. Durant and Ms. Loomis as compensation for program services.”

She said the Genesis Foundation “appears to be a complete sham organization.”

http://www.rawstory.com/rs/2012/08/02/michigan-gop-candidate-allegedly-siphoned-off-95-percent-of-charitys-money/

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