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Reply #164: And where do you get your figures for this? [View All]

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PinkTiger Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-28-05 10:22 PM
Response to Reply #160
164. And where do you get your figures for this?
Edited on Tue Jun-28-05 10:48 PM by PinkTiger
You are comparing apples to oranges.

The Walton Foundation is a private foundation that gives to 503 (c) (3) organizations and public entities. In 2003 it gave $106,921,428.76. Much of this was in matching grants, meaning the organizations were required to match all or a portion of the grants with monies they raised. The money for the foundation was given by the family members from their private, personal funds. Not from Wal-Mart. The foundation had $733.9 million in it at the end of 2003.

The Gates Foundation is wonderful. It also funds public entities, many of which are not reached by other grants. Our library, for example, of which I am a member of the board, received $40,000 in computer equipment so far. But it operates differently.

A major difference in the two foundations is, while both the Gates' and the Waltons' wealth is mostly on paper, ie in unsold stock, the Gates don't share their stock with family members who have a trust agreement not to sell. As a result, they include $27 billion in stock in their company in the assets of the foundation, which at the end of 2003 totaled $33.6 billion. There are huge tax benefits in including most of his wealth in the foundation. The dividends from the stock go to this foundation, but the foundation is not able to sell the shares. Go download their balance sheets and read them.

Also, Gates often releases information on grants planned for future years, lumping them into one amount. This is not the same way the Walton Foundation operates. As I said above, the Waltons individually hold stock in Wal-Mart, but as heirs and in holdings that are not open for divestiture. Two of the sons, John and Rob, held/hold substantial private holdings in stock that they could sell; these shares were given to them as payment for serving on the board.

Please do your homework before mouthing off about things you don't understand.

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