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Reply #47: You do make a good point about some foundations, but the B&MGF is a cut above. [View All]

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Psephos Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-15-09 11:08 PM
Response to Reply #43
47. You do make a good point about some foundations, but the B&MGF is a cut above.
Gates has given it $26 billion, for which he received an 8.3% tax deduction on the donated sums. Warren Buffett has pledged to donate almost all of his fortune to the foundation as well...more than 90% of his worth.

The foundation is run by a trust. Bill and Melinda Gates created "mission statement" high-level directions for the foundation's charities, but the actual granting decisions and operations are undertaken by an independent trust in which the Gates do not have executive authority.

The foundation has a great record so far in global economic development in underprivileged countries, and global health initiatives. Among other projects, they are spending money hand over fist, especially in Africa, to bring basic services and medical care to those who have none.

See for yourself. Here's the website. After that, google up the foundation's name. Except for some crackpot blogs, you'll find nearly universal acclaim.

In both the Gates' case and Buffet's case, I do think they've decided to "just give it away." That's what they've said they would do, and so far, actions have matched words. Seriously, after your first billion, what else is left but philanthropy anyway?

I may not have a billion to throw in a foundation, but I do feel a responsibility to recognize and support good works, and this meets my standard.
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