[Mystery: Is "DHM" former CEO McCorkindale?]I wrote about $424,000 that the Gannett Foundation gave in 2004-06 to favored charities of top Gannett executives -- charities that seemed at odds with eligibility rules applying to average employees and the general public. Yet, there was another $300,000 or so in grants that the foundation gave at the behest of executives during those three years. Were those in accordance with the foundation's rules for everyone else? I decided to be super-conservative, and set those aside, for now. Here's why.
The foundation gave incomplete information in its federal tax returns about some of the money it donated. For example: In 2004, it gave $5,000 to Capital Hospice, a non-profit outside Washington, D.C. The tax return I reviewed said only that the gift was recommended by "DHM." (See detail, above.) I suspect that's a reference to former CEO Douglas H. McCorkindale (left). That's one of the gifts I listed among the $300,000 in other grants.
So, how many executives' names did I miss because of incomplete records like that? And how much of the foundation's millions in gifts overall were directed by executives whose names never appear in the tax returns in any form? After all, I'm not sure the foundation is legally required to report any names.
Finally: I only looked at the tax returns for 2004-06, because they were the ones I could get easily. There are returns going back at least to 1997, according to GuideStar, a non-profit that collects these public documents. What do those returns show?
The foundation gave incomplete information in its federal tax returns about some of the money it donated. For example: In 2004, it gave $5,000 to Capital Hospice, a non-profit outside Washington, D.C. The tax return I reviewed said only that the gift was recommended by "DHM." (See detail, above.) I suspect that's a reference to former CEO Douglas H. McCorkindale (left). That's one of the gifts I listed among the $300,000 in other grants.So, how many executives' names did I miss because of incomplete records like that? And how much of the foundation's millions in gifts overall were directed by executives whose names never appear in the tax returns in any form? After all, I'm not sure the foundation is legally required to report any names.
Finally: I only looked at the tax returns for 2004-06, because they were the ones I could get easily. There are returns going back at least to 1997, according to GuideStar, a non-profit that collects these public documents. What do those returns show?
Where are the auditors to make sense out of this? Are there no limits to corporate perks as to legitimate writeoffs? How does this fit in with fiduciary responsibility? How does it serve to enhance and grow Earnings Per Share?
ReplyDeleteOr does this fit in with the same crap as Clinton giving monies to Enron? I thought so.
Please explain what and where and how the fudiciary responsibities of the CEO and his immediate subordinates are served by this process?
ReplyDeleteHow does this enhance my stock performance and the safety and security of my financial holdings?
Tara. An answer please?
ReplyDeleteI hope that Curley enjoys his teaching at Penn State. Maybe Doug buys his lunch too.
For once, vote with your own proxy as a shareholder and vote the current Board of Directors out.
ReplyDeleteAdios, adieu!!!
You have the Power.
McCorkindale uses Gannett as his personal bank account what a jerk
ReplyDelete