May 16, 2002

A Risky Mix for Charity

By Harvy Lipman

Business-nonprofit deal sours for Arizona charities

Twenty years ago, Benson L. Schaub came up with an idea that he hoped would make philanthropy more practical for people of modest means.

Mr. Schaub established a nonprofit organization in Phoenix through which individuals with as little as $5,000 could set up a family foundation, charitable trust, or other giving tool. The organization, called the American Foundation, was one of the first, in fact, to offer people the ability

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