May 21, 1998
New Fund Caters to the Philanthropy of the Rich and Famous
Two years ago, Michael Jordan shut down his foundation following criticism in news accounts that it spent too much money on overhead, including a $47,500 payment to his sister to run it. Last month, the singer Michael Bolton found himself denying that less than 15 per cent of the money his foundation had raised through special events had gone to charity.
A new fund in Boston says it is offering a solution to such mishaps in celebrity philanthropy.
The
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