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December 30, 2008

Many NBA Players' Charities Are Troubled, Study Finds

An analysis of hundreds of tax documents filed by NBA players’ charities has found that many of these groups are poorly managed and inefficient, reports The Salt Lake Tribune.

The newspaper studied documents from 89 such charities. On average, the Tribune said, the charities “put just 51 cents of each dollar it spent toward charitable programs, well below the 65 cents most philanthropic watchdog groups view as acceptable.”

The newspaper also found that some of these charities lose money on fund-raising events, that up to one fourth fail to adequately document finances, and that a third of the charities are financed only by the founder.

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