Here's another black eye for Alex Rodriguez (not that he needs another black mark on his ledger): in 2006, the A-Rod Family Foundation gave just 1% of donated funds to charities before they stopped submitting financial reports and were stripped of tax-exempt status. CBS New York has the details.
Rodriguez and rapper Jay-Z raised $403,862 in a 2006 celebrity poker tournament to benefit the A-Rod Family Foundation and the Shawn Carter Scholarship Fund, but only $5,090 made its way to various charities, according to the Boston Globe.
Citing Internal Revenue Service records, the Globe reported that Rodriguez’s foundation “gave only 1 percent of proceeds to charity during its first year of operation in 2006, then stopped submitting mandatory financial reports to the IRS and was stripped of its tax-exempt status.”
In contrast to the mismanagement of Rodriguez's charity, Carmelo Anthony's foundation gave 87% of funds raised to charities. Experts say that between 65% and 75% of raised funds should end up in the hands of charities at the end of the day.
I'm not damning Rodriguez for this personally, but for him to attach his name to a charity and then have it be mismanaged so poorly speaks to his judgement about people and their character. Hmm...does that sound familiar at all?
[CBS New York]