Kanye West Charity Donated $0 to Causes
Kanye West might have operated a charity, but that appears to have been in theory and not in execution. Due to some serious mismanagement, it turns out the funds were never properly allocated by the now-shuttered foundation.
FOX News reports that the Kanye West Foundation spent over a half-a-million dollars in 2010, but none of those resources were actually used for charitable causes. Uh oh.
Tax filings indicate that the KWF's expenditures totaled $572,383.00. That money went to salaries, benefits and other expenses. None of it went to any sort of charity, so that means it's not a charity, right? While the money was being used to establish the back end, some sort of donations should have been made. But the tax return claims that the KWF made $0 in contributions, gifts and grants.
Things were a little better in 2009, according to the filing that year. The foundation spent $553,826, with a whole $583 allocated towards charitable initiatives.
WTF, right? Charities are routinely expected to utilize only 15% (or less) of funding for overhead. West's foundation clearly did not follow those standards. Cash was spent on professional fees, "other expenses" and "travel, conferences, meetings." To do what, exactly? Have a meeting about how to be charitable and then not be charitable?
In the"Direct Charitable Activities" section of its 2009 and 2010 tax returns, the foundation listed its now-shelved "Loop Dreams" initiative, which taught kids about music production at two schools and one community center in Los Angeles.
The foundation was in the process of being dissolved as of last April.
Sounds like Yeezy needs a new business manager.