Posted by Martha on September 27, 2009, 5:15 pm, in reply to "More financial problems for Sarah Ferguson"
76.216.248.80
: Or should I say the "Dutchess" as
: the poor excuse of a headline writer for the
: NY Post calls her? (And where is the
: editor? Can't he or she spell, either?)
:
: Anyway, here's some quotes:
:
: Fergie, as she is known, launched New
: York-based Hartmoor LLC in 2006 to promote
: her business interests in publishing, the
: media and her public appearances.
:
: (snip)
:
: A large proportion of the Duchess's US
: earnings came from her role as international
: ambassador for Weight Watchers -- but that
: gig ended last year.
:
: George Bonini, a lawyer leading the
: dissolution of Hartmoor, said the process
: began in January --not long after her Weight
: Watchers contract ended.
:
: A source close to the Duchess' New York
: interests told The Post that Fergie had
: decided to close up her company because it
: was poorly managed.
:
: "This company was not run well, there
: were many problems so the interested parties
: decided to go their separate ways,"
: said the source, who noted Ferguson still
: has some lesser business interests in the
: US, like book deals and speaking
: engagements.
:
: (snip)
:
: Hartmoor "ceased good standing" in
: June last year, records show, and owes
: $737.38 in taxes -- roughly three times the
: $250 annual levy. That suggests it paid no
: taxes for the entire time it was legally
: registered.
:
: Things are equally murky at 444 Madison
: Avenue -- the registered office of the Sarah
: Ferguson Foundation. The foundation's 2007
: tax return shows it does not seem to do a
: great deal. That year, it raised $508,620 in
: "direct public support," but paid
: out only $22,600 -- $10,000 of which was
: sent directly to the Duchess's own
: Italy-based Children in Crisis organization.
:
: (snip)
:
: The tax return, which is signed with the
: Duchess's trademark 'Sarah' moniker, does
: detail one charitable event in 2007 -- that
: lost more than $100,000
:
: ===============
:
: Interesting that she signs her American tax
: returns with only her first name as if she
: were still a Royal.
:
===
A lot of foundations and charitable organizations are scams. You set yourself up as a 501(c), accept donations and pay yourself a salary. You have fundraisers all year and write off the expenses. As long as you write checks at least once per year to a charitable organization you're golden.
Sarah's organization might be legitimate, but it smells like so many that serve the founders more so than those whom they claim to serve. How did she raise over $500,000 (including one event that lost $100,000) and pay out only $22,600 from the remaining $400,000? "Not managed properly"? What an understatement!
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