I needed some news like this after this week, thank you.
Azim Premji, the billionaire chairman of Wipro (WIT), is handing shares in the tech company worth nearly 530 billion rupees ($7.5 billion) to his philanthropic foundation.
Premji's foundation focuses on supporting education, and runs the Azim
Premji University in Bangalore. Its billionaire benefactor's latest
donation could help it open a second university and "scale up
significantly," the organization said.
Why I have the feeling this is to save up on taxes and that foundation is actually private?
You are actually moving your money to another place, not actually giving it to charities.
I didn't know Rodney Dangerfield had a cousin in India.
I wish people realized that there are very many charities that are 100% bullshit and only give less than 3% to charity
Not saying this is what happened here of course, but donating to a charity can be a worthless cause
philanthropic foundation
giving something to your own foundation is 100% not giving it to charity, rich dudes do this all the time to avoid giving money to the government, instead letting them choose where money they'd pay in taxes goes
most charities don't do shit, if you truly wanted to change things you'd lobby like george soros
sounds like a way to save on taxes
Yeah I'm not able to dig up much information about his foundation other than it's been funding not only his university but a variety of rural state run schools.
I'm always wary of "Foundations",. because their financials are usually private (just a money black box) unless its like the Bill & Melinda Gates, which is usually an actual philanthropic and they post their financials.
Public charities are way better to donate money to just because most of the time they're subject to FOIA (Freedom Of Information Act) or they post financials regardless of their FOIA / 501c3 status. So always do your research before you give.
I'm weary of Philantropy for a lot of reason but it just seems like such a feel-good measure for rich people.
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