Thursday, May 23, 2024

Postmaster General Louis DeJoy Sheltering $28 Million in a Tax Free Personal Charity With Annual Donations of $1 Million

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Postmaster General Louis DeJoy has figured out a good way not to pay taxes on his millions: park them in a personal foundation that gives away little money.

DeJoy and his wife’s foundation, named for themselves, claimed over $28.6 million in assets according to their most recent Form 990 federal tax return for 2017.

Their total donations to other tax free groups was $1.3 million. The groups that get DeJoy money are mostly in their home state of North Carolina. Their largest donation was $508K to Duke University. They gave $50,000 to the ultra conservative Victims of Communism Memorial Foundation in Washington, DC.

The DeJoys only had $7 million in assets in the 501 c3 back in 2013. It was only in 2014 when they tossed in a whopping $21 million that they started increasing a way of sheltering millions. They give away an average of $1.2 million and let the rest accrue interest annually.

In 2017, they only added $100,000 of their own money to the foundation. But they earned 216,010 from dividends and securities, and $22,948 from interest.

The DeJoys do give a lot to education, but they have a strange relationship with children, especially sick ones. Of that 1.3 million in 2017, only $500 went to St. Jude’s Children’s Hospital, and $250 went to a Ronald McDonald House. How conservative are they? The Jesse Helms Center received $10,000.

 

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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