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.