I was reading a commentary of a guy who regularly does audits on charity operations. He said, from everything public on the “CF”, none of the standard charity audits would work, and they’d fail one of his inspections. Yet, here we are....no one wanting to say this in public or rip the donors for what they are doing.
Personally, for any foundation to get the free tax exemption....I think they ought to be forced to spend 90-percent of their money on real charities, or be forced to pay taxes.
Knowing the Clintons, you’d have to dig down to the transaction level to find out what is really going on. It is highly probable they improperly book expenses.
I was in corporate MIS for many years, and you can call any expense anything. When I first started working in data processing, we had an account call ‘EDP supplies’ with a huge amount of money. So, we’re the EDP department, so anything we want to buy is an ‘EDP supply’, right? It is if the head of operations will sign you expense form!
So the auditors would have to look at the actual individual expenses, and ask what they were really for. This is not easy if the original receipts or invoices were destroyed or cannot be found. With electronic records, anything can easily be altered to something else.
And yes, a lot of the ‘EDP supplies’ we consumed at the steak house across the street were really delicious!