Twin Cities philanthropist Caroline Amplatz has dissolved her foundation and given the $1.77 million remaining in its coffers to a medical-technology start-up led by her father, the Pioneer Press reports. The move triggered a review by the Minnesota attorney general’s office, which asked Ms. Amplatz to return the money to her Caroline’s Kids Foundation for a 45-day waiting period while it determines the legality of shifting charitable funds to a private company.
Ms. Amplatz, a lawyer whose wealth derives from medical devices invented by her father, Kurt Amplatz, said she has complied with the request. She said the transfer to his firm is “not illegal” and that she opted to wind up her foundation last month because she wants to focus on individual giving. “It didn’t benefit me and it slowed down my philanthropy,” she said of the foundation. “It required accounting and lawyers and board meetings and the funds weren’t invested the way I wanted them to be.”
Ms. Amplatz has supported Twin Cities arts, education, and health causes, most notably pledging $50 million in 2009 to support the University of Minnesota’s pediatric hospital. Most of her giving has been as a private individual rather than through the foundation.