Bloomberg examines the unusual structure of Oklahoma energy billionaire George Kaiser’s charity and how it allows the organization to bypass tax and spending regulations that apply to traditional private foundations.
The Tulsa-based George Kaiser Family Foundation is classed as a public foundation—one of only four in the country with assets exceeding $1-billion—and is not obliged to give away 5 percent of its assets annually, as are private philanthropic funds. The $3.4-billion fund makes grants through the Tulsa Community Foundation and gave away $302-million from 2002 to 2011.
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