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Birds of a Feather, Leavitt and Romney

Last post 12-31-2007 2:03 PM by Hagoth. 0 replies.
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  • 12-31-2007 2:03 PM

    • Hagoth
    • Top 10 Contributor
    • Joined on 12-31-2007
    • Posts 1

    Birds of a Feather, Leavitt and Romney

    The Leavitt family charitable foundation, the Dixie and Anne Leavitt Foundation, which the Leavitt family established in 2000 and to which it has donated nearly $9 million of assets. It has provided them with tax write-offs for the donated assets. About a third of the foundation's assets have been loaned back to family businesses, such as a $332,000 loan to Leavitt Land and Investment Inc., in which Mike Leavitt has a substantial interest. (Future affiliate transactions are prohibited because of a law passed by Congress in August 2006.)

    In July 2006, National Public Radio reported that nearly $500,000 in charitable contributions from the foundation went to the Southern Utah Foundation, which then gave the money to the Southern Utah University as housing scholarships. About 50 students were placed, rent-free, in apartments owned by the Cedar Development Co., which is owned by the Leavitt family, and the university then paid the donated money to the company as rent. The students filled vacant apartments which the company had not been able to rent out.

    Total charitable grants from the foundation during its first six years were $1,468,055. The foundation's principal beneficiaries have been Southern Utah University and the LDS Church. Other beneficiaries have included arts, educational and humanitarian organizations, including the Leavitt family genealogical society. (Leavitt is a descendant of an old Massachusetts Puritan family, and a direct descendant of Dudley Leavitt, a Mormon pioneer who was named for his ancestor Thomas Dudley, the second colonial governor of Massachusetts.)

     http://en.wikipedia.org/wiki/Michael_Leavitt#Leavitt_Foundation_controversies

     
     

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