Making Gifts Go Further
My wife and I own a successful small firm and want to give back to society, but we became frustrated that the money we contributed to charities was siphoned off to pay fundraising expenses, salaries, and administrative costs. We took the bull by the horns and created an IRS-approved 501(c)3 charity from which we take no salary and pay all administration and expenses. Is this a strategy more entrepreneurs could employ? How can we get government or corporate donors to help grow our foundation? —A.K., Dana Point, Calif.
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