$370-Million Gift Establishes Wachovia Endowment
October 18, 2006
Golden West Financial donated $370-million to the charitable branch of the Wachovia Corporation just before the two companies merged, reports The Charlotte Observer. The gift not only established an endowment for Wachovia’s charitable arm, but also saved Golden West $130-million in federal taxes.
Last year, Wachovia donated approximately $65-million to its Wachovia Foundation.
Read The Chronicle of Philanthropy’s coverage of another major gift tied to the Wachovia-Golden West merger.
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