Loans by Charities: Related Tables
February 5, 2004 | Read Time: 3 minutes
STATES WHERE LOANS TO OFFICIALS ARE BANNED OR LIMITED
The following states have enacted laws prohibiting or limiting nonprofit corporations from making loans to officers and directors.
| Number of organizations that made loans to officers or directors from 1998 to 2001 | ||
| Alabama | 10 | |
| Alaska | 3 | |
| Arkansas | 6 | |
| Colorado | 10 | |
| District of Columbia | 30 | |
| Florida | 36 | |
| Hawaii 1 | — | |
| Idaho 2 | 3 | |
| Illinois 3 | 33 | |
| Indiana | 10 | |
| Iowa | 10 | |
| Minnesota 4 | 17 | |
| Mississippi | 3 | |
| Montana | 7 | |
| Nebraska | 2 | |
| New Hampshire | 3 | |
| New York 5 | 75 | |
| North Carolina | 9 | |
| Oregon 6 | 8 | |
| Rhode Island 7 | 5 | |
| South Carolina | 3 | |
| Tennessee | 30 | |
| Texas 7 | 57 | |
| Utah | 15 | |
| Vermont | 3 | |
| Washington | 28 | |
| Wyoming | 3 | |
| 1. Law effective in 2002. 2. Loans allowed if available to all employees. 3. Loans allowed if for principal residence or if they further the purposes of the organization. 4. Loans allowed if they further the purposes of the organization. 5. Loans allowed only by chartered educational institutions and if available to all employees. 6. Loans allowed for the recruitment of staff. 7. Loans to directors prohibited; loans to officers permitted. |
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| SOURCE: Chronicle analysis of tax returns maintained by GuideStar | ||
ORGANIZATIONS THAT MADE INTEREST-FREE LOANS OF AT LEAST $250,000 TO OFFICERS OR DIRECTORS
The following organizations reported on at least one Form 990 informational tax return from 1998 to 2001 that they were owed payments on interest-free loans provided to officers or directors. The Chronicle has not determined whether all these loans have been repaid.
| Organization | Loan | Recipient |
| Mount Sinai School of Medicine (New York) | $2,250,000 | John Rowe, former president |
| Catholic Healthcare West (San Francisco) | $2,000,000 | Lloyd Dean, chief executive officer |
| San Francisco Museum of Modern Art | $801,000 | Neal Benezra, director of the museum |
| National Geographic Society (Washington) | $800,000 | John Q. Griffin, president of magazine group |
| Association of American Medical Colleges (Washington) | $776,965 | Jordan J. Cohen, president |
| Stanford University (Palo Alto, Calif.) | $750,000 | Laurence R. Hoagland Jr., former chief executive officer of Stanford Management Company |
| Dana-Farber Cancer Institute (Boston) | $600,000 | Edward J. Benz Jr., president |
| Association of American Medical Colleges (Washington) | $458,850 | Paul Griner, vice president |
| Donald Danforth Plant Science Center (St. Louis) | $450,000 | Roger Beachy, president |
| Episcopal Social Services of New York | $442,068 | The Rev. Stephen J. Chinlund, executive director |
| Combined Jewish Philanthropies of Greater Boston | $432,000 | Barry Shrage, president |
| Salk Institute for Biological Studies (San Diego) | $400,000 | Richard A. Murphy, president |
| Association of American Medical Colleges (Washington) | $348,000 | Michael Whitcomb, senior vice president |
| Dana-Farber Cancer Institute (Boston) | $300,000 | Stanley J. Korsmeyer, trustee ex-officio |
| Council on International Educational Exchange (New York) | $288,750 | William Cressey, vice president |
| Harvard University (Cambridge, Mass.) | $285,000 | Paul S. Grogan, vice president for government, community, and public affairs |
| Association of American Medical Colleges (Washington) | $258,600 | Ellen Julian, assistant vice president |
| Columbus Jewish Federation (Ohio) | $250,000 | Hal M. Lewis, president |
| SOURCE: Chronicle analysis of tax returns maintained by GuideStar | ||
LOANS AT SUPPORTING ORGANIZATIONS
These groups, set up under federal tax law as supporting organizations, made loans of at least $85,000 to their officers or directors, or to businesses those people control.
| Net assets | Amount owed by officers or directors | Year of most recent tax return available | |
| Muralt Family Foundation (Missoula, Mont.) | $1,275,952 | $730,295 | 2002 |
| Georgetown Title Foundation (Sandy, Utah) | $662,263 | $637,200 | 2001 |
| Cruffel Foundation (Jackson, Wyo.) | $1,960,281 | $600,000 | 2002 |
| Bonnemort Foundation (Salt Lake City) | $821,657 | $600,000 | 2001 |
| Rita & Herbert Rosen Family Foundation (Seattle) | $2,491,376 | $545,000 | 2001 |
| Ross Charitable Support Foundation (Pleasant Hill, Ore.) | $605,318 | $420,383 | 2001 |
| Remembrance Foundation (Alpine, Utah) | $334,179 | $332,000 | 2002 |
| Jewkes Family Foundation (Sandy, Utah) | $322,828 | $294,409 | 2001 |
| Scott Olsen Foundation (Salt Lake City) | $275,752 | $275,752 | 2001 |
| Pledger Family Foundation (Salt Lake City) | $913,712 | $264,630 | 2002 |
| Newton Family Foundation (West Jordan, Utah) | $459,185 | $225,050 | 2002 |
| Hill Family Foundation (Salt Lake City) | $217,594 | $219,048 | 2002 |
| Rock and Terri Ballstaedt Charitable Supporting Organization (Midvale, Utah) | $186,292 | $186,000 | 2001 |
| Brut Charitable Supporting Foundation (Jacksonville, Fla.) | $356,714 | $150,000 | 2001 |
| Robert Driscoll and Julia Driscoll and Robert Driscoll Jr. Foundation (Corpus Christi, Tex.) | $188,837,926 | $129,853 | 2001 |
| Ivan and Vilma Halaj Family Foundation (Rancho Palos Verdes, Calif.) | $4,606,190 | $111,855 | 2000 |
| Fred & Cheryl Hale Support Foundation (Centerville, Utah) | $935,340 | $100,000 | 2002 |
| Lund Family Foundation (Centerville, Utah) | $99,687 | $86,400 | 2001 |
| SOURCE: Chronicle analysis of tax returns maintained by GuideStar | |||
LOANS BY SUPPORTING ORGANIZATIONS AFFILIATED WITH RICHARD H. BRADLEY
Richard H. Bradley, a Salt Lake City lawyer, has helped to set up the following supporting organizations that made loans to their officers or directors.
| Organization | Net assets | Debt owed on loans to officers or directors | Fiscal year of most recent tax return available to the public |
| Georgetown Title Foundation (Sandy, Utah) | $662,263 | $637,200 | 2001 |
| Hill Family Foundation (Salt Lake City) | $217,594 | $219,048 | 2002 |
| Jewkes Family Foundation (Sandy, Utah) | $322,828 | $294,409 | 2001 |
| Lund Family Foundation (Centerville, Utah) | $99,687 | $86,400 | 2001 |
| Newton Family Foundation (West Jordan, Utah) | $459,185 | $225,050 | 2002 |
| Scott Olsen Foundation (Salt Lake City) | $275,752 | $275,752 | 2001 |
| Pledger Family Foundation (Salt Lake City) | $913,712 | $264,630 | 2002 |
| Remembrance Foundation (Alpine, Utah) | $334,179 | $332,000 | 2002 |
| SOURCE: Chronicle analysis of tax returns maintained by GuideStar | |||
