In Foundations

Micronews on philanthropy.

Daschle Ties To Foundation Source Of Controversy

NYT: “In his financial disclosure report, Mr. Daschle said he received compensation of more than $5,000 for providing “policy advice” to EduCap. The exact amount was not disclosed. In reports to the Internal Revenue Service, EduCap says it does business as the Catherine B. Reynolds Foundation. The foundation is the principal underwriter of annual meetings held by the American Academy of Achievement, which has honored Mr. Daschle on several occasions.”

WaPo via The Corner: “Richard Lee Colvin, a loan industry expert at Columbia University’s Teachers College, said Reynolds “has acted in the nonprofit space very much as a for-profit company.” Reynolds said U.S. law allows her to run EduCap as a nonprofit, adding that critics should “take it up with Congress.” Much of the critics’ scrutiny of EduCap centers on its spending. The company paid for Reynolds, her husband, their now-teenage daughter and several friends to go to luxury resorts in the Bahamas last year and in Barbados in 2004, according to internal company records.”

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