I will protect your pensions. Nothing about your pension is going to change when I am governor. - Chris Christie, "An Open Letter to the Teachers of NJ" October, 2009

Wednesday, December 29, 2010

Just Smell the Money!

It's as wonderful as gingerbread baking in the oven!
In its first two years of operation, the Newark Charter School Fund spent more on consultants and internal compensation than it gave in grants to local schools.
Tax records show that administrative expenses accounted for 42.6 percent of the fund's expenditures in 2008-09, which non-profit monitors describe as an unusually high amount.
While putting almost $2.4 million into compensation for its own officers, staff salaries and consulting fees, the fund gave barely half that to individual schools.
Charity Navigator of Glen Rock, N.J., analyzes more than 5,500 non-profits with at least $1 million in annual revenues. "Most of them spend only about 15 percent on administration," said Sandra Miniutti, the organization's vice president for marketing. 
The fund's tangible support comes from well-heeled philanthropists. It began with pledges from some big names: $4 million apiece from the Bill & Melinda Gates Foundation, Donald & Doris Fisher Fund, Robertson Foundation and the Walton Family Foundation, which have made annual contributions.
Three Newark-based organizations, the Prudential Foundation, MCJ Amelior Foundation and Victoria Foundation, each agreed to put up $1 million, although none were listed on either the 2008 or 2009 reports to the IRS.
In their place, Laurene Powell Jobs contributed $882,799 over the two years. The wife of Apple co-founder Steve Jobs serves on the boards of Achieva, a study and testing company, and numerous educational organizations.
 And the Halliburtonization of our schools continues....

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