How Foundations Work
I was reading an article on Andy Warhol in The New York Review of Books. The following caught my attention: "Lawyers paid for by Warhol's own foundation happily arrived in court to denigirate Warhol's work, even claiming at one point that investing in Warhol could be "risky," to lower the value of the estate. Why? Since the foundation was requried by law to give away 5 percent of the estate's value, it wanted that value to be as small as possible, thus reducing the amount it had to contribute to charity."
NYR 2-25-2010, pg. 41
NYR 2-25-2010, pg. 41
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