Madonna Makes More, Gives Less
Sunday, July 29, 2007
It must have been a good year for Madonna in 2006.
According to new tax filings, the Material Mom deposited a cool $5 million into her tax-free charitable fund, the Ray of Light Foundation.
It's more than Madonna's ever put into the fund in one year. Her average is $1 million.
What's curious about this year's filing though is how little the Material Mom then paid out to other charities — the purpose, one assumes, for having a foundation. Of the $5 mil, Madonna gave away only $341,124. Most of it — $250,000—went to the Kabbalah Centre in Los Angeles.
The rest was divided among Elton John's AIDS Foundation ($31,124), T.J. Martell Foundation, the UCLA Foundation and the Boston Conservatory. She also gave $5,000 to Ionia Inc., a progressive community in Alaska.
It's anyone's guess why Madonna's parked $5 million in a tax-free account for now. She religiously gives money to Kabbalah, a tax-sanctioned religion started by a former insurance salesman who believes in reincarnation and telepathy, among other things. Kabbalah is now making inroads in Africa where they have started yet another foundation called Raising Malawi through their Spirituality for Kids Foundation. It's possible the $5 million is being held in abeyance for that fund.
Madonna's already written a series of children's books with proceeds going to Kabbalah. In September, she launches a new series aimed at "tweens" aged 9 to 12, again Kabbalah-themed with profits earmarked for that organization.
According to reports that started in the New York Post this week, she's considering making her next recording contract deal with Live Nation, the spin-off of Clear Channel Communications, and leaving Warner Music after 25 years. The deal could be worth up to $100 million, reports say.
Recently in this space I reported that Ray of Light had made numerous investments in infamous polluting entities, which was ironic since she performed at Live Earth. But Ray of Light also has been buying stock in Live Nation, which isn't so surprising.THANKS TO LEANN for this link
Where Madonna Does it Better