Dan Steinberg/Invision/AP
Jane Fonda's charitable organization hasn't made a payout since 2006, according to the Smoking Gun.
Jane Fonda's foundation has not made a charitable contribution in the last five years, according to documents obtained by the Smoking Gun.[1] [2]
According to the site,[3] which published two pages of the foundation's 2011 tax returns, the organization's portfolio was valued at $798,133. However, the foundation made no payouts in the form of contributions or grants since 2006. That year, the group made a $1000 donation to the Atlanta Obstetric and Gynecology Society.
RELATED: JANE FONDA, 74, OPENS UP ABOUT SEX LIFE[4]
The papers list 75-year-old Fonda as the foundation's president and list her as devoting 10 hours per week to the group. The returns also show that most of the income from the organization was donated by Fonda herself.
Her attorney defended the fitness guru to The News as having been legally exempt from giving donations between 2006 and 2010 because of "a ton of money" her charity gave in 2005.
RELATED: JANE FONDA: ‘I’M NOT AFRAID OF DYING’[5]
MARIO ANZUONI/REUTERS
Charitable organizations like Jane's that do not distribute at least five percent of their funds annually could face serious penalties from the IRS. Her attorney contends that they are exempt from this law.
"[You] can't distribute all the money in the foundation all at once," Barry Hirsch explained of the five-year gap in donations.
Foundations that do not distribute at least five percent of their assets each year could face serious penalities from the IRS. But Hirsch contends that because of 2005's donations made, she has nothing to fear for not giving more.
RELATED: JANE NOT FONDA THE DICKINSON PROMO PITCH[6]
The IRS rule is to prevent groups from stockpiling funds rather than using them towards charitable ends. By that rule, the Foundation should have paid out $40,000 in 2011.
Hirsch assured that the Foundation's money has stayed in the foundation's bank account and acknowledged that an accounting error in 2011 failed to note contributions made by the Foundation that year.
RELATED: TED TURNER OPENS UP TO 'HOLLYWOOD REPORTER'[7]
That error was discovered in 2012 and resolved in 2013 bringing them "up to date," he said.
References
- ^ Jane Fonda (www.nydailynews.com)
- ^ according to documents obtained by the Smoking Gun. (www.thesmokinggun.com)
- ^ According to the site, (www.thesmokinggun.com)
- ^ RELATED: JANE FONDA, 74, OPENS UP ABOUT SEX LIFE (www.nydailynews.com)
- ^ RELATED: JANE FONDA: ‘I’M NOT AFRAID OF DYING’ (www.nydailynews.com)
- ^ RELATED: JANE NOT FONDA THE DICKINSON PROMO PITCH (www.nydailynews.com)
- ^ RELATED: TED TURNER OPENS UP TO 'HOLLYWOOD REPORTER' (www.nydailynews.com)
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