Monday, January 16, 2012

Bain: $66 Billion in Assets;
Firm's Charity Got $1.6 Million

Discovering that there was a nonprofit arm to Bain Capital, the venture capital consulting firm where Mitt Romney earned a lot of coin when he worked there, came as a surprise. Who knew there was any philanthropic component to the firm?

The Wiki entry for Bain Capital says that at the start of 2012, they are managing around $66 billion of "investor capital across its various investment platforms." Over at the Vault's company profile, the claim is made that the firm's "current assets under management total $78 billion", contradicting the Wiki amount. Regardless of the $12 billion difference, it's clear they've got an ample pile of cash on hand.

The Bain Capital Children's Charity was founded in 1997, and I'm not sure if Romney was ever an officer. Looking over the IRS 990 filings for the charity from 2002 through 2010, Romney's name does not show up. He left Bain Capital in 1999 and IRS returns for that year or 1998 and 1997.

The charity's annual grants totaled $1.2 million in 2002 and 2003, $1.3 million in 2004, $1.6 million in 2005, $1.9 million in 2006, $2.1 million in 2007, $1.5 million in 2008, $1.6 million in 2009 and $1.3 million in 2010.

From 2002 through 2010 Bain Capital Children's Charity donated $13.7 million primarily to Boston area nonprofits working with kids. Seems a paltry sum considering how many billions they rake in annually, and I would expect since they have a charity that it would be much more generous in its philanthropic work.

By the way, here's how they describe their "exempt purpose achievements" in all of their IRS 990 filings:

"Bain Capital Children's Charity, Ltd, conducts golf and other informal fundraising events to benefit various charitable organizations which support the general welfare of children and young adults."

Frankly, I wouldn't expect Bain Capital to have nonprofit attached to the firm because they're not in the business of helping humanity. Their goal is making profits, regardless of social consequences. Why should they give a damn about the less fortunate 99 percent and engage in big-time philanthropy?

1 comment:

Lonnie said...

You should check out a book called The Revolution Will Not Be Funded. It's got a chapter on non-profit history and how and why they work today. Non-profits are essentially means by which the 1% get around paying taxes. How many BILLIONS do these fuckers have and how many MILLION do they give to charity? Non-profits were created by the 1% for the 1%. And there's a great lesson for the queer community in this. Gay Inc follows the non-profit model and not the social movement model. We can't determine exactly long social struggles can take to win important victories, but we can look at how much African Americans changed the system in the 25 years from WWII to 1965 or how much women won and ask why in the hell did it take nearly 3 decades... into the 21st century... to get sodomy laws off the books?