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Clinton Foundation Found At Fault
Former President Bill Clinton’s charitable foundation failed to meet at least six of 19 accountability standards established by the Better Business Bureau. A report by the watchdog group said the Clinton Foundation lacks policies requiring performance reviews for its chief executive officer and for the foundation as a whole. Also, the organization’s annual reports and Web site do not contain detailed financial statements or information about the group’s board of directors, the New York Sun reports. "There are a number of concerns here,” said Bennett Weiner, head of the Better Business Bureau’s charity evaluation service. "We didn’t get a copy of the audited financial statement.”
Story Continues Below He said nonprofit organizations that solicit money on the Internet should post detailed financial reports online. "One would have hoped to have seen an organization like this, a charity like this, living up to the highest standards of disclosure,” said Marion Fremont-Smith, a senior research fellow at Harvard University’s Center for Nonprofit Organizations. The foundation, which was established in 1997, has been focused on raising funds to build and endow Clinton’s $165 million presidential library in Arkansas, which opened last November 18. Clinton spokesman Jay Carson said some of the procedures recommended by the bureau, such as program reviews, will be facilitated as the foundation turns greater attention to ongoing projects such as efforts to provide HIV/AIDS drugs, according to the Sun. The Clinton Foundation’s latest report, released on September 23, showed the organization took in $57.7 million in donations last year, and borrowed nearly $38.5 million to cover expenses related to the library. Donors to the foundation have included the Saudi Royal Family, the governments of Dubai, Kuwait and Qatar and director Steven Spielberg. Last year’s borrowings included an unsecured, low-interest $10 million loan from Titanium Acquisition Corporation, a firm connected to entertainment industry executive Haim Saban, a close friend of Clinton.
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