Shelby's Foundation A Little Skimpy on Donations

*** UPDATE ***

*Carroll Shelby Fires Back With Response To His Foundation*

His repsonse came via a letter to the publisher of Autoweek which can be read at the end of this article. 



I just read a great article on AutoWeek.com by Kathy Jackson about Carroll Shelby's Children's Foundation and how donations have been a little on the low side for the years 2002-05.  According to the article and the foundation's tax documents, from 2002 to 2005, it's net assets grew from $1.6 million to $2.9 million. Yet in each of those years less than 1 percent of those assets were given out as charitable grants, a level that charity professionals say is embarrassingly low. 

Although this might seem low due to some standards they are within the law as most of the funds come from public donations.  Law or not this seems a little shaky given the amount of money that comes in, when I think of a non-profit organization I believe most of the money less the expenses that come in go out to whatever the organization represents.  This foundation may be within the law but they are not conducting their operations with any charity in mind.

Read the entire article after the jump and make your own assumptions...