ARLINGTON, Va., Jan. 25, 2018 /PRNewswire/ -- The powerful and well-funded Everglades Foundation, an environmental activist organization, has raised several red flags regarding their activities and financial positions on their most recent filing with the Internal Revenue Service (IRS). This has prompted free-market consumer group, Consumer Action for a Strong Economy (CASE) to question the propriety of their actions given their tax-exempt status.
Organized as a tax-exempt 501(c)(3) charitable organization, the Florida-based Everglades Foundation's most recent disclosures reveal a $1.29 million investment account in the Cayman Islands with ties to its founder and most generous benefactor, hedge-fund titan Paul Tudor Jones. The account, with investment firm Two Sigma Compass, raises eyebrows not only for its foreign status, but also because its founder, David Siegel, once worked for Jones investment firm, according to a 2016 report in Forbes magazine.
Other irregularities arise through conflicting statements regarding the group's expenditures on activities related to lobbying the general public, activities in which they have engaged but reported "0" expenditures on their Schedule C.
"There appear to be several questions of accuracy and propriety regarding the Everglades Foundation, and their public obligation to accurately report their activities and fully disclose their financial interests," said CASE President Matthew Kandrach. "This is an organization with considerable clout, including a star-studded board of directors, assets of almost $8 million, and who does not pay any taxes on their income. From all appearances, they owe the public an explanation."
CASE Vice President Gerard Scimeca, an attorney, said their report warrants further review by the IRS. "Under the last Administration, the IRS was politicized to bully, harass and intimidate dozens of conservative groups innocent of any wrongdoing, to deny them tax exempt status merely to achieve a political goal. In a situation like this, where an organization on the left has raised several red flags, it's entirely proper that an equal and legitimate amount of scrutiny ensure this organization is playing by the rules.
"Money, power and influence should not be a license to cut corners, or perhaps even skirt the rules. It's our aim to see that there is a thorough review of the Everglades Foundation's activities and finances to maintain public trust in our charitable institutions."
The complete 990 filing can be found here.
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SOURCE Consumer Action for a Strong Economy
