The Clinton Foundation was originally intended only to serve as the tax-exempt not-for-profit mechanism to build the Bill Clinton Presidential Library.
It has since grown into a $2 billion global machine that, according to numerous reports, has peddled influence over American foreign policy. To get there, according to a new report by The Daily Caller, the foundation deceived the IRS about its purpose.
Non-profit foundations are required by the IRS to conduct activities that support the officially approved tax-exempt purpose for which the federal agency allows them to offer donors the ability to deduct contributions. Officials must report annually via the IRS Tax Form 990 to show their non-profit’s compliance with its exempt purpose.
During the foundation’s first six full years of existence from 1998 to 2004, the tight-knit circle of Clinton insiders progressively mis-represented in annual tax filings the non-profit’s activities and compliance with its exempt purpose.
In the IRS’s 1997 determination letter granting exemption, the federal tax agency instructed foundation officials that to retain the prized exempt status they must inform the government if you “change your sources of support, your purposes, character or method of operation … so we can consider the effect of the change on your exempt status and foundation status.”
The Clinton Foundation did not comply.
Click here to read the entire report.
