Word is spreading. The website "Where Most Needed: The Charity Industry Observer" recently turned its watchful eye to Tom Monaghan's Ave Maria Foundation. The site is run by a former executive director for the National Council of Nonprofit Associations. Excerpts:

We have noted that short board tenure is a factor leading to the unaccountability of charity organizations, especially if other key players have an indefinite term.

The Ave Maria Foundation (EIN 38-2514364 Form 990) as of the end of 2005 had assets of "only" $121 million, but there's more where that came from. The foundation's report indicates that it made a $20 million payment in start up costs for the Florida location of Ave Maria University and has pledged $114,750,000 in future support.

To me it is telling that the foundation [IRS tax] return was self prepared by the treasurer of the foundation, which suggests that the organization is unaudited, despite its size.

"Faculty at Ave Maria Law School Fights Founder's Flighty Vision" - here

[Side note - The reorganization of Michigan's nonprofit structure may be of interest to some.]

Tags: accountability, conflict-of-interest