Phil Knight’s Foundation Gives Away $212 million as Charitable Work Expands
Private Wealth Services attorney Joshua Husbands was quoted in an article published by The Oregonian about the charitable donations of Nike co-founder Phil Knight’s foundation. According to new tax statements, The Knight Foundation gave away more than $212 million last year. With $3.8 billion in assets, the foundation now ranks as the largest philanthropic organization in Oregon. The article explains that private foundations, such as The Knight Foundation, are required to give away 5 percent of their assets annually. Broadly, they can donate to the same sorts of charitable organizations for which an individual donor would seek a tax benefit, such as other nonprofits and foundations. Once a donor moves assets into to a private foundation, they can’t be withdrawn for personal use.
“It’s an irrevocable contribution to charity,” said Mr. Husbands.