Entries in Non-profits (2)


Non-Profit Urges Tax-filers to Save Tax Refund

iStockphoto/Thinkstock(NEW YORK) -- A non-profit group hopes to encourage tax filers to save a portion of their tax refund through a contest.

Doorways to Dreams (D2D) Fund is a non-profit group based in Allston, Mass. and founded by a former Harvard Business School professor, Peter Tufano. The group is awarding $25,000 to a grand prize winner and 40 weekly drawing prizes of $250 each to those over age 18 who use Form 8888 when they file their taxes with the IRS and put at least $50 in a savings vehicle. After participants file their taxes, they must also register at by April 15 to enter the sweepstakes.

D2D, whose mission is to strengthen the financial security and opportunity of low- and moderate-income consumers, is using funding from Capital One Bank’s Investing for Good program, the Annie E. Casey foundation and other philanthropic sources for the contest.

Since the contest launched Feb. 1, Timothy Flacke, executive director of D2D, said it has received hundreds of entries.

“The reason we’re doing it is to shine a spotlight on this opportunity that savings represent,” Flacke said.

Because many middle- and low-income tax filers receive large tax refunds this time of year, “it’s the best time of year to try to save,” he said.

The sweepstakes’ website highlights the stories of a number of the weekly winners, some of whom say that until the contest, they had not heard of the little-known IRS program that allows you to invest your tax refund in a savings vehicle.

“We know a lot of people don’t understand an IRS infrastructure exists to have large refunds to an IRA, prepaid card and savings bond,” Flacke said. “The idea is to shine a spotlight on this and to bring an element of fun.”

President Obama announced the Tax Time Savings Bond plan in September 2009.

About 45,000 Americans have saved $11 million in U.S. savings bonds at tax time with a portion of their tax refund, with an average of $244 per family, according to D2D in 2011; and 73 percent of the 2011 users of the tax time savings bond policy had household incomes, or adjusted gross income, below $50,000.

Copyright 2013 ABC News Radio


Salaries of Seven Highest-Paid Millionaire Nonprofit CEOs Revealed

Adam Gault/Thinkstock(NEW YORK) -- For the past decade, the Chronicle of Philanthropy has published the highest salaries of the chief executives of the nation's top charities and foundations. According to the most recent findings, which cover 2010 and half of 2011, the top earners routinely make more than $1 million and received a median pay increase of 3.8 percent in 2011.

In the no. 1 spot was Herbert Pardes, the former head of New York-Presbyterian Hospital who retired in 2011. He earned $4,304,346, including about $2 million in bonuses.

Although that might seem like a large salary, it's nothing compared to the CEOs of for-profit companies in the Standard & Poor's 500, whose total median compensation in 2011 was $9.6 million. They also saw a 28 percent pay increase in 2010 and 6.2 percent in 2011. Nice work if you can get it.

1. Herbert Pardes, New York-Presbyterian Hospital (No longer at the organization.) - $4,304,346
2. Peter Marzio, Museum of Fine Arts, Houston (He died in December 2010.) - $3,943,145
3. Gary Gottlieb, Partners HealthCare System - $3,062,505
4. Delos Cosgrove, Cleveland Clinic Foundation - $2,279,364
5. John Seffrin, American Cancer Society - $2,081,246
6. Mark Wrighton, Washington University in St. Louis - $1,920,107
7. James Mandell, Children's Hospital Boston - $1,861,684

Copyright 2012 ABC News Radio

ABC News Radio