Estate of McDonald's Heiress to Donate $1.5 Billion to Salvation Army

[Ultima]

In one of the largest individual charitable gifts ever, the estate of McDonald's heiress Joan B. Kroc is about to drop a one-time cash donation of $ 1.5 billion into the Salvation Army kettle, Tuesday's Wall Street Journal reported.


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The Salvation Army plans to announce the donation as early as today. Mrs. Kroc, widow of Ray Kroc, the milkshake salesman who founded McDonald's Corp. (NYSE:MCD - News) in 1955, died of brain cancer in October at the age of 75. Before her death, she specified that the donation be earmarked to build and operate community centers around the country.


The bequest stipulates that half the money go toward construction of 30 to 35 new centers, which would provide recreational and educational facilities to the public. The other half is supposed to go into an endowment, from which the interest will be used to help offset operating costs.


The eclectic parceling out of the Kroc estate, valued at more than $2 billion, began last fall. Until now, the biggest publicized gift was a donation of about $200 million to National Public Radio. Ronald McDonald Houses, the company's charity geared to helping sick children and their families, received $60 million, and the universities of Notre Dame and San Diego each received $50 million. The estate has already designated the recipients of all its funds and is in the process of distributing them.


The Kroc donation to the Salvation Army is an all-cash, lump-sum gift. As Mrs. Kroc sold many of her McDonald's shares years ago, the donation will have no direct impact on McDonald's stock. Her husband, Ray, left her his estate, with no instructions that she give any portion of it to the Salvation Army. In the past decade, Mrs. Kroc has made smaller donations to the organization.


Wall Street Journal Staff Reporter Shirley Leung contributed to this report.

Article

 

[Red Dawn]

I bet her heirs are thrilled at this news!

 

[burnedout]

Damn those greedy corporations and their respective shareholders!

 

[tallest1]

The Kroc donation to the Salvation Army is an all-cash, lump-sum gift.

I have the sickest feeling in my stomach that someones going to mishandle that money

 

[KK]

Originally posted by: Red Dawn
I bet her heirs are thrilled at this news!

Yeah, I bet the governamnt is thrilled too, look at all the taxes that they could have gotten if she'd left it to her family. Or did the government repeal the death tax?

KK

 

[BaliBabyDoc]

Well despite some of the unsavory aspects of the Salvation Army . . . they are arguably one of the best charities in the world. They are well managed, do not pay exorbitant salaries, and provide tremendous services to communities. Mrs. Kroc made a good choice and an excellent decision to "force" them to spend the money as she desired.

IIRC, they didn't have heirs . . . probably should have given $1B to form the Institute of Pediatric Obesity (IPO) a for-profit corporation working to eliminate fat kids . . .

It's good that the wasteful Republican government cannot get it's hands of Kroc's money . . . but I do believe the estate tax will make a comeback . . . likely with a vengeance to pay off accumulating debt.

 

[xxxxxJohnGaltxxxxx]

Originally posted by: tallest1

The Kroc donation to the Salvation Army is an all-cash, lump-sum gift.

I have the sickest feeling in my stomach that someones going to mishandle that money

Why? It's not YOUR money, so why concern yourself over someone else's, regardless of the ends.

 

[tallest1]

Originally posted by: xxxxxJohnGaltxxxxx

Originally posted by: tallest1

The Kroc donation to the Salvation Army is an all-cash, lump-sum gift.

I have the sickest feeling in my stomach that someones going to mishandle that money

Why? It's not YOUR money, so why concern yourself over someone else's, regardless of the ends.

Has it ever occured to you that I CARE about the people whom that money will benefit? If that donation is capable of giving 2,000,000 people better lives, I hope for no less.

 

[Moonbeam]

Imagine if they hadn't earned that 1.5 billion but instead paid it out in employee benefits. Of course that wouldn't work because then there'd be no guilt to assuage by making a donation. Conservative guilt is a wonderful thing, no?

 

[heartsurgeon]

Institute of Pediatric Obesity (IPO) a for-profit corporation working to eliminate fat kids

Oh my God! An organization that kills fat kids!! that's just plain wrong...

 

[BaliBabyDoc]

I thought that would get your attention . . . IPO might cut into your business.

 

[Moonbeam]

Originally posted by: heartsurgeon

Institute of Pediatric Obesity (IPO) a for-profit corporation working to eliminate fat kids

Oh my God! An organization that kills fat kids!! that's just plain wrong...

It's collateral damage to corporate America. We have choice. We don't have to be fat. Everything is your fault, you were taught that long ago. Don't you dare forget or you'll be taught again. We put your mind in a prison, make sure it stays there. We are the blue blooded blue pilled Americans.

 

[Strk]

Originally posted by: Moonbeam

Originally posted by: heartsurgeon

Institute of Pediatric Obesity (IPO) a for-profit corporation working to eliminate fat kids

Oh my God! An organization that kills fat kids!! that's just plain wrong...

It's collateral damage to corporate America. We have choice. We don't have to be fat. Everything is your fault, you were taught that long ago. Don't you dare forget or you'll be taught again. We put your mind in a prison, make sure it stays there. We are the blue blooded blue pilled Americans.

Obesity is your fault, if you are that is. No one is forcing food down anyone's throat or causing individuals to forgo exercise.

 

[BaliBabyDoc]

Actually schools are selling out to soda/snack food companies while dramatically curtailing recess/PE. While parents certainly play a substantial role, our government (through public education) and no regulation of advertisement is essentially training the next generation of obese, resource-sucking people that produces profits at McDonald's and Coca-Cola.

 

[43st]

Looks like they had it pretty rough. I always wondered why McDonald's workers got paid so low. Well at least the non-working poor can reap the reward off the working poor's back.

 

[Moonbeam]

Originally posted by: BaliBabyDoc
Actually schools are selling out to soda/snack food companies while dramatically curtailing recess/PE. While parents certainly play a substantial role, our government (through public education) and no regulation of advertisement is essentially training the next generation of obese, resource-sucking people that produces profits at McDonald's and Coca-Cola.

Now Bali, how come Strk easily comprehended what I said and you want to wonder off the reservation. You are insane, you know. Nobody is stuffing food down their throats. We have personal choice. Please repeat that one millon times. People like you threaten my entire universe. I mussn't blame. I mussn't blame. Please don't make me remember when I blamed. Oh God not that.

 

[CanOWorms]

Originally posted by: Moonbeam
Imagine if they hadn't earned that 1.5 billion but instead paid it out in employee benefits. Of course that wouldn't work because then there'd be no guilt to assuage by making a donation. Conservative guilt is a wonderful thing, no?

I don't think they should give out $1.5 billion to burger flippers. Granted, they have management, etc. but I'm sure they already get paid nicely.

 

[Ultima]

Originally posted by: Strk

Originally posted by: Moonbeam

Originally posted by: heartsurgeon

Institute of Pediatric Obesity (IPO) a for-profit corporation working to eliminate fat kids

Oh my God! An organization that kills fat kids!! that's just plain wrong...

It's collateral damage to corporate America. We have choice. We don't have to be fat. Everything is your fault, you were taught that long ago. Don't you dare forget or you'll be taught again. We put your mind in a prison, make sure it stays there. We are the blue blooded blue pilled Americans.

Obesity is your fault, if you are that is. No one is forcing food down anyone's throat or causing individuals to forgo exercise.

Yeah, it's only something like 5% that can't do anything about it cause of edema/genetics. edema is water retention..