Three tech billionaires secretly gave $2.54 billion to Goldman’s philanthropy fund
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Steve Ballmer, Jan Koum, and Laurene Powell Jobs were accidentally revealed as the biggest donors to the Goldman Sachs Philanthropy Fund, contributing a combined $2.54 billion.
Published| Photo by Reuters/Lee Jae-Won
An IRS filing excerpt obtained by Bloomberg revealed how the fund’s assets surged so rapidly last year, aided by former Microsoft CEO Steve Ballmer, WhatsApp co-founder Jan Koum, and Laurene Powell Jobs, the widow of Steve Jobs.
Ballmer, Koum, and Powell Jobs—collectively worth about $68 billion—all donated a small fraction of their wealth, but pushed GSPF to become the third-richest charity in America in 2016.
The Goldman Sachs Philanthropy Fund is a donor-advised fund, which offers “flexibility and anonymity to wealthy people who want to keep their charitable giving private and offer clients tax benefits,” Bloomberg reports.
As Bloomberg notes, the tax benefits of these funds are a massive draw. In Ballmer’s case, he can reduce his adjusted gross income by as much as half for the 2016 tax year, and for up to five years after that,