Donald Trump is one of the least charitable billionaires in the world. Eric Trump is far more altruistic. In a clash of values, the president directed hundreds of thousands of dollars from his son’s kids-with-cancer foundation into his company coffers
Like autumn leaves, sponsored Cadillacs, Ferraris and Maseratis descend on the Trump National Golf Club in Westchester County, New York, in September 2016 for the Eric Trump Foundation golf invitational. Year after year, the formula is consistent: 18 holes of perfectly trimmed fairways with a dose of Trumpian tackiness, including Hooters waitresses and cigar spreads, followed by a clubhouse dinner, dates encouraged. The crowd leans toward real estate insiders, family friends and C-list celebrities, such as former baseball slugger Darryl Strawberry and reality housewife (and bankruptcy fraud felon) Teresa Giudice.
The real star of the day is Eric Trump, the US president’s second son and now the co-head of the Trump Organization, who has hosted this event for ten years on behalf of the St Jude Children’s Research Hospital in Memphis. To date, he’s directed more than $11 million there, the vast majority of it via this annual golf event. He has also helped raise another $5 million through events with other organisations.
The best part about all this, according to Eric Trump, is the charity’s efficiency: Because he can get his family’s golf course for free and have most of the other costs donated, virtually all the money contributed will go toward helping kids with cancer. “We get to use our assets 100 percent free of charge,” Trump tells Forbes.
That’s not the case. In reviewing filings from the Eric Trump Foundation and other charities, it’s clear that the course wasn’t free—that the Trump Organization received payments for its use, part of more than $1.2 million that has no documented recipients past the Trump Organization. Golf charity experts say the listed expenses defy any reasonable cost justification for a one-day golf tournament.
This story is from the August 4, 2017 edition of Forbes India.
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This story is from the August 4, 2017 edition of Forbes India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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