Although as of 2018 -- the IRS is rather slow in posting 990s, especially after the pandemic started—there was $2.1B in the Good Ventures Foundation distributed across a range of stocks. So some of the risks with FTX are there, and others are not. The board could, I suppose, start devoting its resources to building shrines to Dolly Parton. It could not divert the funds from charitable use. It is only potentially vulnerable to clawbacks if Dustin and Cari were so subject at the time of transfer—a risk that is several orders of magnitude lower than for a crypto company . . or most other kinds of company for that matter.
As an aside, if there is one low-hanging transparency fruit here—mid-size+ charities absolutely should be posting their 990s (or equivalent forms) promptly after they are being filed. We should not have to wait years for the IRS to cough up the data in an accessible form, or march to the charity’s headquarters for the in-person inspection that is guaranteed by law.
Matching names to https://ftxfuturefund.org/about the people resigning seem to have been the employees and advisors of the fund.
Is that a red flag? This was a foundation that existed to distribute FTX/Alameda money.
I think it was at least an amber flag, and incompatible with “securing the bag for EA”.
Responded on your post; the money OpenPhil is distributing seems to be in the same situation
Although as of 2018 -- the IRS is rather slow in posting 990s, especially after the pandemic started—there was $2.1B in the Good Ventures Foundation distributed across a range of stocks. So some of the risks with FTX are there, and others are not. The board could, I suppose, start devoting its resources to building shrines to Dolly Parton. It could not divert the funds from charitable use. It is only potentially vulnerable to clawbacks if Dustin and Cari were so subject at the time of transfer—a risk that is several orders of magnitude lower than for a crypto company . . or most other kinds of company for that matter.
As an aside, if there is one low-hanging transparency fruit here—mid-size+ charities absolutely should be posting their 990s (or equivalent forms) promptly after they are being filed. We should not have to wait years for the IRS to cough up the data in an accessible form, or march to the charity’s headquarters for the in-person inspection that is guaranteed by law.
Thanks for pointing that out. Yes, looks like more could be done to secure OpenPhil’s bag.