Apple CEO Tim Cook donates $6.56M to charity

Posted:
in General Discussion edited June 2015
An SEC filing posted Friday reveals Apple CEO Tim Cook donated 50,000 shares of Apple stock worth more than $6.56 million to an unspecified charity, the latest gift in a flurry of philanthropic activity rarely seen with company executives.




According to the Form 4 filing, Cook's gift was executed on Thursday with 50,000 shares of directly owned stock transferred to an unspecified organization. The Apple chief is obliged to disclose movement of owned shares, but is not required to publicly report the transaction's recipient.

Apple did not immediately respond to AppleInsider's request for comment.

Since taking the reins at Apple, Cook has been an active proponent of giving, most recently auctioning off a one-on-one lunch and tickets to an Apple keynote event through online auction service CharityBuzz. Proceeds of that sale went to the Robert F. Kennedy Center for Justice & Human Rights. A similar charity auction went for $330,000 last year.

This week's contribution follows a December donation to the Human Rights Campaign's Project One America, which focuses on promoting LGBT rights in the U.S. South.

In March, Cook said he plans to give a bulk of his fortune -- currently floating at around $1 billion -- away to charity in what he called a "systematic approach" to philanthropy.
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Comments

  • Reply 1 of 52
    SpamSandwichSpamSandwich Posts: 33,408member
    Nice, Tim.
  • Reply 2 of 52
    jason98jason98 Posts: 766member
    Quote:

    Originally Posted by SpamSandwich View Post



    Nice, Tim.



    I hoped he picked the one with minimal admin overhead and not scammers like this: http://www.businessinsider.com/small-amount-of-money-from-pink-nfl-merchandise-goes-to-breast-cancer-research-2013-10

  • Reply 3 of 52
    asciiascii Posts: 5,941member

    Very generous!

  • Reply 4 of 52
    wizard69wizard69 Posts: 13,377member
    jason98 wrote: »

    I hoped he picked the one with minimal admin overhead and not scammers like this: http://www.businessinsider.com/small-amount-of-money-from-pink-nfl-merchandise-goes-to-breast-cancer-research-2013-10

    I'm not sure what you are whining about here, that is an awfully nice chunk of change for each $100 item. It is far far better than the almost non existent amount of good done with other programs. This is hardly a scam! Beyond that you need to consider the visibility that the NFL brings to the problem which is extremely valuable.

    Breast cancer is a horrible illness that strikes far to early, as such helping research is important. If the NFL can help with that research and keep the issue in the public mind all the better. To characterize this as a scam is asinine, I'm really hoping that you don't think they should be giving this stuff away for free.
  • Reply 5 of 52
    lkrupplkrupp Posts: 9,472member

    He’s not married as far as we know. We don’t know if he has a partner or children. So what else is he going to do with his money?

  • Reply 6 of 52
    anantksundaramanantksundaram Posts: 20,228member
    lkrupp wrote: »
    He’s not married as far as we know. We don’t know if he has a partner or children. So what else is he going to do with his money?

    Buy a mansion? A yacht? A fleet of Bugatti Veyrons? Book a trip to the space station? Just save it, invest it, and watch it grow?

    Maybe he'll get a partner in the future? Adopt a child/children? Or has nieces and nephews to whom he might want to leave a bequest?

    Who the **** are you to prescribe or to judge?
  • Reply 7 of 52
    maccentricmaccentric Posts: 263member
    Bravo!
  • Reply 8 of 52
    mdriftmeyermdriftmeyer Posts: 7,502member
    Aren't tax reductions great?! Abolish all tax shelters involving Charity. Then lets see how charitable people are when they really have to invest in others.
  • Reply 9 of 52
    mdriftmeyermdriftmeyer Posts: 7,502member
    jason98 wrote: »

    I hoped he picked the one with minimal admin overhead and not scammers like this: http://www.businessinsider.com/small-amount-of-money-from-pink-nfl-merchandise-goes-to-breast-cancer-research-2013-10

    Almost all charities average 85% of their donations going to administrative costs. They are all nearly scams.

    People go into non-profit work to get wealthy.

    You want your money to go exclusively for science to improve the chances of working on the human genome and turning off cancer? Then donate it to promising research, sit on the board and manage it.
  • Reply 10 of 52
    rconercone Posts: 18member



    I believe you, but where are you getting your information?

  • Reply 11 of 52
    rayzrayz Posts: 814member
    Almost all charities average 85% of their donations going to administrative costs.

    Was it Vic Reeves who said nearly 85% of statistics are made up on the spot?
  • Reply 12 of 52
    Donating to the US south is a very worth area to donate. Unfortunately, the US south is mostly Republican and they don't like handouts but are very happy to accept bribes and hush money. I believe that very little of the money will make much of a difference as the bigotry and ignorance in the area is so very deeply entrenched that a more fundamental education program is needed to change the maladaptive attitudes and behaviours set in motion over centuries ago.
  • Reply 13 of 52
    jd_in_sbjd_in_sb Posts: 1,600member
    That is an odd pic of Tim. Doesn't look like him
  • Reply 14 of 52
    fallenjtfallenjt Posts: 4,034member
    lkrupp wrote: »
    He’s not married as far as we know. We don’t know if he has a partner or children. So what else is he going to do with his money?
    did you miss what Cooks said last time? He saved some money for his nephew make sure he affords college. The rest he donates to charities.
  • Reply 15 of 52
    glublickglublick Posts: 16member
    Almost all charities average 85% of their donations going to administrative costs. They are all nearly scams.

    People go into non-profit work to get wealthy.

    You want your money to go exclusively for science to improve the chances of working on the human genome and turning off cancer? Then donate it to promising research, sit on the board and manage it.

    On the contrary, I think you'll find it's t'other way round...

    http://www.smallcharitydirectory.co.uk/what-percentage-of-donations-go-to-charity
  • Reply 16 of 52
    joninsdjoninsd Posts: 69member
    Wait a sec, says he donated shares, not cashed shares and donated the money. Is this a common way to donate? So who's to say that this charity doesn't just hold onto them for awhile? Like was mentioned a few posts ago I'd prefer he put his money into a good cause to solve a problem and be in a position to oversee its development and success.
  • Reply 17 of 52
    Quote:

    Originally Posted by mdriftmeyer View Post





    Almost all charities average 85% of their donations going to administrative costs. They are all nearly scams.



    People go into non-profit work to get wealthy.

     

    Not to be contrary, but to correct the record: There are very few charities who spend such a large proportion of their income on administrative expenses and survive to tell the story. The average is closer to the range of 10-20%. In fact, in the field of charity ethics, there are widely recognized thresholds of administrative expenditure at 10% and 20%: Under 10% is considered great; while 10-20% is considered acceptable; and more than 25% becomes potentially controversial, depending on the organizational model and other factors. 

  • Reply 18 of 52
    maccentricmaccentric Posts: 263member
    joninsd wrote: »
    Wait a sec, says he donated shares, not cashed shares and donated the money. Is this a common way to donate? So who's to say that this charity doesn't just hold onto them for awhile? Like was mentioned a few posts ago I'd prefer he put his money into a good cause to solve a problem and be in a position to oversee its development and success.

    It is absolutely common and wise.

    Let's say an individual had a share of AAPL that they acquired at $50.

    If they sold it for $130, they would owe capital gains tax on $80 (or the difference between $50 and $130).

    They would then get a deduction for the $130 that they donated.

    However, if the person just gave the charity the appreciated share, they could deduct $130 without paying any capital gains tax.

    The charity could then immediately as a tax exempt organization sell the share and use the proceeds.

    This method allows people to donate more to charity than they otherwise would. I think it is a good law because it encourages people to do something with their money that has a strong positive impact on society.
  • Reply 19 of 52
    kervovkervov Posts: 1member
    Quote:

    Originally Posted by Glublick View Post





    On the contrary, I think you'll find it's t'other way round...



    http://www.smallcharitydirectory.co.uk/what-percentage-of-donations-go-to-charity

    Yes!

  • Reply 20 of 52
    thewhitefalconthewhitefalcon Posts: 4,453member
    Donating to the US south is a very worth area to donate. Unfortunately, the US south is mostly Republican and they don't like handouts but are very happy to accept bribes and hush money. I believe that very little of the money will make much of a difference as the bigotry and ignorance in the area is so very deeply entrenched that a more fundamental education program is needed to change the maladaptive attitudes and behaviours set in motion over centuries ago.

    Right. Donating to Republicans is clearly bad; perhaps he should try the Clinton "Foundation". :rolleyes:
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