There are actually three nonprofits bearing Woods’ name, as far as the Internal Revenue Service is concerned, though they are perceived as one by the masses. Two have piled up assets worth more than $70 million -- far exceeding what they spend in a year -- but officials say there are good reasons for piling up cash. ...
Nonprofit No. 1: The Tiger Woods Charity Event Corp. It’s not the one you’ve heard of, but it’s the Iron Giant that raises (and spends) the most money on those glitzy events that cost tens of millions to mount. In 2008, revenues were $36.2 million, and it spent $32.7 million mounting the star-studded AT&T National Golf Tournament, Chevron World Challenge Golf Tournament, Tiger Jam Benefit Concert and Tiger Woods Learning Center Block Party. At first glance, things look good: 95% of spending was on programs -- considered the charity’s core mission -- far more than the 75% charity watchdogs look for here. But that’s because the cost of throwing these expensive events were counted as core program spending -- part of the charity’s main mission -- and there are critics of that approach.
Nonprofit No. 2: The Tiger Woods Foundation. This is the one you hear about, which gives out grants and scholarships seeking “to empower young people to reach their highest potential by initiating and supporting community-based programs that promote the health, education and welfare of all of America’s children,” say its tax returns. It reported revenues of $10.6 million in 2008; expenses of $6 million; and has a nice cushy nest egg of -- get this! -- $45.5 million. 82% of spending was programs, and it gets four of four possible stars from Charity Navigator.
Nonprofit No. 3: The Tiger Woods Learning Center. The proudest moment in Foundation history took place on February 10, 2006, as Tiger Woods was joined by former President Bill Clinton, First Lady of California Maria Shriver, and Southern California students, teachers and community leaders for the dedication of the Tiger Woods Learning Center (TWLC), an innovative youth-education facility located in Anaheim, California,” says the organization’s tax returns. “The much anticipated event served as the culmination of a four-year, $25 million campaign to transform Woods’ dream of creating an educational center to inspire and support the career exploration of young people.” Revenues in 2008 were $4.4 million, expenses were $3.9 million, and net assets were $25 million. It funneled 86 percent of spending into programs.