Shelby skimps on the charitable donations
7/24/07, 09:04 PM
#1
Team Mustang Source
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Shelby skimps on the charitable donations
7/24/07, 09:55 PM
#4
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What a tool. I wonder what percentage they draw from the funds for their "administrative expenses". It's all a marketing ploy to pry cash out of the un-suspecting public's hands.
7/25/07, 12:57 AM
#8
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Wow, that's a pretty pathetic job by Shelby. Those numbers are embarrassingly low. Hope they do some work to the trend going in the other direction and getting more money to where it needs to be going.
7/25/07, 04:58 AM
#9
Bullitt Member
Shelby's an old man don't forget. He is not the only one running this business. I'm sure there are greedy people working in his organization which he probababy doesn't even know about which are more to blame.
7/25/07, 05:15 AM
#10
I will give them a slight benefit of doubt. If they are trying to build a foundation that will last after Shelby dies they will need a lot more money in the bank.
Seems most of that increase was from the car auctions that recently took place. And for a foundation it's not a lot of money when compared to something like the 30 billion in the Gates Foundation.
A review of the foundation's tax documents shows that from 2002 through 2005, its net assets grew from $1.6 million to $2.9 million.
7/25/07, 07:31 AM
#11
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I will give them a slight benefit of doubt. If they are trying to build a foundation that will last after Shelby dies they will need a lot more money in the bank.
Seems most of that increase was from the car auctions that recently took place. And for a foundation it's not a lot of money when compared to something like the 30 billion in the Gates Foundation.
Seems most of that increase was from the car auctions that recently took place. And for a foundation it's not a lot of money when compared to something like the 30 billion in the Gates Foundation.
On a side note (and I may get flamed for this), just because a name is on something, doesn't mean that person knows whats always going on. With this statement, I give you the book "Snake Bit". Its the story of the now out of production Shelby Series One. Its the car that had the Olds Aurora V8 in it. The stories in the book about this car and how Shelby almost lost everything due to having people who didn't have his best intentions in mind was just mind blowing. This book is a GREAT READ for anyone who is a car nut, and will just make you shake your head at how some people do things.
7/25/07, 08:11 AM
#12
I'm with Jay about holding out judgement. There was only 1 full-time employee at the beginning, now they have 3 people running it. Once he gets more of the right people in there, they will make sure the money gets out to who really needs it.
On a side note (and I may get flamed for this), just because a name is on something, doesn't mean that person knows whats always going on. With this statement, I give you the book "Snake Bit". Its the story of the now out of production Shelby Series One. Its the car that had the Olds Aurora V8 in it. The stories in the book about this car and how Shelby almost lost everything due to having people who didn't have his best intentions in mind was just mind blowing. This book is a GREAT READ for anyone who is a car nut, and will just make you shake your head at how some people do things.
On a side note (and I may get flamed for this), just because a name is on something, doesn't mean that person knows whats always going on. With this statement, I give you the book "Snake Bit". Its the story of the now out of production Shelby Series One. Its the car that had the Olds Aurora V8 in it. The stories in the book about this car and how Shelby almost lost everything due to having people who didn't have his best intentions in mind was just mind blowing. This book is a GREAT READ for anyone who is a car nut, and will just make you shake your head at how some people do things.
Billy Joel comes to mind with mis-handled finances by people he trusted.
Not defending Shelby but not passing judgement yet. I can say from experiance from the SAI side of thing trying that Shelby's intrests are not being run by him. Amy Borlan obviously is heading up SAI now and if you have purchased anything from SAI over the last year chances are the transaction wasn't smooth in some way or another. SAI is being rebuilt from the ground up basically and I would guess Shelby's other intrests need an overhaul as well.
7/25/07, 08:15 AM
#13
Legacy TMS Member
I also read this story and thought that similar to the Shelby Automotive management, this was another example of the best intentions not met because of a loosely overseen organization.
The fact that action is being taken means something.
I highly doubt that Carroll Shelby stands around thinking about ways to goad people out of their money.
The fact that action is being taken means something.
I highly doubt that Carroll Shelby stands around thinking about ways to goad people out of their money.
7/25/07, 08:36 AM
#14
Legacy TMS Member
I doubt he stands around goading people out of money too, BUT that is no excuse. An owner/president/CEO must know what his company is doing and if they don't that's their own fault and responsibility. The article mentions that he and his wife would occasionally hand-pick the organizations that received the money- a person would have to be naive to think that he didn't know how much money they were giving that organization and didn't understand the relationship between how much they were giving compared to how much they've taken in.
Think about it- I bet most people would agree that Carroll knows darn well how much money they raised- you think he doesn't know how much money they've given out? That's
if you ask me..... 
Think about it- I bet most people would agree that Carroll knows darn well how much money they raised- you think he doesn't know how much money they've given out? That's
if you ask me.....
7/25/07, 08:42 AM
#15
NTTAWWT
Im giving him the benefit of the doubt on this one. I mean, the man is over 80, full of press events and such, not to mention his car projects, he probably doesnt really have much idea what is going on with his charity. He probably just hired some wrong people, thats all. I can't really see where he's done much wrong before (cept going to dodge for a while...), so it slides with me this time.
7/25/07, 09:56 AM
#16
The bottom line is, it's his foundation, with his name on it. He needs to know how it is being run and how much money is being dispersed. That's his obligation as long as he's alive and mentally capable. Plus, it irritates me that he has zero invested in his own foundation as far as money. It's just one more example of how the man sells his name to whoever comes knocking.
7/25/07, 11:07 AM
#17
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Personally, I wouldn't expect much more from him.
I'll never forget during the late 80's, early 90's he tried to sue the assorted Cobra kit car makers out of the market so he would have it wide open to release his own car. I won't argue one BIT about the legalities of the copyright ownership. But if it wasn't for all the kit car makers keeping interest up on the Cobra car, there wouldn't have BEEN a market for him to try to steal! He had totally abandoned the car.
I know a lot of folks here hold him in high esteme, but you will never find me in that group!
I'll never forget during the late 80's, early 90's he tried to sue the assorted Cobra kit car makers out of the market so he would have it wide open to release his own car. I won't argue one BIT about the legalities of the copyright ownership. But if it wasn't for all the kit car makers keeping interest up on the Cobra car, there wouldn't have BEEN a market for him to try to steal! He had totally abandoned the car.
I know a lot of folks here hold him in high esteme, but you will never find me in that group!
7/25/07, 12:31 PM
#19
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Carroll's Response regarding CSCF
As director of the Carroll Shelby Children’s Foundation, I’d like to share what is really happening with our organization. Please read Carroll’s comments on our website (http://cscf.org/jul07letter.asp) that explains how our donations are being used to establish a perpetual endowment so the Foundation can make grants for years to come. Once you read his message, I’m sure you’ll understand our goal as this is a standard practice for major charities worldwide.
Jenni Shreeves
Jenni Shreeves
7/25/07, 01:07 PM
#20
President of Shelby Autos
First of all, the charity did nothing wrong, the article says that.
Second, Carroll was never interviewed, nor asked directly for an interview. An exec bypassed him
Third, the charity is building an endowment, with the help of wells fargo, you cant take in large sums of money and just give it out without proper procedures. Of course the funds are there. waiting for wells fargo to help us set up the funds.
Forth, Carroll was the sole donating entity before , of his time and his cars that have supported his charity all these years. the gt500, gt-h coupe and vert we're his personal cars.
and lastly a rebuttal is being printed in the next issue.
All because an exec decided to handle this without Carroll , this article was written without all the info. Please don't sling arrows. And for the record, please reread the line where they found that the charity hasn't done anything wrong.
Amy
Second, Carroll was never interviewed, nor asked directly for an interview. An exec bypassed him
Third, the charity is building an endowment, with the help of wells fargo, you cant take in large sums of money and just give it out without proper procedures. Of course the funds are there. waiting for wells fargo to help us set up the funds.
Forth, Carroll was the sole donating entity before , of his time and his cars that have supported his charity all these years. the gt500, gt-h coupe and vert we're his personal cars.
and lastly a rebuttal is being printed in the next issue.
All because an exec decided to handle this without Carroll , this article was written without all the info. Please don't sling arrows. And for the record, please reread the line where they found that the charity hasn't done anything wrong.
Amy