Shelby skimps on the charitable donations
7/25/07, 01:16 PM
#22
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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
And to JonW, you said he has "ZERO invested in his own foundation as far as money". Let me ask you something? Where do you think the money he gets from all the autographs he does go? In his pocket? NO!! The money goes right to the foundation!!! Get your facts straight, before you sling mud!!
7/25/07, 01:18 PM
#23
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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 enity 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 enity 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
7/25/07, 01:19 PM
#24
Legacy TMS Member
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.
if you ask me..... 
Obviously, the auditing accountability has helped move the right people into action.
7/25/07, 01:22 PM
#25
Legacy TMS Member
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
7/25/07, 01:35 PM
#28
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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.
1) "Alliance COO Bennett Weiner said the expenses don't appear to be out of line; the organization just isn't spending much of what it takes in."
2) "Weiner says at least two-thirds of all charitable organizations adhere to the alliance's entire list of 20 standards. Among the guidelines is having at least a five-member board of directors. Shelby's board has had only three members - Shelby, his wife and Neil Cummings, general counsel for Shelby Automobiles Inc. The board recently expanded to five members - adding Luft, Shelby's licensing chief, and Amy Boylan, president of Shelby Automobiles.
Luft said the foundation plans to comply with another alliance guideline: scheduling regular deliberations on grant allocations. Starting this month, he said, twice-a-year meetings will be held to decide where proceeds will be donated.
In addition, the foundation retained Wells Fargo Bank to help set up an endowment fund and better manage its money."
So, it appears that the money was not squandered or used for supporting the charity in a disproportionate way. It just has not distributed the funds. This looks like a result of understaffing and lack of a formal organization, which is being addressed right now.
Also remember that the funds, up until last year, were chicken-feed in comparison to what the Heart Fund collected over the years prior to FoMoCo's participation...
So before you shoot, please look at what you are shooting.
7/25/07, 01:43 PM
#29
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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 enity 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 enity 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
7/25/07, 01:56 PM
#31
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Dear amyb, Many Public and privately held company's and a course individuals give millions to very worthwhile originations every year! without the fan Fair and self absorbed chest thumping that I have noticed Shelby Auto's has been doing! and yes most company's do this for positive public opinion and press to promote their company we all understand this. Carrol Shelby is a Icon and in all honesty the most markable asset Shelby Auto's have left ! Your executive staff should have been vigilant to make sure this type of error and or error's never happened, because now all that is left is the perception of cooperate damage control going into effect.
7/25/07, 02:10 PM
#32
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Sorry, but this reminds me of an interview of Shelby I saw a few years ago. They were asking about his involvement with the mustang. Funny thing is he said he never even wanted to work on the car. Then he said that he made a call to (man I really wish I could remember the name) some person and he was the person that told Shebly what to do to make the mustang more of a racer. So I think this other guy deserves a lot more credit than Shelby. Shelby was a good car driver and a "nameplate". Sorry I think that is all the credit he desrves.
7/25/07, 02:20 PM
#34
Legacy TMS Member
Hence why there is action being taken to address it...
Not necessarily...unless you have gone through the details of an accounting system, cashflow might not be obvious. I agree that he would be aware of amounts, but unless you see the transactions happen, one can make a lot of assumptions about what's been done or not.
I would submit that many people probably don't know their net worth, given all of the tracking one needs to do these days. Those who do have obviously done a great job, and probably have done all of it themselves without outsourcing the accounting to someone else.
Obviously, the auditing accountability has helped move the right people into action.
Not necessarily...unless you have gone through the details of an accounting system, cashflow might not be obvious. I agree that he would be aware of amounts, but unless you see the transactions happen, one can make a lot of assumptions about what's been done or not.
I would submit that many people probably don't know their net worth, given all of the tracking one needs to do these days. Those who do have obviously done a great job, and probably have done all of it themselves without outsourcing the accounting to someone else.
Obviously, the auditing accountability has helped move the right people into action.
Tony- I wasn't aiming my post at you directly so I apologize if it came off that way. I could argue some of the points you've mentioned in your response to my post, but for the sake of keeping things on track and keeping this from getting off track, I won't.
And for Amy and Jenni- the low levels of remittance to the receiving organizations has reportedly been low since 2002; I hate to think that the endowment is 6+ years in the making and that Wells Fargo can't help expedite the matter..... that is what is fishy IMO. For that amount of time, there better be alot of dough in that piggy bank....
7/25/07, 02:36 PM
#35
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I'm pretty confident that things will work out with Mr. Shelby's foundation, and this bad press, when it's all said and done.
Jenni, a couple of months ago, I called the foundation and gave my credit card info for 5 raffle tickets to support the foundation, but mainly for a chance to win the GT500 (got to be honest). You (or another female) said my tickets would be sent in the mail, but I've yet to receive them. I don't see a charge on my card statement, so I'm wondering what happened. I now the foundation has limited days where someone answers the phone, so when is a good day/time to call?
Thanks!
Jenni, a couple of months ago, I called the foundation and gave my credit card info for 5 raffle tickets to support the foundation, but mainly for a chance to win the GT500 (got to be honest). You (or another female) said my tickets would be sent in the mail, but I've yet to receive them. I don't see a charge on my card statement, so I'm wondering what happened. I now the foundation has limited days where someone answers the phone, so when is a good day/time to call?
Thanks!
7/25/07, 02:44 PM
#36
RUgoinUp, please contact CSCF through PM or e-mail if available.
No need to leave this open for further speculation, especially with Shelby issuing a statement regarding the misinformation already.
No need to leave this open for further speculation, especially with Shelby issuing a statement regarding the misinformation already.
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