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Charity Newsbeat

Tuesday, June 27, 2017

Yankee Stadium Charity Is Called Into Question

In the summer of 2006, when the Yankees broke ground on a gleaming new stadium in the South Bronx, they offered an olive branch to a community furious that more than 25 acres of treasured public parkland had been seized for the project. The Yankees created a charity, called the New Yankee Stadium Community Benefits Fund, which it intended to distribute almost $40 million in cash grants and sports equipment, along with 600,000 baseball tickets, to community organizations in the borough over four decades.

Ten years later, however, an examination of the fund’s public financial records and interviews with community members and a former administrator of the fund show that it has operated with little oversight or public accountability, neglecting those who live near the stadium and instead sending money to other, often wealthier parts of the Bronx that were not affected by the construction.

The fund also regularly donates to organizations with which it shares common board members. And although the Yankees provide $35,000 a year to cover operating expenses, the fund in 2011 began to allocate 10 percent of the grants it awards to cover its own “additional administrative costs.” Those costs have never been publicly explained.

Many Bronx organizations say they have benefited greatly from the fund. But they are generally not in neighborhoods around the stadium. Of the $6.8 million distributed by the fund between 2008 and 2015, the last year for which records are available, only 30 percent — $2 million — went to charities occupying the same ZIP code as Yankee Stadium or four bordering ZIP codes.

RoyalsRetro (AG#1F) Posted: June 27, 2017 at 12:51 PM | 1 comment(s)
  Beats: charity, yankees

 

 

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