There's nothing shy about Floyd "Money" Mayweather Jr., one of boxing's greatest champions. He doesn't care if you like him. Just help make him get richer. The undefeated pugilist made about $40 million for beating Victor Ortiz recently. But Mayweather's real talent is controlling his financial affairs.
The New York Times reports that he "earns a percentage of every ticket purchased, every pretzel consumed, every poster sold. He will earn from countries that paid for broadcasting rights and the theaters where the fight is shown."
For his past five fights, including the most recent, he earned $155 million. So how does the welterweight champion give back? In 2007 he set up the Floyd Mayweather Jr. Foundation, a not-for-profit organization focused on assistance in Las Vegas and his hometown, Grand Rapids, Mich. The FMJF website lists programs supporting education, youth boxing, girls and women and community outreach. He also donates meals for the homeless twice a month and gives out turkeys and hot meals at Thanksgiving.
Admirable efforts, but let's take a look at FMJF's available Form 990 federal nonprofit tax filings, provided by the National Center for Charitable Statistics. What's revealed there makes one ask if Mayweather is punching below his weight philanthropically or just not shining a light on all his charitable activities. The Mayweather Foundation's 2010 charitable 990 filing is not yet available, and attempts to reach the foundation and his business organization were unsuccessful.
In 2009 the FMJF reported donating a total amount of $3,564, and no breakout of donations was included. Of course, not every philanthropic act by Mayweather needs to be declared. For instance, during the 2008 calendar year, from which the 990 data was drawn, Mayweather paid $160,000 to cover the expenses for the National Golden Gloves Championships that took place in Grand Rapids.
Mayweather's 2008 filing showed that FMJF had $917,355 on hand. Of that, $573,790, or 62.5 percent, went to undisclosed "professional fees and other payments to independent contractors"; $284,653 went to other expenses; $55,650 to pay three employees; and the rest to smaller expenses. The "other expenses" included $100,000 for the two-day, Mayweather-sponsored Superfest fundraiser; $58,494 for the FMJF dinner; and $10,000 for Thanksgiving turkeys. The 2008 filing did not break down how much was left after the fundraisers' expenses, or include a charitable program breakdown, as was found on the 2007 return.
In its 2007 filing, FMJF provided "direct public support" of $96,150. Of that, $61,694, or 64 percent, went to the programs listed on his foundation website and other charitable work. Management and general use absorbed $23,089, $11,097 went to fundraising and the remainder to "payment to affiliates." The sole employee was paid $17,000.
The common rule of fundraising is that 20 percent of the philanthropically inclined provide 80 percent of the fundraising or volunteering. It is easy for outsiders to spend Mayweather's very hard-earned millions. Unless he volunteers it, we won't know how much he raises for charities with appearances, or the other ways he assists others.
What we do know is that Mayweather loves to talk about how much money he makes, will make and how he spends it on whatever he desires.
Which begs the question: Wouldn't a man of such tremendous talent and ego want to stand in the center of the ring and show publicly that he is an undisputed world champion at philanthropy?
Wall Street VIP Gets Her Gospel On
There is no doubt that Carla A. Harris knows how to render unto Caesar. At Morgan Stanley, she is a managing director providing investment advice in the Institutional Advisory Group and also leads the Emerging Managers Platform. Off the clock, she raises a joyful voice as a gospel singer who has performed at Carnegie Hall, has recorded three solo albums and is a member of two gospel choirs. Harris earned her magna cum laude in economics at Harvard University and her MBA from Harvard Business School. Follow her on Facebook and get her take on volunteering.
I Know It's Not Real, but I Still Want It
Anyone out there want to buy a virtual bridge? Oh. You already did. In June the mobile Internet company Mocospace polled 40,000 of its users. The company found out that while blacks were 36 percent of survey respondents, they made up 38 percent of virtual-goods buyers. Virtual goods are objects used in online games — including weapons, shields, extra powers or money. The 18 percent of whites who responded bought 26 percent of the virtual goods, while Hispanics, who can be of any race, made up 31 percent of responders and 21 percent of buyers. View the Mocospace buyer infographic here.
BMW Shuffles Its Ad Agencies
BMW of North America hired SandersWingo of Austin, Texas, for multicultural ads for the Mini. In doing so, BMW replaced another black-owned ad agency, Atlanta's Matlock Advertising and Public Relations, on the account. However, Matlock is still the agency of record for BMW's African-American market ads. Learn more about Top Blacks in the Ad World.
Black Farmers Want You!
It may be an impossibly difficult task, but there's a movement to inspire a new generation of black farmers to reverse their declining numbers and create alternative suppliers of healthy food to black consumers. In California the African American Farmers of California has created a 15-acre demonstration farm for newbies. Will Scott, the leader of the group, which has about 20 members in the fertile San Joaquin Valley, says it wants to train young people to become self-sufficient farmers.
Austin, Texas: Natalie Cofield is the president of the Capital City African American Chamber of Commerce. Cofield, a contributor to the 2011 National Urban League State of Black America Report, has published The Pursuit of Entrepreneurship, a Guide for African American Entrepreneurs and The Articles: A Guide for Starting and Running a Successful Business.
Charlotte, N.C.: Robyn Hamilton, the president and CEO of the board of directors of the Carolinas Minority Supplier Development Council, has been asked to join the Charlotte Arts & Science Council. Hamilton is the director of Business Relations at Democratic National Convention Charlotte Host Committee.
Nashville, Tenn.: Michael Tesfahuney has been promoted to audit manager at Hoskins & Co., a 25-year-old black-owned audit, advisory and tax service owned by Harvey E. Hoskins, CPA.
San Francisco: Teveia R. Barnes, a partner and a member of the Finance & Financial Institutions and Bankruptcy & Business Reorganization Practices at Foley & Lardner LLP, was selected as one of the Best Lawyers in America 2012 guide. She received her J.D. from New York University School of Law and her bachelor's degree from Rice University.
San Jose, Calf.: Greg Young, a Wells Fargo vice president and community development officer, was selected as a member of the board of directors of NOVA Workforce Board of Silicon Valley. The group works with employers and potential employees.
Washington, D.C.: Regina Lewis was promoted to senior human resources manager by the international real estate services company CB Richard Ellis Group Inc.
Frank McCoy writes about business and technology for The Root. You can contact him here.