The Southern Poverty Law Center has released its financial numbers for Fiscal Year 2010 and once again it looks like business has been goood for the Captains of the Hate Industry.
F/Y 2010 was the second best year in SPLC history, with $31,023,148 tax-free donor-dollars pouring into the coffers.
Just as impressive were the $26,563,924 tax-free interest dollars that pushed the SPLC’s already over-bloated Endowment Fund to record levels. (Click chart for larger image)
The SPLC’s Endowment Fund now tops $216 MILLION dollars. Despite taking a $50 million dollar hit in 2008, the SPLC rebounded in record time. Not bad considering the nation has been in the grip of the worst recession in decades. Not bad for a non-profit organization.
No wonder the SPLC handed out 4-, 5-, and even 6-digit raises to its all-white executive team last year!
The good news is that the Endowment Fund has finally reached critical mass. The fund was the brainchild of SPLC founder Morris Dees, who sought to “…build for the future [of the SPLC] by setting aside a certain amount of its income for an endowment, a practice begun in 1974 to plan for the day when nonprofits like the SPLC can no longer afford to solicit support through the mail because of rising postage and printing costs.”
That day has arrived, Mr. Dees! In fact, it arrived in 2007 when the Endowment Fund began to generate more than enough cash to cover annual operating expenses, minus the SPLC’s 19% fund-raising costs.
Except for the Madoff bubble in 2008 that crippled so many non-profits and charities, the Endowment Fund has generated cash to spare:
Year Fund Revenues SPLC Expenses
2007 $26,080,536 $24,575,509
2009 $33,486,550 $23,987,044
2010 $26,563,924 $25,587,864
Not only will the Endowment Fund continue to grow, but once dead-weight public relations staffers like Mark Potok, and his grossly underpaid helper Dr. Heidi Beirich, are dropped from the payroll, the costs of doing business will go down even more!
With no more bogus “reports” needed to perpetuate the SPLC’s decades-long fear campaign, the eminent Mr. Potok can return to his career as a stringer for that hard-hitting bastion of journalism, USA Today, or take up selling Ginzu knives at carnivals; something worthy of his talents.
Even more gratifying is knowing now that Morris Dees will never again have to labor over yet another demeaning fund-raising letter. With the Endowment Fund turning a profit, Dees can give up huckstering and concentrate on the SPLC’s core business… law, right?
Well… not so much…
While its hard to believe, according to SPLC financial documents, of the more than one-third of a BILLION dollars the SPLC has generated since 2003, only 2.6% of that money went toward legal case costs.