This is a whole industry where law firms make millions just to come up with another way to pull cash out of the fund and not get caught.
Look at how this internal money circulation works in nature.
1. The 'Golden Consulting' scheme
This is the dumbest but working method. Imagine: your charity fund has a couple of hundred million in the account. You need to get this money to buy an apartment for your mistress or just for living expenses. You can't just withdraw it from an ATM.
What are you doing? You create some sort of fake LLC 'Horns and Hooves Consulting'. And your foundation orders from this LLC 'research on inclusivity in third world countries'. The price of the issue is 10 million bucks. The LLC draws up a three-page report downloaded from Wikipedia and gets the money.
That's it, the money has officially left the foundation and became 'income from entrepreneurial activities' of your shell company. Then this money is withdrawn through dividends or simply cashed out.
2. Private museum or 'Office-hub'
This is my 'favorite' con. A billionaire buys a painting for 50 million. Then he donates it to his own charity. The tax office says: 'Wow, what generosity, here's a tax write-off of 50 million'.
But the funny thing is that this painting continues to hang in his living room. How?
And he arranges this as a 'private museum' owned by the foundation. And this foundation also pays for the security of his house, for cleaning, for electricity — because there is an 'exhibit' stored there! In other words, the foundation actually maintains the oligarch's estate, because it is now a 'cultural object'.
How they siphon cash through 'grants':
Here it's really the highest level of trickery. Look how this is crafted:
1) Salaries for 'their own': The entire family works at the foundation. The daughter is the 'strategic director', the wife is the 'goodwill ambassador'. Each of them earns 50-100 thousand bucks a month. This is a legal way to give the kids money for pocket expenses without paying gift or inheritance tax.
2) Aircraft rental: The charity allegedly helps children in Africa. To fly there, the foundation 'needs' a private jet. The foundation rents this jet from a company that... also belongs to this oligarch! In other words, the money for the aircraft rental is simply being transferred from one pocket to another, but now it is 'expenses for a charitable mission'.
3) Overpriced purchases: The foundation buys some medicines or equipment. But it does not buy directly from the factory, but through an 'intermediary' (that same LLC), which marks up the price by 300%. The difference lands in the right accounts.
Why aren't they caught?
Because on paper everything is perfect. They are 'saving the world'. Try to come and audit a person who has just donated a billion to fight malaria. The press will eat you alive! This is the perfect 'bulletproof vest'.
All this scheming relies on the fact that charity laws in many countries are as full of holes as old socks. They allow not to report every penny as strictly as regular businesses do.
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