When are pros amateurs? When they're athletes trying to run nonprofits. Tribune reports on 79 charities from all 5 of Chicago's pro teams.
"The problems these charities encountered are common for many Chicago athletes, according to a wide-ranging Tribune examination focusing on players for the city's five major teams. The Tribune's analysis of 79 charities and foundations started by athletes who have played here in the last decade found nearly half of the organizations were dissolved, no longer operating or have shown no recent signs of activity. Nearly two dozen charities had never registered with the Illinois attorney general's office, a requirement to raise funds in the state. At least a dozen stopped filing federal tax returns, records show, and five have had their tax-exempt status revoked by the IRS. After examining hundreds of pages of tax returns and financial documents related to these charitable organizations, the Tribune found they often fall short of industry best practices for spending and operations. In another sign of disarray with these charities, many were difficult to fully assess because they had filed incomplete tax returns or filled them out incorrectly." -- Jared S. Hopkins, the Chicago Tribune