The Toleo Foundation hasn't the means to donate even $1 Million, much less $5 Million Dollars to anything.
Don't believe me? Google Toleo Foundation IRS Form 990 and see for yourself.
And you'll notice it says in this N&R article, "All gifts will be paid over a period of years."
That gives everyone the option of backing out should the Greensboro City Council not pay the majority of the costs up front.
And to add insult to injury (pun intended) the very donation to GPAC by the Toleo Foundation may in-fact be illegal (or taxable) as it does not fit within the stated articles of incorporation of the Toleo Foundation, originally called the Kaplan Family Foundation. Click to make it bigger.
I wonder if Leonard and Tobee Kaplan are prepared to pay back taxes on foundation money dating to 1982?
I wonder if Walker Sanders has been getting people drunk again?
Be sure to review the Toleo Foundation after you see their bank account.
Now let's look at what else Leonard J Kaplan is associated with and why he might be interested in donating $5 Million Dollars to a downtown performing arts center.
According to CorporationWiki, Mr Kaplan is manager of Tar Heel Properties, LLC and while I couldn't verify that with the NC Secretary of State I was lead to a Mr Steve Vetter of TARHEEL PROPERTIES CONDOS LLC who just happens to own Greensboro properties at :
So why is this of a concern? For Mr Kaplan and the Toleo Foundation this may not be a charitable investment in Greensboro, this might be an illegal tax dodge or perhaps worse.
But alas, those properties aren't Downtown so that doesn't fly. Nothing to see here. My big catch of the day got away. That is, unless we hear later of a plan to move GPAC to UNCG.
Mr Kaplan is also listed as the manager of Scientific Associates, LLC. The Secretary of State agrees. The registered agent for Scientific Associates, LLC is listed as Seldon Patty. I wonder if that's the same as Seldon E Patty who is the agent for THE LEBAUER FAMILY LIMITED PARTNERSHIP, KAMP PROPERTIES LIMITED PARTNERSHIP, JAMES T. WHARTON, JR., INC. (319 SOUTHEASTERN BLDG.) ALLIANCE OF GLOBAL GOOD and the TOLEO GROUP, LLC.
Wait a minute, was that the Toleo Group? Back to Guilford County where I didn't find any property owned by the Toleo Group. On to O.K. Technologies, LLC.
No good there, out of business since 2003.
Now about that little problem Mr Kaplan seems to have with pledging money he hasn't got... Oh, and violating the terms of the corporation's charter. (See Article III above.) Non profit foundations are not free to give money to any charity they happen to like at the time. Federal tax laws require charitable foundations to only give within the guidelines of their charters or else pay back taxes on the money they give away.
When the IRS gets a wind of this there will be no donation to the Greensboro Performing Arts Center. And while it's true this catch wasn't a trophy winner at least I caught a fish.
Now why is it the local media types didn'r google 'Toleo Foundation IRS form 990" and ask questions before they posted their stories? They they'd have fish too. Instead, all they caught was suckers.
