JP McManus Foundation donated €2.19m to charity last year, new figures reveal
A charitable foundation established by one of Ireland’s richest men, JP McManus has made donations totalling €62m over the past 17 years.
According to new filings by JP McManus Foundation, the charity last year donated a further €2.19m to good causes and this represented an increased of 29% on the €1.7m donated in 2016.
During 2017, the foundation received a fresh cash injection of €4.5m to continue its work and the money has been allocated to a separate fund as part of donations being collected for the 2020 JP McManus Pro-Am golf tournament.
The foundation was established following a gift of £50m from JP McManus in 2000.
The fresh disclosure of the €2.19m donations last year followed Mr McManus recently giving €3.2m to GAA county boards across Ireland and this prompted praise and some criticism of Mr McManus.
A prominent figure in the racing industry, Mr McManus visits Ireland regularly from his base in Geneva, Switzerland, and is non-resident for tax purposes.
The financial objectives of the foundation are to provide for relief from poverty and deprivation caused by poor housing conditions, homelessness or other social and economic circumstances.
The Foundation also aims to provide care and comfort to the terminally ill and to alleviate distress in the areas of drug addiction, human rights, sexual and physical abuse and other forms of injustice.
The directors also state that the Foundation is engaged in supporting the provision of education, training and employment for people in need with a view to improving their social and economic welfare.
The directors state that the company had an active year during 2017 and €2.199m in donations were made to charitable organisations.
The foundation last year enjoyed investment income of €803,263 and along with the new €4.5m donation, the foundation’s funds at the end of last year totalled €51.3m.
The company's cash pile totalled €6m.
The investment income was made of up dividend income.
Mr McManus doesn’t sit on the board of the foundation, but his wife, Noreen and his daughter, Sue-Ann Foley are directors.
The foundation’s administrative costs are also kept to a minimum with one person employed on a salary of €31,644.