The wild ride of Eastman Kodak Co. produced what could be the largest contribution on record for a religious nonprofit, the product of a well-timed gift from Kodak board member George Karfunkel.
In a securities submission last week, Mr. Karfunkel and his wife, Renee Karfunkel, said they donated 3 million of their 6.3 million Kodak shares to Congregation Chemdas Yisroel in Brooklyn, NY
The township was incorporated in Delaware in 2018 and uses a Brooklyn accounting firm as its mailing address, showing filings of charity registration in New York. Mr. Karfunkel is mentioned in these filings as his president.
The submission of securities said the gift took place July 29, the day Kodak stock closed at its highest level since 2014. With the average of the high and low of the stock that day of $ 38.75, that is how the Internal Revenue Service values the gifts, the donation was worth $ 116.3 million.
That would make it the greatest greatest gift given to a religious group, based on a list maintained by the Chronicle of Philanthropy. The Chronicle said its database is based on the best possible information submitted to the public, but there have been gifts given where there is no public record.
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