The donation, which could potentially be claimed as a tax return, came amid heavy trading of Kodak’s share that was sparked by the news that the company would receive a $ 765 million loan from the US government to to make drug ingredients.
A Kodak spokesman told CNN that donation by the Karfunkels is “within reach” of that review. The Karfunkels could not be reached for comment.
Kodak’s website describes George Karfunkel as an expert in financial planning and investment strategy who has served on the company’s board since 2013.
On the day of his and his wife’s donation, Kodak’s stock market hit a low of $ 17.50 per share and a high of $ 60, meaning the donation could be worth more than $ 100 million.
Laurie Styron, the executive director of the non-profit CharityWatch, described the situation regarding Karfunkel’s donation as concerning. His position on Kodak’s board may have given him “special knowledge that could predict likely fluctuations in Kodak’s share price,” she said.
She also said that many charities and religious organizations that offer tax assessments have controls in place to prevent the appearance of misconduct.
“With Karfunkel firmly planting one foot in both Kodak and the religious organization that receives the supportive donation, it is unclear if there was enough government independence for this donation to properly control and be approved on arm’s length before this was accepted, “Styron said.
New York charities for 2019 charity describe Congregation Chemdas Yisroel as an orthodox Jewish synagogue that uses funds only for religious, charitable and educational purposes. The documents list George Karfunkel as the president of the municipality.
Representatives of Congregation Chemdas Yisroel could not be reached for comment.
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