Magazine article Newsweek

A Windfall for Charity?

Magazine article Newsweek

A Windfall for Charity?

Article excerpt

Diana's death generated shock, controversy--and millions of dollars for charity. The Diana, Princess of Wales Memorial Fund, run by a board of trustees headed by Diana's sister Lady Sarah McCorquodale, has brought in $140 million to date. Critics carp that only a small portion of that has been disbursed and that the fund saps donors' money from lower-profile causes. They also scoffed when the fund lent Diana's signature to less-than-regal products like low-fat margarine and lottery scratch cards. The first round of grants was announced in March. Below, a breakdown of where the money went during the fund's first year.

IN MILLIONS:

$140    TOTAL CONTRI-BUTIONS

-$22    DISBURSED

$118    WHAT REMAINS

CONTRIBUTIONS

$140 million to date. Most came from Diana products: Elton John's "Candle in the Wind 1997" ($33.6 million), a tribute CD ($23 million), commemorative stamps ($15.1 million) and the Princess Beanie Baby ($3.4 million). The rest came from donations, which averaged $118,000 per month.

DISBURSED

$22 million was given in March. Grants of about $1.7 million were awarded to each of the six groups for which Diana served as patron or president:

* Centrepoint A West London charity for the homeless, for expanded shelter facilities and a welfare fund for homeless youth. …

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