Monday, August 20, 2007

Side Notes: Questions Answered, Pt. 2

What is the FTPW Fund?

It is also known as the Padilla Account. Proceeds of Frank's book sales, all his salaries, and other income go into this account. It is managed and disbursed by Frank alone. He disburses it through Maribel Descallar and Lachie Agana.

Questions to be asked and answered:

IF the FTPW Fund is a personal fund owned and disbursed at Frank Padilla's discretion, why then is it under one of the CFC accounts?

Two words: Tax Shelter.

Frank Padilla's books are sold by Flames Ministry, which is a tax-exempt foundation.

More tomorrow: On the "improper relationship", and the final link in the chain about gifts, the giver, and the strings attached.

1 comment:

Anonymous said...

Tax shelter? It is already taxed in the first place...