The majority of IKEA outlets are controlled by the holding company INGKA Holding, which is owned by the Stichting INGKA Foundation. The Stichting INGKA Foundation is one of the largest charitable foundations in the world and is registered in the Netherlands.
This complicated structuring helps IKEA minimize its taxes, makes a hostile takeover impossible, and permits the company to operate as a nonprofit corporation.
Silicon Valley Bank did a good conference call on COVID-19 relief this week.
Some interesting context on this: https://www.bloomberg.com/opinion/articles/2020-04-03/small-business-bailout-makes-banks-nervous
Thanks for this! Well-written and an important point.
This dynamic is probably at play for psychedelics: Whether or not psychedelics are an EA cause area
I hadn't, thanks!
Yeah, I'd be pretty surprised if any reputable foundations were taking ownership stake when they make grants. (Because that'd be an investment, not a donation.)
Ought's accountants (who've taken a close look at the CARES Act) confirmed that the "affiliation test" is determined by ownership, so it shouldn't be an issue for nonprofits so long as the org isn't owned by its donors.
Could also be cool to administer a coronavirus prize independent from Emergent Ventures, trying to get more expected impact than Tyler.
Increase Emergent Ventures' pool for coronavirus prizes? https://marginalrevolution.com/marginalrevolution/2020/03/1-million-plus-in-emergent-ventures-prizes-for-coronavirus-work.html
Looks like the big banks have been pushing back about administering these loans: https://www.reuters.com/article/us-health-coronavirus-stimulus-banks-exc-idUSKBN21K075