Tuesday, July 29, 2014

Financing of the Noah's Ark Theme Park

For some time, Answers in Genesis (AiG), the group behind the Creation Museum, has had its sights set on establishing a theme park focused around a replica of Noah's Ark.  Originally viewed as a $172.5 million project, the park's plans have been revamped to entail a $73 million initial phase due to slower than expected funding. It is this first phase that has recently been submitted for approval of tourism sales tax rebates from the state of Kentucky. Given this background, I thought I would share a few thoughts about the project's finances, thoughts that are admittedly limited due to the paucity of publicly-available information. I have no interest in speaking about the underlying religious and scientific debates or whether tourism tax rebates are appropriate, but instead will stick to the accounting as it pertains to the project's funding...

Tuesday, July 8, 2014

Where do LeBron James' Loyalties Lie? Look to his Foundation's Spending

It's hard to escape the constant discussion and conjecture about LeBron James' basketball future. While I have nothing serious to offer about that conversation, I will at least seek to address the question about his loyalty to Ohio. What better way to consider where loyalties lie than to follow the money trail, and The LeBron James Family Foundation gives us such an opportunity. Using the IRS Form 990 filings for the foundation since his departure from the Cleveland Cavaliers, I categorized each year's program expenditures based on their target recipient: national programs, state/local programs, or other unidentified targets. Although some targets cannot be identified from the public data, a pretty clear picture nonetheless emerges: while LeBron's skills may have been brought to South Beach in 2010, his charitable endeavors have remained and even become more focused in Ohio. The percentage breakdown for each year is summarized in the following figure.

Am I saying this is evidence of King James' possible basketball future? No, I have no idea about that. What I am saying, though, is that it's clear that wherever he plays basketball, his real loyalties remain in Ohio.