Attorney General Completes Rackauckas Foundation Investigation – Charity Will Terminate

December 14, 2001
01-117
FOR IMMEDIATE RELEASE

(SACRAMENTO) – The California Department of Justice's Charitable Trusts Section has completed its investigation into the Tony Rackauckas Foundation (TRF). The office found that the foundation had failed to properly govern its operations and failed to exercise proper care in managing TRF's assets. However, the TRF has advised the Attorney General's office that it will voluntarily dissolve and contribute all of its remaining assets to other charities.

Pursuant to an agreement reached between the Attorney General's Charitable Trusts Section and the TRF, the foundation will develop a plan for the distribution of its remaining assets subject to the approval of a court or the Attorney General's office. By allowing the TRF to voluntarily dissolve, further expensive and time-consuming legal proceedings will be avoided and more of the foundation's charitable assets will be available for distribution to legitimate charities.