Great news story about Ray Charles leaving his estate and masters to a charitable organisation who have managed to double its value, while contributing millions to worthwhile causes.
Ray Charles leaves soul to kids
His entire estate was turned over to the foundation after he died of cancer in 2004, aged 73. None of Charles’ 12 adult children is involved with it.
A few years before he died, Charles advised he would bequeath US$500,000 to each of them and warned them not to challenge his wishes. One did sue in 2008 for Charles’ intellectual property rights but was rebuffed in court.
Foundation president Valerie Ervin’s main job is to increase the value of the foundation’s investments – a task she aced by ensuring it was not affected by the 2008 stock market crash – and to give away about US$5 million annually.
Its reach has been broadened to education in general, including grants totaling US$5 million to Morehouse College, a university for black men in Atlanta.
Ervin demands quarterly reports from beneficiaries and makes surprise visits to see how funds are spent. A board of directors provides an extra level of oversight. The foundation’s overheads are low with five employees.
The foundation also has a licensing arm, which handles post-1960 recordings. Through a venture with Concord Records, it will release the album Rare Genius: The Undiscovered Masters on October 26. Among tracks is a duet with Johnny Cash on Kris Kristofferson’s Why Me, Lord?
“We own everything,” said Ervin, who ran Charles’ affairs in the last decade of his life. “Mr Charles was adamant that he own everything that was related to him.” (In fact, Atlantic Records owns recordings from the 1950s, but the foundation controls usage.)