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Fri August 16, 2013
Donations to "Nerd Fund" down
LANSING, MI (AP)-- A new report says a nonprofit fund that Governor Rick Snyder created has seen a sharp drop in donations in the latest year.
The New Energy to Reinvent and Diversify Fund has reported to the U.S. Internal Revenue Service. It's known as Snyder's "Nerd Fund," drawing on his campaign description of himself as "one tough nerd."
The Detroit Free Press says the fund raised $368,000 in 2012, down from $1.3 million in 2011. It spent about $590,000 in 2012, down from about $866,000.
The Nerd Fund operates as a "social welfare organization" under federal nonprofit rules. It can accept unlimited anonymous donations.
The fund says its aims include "lessening the financial burdens of government in the state of Michigan," and "improving Michigan's business climate and employment opportunities."