SLICING UP THE HANDS PIE
According to the foundation’s recently released audit, USA for Africa took in $90.8 million from its inception on Jan. 8, 1985, through Dec. 31, 1986. Most of that income ($49.2 million) was from royalties from the foundation’s all-star African relief hit record “We Are the World.” The rest of the income came from bank interest ($3.5 million), corporate sponsorship ($8.35 million) and public contributions ($29.7 million).
Though the audit doesn’t itemize it, participants who paid $10 or more to stand in the Hands line represent about $24.5 million of the $29.7 million in public contributions.
The foundation had $21.6 million in expenses, with $69.2 million to spend on grants for African and American relief and development projects. According to the audit, $39.4 million had actually been spent.
With the latest grants, the foundation bank balance, which stood at $29.9 million in January, is about $13 million, said officials.
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