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So That’s Why Bono Calls it the ONE Foundation

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By Doug Powers  •  September 23, 2010 02:57 PM

**Written by Doug Powers

All this time I thought that maybe ONE was an acronym or something, but it looks like the Bono’s organization is so named because just one percent of the money raised makes it to its promoted destination:

Bono’s anti-poverty foundation ONE is under pressure to explain its lavish salaries after it was revealed that only a small percentage of money it raises reaches the needy.

The non-profit organisation set up by the U2 frontman received almost £9.6m in donations in 2008 but handed out only £118,000 to good causes (1.2 per cent).

The figures published by the New York Post also show that £5.1m went towards paying salaries.

So ONE (percent)™ paid out around $8 million (US) to employees to monitor the disbursement of about $185,000? How did these guys not end up in charge of the stimulus?

ONE makes Sting’s Rainforest Foundation look like a beacon of fiscal efficiency.

And way down at the end of the story:

ONE said it took no money from the public and that most of its funding came from the Bill & Melinda Gates Foundation.

Well in that case, party time! (two of ONE’s employees wouldn’t happen to be named “Bill” and “Melinda” would they? Just checking…)

Based on this, it has to be asked: does Bono give any money to Bono’s “charity”?

And speaking of charity

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