Rolex charity

[Marcus09]

Dear TRF, needed to know if the below is true.
Cheers.
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[MonBK]

That's what they claim.

[Alexwwjd]

Another reason to keep buying Rolexes.

[AK797]

Yes, that's why I sleep well at night. I don't just buy gold Rolexes for myself, I do it for the kids.

[Marcus09]

Nice! I didn't know. Then, I should get my second Daytona 500 black after my white 520 ;)


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[GradyPhilpott]

That's not entirely true.

Rolex is owned by the charitable trust, Hans Wilsdorf Foundation.

However, no one knows how much of their profits go to charity.

I'm not suggesting that the sum is insignificant, but Rolex doesn't reveal such information.

Wilsdorf was an orphan and much of the work of the foundation goes to help children's causes.

[rr-nyc]

Originally Posted by GradyPhilpott

That's not entirely true.

Rolex is owned by the charitable trust, Hans Wilsdorf Foundation.

However, no one knows how much of their profits go to charity.

I'm not suggesting that the sum is insignificant, but Rolex doesn't reveal such information.

Wilsdorf was an orphan and much of the work of the foundation goes to help children's causes.

I think it makes for a good story but there is nothing out there to confirm if any, charitable donations are made by the foundation. From Business Insider "Virginie Chevailler, a spokesman for Rolex in Geneva, declines to say what evidence is available to confirm that the Wilsdorf Foundation makes charitable donations."

Call me crazy but Rolex has an incredible marketing department. if a significant amount was given to charity, don't you think they would use that information?

[The Joker]

Originally Posted by AK797

Yes, that's why I sleep well at night. I don't just buy gold Rolexes for myself, I do it for the kids.

[Lordofrolex]

Originally Posted by AK797

Yes, that's why I sleep well at night. I don't just buy gold Rolexes for myself, I do it for the kids.

But on a real note. Charity trust a lot of the time are run as business in the sense that salaries maybe be very high and no one really knows how much they need to donate to have a charity exemption.

[GradyPhilpott]

Originally Posted by rr-nyc

I think it makes for a good story but there is nothing out there to confirm if any, charitable donations are made by the foundation. From Business Insider "Virginie Chevailler, a spokesman for Rolex in Geneva, declines to say what evidence is available to confirm that the Wilsdorf Foundation makes charitable donations."

Call me crazy but Rolex has an incredible marketing department. if a significant amount was given to charity, don't you think they would use that information?

I read that article and while I won't argue with the content, I have seen press releases on Google announcing the work of the Hans Wilsdorf Foundation.

You might also consider these efforts on the part of Rolex.

http://www.townandcountrymag.com/soc...or-enterprise/

https://www.rolex.com/arts-and-cultu...-proteges.html

https://www.rolex.com/science-and-exploration.html

There other things that Rolex is involved with, but they are very quiet about much of what they do.

[rr-nyc]

Originally Posted by GradyPhilpott

I read that article and while I won't argue with the content, I have seen press releases on Google announcing the work of the Hans Wilsdorf Foundation.



You might also consider these efforts on the part of Rolex.



http://www.townandcountrymag.com/soc...or-enterprise/



https://www.rolex.com/arts-and-cultu...-proteges.html



https://www.rolex.com/science-and-exploration.html



There other things that Rolex is involved with, but they are very quiet about much of what they do.

While I think that any type of giving is fantastic, this only furthers my position that they aren't as charitable as one would think of as a non for profit foundation. They proudly have announcement for Rolex branded initiatives but those three items can't cost more than a couple million. For a non-profit that grosses an estimated $4b in revenue, I think they could do a lot better

[T. Ferguson]

All my Rolex purchases get listed on schedule A as charitable contributions. Why do I keep getting audited?

Obviously the finances of the Wilsdorf trust are kept private. Not sure how the tax system works in Switzerland but I'd imagine they have to satisfy the Swiss government via tax returns every year in order to maintain their non-profit status.

[blufinz52]

Originally Posted by AK797

Yes, that's why I sleep well at night. I don't just buy gold Rolexes for myself, I do it for the kids.

Got a good laugh out of that

[rr-nyc]

Originally Posted by T. Ferguson

All my Rolex purchases get listed on schedule A as charitable contributions. Why do I keep getting audited?

Obviously the finances of the Wilsdorf trust are kept private. Not sure how the tax system works in Switzerland but I'd imagine they have to satisfy the Swiss government via tax returns every year in order to maintain their non-profit status.

That would be awesome if we could

I imagine the Swiss make the distinction between a non-profit and a charity like we do even though some use the term interchangeably

[Etschell]

Swiss tax rates are some of the lowest in the world.

Additionally the foundation probably employs members of the lineal wilsdorf line, pays them salary and tax free perks.

[Hairdude1]

Originally Posted by AK797

Yes, that's why I sleep well at night. I don't just buy gold Rolexes for myself, I do it for the kids.

Don't we all!

[77T]

"Non-profitable"? No, very profitable...as they should be.

The Wilsdorf Foundation has some functions that reduce Rolex's tax exposure but the real ownership and cross ownership shares are a tangled web. I recalled a TRF discussion a few years back and this is the case that had the most insight into who does what at Rolex: http://openjurist.org/992/f2d/508/un...-rolex-watches

It's an old case but gives you an idea of how there is now way to know where the CHF lands once you buy...

[BNA/LION]

Yep! You don't write off you Rolex watch purchses on your taxes? Chraiatable Contributions! 😀

[GB-man]

Originally Posted by AK797

Yes, that's why I sleep well at night. I don't just buy gold Rolexes for myself, I do it for the kids.

[OmegaJJH]

Originally Posted by GB-man

Good emoji use there Tom