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I have some concerns around the Signal foundation: The initial $50M in funding was a loan, not a donation, from Brian Acton to the new nonprofit Signal Technol

I have some concerns around the Signal foundation: The initial $50M in funding was a loan, not a donation, from Brian Acton to the new nonprofit Signal Technology Foundation. By the end of 2018, the loan had increased to $105,000,400, which is due to be repaid on February 28, 2068. The loan is unsecured and at 0% interest.[5] The Foundation is completely controlled by Brian Acton, who is the sole "member" of the nonprofit, with the right to appoint or remove every member of the Board of Directors. The Board consists of Acton and Marlinspike. Acton is also the President.[5]

sk2020 6y ago
Is there a reason to suspect Brian Acton’s motives? I’m always skeptical of celebrity-hackers, but I don’t know why I should be worried about Acton in particular.
- walrus01 6y ago
  I sincerely hope that he is like a younger version of Mitch Kapor, who used his money to launch the EFF. https://en.wikipedia.org/wiki/Mitch_Kapor https://en.wikipedia.org/wiki/Mitch_Kapor I would be very disappointed if I found out that Acton had any hidden motivations behind his philanthropic support.
codethief 6y ago
I think you intended to link the sources but you didn't. Could you still provide them please? I'd be very interested in where those numbers come from.
- joecool1029 6y ago
  Here's the foundation's Form 990 from 2018: https://projects.propublica.org/nonprofits/display_990/824506840/12_2019_prefixes_82-86%2F824506840_201812_990_2019121216951146 https://projects.propublica.org/nonprofits/display_990/82450...
  - codethief 6y ago
    Very cool, thank you!
joecool1029 6y ago
> The Foundation is completely controlled by Brian Acton, who is the sole "member" of the nonprofit It doesn't seem unusual to have a single member nonprofit. However, is it a usual thing to loan to your own nonprofit foundation at 0%? Without a plan to generate positive cashflow into the foundation, would he forgive this loan to offset future taxes? Genuinely curious.

sk2020 6y ago

Is there a reason to suspect Brian Acton’s motives? I’m always skeptical of celebrity-hackers, but I don’t know why I should be worried about Acton in particular.

walrus01 6y ago
I sincerely hope that he is like a younger version of Mitch Kapor, who used his money to launch the EFF. https://en.wikipedia.org/wiki/Mitch_Kapor https://en.wikipedia.org/wiki/Mitch_Kapor I would be very disappointed if I found out that Acton had any hidden motivations behind his philanthropic support.

codethief 6y ago

I think you intended to link the sources but you didn't. Could you still provide them please? I'd be very interested in where those numbers come from.

joecool1029 6y ago
Here's the foundation's Form 990 from 2018: https://projects.propublica.org/nonprofits/display_990/824506840/12_2019_prefixes_82-86%2F824506840_201812_990_2019121216951146 https://projects.propublica.org/nonprofits/display_990/82450...
- codethief 6y ago
  Very cool, thank you!

joecool1029 6y ago

> The Foundation is completely controlled by Brian Acton, who is the sole "member" of the nonprofit It doesn't seem unusual to have a single member nonprofit. However, is it a usual thing to loan to your own nonprofit foundation at 0%? Without a plan to generate positive cashflow into the foundation, would he forgive this loan to offset future taxes? Genuinely curious.