has in the past, King turned to Levison to help him handle this problem as well as all financing of the SCLC. At a retreat in September, 1967, it was decided that SCLC would attempt to raise $1,500,000 during the coming year. It was contemplated that this money would be realized through the mail-appeal program of SCLC under the general supervision of Levison.
During the fiscal year July 1, 1966, to June 30, 1967, SCLC realized income in the amount of $901,021.52. The total expenses of SCLC for this period were $859,933.34. This indicated income exceeded expenses by $41,088.18.
A Tax Dodge
The SCLC set up Foundations to serve as tax-exempt organizations that would solicit funds for SCLC. To this end, the American Foundation on Nonviolence of New York City and the Southern Christian Leadership Foundation of Chicago, Illinois, were established. As money is needed by SCLC, Harry Wachtel reportedly funnels the money from the American Foundation on Nonviolence to SCLC.
Funds from Firms and Foundations
In February, 1967, the firm of Merrill Lynch, Pierce, Fenner, and Smith, a stock brokerage firm, contributed $15,000 to SCLC. In August, 1967, Edward Lamb of the Edward Lamb Foundation, Toledo, Ohio, donated some stock to SCLC, which had a market value of $6,000. Edward Lamb is a well-known successful businessman in Toledo, Ohio.
It was learned in November, 1967, that the Ford Foundation was about to give SCLC $230,000. This money was to train Negro ministers in 25 cities throughout the Nation to become qualified leaders in the ghetto areas.
Funds from Individuals
In October, 1965, Governor of New York Nelson Rockefeller matched the $25,000 donation which King made to the Gandhi Society for Human Rights, another fund-raising adjunct of SCLC.
