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October 06, 2003
Golden Key Sells Your Bits to Credit Card Companies Why can't I stop these damn incessant unsolicited credit card offers from MBNA? It's because Golden Key National Honor Society has sold them my address, and uses address update tools to track me down every time I move! Golden Key claims to be a "a nonprofit academic honors organization"…organized "to recognize and encourage scholastic achievement and excellence in all undergraduate fields of study…" The group's main contribution to my life has been unsolicited offers of credit, which can bestow the miracle of instant credit, and her ugly sisters, who are hidden in the closet by the financial services industry: the miracle of instant bankruptcy, and the miracle of instant identity theft. Golden Key's IRS Form 990 (which every 501(c)(3) organization is required to file) shows that the company is spending a whole hell of a lot of money in order to recognize scholastic achievement. 990s are sometimes tricky to read, but it looks as though they are spending a mere 700k on scholarships, while the top ranking employee pays himself 200k a year. $1.2 million is spent on ceremonies, and it is unclear whether any of that money becomes scholarships. The group spends almost $4 million a year promoting itself. If you ask me, a group should be able to give away more than $2 million in benefits annually if it has budget that exceeds $10 million. You can get Form 990s on almost any non-profit by visiting Guidestar.org. I get more mail from these guys than I can count. I only wish more legitimate honor societies sent me things. I'd love to get copies of each new edition of The American Scholar from PBK. Posted by: at October 7, 2003 10:49 AMPost a comment
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