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“This report allows donors to make informed choices in their charitable giving,” Brown said. “Some commercial fundraisers are effective at generating millions for worthwhile charities but many others divert the majority of the donations to overhead.”
Among numerous other tables, the annual report contains an alphabetical list of charities that hired commercial fundraisers in 2009 – along with the total revenue raised in those campaigns and the dollar amount and percentage of total funds raised that went to the charity.
Commercial fundraisers, who are hired by charities to raise money on their behalf, typically charge a flat fee for their services or a percentage of the contributions they collect.
By law, commercial fundraisers must register with the Attorney General's Office prior to fundraising in California and must file annual financial disclosure reports detailing income and expenses for each fundraising campaign.
According to reports filed with Brown's office, commercial fundraisers collected $391.5 million in donations in 2009. This figure excludes thrift store operations and vehicle donation programs, which are accounted for in a supplemental report.
On average, $166.8 million – or 42.61 percent of the funds raised – went to the charities. The remainder was retained by the commercial fundraisers as payment of fees and expenses.
Brown's office also publishes the Guide to Charitable Giving for Donors that provides advice, guidelines and information to help donors make informed decisions about giving. The Guide suggests that donors:
1. Ask the solicitor how a donation will be distributed.
2. Ask what percentage of donations will be used to pay for fundraising expenses.
3. Ask if the solicitor works for a commercial fundraiser and is being paid to solicit.
4. Avoid cash donations.
5. Avoid giving credit card information to a telephone solicitor or in response to a telephone solicitation.
6. Learn about a charitable organization, its activities and its fundraising practices before giving. Donors can Brown's office maintains a searchable online database on registered charities at http://rct.doj.ca.gov/MyLicenseVerification/Search.aspx?facility=Y, and on registered commercial fundraisers at http://cfr.doj.ca.gov/. Donors can also check the Web sites of the Wise Giving Alliance at http://www.bbb.org/us/charity/ and the American Institute of Philanthropy at http://www.charitywatch.org .
The guide is available online at http://ag.ca.gov/charities/publications.php#cfrReports .
The Attorney General's annual report on commercial fundraisers, currently in its 18th year of publication, can be found at http://ag.ca.gov/publications/.
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None of the loans were made by Wells Fargo. All were originated by World Savings and Wachovia, banks Wells Fargo acquired.
“Customers were offered adjustable-rate loans with payments that mushroomed to amounts that ultimately thousands of borrowers could not afford,” Brown said. “Recognizing the harm caused by these loans, Wells Fargo accepted responsibility and entered into this settlement with my office.”
“The majority of Wachovia’s Pick-a-Payment customers reside in California,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “We’re pleased that going forward the attorney general’s office will assist with outreach, so that we can continue to work with as many customers as possible on the options available to them to prevent foreclosures.”
The pick-a-pay, or pay option adjustable-rate, mortgage loans allowed borrowers to make payments at various levels.
The highest level fully covered the monthly interest and principal due. Another level covered interest only. At the minimum level, payment was insufficient to cover the monthly interest owed, and the unpaid interest was added to the loan balance.
Ultimately, the loans would reset, increasing the monthly payments dramatically.
Faced with unemployment, dramatic declines in home prices, and the sharp escalation of the monthly payments, thousands of borrowers were unable to meet their mortgage payments.
The settlement with Wells Fargo covers loans made by World Savings Bank, a subsidiary of Golden West Financial Corp., and Wachovia Bank. Wachovia purchased World Savings in 2006, and Wells Fargo then acquired Wachovia in 2008.
Under the settlement, Wells Fargo will offer affordable loan modifications to an estimated 14,900 California borrowers with pick-a-pay loans made by World Savings or Wachovia. Many of the modifications will include significant principal forgiveness.
The total value of the modifications mandated by the settlement is projected to be more than $2 billion.
Wells Fargo is also required to pay $32 million in restitution to more than 12,000 pick-a-pay borrowers in California who lost their homes through foreclosure, plus approximately $1.8 million in costs to the state. Payments to foreclosed homeowners are expected to average more than $2,650.
Wells Fargo has reached settlements over pick-a-pay loans with attorneys general of several other states, including Arizona, Colorado, Florida, Illinois, Nevada, New Jersey, Texas and Washington.
California borrowers eligible for loan modifications should get a notice from Wells Fargo within the next two months.
Borrowers who suffered foreclosures should be notified during the first six months of 2011.
For further information and updates, check the Attorney General's Web site at www.ag.ca.gov.
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The business was established in 1995 and has been serving all of Lake County reliably and professionally for over 15 years.
Polestar is the oldest and largest computer store in Lake County, providing exceptional customer service with competitive prices and dedicated to solving all your computer issues.
With trained and experienced technicians, Polestar will help evaluate your computer needs and find the right solution.
For the business and professional offices or an individual computer user, Polestar provides customers with a large selection of major manufacturer products and technical support, network systems and upgrades.
Polestar’s agreement with a national distributor allows the customer a selection from a wide range of major manufacturer’s PC systems, components, peripherals, software, printers, scanners and all other computer related supplies.
For those special items not in stock, Polestar will special order to accommodate their customers. Polestar provides many of their services to local city and county departments, schools and organizations.
Like most other quality Lake County businesses, Polestar is locally owned and operated.
Owners Armand, who has 35 years of computer experience, and Trena Pauly not only provide services six days a week but are involved in the community.
Armand Pauly taught computer classes at Mendocino College, is the president of the Lake County Chamber of Commerce, member of Kelseyville Sunrise Rotary and member of the Clearlake Chamber of Commerce.
Trena Pauly is president of the Kelseyville Business Association, member of the Lake County Wine Alliance, member of Beta Sigma Phi Sorority and involved in many community activities.
Polestar Computers is located downtown Kelseyville at 3930 Main St., telephone 707-279-1228, or go to www.polestarcomputer.com.
Polestar is there to help with all your computer needs and is committed to high performance standards, excellent service and customer satisfaction.
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“DIRECTV won customers by offering special deals with hidden costs, and also extended customers' contracts without telling them,” Brown said. “With this settlement, DIRECTV will reimburse customers and change its sales and advertising practices to comply with the law.”
The settlement by Brown and 48 other state attorneys general was filed this week in San Diego Superior Court. It requires DIRECTV to make full restitution to all victims.
In addition, the company is required to pay $13.25 million to the 49 states and the District of Columbia in civil penalties and costs, and obey state laws.
DIRECTV, based in El Segundo, has more than 18 million subscribers nationwide with more than one million in California.
The multi-state investigation found the company engaged in practices that misled customers about how much they would be required to pay and what kind of programming they could expect. The investigation established that DIRECTV:
– Extended contracts without customers' knowledge. When the company serviced faulty DIRECTV equipment, its representative asked customers to sign what appeared to be service documents. Customers later learned that their signatures had extended their contacts for another two years.
– Failed to deliver promised channels. In its promotions, the company promised potential subscribers access to sports channels and local stations, but subscribers discovered that some of the promised programming was not available.
– Change the terms of promotions. The company offered cash-back deals and free trials but did not disclose key details, and some customers ended up paying more than expected. For example, DIRECTV offered a two-year deal at $29.99 a month (compared to a typical charge of $53.99 or $63.99) but did not disclose that the second year was at the regular price.
As part of the settlement, DIRECTV agreed to clearly state all costs, services offered, length of contracts and terms of cancellations and refunds.
Brown's office is reviewing the 1,136 complaints it has received about DIRECTV to determine which customers are entitled to restitution. Complaints about conduct that occurred after Jan. 1, 2007, are eligible for restitution.
Californians who believe they were misled by DIRECTV have until June 9 to file a complaint with the Attorney General's office at http://ag.ca.gov/consumers/general.php.