Capital Markets for Charity via For-Profits or Debt

A real capital market for charity could be created two ways: forming for-profit charities that keep tax-deductibility for donors (since no benefit inures to them) but pay tax on profits and allow equity ownership; or, for tax-exempt organizations, creating debt markets where investors finance fundraising at high interest rates reflecting risk—as Pallotta's Breast Cancer 3-Days, launched with $350,000 and netting $194 million over five years, could easily have paid venture-capital-style returns.