According to a Canadian nonprofit, Drummond Pike, CEO of the San-Francisco-based Tides Foundation, an innovative leftwing grantmaker, has resigned as head of the group he founded 34 years ago.
A little-known benefactor to radical activist groups, Pike achieved notoriety in 2008 when he personally contributed $700,000 to help coverup and compensate the radical community organizing group ACORN for a nearly $1 million embezzlement by ACORN financial officer Dale Rathke. Dale Rathke is the brother of Pike’s friend Wade Rathke, who founded ACORN and was a founding board member of Tides.
Tides has achieved reknown for revolutionizing the way money is gathered and distributed to left-leaning groups. The Tides Foundation maintains some 300 donor-advised funds. In 2008 it accepted $114 million from individual and foundation donors and made 1800 grants totaling $105 million. The Tides Center, a spin-off group, acts as a “fiscal sponsor” lending its management and fundraising skills and, more importantly, its tax-exempt status, to new and inexperienced activist organizations that are treated as Tides “projects” for legal and tax purposes.
Capital Research Center will examine Tides in its forthcoming October Foundation Watch publication. Word of Pike’s resignation reached us after our press deadline