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Walmart1Percent.Org
Walmart1Percent.Org 1
WALTON FAMILY PHILANTHROPY:
A Distraction from the Walmart Economy
Americans believe in the power of charitable giving. Eighty-eight percent of American households
give to charity, contributing more than $2,000 per year on average.
1
Despite their charitable
inclinations, most American families, acting on their own, lack the nancial resources to make
a signicant impact on the problems facing our society. The Walton family, majority owner of
Walmart, is a notable exception. As members of the richest family in the United States, the
Waltons have $140 billion at their disposalenough wealth to make a positive mark on the world
and still leave a fortune for their descendants.
The Waltons certainly wish to be seen as a force for good. Their company claims to help people
live better and the Walton Family Foundation mission statement speaks of creating opportunity
so that individuals and communities can live better in todays world.
2
But that mission statement
seems ironic, given that many of the most acute challenges facing American families in 2014 could
rightfully be viewed as symptoms of our Walmart economy, characterized by rising inequality
and economic insecurity. Fifteen percent of Americans, more than 46 million people, now live
beneath the ofcial federal poverty line.
3

Millions more are relegated to low-wage,
4

part-time
5
jobs and struggling to make ends
meet, just one paycheck or health emergency
away from crisis. Between 2009 and 2011,
nearly one-third of Americans fell below the
poverty line for at least two months.
6
When it comes to the declining fortunes of
Americas working families, the Waltons (who
own a majority of Walmart shares, have three
seats on the companys board of directors,
and hold the chairmanship) have not been
innocent bystanders. Under their ownership,
Walmarts relentless cost-cutting has helped
to fuel the offshoring craze
7
and reduce retail
wages here at home.
8
By Walmarts own
inadvertent admission, more than half of its
US employees, as many as 825,000 workers,
live on less than $25,000 per year.
9
The
company intensied its hiring of temporary
workers last year, while continuing to deny full-time hours to many employees who want them.
10

Further, Walmart is so big and such an aggressive competitor that it now sets the standard for
much of the service sector. The Walmart economy is more than just a populist sloganthe
fastest growing jobs during the present economic recovery are low-wage retail jobs,
11
and that
trend that is projected to persist into the future.
12

Walmart and the Waltons have faced persistent criticism over the negative impacts of Walmarts
business model.
13
And the fact that six heirs to Walmart co-founders Sam and Bud Walton
14
have
as much wealth as 42% of American families combined
15
has become a well-known symbol of an
economy tilted toward the 1 percent. Last fall, Gawker christened the Waltons the greediest family
in the world.
16
Former Secretary of Labor Robert Reich recently called Walmart the poster child
for low wages and lousy benets.
17

The Waltons have responded to rising criticism, in part, by seeking to present themselves as
generous philanthropists, dedicated to using the Walton Family Foundation to create opportunities
for the disadvantaged.
18
This report will show that, if giving to the Walton Family Foundation is
Source: Reuters
2 THE PHONY PHILANTHROPY OF THE WALMART HEIRS
their primary way of practicing charity, then the Waltons
are hardly philanthropists.

When we analyzed the
Foundations tax returns, even we were surprised by
three facts that would appear to completely undermine
the Waltons claim to that designation:
One, the Walmart heirs have given surprisingly little
of their own wealth to the foundation that bears their
nametheir combined contributions equal just .04%
of their present net worth;
Two, the Waltons have used the tax-exempt Walton
Family Foundation as part of a wealth management
strategy to reduce or eliminate estate taxes on the
inter-generational transfer of Walton family wealth;
and
Three, the Foundations assets and grant-making are
actually rather modest compared to the Waltons
wealth.
Before we go into those ndings in greater detail we
want to take a step back in order to begin the discussion
from another important fact: if they wanted to, the
Waltons could be the most generous philanthropists in
America, and probably the world.
OVERVIEW The Phony Philanthropy of the Walmart Heirs
Name Notes
Net Worth
(2/2014)
A
Contributions
to Walton
Family Foun-
dation
B
% of Net
Worth
Contributed
% of Total
Contributions
to the
Foundation
Last
Contribution
Rob
Walton
Walmart Chairman
Co-owner, Arvest Bank
$34.2B ZERO ZERO ZERO Never
Alice
Walton
Owner, Rocking W Ranch
Former investment banker
$34.3B ZERO ZERO ZERO Never
Jim
Walton
Co-owner & CEO, Arvest
Bank; Walmart Director
$34.7B $3M .01% 0.06% 1998
Walton
Enterprises,
LLC
Family holding company
controlled by Rob, Jim, and
Alice; Owns 1.6B Walmart
shares
N/A $3.4M N/A 0.07% 2005
Christy
Walton
C
Widow of John Walton
(Inherited Johns interest in
Walton Enterprises)
$36.7B $ 52.02M .14% 1.07% 2012
TOTAL $139.9B $58.5 M .04% 1.21% N/A
Table 1. Overview: The Phony Philanthropy of the Walmart Heirs
A
Forbes, The Worlds Billionaires, (Retrieved March 15, 2014). www.forbes.com/billionaires/list/#tab:overall_search:walton
B
Contributions derived from Walton Family Foundation annual tax returns (IRS Form 990-PF); excludes the years 1987, 1994, and 1995, for which we were
unable to obtain tax returns; activity of the Foundation in its founding year, 1987, was minimal.
C
Includes contributions by Christys late husband, John, and her son, Lukas.
A Note on the Limitations of Our Data.
We believe it is reasonable to assume that
the Walton Family Foundation is the primary
vehicle through which the Waltons contrib-
ute to charity. However, to the extent that the
Waltons make charitable contributions to
entities other than the Walton Family Foun-
dation the ndings in this report will under-
estimate their total charitable giving. Many
tax-exempt charitable organizations are
not required to disclose all of their donors,
making it difcult to determine with certainty
the extent of Walton giving. We consulted
the best available sources in order to assess
whether outside giving by the Waltons might
rise to a level sufcient to contradict our
basic conclusions. We did not nd evidence
of major, sustained, giving by the Waltons
to charitable organizations other than the
Walton Family Foundation (for more detail,
see Notes on Data and Methodology, at the
end of this report).
Walmart1Percent.Org 3
THE WALMART HEIRS:
Rich Enough to Make a Difference
The four Waltons who are the focus of this report include Rob, Jim and Alice
the three surviving children of Walmart co-founder Sam Walton (d. 1992) and
his wife, Helen (d. 2007) and Christy, widow of Sam and Helens son, John
(d. 2005). The Walmart heirs combined $139.9 billion fortune
19
originates from
the massive stake in Walmart
20
that they received, partly as gifts and partly
as an inheritance, from Sam and
Helen Walton.
21
Rob, Jim, and Alice
Walton control their Walmart shares
through the family holding company,
Walton Enterprises, LLC, which also
oversees other parts of the Walton
family business empire, and helps to
manage the Walton Family Foundation.
When their brother, John Walton, died
in 2005, their sister-in-law Christy
inherited his ownership interest in
Walton Enterprises (but not his voting
rights).
22
The Waltons are not just
passive owners of Walmart. Rob Walton
has been chairman of the companys
board of directors since 1992 and Jim
Walton has served as a director since
2005. Robs son-in-law, Greg Penner,
also serves on the board.
The Waltons are the richest family
in the United States, and they keep
getting richer. This year, Walmart will
pay Rob, Jim, Alice, and Christy Walton
$3.16 billion in dividends.
23
To put this
number in perspective, the Waltons will
see more than $8.6 million in dividends
every single day of the year. Meanwhile, Walmart workers struggle to get by on an average wage
of $8.81 per hour. Thus, Walmart offers a stark contrast between the wealth of one family and the
poverty of a massive low-wage workforce.
The Walton Family Foundation is a heavyweight in the world of non-protswith nearly $2 billion
in assets it is one of just 56 private foundations in the country that exceeds the $1 billion mark.
24

Still, the Foundations holdings are equivalent to less than 1.5% of the Waltons $139.9 billion net
worth.
25
Over the course of its entire 26-year existence, the Foundation has spent about $3.56
billion on the causes it supports.
26
During that same period, the Waltons wealth grew by more
than $93 billion
27
and the Walmart heirs received an estimated $17.1 billion in Walmart dividends.
28

With this kind of wealth, the Waltons could easily afford to support good jobs for Walmart
employees and also give generously to the family foundation. But they dont.
1
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4 THE PHONY PHILANTHROPY OF THE WALMART HEIRS
HAVING A FOUNDATION DOES NOT
MAKE THE WALTONS PHILANTHROPISTS
Even die-hard critics of Walmarts business practices tend to give the Waltons
the benet of the doubt when it comes to their philanthropic pursuits.
29
Because
the idea of Walton generosity has been widely circulated, public debate over the
familys philanthropic activities has often focused on the question of whether
their charitable work in some way mitigates the negative societal impacts
of Walmarts business practices. Accordingly, a writer at Nonprot Quarterly recently asked,
Does the philanthropic largess of the Walton family insulate them from blame for the perceived
injustices their Walmart chain inicts on society?
30
This question seems reasonable enough, even
provocative, in a good way. Unfortunately, the premise that the activities of the Walton Family
Foundation reect the Walton familys largess is factually incorrect. It is a myth that has been
perpetuated by the Waltons themselves and accepted at face valueuntil now.
If a philanthropist is a person who seeks to promote the welfare of others, especially by the
generous donation of money to good causes,
31
then the Waltons are not philanthropists, at least
not when it comes to their own family foundation, the primary philanthropic entity with which
they have been publicly associated. Simply put, the Waltons do not contribute generously to their
family foundation. Instead, they fund it almost entirely with income generated by special trusts
trusts that are designed to help the family avoid estate taxes on money left behind by deceased
relatives.
32
When we discuss the Waltons management of the Walton Family Foundation, then, we
are not talking about philanthropy in the conventionally understood sense of that term; we are
talking about a strategic effort by Americas richest family to preserve, increase, and pass down
unearned wealth.
Walmart Dividends Paid to the
Walmart Heirs
Contributions by Walmart Heirs
to the Walton Family Foundation
Figure 1. Walmart Heirs: Walmart Dividends vs. Contributions to the Walton Family Foundation
2
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Walmart1Percent.Org 5
The central nding of this report is simple: Our analysis of 23 years worth of the Walton Family
Foundations tax returns shows that Rob, Jim, Alice and Christy Waltonthe second generation
Walmart heirshave contributed almost none of their personal fortune to the foundation which
bears their family name.
33
Specically:
Rob and Alice Walton made zero individual contributions to the Foundation during the 23 years
we examined;
Jim Walton made a single personal contribution of $3 million to the Walton Family Foundation,
more than 15 years ago;
34
Rob, Jim, and Alice Walton and the family holding company they control (Walton Enterprises)
have been responsible for only .13% of all contributions to the Walton Family Foundation ($6.4
million);
Among the second generation Walton heirs, it is the in-law, Christy, who has been responsible
for the largest share of contributions to the Foundation;
35

The four Walmart heirs and Walton Enterprises combined have been responsible for only 1.2%
of all contributions to the Walton Family Foundation.
The combined lifetime contributions of the second generation Walmart heirs and their family
holding company to the Walton Family Foundation come to $58.49 million, or:
About .04% of the Waltons net worth of $139.9 billion;
About .34% of the estimated $17.1 Billion in Walmart dividends that Rob, Jim, Alice and Christy
received during the years we analyzed;
Less than one weeks worth of the Walmart dividends the Waltons will receive this year;
Less than the estimated value of Rob Waltons collection of vintage sports cars.
This raises a question: If the Waltons dont personally fund the Foundation, who or what does?
The simple answer to this question is that the Foundation has been funded primarily by trusts
established with assets provided by the late Sam, Helen, and John Walton or their estates. A
careful examination of the way these trusts work further undermines the philanthropic credentials
of the Walmart heirs, an issue to which we turn in the next section of this report.
6 THE PHONY PHILANTHROPY OF THE WALMART HEIRS
FINANCIALLY STRATEGIC PHILANTHROPY:
How the Waltons Game the System by Funding
their Foundation with Tax-Avoiding Trusts
The Waltons game the rules governing tax-exempt organizations by taking
advantage of loopholes in the tax code to nance their foundation with special
tax-avoiding trusts. Perhaps this should not be surprising, given that the Walton
family previously backed failed efforts to permanently repeal the estate tax.
40
Still, it seems like
something is wrong with the system when the Waltons, who do not even use their own wealth to
fund their private foundation, are likely to end up richer than they would otherwise be as a result
of their charitable activities.
The Walmart heirs have built one of the largest and most powerful private foundations in the
countryat almost no cost to themselves. They have done so with the assistance of nancial
experts who manage the family holding company, Walton Enterprises, and the Walton Family
Foundation with a keen eye toward maximizing the familys wealth. In addition, the Waltons are
exploiting complex loopholes in the tax code in order to avoid billions of dollars in estate taxes by
funding their Foundation with special trusts.
Contributions to the Walton Family Foundation
Sam and Helen Walton and Trusts Established by Sam, Helen, and John or their Estates
$ MILLIONS % OF TOTAL
21 Trusts Designed for Estate Tax Avoidance (see Section 4) 3,077.64 63.47%
Helen Walton (d. 2007) 548.9 11.32%
Other Trusts Established by Helen Walton (d. 2007)
A
968.84 19.98%
Other Trusts Established by Sam Walton (d. 1992)
B
194.59 4.01%
Sam, Helen and Trusts Total 4,782.97 98.79%
Second Generation Walmart Heirs and Walton Enterprises
$ MILLIONS % OF TOTAL
Rob Walton ZERO ZERO
Alice Walton ZERO ZERO
Jim Walton 3.04 0.06%
Walton Enterprises (Walton family holding company) 3.43 0.07%
Christy Walton (including John and Lukas) 52.02 1.07%
Walmart Heirs and Walton Enterprises Total 58.49 1.21%

3
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Table 2. Source of Contributions to the Walton Family Foundation
A
Trusts active between 1989 and 2007
B
Trusts active between 1989 and 2003
Source: Walton Family Foundation Annual Tax Returns (IRS Form 990-PF), 1988-1993; 1996-2012
Walmart1Percent.Org 7
Rather than use their own wealth to support the familys philanthropic activities, the Walmart
heirs channel funds to the Walton Family Foundation through 21 Charitable Lead Annuity Trusts
(or CLATs) that were established with the assets left behind by the late Helen and John Walton.
As Bloomberg News reporter Zachary Mider has explained in great detail, CLATs are specically
designed to help ultra-wealthy families avoid gift and estate taxes that would otherwise be
imposed on the inter-generational transfer of wealth.
41
According to Mider, the Waltons are
the largest users of CLATs. We found that these trusts have provided more than 99% of the
Foundations contributions since 2008.
The Walton CLATs had assets of about $8.8 billion at the end of 2012
42
more than 4 times the
Foundation itself. During the life of these trusts
43
a portion of the income they earn (dividends
and capital gains, primarily) must go to the Walton Family Foundation. When the trusts expire,
however, their underlying assets, along with any income earned above the amount required to
go to the Foundation, will revert to the trusts non-charitable beneciaries, presumably second or
third generation Walmart heirs.
44
The non-charitable beneciaries of the trusts will likely receive
these trust assets entirely free of estate taxesa tax savings that Americans for Tax Fairness (ATF)
estimates will come to about $3 billion.
45
According to ATF, the Walmart heirs could use the same
strategy to transfer their wealth to the next generation of Waltons, thereby avoiding tens of
billions of dollars in additional gift or estate taxes while providing a massive windfall of unearned
wealth...
46

While the Walton CLATs have been responsible for almost all contributions to the Foundation since
2008, about $1 billion in contributions between 1989 and 2007 came from several other trusts
that had been established by Sam and Helen Walton (generally, a variety known as Charitable
Remainder Annuity Trusts, or CRATs). Although we have been unable to obtain the documents that
would allow us to analyze these trusts in detail, it is likely that they, too, provided substantial tax
benets to Sam and Helen Walton and/or their heirs.
47
The Walton Family Foundation and the trusts that fund it are best understood as yet another
outpost in the vast Walton family business empire. They are designed to secure and increase the
familys wealth and improve their public image, while taking advantage of the Foundations tax-
exempt status to advance causes and public policies that are consistent with the familys public
relations concerns, business interests, and conservative worldview.
48

Walton Family Foundation Board of Directors
Children of Sam and Helen Walton
Rob Walton Jim Walton Alice Walton
Grandchildren of Sam and Helen Walton
Sam R Walton
Carrie Walton Penner
Benjamin Walton
Alice Walton Proietti
Steuart Walton
Thomas Walton
Lukas Walton
James Walton
Source: Walton Family Foundation, IRS Form 990 (2012)
8 THE PHONY PHILANTHROPY OF THE WALMART HEIRS
NOT EVEN IN THE BALL PARK:
Walton Philanthropy in Comparative Perspective
With respect to their own family foundation, we have seen that the Waltons
charitable giving is negligible, relative to the Foundations assets and their
personal wealth. But how do the Waltons stack up against their fellow
Americans as philanthropists? If the Walton Family Foundation is their primary
vehicle for philanthropy, the Waltons are far less generous than most Americans
when it comes to charitable giving; and thats the case whether they are compared with todays
most celebrated billionaire philanthropists, garden variety millionaires, or just ordinary, middle-
class Americans.
49

Americas most
notable contemporary
philanthropists are
probably Microsoft
founder Bill Gates
and investing legend
Warren Buffett, who are
currently the #1 and #2
Americans on the Forbes
billionaires list.
50
Gates
and Buffett collaborate
in their philanthropic
activities and both serve
on the board of the
Bill & Melinda Gates
Foundation, which is
their primary vehicle
for charitable giving.
Gates, who is worth $77
billion,
51
had reportedly
contributed $28 billion to
his Foundation as of early
2011.
52
He has indicated
that he intends to leave a
relatively modest $10 million inheritance to each of his children.
53
Warren Buffett has pledged
to give about 85% of his wealth, which currently stands at $65 billion, to charity. As of late 2012,
Buffett had donated about $17.5 billion to the Gates Foundation.
54

Gates and Buffetts $45.5 billion in combined charitable giving to date far exceeds that of the
Waltons, assuming that the bulk of the Waltons charitable giving is to their family foundation.
They also outpace the Waltons dramatically when it comes to making grants from their respective
foundations. In 2012 alone, the Gates Foundation spent $3.89 billion on charitable activities.
55
Thats
about $30 million more than has been spent by the Walton Family Foundation over the course of
its entire existence, from 1987 to 2012.
56

In addition to being prolic donors and grant-makers themselves, Gates and Buffett initiated the
Giving Pledgea campaign that encourages their fellow billionaires to give away more than
half their wealth during their lifetime, or in their will.
If the Waltons are no match for Bill Gates and Warren Buffett, how do they compare to the
founding fathers of American philanthropy, men whom they might otherwise recognize as
Walmart
Heirs
Bill
Gates
Warren
Buffett
26.9%
36.2% .04%
% of net worth contributed to
related charitable foundation
4
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Figure 2. Billionaire Philanthropy: The Walmart Heirs, Bill Gates, and Warren Buffett
Walmart1Percent.Org 9
kindred spirits? Like the Waltons
today, John D. Rockefeller (d. 1937)
and Andrew Carnegie (d. 1919) were
known as single-mindedly prot-
oriented capitalists, with little regard
for their own workers. When it came
to charity, however, their estimated
combined giving equaled more
than 2,000 times the Walmart heirs
personal contributions to the Walton
Family Foundation. Oil tycoon John
D. Rockefeller was Americas rst
billionaire. He accumulated a fortune
that would have been the equivalent of
$192 billion in 2007, and reportedly gave
away about one-third of it between
1855 and 1934.
57
Carnegie sold his steel
company in 1901, retired from business,
and gave away most of his wealth by
the time he died in 1919; it is estimated
that his fortune

would have been
equivalent to $75 billion in 2007.
58

One last measure of the Waltons relative generosity is the share of their income that they
contribute to charity. While it is possible that the some or all of the Waltons give to charitable
entities other than the Walton Family Foundation, we did not nd evidence of major, sustained,
giving by the Waltons to other charitable organizations (see Notes on Data and Methodology,
at the conclusion of this report). If the Walton Family Foundation is their primary mechanism
for giving, the Waltons give much less
generously than both their wealthy peers
and more typical American households.
59

According to The Chronicle of
Philanthropy, middle-income earners
(earning $50K to $99K) contribute six
percent of their discretionary income to
charity.
60
During the 23 years for which we
have data, the Walmart heirs contributed
$58.49 million to the Walton Family
Foundationjust .34% of the estimated
$17.1 billion in Walmart dividend income
they received in the same period (and the
Waltons likely had substantial investment
income from other sources as well).
61

A recent study of households with at least
$1 million in assets found that they give
an average of 8.7% of their annual income
to charity.
62
If the Waltons had given to the
Walton Family Foundation at this rate, they
would have contributed $1.49 billion over
the period we analyzedalmost 26 times
36.2%
% of income contributed to charity
*Contributions to Walton Family Foundation only
M
i
l
l
i
o
n
a
i
r
e
s

(
8
.
7
%
)
W
a
l
m
a
r
t

H
e
i
r
s

(
.
3
4
%
)
*
(
6
%
)
Contributions to related charitable foundation
*Bill & Melinda Gates Foundation | **Walton Family Foundation
B
i
l
l

G
a
t
e
s

(
2
8
B
)
*
W
a
r
r
e
n

B
u
f
f
e
t
t

(
1
7
.
5
B
)
*
W
a
l
m
a
r
t

H
e
i
r
s

(
.
0
6
B
)
*
*
Figure 3. Lifetime Giving: Bill Gates, Warren Buffett, Walmart Heirs
Figure 4. Percent of Income Contributed to Charity
10 THE PHONY PHILANTHROPY OF THE WALMART HEIRS
their actual giving. Another recent study found that families worth $100 million or more give 57%
of their income to charity.
63
To match that rate, the Waltons would have had to donate $9.7 billion
during the years we analyzed166 times more than their actual giving.
The Waltons seem to consider themselves philanthropists, but it is not at all clear why they
shouldunless having their name on a foundation is sufcient to qualify for that title. When it
comes to their own family foundation, the Waltons fail miserably as philanthropists, compared
to the standard set by their billionaire peers and middle class Americansand relative to their
almost unlimited means.
$17.1 Billion
Walmart Dividends Paid
to the Walmart Heirs
Contributions to the
Walton Family Foundation
from the Walmart Heirs
19882012
Figure 5. Walmart Heirs: Walmart Dividends vs. Contributions to the Walton Family Foundation (excluding 1994-1995)
Walmart1Percent.Org 11
THE WALTONS CAN DO BETTER
BY ACTUALLY DOING GOOD
Rob, Jim, Alice and Christy Walton inherited, or were gifted, control of Walmart
and a fortune that is now worth $140 billion. They have enough wealth and
power to literally change the world. And they need never worry about their
nancial well-being or that of their descendants. Yet, these Walmart heirs have
so far chosen to use their enormous wealth and power primarily in order to...
accumulate more wealth and power. Whether we are talking about the way they run Walmart or
the way they run the Walton Family Foundation, their shortsightedness and greed are remarkable.
The Waltons have used their foundation as a wealth management strategy and as a shield against
public criticism over their role as owners of Walmartthe largest low-wage employer in the
United States. We believe this report is an important step in helping Americans to see through the
Waltons phony philanthropy.
While the Waltons sit
on the greatest family
fortune in America and
collect $8.6 million per
day in Walmart dividends,
Walmart workers struggle
to get by on average pay
of $8.81 per hour. Many
of them are forced to rely
on public assistance to
care for their families.
Through the Organization
United for Respect at
Walmart (OUR Walmart)
some of these workers
have been calling on
Walmart to publicly
commit to very modest
improvements, such as
a $25,000 annual wage,
more full-time jobs for
those who want them,
and respect for workers
dignity and legal rights.
In response, the company illegally threatened, disciplined, and red workers who spoke out,
according to a complaint issued by the National Labor Relations Board General Counsel.
64

The Waltons are unquestionably the decision-makers at Walmart. They could snap their ngers
tomorrow and bring change to the company. They could take actions that would begin to give
the phrase the Walmart Economy a whole new meaning. While the Waltons are at it, they could
choose to give up on the tax-dodging trusts and begin to actually practice philanthropy. If the
Waltons took such bold steps we believe they would nd that its a lot easier to improve their
image by actually doing good in the world than by trying to fake it.
% of net worth personally contributed to
the Walton Family Foundation
.14%
Net Worth
Billion
.01%
Net Worth
Billion
0.0%
Net Worth
Billion
0.0%
Net Worth
Billion
Years: 1988-1993 and 1996-2012; Source: Walton Family Foundation Annual Tax Returns (IRS Form 990);
Forbes Billionaires List (as of March 15, 2014).
CINDY WALTON JIM WALTON ROB WALTON ALICE WALTON
C
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12 THE PHONY PHILANTHROPY OF THE WALMART HEIRS
NOTES ON DATA AND
METHODOLOGY
Data sources
The ndings in this report are based on publicly-available
information, reported on the annual tax returns of the
tax-exempt Walton Family Foundation (IRS Form 990-PF)
and certain trusts controlled by members of the Walton
family (IRS Form 5227), as well as forms led with the
Securities and Exchange Commission by Wal-Mart,
Stores, Inc. (including the 10-K or Annual Report, and the
DEF 14A or Proxy Statement). As a private foundation,
65

the Walton Family Foundation is required by law to report
the names of its donors and the amount contributed. With
the information obtained from these publicly available
sources we have been able to construct a near complete
picture of Walton family members giving to the Walton
Family Foundation as well as an estimate of the Waltons
income from Walmart dividends.
Limitations due to missing data
The Walton Family Foundation was founded in 1987.
We were able to obtain tax returns (IRS Form 990-PF)
for the Foundation for 23 out of 26 years: 1988 through
1993, and 1996 through 2012. The Foundation did very
little business in 1987 (according to its 1988 tax return,
the Foundation spent only $30 on charitable purposes
in 1987, and had only $970 in assets at the beginning
of 1988). Similarly, it does not appear likely, based on a
review of the Foundations 1993 and 1996 tax returns, that
the organization received contributions in the intervening
years that would have been large enough to alter the
basic ndings of this report, had those contributions
come from one or more of the four Walmart heirs.
However, because we are missing tax returns for 1987,
1994, and 1995, it is possible that our analysis fails to
capture every contribution made by one of the Walmart
heirs to the Foundation.
Limitations due to possible understatement of charitable
contributions
Throughout this report, we focus on the Walton Family
Foundation as the primary vehicle for charitable giving
by Rob, Jim, Alice and Christy Walton. However, some or
all of the Waltons may make charitable contributions to
other entities. To the extent that that is so, the ndings
in this report will underestimate their total charitable
giving. Unlike private foundations such as the Walton
Family Foundation, public foundations
66
are not required
to publicly report the names of all their donors. It is
therefore impossible to quantify the extent of giving by
the Waltons to such entities.
We consulted the best available sources in order
to assess whether outside charitable giving by the
Waltons might rise to a level sufcient to contradict our
ndings. We did not nd evidence of major, sustained,
giving by the Waltons to other charitable organizations.
We reviewed the list of top 50 American contributors
to charitable organizations compiled annually by The
Chronicle of Philanthropy since 2000.
67
None of the
Walmart heirs who are the focus of this report appeared
on the Philanthropy 50 list during any year from 2000
to 2013. We also queried The Chronicle of Philanthropys
online database of Americas Top Donors, which lists
reported charitable contributions of $1 million or more
from 2005 to the present. In this database, we found a
single $4 million contribution from Christy Walton and
the estate of her late husband, John, to the International
Community Foundation (ICF) in 2007.
68
It has been
reported elsewhere that Christy contributed her former
home and garden in National City, California to the
ICF.
69
She has reportedly also contributed to the San
Diego Zoological Society and the Mingei International
Museum.
70
Alice Walton has given $2.6 million to the
Crystal Bridges Museum of American Art, which is
primarily funded by the Walton Family Foundation.
71

Limitations due to possible understatement of Walton
income
This report uses an estimate of Walmart dividends paid
to Walton Enterprises as a proxy for income received
by the Rob, Jim, Alice and Christy Walton. This gure
underestimates their income because the Waltons are
known to own other income-producing assets.
Walmart1Percent.Org 13
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gust/part-time-work-employment-increase-recession/
6 Brad Plumer, One in three Americans slipped below the poverty line be-
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three-americans-slipped-below-the-poverty-line-between-2009-and-2011/
7 Amy Traub. Not Made in America: Top 10 Ways Walmart Destroys US Man-
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not-made-america-top-10-ways-walmart-destroys-us-manufacturing-jobs
8 Arindrajit Dube, T. William Lester, and Barry Eidlin, A Downward Push: The
Impact of Wal-Mart Stores on Retail Wages and Benets, UC Berekeley
Center for Labor Research (December 2007). http://laborcenter.berkeley.edu/
retail/walmart_downward_push07.pdf
9 Most Walmart Employees Living on <$25K, Making Change at Walmart
(October 23, 2013). http://makingchangeatwalmart.org/2013/10/23/825k-liv-
ing-on/
10 Dhanya Skariachan and Jessica Wohl, Exclusive - Wal-Marts everyday hir-
ing strategy: Add more temps, Reuters (June 13, 2013). http://www.reuters.
com/article/2013/06/13/us-walmart-hires-temps-idUSBRE95C05820130613
11 National Employment Law Project, The Low-Wage Recovery and Growing
Inequality, (August 2012). http://www.nelp.org/page/-/Job_Creation/Low-
WageRecovery2012.pdf?nocdn=1; Annie Lowrey, Recovery Has Created
far More Low-Wage Jobs Than Better-Paid Ones, The New York Times
(April 28, 2014). http://www.nytimes.com/2014/04/28/business/economy/
recovery-has-created-far-more-low-wage-jobs-than-better-paid-ones.
html?ref=annielowrey&_r=1&gwh=07AE8B73709F526EBC019AB-
03107A174&gwt=pay&assetType=nyt_now
12 Bureau of Labor Statistics Occupational Outlook Handbook: Retail Sales
Workers (Retrieved May 23, 2014). http://www.bls.gov/ooh/sales/re-
tail-sales-workers.htm#tab-6
13 Alyssa Figueroa, 6 Ways Wal-Marts greed has gotten the company in hot
water, Salon (May 24, 2014). http://www.salon.com/2014/05/24/6_ways_
walmarts_greed_has_gotten_the_company_in_hot_water_partner/;
Daniel Indiviglio, Wal-Mart can win leading the way on minimum wage,
Reuters (May 22, 2014). http://blogs.reuters.com/breakingviews/2014/05/22/
wal-mart-can-win-leading-the-way-on-minimum-wage/; Hamilton Nolan,
The Waltons are the greediest family in the world, Gawker (September
12, 2013). http://gawker.com/the-waltons-are-the-greediest-family-in-the-
world-1300311273; Editorial: Wal-Mart Wins. Workers Lose. The New York
Times (June 20, 2011). http://www.nytimes.com/2011/06/21/opinion/21tue1.
html?_r=0; Ron Unz, Opinion: Raise the Minimum Wage to $12 an Hour, The
New York Times. (December 4, 2013). http://www.nytimes.com/roomforde-
bate/2013/12/04/making-low-wages-liveable/raise-the-minimum-wage-to-
12-an-hour
14 The six include Sam Waltons surviving children (Rob, Jim, and Alice Walton),
the widow of his late son John (Christy); and James Bud Waltons daugh-
ters, Anne Walton Kroenke and Nancy Walton Laurie.
15 Just how wealthy is the Wal-Mart Walton family? Politifact Wisconsin
(November 27, 2013). http://www.politifact.com/wisconsin/statements/2013/
dec/08/one-wisconsin-now/just-how-wealthy-wal-mart-walton-family/
16 Hamilton Nolan, The Waltons are the greediest family in the world, Gawker
(September 12, 2013). http://gawker.com/the-waltons-are-the-greediest-
family-in-the-world-1300311273
17 WATCH: Robert Reich and Howard Dean on Obamas missed opportunity
at Walmart, Democracy For America (retrieved May 27, 2014). http://act.
democracyforamerica.com/sign/obama_walmart/?t=1&akid=4769.1910296.
l36oVC; David Jackson, Obamas choice of Wal-Mart draws re, USA
Today (May 9, 2014). http://www.usatoday.com/story/theoval/2014/05/09/
obama-wal-mart-energy-program-robert-reich/8888321/
18 For example, see: The Walton Family Foundation, Our Legacy; Our Story
(November 19, 2012). https://www.youtube.com/watch?v=pEXwY9FbjgE; See
also: http://AliceWalton.Org, which is devoted to extolling the good works
of the youngest Walton sibling (note that the domain AliceWalton.org is
registered to Walmart, see http://www.whois.com/whois/alicewalton.org)
19 Forbes, The Worlds Billionaires (Retrieved March 3, 2014) http://www.
forbes.com/billionaires/list/#tab:overall_search:walton
20 Renee Dudley, Wal-Mart Board Seen at Risk of Losing Independent Voic-
es, Bloomberg (June 6, 2013). http://www.bloomberg.com/news/2013-06-06/
wal-mart-board-seen-at-risk-of-losing-independent-voices.html
21 Fora good explanation of how Sam and Helen engineered the transfer
of their wealth to their children, see: National Committee for Responsive
Philanthropy, The Waltons and Wal-Mart: Self-Interested Philanthropy,
(September 2005). Available from, http://reclaimdemocracy.org/wordpress/
wp-content/uploads/2012/08/walton_philanthropy.pdf; and Zachary R. Mider
and Alex Tribou, How to Preserve a Family Fortune Through Tax Tricks,
Bloomberg News (September 12, 2013). http://www.bloomberg.com/info-
graphics/2013-09-12/how-to-preserve-a-family-fortunethrough-tax-tricks.
html
22 Wal-Mart Stores, Inc., SEC Form DEF 14A (Various Years). http://www.
sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000104169&-
type=DEF+14A&dateb=&owner=exclude&count=40
23 This includes dividends paid to Rob, Jim, Alice and Christy individually, and
through their interest in the family holding company, Walton Enterprises,
LLC. Our calculation is based on Walton family share ownership reported on
Walmarts 2014 Proxy Statement (SEC Form DEF 14A) available from: http://
www.sec.gov/Archives/edgar/data/104169/000130817914000196/lwmt2014_
def14a.htm; and Walmarts declared FY 2015 dividend of $1.92 per share.
For the dividend declaration, see: Wal-Mart Stores, Inc., Walmart raises
annual dividend to $1.92 per share, representing the 41st consecutive year of
dividend increases (February 20, 2014). http://news.walmart.com/news-ar-
chive/2014/02/20/walmart-raises-annual-dividend-to-192-per-share-repre-
senting-the-41st-consecutive-year-of-dividend-increases.
24 Walton Family Foundation, IRS Form 990-PF (2012); Internal Revenue
Service, Exempt Organizations Business Master File (501(c)(3) Private
Foundations, 2014, Apr) The Urban Institute, National Center for Charitable
Statistics (Retrieved May 15, 2014). http://nccsdataweb.urban.org/
25 See Endnote 19
26 Walton Family Foundation, IRS Form 990 (Various Years). The gure for distri-
butions includes all years from 1987 through 2012.
27 Forbes 400 List (1987). Available from: http://articles.latimes.com/1987-10-
13/business/-13869_1_real-estate. In 1987, the Waltons wealth was held
by Walmart founder Sam Walton and his brother, Walmart co-founder James
Bud Walton. Sams net worth was $8.5 billion and Buds was $400 million.
28 We calculated this dividend gure from Walton Enterprises share ownership
data reported in Walmart Proxy Statements and dividend payments reported
in Walmarts Annual Reports. During this period, the Waltons family stake
in Walmart has ranged from 38% to 51%. We calculated dividend payments
to the Walmart heirs (second generation) by multiplying Walton share own-
ership by the total dividend payment for each year. For years 1988 through
2007 (the year in which Helen Walton died), we assigned 80% of Walton
Enterprises dividends to the Second Generation; after 2007, we assigned
100% of Walton Enterprises dividend payments to the Second Generation.
Because some members of the family own Walmart shares individually, in
addition to the shares owned through Walton Enterprises, our calculations
slightly underestimate total dividend payments to the Waltons. Additionally,
this gure considerably understates total Walton family income because
the Waltons certainly own considerable income-generating assets other
than Walmart. Walmart dividend payments are reported on the companys
Proxy Statement, SEC Form DEF 14A. Proxy Statements for years 1995 to
present are available at http://www.sec.gov/cgi-bin/browse-edgar?ac-
tion=getcompany&CIK=0000104169&type=DEF+14A&dateb=&owner=ex-
clude&count=40); Total dividend payments are reported in the companys
Annual Report, SEC Form 10-K. Annual reports for years 1995 to present are
available at: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompa-
ny&CIK=0000104169&type=10-k&dateb=&owner=exclude&count=40)
29 Liza Featherstone, Wal-Mart Charity Evaluated, Reprinted from The Nation
(November 21, 2005). http://reclaimdemocracy.org/walmart-charity/
30 Larry Kaplan, Does Waltons Philanthropy Inoculate Them against
Criticism of Walmart?, Nonprot Quarterly (May 5, 2014). https://non-
protquarterly.org/philanthropy/24130-does-waltons-philanthropy-inocu-
late-them-against-criticism-of-walmart.html
31 Google, Philanthropist (Retrieved May 14, 2014). https://www.google.
com/search?q=dene+philanthropist
32 Zachary R. Mider and Alex Tribou, How to Preserve a Family Fortune
Through Tax Tricks, Bloomberg News (September 12, 2013). http://www.
bloomberg.com/infographics/2013-09-12/how-to-preserve-a-family-for-
tunethrough-tax-tricks.html; Zachary R. Mider, How Wal-Marts Waltons
Maintain Their Billionaire Fortune, Bloomberg (September 12, 2013). http://
www.bloomberg.com/news/2013-09-12/how-wal-mart-s-waltons-maintain-
their-billionaire-fortune-taxes.html;Americans for Tax Fairness, Walmart
on Tax Day (April 2014) pp. 7-8. http://www.americansfortaxfairness.org/
walmart-on-tax-day/
14 THE PHONY PHILANTHROPY OF THE WALMART HEIRS
33 See Notes on Data and Methodology at the conclusion of this report. The
ndings presented in this report are derived from an original analysis of 23
out of 26 years worth of tax returns led by the Walton Family Foundation
between 1987 and 2012. Although we were unable to obtain returns for 1987,
1994 and 1995, we do not believe the data for those years would alter the
basic picture which emerges from this analysis. The Foundation was estab-
lished in 1987 and only had $5,000 in assets at the end of 1988.
34 Jim Waltons contribution was in 1998.
35 If we include contributions by her son, Lukas, and her late husband, Christy
has contributed about $52.02 million to the Foundation.
36 See Endnote 19
37 See Endnote 28
38 See Endnote 23
39 Just three cars which are identical or very similar to models which are re-
portedly owned by Rob Walton much larger collection have been valued at
up to $88.7 million, combined. Those three vehicles are part of his much larg-
er collection. See: Ferrari 250 GTO Allegedly Sells For $52 Million, GTSpirit.
Com (October 3, 2013). http://www.gtspirit.com/2013/10/03/ferrari-250-gto-al-
legedly-sells-for-52-million/; Noel McKeegan, 1957 Ferrari 250 Testa Rossa
fetches world record $12.1 million at auction, Gizmag (May 17, 2009). http://
www.gizmag.com/1957-ferrari-250-testa-rossa-fetches-world-record-121-
million-at-auction/11727/; 1964 Ferrari 250 LM, Hagerty.Com (Retrieved
May 14, 2014). http://www.hagerty.com/valuationtools/HVT/VehicleSearch/
Report?vc=891133; For more information see: Rob Waltons Car Collec-
tion, Whos Minding the Store (June 3, 2013). http://whosmindingthestore.
org/2013/06/03/rob-waltons-car-collection/; Rob Waltons pricey vintage
cars in action, Walmart1Percent.Org (September 5, 2012). http://walmart-
1percent.org/2012/09/05/rob-waltons-pricey-vintage-cars-in-action/; and,
#richpeopleproblems, Rich People of Walmart (January 27, 2014). http://
richpeopleofwalmart.tumblr.com/post/74722269800/richpeopleproblems
40 Jim Hopkins, Wal-Mart family lobbies for tax cuts, USA Today (April
5, 2005) http://usatoday30.usatoday.com/money/per/taxes/2005-04-05-
waltons-usat_x.htm; Tory Newmyer, Tiny but powerful: The estate tax
lobby, CNN Money (Dec. 21 2010) http://money.cnn.com/2010/12/21/news/
economy/estate_tax_lobby.fortune/; Congress Watch, Spending Millions
to Save Billions: The Campaign of the Super Wealthy to Kill the Estate Tax,
(April 2006) http://webcache.googleusercontent.com/search?q=cache:U-
We1zjTjB14J:www.faireconomy.org/les/pdf/millions_billions.pdf+&c-
d=2&hl=en&ct=clnk&gl=us&client=refox-a
41 See Endnote 32
42 In order to calculate the trusts asset levels, we analyzed their most recent
annual tax returns (IRS Form 5227), which are subject to public inspection
upon request to the Internal Revenue Service.
43 CLATs are typically structured to last from 15 to 25 years.
44 For a more thorough explanation of the mechanics of Charitable Lead An-
nuity Trusts, see: Gifts to Charitable Lead Trusts: Another Tax Advantaged
Way to Give Property. Perkins Coie (Feb. 15, 2011). http://www.perkinscoie.
com/gifts-to-charitable-lead-trusts-another-tax-advantaged-way-to-give-
property-july-28-2006-07-28-2006/
45 Americans for Tax Fairness, Walmart on Tax Day: How Taxpayers Subsidize
Americas Biggest Employer and Richest Family, (April 2012). http://www.
americansfortaxfairness.org/walmart-on-tax-day/
46 Ibid
47 For a brief explanation of Charitable Remainder Trusts, see: GSRP, Charita-
ble Remainder Trusts (2009). http://www.gsrp.com/resources/EP/Charita-
ble_Remainder_Trusts.pdf
48 For insight into how the Foundations activities reect the Waltons political
priorities and overall world view, see: Joanne Barkan, Plutocrats at Work:
How Big Philanthropy Undermines Democracy, Dissent (Fall 2013). http://
www.dissentmagazine.org/article/plutocrats-at-work-how-big-philan-
thropy-undermines-democracy; Stacy Mitchell, Walmart heirs quietly
fund Walmarts environmental allies, Grist (May 10, 2012). http://grist.org/
business-technology/walmart-heirs-quietly-fund-walmarts-environmen-
tal-allies/; Motoko Rich, A Walton FortuneSpreading Charter Schools,
The New York Times (April 25, 2014). http://www.nytimes.com/2014/04/26/
us/a-walmart-fortune-spreading-charter-schools.html;
49 We offer a caveat here: Because we do not know the extent to which the
Waltons give to charitable causes other than their own Foundations, these
numbers likely underestimate their charitable giving to some extent. Howev-
er, we believe it is reasonable to assume that the Walton Family Foundation is
the primary vehicle through which the Waltons contribute to charity, and we
have no reason to believe otherwise.
50 The Worlds Billionaires, Forbes (Retrieved May 19, 2014). http://www.
forbes.com/billionaires/list/#tab:overall
51 Ibid
52 Michelle Nichols, Bill Gatess philanthropy costs him richest-man title,
Reuters (March 8, 2011). http://www.reuters.com/article/2011/03/08/
us-wealth-gates-philanthropy-idUSTRE72668V20110308;
53 Ibid.; Forbes, The Worlds Billionaires: #1 Bill Gates (Retrieved March
28, 2014) http://www.forbes.com/prole/bill-gates/ Gates and Buffettt have
convinced over 100 billionaires to sign the Giving Pledge, a promise to do-
nate at least half their net worth to charity.
54 Samantha Sharf, Untying The Philanthropic Knot Of Gates And Buffett
Giving, Forbes (Sept. 19, 2012) http://www.forbes.com/sites/samantha-
sharf/2012/09/19/untying-the-philanthropic-knot-of-gates-and-Buffett-giv-
ing/
55 Bill & Melinda Gates Foundation. IRS Form 990-PF (2012). http://www.
gatesfoundation.org/~/media/GFO/Who%20We%20Are/Financials/2012%20
PF%20FORM%20990PF%20PUBLIC%20DISCLOSURE.pdf
56 Walton Family Foundation, IRS Form 990-PF (Various Years).
57 The New York Times, Obituary: Financiers Fortune in Oil Amassed in Indus-
trial Era of Rugged Individualism, (May 24, 1937). http://www.nytimes.com/
learning/general/onthisday/bday/0708.html; This estimate of Rockefellers
fortune is based on a measure of wealth as a share of Gross Domestic Prod-
uct; See, The Wealthiest Americans Ever, The New York Times (July 15,
2007). http://www.nytimes.com/ref/business/20070715_GILDED_GRAPHIC.
html#; Andrew Carnegie, History. (Retrieved March 28, 2014) http://www.
history.com/topics/andrew-carnegie
58 This estimate is based on a measure of wealth as a share of Gross Domestic
Product. See, The Wealthiest Americans Ever, The New York Times (July
15, 2007). http://www.nytimes.com/ref/business/20070715_GILDED_GRAPH-
IC.html#; Philanthropy Roundtable, Andrew Carnegie (Retrieved March
28, 2014) http://www.philanthropyroundtable.org/almanac/hall_of_fame/
andrew_carnegie
59 See Endnote 49, regarding certain limitations of the data used in this report
60 How America Gives, The Chronicle of Philanthropy (Retrieved March 3,
2014). http://philanthropy.com/section/How-America-Gives/621/
61 See Endnote 28
62 Bank of America and The Center on Philanthropy at Indiana University, The
2012 Bank of America Study of High Net Worth Philanthropy (November
2012). http://www.ustrust.com/publish/content/application/pdf/GWMOL/
The-2012-Bank-of-America-Study-of-High-Net-Worth-Philanthropy.pdf
63 This statistic comes from a study by the Boston College Social Research
Institute & Bankers Trust, quoted in, King McGlaughon,Your Clients Philan-
thropy: Is It Your Business? (It Should Be!), Foundation/Source (2012) p.
2. http://www.foundationsource.com/resources/A_WhitePaper_YourCli-
entsPhilanthropy.pdf
64 National Labor Relations Board, NLRB Ofce of the General Counsel
Issues Complaint against Walmart, (January 15, 2014). http://www.nlrb.
gov/news-outreach/news-story/nlrb-ofce-general-counsel-issues-com-
plaint-against-walmart
65 A private foundation derives its money from a family, an individual, or a
corporation, whereas a grantmaking public charity (sometimes referred
to as a public foundation) derives its support from diverse sources, which
may include foundations, individuals, and government agencies. Source:
What is a foundation? Foundation Center (Retrieved May 27, 2014). http://
grantspace.org/Tools/Knowledge-Base/Funding-Resources/Foundations/
what-is-a-foundation
66 Ibid
67 A Look at the 50 Most Generous Donors of 2013, The Chronicle of Philan-
thropy (February 9, 2014). http://philanthropy.com/article/A-Look-at-the-50-
Most-Generous/144529/#p50_list
68 Americas Top Donors, online database. The Chronicle of Philanthropy (re-
trieved May 27, 2014). http://philanthropy.com/factle/gifts/1?DonorDisplay-
Name_cu=walton&Category=any&GiftRecipients_RecipOrgDateline_c=&-
GiftRecipients_RecipStateFull=any&GiftDonors_SourceWealth_cu=&Gift-
Donors_aStateFull=any&GiftYear=any
69 Our Founders, Olivewood Gardens and Learning Center (retrieved May 27,
2014). http://olivewoodgardens.org/about/our-founders/
70 Ibid
71 Crystal Bridges Museum of American Art, Inc., IRS Form 990-PF (Various
years).
Walmart1Percent.Org 15
16 THE PHONY PHILANTHROPY OF THE WALMART HEIRS