Neurosurgeon Dr. Charlie Teo launches new charity
Teo’s new charity, The Charlie Teo Foundation, has applied for charitable status in hopes of launching in March next year.
Australian neurosurgeon Dr Charlie Teo is setting up a new charity after quitting his recent brain cancer foundation.
Yesterday, Teo explained he wanted to ensure that most of the donated monies were "spent directly on research and patient care, while taking different strategic directions in the ongoing search for a cure for brain cancer”.
The 60-year-old professor established the Cure Brain Cancer Foundation in 2003, but quit because the percentage of donations going towards administrative costs was too high at 65%.
"It was unacceptable and I gave them an ultimatum to improve it,” he says. “The whole charity field needs to be disrupted and I want to take a lead in that so people donating have an assurance the majority of their money is going to the cause and not to the running of the charity.”
Teo’s new fund, The Charlie Teo Foundation, hopes to launch in March next year, and aims to raise $100 million a year to boost the fight against brain cancer. The low-cost charity aims to slash the percentage of donations spent on overhead costs to just 10-15%.
