Doesn’t seem like it.
Though Carroll Shelby’s foundation is raising lots of money, it doesn’t seem to be giving very much away. 
Autoweek reports that Shelby’s foundation took in over half a million dollars in 2006, the most recent year for which tax returns are available. Yet it gave out grants of only about $25,000 in total, most of which went to only two charities.
Since then, Shelby’s foundation has pulled over $1.76 million, due to a tie-in with Ford Motor Company, which has donated cars that have been auctioned off for the benefit of the foundation. But Autoweek reports that the foundation isn’t doing much with the money. It has consistently spent far more on expenses than it has given out in grants.
To it’s credit, Autoweek has also posted Carroll Shelby’s response.
Basically, Shelby says that the foundation has been hoarding cash to build an “endowment.” He also says the additional funds being generated through Ford will permit the foundation to spend more money on grants in the future, once they have built a sufficient “endowment” to assure the future of the foundation.
Shelby is well-known for being a terrible businessman. He brought in the woman who ran the Hot Wheels line for Mattel to run Shelby American. When she arrived, she discovered the company was insolvent. She quickly rousted up some business deals with Ford and rescued the company. To his credit, Shelby hired a really good person to run the company. But he also almost bankrupted it, first.
Shelby has brought some new people onto the foundation’s board of directors and he appears to believe that they will help the foundation be run somewhat more professionally.
But the bottom line is that Shelby’s charity hasn’t been all that charitable.

Source: Autoweek

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