Frist AIDS Charity shenanigans

The AP story is here. Briefly, the upshot is that newly released tax returns for the Senate Majority Leader's charity suggest that some of the charity's disbursements had politically inflected purposes. A significant portion went to consulting and law firms connected with members of Frist's political staff (including one whose wife is raising funds to run for public office) and with another Republican senator.

How significant a portion? Here, the AP seems to understate the scope of possible shenanigans by not correcting some funky math offered by Frist's lawyer. Consider these passages and tell me if I'm wrong:

The returns for World of Hope Inc., obtained by The Associated Press, also show the charity raised the lion's share of its $4.4 million from just 18 sources. ...

World of Hope gave $3 million it raised to charitable AIDS causes...

The rest of the money went to overhead. ...

Alex Vogel [Frist's lawyer] said Frist picked people to work on his charity whom he trusted and knew, such as Vogel's wife, and was proud that overhead costs mounted to less than $1 of every $5 raised. "It's leaner than the average charity," Vogel said.

$4.4m less $3m given to charities leaves $1.4m spent on overhead. That, by my reckoning, is $1.70 of every $5 raised.