Nhra and the cash cow
 

NHRA 1993 tax return shows a sale of 4,485 shares of 20th Century Industries on March 25, 1993 at the sales price $147,549.00 the cost of the 4,485 shares is listed at $62.00 , yeilding a profit of $147,487.00

On April 21, 1993 NHRA sold an additonal 25,000 shares of 20th Century Industries for $761,222 at a cost of $347.00 at a profit of $760,875.00

Lets do the math 29,485 shs Sale Price $908,771

Cost $409

Profit $908,362


More later, its bed time and I have to go to work tomorrow.

Re: Nhra and the cash cow
 

This information is from the 1992 tax return:

National Hot Rod Association: Federal ID No. 95-1686172 ; State ID No. D- 0252349; Reg. of charitable Tr. I.D No CT- 25213; year ended Dec. 31 1992

Form 990 - Part IV - line 50

Receivable From Officer:

Name and Title: Dallas J. Gardner President

Original Amount: $ 100,000

Balance Due: $75,000

Date of note: Dec. 7, 1990

Re: Nhra and the cash cow
 

The rest of post no. Two
Maturity Date: Dec 15, 1994

Repayment terms: $25,000 annually due each Dec 15th, beginning Dec 15 1991

Intrest Rate : "Non-Intrest Bearing"

Security Provided by Borrower: Real Property

Purpose of Loan: Cash Flow And Liquidity Loan

Considideration Furnished by The Lender: Cash -$100,000

Re: Nhra and the cash cow
 

Larry -- This isn't great bedtime reading but interesting nontheless -- are we going to get this in installments ( no pun intended ) or are you going to just tell us if he repaid the loan ? And when .....

Re: Nhra and the cash cow
 

Jack after working all day, then working on the car, it does not leave a lot of time for my two fingers to bang on the keys.

Gardner did make his payment in 1993, the part that bothers me is the "Non-Interest Bearing" loan. I wonder how much of NHRA assets are avable to us just in case we need a loan due to "Cash Flow And Liqudity"

Re: Nhra and the cash cow
 

You will NEVER get any "UNITY" either. Just reading this forum will tell you that.

Re: Nhra and the cash cow
 

I'm sure NHRA would not like to see me on the witness stand.LOL

Re: Nhra and the cash cow
 

Keith, are you insinuating that you have a juicy story or two to share with us?

Re: Nhra and the cash cow
 

Bo; Do you think we could get Jeff's old friend Paul to help?

Re: Nhra and the cash cow
 

Bo, you have a pm

Re: Nhra and the cash cow
 

Bo,

There a few people exploring the possiblity of a class action suit against nhra because of the new cars that Taylor and others allowed into Stock and Super Stock. I am not part of this legal activity and hope to be long gone before they get to court. You may see at least one law suit. Also, I have been told that nhra is vulnerable to legal attacks from different directions. Some of the legal actions can be brought by the Feds without any cost to the racers. nhra has been dumping on the racers and it looks like some of the racers are prepared to return the favor. I'll be on the flats!

Re: Nhra and the cash cow
 

By - Laws Of National Hot Rod Association
A California Corporation
Artical 1
Membership
The Membership of this corporation shall be devided into Active , Associate and Honoary members. the dues to be, paid by an Active Member shall be $2.00 a year, payable in advance. The Board of Directors shall the right to refuse membership to any applicant, but unless so refused, all applicants for Active Membership shall become members upon the receipt by the corporation of the annual dues and whatever information concering the applicant the Board of Directors may from time to time require. The Board of Directors shall, from year to year, have the right to change the requirements for membership. All persons who become members of this association during the first year of its existence shall be deemed to be Charter Members thereof
The Associate and Honorary Members of the corporation shall be elected by a majority vote of the Board of Directors and shall serve until removed as such member by a majority vote of said Directors.

Article II Principal Office
The principle office for the transaction of the business of the corporation is hereby fixed at 1015 souith La Ciienega Boulevard, Los Angeles, Californa. The Board of Directors is hereby granted full power and authority to change such principal office fron one location to another in the county of Los Angeles.

Article III Meetings
Place of Meetings: Any and all meetings of the members may be held at any place in the County of Los Angles, the exact place of each meeting of the members to be fixed by a resolution adopted by the Board of Directors. The meetings of the Board of Directors shall be held at 1015 South La Cienega Boulevard, Los Angles, California, or any other place in the County of Los Angles that may be designated by the President.
Notice of Meetings: The annual meeting or any special meeting of the members shall be held at a time and place to be fixed by the Board of Directors. One of the purposes of the annual meeting shall be the election of a Board of Directors. Notice of all meetings of the members shall be mailed to each member at least five days prior to the date fixed for such meeting.
There shall be no regular meetings of the Board of Directors. Special meetings may be called at any time by the President, or if he is absent, or unable, or refuses to act, by the Vice President, or, if he is absent, or unable, or refuses to act, by any Director. Notice of said meetings shall be given to each Director in the form and manner as tjhe person calling the meeting in his discresion shall deem sufficient but action taken at such meeting shall not be invalidated for want of notice if such notice shall be waved.
Notice of the time, place and purpose of any meeting of the members or of the Board of Directors may be waved in writing either before or after such meeting has been held. All such waivers shall be filed with the corporate records as a part of the minutes of the meeting.

More Later

Re: Nhra and the cash cow
 

Larry,

Have you run across the document that alludes to the vote in which the general membership turned over the decision-making process to the Board of Directors?

We voted to do that years ago, and that's probably the reason this thing is the mess that it is, now. The fox is watching the chicken coop....... and, has been ever since then.

Bill

Re: Nhra and the cash cow
 

Artical IV.
Directors

Number and Term of Directors: The buisnes, prroperity and affairs of this corporation shall be managed by a Board of Directors composed of three (3) [changed to nine (9) on January 7, 1956] members who shall be members of this corboration. Each Director shall hold office for the term for which he is elected and until a successor is elected. Vacancies in the Board of Directors shall be filled by appointment made by the remaining members of the Board of Directors. Each person so appointed shall serve as Director until his successor is elected at an annual or special meeting of the members.

Re: Nhra and the cash cow
 

ATTN Larry hill---makes for interesting reading where or how did you find the NHRA info?????---Inquiring minds want to know---Comp 387

Re: Nhra and the cash cow
 

Sounds like our elected officials in Washington doesn't it. No accountability.

Re: Nhra and the cash cow
 

We are a long way from yearly membership being $2 a year.

Bill, I sorta remember something similar. Seems like after the M/P protest at Indy, NHRA laywers must have gone over the incorperation papers amd saw a possible problem. I think that fall NHRA sent out a proxy to solve their problem. If you didn't send it back, NHRA got to vote for you.

Wish someone would go thru the official records NHRA has filed in LA county and find out what rights we acually have. Looks like Larry has a good start.

Re: Nhra and the cash cow
 

I'll try to dig up some of my old research on this outfit. I have some of their charter stuff and legal materials that were given to me by a California non profit lawyer. It's been awhile but I seem to remember him saying something about challenging the take over by Wally & Co.

Re: Nhra and the cash cow
 

We have a copy of the tax return (Form 990) for NHRA for 1992 and 1993. We also have the By-Laws and Articles of Incorporation plus a few other forms. The reason we have these is that Larry got mad at NHRA in 1995 after he had been running the little red Chevy pick-up truck for a year (before AHFS). In that year, the truck had been given 30 horsepower and the index dropped 1 second ( not a tenth, but 1 full second). So he wrote and requested these forms. He was so pissed off that he didn't race for about a year, but then I remember a talk he had with Stan Perry something to the effect that "it's their ballgame and you can stay mad if you want to, but if you want to do what you truly enjoy doing, just suck it up". Those were not the exact words, but he got the meaning! So we have been racing ever since. We still have all these forms and I will bring them with us to Memphis this weekend if anyone wants to see them. I don't think Larry plans on doing anything with them, but after all these last increases in fees, it just brought back some bad feelings.

Look us up at Memphis if you want to see these.

Patsy

Re: Nhra and the cash cow
 

If I'm not mistaken that truck was capable of going 6 months under the index.Correct me if I'm wrong.


Ed F,

Re: Nhra and the cash cow
 

The 2007 tax returns are posted on dragracingonline website. They post the returns each year. The 2008 returns aren't due with IRS until next month.

Re: Nhra and the cash cow
 

Opinions are like *%&holes,everybody has one.The only way to get to the bottom of the matter is to have a corporate lawyer and or accountant look over the corporate papers for anything to nail them on as far as when they proxied the association vote. End of story.Everything else is speculation,and you know how far that will go in a court of law.
Don't we have some lawyers in out midst?

Ed F.