Who owns nhra ??????
 

Might be the dumbest question ever but ,,,,,,,Who owns NHRA.........?????????? If someone bought NHRA today who would get all the money ??

Re: Who owns nhra ??????
 

Stan, if I'm reading the tax laws correctly, no one actually "owns" what the IRS classifies a 501(c) non profit organization.

That's part of what makes it "non profit", no one "owns it", allows it to build up, then sells it.

Sort of makes you wonder how part of the NHRA itself was supposedly going to be "sold", doesn't it?

Re: Who owns nhra ??????
 

That's part of what makes it "non profit", no one "owns it", allows it to build up, then sells it.
Ok i understand build it up and then sell it but who get the money ???? Told you it was a dumb question LOL.......

Re: Who owns nhra ??????
 

Good question. Who was going to get the money from the aborted sale a couple of years ago? I bet it was going to go to the "members". Yeah, that's it, The "members" would get the money because NHRA is providing it's "members" with a servicing.... I mean service. Jim

Re: Who owns nhra ??????
 

Weren't the proceeds of the sale to go into a "trust fund" to allow future financial support of Sportsman and grass-roots racing?

Re: Who owns nhra ??????
 

A trust fund that Tom Compton was surely going to oversee and draw upon as necessary to pay various "bills".

Re: Who owns nhra ??????
 

That's part of what makes it "non profit", no one "owns it", allows it to build up, then sells it.


Not a dumb question at all, but one we were all wondering about the answer to when they were going to try to sell it. There were all sorts of weird things going on, a company formed to sell it, a company formed to buy it, etc. Who knows who was going to actually get the money, or control of it. I'm sure they didn't want anyone to know.

Re: Who owns nhra ??????
 

The Articles of Incorporation or Bylaws will state how the assets are distributed upon a dissolution. The assets would either be distributed to another tax exempt organization or to the members. As NHRA is a California corporation, any dissolution plan would have to be approved by the State Attorney General's office.

Re: Who owns nhra ??????
 

DUI defense fund?

Re: Who owns nhra ??????
 

I normally don't wish anyone ill. But this time I pray the IRS does to them what they have been doing to us for years.