Lee, I think you are using a play on words now. I never used the term income statement, I refered to >>financial statement <<. As grown ups and for this conversation I had hoped we all could understand my point was that the NHRA must, by law, provide a financial statement annually.
You mistakenly thought otherwise.
For Lee and for Dwight I am cut and pasting a portion off of the official IRS website on 501c's :
..........No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to its members, trustees, officers, or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in Article Third hereof................
Note the term NET EARNINGS. Without using a play on words again, the term net earnings = profit. Hence....NET
From you last post :
....>>When you get down to it the 501c does not generate a profit, but they can take the revenues and invest them to create more funds for the organization. <<...>>create more funds ?<<..... Is that not profit ? Without using a play on words of course. Also remember that the reason the NHRA , among others are tax exempt, is that they don't have to pay tax on their....>>profits<<. Or, >>net earnings<< whichever you prefer.
Also don't misread the sentence that the earnings cannot be distributed to it's members. It says they can pay reasonable compensation for services rendered............
That is all most of us are asking for. REASONABLE compensation. I don't want a check cut for a portion of the 100 Mil. If anyone had that coming it would be the racers long before me.
REASONABLE compensation is what we hope to gain here. If the NHRA can afford it of course.
And p.s., I am ecstatic that the NHRA is on sound financial footings at this time. I am thrilled of about the 100 Mil deal. I would never ask for more reasonable compensation if it was otherwise. I hope they make millions more, I really do. REASONABLE compensation would be great though.
Mike ( madness & ) Mayhem
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