NHRA press dept on defense in irs scam

[Jack McCarthy]

looks like best defense is old switcheroo offense ...

street & smith's sports businees journal
http://www.sportsbusinessdaily.com/j...verning-bodies

does not mention irs issue or non profit status just how well compton and our boys have worked to reinstate thier own salaries and 401k match ...

cool eh ?

captain jack

[Rick Bailey]

Hey Jack......please cut and paste.........otherwise we need to log in and such !


Thanks
Rick

[Jack McCarthy]

Cuts in salaries, ad budget help NHRA withstand revenue drop of more than 10 percent
By Tripp Mickle

Staff Writer

Published January 10, 2011, Page 4
Font Size Resize Small Resize Normal Resize Large | Print | Share A series of belt-tightening measures taken by the NHRA prior to the 2009 season helped the series weather a 10.6 percent decrease in revenue, according to the association’s most recent tax filing.

The filing shows that the NHRA trimmed expenses by 10.2 percent to $108.3 million during the 2009 season when the recession derailed economic growth. The association cut employee compensation by 10.2 percent to $17.7 million and reduced its advertising budget by 8.3 percent to $22 million.

The expense reductions helped limit the NHRA’s losses in 2009. The organization had a net loss that year of $643,924. That compared to a net profit in 2008 of $1.9 million.

NHRA President Tom Compton said the organization’s 2009 spending cuts were made in the midst of the 2008 credit crisis. As the crisis began, he said the NHRA reduced 401(k) matches for employees, renegotiated vendor agreements, switched from Ticketmaster to ExtremeTix, cut back on travel and laid off some staff.

Executive compensation and salaries also were reduced from $2.3 million in 2008 to $2.1 million in 2009. Compton saw his total compensation decrease 9.1 percent to $701,257, and executive vice president and general manager Peter Clifford’s fell 10.4 percent to $382,983.
KRISTINA PAUMEN / LIMELIGHT PHOTOGRAPHY
NHRA President Tom Compton said 2009 spending cuts were made amid the 2008 credit crisis.


“We knew we would feel the effects [of the recession in 2009], so we wanted to stay in front of it,” Compton said. “We’re glad we were proactive.”

The NHRA generated $107.7 million in total revenue in 2009, down from $122.9 million in 2008. The biggest revenue decreases were in the area of sponsorship and ticket sales, which fell by 15.8 percent and 9.7 percent, respectively.

In 2009, sponsorship and advertising revenue totaled $41.1 million and ticket revenue totaled $43.9 million. Those decreases were driven by the loss of several key partners that year, including Budweiser and General Motors, and cuts in general admission ticket prices that were designed to offer fans relief.

Compton said the NHRA bounced back in 2010 and is optimistic about 2011. The association has restored employee and management salaries and increased its 401(k) match by 1 percent. Advance ticket sales are improving and sponsorship conversations have increased.

“We feel really good now about how we weathered the storm for two reasons,” Compton said. “The interest level is strong and there are a lot more companies we’re talking to today, and we had quite a few races see attendance increases. All of that’s encouraging.”

[Jack McCarthy]

sorry, my son printed it he is a sports administration major and didnt tell me it was a password site...

nice to know tom & the boys 401k and salaries are secure

jack

[Jason Oldfield]

Originally Posted by Jack McCarthy

Compton saw his total compensation decrease 9.1 percent to $701,257, and executive vice president and general manager Peter Clifford’s fell 10.4 percent to $382,983.

Wow...what martyrs. I wonder how they were able to survive on those levels of compensation. They must have eaten a lot of hot dogs and cheese sandwiches, I bet.

[Ed Fernandez]

I didn't see them roll back the fees/entries to sportsman racers.I guess they feel we weathered the storm like they did.

[billy leber]

Originally Posted by Ed Fernandez

I didn't see them roll back the fees/entries to sportsman racers.I guess they feel we weathered the storm like they did.

All they feel is "never give a sucker an even break. " We have the disadvantage of loving the sport , so we will pay and pay and pay. I can only hope they become the demise of themselves. Through out history, greedy , self-serving bastards usually get what they deserve in the end.

[billy leber]

B.T.W. , whats a Peter Clifford? Excuse my ignorance , but what does it do ?

[nickh]

LMAO...Billy that was hilarious I don't care who you are....

[jim powers]

i hope they all drop dead