The IRS and NHRA, you gotta see this.

chevy620 · 01-21-2011, 01:53 PM

One of the "issues" that might pop-up during an audit is the "insurance surcharge" they hang on every competitor at National Events.
Here are the potential problems with it:

Is NHRA acting as an "Insurance Agent" forcing members to pay for so-called "premium increases" in participant insurance coverages? Are they a licensed Agent in every state?
Has anyone every seen what the insurance premium costs for a National Event?
Has anyone ever seen the "increase for 2011" in the form of a written rate increase?
If we are being assessed approximately $155 in "insurance fees" ($65 for years and now $95, right?) per entry and there are 500 sportsman entries... do you really think an insurance policy for one event can actually cost $77,500.00?!! That is what NHRA is claiming are "insurance surcharge fees" if I read my National Event entry forms correctly.

The lawsuit that could end NHRA could be the IRS audit, the one issue that is laying back there in the weeds is the "excessive fees charged to members of the organization" in the name of increased insurance premium fees per event.
Maybe someone from Wells Fargo can show us the actual Policy we are all paying for and the terms, coverages and premium for that Policy?

When the **** hits that fan....it could involve paying back thousands of racers for an "intentional overcharge" under the disguise of an insurance cost increase.

If that happens, NHRA will become a different deal, which it needs to. Needs to be run FOR ITS MEMBERS, TO BENEFIT THE SPORT.
I just don't think people are going to stand by and watch their hard-earned money get misused in today's world like they did when their expendable money was a little easier to come by.

Either things will start to change or we will all just ignore what "our organization" is doing to us in the name of more profits while ignoring the expenses they are charging us all.

Jok

01-21-2011, 01:53 PM	#11
chevy620 Banned Join Date: Mar 2009 Posts: 188 Likes: 0 Liked 0 Times in 0 Posts	Re: The IRS and NHRA, you gotta see this. One of the "issues" that might pop-up during an audit is the "insurance surcharge" they hang on every competitor at National Events. Here are the potential problems with it: Is NHRA acting as an "Insurance Agent" forcing members to pay for so-called "premium increases" in participant insurance coverages? Are they a licensed Agent in every state? Has anyone every seen what the insurance premium costs for a National Event? Has anyone ever seen the "increase for 2011" in the form of a written rate increase? If we are being assessed approximately $155 in "insurance fees" ($65 for years and now $95, right?) per entry and there are 500 sportsman entries... do you really think an insurance policy for one event can actually cost $77,500.00?!! That is what NHRA is claiming are "insurance surcharge fees" if I read my National Event entry forms correctly. The lawsuit that could end NHRA could be the IRS audit, the one issue that is laying back there in the weeds is the "excessive fees charged to members of the organization" in the name of increased insurance premium fees per event. Maybe someone from Wells Fargo can show us the actual Policy we are all paying for and the terms, coverages and premium for that Policy? When the **** hits that fan....it could involve paying back thousands of racers for an "intentional overcharge" under the disguise of an insurance cost increase. If that happens, NHRA will become a different deal, which it needs to. Needs to be run FOR ITS MEMBERS, TO BENEFIT THE SPORT. I just don't think people are going to stand by and watch their hard-earned money get misused in today's world like they did when their expendable money was a little easier to come by. Either things will start to change or we will all just ignore what "our organization" is doing to us in the name of more profits while ignoring the expenses they are charging us all. Jok