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.

Re: Who owns nhra ??????
 

Technically there are no members since no member has any voting rights( according to what I read somewhere else):confused:

Re: Who owns nhra ??????
 

We need some sort of an organized group to represent our interests,not only racing related,to keep tabs on the way NHRA is being run.I don't know how well organized the pro side is,but it seems they get hosed as bad as us sometimes.And I'm sure some of the pros have connections to people in high places.These guys in Glendora can give the Mafia and CIA lessons in stealth management.
Maybe it's time to organize a new racers group(I hate calling it a union).

Re: Who owns nhra ??????
 

I have a question if nhra is non-profit corp. How did they get loans to buy indy, gainesville and etc

Re: Who owns nhra ??????
 

Ed I think that's a great idea But we tried it about 12 years ago I think it was the sportsman racers association. And I have a feeling it was like herding cats.

A non profit can get a loan. My homeowners association just borrowed 1.5 million to buy the golf course where I live.

Re: Who owns nhra ??????
 

Ed,
There are so many people, with such varied agendas that they are trying to further or protect, that organizing a group of class racers with any reasonable amount of solidarity would be close to impossible, I'm sure even Ghandi could not accomplish it. Most people are so blinded by their own agendas as to make the big picture impossible for them to see. Everyone would have to make sacrifices, and they'd all complain that their sacrifice was bigger than anyone elses.

Sort of like the times where a group of racers has either boycotted or withdrawn, but one, two, or a few, either showed up or stayed, and made solo passes to collect a "win".

Re: Who owns nhra ??????
 

Thanks Julie for telling us this :::::::--------------------------------------------------------------------------------

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.
__________________
So does anybody know where to find out about the articles of incorporation or bylaws.... If the assets are distributed to another TAX EXEMPT organization .. Who has the say so of where it goes???

Re: Who owns nhra ??????
 

How many "members" are there?

Re: Who owns nhra ??????
 

That could get sticky. We all have membership numbers.

Re: Who owns nhra ??????
 

Art and Alan.That was sort of a trick post.Remember on one thread where there was all sorts of bitching and moaning about us losing our voting rights a long time ago?
Do you think we would get anything accomplished if they wre reinstated?
The Glendora Mafia would probably benefit by giving us our voting rights back.We wiuld be at each others throats worse than now,allowing them carte blanche to pick our pockets while we're distracted.

Re: Who owns nhra ??????
 

I can tell you one thing that we would almost unanimously agree on: Who should NOT be leading this organization.

Re: Who owns nhra ??????
 

Judging by the TV time he gets , must be John Force

Re: Who owns nhra ??????
 

As i understand it there is a for profit corp also, this corp owns the tracks and all other real estate. That was the only way they could get the loans to buy the tracks.

Re: Who owns nhra ??????
 

Right now if the NHRA is dissolved for any reason the assets go the NHRA museum which is a 501-C3. The problem is that the same people control the museum that control NHRA. If the IRS were to cause NHRA to be dissolved I can't imagine them letting all of the assets that were left go to an organization controlled by the same people that caused the demise of the dissolved one.

This was changed in the by laws a few years ago, I think in an effort to keep NHRA in the hands of the current management no matter what happens. This all goes back to 1981 when that illegal vote was taken to steal our membership rights away. So much has happened since then to benefit management to the detriment of the members.

On a side note when the HD partners sale was proposed, in the contract Tom Compton had a provision that would have paid him around $1.5 million per year for running the pro side of the sport and being a paid consultant to the sportsman side. What's interesting is that if there was ever a conflict between the pro's and sportsman he was contractually obligated to take the side of the pros against the sportsman. I think this tells you why that sale was ever proposed.

Re: Who owns nhra ??????
 

I heard there was a Used Car Dealer in Tenn. owns it. LOL

Re: Who owns nhra ??????
 

That would explain a lot. :cool:

Re: Who owns nhra ??????
 

Stan, you just got to sell more used cars, that way you'll have way to much cash, so you can get your own pigs and raise your own pork chops ! then you can be a non-profit farmer, and get everything free from the Goverment, I think ! ,,,,,John

Re: Who owns nhra ??????
 

All joking aside ( and it has been a bunch ) I just wanted to know who owns it..... Like if you wanted to buy it who do you make the check out too and then who gets to CHOP ( this is for John Lang LOL ) up the money.

Re: Who owns nhra ??????
 

Inquiring minds would like to know.