It might be helpful to the dialogue if all concerned were to review some of the facts as disclosed by NHRA to the IRS in its most recent 501c filing, which covers the year 2005. This is something that all non-profits have to do annually in order to maintain their tax-free status with IRS. Non-profits do not distribute dividends (read ?profits?) but must disclose in detail all of their revenue and expenses (essentially an income statement in accountantese) and the value of all of their assets and liabilities (essentially a balance sheet in accountantese). They also must disclose who their officers and directors are, and what their compensation is. That information is all provided in the 501c document, and some interesting portions of it are summarized below. Values are stated in millions and rounded off for convenience. Less significant amounts are left unmentioned. Now the disclaimer: I am no accountant, so this is the interpretation of a layman. Apologies for the formatting.
REVENUE ($m)
Royalties/Concessions 7
Sponsorships/Advertising 40
Spectator Admissions 44
Licenses & Fees 12
Memberships & Assessments 4
Total Revenue 107
EXPENSES ($m)
Officers compensation 2
Other salaries/wages 12
Pension plan contributions 5
Other employee benefits 1
Payroll taxes 1
Office supplies, rents, etc 4
Equipment rental & mainten. 6
Printing & publications 4
Depreciation 2
Prize money, awards 22
TV production 9
Food/bev. Concessions 1
Track operators / sponsor share 9
Advertising 7
Sponsor analysis, advertising 2
Contract labor 2
Professional services 1
Insurance 3
Other* 13
Total expenses 106
*(includes about 25 accounts ranging from utilities to marketing materials)
ASSETS ($m)
Cash 1
Savings & temp investment 8
Accounts receivable 4
Investments (2c corporations) 6
Land, buildings, equipment 53
Depreciation on above (19)
Other assets 3
Total assets 56
LIABILITIES ($m)
Accounts payable 6
Deferred revenue 10
Mortgages, other notes 10
Total liabilities 26
NET ASSETS 30
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