Quote:
Originally Posted by Dan Bennett
Disbanding a nonprofit is fairly complicated and is very different from a company closing.
I saw it first hand in my small town. In the 1950s, a group of businessmen and civic groups started a fund drive to build a hospital. Of course, this was pre-interstate, so the nearest big city hospital was an hour or more away. They wanted to change that.
They managed to fund a 10 bed facility. By 2000 or so it had grown to 200. But, it WAS a new century where everything was based on whales devouring minnows. A very large chain made an offer to buy them out, and the local board knew that times had changed and they wouldn't be able to compete for doctors, supply prices, etc. against the giants.
Lots of negotiations, but the bottom line is that a foundation was established and funded with 6 million which was invested. Quarterly, they make grants to organizations who help people - food banks, free clinics, schools, etc. They give out about a 750k a year and have yet to touch the principal and it's been maybe 7 or 8 years.
So this is what happened with a 501 company here, but I see no way to apply that to the NHRA. If the board moved from their line-their-pockets thinking and did such a thing, the only way it could help racers would be if the grants were paid to a new association actually controlled by the people who join it.
Imagine that happening.
|
I recall IHRA tried to help our cause but were denied by NHRA loyalists (circa 2012 San Antonio Raceway, Southwestern International Raceway, and Rocky Mountain Raceway, and the big race held in Tennesee)! Thanks in part to that, we no longer have many of the tracks we had then, entry fees are $70.00 - $110.00 more, and entry qoutas caused by catering to pro classed big rigs, have squeezed many of us out of races we wanted to be in! D7 lost Rocky Mountain Raceway was lost, but when IHRA was there the stands were packed, and even though the nitro burners drew in many fans, we Sportsman racers were shown lots of love, from lower entry fees, to similar (and in the 2010's bigger payouts)! Tucson has dropped out of divisionals, Fontana is long gone, and other divisions have lost key race tracks too. Seems to me competition is needed for Glendora too, but if they get it, will we embrace it, or reject it like 11yrs ago????