Who owns nhra ??????

Stan Perry · 01-26-2011, 05:39 PM

Might be the dumbest question ever but ,,,,,,,Who owns NHRA.........?????????? If someone bought NHRA today who would get all the money ??

Alan Roehrich · 01-26-2011, 06:04 PM

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?

Stan Perry · 01-26-2011, 06:16 PM

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.......

Jim Wahl · 01-26-2011, 06:17 PM

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

Paul Neal · 01-26-2011, 06:26 PM

Weren't the proceeds of the sale to go into a "trust fund" to allow future financial support of Sportsman and grass-roots racing?

Jason Oldfield · 01-26-2011, 06:32 PM

A trust fund that Tom Compton was surely going to oversee and draw upon as necessary to pay various "bills".

Alan Roehrich · 01-26-2011, 06:41 PM

That's part of what makes it "non profit", no one "owns it", allows it to build up, then sells it.

Quote:

Originally Posted by Stan Perry

Ok i understand build it up and then sell it but who get the money ???? Told you it was a dumb question LOL.......

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.

Julie Jordan · 01-26-2011, 06:43 PM

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.

Chad Rhodes · 01-26-2011, 06:58 PM

Quote:

Originally Posted by Jason Oldfield

A trust fund that Tom Compton was surely going to oversee and draw upon as necessary to pay various "bills".

DUI defense fund?

art leong · 01-26-2011, 07:09 PM

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.

01-26-2011, 05:39 PM	#1
Stan Perry Junior Member Join Date: Mar 2004 Location: Nashville Tenn. Posts: 54 Likes: 0 Liked 0 Times in 0 Posts	Who owns nhra ?????? Might be the dumbest question ever but ,,,,,,,Who owns NHRA.........?????????? If someone bought NHRA today who would get all the money ??

01-26-2011, 06:04 PM	#2
Alan Roehrich Veteran Member Join Date: May 2006 Location: Murfreesboro TN Posts: 5,110 Likes: 1,570 Liked 1,807 Times in 411 Posts	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? __________________ Alan Roehrich 212A G/S

01-26-2011, 06:16 PM	#3
Stan Perry Junior Member Join Date: Mar 2004 Location: Nashville Tenn. Posts: 54 Likes: 0 Liked 0 Times in 0 Posts	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.......

01-26-2011, 06:17 PM	#4
Jim Wahl Veteran Member Join Date: Jan 2002 Location: Central Florida Posts: 5,844 Likes: 666 Liked 683 Times in 129 Posts	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 __________________ Jim Wahl....NHRA #2239 S/SS - IHRA # 8 Stock, D2 Stock Champion (forever I guess) 2019 Baby Gators Stock Champion 2009 NHRA D2 National Open Stock Champion 1982 NHRA D2 West Palm Beach LDRS SS Runner Up Past President, Southern Stock / Super Stock Association.

01-26-2011, 06:26 PM	#5
Paul Neal Junior Member Join Date: Feb 2002 Location: Everett, Ma Posts: 32 Likes: 27 Liked 3 Times in 1 Post	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? __________________ Paul Neal 119E TD/SC Dan Page 265" w/ Martin 632 6.490 @ 205.76 ...all motor!

01-26-2011, 06:32 PM	#6
Jason Oldfield Senior Member Join Date: Jun 2007 Location: Rochester, NY Posts: 619 Likes: 1 Liked 10 Times in 4 Posts	Re: Who owns nhra ?????? A trust fund that Tom Compton was surely going to oversee and draw upon as necessary to pay various "bills". __________________ Jason Oldfield S/G & S/St 1838

01-26-2011, 06:43 PM	#8
Julie Jordan Senior Member Join Date: Dec 2001 Location: Modesto, CA Posts: 639 Likes: 90 Liked 546 Times in 94 Posts	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. __________________ Julie Jordan 7549 STK

01-26-2011, 07:09 PM	#10
art leong VIP Member Join Date: Dec 2001 Location: Richmond Hill, Georgia Posts: 2,003 Likes: 0 Liked 1 Time in 1 Post	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. __________________ Art Leong 2095 SS