Can anyone explain NHRA?

[Tony Janes]

Ken: I agree you with you, I have never like post by phony names

[Ed Fernandez]

Yo Ken;
Am I allowed to post as Wally Booth,great great great great grandson of John Wilkes Booth?


Ed

[Bruce Noland]

And I thought the trip to Florida might help him. You know. Kinda get some of that Jersey air out of his head. But I guess not!

[Jack Matyas]

Originally Posted by admin

dragraceresearch's posts have been removed. This topic is to important for people to be using a alias. dragraceresearch just joined Class Racer, and it looks like his purpose is to only hammer NHRA.

As everyone knows, I am a supported of NHRA and I have no problem telling members how I feel. I also understand that members need to express their opinion about NHRA even if they are not the same as mine.

I will not let members post about this issue on Class Racer without knowing who they are.

Ken Miele

Yo Ken .........you got my vote .

[Ed Fernandez]

Originally Posted by Bruce Noland

And I thought the trip to Florida might help him. You know. Kinda get some of that Jersey air out of his head. But I guess not!

Bruce,you did notice I was mellowed out there in Gainesville eh?How did you make out with the roadster you were going to look at?

Ed

[bill dedman]

Julie and Kelly,

Thanks for the explanation of what Non-Profit Organizations are, and to some extent, how they operate.

I am curious as to what kind of laws/rules/limitations exist that relate to the head of one of these non-taxed groups being paid a salary that is "over-the-top" large, or whether there IS any restriction on how much money the people in that position can pay themselves.

I'd think that that would be a prominent part of the governmental control that is relevant to the non-profit status.

Is it?

Thanks for any information...

Bill

[Julie Jordan]

Originally Posted by bill dedman

Julie and Kelly,

Thanks for the explanation of what Non-Profit Organizations are, and to some extent, how they operate.

I am curious as to what kind of laws/rules/limitations exist that relate to the head of one of these non-taxed groups being paid a salary that is "over-the-top" large, or whether there IS any restriction on how much money the people in that position can pay themselves.

I'd think that that would be a prominent part of the governmental control that is relevant to the non-profit status.

Is it?

Thanks for any information...

Bill

Bill,

To my knowledge there are no limits on what compensation can be. With charitable organizations, there is a lot more scrutiny because donors are looking at how their contributions are being spent. Donors want their money spent on the charity's programs, not in administrative costs.

Every tax return filed for a tax-exempt organization has the salary & benefits of its officers itemized. So, whoever is looking at these things at IRS and elsewhere, sees what people are being paid. What they do with that information I have no clue. One thing not known in these forms is if the officers have a base salary only, bonuses tied to performance, etc. All we see is the end total of what they received.

Determining what is excessive compensation is judgemental at best, in my opinion. You have to take into account the person's experience, what they could get in the private sector for the same work, cost of living in the area, their job performance with the organization, blah, blah, blah. Add to that our personal feelings of what is too much (I live in California, a high cost-of-living state. I'm sure someone living in Nebraska would have a difference of opinion on what they think is a fair wage out here.) So much is subjective.

[Bruce Noland]

Ed,
Yes, you were very laid back down there.

Jack,
Did you get the record at Atco? Was it C/SA?

[stocker4046]

One other thing is that a Non Profit can own one or more For Profit businesses (taxable).

[Joe Pinkston]

Originally Posted by dartman

A non-profit organization (abbreviated "NPO", also "not-for-profit") is a legally constituted organization whose objective is to support or engage



Whereas for-profit corporations exist to earn and distribute taxable business earnings to shareholders, the nonprofit corporation exists solely to provide programs and services that are of public benefit. Often these programs and services are not otherwise provided by local, state, or federal entities. While they are able to earn a profit, more accurately called a surplus, such earnings must be retained by the organization for its future provision of programs and services.

If this wording, or something simular to it was part of the tax codes back in the mid 50's then that could explain alot.

It was before my time, but I guess NHRA was originated as an idea to provide services that were viewed as being of public benefit. I'm not sure you could sell that idea today (then again maybe you could), but I guess it was easy to prove that what they were doing was something of public benefit back then. I would assume as long as the terms of the original charter were not broken in any way it would still be legal and valid up until today.

Bruce; thanks for the link to the IRS documents.