The IRS and NHRA, you gotta see this.

FED 387 · 01-20-2011, 04:12 PM

sorry posted the ins info on the wrong thread---comp

chris3racing · 01-20-2011, 04:28 PM

The whole press release is posted on Moparts site. "non-profit" right. I would like to have a amount of money shown on there that Graham light received for "1-hour of work". This is not going to end good at all.

Jim Wahl · 01-20-2011, 04:38 PM

Quote:

Originally Posted by chris3racing

The whole press release is posted on Moparts site. "non-profit" right. I would like to have a amount of money shown on there that Graham light received for "1-hour of work". This is not going to end good at all.

Yeah, Light gets over $6,000 an hour! I would do his job AND wash the windows for that amount! How do you defend that kind of pay? Jim

Greg Hill · 01-20-2011, 04:51 PM

This complaint should trigger a detailed audit. I think the bunch in charge might have a tough time surviving a thorough IRS audit. I don't think there is any way that Compton,et.al will be allowed to steal the company. They are only employees not owners. They don't have any money invested in NHRA and don't own any stock in the company. I do know also there has been a complaint filed with the CA attorney General and they may be waiting to see what happens with the IRS. It's going to be really interesting to see where all the expense money goes [$120 million in 2008].

Ed Fernandez · 01-20-2011, 05:08 PM

Quote:

Originally Posted by chris3racing

The whole press release is posted on Moparts site. "non-profit" right. I would like to have a amount of money shown on there that Graham light received for "1-hour of work". This is not going to end good at all.

Dallas Gardener is the one who worked 1 hr.I'm sure Graham Light,like himor not,puts in a weeks work.
This crew has no one but themselves to blame.I'm sure things will change as far as who will pay fees.The pros will have to share a bit more of the burden.

Jason Oldfield · 01-20-2011, 04:32 PM

This is very interesting indeed. But, this may be a case of cutting off our noses to spite our faces. Sure, I would LOVE to have a voice in how this organization is run. But, let's assume that the IRS revokes the NHRA not-for-profit status. Then what? NHRA simply becomes a private corporation, we become "customers" rather than "members", and Compton et. al continue to receive their inordinate amounts of pay, and we continue to have no say in how the organization is run. What other company do you have a say in how it is run, simply as a customer? Chrysler? Nope. Cargill? Nope. Mars (M&Ms)? Nope. These are some of the largest private companies in the U.S.

How, you ask, will NHRA be able to continue to afford to pay these ridiculous wages once they have to pay income tax as well? You guessed it, more sportsman racing "enhancements". NHRA will just raise the prices of everything to compensate for their lost revenue. They've done it before and we've never done anything about it. Why would we now?

So, though I want to have a voice, and I want to see these a-holes held accountable, it still may not be in my best interests as a drag racer to see this happen (though it WILL be in my best interests as a tax-paying citizen).

Should be interesting to say the least...

Toby Lang · 01-20-2011, 04:43 PM

Part of the complaint says that the NHRA compensation arrangements may be excessive.

As an example they use the 2006 compensation of Mr. Thomas Compton. In 2006 Mr. Compton was paid $712,317. They say the average compensation paid to CEOs at the ten largest trade associations was $642,447. So, Mr. Compton was paid 9.8% more than the average.

I don't know if the NHRA operates like a for-profit business or not, but Mr. Compton's salary doesn't seem that excessive to me when compared with the others. If he were making 30-50% more than the average I would say yes, that's excessive, but less than 10%?

Also, could it be possible that the anonymous client has the initials BN?

-Toby

Greg Hill · 01-20-2011, 04:56 PM

Quote:

Originally Posted by Toby Lang

Part of the complaint says that the NHRA compensation arrangements may be excessive.

As an example they use the 2006 compensation of Mr. Thomas Compton. In 2006 Mr. Compton was paid $712,317. They say the average compensation paid to CEOs at the ten largest trade associations was $642,447. So, Mr. Compton was paid 9.8% more than the average.

I don't know if the NHRA operates like a for-profit business or not, but Mr. Compton's salary doesn't seem that excessive to me when compared with the others. If he were making 30-50% more than the average I would say yes, that's excessive, but less than 10%?

Also, could it be possible that the anonymous client has the initials BN?

-Toby

Toby I would guess NHRA is no where close to one of the top ten trade associations in the US. The US chamber of commerce is one of the larger ones. How about Dallas Gardner , 10hrs. a week for $317,000 per year. The big money is in their expenses and where all that goes will be interesting.

Toby Lang · 01-20-2011, 05:07 PM

Well, in the same paragraph it says:

"... we evaluated the comparable compensation data detailed in the American Society of Association Executives compensation report."

-Toby

Jim Cimarolli · 01-20-2011, 05:07 PM

Haven't heard this one used in a while,
"Here Come Da Judge!"

01-20-2011, 04:12 PM	#1
FED 387 VIP Member Join Date: Jun 2006 Posts: 3,419 Likes: 528 Liked 332 Times in 180 Posts	Re: The IRS and NHRA, you gotta see this. sorry posted the ins info on the wrong thread---comp

01-20-2011, 04:28 PM	#2
chris3racing Senior Member Join Date: Mar 2008 Posts: 528 Likes: 0 Liked 0 Times in 0 Posts	Re: The IRS and NHRA, you gotta see this. The whole press release is posted on Moparts site. "non-profit" right. I would like to have a amount of money shown on there that Graham light received for "1-hour of work". This is not going to end good at all.

01-20-2011, 04:51 PM	#4
Greg Hill VIP Member Join Date: May 2006 Location: Louisville , KY Posts: 1,995 Likes: 68 Liked 279 Times in 68 Posts	Re: The IRS and NHRA, you gotta see this. This complaint should trigger a detailed audit. I think the bunch in charge might have a tough time surviving a thorough IRS audit. I don't think there is any way that Compton,et.al will be allowed to steal the company. They are only employees not owners. They don't have any money invested in NHRA and don't own any stock in the company. I do know also there has been a complaint filed with the CA attorney General and they may be waiting to see what happens with the IRS. It's going to be really interesting to see where all the expense money goes [$120 million in 2008]. __________________ Greg Hill 4171 STK

01-20-2011, 04:32 PM	#6
Jason Oldfield Senior Member Join Date: Jun 2007 Location: Rochester, NY Posts: 619 Likes: 1 Liked 10 Times in 4 Posts	Re: The IRS and NHRA, you gotta see this. This is very interesting indeed. But, this may be a case of cutting off our noses to spite our faces. Sure, I would LOVE to have a voice in how this organization is run. But, let's assume that the IRS revokes the NHRA not-for-profit status. Then what? NHRA simply becomes a private corporation, we become "customers" rather than "members", and Compton et. al continue to receive their inordinate amounts of pay, and we continue to have no say in how the organization is run. What other company do you have a say in how it is run, simply as a customer? Chrysler? Nope. Cargill? Nope. Mars (M&Ms)? Nope. These are some of the largest private companies in the U.S. How, you ask, will NHRA be able to continue to afford to pay these ridiculous wages once they have to pay income tax as well? You guessed it, more sportsman racing "enhancements". NHRA will just raise the prices of everything to compensate for their lost revenue. They've done it before and we've never done anything about it. Why would we now? So, though I want to have a voice, and I want to see these a-holes held accountable, it still may not be in my best interests as a drag racer to see this happen (though it WILL be in my best interests as a tax-paying citizen). Should be interesting to say the least... __________________ Jason Oldfield S/G & S/St 1838 Last edited by Jason Oldfield; 01-20-2011 at 04:36 PM.

01-20-2011, 04:43 PM	#7
Toby Lang VIP Member Join Date: Jan 2002 Location: Auburn, WA Posts: 2,133 Likes: 2 Liked 2 Times in 1 Post	Re: The IRS and NHRA, you gotta see this. Part of the complaint says that the NHRA compensation arrangements may be excessive. As an example they use the 2006 compensation of Mr. Thomas Compton. In 2006 Mr. Compton was paid $712,317. They say the average compensation paid to CEOs at the ten largest trade associations was $642,447. So, Mr. Compton was paid 9.8% more than the average. I don't know if the NHRA operates like a for-profit business or not, but Mr. Compton's salary doesn't seem that excessive to me when compared with the others. If he were making 30-50% more than the average I would say yes, that's excessive, but less than 10%? Also, could it be possible that the anonymous client has the initials BN? -Toby

01-20-2011, 05:07 PM	#9
Toby Lang VIP Member Join Date: Jan 2002 Location: Auburn, WA Posts: 2,133 Likes: 2 Liked 2 Times in 1 Post	Re: The IRS and NHRA, you gotta see this. Well, in the same paragraph it says: "... we evaluated the comparable compensation data detailed in the American Society of Association Executives compensation report." -Toby

01-20-2011, 05:07 PM	#10
Jim Cimarolli Senior Member Join Date: Mar 2002 Location: Sulphur Springs Texas Posts: 743 Likes: 146 Liked 166 Times in 46 Posts	Re: The IRS and NHRA, you gotta see this. Haven't heard this one used in a while, "Here Come Da Judge!"