I was on USAC's Fb page looking for info on the DuQuoin SC race and noticed that under description they've listed themselves as a Not For Profit organization. We all found that quite amusing.
back in the day when i had a long beard, a stoned out hippy dude came up n looked me in the eye n asked me if i was a profit/ nope but i work fer one, i replied.
Being a non-profit business is pretty common. Companies like Blue Cross Blue Shield are non-profits! The list is huge. The main criteria is that all salaries must be within those that of their equal in the for profit sector. So if USAC does 10 million a year in gross business income, then their employees can have salaries equal to a for profit business of that size, ie. Top executive probably make around 250 - 400K. The other important thing is, they have to reinvest/distribute all left over funds after subtracting the cost of doing business, to the driver funds, race payouts, advertising (ya I know). Basically at the end off the season they can't have any left over $$$ other than the standard operating budget for the next season. They can't have a BAG OF $$$ stashed away
The IRS accuses me of being a "Non-Profit" every year
Originally Posted by fasster23:
I was on USAC's Fb page looking for info on the DuQuoin SC race and noticed that under description they've listed themselves as a Not For Profit organization. We all found that quite amusing.
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And why is this a problem? Common thing for many groups of this type.
). Basically at the end off the season they can't have any left over $$$ other than the standard operating budget for the next season. They can't have a BAG OF $$$ stashed away 
