USAC Not For Profit

fasster23 · 9/2/12, 1:27 AM

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.

Posted via Mobile Device

9/2/12, 2:29 AM

not surprizing

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.

RadRacer · 9/2/12, 10:07 AM

NHRA thats having there biggest race at Indy is also a not for profit!

Bostonian · 9/2/12, 12:53 PM

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

i love dirt track racing · 9/2/12, 1:57 PM

so is the united state postal service and we all see what kind of shape that they our in.

nonwing77 · 9/2/12, 4:24 PM

The nfl is also a non profit organization as well saving them big tax money every year.

Posted via Mobile Device

Danny Burton · 9/2/12, 5:28 PM

Quote:

Originally Posted by i love dirt track racing

so is the united state postal service and we all see what kind of shape that they our in.

True and a lot of their financial issues are due to having too many people employed who don't touch or see the mail.

Thanks for reminding me. Been retired 1 year and 2 days from that sinking ship. Am I a rat? You bet.

USAC has always been a non-profit, far as I know.

Jerry Spencer · 9/2/12, 5:57 PM

As long as I can remember Spencer Racing is a Not For Profit.

Jerry #66j
stida.com

captrat · 9/3/12, 10:52 AM

Quote:

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.

Posted via Mobile Device

And why is this a problem? Common thing for many groups of this type.

fasster23 · 9/3/12, 9:01 PM

You guys are taking it to seriously. It was a joke. I understand how non-profits work.

Posted via Mobile Device

9/2/12, 1:27 AM	#1 USAC Not For Profit
fasster23 Senior Member Join Date: Jul 2010 Posts: 463	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. Posted via Mobile Device

9/2/12, 2:29 AM	#2 Re: USAC Not For Profit
barny oldfeller Posts: n/a	not surprizing 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.

9/2/12, 10:07 AM	#3 Re: USAC Not For Profit
RadRacer Senior Member Join Date: Jun 2008 Posts: 464	NHRA thats having there biggest race at Indy is also a not for profit!

9/2/12, 4:24 PM	#6
nonwing77 Member Join Date: Jul 2007 Posts: 204	The nfl is also a non profit organization as well saving them big tax money every year. Posted via Mobile Device

9/3/12, 9:01 PM	#10
fasster23 Senior Member Join Date: Jul 2010 Posts: 463	You guys are taking it to seriously. It was a joke. I understand how non-profits work. Posted via Mobile Device