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Thread: Charity / non-profit definition, scam ? or legit ?

  1. #21
    The Real Captain Slow Red_5's Avatar
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    Quote Originally Posted by Silversprint View Post
    Charity and non-profit are not the same.

    There are a few track organizations in california classified as non-profit.
    And there are for-profit charities.
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  2. #22
    Senior Member Silversprint's Avatar
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    Quote Originally Posted by Richard EVO View Post
    Uuuuhhh, like SCCA?
    Many of the owners clubs such as POC, AROSC, BMW, etc can/are classed as Non-profit.
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    Senior Member robburgoon's Avatar
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    So I did some reading and I am not a lawyer, but it appears that to make it tax deductable you have to be a charity or be advancing science or a few other things like promoting sport. The trouble is there is a rule about a donor not getting benefit from the non profit's work. So that's why we aren't all doing this already.

  4. #24
    The Real Captain Slow Red_5's Avatar
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    Quote Originally Posted by robburgoon View Post
    So I did some reading and I am not a lawyer, but it appears that to make it tax deductable you have to be a charity or be advancing science or a few other things like promoting sport. The trouble is there is a rule about a donor not getting benefit from the non profit's work. So that's why we aren't all doing this already.
    So could we start our own charities and sponsor each others racing efforts?
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  5. #25
    Senior Member robburgoon's Avatar
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    Quote Originally Posted by Red_5 View Post
    So could we start our own charities and sponsor each others racing efforts?
    LOL probably, but probably not a good idea.

  6. #26
    Senior Member bellwilliam's Avatar
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    when I started the thread, it had nothing to do with racing...

    it is more of how charity/non-profit spent all the money on parties and salary, thus "non-profit". every company can be "non-profit", if you pay it all out on salary to show zero profit. that's what most smaller corporation does anyway (to avoid double taxation).......
    from Rob's link, it seems many charity are only giving out 10% of what they take in.....
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  7. #27
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    William -- no one gives a $h!t . . .
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