Esquire wrote:
The Bigger Story wrote:Congrats to the race director for doing what he should have done in the first place. $9,000 is now settled in the most reasonable manner.
However, the real issue is non-profit's tax forms.
In 2014, the had 151,040 in revenues. The revenues include a deduction for 49,994 in direct expenses, presumably for the race.
In 2014, they had $32,486 in expenses for actual charity work (non salary or admin expenses).
That's right, 20% of their revenue went to their actual non-profit work. That is abysmal, even for a small non-profit. Good non-profits run at 80+% generally.
excellent post. definitely worth looking into further
Except, it's all too common. As is the strong reply about all the good done.
I don't have a bone to pick with Bob here. My expectations are so low and there is SO much money skimmed off these tax shelters by so many people that nothing would surprise me.
I guess this kind of skimming operation is new to people? Again, I'm not stating Bob is skimming the non-profit in a perfectly legal manner, just that it is very very common. And it's legal.