I made a change to the comments feature this morning. You will still be able to leave comments, but they will not be posted immediately. I will have to approve all comments before they will appear on the blog. I didn't want it to come to this, but due to the actions of a couple of people, it is now a necessity. I apologize to the overwhelming majority of people who contributed positively to the blog. If the few people causing trouble think they can break me, you have a lesson coming.
Stay Tuned
--BK
P.S. - I erased all comments from after 9:15am this morning. Please re-post your comments if you were legitimately adding to the conversation.
Subscribe to:
Post Comments (Atom)
25 comments:
I have a question....Why does everyone refer to "investors" around the rink and in the paper? I thought they were donors. Is the team owned by 40 individual investors, as the paper said this morning? I thought there was going to be a nonprofit formed and they were going to ask for donations.
Which way is it?
Test
--BK
Test
--BK
The Owatonna Express is a nonprofit group. I donated and I have NO ownership in ths team. They are still looking for donations of any amount. I'm just glad to see the boys back on the ice!!
The fact is that the team started out as a place to invest and own, however, that changed and the team became a "non-profit" with contributors, and not investors. There are NO owners, but there are about 40 contributors. More people are welcome, and encouraged to contribute and take a tax write-off. I'm sure if you contact the office they can fill you in on how one can do this. These are the facts
Somebody should tell that story to the paper.
Yeah, let Ian write up a correct article.
BK: Why the change? I love this Blog. I may not agree with 100% of the remarks all the time, but its ok compared to other blogs. Did someone say something about you?
So who are the donators? Are not they part owners? The whole enchilda confuses me cause several people tell me they are owners of the new team???
Can we get a valid explanation?
We are fans and have the right to know who or what we are paying our hard earned (less with recession) money to come game times? Do we get a writeoff if we buy tickets?
Dear Mr. Boss for the Blog;
I say, its your blog, do what you want.
Have a nice day!
Mr. Green
Could someone with authority please explain who owns the team? Does anyone? How come Bill says he owns the team? In fact Deb told me to my face they are owners.
Bigtime in need of understanding.
Thank you!
When are the rest of the players that have signed up and committed going to be announced?
PS, I like the website.
Ernie from Medford
Great question:
Are tix deductable when purchased for an event from a non=profit
organization?
Thoughts anyone?
A not for profit and/or a 501c3 are legal entities that avoid paying tax on revenue. By definition, they are legal entities that require incorporation and registration with the state and require a board of directors.
Directors may be paid but profits can not be taken from the entity. The entity is self perpetuating and cannot be sold. Therefore, there are no shareholders, there is not means for donators to be reimbursed. Donators have no rights, only the board has voting privileges. No one owns it, it only exists to benefit its cause.
What is interesting is that the only tax a Jr. Team typically pays is on merchandise and beverage. So there will be some savings for the team. In some states NFP can hold gambling to benefit their cause so that may also benefit the cause.
It would be interesting to know who is responsible for the letter of credit and personal guarantees to the league.
Thank you "anonymous" one notch above this comment. I think that should help folks understand.
--BK
"Anonymous" 2 notches above this post, also reminded me of another point which I have forgotten to mention. Previously, a poster had inquired about buying season tickets, but was worried about the team making it through the year. Somebody within the organization had to provide a letter of credit, and a personal guarantee to the NAHL. So there should be no worries about the team folding this year. Maybe somebody a little more versed on corporate law could confirm this.
--BK
So, a donator does not get any return ie, except for the initial tax deduction?
What about the question regarding tickets being deductable for purchasors of same?
Knowing that a separate letter of credit is in place with the league? to secure the future (2008-09) makes us feel better.
p.s. Thanks for this information posted earlier.
Each purchase can be claimed as a donation with the NP tax id #.
No there are no returns though on any of the investments. These are donations only.
As far as who owns the team: no one. As far as who runs it: the board.
no, no, no,
You are getting something of value for your purchase price.
no personal tax deduction for buying tickets. PERIOD!
Above post is correct. If you buy something of value from a non-profit, there is no tax deduction. If you make a donation then there is.
So those who donated to the team do receive a deduction with the org.s tax id #.
But we will not receive any deductions for purchases.
Basically, the big advantage of the non-profit is that it insulates the board from liability issues that can come about from raising money for the team and it folding if this were a for profit endeavor.
i am still confused, when i buy stuff from non profits (charity dinners) i duduct it from my taxes.
wouldnt this be considered the same thing ie buy tickets from a non profit for their event?
To clear things up for you on ticket purchases. They are Not deductable. In order to be deductable it must be a gift with nothing in return. In this case you are getting something in return for your money (a ticket). Also, yes there are people that have stepped up to sign on a Letter of Credit to insure the team will be here for the year (thanks to those people for that). People need to know that the people who are investors, are doing this to help make sure this team is hear for the long term. That's why it's set up as a non-profit with No owners, so that if someone does want to buy it, no 1 person or group benifits. That money would have to be donated to another non-profit, or we could start another team.
I hope this clears up some questions
These are the facts
When you buy something, say, at a charity auction you can deduct the amount above the value of the what you bought, but not the whole auction price.
Isnt is a pity how the blog has changed since its birth?
"Isnt is a pity how the blog has changed since its birth?"
What has changed? Please elaborate, as maybe you guys see something that I can't being too involved.
Post a Comment