Anyone organized as a not for profit?
- Our club is set to put on 3-4 races next year - a crit with a pretty
large payout (few thousand), a UCI C3 CX races with a ~$4,200 payout
and the NJ State RR championships with no payout, but a chance for
some serious earnings on our part.
From previous race promotion (and seed money from our team's primary
sponsor) we probably have about $4,500 in the bank. As the stakes get
higher and the amount of money flowing in and out increases, we're
collectively getting concerned about the potential personal tax
liability we might have. Plus, we figure if we're a non-profit
(probably a 501(c)7) it might be easier to solicit donations from
Anyone go this route? Any advice? We are also talking to an
attorney/team mate but I was looking for some real world experience.