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Anyone organized as a not for profit?

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  • brianburgess3593
    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
    Message 1 of 1 , Jan 29, 2004
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      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
      businesses.

      Anyone go this route? Any advice? We are also talking to an
      attorney/team mate but I was looking for some real world experience.
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