All-Star Usasf Independence

[xtremeteal4life]

Someone has to file and start the company. So IDK if that really means anything that his name is on those documents? I feel like there will be a name on a document when you look up USAG or USA Football. Someone's name will be there for who started it and is in charge. I wouldn't look too deeply into that part.

As far as revoked standing maybe they didn't pay their renewal fee? I'd have to ask the IRS (or a tax lawyer) to find out exactly what it means.

Basically I thought non-profit's don't have to pay taxes, but I thought the link posted is saying it's a taxable entity (unless non-profit's still have a tax ID number)- Again, sorry if I'm being slow, etc. but I don't know too much either about tax ID's for profit and/or non-profit entities.

 

[xtremeteal4life]

Also, not directly related to this- what do you think about the profit for World's in 2011 being ~200k less than in 2010?

 

[King]

Basically I thought non-profit's don't have to pay taxes, but I thought the link posted is saying it's a taxable entity (unless non-profit's still have a tax ID number)- Again, sorry if I'm being slow, etc. but I don't know too much either about tax ID's for profit and/or non-profit entities.

A 501c6 is different than a 501c3. IDK the direct differences but they arent quite the same thing.

Also, not directly related to this- what do you think about the profit for World's in 2011 being ~200k less than in 2010?

It is hard to ask me to speculate on something where IDK every detail. Operating costs can go up dramatically. Unless there is a full release of records I am not quite sure if I could think it is anything.

 

[xtremeteal4life]

A 501c6 is different than a 501c3. IDK the direct differences but they arent quite the same thing.



It is hard to ask me to speculate on something where IDK every detail. Operating costs can go up dramatically. Unless there is a full release of records I am not quite sure if I could think it is anything.

Ok, gotcha on the first part.
Well the link I posted doesn't break every single thing down, but it does say that's the net profit and in a different section it posts the operating expenses, so I assumed that's the actual profit.
USASF Finances ending in December 2011
2011
Revenue
Membership Dues $471,781.24
Services (regional mtgs, coaches' conference, credentialing) $ 457,237.27
Sponsorship $81,860.73
Income from World Championship $444,820.04
TOTAL $1,455,699.28

Expenses
Member Program Expenses $613,811.96
Member Specific Services (IT, NACCC, Regional Mtgs) $439,327.61
Administrative $209,713.14
Total Operating Expenses $1,262,852.71

Overage $192,846.57
Debt Paydown $(150,112.00)
Less: increase to prepaids/AR $(40,014.00)
Plus: increase in AP/customer's deposits $49,955.00
Less: fixed asset purchase (net of depreciation) $(137,899.00)
Net decrease to cash $(85,223.43)
Add Back: cash on hand at 12/31/10 $151,391.00
Cash on hand at 12/31/11 $66,167.57


USASF Finances ending in December 2010
2010
Revenue
Membership Dues $332,811
Services (regional mtgs, coaches' conference, credentialing) $336,396
Sponsorship $87,815
Income from World Championship $665,070
TOTAL $1,422,091

Expenses
Member Program Expenses $527,812
Member Specific Services (IT, NACCC, Regional Mtgs) $328,428
Administrative $172,085
Total Operating Expenses $1,028,325



Overage $393,766
Debt Paydown $(287,808.00)
Less: increase to prepaids/AR $(80,281.00)
Plus: increase in AP/customer's deposits $116,700.00
Less: fixed asset purchase (net of depreciation) $(42,253.00)
Net decrease in cash $100,124
Add Back: cash on hand at 12/31/09 $51,267.56



Ok so correction, I guess that means Worlds would have earned less in 2010 than in 2009.

 

[xtremeteal4life]

TY Btw King

 

[SheCheers]

Basically I thought non-profit's don't have to pay taxes, but I thought the link posted is saying it's a taxable entity (unless non-profit's still have a tax ID number)- Again, sorry if I'm being slow, etc. but I don't know too much either about tax ID's for profit and/or non-profit entities.

Not for profit's should make $0 at the end. Any overage "should" be invested back into the entity to better whatever they're doing. If they do profit, they will be taxed. But the idea is that they're an entity working for some greater good. So, they're not subjected to the same taxes a for profit would (sales tax for example) That's my understanding after being deeply involved in a non profit private school that my kids attends for a few years.



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[xtremeteal4life]

Ok, I found the technical differences-

• 501(c)(3) — Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations
• 501(c)(6) — Business Leagues, Chambers of Commerce, Real Estate Boards, etc.
• Tax exemption does not excuse an organization from maintaining proper records and filing any required annual or special-purpose tax returns, e.g., 26 U.S.C. § 6033 and 26 U.S.C. § 6050L. Previously, annual returns were not generally required from an exempt organization accruing less than $25,000 in gross income yearly.[5] However, from 2008 onwards, many such organizations must file a yearly "e-Postcard" known as Form 990-N, or risk losing their exemption.[6] Form 990-N must be submitted electronically using an authorized IRS efile provider. Other types of Form 990 may be submitted via mail and some are available electronically through an IRS efile provider. IRS

So I'm guessing that they both require a tax ID #

 

[Future]

Someone has to file and start the company. So IDK if that really means anything that his name is on those documents? I feel like there will be a name on a document when you look up USAG or USA Football. Someone's name will be there for who started it and is in charge. I wouldn't look too deeply into that part.

As far as revoked standing maybe they didn't pay their renewal fee? I'd have to ask the IRS (or a tax lawyer) to find out exactly what it means.

One can look on the 990's …the tax return all 501(c)(6) are to file….the "who is in charge" should be listed there….

 

[ACEDAD]

Not for profit's should make $0 at the end. Any overage "should" be invested back into the entity to better whatever they're doing. If they do profit, they will be taxed. But the idea is that they're an entity working for some greater good. So, they're not subjected to the same taxes a for profit would (sales tax for example) That's my understanding after being deeply involved in a non profit private school that my kids attends for a few years.



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Being a not for profit doesn't mean the entity doesn't make money. It means there are no owners that receive the profit like in a privately owned company.


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[xtremeteal4life]

Being a not for profit doesn't mean the entity doesn't make money. It means there are no owners that receive the profit like in a privately owned company.


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That was my understanding from the Wikipedia resources too.
Also, 501c6 are not required full disclosure for donations too it appears.

 

[xtremeteal4life]

One can look on the 990's …the tax return all 501(c)(6) are to file….the "who is in charge" should be listed there….

The president and VP and directors are listed on that document if you click the header on the right hand side. And here's what is says as to why they're not in good standing (by clicking the left header)

CERTIFICATE OF ACCOUNT STATUS




This is in response to your inquiry about the status of

USA FEDERATION FOR SPORT CHEERING


This entity is not in good standing as it has not satisfied all franchise tax requirements.

If you need any additional information or assistance, please contact the Texas State Comptroller's field office in your area or call (800) 252-1381, toll free, nationwide. The Austin number is (512) 463-4600.









Taxpayer number: 32032537816
File number: 0800818304

 

[Future]

That was my understanding from the Wikipedia resources too.
Also, 501c6 are not required full disclosure for donations too it appears.

Small clarification….c(6) are not allowed to accept charitable donations…ones that the donor can use on their tax return….c(3) are allowed….

 

[BlueCat]

"US Federation of Sport Cheering" is USA Cheer, not the USASF. It is easy to get all of them confused, as they share offices, addresses, & board members.

I guess we need to add "What the heck is supposed to be the structure of all of the Varsity governing bodies?" to the questions that get asked frequently. I assume that the new judges one is thrown in there somewhere. Perhaps someone from there can try to explain them.

 

[mstealtoyou]

"US Federation of Sport Cheering" is USA Cheer, not the USASF. It is easy to get all of them confused, as they share offices, addresses, & board members.

I guess we need to add "What the heck is supposed to be the structure of all of the Varsity governing bodies?" to the questions that get asked frequently. I assume that the new judges one is thrown in there somewhere. Perhaps someone from there can try to explain them.

Yes, because they've been so transparent and forthcoming with information up until this point, I'm sure they won't mind sharing those little tidbits as well. (Insert sarcasm font here.......lmao)

 

[njallday]

I may not know much about the subject, but I do work for a nonprofit charity. but to reinforce what ACEDAD said, we certainly make money. millions each year, actually. however, 96 cents of every dollar we make is put back into our agency's programs and services.