Quiet Burp Posted January 12, 2022 Share Posted January 12, 2022 Is SASS a not for Profit Organisation? Link to comment Share on other sites More sharing options...
Doc Shapiro Posted January 12, 2022 Share Posted January 12, 2022 As far as I know, nope. They killed their Corp registration in CA at the end of 2018. I don't know in what state they are currently registered. But in CA it was a Corp, not a non-profit. Link to comment Share on other sites More sharing options...
Dusty Devil Dale Posted January 12, 2022 Share Posted January 12, 2022 NO. Link to comment Share on other sites More sharing options...
Cahawbakid Posted January 12, 2022 Share Posted January 12, 2022 Link to comment Share on other sites More sharing options...
Cahawbakid Posted January 12, 2022 Share Posted January 12, 2022 The latest and Greatest info Link to comment Share on other sites More sharing options...
Quiet Burp Posted January 23, 2022 Author Share Posted January 23, 2022 Last night doing some reading I came across these two threads, so did the Not for Profit thing fall over??? Link to comment Share on other sites More sharing options...
Yul Lose Posted January 23, 2022 Share Posted January 23, 2022 3 minutes ago, Quiet Burp said: Last night doing some reading I came across these two threads, so did the Not for Profit thing fall over??? Give SASS a call tomorrow and ask them. Link to comment Share on other sites More sharing options...
Captain Bill Burt Posted January 23, 2022 Share Posted January 23, 2022 22 minutes ago, Quiet Burp said: Last night doing some reading I came across these two threads, so did the Not for Profit thing fall over??? The Cahawba Kid just posted the fact that they are a for profit entity, so I think you can safely conclude that the not for profit didn't work out. Link to comment Share on other sites More sharing options...
irish ike, SASS #43615 Posted January 24, 2022 Share Posted January 24, 2022 So, in theory non-profits can make a profit! Link to comment Share on other sites More sharing options...
J-BAR #18287 Posted January 24, 2022 Share Posted January 24, 2022 38 minutes ago, irish ike, SASS #43615 said: So, in theory non-profits can make a profit! Probably explains why non-profit hospitals are always building new facilities in order to use up the excess income. Link to comment Share on other sites More sharing options...
Texas Jack Black Posted January 24, 2022 Share Posted January 24, 2022 I was wondering Why does it matter. Link to comment Share on other sites More sharing options...
irish ike, SASS #43615 Posted January 24, 2022 Share Posted January 24, 2022 4 hours ago, J-BAR #18287 said: Probably explains why non-profit hospitals are always building new facilities in order to use up the excess income. As a non-profit they need to make a profit. In order to fund projects, invest in infrastructure and key hires. Otherwise they have to borrow every time they want to do anything. Link to comment Share on other sites More sharing options...
Texas Jack Black Posted January 25, 2022 Share Posted January 25, 2022 1 hour ago, irish ike, SASS #43615 said: As a non-profit they need to make a profit. In order to fund projects, invest in infrastructure and key hires. Otherwise they have to borrow every time they want to do anything. ??????????? What? Link to comment Share on other sites More sharing options...
irish ike, SASS #43615 Posted January 25, 2022 Share Posted January 25, 2022 Gross profit vs. net profit. Non-profits like all businesses should have a gross profit. this funds the 401K match, pay down debt, invest in new infrastructure, bonus's, etc. Net profit is whats left over which may be $0 Link to comment Share on other sites More sharing options...
Texas Jack Black Posted January 25, 2022 Share Posted January 25, 2022 You mean gross revenues Link to comment Share on other sites More sharing options...
Dusty Devil Dale Posted January 25, 2022 Share Posted January 25, 2022 22 hours ago, irish ike, SASS #43615 said: So, in theory non-profits can make a profit! My understanding of SS 501c7 is that the definition of "profit" does not include accrued money's that are re-expended in the general economy for purposes that are listed in the organization Bylaws, as recorded with the original or amended 501c7 Application. IRS has a history of leniency regarding those re-expenditure time frames if funds are being accumulated for future large projects documented as approved by the organization governing board. Link to comment Share on other sites More sharing options...
Texas Jack Black Posted January 25, 2022 Share Posted January 25, 2022 4 hours ago, Dusty Devil Dale said: My understanding of SS 501c7 is that the definition of "profit" does not include accrued money's that are re-expended in the general economy for purposes that are listed in the organization Bylaws, as recorded with the original or amended 501c7 Application. IRS has a history of leniency regarding those re-expenditure time frames if funds are being accumulated for future large projects documented as approved by the organization governing board. 4 hours ago, Dusty Devil Dale said: My understanding of SS 501c7 is that the definition of "profit" does not include accrued money's that are re-expended in the general economy for purposes that are listed in the organization Bylaws, as recorded with the original or amended 501c7 Application. IRS has a history of leniency regarding those re-expenditure time frames if funds are being accumulated for future large projects documented as approved by the organization governing board. Sort of like many Cowboy clubs. Being a non member of SASS at this time I am wondering why so much talk about this . Why does anyone care if they are a profit or a non-profit. Link to comment Share on other sites More sharing options...
irish ike, SASS #43615 Posted January 26, 2022 Share Posted January 26, 2022 6 hours ago, john brown said: Sort of like many Cowboy clubs. Being a non member of SASS at this time I am wondering why so much talk about this . Why does anyone care if they are a profit or a non-profit. There was a group of members venting abut SASS and how they spent their money. They thought a non-profit company had to report, to the public, their revenue and expenditures. Which they don't have to do. Link to comment Share on other sites More sharing options...
irish ike, SASS #43615 Posted January 26, 2022 Share Posted January 26, 2022 On 1/24/2022 at 7:02 PM, john brown said: You mean gross revenues Gross revenue, minus expenditures = gross profit. Gross profit minus debt pay down, bonus's, 401k etc. = net profit. Link to comment Share on other sites More sharing options...
Texas Jack Black Posted January 26, 2022 Share Posted January 26, 2022 18 hours ago, irish ike, SASS #43615 said: Gross revenue, minus expenditures = gross profit. Gross profit minus debt pay down, bonus's, 401k etc. = net profit. I know that, I was correcting the OP I happen to own a fair size company. Best wishes Link to comment Share on other sites More sharing options...
irish ike, SASS #43615 Posted January 26, 2022 Share Posted January 26, 2022 17 minutes ago, john brown said: I know that, I was correcting the OP I happen to own a fair size company. I just retired from mine. We went to an ESOP 6 years ago to avoid taxes and create a better benefit for our employees. We also has a non-profit group.. Link to comment Share on other sites More sharing options...
Texas Jack Black Posted January 26, 2022 Share Posted January 26, 2022 26 minutes ago, irish ike, SASS #43615 said: I just retired from mine. We went to an ESOP 6 years ago to avoid taxes and create a better benefit for our employees. We also has a non-profit group.. Mine is a family business and it is hard to retire after 50 years of building a successful business. I still go into the office every day .The wife says I need to let go and enjoy our remaining years. This year I have started to cut back and will be done by April. Best wishes Link to comment Share on other sites More sharing options...
irish ike, SASS #43615 Posted January 26, 2022 Share Posted January 26, 2022 1 hour ago, john brown said: Best wishes To you also. Enjoy your retirement. Link to comment Share on other sites More sharing options...
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