Anyone have experience with running non-profit organizations involving this sport? If so, what is the purpose of the organization and what is your involvement?
Ultramax (in Missouri) is a non-profit who supports some eye research foundation. I am purely a participant, no affiliation with either orginization. I know a guy who runs a non-profit and from what he says it seems they can be taken advantage of relatively easily so its not as impressive in my mind as it once was. Are you thinking of starting something?
I’m thinking about starting an organization.
- people are fascinated by endurance athletes and will contribute money when an event is combined with a cause
- when making a contribution, people wonder how much is actually going to the cause and how much is overhead
- private funding for the organization would allow 100% of the donation to be put to the cause
The last one is tricky but I think it is possible.
I would get an attorney who knows about such things. There are tax implications, etc. to setting one up. We set up our tri club as a non-profit mutual benefit org. and there was lots of paperwork and IRS filings involved. One of our attorneys at my law firm did most of the work.
clm
I’ve been running a regular business since 2000. I have a business attorney and accountants that can handle the legal & tax aspects. I’m looking for thoughts, ideas, experiences, etc.
Thanks for your responses.