fj1200
11-01-2013, 04:20 PM
Profitable Non-Profits: Should these companies have to pay taxes like us? (http://news.yahoo.com/video/whoknew-profitable-non-profits-companies-060000045.html)
Good news, NFL fans! Don’t feel guilty for watching football all day on Sunday because you’re supporting a non-profit. That’s right, the NFL is actually a non-profit organization – one of several that are quite profitable. As a result of a 1966 law, the IRS classifies the NFL as a non-profit trade association because its existence promotes the football industry as a whole. It’s a separate classification from charities, but essentially works the same way for tax purposes. That means large amounts of the NFL’s $10 billion in annual revenues are exempt from tax. The league does have a for-profit wing called “NFL Ventures,” which runs the NFL Network and merchandising. In 2010, NFL Ventures accounted for about 25% of all league revenue - and taxes are paid on that money. Senator Tom Coburn of Oklahoma is leading an effort to tax the rest, but so far Congress hasn’t acted. Other sports leagues enjoy similar non-profit benefits, including the NHL, which had around $2 billion in revenue last season. Major League Baseball gave up its tax-exempt status in 1997 so that it didn’t have to disclose the salaries of its top executives – a requirement of non-profits. Beyond sports, non-profits can be quite profitable for the people who work for them. Franklin Graham, son of Billy Graham, made over $600,000 in 2012 as the head of a religious non-profit called “Samaritan’s Purse.” And Museum of Modern Art director Glenn Lowry earns over $1.5 million annually. But that pales in comparison to the $29.5 million salary of NFL commissioner Roger Goodell – another sign that non-profits are sometimes the most profitable businesses around.
I never would have guessed at that salary. :eek: If a bunch of billionaires think he's worth it then who am I to argue. Of course we should equalize the tax treatment by eliminating corporate taxes. :)
Good news, NFL fans! Don’t feel guilty for watching football all day on Sunday because you’re supporting a non-profit. That’s right, the NFL is actually a non-profit organization – one of several that are quite profitable. As a result of a 1966 law, the IRS classifies the NFL as a non-profit trade association because its existence promotes the football industry as a whole. It’s a separate classification from charities, but essentially works the same way for tax purposes. That means large amounts of the NFL’s $10 billion in annual revenues are exempt from tax. The league does have a for-profit wing called “NFL Ventures,” which runs the NFL Network and merchandising. In 2010, NFL Ventures accounted for about 25% of all league revenue - and taxes are paid on that money. Senator Tom Coburn of Oklahoma is leading an effort to tax the rest, but so far Congress hasn’t acted. Other sports leagues enjoy similar non-profit benefits, including the NHL, which had around $2 billion in revenue last season. Major League Baseball gave up its tax-exempt status in 1997 so that it didn’t have to disclose the salaries of its top executives – a requirement of non-profits. Beyond sports, non-profits can be quite profitable for the people who work for them. Franklin Graham, son of Billy Graham, made over $600,000 in 2012 as the head of a religious non-profit called “Samaritan’s Purse.” And Museum of Modern Art director Glenn Lowry earns over $1.5 million annually. But that pales in comparison to the $29.5 million salary of NFL commissioner Roger Goodell – another sign that non-profits are sometimes the most profitable businesses around.
I never would have guessed at that salary. :eek: If a bunch of billionaires think he's worth it then who am I to argue. Of course we should equalize the tax treatment by eliminating corporate taxes. :)