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WTF - The NFL is a 501(c)(6) non-profit organization

 
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Exzavier
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Joined: 29 Mar 2005
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PostPosted: Thu May 23, 2013 2:56 am    Post subject: WTF - The NFL is a 501(c)(6) non-profit organization Reply with quote

http://sports.yahoo.com/blogs/nfl-shutdown-corner/congress-may-review-nfl-tax-exempt-status-004521453.html

*Summary

While member teams obviously operate for profit, the interesting wrinkle here is that the league itself claims not to. And one way to avoid profitability is to pay your current and former executives up the wazoo, which the NFL has done. In 2012 alone, the league paid approximately $53.8 million to its big -ticket execs, including $11.6 million to Commissioner Roger Goodell and $8.5 million to former Commissioner Paul Tagliabue, who replaced Rozelle in 1989 and ran the league until Goodell replaced him in 2006. In 2011, Goodell received a $22.3 million bonus after negotiating several enormously lucrative extensions with the television networks that provide the predominant percentage of the league's revenues.

Nothing about the league is non-profit, with the possible exception of its charities. How is the NFL able to pull this off? Well, the definitions of acceptable 501(c)(6) organizations are pretty broad, and one in particular may be the best match.

***Here is how part of it is Explained:

The league collects $6 million in annual membership dues from each team, the teams write off those dues as "charitable donations," and the NFL in turn takes that $192 million and puts it into a stadium fund that gives owners interest-free loans as long as they secure public financing for their new or renovated stadiums. That means we’re left with two bills: Not only do taxpayers lose out on federal tax revenue, we pay for new stadiums that generate profits which enrich only the owners.
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