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SEC throws down gauntlet in football to NCAA
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<blockquote data-quote="IEEEWreck" data-source="post: 52647" data-attributes="member: 617"><p>Heck, they can even just pile up big ol' wads of cash in the bank account at the end of the year, because cash is an asset. I think the one thing they're categorically prevented from doing is paying dividends. </p><p>But you do have to have a purpose and serve that purpose. That purpose can't be "selling engineering consulting to make IEEEWreck's salary as big as possible." "Selling Engineering Consulting to raise money for Atlanta schools," however, is probably ok. That evaluation is what gives you your tax exempt status. GT-IEEE, for example, is a 501(c)3 because we serve a charitable educational mission. There are different letters and numbers corresponding to paragraphs in whatever law that correspond to what kind of mission you fulfill.</p><p></p><p></p><p>But not for profits ought to (and in this case, demonstrably do) have missions in their charters other than 'make all the damn money we can any damn way we can'. It's the job of the board of directors (or Regents, etc.) to see that that mission is being carried out, just like at for profits. Rock has an important insight here because these not for profits are acting a lot like for profits, and I'd like to know more about why.</p></blockquote><p></p>
[QUOTE="IEEEWreck, post: 52647, member: 617"] Heck, they can even just pile up big ol' wads of cash in the bank account at the end of the year, because cash is an asset. I think the one thing they're categorically prevented from doing is paying dividends. But you do have to have a purpose and serve that purpose. That purpose can't be "selling engineering consulting to make IEEEWreck's salary as big as possible." "Selling Engineering Consulting to raise money for Atlanta schools," however, is probably ok. That evaluation is what gives you your tax exempt status. GT-IEEE, for example, is a 501(c)3 because we serve a charitable educational mission. There are different letters and numbers corresponding to paragraphs in whatever law that correspond to what kind of mission you fulfill. But not for profits ought to (and in this case, demonstrably do) have missions in their charters other than 'make all the damn money we can any damn way we can'. It's the job of the board of directors (or Regents, etc.) to see that that mission is being carried out, just like at for profits. Rock has an important insight here because these not for profits are acting a lot like for profits, and I'd like to know more about why. [/QUOTE]
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SEC throws down gauntlet in football to NCAA
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