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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhat do the NFL, NHL and PGA all have in common?
They are all tax exempt non-profits.
http://www.deseretnews.com/article/865564748/The-NFL-NHL-PGA-are-all-nonprofit-tax-exempt-organizations.html?pg=all
The NFL, NHL, PGA are all nonprofit, tax-exempt organizations
The United Way, The Red Cross and Amnesty International all come to mind when thinking of nonprofits.
But one organization isnt typically associated with these groups: The National Football League.
Thats right, the NFL. Its apparently classified as a nonprofit organization free of federal taxes, according to The Atlanta Journal-Constitution.
A 1966 law specifically allowed football leagues a 501(c)(6) status as tax-exempt trade organizations.
Because of this, the NFL is able to enjoy $184 million in revenue from its member teams and $1 billion in assets, all of which is tax-exempt.
Other sports organizations, like the Professional Golf Association and the National Hockey League, share the same status as the NFL.
X_Digger
(18,585 posts)Most charities are non-profits, but nowhere near all non-profits are charities.
Non-profit just means that there's no stock holders. A better term would be 'non-stock corporation'.
Here's some other things that folks seem to think about 'non-profits' that actually aren't true:
1. 'Non-profit' companies can actually make profit. Gobs and gobs of it. Even charities.
2. 'Non-profit' companies can pay their staff whatever they like (in accordance with their bylaws / incorporation documents.)
Other examples of 'non-profit' companies? Your local cemetery, rotary club, orchid grower's association, the state credit union, elks fraternal order, maybe even your pension fund.
Jenoch
(7,720 posts)As I understand it, trade organizations are paid dues from their members. The dues have already been taxed and the taxes were paid by the member that earned the money. What I am saying is the money was already taxed and paid by each team.