How does this work?
I would like to know more about it.
Race, give money to charity. What do you want to know?
where does the money come from that you give to charity?
My purse money, money that people donate to get to the charities that I give to.
Quote from: Super Dave on March 10, 2007, 11:32:54 AM
My purse money, money that people donate to get to the charities that I give to.
That makes no sense.
Quote from: yzfkneedragger on March 11, 2007, 12:08:00 AM
That makes no sense.
I think what he means is, Any money he wins from racing he donates. Also, pledges made by people, that is, "x" amount of money for laps raced or miles raced, he then passes on to charity.
Same principle as with "walkathons" that are used to generate money for charities.
Thanks, Dave. Exactly. Anything that I get for a purse, it goes to two cancer programs that I work with. When I started this, I found out that people I knew wanted to give, so that's where people started giving to me. I'm a conduit to the funds.
Quote from: Super Dave on March 10, 2007, 09:37:44 AM
Race, give money to charity. What do you want to know?
Just the particulars. I see so many different ways these things are run.
Are there tax considerations to have an accountant look at?
I'm not an accountant. Best to talk to an individual accountant for one's specifics.
Quote from: Super Dave on March 11, 2007, 11:22:17 AM
I'm not an accountant. Best to talk to an individual accountant for one's specifics.
I didn't ask if you were an accountant.
I see so many different ways that people run these charitable functions; some folks keep the donation amounts confidential and some people like the Lundes always announced how much money they raised, etc, etc..
Gordie, I guess you have the most attractive model I have seen out there-would you PM me some pointers and specicfics? TIA, todd
The Wegman Benefit was a non profit organization, which has some advantages, but those things have a cost too. It's above anything I'm able to afford.
Quote from: dabirk23 on March 11, 2007, 01:44:00 AM
I think what he means is, Any money he wins from racing he donates. Also, pledges made by people, that is, "x" amount of money for laps raced or miles raced, he then passes on to charity.
Same principle as with "walkathons" that are used to generate money for charities.
Thanks for the clarification. It makes sense to me now.
well it sounds good to me
maybe this year i will be able to help out too
Todd, you're talking several different things...
1. Dave is either simply making charitable contributions or
2. Dave is a registered agent for the charities he works with. This will all him to perform fundraisers on behalf of the charity.
3. Running a non-profit charity (i.e., Wegman, RR Action Fund, Red Flag Fund) is quite different.
ANYONE can make charitable contributions to a non-profit charity. How the donation is treated from a tax perspective is another story, and it really depends on how the funds come about.
The advice I can give you, from a NON-PROFIT CHARITY perspective, is to contact a tax advisor AND work closely with the charity(ies) you intend to support.
There are far too many rules/scenarios to really post anything usable up here. That info is best received from a Tax Advisor and the Charity itself.
Do you have something in mind?
Quote from: Jeff on March 12, 2007, 09:14:28 AM
The advice I can give you, from a NON-PROFIT CHARITY perspective, is to contact a tax advisor AND work closely with the charity(ies) you intend to support.
There are far too many rules/scenarios to really post anything usable up here. That info is best received from a Tax Advisor and the Charity itself.
Do you have something in mind?
Yeah, I have something in mind in working for the Ride for Kids organization. However, I'd put a racing twist on it, of course; Race for Kids.
There is a Ride for Kids event in Madison/Middleton August 5th, at Fireman's park. I was thinking of presenting them with the monies raised up there at that event. Their's is also a cancer research based organization. However, I know there are a few opportunities to work with/around;
a. We already have quite a few folks asking for money from racers in the paddock.
b. Nothing is as simple as I think it to be.
c. Money is always a touchy subject-just looking for suggestions for keeping it on the "straight and narrow".
TIA
Race For Kids is a trademarked product already.
Ride For Kids...it's all the Pediatric Brain Tumor Foundation. Probably want to go to the RFK Madison website. You can either bring the money there or send it in before hand.
61ex:
I am the chairperson for the Ride for Kids event in KC. I'd be happy to try to answer your questions. I have become familiar with this charity and the Foundation it supports, and the business rules they follow.
Lat year I had my race bike painted to advertise the Ride in KC, I went around to various events, dealers and shows to get the word out about the ride. I planned to just race it myself, it was my first year of racing actually. I had been talking to Super Dave for some advice because he had his own program that was more mature, but with the same objective. We ended up collaborating, and with his help it became bigger and much better.
No one is trying to be evasive, there is just way too many scenarios and issues to provide a simple answer. Like I said, if you want to talk you can email me at thull5@kc.rr.com Cheers
Tim
Quote from: sasrocks on March 12, 2007, 12:05:16 PM
61ex:
No one is trying to be evasive, there is just way too many scenarios and issues to provide a simple answer. Like I said, if you want to talk you can email me at thull5@kc.rr.com Cheers
Tim
Howdy Tim,
thanks for the offer of clarification. I don't see anyone being evasive, I just see that some folks have absolute transparency with the monies that they raised, while others do not.
I could not figure out why some folks will not announce how much they have raised for their respective charity in pledges and donations? I will work with a charity here and see how they do it.
Thanks again Tim.
RRW fund has always had the best accounting to the public. They post everything on their web site. I'm sure you don't plan to set up a web site but have the accounting available to anyone that asks for it. It doesn't need to be complicated like a full accounting either just simple dollars and cents (sense?)
$ in and from who
$ expenses
$ out to the charity
Keep expenses to under 10% and you're good to go.
It sounds like all you want to do is help out without getting into the business end of charitable giving. That is easy to do as long as you keep it simple. You don't need to become an agent or anything else. This is how Dave does it. I'm sure if anyone asked him for his accounting for his cause he would have it available.
Without 501(c)(3) non-profit status you won't get any large donations but it sounds like that's not what you're looking for.
I plan to help Dave's cause this year because it's close to me being a cancer survivor.
Quote from: weggieman on March 24, 2007, 11:22:34 AM
Keep expenses to under 10% and you're good to go.
Without 501(c)(3) non-profit status you won't get any large donations but it sounds like that's not what you're looking for.
Thank You Gordon, the C 3 status may be where we'll go as I have switched gears on this, and will be going after some corporate donors. Thanks again!