IRS may dig in to Sugar, other BCS Bowls financials

cadillacattack · Oct 6, 2010

for-profit businesses using nonprofit loopholes to avoid paying thier fair share of taxes ..... hmmmm

Playoff PAC files complaint with IRS against BcS | CollegeFootballTalk.com

"BCS Bowls all claim to be '501(c)(3)' public charities--the same tax designation as the American Red Cross--to make their revenues tax-exempt and obtain other taxpayer-funded benefits," Playoff PAC co-founder Chad Pehrson said in a statement. "Playoff PAC's review uncovered a disturbing pattern of BCS Bowl organizations using their charitable funds to enrich Bowl executives, pay registered lobbyists without disclosure, fund political campaigns, and heap frivolous benefits on Bowl insiders. The BCS Bowls' activities raise important concerns under federal tax laws and we anticipate that the IRS will give these issues due attention."
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Lawmakers urge IRS to take complaint against BcS seriously | CollegeFootballTalk.com

As noted in Playoff PAC's release last month announcing the complaint, 23 bowl games run by charitable groups combined to give just $3.2 million to local charities on $186.3 million in revenue. Even more damning was a "Fact of the Week" included in the release sent out by the PAC Tuesday afternoon.

From FY (fiscal year) 2006 to FY 2008, a time when its community was recovering from Hurricane Katrina, the Sugar Bowl received over $4 million in government subsidies and made over $14 million in tax-free "profit," but gave $0 to local charities.

If that's not compelling enough to force the IRS into a thorough examination of the game being run by these people, we don't know what is.
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IRS may dig in to Sugar, other BCS Bowls financials

cadillacattack Illegitimi non carborundum est

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