[Board-2018] December BOD agenda item

[Arthur Dionne]

Doyle and Ron are exactly on point!
Art



-----Original Message-----
From: Ron Laurence - Blueberry Bay Farm <info at blueberrybayfarm.com>
To: F DOYLE SKEELS <stardot at comcast.net>; Board of Directors <board at portsmouthyc.org>
Sent: Tue, Dec 5, 2017 2:48 pm
Subject: Re: [Board-2018] December BOD agenda item


    
Roy:
      In further support of Doyle's response, we should never use the      word "profit" in any of our reports or meeting minutes, as this      could be a flag to the IRS that our mission is to make a profit      and thus risk losing our non-profit status ( and thus be      income-taxed). (I experienced this years ago during an audit).
      Ron Laurence
      
      
      On 12/5/2017 2:12 PM, F DOYLE SKEELS wrote:
    
    
            
Roy -
      
      
This  is a common        misconception. There are no "profits" from the Mowers Race. The        only profits we have at the club are from fuel sales and we pay        taxes on  those. There may be a  net flow of funds in or out        from our various activities, but we are, by definition, a        non-profit corporation. All funds that come in go to support        operations of the club. As a non-profit, and not a charitable        organization, we do not make (nor are we expected to        make) donations to other non-profits or government sponsored        organizations as the Rotary Club or a church might do. The only        exceptions we make are token amounts to the cause of a speaker        at one of our dinners or to make a donation in memory of  a         member who passes. We can, of course, set up activities in        conjunction with other organizations to promote sailing, but        giving them money is not an appropriate use of our funds.        Besides, we are going to be lucky to break even  this  year and        I think it is likely 2018 will be negative net funds from        operations.
      
      

      
      
I would be happy        to discuss this further with you if  you wish.
      
      
Doyle
      
      
On December 4, 2017 at 8:46 PM Roy Briscoe        <roysail at hotmail.com> wrote:
        
        
I'd like to add an          item to discuss what to do with the Mower Race profits. We are          going to get a little over $600 for PYC's share of the          Commodores Cup proceeds. Maybe we could think about donating          most to a sailing cause such as UNH Sailing, Portsmouth High          School Sailing team or KPYS Sailing school scholarship(s). The          $600 includes some proceeds from people that paid ahead of          time for the meal, $10/pp, and the rest is profit. T
        

        
        
There are 5 races in          the series so PYC gets 20% of the profits for the series.
        

          Regards,
        

        
        
Roy
      
    
    
    

    
    
-- 
      Ron Laurence      Blueberry Bay Farm      38 Depot Road      Stratham, NH 03885      603-580-1612
  

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