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<div class="moz-cite-prefix">Roy:<br>
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).<br>
Ron Laurence<br>
<br>
<br>
On 12/5/2017 2:12 PM, F DOYLE SKEELS wrote:<br>
</div>
<blockquote
cite="mid:547241751.214100.1512501140644@connect.xfinity.com"
type="cite">
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<p style="color: rgb(51, 51, 51); font-family:
helvetica,arial,sans-serif; font-size: 12pt;">Roy -<br>
</p>
<p style="color: rgb(51, 51, 51); font-family:
helvetica,arial,sans-serif; font-size: 12pt;">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.<br>
</p>
<p style="color: rgb(51, 51, 51); font-family:
helvetica,arial,sans-serif; font-size: 12pt;"><br>
</p>
<p style="color: rgb(51, 51, 51); font-family:
helvetica,arial,sans-serif; font-size: 12pt;">I would be happy
to discuss this further with you if you wish.<br>
</p>
<p style="color: rgb(51, 51, 51); font-family:
helvetica,arial,sans-serif; font-size: 12pt;">Doyle<br>
</p>
<blockquote type="cite">On December 4, 2017 at 8:46 PM Roy Briscoe
<a class="moz-txt-link-rfc2396E" href="mailto:roysail@hotmail.com"><roysail@hotmail.com></a> wrote:<br>
<br>
<div style="color: rgb(0, 0, 0); font-family: Calibri,
Helvetica, sans-serif; font-size: 12pt;">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</div>
<div style="color: rgb(0, 0, 0); font-family: Calibri,
Helvetica, sans-serif; font-size: 12pt;"><br>
</div>
<div style="color: rgb(0, 0, 0); font-family: Calibri,
Helvetica, sans-serif; font-size: 12pt;">There are 5 races in
the series so PYC gets 20% of the profits for the series.</div>
<div style="color: rgb(0, 0, 0); font-family: Calibri,
Helvetica, sans-serif; font-size: 12pt;"><br>
Regards,</div>
<div style="color: rgb(0, 0, 0); font-family: Calibri,
Helvetica, sans-serif; font-size: 12pt;"><br>
</div>
<div style="color: rgb(0, 0, 0); font-family: Calibri,
Helvetica, sans-serif; font-size: 12pt;">Roy</div>
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</blockquote>
<br>
<p><br>
</p>
<div class="moz-signature">-- <br>
Ron Laurence
Blueberry Bay Farm
38 Depot Road
Stratham, NH 03885
603-580-1612</div>
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