New organization
- Thread starter rob92
- Start date
Mike55
New Member
Haha! Thank you for that. Look, it's not as much about me as it is my friend who I got into this and might have more trouble getting reimbursed. I really don't expect Rob to take that responsibility, it clearly isn't his fault, but if he does somehow find a way to honor that he'll be even more of a trackday hero. My issue is with the lack of communication regardless of the reasons and what it says about what we can expect in the future. A few people have offered SOME clarity but aren't official representatives of either party. I'll have to take it for now since I obviously have no choice.noobinacan;302646 wrote: Good to hear about the new org for sure! and hopefully you all will have some summit main dates?
I'd say this to anyone in person too, so why not here.
I don't understand why everyone's after Mike55, dude's got $2k tied up.
that's riding budget for the whole season for a lot of people and I'd be up in arms too.
RADAR Magnet
New Member
I do expect anyone taking over NESBA to take on the responsibility of refunding what we've paid; trying to take the assets while ignoring the liabilities is not a good way to start. That said, I don't care if it's technically Bob/NESBA or Rob/N2, somebody needs to step up and refund our season passes since we're not getting anything close to what was advertised. I see it as part of pushing the reset button on this club/season. If Rob is the kind of guy people say he is then he should understand this; hope to hear more tomorrow.
Mike55
New Member
That's where the gray area lies. If they change the name and only buy certain assets it's technically a new business and not responsible for the past officers' liabilities. That sucks for some but is not an unreasonable plan. That's why I've simply wanted a "yes we are trying" or "no you are screwed" alert from a representative. Again, not too much to ask and not a legally binding response. Remember that these charges were 6 weeks ago and the window of opportunity for a dispute is halfway gone. If Rob pulls it off and can honor the passes that's great and he deserves a big(ger) hand for his effort. Once AGAIN, the communication in the meantime has been the issue. I'm exhausted : )
scotman623
Member
A MAN I agree with 100%..
CBRtist
Well-Known Member
I liked it when they tried to sell the Nova in Spanish speaking countries then at some point they realized Nova = no va = no go.motorkas;302643 wrote:
But my all time personal favorite - who in their right mind would name a car a "Barracuda". . .:adore::adore:
Also the "Probe" had few women buying it because the word made them feel "uncomfortable".
But then again if the could sell Hitler's car here (Volkswagen) post WWII, anything is possible. Lord knows Helmut Krone had an uphill battle with that campaign.
True stories folks.
RS250 Rider
New Member
It is not possible to sell a nonprofit business. By its nature, a nonprofit business is a charitable endeavor, managed by a board of supposedly disinterested citizens for the betterment of the community. A nonprofit business is not owned by any one individual or group of individuals. The IRS prohibits any board member or employee from receiving "profits" from a nonprofit organization. There are stiff penalties for doing so. That said, you can close down your nonprofit organization.
This process isn't am easy one and if the steps are not executed properly the Directors could be held liable. Accuracy is important.
Closing the Nonprofit....pay particularly close attention to Step 7 in its entirety.
Step 1 Hold a board meeting for the purpose of officially closing down the organization. A legal resolution must be passed by the board of directors closing the charity before you can legally begin taking the steps to cease operations. Arrange to pay all final bills, debts or fees and for closing bank accounts, stopping insurance contracts and legal agreements. Continue your directors' and officers' insurance, however, for at least 90 days after closing is complete.
Step 2 Designate another nonprofit organization to receive the proceeds of any sale of materials, assets or facilities after debts and staff wages are paid. Neither the board, nor the staff or any other person may receive the "profits" derived from the sale of the organization's assets. You cannot "sell" a nonprofit organization as you would a business. You can only give assets to another nonprofit organization---not to staff or volunteers or board members.
Step 3 Inform the IRS and the state entity that licenses your facility (if any) that you will be surrendering your license and inform the secretary of state or comptroller that you will be closing the nonprofit corporation. They will provide you with instructions for the paperwork to file with their respective organizations.
Step 4 Close all programs or transfer the responsibility for them (and any program-specific funding, assets or equipment) to another nonprofit organization able to continue the work of the program.
Step 5 Lay off all nonessential staff except those conducting the shutdown. The board may pay the balances due to any contract employees and provide reasonable severance pay as previously agreed in employee contracts. Consult your agency's nonprofit attorney before making any cash disbursements to employees not covered in contract agreements to avoid violating IRS rules against staff receiving "profits" from the closure of the organization.
Step 6 Sell equipment, property and assets or transfer ownership to the designated nonprofit organization. If the nonprofit owns a for-profit subsidiary, the nonprofit must sell the for-profit, then use the money to settle final debts or give it to the nonprofit organization(s) designated by the board of directors to receive the proceeds of sale and closure of the organization.
Step 7 Return any unspent grant funds or donations that have been designated for a specific purpose to the original donor or funding agency. Include any final reports that agency may require. If transferring a program and funding to another agency to continue, the donor must be informed and permission obtained for the transfer of responsibility to the new charity.
Step 8 Provide for any mandatory record storage for the period of time required by your licensing agency, the IRS or your contracted partners. Designate a contact person to be responsible for producing such records if required by the agency during that time period. Arrange for the destruction of sensitive materials covered by confidentiality regulations at the time of closure or after the required time period for retaining records
That's a lot of work for someone to do.
Nice! This made me laugh.
To Rob and everyone working behind the scenes. Thank you very much for your efforts. I hope everything comes together for you and works out for everyone. NESBA has been an amazing experience for me. I have learned a great deal, met more friendly people than I can count and made some life long friends. Good luck to you guys, you definitely have my support and I can't wait to start riding!
RS250 Rider
New Member
Steps 6 and 7 being of particular importance.
scotman623
Member
VERY!!!
I just want to ride, Hope none of it has to come down to getting NASTY.
kevin kline
Control Rider
This is kind of funny and sad, some people bashing what I guess was nesba, and what perhaps the new organization will hopefully be. But really no one really knows what it is going to be. Talk is cheap and that is all is read. But I would like to thank Bob Branford, his family and all the control riders for all the years of fun they gave me. I been with nesba since the beginning , member #446, the last year or two wasn't that great , but overall it's be one of the best thing in my life. As far as n2 track days or whatever they plan to call themselves, I will wait to see what they offer before committing anything else is speculation!
Mike55
New Member
$2,000 left in limbo with no explanation ISN'T funny in any way and "cheap talk" is more than anything anyone has gotten from any NESBA or any other official in WEEKS. I've been more than patient until now. Here's the deal whether you understand the gravity of the situation or not: MONEY WAS TAKEN UNDER FALSE PRETENSES AND GOOD PEOPLE ARE POTENTIALLY SCREWED. What else is there understand?!?! Past experience doesn't mean shit to those who who were duped by NESBA officials recently! I look forward to a financial resolve for the INNOCENT people involved, and getting on with a REPUTABLE organization consisting of realistic people. Unlike the officials involved here, feel free to PM me with any concerns regarding my point of view. And while you're at it be sure to send NESBA a PM and see who you get a #@*&ing reply from. That should speak volumes to those who understand. And btw I've acquired a failing business (not a NPO) so I DO have a clue. This is seriously ridiculous.
