Keeping the membership informed

[*JU]

"foundation" .........makes it sound like a religious cult. Or the formation of a foundation/trust could be some form of tax dodge to avoid paying tax ?

The front of the magazine says "The AMCA is a non-profit charitable organization under 501(c) of the IRS service code"

I'm not an accountant but sounds like the club is "tax free" now?
JU

[jww]

JU,
My bad.......i'm obviously still learning how to read. By the way, welcome to the forum. There are some very knowledgable folks here who are kind enough to share. I'm constantly amazed at the wealth of knowledge. jww

[jww]

JU,
Got up this morning, coffee was good, the sun produced a beautiful morning, no major traffic delays during the commute, all is well..........then you bring up the Internal Revenue Service Code. You sure know how to ruin a fellows day ! Be patient, the info we desire will appear. jww

[vldave]

Information update

Many of our local members had questions at the chapter meeting last night about what is currently taking place with the AMCA. Our club members were given a clear update from a former AMCA Board Member last night at our local club meeting. We were told this is public information around the AMCA and just hasn't been announced and passed on to the members at this time in writing. We were told that Pete has resigned as President of the AMCA and he has accepted the position as President of the new "AMCA Foundation". Rocky has stepped into the position as AMCA President until a new President is placed officially. We were also told that half of the AMCA funds were moved to this new formed foundation.

I am quite sure all of the details will be in the Board meeting minutes from the Eustis Meeting. Hope this clears up some of the foggy air?

David

[Smarty]

The front of the magazine says "The AMCA is a non-profit charitable organization under 501(c) of the IRS service code"

I'm not an accountant but sounds like the club is "tax free" now?
JU

JU,

You have the better of me as I'm still waiting for my latest magazine to arrive here in the UK !! postal distribution is something else others have managed to master whilst the AMCA hasn't. But poor magazine delivery is a well trodden subject which belongs on other threads.

Regards,

Martin

[MGD]

Many of our local members had questions at the chapter meeting last night about what is currently taking place with the AMCA. Our club members were given a clear update from a former AMCA Board Member last night at our local club meeting. We were told this is public information around the AMCA and just hasn't been announced and passed on to the members at this time in writing. We were told that Pete has resigned as President of the AMCA and he has accepted the position as President of the new "AMCA Foundation". Rocky has stepped into the position as AMCA President until a new President is placed officially. We were also told that half of the AMCA funds were moved to this new formed foundation.

I am quite sure all of the details will be in the Board meeting minutes from the Eustis Meeting. Hope this clears up some of the foggy air?

David

So, does that mean there are employees of this new foundation? I ask a few questions back in Dec. about a large sum of $$ being used for the museum project. There was little discussion and NO answers. I also ask why 3 long time board members would resign at one time. Something smells.

[MetalDude]

A clever way to get our money

We were told that Pete has resigned as President of the AMCA and he has accepted the position as President of the new "AMCA Foundation".

Yep, that's what I heard too. That the same people that created this foundation were members of our board. They then voted to give $400,000 of our money to that foundation. They then promptly quit their posts in our organization so that they could follow the money and cut all the strings. Now that our money has been "given" to this foundation, we no longer have any control over how it's used. The new foundation (although benefiting from our good name) has no accountability to us whatsoever on how they use the money we "gave" them.

I'm not sure how "not for profit" companies work, but if this happened in the private sector it would be unethical if not outright illegal. Can you imagine the directors of a publicly held company making themselves a shell company on the side, voting to take half of the original company's hard earned cash and give it to the shell company that they own, then authorizing the transfer while they still retained power in the original company, then jumping ship? Leaving the original workers - which worked so hard to build the company - left holding an empty bag? I'd call it "skimming" if it was just a couple thousand bucks, but HALF OUR TREASURY?

I've got this information from credible sources and this information is being corroborated by more and more people. If anyone has any information to the contrary, I'd love to hear it. I'd love to have someone prove me wrong. However, if this information is correct, then I'd love to get more information on how this is supposed to benefit our club.


SEan O'Neil

[MGD]

I think you'll find the $$ goes with my questions.

[Hrdly-Dangrs]

Did they take my Torque Four motorcycle or whatever its called with them too?? Damn, and I still haven't been able to get my ride on it yet neither...Hrdly

[Ohio-Rider]

Say it ain't so Joe

Surely the clubs officers are aware by this time that the membership is awaiting a reply to our concerns. Their lack of response to our questions over the past few days can only mean one thing.

Gentlemen, we have been had. And I just sent in my renewal money a month ago. I guess the wine and cheese for our officers is on me this month. -Steve

[Paps]

The oder is heavy regarding this. More needs to be explained immeadiately ! Maybe, just maybe, there are legal issues involved which prevent any kind of a press release or public/membership informing. Regardless, much more needs revealed !! And !! ASAP !!!!!!! Paps

[Ohio-Rider]

Paps, I sure hope I’m just umping the gun on this. Yet, the clock continues to tick with out any response from any club officers. Silence is normally not good news.

[Lyle Manheimer]

I could be wrong

I believe this idea was hatched a few years ago with the purchase of the mentioned Torque Four. It would have been nice to know then as it would be nice to know now just what the intention of the leadership is regarding the future of our great organization.
I have been a member for quite a few years and I have often wondered why we as members have absolutely no say regarding the governing body of this organization. If you are not in the inner circle you seem to be left out as most of us are. That's Ok as I have been considered to be a ' fringe element" before. But there is certainly cause for alarm when most of us are being left out of the loop.
The local chapters must abide by the rules of democracy, why not the National Board?
Are we going to be able to attract new young members by offering them a dictatorship? I think not. It is time for the Board of Directors to wake up and dispose of good ol' boy practices.

[62Pan]

I think it fairly simple why were left out of the loop when it comes to the musuem, torque four and other matters that have come about lately. If they told the members what they (the board) wanted to do or go in the direction planned there would be a good chance we (club members) would say No!. I started to question the intentions of our board when then raised our dues to help gather up this large amont of money in such a short period of time. I felt for a long time we should start to elect our board and now they (the board) just confirmed this.

[Paps]

All we have presently is allegations and partial paranoia. Though factually, we have neal to none, of any real evidence, in order to summize a concrete accusation. Yet ?????? The lack of communication, from controling members, is actually fueling, such assumptions. IMO... It would be very poor judgement, [basic stupidity], to commit to financial support, by devising a way, in order to aquire a certain amount of funding, for a venture, where future funding, could end, as quickly as it came in the first place. I demand !!!!!!!!! Yes !!!!! I demand an immeadiate explaination as to why the financial supporting membership are being shut out !!! There is absolutely no excuse for non existant dialog from the top ! The lack of such dialog has already rooted distrust ! That distrust has grown a trunk !! Will you allow the trunk to grow branches, before you spell it all out to the financial supporting membership ??????? !!! Paps