[FOR SALE] We are getting close to giving away the 70 road runner

[cascius]

The answer is "All" of the proceeds go to his 501(c)(3) and then the money is distributed from there. I am a trustee and the co-chair on a 501(c)(3) foundation.

So is it standard to keep some of the money to cover operating costs and not count that as "Proceeds"? (Sorry, I'm very uneducated about this.)

 

[Oklacarcollecto]

So is it standard to keep some of the money to cover operating costs and not count that as "Proceeds"? (Sorry, I'm very uneducated about this.)

There is a cost of doing business even for a non-profit. If there is a payroll then the money can be used up pretty fast. Everyone in our foundation is a volunteer and that even counts the attorney as well as the tax people.

 

[earlyrides]

Well I can only say this. I have met Vince, seen his collection and he is a stand up guy. All pics posted are legit. As to how the proceeds will disperse is anyones guess. Come on guys it's only 20.00 bucks. A lot of big name manufactures have donated parts for this car so I highly doubt with all the invested interest anything would be amiss. Just my 2 cents.

Thanks to "2manymopars" for at least being one guy that has at least met me and will attest I am real.

As for the car, it was my car. The pic in the guy I bought it from's driveway was over ten years ago!
It took me over 5 years to even get him to sell the car.
If I get some time over the weekend I will post some more pics of the resto and the parts used.
Thanks to everyone for your support.
Vince.

 

[drive48]

If I get some time over the weekend I will post some more pics of the resto and the parts used.
Thanks to everyone for your support.
Vince.[/QUOTE]
thanks for some pics. please post more pics for everyone when you get a chance.
could you possibly forecast what dollar amount will be actually donated after the 501(c)(3) takes their cut?
we are a all volunteer 501(c)(3) at HOPLINE.ORG and i understand small running costs for office incidentals, but through member donations and volunteer board we do not incur a high operating cost. i can't see your foundation needing to pocket a substantial amount

 

[earlyrides]

This is our first car we have raffled off and as such we can only estiimate what the final $ amount will be.
I can tell you first hand though that becoming a 501c3 and selling 5000 tickets is waaayyyy harder than we ever thought it would be. It also is way harder since none of the 3 charities will do ANYTHING in the way of helping us to market the event. At least they all agreed to take money after.

Here is our plan:
First - sell all of the tickets. As of now we are only about half way there.
Second - give the car away.
Third - tally all of the expenses incurred.
Fourth - split the proceeds 4 ways. 50% to our 501c3 to start the build car # 3 and pay for raffle # 2 and the other 50% will be split between the 3 other non profits.
Fifth - turn over all of our accounting to the state as required as a 501c3.

As far as volunteers goes we only have 2; us and we do everything. We build the cars. We market the cars. We maintain and store the cars. We spend a bunch of time answering emails and posts like this, answering phone calls, going to shows, and mailing stuff out.

But lets not forget that we outright donated the first 2 complete cars and the starting point for the third.

Here are a couple of more pics and a link to a video taken by a guy at a recent show.
[ame="http://www.youtube.com/watch?v=h3ABMmcvSfw"]1970 Plymouth Roadrunner Win Me ! - YouTube[/ame]

Thanks for all of your support for what we are trying to do.

Vince.

 

[tiltsix]

I don't know what to think,,,,But I love the 70s ............................Jeff

 

[Dartn440]

I am neither for or against anything here but as far as 501s go they are all set up differently. I am on the board for one and president of a chapter as well. We decided that our time was free, meaning we do not pay ourselves for what we do. If you gave me 20 bucks it would go to the costs incurred in putting on our wounded warrior fishing events. It is extremely hard to raise money, advertise, etc. and hold down a full time job. Once a charity grows to a point it almost has to pay its members to survive...then your 100% to the charity begins to fall. Example here would be that if our foundation spent 5k on a car and then members on FABO came together and made it pretty to raffle or auction. Everyone donated time, skills, and parts. I give you a receipt for your costs, mileage, expenses, parts..not your time...not tax deductible. The car auctions at say, Rockingham, for 15k. ALL of it goes back into our bank account for the next go round and covers the costs of advertising, registration and title fees, etc. Does that make sense? Now if we paid ourselves, whatever those salaries were would come out before the money went to the bank. This is the reason why big charities have smaller percents of what you give that actually make it to the intended target. IMO involve yourself in the charity and then reach for your wallet..hope that helps

 

[discharger1332]

so, did you guys do the raffle? who won?

 

[dart6]

any news

 

[adriver]

so, did you guys do the raffle? who won?

Probably the lady with the scary eyes.

Isn't Joyce Meyer one of them bible thumpers from the Christian TV channel ?

They don't need any of my money