4 ms·
There are so many weird things about this article. Here is another one: "I don't see how in the hell anybody can buy it that cheap," said Fred Fitts, president
by positr0n 13y ago
There are so many weird things about this article. Here is another one:
"I don't see how in the hell anybody can buy it that cheap," said Fred Fitts, president of the Corporate Aircraft Association, a nonprofit that negotiates discounted jet-fuel prices for 1,600 corporate flight departments at airports around the U.S.
What the heck is a nonprofit doing negotiating jet-fuel prices for corporations? I can't think of any reason although my knowledge of tax loopholes is admittedly small..
- rdl 13y agoI'm sure they're an industry association, not a 501(c)(3) charity. There are plenty of groups like that (dairy board, etc.) -- you don't get to write off donations to them, but they're not supposed to generate income, either.
- lnguyen 13y agoBeing a non-profit sets an expectation of the actions the organization will take. Also remember that until recently, Visa and Mastercard were also non-profit entities.
- abraham 13y ago> Also remember that until recently, Visa and Mastercard were also non-profit entities. [citation needed]
- mburns 13y ago>"Prior to its initial public offering, MasterCard Worldwide was a cooperative owned by the 25,000+ financial institutions that issue its branded cards." >"Prior to October 3, 2007, Visa comprised four non-stock, separately incorporated companies that employed 6000 people worldwide: Visa International Service Association (Visa), the worldwide parent entity, Visa U.S.A. Inc., Visa Canada Association, and Visa Europe Ltd" From their respective Wikipedia company pages.
- scott_karana 13y agoHow does that have anything to do with being non-profit?
- mburns 13y agoMasterCard Worldwide was a non-profit cooperative until 2006.
- scott_karana 13y agoFor some reason I'd thought that for-profit cooperatives existed. Thanks!
- vidarh 13y agoThey do.A lot of coops are for-profit. E.g. it is common for cooperative store-chains to pay out dividends from profits to all members proportional to the amount of money you spend with them.
- abraham 13y agoNeither of those citations actually say anything about profit one way or the other. They certainly don't appear to have ever had 501c status.
- gojomo 13y agoBrush up on your tax loopholes! Did you know even the NFL (US National Football League) is technically a non-profit (501c6)?
- GFischer 13y agoLike Ikea, the world's biggest "nonprofit" http://en.wikipedia.org/wiki/Stichting_Ingka_Foundation http://en.wikipedia.org/wiki/Stichting_Ingka_Foundation
- billybob255 13y agoProbably a 501(c)(6), it's for business organizations like the Chamber of Commerce or the NFL. It's not really a loophole, it's exactly what the designation was created for.