Page 2 of 3 FirstFirst 123 LastLast
Results 21 to 40 of 46
  1. #21

    Join Date
    May 2001
    Location
    California,
    Posts
    1,309
    vCash
    500
    Rep Power
    1239
    Quote Originally Posted by Carolla5501 View Post
    I went out once and read the IRS 990 form USFSA has to file for the Memorial Fund. All I can say is that it did NOT encourage me to donate...
    Memorial Funds distribution goes only the Athletes. Just what spicifically is wrong with the Memorial fund?
    Morry Stillwell

  2. #22

    Join Date
    Nov 2002
    Location
    Colorado
    Posts
    5,961
    vCash
    500
    Rep Power
    6943
    Is the Memorial Fund different from the USFS Foundation? I found the foundation's 990 from a couple of years ago, a nothing stuck out at me as unreasonable. None of the directors receive any compensation. They pay some investment management (money management) fees, but those didn't look especially high compared with the funds under investment.

  3. #23
    Registered User
    Join Date
    Feb 2005
    Posts
    395
    vCash
    500
    Rep Power
    0
    Quote Originally Posted by barbk View Post
    Is the Memorial Fund different from the USFS Foundation? I found the foundation's 990 from a couple of years ago, a nothing stuck out at me as unreasonable.
    I believe -- Mr. Stillwell may correct me if I am wrong -- the initial article that began this discussion had nothing to do with the Memorial Fund. The article discussed the management of funds that had been specifically set aside in a foundation set up to help offset operating expenses. Mr. Rossano raised concerns about the long-term viability of this foundation, given that USFS is drawing down a certain amount of the fund's earnings (not capital) annually. His second article, written after attending the governing council, states that the finance committee presented an update on the foundation, which showed it was earning 6%, with USFS drawing annually on a portion of those earnings (again, not capital) and leaving a 2.5% margin for cost of living/inflation.

    No one can foretell the future and certainly it is appropriate to raise reasonable questions, but it's worth noting that in these financial markets, many foundations in the U.S. would be thrilled with this type of performance. No idea what the poster meant as to the 990 for the Memorial Fund.

  4. #24

    Join Date
    Mar 2004
    Posts
    6,065
    vCash
    500
    Rep Power
    5116
    Quote Originally Posted by Morry Stillwell View Post
    Memorial Funds distribution goes only the Athletes. Just what spicifically is wrong with the Memorial fund?
    Maybe Carolla is referring to administrative expenses? Perhaps Carolla would like to explain more. Yes, all charities have admin expenses, but they should be kept to a minimum. I haven't read the Memorial Fund's tax filings, so I don't know, but the figures on RISE in the article linked by the OP should make people pause. The USFSA effectively lost $1 million on the project? The purpose was to raise money. Was it really advisable to spend $1.5 million on a fundraiser, particularly given the current (well, last year, really) economic climate?

  5. #25
    Registered User
    Join Date
    Feb 2005
    Posts
    395
    vCash
    500
    Rep Power
    0
    Quote Originally Posted by Debbie S View Post
    Yes, all charities have admin expenses, but they should be kept to a minimum. I haven't read the Memorial Fund's tax filings, so I don't know, but the figures on RISE in the article linked by the OP should make people pause. The USFSA effectively lost $1 million on the project?
    Don't know anything about losses on the film project, but according to USFS statements RISE production costs were not paid for by Memorial Fund or USFS operating monies, and neither was the RISE launch event. Film production costs were underwritten by specific donors, I believe some names are scrolled during the film's ending credits.

    Certainly accounting transparency and project accountability are good things, but I don't believe the Memorial Fund finances figure into the concerns raised in the original article.

  6. #26

    Join Date
    May 2001
    Location
    California,
    Posts
    1,309
    vCash
    500
    Rep Power
    1239
    Quote Originally Posted by Debbie S View Post
    Maybe Carolla is referring to administrative expenses? Perhaps Carolla would like to explain more. Yes, all charities have admin expenses, but they should be kept to a minimum. I haven't read the Memorial Fund's tax filings, so I don't know, but the figures on RISE in the article linked by the OP should make people pause. The USFSA effectively lost $1 million on the project? The purpose was to raise money. Was it really advisable to spend $1.5 million on a fundraiser, particularly given the current (well, last year, really) economic climate?
    The Memorial Fund is completly separate from the geneal budget funds. It is managed by US Figure Skating Volenteers.

    RISE was created as a tribute to the Athletes and Official lost in the plane crash. Fund raising was only part of the project. Moneys are still coming in from the project. Yes, I am prejudiced, I knew all of the members of that team and skated with many of them. Regardess of finances, I firmly believe that remembering that team is worth the cost
    Morry Stillwell

  7. #27

    Join Date
    Mar 2004
    Posts
    6,065
    vCash
    500
    Rep Power
    5116
    Quote Originally Posted by nylynnr View Post
    Don't know anything about losses on the film project, but according to USFS statements RISE production costs were not paid for by Memorial Fund or USFS operating monies, and neither was the RISE launch event. Film production costs were underwritten by specific donors, I believe some names are scrolled during the film's ending credits.
    I do remember hearing that film costs were being underwritten. From the article, I thought the expenses mentioned were additional expenses absorbed by USFSA. I guess it wasn't clear.

    Quote Originally Posted by Morry Stillwell View Post
    RISE was created as a tribute to the Athletes and Official lost in the plane crash. Fund raising was only part of the project. Moneys are still coming in from the project. Yes, I am prejudiced, I knew all of the members of that team and skated with many of them. Regardess of finances, I firmly believe that remembering that team is worth the cost
    I saw RISE and thought it was a wonderful production. I didn't question whether RISE should have been made; I suspect there are quite a few expenses not directly related to the production and promotion of the film. But if the costs were underwritten by sponsors, I suppose it doesn't matter (unless the money spent crowds out future donations to USFSA/Memorial Fund, but that would be hard to track). Glad to hear money is still coming in.

  8. #28

    Join Date
    Feb 2003
    Location
    Central California
    Posts
    3,300
    vCash
    402
    Rep Power
    4341
    With the soon-to-be published actions from the just concluded 2012 U.S. Figure Skating Governing Council within the next week or so, I believe that it is also appropriate that everyone should get a look-see at USFSA's past three years of IRS filings, beginning with:

    2010 Form 990 (the latest year available) which is for the 2009-2010 tax year. (It appears that USFS lost over 2 million dollars in revenue for this reporting period.)

    http://www.guidestar.org/FinDocuments/2010/840/768/2010-840768715-0738ed55-9.pdf

    IceNetwork Revenue and assets figures are on page 27.

    The 2009 Form 990, which is for the 2008-2009 tax year

    http://www.guidestar.org/FinDocuments/2009/840/768/2009-840768715-05f83b15-9.pdf

    Scroll down to the "Related Organizations and Unrelated Partnerships" Schedule R Form 990 section to see IceNetwork total income and end of year assets figures.

    The 2008 Form 990, which is for the 2007-2008 tax year

    http://www.guidestar.org/FinDocuments/2008/841/558/2008-841558040-048f446b-9.pdf

    There is no earlier required filing information on IceNetwork as the law apparently did not require it prior to 2009 filing. A tax accountant is researching this for me presently and when I learn more, I will report on this.
    There is nothing more captivating in this world than a woman's form gracing the ice in skating boots. It's simply sensational!

  9. #29

    Join Date
    Jan 2005
    Location
    The Western US Mecca of Figure Skating
    Posts
    458
    vCash
    500
    Rep Power
    0
    Quote Originally Posted by barbk View Post
    Is the Memorial Fund different from the USFS Foundation? I found the foundation's 990 from a couple of years ago, a nothing stuck out at me as unreasonable. None of the directors receive any compensation. They pay some investment management (money management) fees, but those didn't look especially high compared with the funds under investment.
    Yes, the Memorial Fund was set up as a tribute to those lost in the 1961 crash, it provides funding to the athletes. It is self supporting, the funds given to the athletes come from investment income.

    The USFS Foundation is the money that was set aside, starting several years ago, prior the ending of the ABC television contract. Fortunately, there were those on the board who were visionary and the decision was made to place some of the ABC income aside, to provide a fund for future revenue shortages.

    Remember ABC used to write USFSA a check each year for "exclusive rights", which included Skate America and Nationals. That, no longer, happens with NBC. Today it is a revenue sharing agreement.

    Both sides sell the advertising and sponsorships, the costs of running the event (and putting on TV) are deducted and what is left is split by USFS and NBC. If my numbers are correct, USFS receives from today's revenue share, with NBC, about 20-25% of what used to come from the ABC "exclusive rights" agreement.

    At least, that is how I remember things...if I'm wrong, I'm sure I'll find out from someone at FSU!
    Happy Skating!

    Crzesk8dad

  10. #30

    Join Date
    Sep 2002
    Posts
    13,493
    vCash
    500
    Rep Power
    42165
    ^^^
    Thanks for the information.

  11. #31

    Join Date
    Nov 2002
    Location
    Colorado
    Posts
    5,961
    vCash
    500
    Rep Power
    6943
    I'm not seeing anything awful in the most recent 990 filing. What has raised your concern?

    My nonprofit organizations have taken a hit on investments and have recorded lower donations as well. That's a challenge for most nonprofits these days.

  12. #32
    I <3 Kozuka
    Join Date
    May 2003
    Location
    Vancouver/Seattle
    Posts
    19,175
    vCash
    730
    Rep Power
    43796
    Quote Originally Posted by Rochelle View Post
    They also must not be aware that test judges and competition judges have a copy on the panel at events. We currently can't use phones/personal electronic devices on the stands when judging, per current US Figure Skating rules.
    He points out that the .pdf file can be printed out as needed.
    "The team doesn't get automatic capacity because management is mad" -- Greg Smith, agile guy

  13. #33

    Join Date
    May 2001
    Location
    California,
    Posts
    1,309
    vCash
    500
    Rep Power
    1239
    Quote Originally Posted by Visaliakid View Post
    With the soon-to-be published actions from the just concluded 2012 U.S. Figure Skating Governing Council within the next week or so, I believe that it is also appropriate that everyone should get a look-see at USFSA's past three years of IRS filings, beginning with:

    2010 Form 990 (the latest year available) which is for the 2009-2010 tax year. (It appears that USFS lost over 2 million dollars in revenue for this reporting period.)

    http://www.guidestar.org/FinDocuments/2010/840/768/2010-840768715-0738ed55-9.pdf

    IceNetwork Revenue and assets figures are on page 27.

    The 2009 Form 990, which is for the 2008-2009 tax year

    http://www.guidestar.org/FinDocuments/2009/840/768/2009-840768715-05f83b15-9.pdf

    Scroll down to the "Related Organizations and Unrelated Partnerships" Schedule R Form 990 section to see IceNetwork total income and end of year assets figures.

    The 2008 Form 990, which is for the 2007-2008 tax year

    http://www.guidestar.org/FinDocuments/2008/841/558/2008-841558040-048f446b-9.pdf

    There is no earlier required filing information on IceNetwork as the law apparently did not require it prior to 2009 filing. A tax accountant is researching this for me presently and when I learn more, I will report on this.
    I am sorry, but just what are you looking for? If we search as you suggest, what should we find? Tax returns are not usually the source of entertainment.
    Morry Stillwell

  14. #34
    Registered User
    Join Date
    Jul 2009
    Posts
    347
    vCash
    500
    Rep Power
    0
    Quote Originally Posted by kwanfan1818 View Post
    He points out that the .pdf file can be printed out as needed.
    Yes... but the 2011-2012 Test Book is 142 pages if printed single sided, at the current .PDF dimensions. And the 2011-12 Official Rulebook is 181 pages if printed single sided, at the current .PDF dimensions.

    While for some of us it's not an issue to print these two documents off at company/business copiers... three-hole punch it... and use it.. not every judge has that luxury.

    Many of our most active test and competition judges on a local level are retired -- some easily in their 80's+, and it's just going to be an added hassle for them to have it printed.

    We will adjust, and survive, and move on without US Figure Skating printed rulebooks and find ways to print our own... but the officials are a population who still regularly uses their traditional printed paper rulebooks frequently. We currently can't use phones/personal electronic devices on the stands when judging, per current US Figure Skating rules.

  15. #35

    Join Date
    Sep 2003
    Posts
    132
    vCash
    500
    Rep Power
    831
    I hate to say it, but I haven't requested my free hard copy rule book (which I could request as a judge) for a couple years. The first year they made it "free on request", I requested it. Never opened the box...used only the online version. So the next year I didn't bother to request a paper rule book.

    I do use the online PDF rule book a lot, probably at least a couple times a week. It's easier to search to zoom in on the section I am needing to reference, and often quicker.

    Also, I use the PSA tests spiral book at most test sessions, depending on what level of tests I'm judging. Much easier to carry around than the USFS tests book.

  16. #36
    Registered User
    Join Date
    Jul 2009
    Posts
    347
    vCash
    500
    Rep Power
    0
    I have the same preferences, jenlyon60. I love those PSA MIF books vs. carrying around the bulky test books, and for reference off ice I always use my .PDF version.

    Unfortunately the 4 elder judges I was with at a test session today are irritated about the issue, so it was the topic de jour. But, we all agreed we'll make do.

    I just had to bring it up, as one commenter above mentioned that they haven't seen the hard copies of a rulebook used in years... and they are still very much in use by some officials in our organization.

  17. #37

    Join Date
    Aug 2006
    Posts
    3,281
    vCash
    500
    Rep Power
    0
    Quote Originally Posted by Morry Stillwell View Post
    Memorial Funds distribution goes only the Athletes. Just what spicifically is wrong with the Memorial fund?
    Perhaps you should look at the "amount" distributed vs earnings/donations? I haven't looked in a few years, but doing some analysis then raised some real questions. It's possible they have changed, but generallly once a donor "runs" they don't come back

  18. #38

    Join Date
    May 2001
    Location
    California,
    Posts
    1,309
    vCash
    500
    Rep Power
    1239
    Quote Originally Posted by Carolla5501 View Post
    Perhaps you should look at the "amount" distributed vs earnings/donations? I haven't looked in a few years, but doing some analysis then raised some real questions. It's possible they have changed, but generallly once a donor "runs" they don't come back
    What should be done about this terrible situation?
    Morry Stillwell

  19. #39

    Join Date
    Nov 2002
    Location
    Colorado
    Posts
    5,961
    vCash
    500
    Rep Power
    6943
    Carolla -- Could you be more specific? For at least one of my 501(c)(3) organizations, our 990 is required to report as administrative expense something major that I would personally categorize as program expense -- because it wouldn't exist except that we need it for program purposes -- but IRS rules require that it be reported in the administrative category. I wouldn't be surprised at all if there were things in the USFSA 990 that had to be treated in similar ways.

    On the contributions front, our organization also has vastly lumpy contributions, and successive years can show big swings due to receipt of funds from bequests, the timing (and magnitude) of which is obviously out of our control. For internal purposes, we back out bequests when analyzing our fundraising program, but for the 990 it is all lumped together.

  20. #40

    Join Date
    Feb 2003
    Location
    Central California
    Posts
    3,300
    vCash
    402
    Rep Power
    4341
    Morry, I never said anything was wrong about what was contained within the three years worth of USFS Federal Tax Filings. They are public documents are they not? I decided to publish the links to them for anyone here to check them out if they so desire.

    I did not suggest anything more than reviewing the filings if one desires. I did not suggest or even hint that the reportings were improper. You seem pretty damn defensive about it. But I guess we should not be surprised with that.
    There is nothing more captivating in this world than a woman's form gracing the ice in skating boots. It's simply sensational!

Page 2 of 3 FirstFirst 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •