NCAA Financial Statements Leaked

[T-Bone]

http://deadspin.com/5860390/the-ncaa-accidentally-leaked-five-years-of-financial-statements-online

Not sure what to make of it.  I assumed they were tremendously profitable. 

[GGGG]

Nothing terribly surprising in my opinion.  I only looked at the base financials...not the notes.

[Blue Horseshoe]

I do find it interesting that a month of basketball brings in the most money for the NCAA. Imagine what a month of college football playoffs could bring in.

[MU B2002]

NCAA is a not for profit correct?  Wouldn't statements always be available?

[Blue Horseshoe]

NCAA is a not for profit correct?  Wouldn't statements always be available?

Not that I'm aware of? I've never heard that before.

[LON]

NCAA is a not for profit correct?  Wouldn't statements always be available?

No.  If they were a publicly traded company, then yes.

I believe if they are getting federal/state funds they would need to make those publicly available but don't quote me on that.

[reinko]

No.  If they were a publicly traded company, then yes.

I believe if they are getting federal/state funds they would need to make those publicly available but don't quote me on that.

Not sure if the NCAA is a 501c3, but according to this, you do have to disclose at least some financial data.

http://smallbusiness.findlaw.com/business-structures/non-profit/non-profit-disclosing-financial-records.html

Question:

Do 501(c)(3) non-profit corporations have to make their financial statements available to the public?

Answer:

Yes. Non-profit corporations must submit their financial statements, which include the salaries of directors, officers and key employees to the IRS on Form 990. Both the IRS and the non-profit corporation are required to disclose the information they provide on Form 990 to the public. This means that non-profits must make their records available for public inspection during regular business hours at their principal office.

In addition, a number of websites make these financial statements available including GuideStar ( www.guidestar.org ) and the Foundation Center ( www.foundationcenter.org ). Finally, you can request a Form 990 from a specific non-profit corporation by writing to the IRS, including the name of the organization and the tax year you wish to review:

Commissioner of Internal Revenue
Attn: Freedom of Information Reading Room
1111 Constitution Avenue, NW
Washington, DC 20224

[LON]

Not sure if the NCAA is a 501c3, but according to this, you do have to disclose at least some financial data.

http://smallbusiness.findlaw.com/business-structures/non-profit/non-profit-disclosing-financial-records.html

Question:

Do 501(c)(3) non-profit corporations have to make their financial statements available to the public?

Answer:

Yes. Non-profit corporations must submit their financial statements, which include the salaries of directors, officers and key employees to the IRS on Form 990. Both the IRS and the non-profit corporation are required to disclose the information they provide on Form 990 to the public. This means that non-profits must make their records available for public inspection during regular business hours at their principal office.

In addition, a number of websites make these financial statements available including GuideStar ( www.guidestar.org ) and the Foundation Center ( www.foundationcenter.org ). Finally, you can request a Form 990 from a specific non-profit corporation by writing to the IRS, including the name of the organization and the tax year you wish to review:

Commissioner of Internal Revenue
Attn: Freedom of Information Reading Room
1111 Constitution Avenue, NW
Washington, DC 20224

Forgot about the 990.  That's how we find out how much Buzz makes, as I don't believe there are financial statements for MU publicly available.

[MUMac]

Not that I'm aware of? I've never heard that before.

Yes they are.  http://www.ncaa.org/wps/wcm/connect/public/NCAA/Issues/Commercialism/NCAA+tax+exempt+status

[MUMac]

Yes they are.  http://www.ncaa.org/wps/wcm/connect/public/NCAA/Issues/Commercialism/NCAA+tax+exempt+status

As for the "leaking", click on 2009-2010 Membership Report on the lower right of the "Finances" page.  Go to Page 53.  Or, just follow this link.  http://catalog.proemags.com/publication/0affe96d#/0affe96d/54

The horror of it all.  The source of the leak is the NCAA website, itself!  

[Blue Horseshoe]

Per the NCAA link:

The NCAA is no different than other highly visible nonprofit organizations that raise significant revenue but spend it in beneficial ways that are consistent with federal law. In the case of the NCAA, the benefit is the education of student-athletes within the collegiate model of athletics.

This is hilarious. What a fraud.

[Benny B]

I do find it interesting that a month of basketball brings in the most money for the NCAA. Imagine what a month of college football playoffs could bring in.

Something tells me the people at the NCAA offices don't have the intelligence requisite for imagination.

After all, they did hire Miles Brand to be their leader.  I'm quite surprised they didn't all try to drown themselves in the canal when the spaceship didn't show up.

[jfmu]

NCAA is a not for profit correct?  Wouldn't statements always be available?

yes you can go to a website like guidestar.org and register for free and view financial statements, 990s, etc