Wednesday, March 30, 2016

CUs Sponsor LPGA Symtra Golf Event

A number of New York State credit unions are sponsoring the Danielle Downey Credit Union Classic in Rochester, New York on the LPGA Symetra Tour.

The golf tournament is scheduled for the week of July 11 thru 17.

Credit unions sponsoring the tournament include The Summit Federal Credit Union, St. Pius Federal Credit Union, Advantage Federal Credit Union, Pittsford Federal Credit Union, Reliant Community Credit Union, Family First Federal Credit Union, Visions Federal Credit Union, Xceed Financial Credit Union, Ukrainian Federal Credit Union, SEFCU, Bethpage Federal Credit Union, Empower Federal Credit Union, First Heritage Federal Credit Union, Alloya Corporate Federal Credit Union, and Rochester Area State Employees Federal Credit Union.

Sponsorships range in price from $1,000 to $20,000.

How is the sponsoring of a LPGA golf tournament consistent with the tax exempt purpose of a credit union?

Read the press release.
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6 comments:

  1. AnonymousMarch 30, 2016 at 9:43 AM

    You do realize non-profit entities still have marketing expenses, right?

    ReplyDelete
  2. Keith LeggettMarch 30, 2016 at 10:45 AM

    Yes. But you also have a tax exemption. It is appropriate for taxpayers to ask if this expenditure is the proper use of the credit union tax exemption.

    ReplyDelete
    Replies
    1. AnonymousMarch 31, 2016 at 12:46 PM

      You're contradicting yourself. You say "yes" non-profit entities still have marketing expenses, but then you reference the tax exemption. Are there non-profits out there without tax exemptions?

      Delete
    2. AnonymousMarch 31, 2016 at 5:09 PM

      Actually, Dr. Leggett, the marketing expense is the same for banks and credit unions. A tax-paying bank gets a tax deduction for the marketing expense. Thus, the taxpayers are paying the portion of the cost that is not subject to the tax rate. At "tax-avoiding" credit unions, the credit union members absorb 100 percent of the cost. If the CU were taxpaying, then the taxpayers would absorb the deductible portion of the marketing costs. Either way - marketing expense is tax deductible. Either the taxpayer pays directly (banks) or indirectly (credit unions).

      Delete
    3. AnonymousApril 3, 2016 at 6:41 PM

      Read your comment again. Then ask yourself if you're delusional.
      Try not to hurt yourself.

      Delete
    4. AnonymousApril 6, 2016 at 7:06 PM

      I'm not sure if you're responding to a comment or trying to write a haiku. If it's the latter, just remember it's 5, 7 then 5 syllables. However, if you're trying to respond to a comment please give some insight into what makes one delusional.

      Delete

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