Bethpage Federal Credit Union will pay $1.5 million for the naming rights to a newly renovated stadium at Long Island University in Brookville, New York.
The new Bethpage Federal Credit Union Stadium facilities will open in the fall of 2014. It will feature an all-new, high-tech press box and sound system, signage, bleachers and grassy-hill seating for picnicking.
Bethpage FCU is the largest credit union in New York with $5.4 billion in assets and earned almost $44 million in profits for 2013.
But as I've previously pointed out, is the buying of naming rights to stadiums the propoer use of the credit union tax exemption?
How would we feel if the American Red Cross or Habitat for Humanity bought the naming rights to arenas or stadiums? I think most people would agree that this would represent a misuse of the tax exemption.
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