I used to associate nonprofits with humanitarian works, almost like charities, but it's pretty obvious lately that in many cases they're just for-profit systems that have found loopholes to exploit.
A prime example of this: the NFL is a nonprofit.
That's, loosely, what 501(c)(3)s are.
> A prime example of this: the NFL is a nonprofit.
The NFL is a 501(c)(6), which is different than a 501(c)(3) -- 501(c)(6)s are basically associations of (generally, for-profit) business entities.
This "non-profits are good!" vibe is why these companies set themselves up that way. Instead of profits going to shareholders, they just go to the executives.
Can you explain how the NFL is a prime example of a nonprofit exploiting loopholes?
But in general, the teams make tons of money and have close zero profits. They use variations of "hollywood" accounting. Which might help explain the cognitive dissonance of profitless monopolies =D.
https://en.wikipedia.org/wiki/Sports_Broadcasting_Act_of_196...
Those are hardly loopholes, however, since the legislation worked exactly as Congress intended as far as I can tell.
Your allegations of "Hollywood" accounting seem more consistent with loophole exploitation, but I would like more concrete evidence other than the alleged dearth of team profits.
http://www.wallstreetoasis.com/blog/the-money-leagues-part-2...
Tax-exempt entities are also not-for-profit but not all non-profit entities are tax-exempt (Political parties, professional organizations, the NFL,...).
Check this instead: http://foundationcenter.org/findfunders/990finder/