AUSTRALIANS WAKE UP! CAPITALISM IS GOOD, BUT NOT A COVERT SOCIALIST DICTATORSHIP.
This morning one of my friends from Australia sent me a link to an article from a paper in which they publish the recent purchase of a $13M home for tennis Australia’s CEO. I am delighted that the board members of tennis Australia reward him enough for him to have a great life. However, that is if the organization was for-profit and had shareholders that understood that the key metric to use to evaluate the sport is how many more kids play per year per age and postal code.
Tennis Australia files in the United States a 990 form which is required for not for profits, click here to see the link. Spend a few minutes and you will reach many conclusions like:
· The amount of money they get from Tennis World is low $2.3M out of$307M revenues, or 0.7%
· The amount of money received from registrations is a pathetic $178K
· The amount given for Tennis development is laughable it is so low $3M, please look at the link above to validate what I say. $3M is 1% of TA revenue
· Salaries of CEO, CRO, Director of tennis, COO, and CCO total $3.6M or $600K more than they allocate for the development of tennis. This means they care about the sport and its development or quite the opposite.
Now the designation of a not-for-profit 501.c.6 in the USA means that A business league is an association of persons having some common business interest (supposedly to grow the game), the purpose of which is to promote such common interest and not to engage in a regular business of a kind ordinarily carried on for profit (UTR, private investments, Tennis world). Trade associations and professional associations are business leagues. To be exempt, a business league’s activities must be devoted to improving the business conditions of one or more lines of business as distinguished from performing services for individual persons. No part of a business league’s net earnings may inure to the benefit of any private shareholder or individual and it may not be organized for profit to engage in an activity ordinarily carried on for profit (even if the business is operated on a cooperative basis or produces only enough income to be self-sustaining). The term line of business refers either to an entire…