MMMM.. BRISKET..
The BBQ BRETHREN FORUMS.  



Our Homepage Donation to Forum Overhead Smoke Signals Magazine Welocme Merchandise Associations Purchase Subscription Amazon Affiliate
Go Back   The BBQ BRETHREN FORUMS. > Discussion Area > Competition BBQ

Notices

Competition BBQ *On Topic Only* Discussion regarding all aspects of Competition BBQ. Experiences competing or visiting, questions, getting started, Equipment, announcements of events, Results, Reviews, Planning, etc. Questions here will be responded to with competition BBQ in mind.


Reply
 
Thread Tools
Old 11-20-2020, 10:47 AM   #1
midwest_kc
is one Smokin' Farker
 
Join Date: 08-27-10
Location: Independence, MO
Name/Nickname : Joel
Default KCBS Tax returns

KCBS has posted their 2019 tax returns in the members section. I'm a bit of a novice when it comes to reading these in depth returns, so I don't have much insight to provide here that wasn't already public knowledge. Thought some people might want to know, though, and provide analysis to us simpletons.
__________________
Meat Rushmore BBQ Team
midwest_kc is offline   Reply With Quote




Old 11-20-2020, 02:14 PM   #2
DUBBAGA
is Blowin Smoke!

 
DUBBAGA's Avatar
 
Join Date: 07-31-11
Location: Beaumont, CA
Default

A few big "Oh FARK" items:


Fark #1

Net assets or fund balances for 2017 = $1,332,243
Net assets or fund balances for 2019 = $816,755
**** over a 1/2 million $$$$ drop in 2 years ****


Fark #2
Bowman received in 2019 = $313,864
Heath Hall received in 2019 = $232,575 (not bad for 7 months !!!!!)

Mike Peters received in 2019 = $163,929 (+ $38,937 from prior year)



Fark #3
Legal expenses for 2019 = $265,910 (+ $190,563 from prior year)

Advertising and promotion for 2019 = $733,588 (+ $293,199 from prior year)
__________________
Green Card Q - Pitmaster (term used loosely)
KCBS MCBJ & CTC

Humphrey's Long Weekender, UDS, Red Box Smoker, SJS/Tamale Pot Smoker, Weber Performer, Weber 18.5 OTS, Alton Brown Flower Pot Smoker (died), Blue Ember Gasser (died}

Member of the Hall of Zero's (Noobians v. Veterans Throwdown)
DUBBAGA is offline   Reply With Quote


Old 11-20-2020, 03:29 PM   #3
midwest_kc
is one Smokin' Farker
 
Join Date: 08-27-10
Location: Independence, MO
Name/Nickname : Joel
Default

Quote:
Originally Posted by DUBBAGA View Post
A few big "Oh FARK" items:


Fark #1

Net assets or fund balances for 2017 = $1,332,243
Net assets or fund balances for 2019 = $816,755
**** over a 1/2 million $$$$ drop in 2 years ****


Fark #2
Bowman received in 2019 = $313,864
Heath Hall received in 2019 = $232,575 (not bad for 7 months !!!!!)

Mike Peters received in 2019 = $163,929 (+ $38,937 from prior year)



Fark #3
Legal expenses for 2019 = $265,910 (+ $190,563 from prior year)

Advertising and promotion for 2019 = $733,588 (+ $293,199 from prior year)
A few questions, or hopes...

#1
I'm hoping this is tied to my thoughts/hopes on number 2. Hopefully they can also sell the building and rebuild the reserves.

#2
Peters/Bowman Hopefully this was buying them out of their contracts so that they can move forward. The quicker that cost is behind us the better, imo.

Hall - hopefully the same. I really had high hopes and was excited when he was named CEO. Luckily, Emily appears to be everything I hoped he would be and then some.

Do we know if that's the case, or were we still paying them this year?

#3
Legal expenses make sense with them suing Bowman and Peter's companies.

I'm interested in the advertising expense. I'm sure there are many things I'm not aware of that fall under this umbrella, but I don't know what happened that would add up to that big of a difference. That being said, it's the least of my concerns, as advertising and promotion are generally good, as long as that money is spent wisely.
__________________
Meat Rushmore BBQ Team
midwest_kc is offline   Reply With Quote


Old 11-20-2020, 03:37 PM   #4
GrillBillie_D
Full Fledged Farker
 
Join Date: 03-08-12
Location: Redding, CA
Default

Fark #4:
Mr Bowman is believed to have received commissions on sponsorship contracts that had been secured by the organization prior to contracting with First Club Marketing LLC, an entity wholly owned by Mr Bowman. The organization believes Mr Bowman contracted to receive marketing retainer fees and commissions that were above local market rates. This excess compensation is currently in litigation to be recovered from the party involved and because of this no tax has been determined at this time. KCBS is treating the FCM-KCBS Marketing Agreement as an excess benefit transaction reported in Schedule L as a material diversion. As disclosed on Schedule L, KCBS has filed a lawsuit against Mr Bowman and his company, First Club Marketing, to recover the diverted assets.
GrillBillie_D is online now   Reply With Quote


Old 11-20-2020, 07:39 PM   #5
airedale
is one Smokin' Farker
 
Join Date: 10-19-15
Location: City, MN
Default

Just for general info, tax returns from any nonprofit are public record and can be downloaded for free at guidestar.org. You have to register and sign in, but I have been registered for a number of years and recall only one email from them and none from anyone else. So pretty safe.

If you're looking at someone like KCBS and particularly at things like salaries and cash reserves it is valuable to downlod tax returns from similar organizations for comparison.

It is also interesting to look at some of the big nonprofits' numbers.

Very small nonprofits are not there (not required to file 990s) and churches are not there (exempt from public disclosure).
airedale is offline   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


Forum Custom Search: Enter your Search text below. GOOGLE will search ONLY the BBQ Brethren Forum.
Custom search MAY not work(no display box) in some configurations of Internet Explorer. Please use compliant version of Firefox or Chrome.







All times are GMT -5. The time now is 05:16 PM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2021, vBulletin Solutions, Inc.
2003 -2012 © BBQ-Brethren Inc. All rights reserved. All Content and Flaming Pig Logo are registered and protected under U.S and International Copyright and Trademarks. Content Within this Website Is Property of BBQ Brethren Inc. Reproduction or alteration is strictly prohibited.
no new posts