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Penalty Funds

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Jane127

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Post Fri Mar 02, 2012 1:58 pm

Penalty Funds

When a team is punished financially by Nascar, what is that money used for?
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smokieonefour

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Post Fri Mar 02, 2012 2:09 pm

Re: Penalty Funds

"What happens to the money from the penalties?

Starting in 2008 all money collected from fines issued to drivers go to the NASCAR Foundation for its charitable initiatives, before the money collected from driver/crew member penalties are generally placed into the Drivers Points Fund awarded at the end of the season."

Link - http://www.jayski.com/pages/penalties.htm
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smokieonefour

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Post Fri Mar 02, 2012 2:18 pm

Re: Penalty Funds

Matter of fact... I'll go a little further.

Does anyone in the class care to venture a guess as to WHO runs & chairs this foundation?

From their home page - link http://foundation.nascar.com/NetCommunity/Page.aspx?&pid=183&srcid=183

Surprise! The Foundation Chairwoman is Betty Jane France. Surprised?

The funds used to go to a driver points pool and awarded at years end ... now it's up to Betty Jane France and her list of unlisted cronies to decide which charity gets it.
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Annalee

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Post Fri Mar 02, 2012 2:29 pm

Re: Penalty Funds

That's interesting!?! :roll: Do they ever report at the end of the year exactly how the money was spent?
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BlackFlag

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Post Fri Mar 02, 2012 2:37 pm

Re: Penalty Funds

I think the Nascar Hall of Fame in Charotte should get all of the penalty money.
It's hurtin' real bad financially.
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Schmoopy1000

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Post Fri Mar 02, 2012 2:48 pm

Re: Penalty Funds

BlackFlag wrote:I think the Nascar Hall of Fame in Charotte should get all of the penalty money.
It's hurtin' real bad financially.

that is an interesting idea.
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smokieonefour

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Post Fri Mar 02, 2012 2:56 pm

Re: Penalty Funds

Well AnnaLee... you can go to their site and read all the articles of amounts of money they have given to charity. But there is no public accounting, as in ( allegedly ) "We took in 2 million but only gave out 500K'

One can search their site, high & low... but there is no statement of board members or officers. I still cannot find out if they are privately funded or a Non-Profit organization.

Here's a recent, very interesting article, however...

Link - http://www.news-journalonline.com/racing/nascar/2012/02/11/nascar-foundation-to-move-hq-to-daytona.html

NASCAR Foundation to move HQ to Daytona
By CLAYTON PARK, Business writer send an email to clayton.park@news-jrnl.com
February 11, 2012 12:55 AM

Betty Jane France ,
International Motorsports Center ,
NASCAR Foundation

DAYTONA BEACH -- When Betty Jane France started the NASCAR Foundation in 2006, it made sense for it to be based in Charlotte, N.C., since its chief mission at the time was assisting NASCAR drivers in raising donations for charity.

Over the years, the foundation has grown to support more than 100 nonprofit organizations throughout the country, including several here, such as the Speediatrics children's care unit at Halifax Health Medical Center.

On Friday, the foundation announced it will move its headquarters to Daytona Beach later this year, possibly as soon as August.

Its new offices will be in the eight-story International Motorsports Center, across the street from Daytona International Speedway.

The International Motorsports Center is the headquarters for both the National Association for Stock Car Racing (NASCAR), International Speedway Corp., and Grand-Am, the road racing sanctioning arm of NASCAR.

"This move will enable the NASCAR Foundation to be fully integrated with our corporate headquarters in Daytona Beach," said France in a statement issued Friday.

France's daughter, Lesa France Kennedy, chief executive officer for International Speedway Corp., said, "Today's announcement is exciting news for our community. It brings another nationally known and very well-respected organization to Daytona Beach, and with it comes new jobs."

Kennedy added: "Having the NASCAR Foundation based here, in the same location as its board of directors and key stakeholders, makes a great deal of strategic sense."

Noting that the foundation has raised more than $13 million for charity since its launch six years ago, Betty Jane France said, "In a relatively short period of time, the NASCAR Foundation has built a remarkable legacy of helping communities and children, but we've only just begun. We have a bright future and big plans. This move will help us reach our goals."

Several of the foundation's board members have homes in the Daytona Beach area, including France, Rusty Wallace, a former NASCAR champion, and Mike Helton, NASCAR president. The foundation's move will bring two or three employees here from Charlotte, "as well as three or four open positions that we'll be advertising," said NASCAR spokesman David Higdon.

One of those open positions will be for the foundation's executive director. Sandy Marshall, the current executive director, decided she did not want to relocate but has agreed to stay on the job until her successor is hired, Higdon said.

Joe Sullivan, CEO of the Boys & Girls Clubs of Volusia/Flagler Counties, said of the NASCAR Foundation, "Moving their headquarters here is going to be great for the local charities and causes here because they're so generous."

Sullivan said foundation board member Wallace presented the local Boys & Girls Club chapter with a $25,000 check from the foundation last year.

Ray Salazar, president of United Way of Volusia-Flagler Counties, called the foundation's plans to move here "exciting."

"The foundation has a national reach," he said. "It's nice to have that kind of reach in our community."
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HiddenHollow

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Post Fri Mar 02, 2012 3:35 pm

Re: Penalty Funds

Oh, I get it now... Chad was just making an indirect donation to the NASCAR Foundation when he altered the c-posts on the #48. :mrgreen:
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Schmoopy1000

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Post Fri Mar 02, 2012 3:39 pm

Re: Penalty Funds

HiddenHollow wrote:Oh, I get it now... Chad was just making an indirect donation to the NASCAR Foundation when he altered the c-posts on the #48. :mrgreen:

or you can look at it as Nascar is extorting Chad, because the foundation needed some extra cash ;)
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HiddenHollow

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Post Fri Mar 02, 2012 3:48 pm

Re: Penalty Funds

Schmoopy1000 wrote:
HiddenHollow wrote:Oh, I get it now... Chad was just making an indirect donation to the NASCAR Foundation when he altered the c-posts on the #48. :mrgreen:

or you can look at it as Nascar is extorting Chad, because the foundation needed some extra cash ;)

I guess that's a possibility also. ;) :lol: :lol: :lol:
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Lizard

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Post Fri Mar 02, 2012 7:46 pm

Re: Penalty Funds

smokieonefour wrote:Well AnnaLee... you can go to their site and read all the articles of amounts of money they have given to charity. But there is no public accounting, as in ( allegedly ) "We took in 2 million but only gave out 500K'

One can search their site, high & low... but there is no statement of board members or officers. I still cannot find out if they are privately funded or a Non-Profit organization.

Here's a recent, very interesting article, however...

Link - http://www.news-journalonline.com/racing/nascar/2012/02/11/nascar-foundation-to-move-hq-to-daytona.html

NASCAR Foundation to move HQ to Daytona
By CLAYTON PARK, Business writer send an email to clayton.park@news-jrnl.com
February 11, 2012 12:55 AM

Betty Jane France ,
International Motorsports Center ,
NASCAR Foundation

DAYTONA BEACH -- When Betty Jane France started the NASCAR Foundation in 2006, it made sense for it to be based in Charlotte, N.C., since its chief mission at the time was assisting NASCAR drivers in raising donations for charity.

Over the years, the foundation has grown to support more than 100 nonprofit organizations throughout the country, including several here, such as the Speediatrics children's care unit at Halifax Health Medical Center.

On Friday, the foundation announced it will move its headquarters to Daytona Beach later this year, possibly as soon as August.

Its new offices will be in the eight-story International Motorsports Center, across the street from Daytona International Speedway.

The International Motorsports Center is the headquarters for both the National Association for Stock Car Racing (NASCAR), International Speedway Corp., and Grand-Am, the road racing sanctioning arm of NASCAR.

"This move will enable the NASCAR Foundation to be fully integrated with our corporate headquarters in Daytona Beach," said France in a statement issued Friday.

France's daughter, Lesa France Kennedy, chief executive officer for International Speedway Corp., said, "Today's announcement is exciting news for our community. It brings another nationally known and very well-respected organization to Daytona Beach, and with it comes new jobs."

Kennedy added: "Having the NASCAR Foundation based here, in the same location as its board of directors and key stakeholders, makes a great deal of strategic sense."

Noting that the foundation has raised more than $13 million for charity since its launch six years ago, Betty Jane France said, "In a relatively short period of time, the NASCAR Foundation has built a remarkable legacy of helping communities and children, but we've only just begun. We have a bright future and big plans. This move will help us reach our goals."

Several of the foundation's board members have homes in the Daytona Beach area, including France, Rusty Wallace, a former NASCAR champion, and Mike Helton, NASCAR president. The foundation's move will bring two or three employees here from Charlotte, "as well as three or four open positions that we'll be advertising," said NASCAR spokesman David Higdon.

One of those open positions will be for the foundation's executive director. Sandy Marshall, the current executive director, decided she did not want to relocate but has agreed to stay on the job until her successor is hired, Higdon said.

Joe Sullivan, CEO of the Boys & Girls Clubs of Volusia/Flagler Counties, said of the NASCAR Foundation, "Moving their headquarters here is going to be great for the local charities and causes here because they're so generous."

Sullivan said foundation board member Wallace presented the local Boys & Girls Club chapter with a $25,000 check from the foundation last year.

Ray Salazar, president of United Way of Volusia-Flagler Counties, called the foundation's plans to move here "exciting."

"The foundation has a national reach," he said. "It's nice to have that kind of reach in our community."


From the website I did find 2010 board members:
Betty Jane France, Chairwoman
Jennifer Bates is listed as a NASCAR Coordinator and has worked at Commerce Bank.
Stephen Gaffney, VP Sprint Marketing
Harold Goodemote, vice president of Coleman Goodemote Construction Company, Inc.,
Mike Helton
Doris Rumery, NASCAR VP Finance
Rusty Wallace
Todd Wilson, Senior VP (I think in Finance since his previous title was CFO

and apparently Jim Hunter had been before his passing.

The listed board members give me pause because overwhelming majority work directly for NASCAR.

From 2010 report
Total Revenue, gains and other support $4,792,472
Fundraising n 14%
Program Services n 79%
Management & General n 7%
Net Assets End of Year >> $2,009,694
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"I`m too lazy to work my real job. I love what I do." Tony Stewart

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