: Raffling off a brand new Cadillac



Lord Cadillac
08-10-06, 10:45 AM
Okay. How can we do this? 1000 people paying $50.00 each makes for $50k. Is it possible? Could we have a raffle of some sort and actually buy somebody a Cadillac?

Elvis
08-10-06, 11:17 AM
I think you have to be a charitable organization to do this. Probably depends on the state.

These guys do it every year: Batavia Rotary (http://www.bataviarotary.com/)

One Escalade, and ten $500 consolation prizes.

3,000 tickets at $50 each.

Boombotz
08-10-06, 12:35 PM
Okay. How can we do this? 1000 people paying $50.00 each makes for $50k. Is it possible? Could we have a raffle of some sort and actually buy somebody a Cadillac?

I don't know how you would set it up, but it sure sounds good to me!:bouncy:

urbanski
08-10-06, 12:38 PM
raffle mine off ;)

edit: hey cool i have 1 more box today :L)

97DevilleBeige
08-10-06, 12:42 PM
I think to do this, you need to set yourself up with a tax exemption certificate... depending on the state, it's relatively easy. In New York, you just have to file a paper explaining what the organization is and who the officers of the organization are. After that, you need to set up a raffle in a state which has looser laws, because some states frown upon raffles as a form of gambling. Most states don't enforce them because most raffles are small scale and for fundraising. If it's a big raffle, like the one you are suggesting, I'd get a lawyer involved.

That being said... I'd be in. $50 is a perfect ticket price.

LittleB
08-10-06, 12:59 PM
I'd go in!

SpeedyArizona
08-10-06, 02:01 PM
I'm with Meg, I'm in:D! How about a CTS-V, it'd probably draw the most interest...

Lord Cadillac
08-10-06, 02:24 PM
Unfortunately, I'm not a business here - so there are no officers.. And, I'm not looking to make a penny out of this. All the money would go to buying the Cadillac..

Boombotz
08-10-06, 02:29 PM
Unfortunately, I'm not a business here - so there are no officers.. And, I'm not looking to make a penny out of this. All the money would go to buying the Cadillac..

Sooooo....... Does that mean we are all s*** out of luck on this great idea????

Rolex
08-10-06, 02:35 PM
It sounds like a cool idea. I'd go in on it. It has better odds than the powerball anyway. :p

Lord Cadillac
08-10-06, 02:36 PM
Well, I'll speak with an attorney and get more information.. I don't think we should choose which car gets raffled off. Let's leave that decision to the winner - if we can have a raffle...

97DevilleBeige
08-10-06, 04:19 PM
This isn't a business, it's a forum... a not for profit forum. You make meager sums of money from advertising revenue and supporting members... all for this charity... helping people out with problems.. you don't make any money from this Sal, you just collect from supporting members and contributing vendors to keep this site going. This almost definitely qualifies as a not for profit organization and tax exemption. It is my understanding that you are basically running this forum, so you can call yourself the president. It's actually pretty simple to set yourself up as one... but, you'd have to start keeping detailed records of the ins and outs of all the money that flow through here, from supporting members, etc.

STScadillac
08-10-06, 04:34 PM
I don't think we should choose which car gets raffled off. Let's leave that decision to the winner - if we can have a raffle...


That sounds like a great idea!

Lord Cadillac
08-10-06, 04:35 PM
I'll need an accountant for that. Right? How much do they generally cost? $100.00 per month? At least?

Lord Cadillac
08-10-06, 04:37 PM
Maybe we can get around the law :o by, instead of calling it a "raffle", just have people donate their $50's to me. Then, at the end, I turn around and purchase the car and ride off into the sunset where nobody can find me...

er... and purchase the car and give it away as a gift...

I don't know.. There must be some way without it getting completely confusing.. At the end of the year, on my taxes, I would show that I gained $50k from the forum but then gave it away to make for zero profit...

Am I on to something here or is this just utter nonsense that I'm thinking? :p

90Brougham350
08-10-06, 05:25 PM
I hate to be skeptical but the last time we tried to get this to work, there was plenty of interest but nobody really did anything about it. Sal, I'd be in in a flash if I knew that people would actually throw in enough money, but what do we do if we only get $1350 and this thread dissapears onto page 2?

DILLIGAF
08-10-06, 05:40 PM
I can't believe this place isn't at least an LLC.I can't believe this place doesn't make huge dollars.The raffle sounds like a great idea,only let supporting members play,might put a little extra green in your pocket with more members.Raffles are easy to set up,but most use a third party to draw the winner to avoid problems.

97DevilleBeige
08-10-06, 07:07 PM
First step is talking to a lawyer, hopefully you know someone that won't charge you to find out. It can be done easily if the propper steps are followed. You won't really need an accountant but once a year, and that will cost negilgiable.

90Brougham350
08-10-06, 07:22 PM
http://www.cadillacforums.com/forums/cadillac-forums-lounge/36094-do-we-have-enough-people-here.html?highlight=raffle

This is the link to the first thread.

eldorado99
08-10-06, 08:26 PM
I'd be in if someone makes it happen...

ChicagoCTS32
08-10-06, 09:14 PM
Maybe we can get around the law :o by, instead of calling it a "raffle", just have people donate their $50's to me. Then, at the end, I turn around and purchase the car and ride off into the sunset where nobody can find me...

er... and purchase the car and give it away as a gift...

I don't know.. There must be some way without it getting completely confusing.. At the end of the year, on my taxes, I would show that I gained $50k from the forum but then gave it away to make for zero profit...

Am I on to something here or is this just utter nonsense that I'm thinking? :p
If you collect the money, buy the car, then give the car away, you have 2 taxable events. You have to pay taxes when you buy the car, then the winner has to pay taxes on it. This part gets a little tricky. If you're set up as a not-for-profit, you don't have to pay taxes on the purchase of the vehicle, but the winner does.

There has to be an accountant on here...

I know of 2 lawyers, pjohnesq and someone else with an "esq" on the end of the name. I know he lives in Chicago. Maybe send a PM to pjohn and see what he thinks.

Krashed989
08-10-06, 09:21 PM
I'm in too! :D

pmpott
08-11-06, 09:08 AM
I'm in....

Couldn't you buy the car with the raffle money (including any taxes) and then "sell" it to the winner for like a buck..I wouldn't mind paying the taxes on a buck for a new caddy

ChicagoCTS32
08-11-06, 11:53 AM
Something else I just thought of... you could align it with a charity organization and just be the intermediary. That way, the charity would get some money off the raffle of the car and you wouldn't have to worry about any legal implications or tax problems. Perhaps Susan G. Komen (koman?) breast cancer foundation.