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Sunday, November 16, 2014

When is a non-profit not a non-profit? SeaWorld, Shedd Aquarium, Monterey Bay Aquarium. Mary Cummins, Animal Advocates

Monterey Bay Aquarium, SeaWorld Adventure Park, Shedd Aquarium, when a non-profit is actually a for-profit business
SeaWorld is a for-profit company with 11 theme park/aquariums. They state their goal is to make a profit while promoting marine conservation. Yes, they force their animals to do tricks, keep them in small tanks, don't give them the best care. This article only deals with finances and taxes. In 2013 they made $1.46 billion from their parks, merchandise, restaurants...Their EBITDA was $439 million. Their CEO makes $675K/ye. You can swim with animals, touch the animals. While they were, are profitable, they don't pay Federal taxes, Florida corporation taxes because of write offs from debt payments, deductions. They state they pay tens of millions in other forms of state, federal, property...taxes.

http://www.seaworldinvestors.com/files/doc_financials/Annual%20Reports/2013%20SEAS%20Annual%20Report%20Final.pdf

The Shedd aquarium is legally a non-profit but it is definitely a for profit zoo. People pay to visit the aquarium and can pay extra to play with a beluga whale or penguin, just like SeaWorld. They state they need donations to care for this tiny sea otter pup. They make $73,000,000 a year from their zoo/aquarium with $350,000,000 in assets, $177,000,000 in cash. They don't need money for this pup. He should have been rehabbed here for release back to the wild. He's being used to make money. They have $22,000,000 in salaries, CEO makes $3,500,000 per year! They turn a big profit every year over $20,000,000. Zoo masquerading as a non-profit sanctuary. Here is their 990 for 2012. They only pay some payroll taxes. They receive $5 million from taxes paid by others.

http://www.guidestar.org/FinDocuments/2012/362/167/2012-362167918-09783b4b-9.pdf

CEOs of Monterey Bay Aquarium, SeaWorld, Shedd Aquarium
Monterey Bay Aquarium takes in $66 million a year. They also have over $300 million in assets. Julie Packard Director makes about $300K/yr. 12 other people have over $150K and even $200K/yr. They spend $1.2 million on animals. The aquarium turns a nice profit. They have $80 million in cash. $150M in stocks and bonds. If you look at the end of their 990, you can see their sea otter activity. They even work with SeaWorld. They give them pups. Only pay payroll taxes.

http://www.guidestar.org/FinDocuments/2012/942/487/2012-942487469-09e0c7c0-9.pdf

Monterey Bat Aquium, SeaWorld San Diego, Shedd Aquarium maps, non-profit verses for-profit business
Right now people are trying to get the NFL's non-profit status yanked. I didn't even know they were a non-profit. They are a 501 6 c corporation, an "industry association." They are legally a non-profit just like a church. Seems there are many other organizations which are also non-profit such as social club, fraternity, business league, labor organization, veterans, employee benefits... They make $9 billion a year. Commissioner makes $44 million/year.

If you look at these companies, they all look like for-profit organizations to me. They are big business. To me a non-profit should be a charity, true church...an organization that helps the public good. Their main goal is to help people, not make a lot of money. That is just tax evasion.

When you consider that for-profit SeaWorld didn't pay taxes even in 2011 when they had record earnings it probably doesn't even matter if a company is for profit or non-profit. If they are bringing in enough money, they will find a creative way to not pay any taxes. I think if the nation wants to get a better grip on taxes, the economy, they need to rein in this tax abuse. They are all businesses making an awful lot of money.

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.


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