Mansfield Invitational Inc.

“Basketball tourn.-invitatio advertising 8 lodging 22,660 basketball tourn. - classic lodging 4,013 total 26,681”

“Organizational cost 0 1,175 total 0 1,175”

“The corporation is organized exclusively for charitable and educational purposes, including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under section 501(c)(3) of the internal revenue code, or the corresponding section of any future federal tax code. The corporation will produce, manage and direct youth athletic tournaments in conjunction with the mansfield independent school district and the city of mansfield. No part of the net earnings of the corporation shall inure to the benefit of, or be distributable to its members, trustees, officers or other private persons, except that the corporation shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes set forth in article third hereof. No substantial part of the activities of the corporation shall be the carrying on of propaganda, or otherwise attempting to influence legislation, and the corporation shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of or in opposition to any candidate for public office. Notwithstanding any other provision of these articles, the corporation shall not carry on any other activities not permitted to be carried on (a) by a corporation exempt from federal income tax under section 501(c)(3) of the internal revenue code, or the corresponding section of any future federal tax code, or (b) by a corporation, contributions to which are deductible under section 170(c)(2) of the internal revenue code, or the corresponding section of any future federal tax code. Upon the dissolution of the corporation, assets shall be distributed for one or more exempt purposes within the meaning of section 501(c)(3) of the internal revenue code, or the corresponding section of any future federal tax code, or shall be distributed to the federal government, or to a state or local government for a public purpose. Any such assets not so disposed of shall be disposed of by a court of competent jurisdiction of the county in which the principal office of the corporation is then located, exclusively for such purposes or to such organizations, as said court shall determine, which are organized and operated exclusively for such purposes.”

“The organization produces and directs high school basketball tournaments in cooperation with and in the facilities of mansfield independent school district. The largest portion of our funding is a grant from the city of mansfield hotel occupancy tax fund. The remainder of the funding is from corporate sponsorship and sales. Sales include tournament admissions, t- shirts and programs. We have contracted with a name sponsor, spring creek barbecue, which has committed to fund the amount of 10,000 per year for 2014 and 2015. We distribute a portion of the proceeds from the tournament to other local tax exempt organizations in exchange for their participation in hosting the tournament. Those organizations are local organizations that have already been involved in the tournament in the past, including the rotary club and the misd athletic booster clubs. They provide gate personnel and venue coordinators and they maintain hospitality rooms at the venues. We have a schedule of payments to them based upon the number of games that they host and a flat amount for hospitality rooms. The funds are used by those organizations for their local charitable purposes. There were two tournaments held in 2014, the spring creek classic (boys) held december 4-5, 2014 and the spring creek barbeque invitational (girls) held december 29-31, 2014. Below is the breakdown of the proceeds and expenses incurred for both tournaments. 2014 proceeds: tournament sales (girls) 26,504 tournament sales (boys) 11,833 tournament fees (both) 2,500 sponsorships (spring creek) 20,000 sponsorships (city of mansfield) 50,000 2014 expenses: hotels for team rooms (both) 26,672 trophies and awards (both) 3,974 printing (both) 6,083 tournament officials (both) 41,720 hospitality (both) 13,507”