Westminster, CO
Plnball Hall of Fame
(Topic ID: 285970)
Tim is the "MASTER" of keeping things simple and to the point. Glad the sign on the front of his Ten Million Dollar building still matches his style. Why waste money on a fancy sign when you can just paint one word on the front of your building and get the same message out? I am just a little surprised Vegas didn't demand he to something a little more fancy but glad Tim could keep it simple!
How about we all dig deep and toss a few more dollars at the Go-Fund-Me so he can buy the rest of that red paint and finish that sign!
Stopped by an hour ago, looks like sign will be done by end of day.
Got to stop and chat + play a quick game. So the soft opening is now, grand opening July 1st.
Plenty of space for social distancing until another several hundred games get set up. Glad to see they have bike fixtures near entrance. We are so lucky to live about a 10min bike ride away!
Quoted from too-many-pins:Tim is the "MASTER" of keeping things simple and to the point. Glad the sign on the front of his Ten Million Dollar building still matches his style. Why waste money on a fancy sign when you can just paint one word on the front of your building and get the same message out? I am just a little surprised Vegas didn't demand he to something a little more fancy but glad Tim could keep it simple!
Uh, he's planning a 60ft custom sign on the Strip.
Choose a font, color and then paint it on the building. Not much imagination. So simple it might work.
Quoted from Coindork:The only thing that would make that sign better is a big neon cowboy off to the side
Inserting a coin into a coin slot.
LTG : )
Quoted from Coindork:The only thing that would make that sign better is a big neon cowboy off to the side
Or a neon version of this 
Quoted from Coindork:The only thing that would make that sign better is a big neon cowboy off to the side
With the money they're saying it cost to build this place I'd expect that 40ft neon cowboy hanging off the side
Quoted from too-many-pins:How about we all dig deep and toss a few more dollars at the Go-Fund-Me so he can buy the rest of that red paint and finish that sign!
Are you serious or just messing around?
Quoted from MrBally:Are you serious or just messing around?
Just killing time as always. But since Tim still has an active "Go-Fund-Me" and lots of bills to pay before PHOF is debt free again and can go back to donating proceeds to charity I am sure he would still appreciate any money that heads in his direction. To me it is one of the most logical donations anyone in the hobby could make. How can you argue with Tim's success with giving to charity over the years?
Any new pictures? Anyone here been out to help or out to see the new place in person yet? Can't wait to see some pictures of the progress and to hear more if anyone near that area has anything to share. Remember Tim can still use your money and unlike our government he will not waste it! Since he is a registered Non-Profit donations are tax deductible so if you need a write-off you might want to consider sending PHOF a little money.
Quoted from too-many-pins:Any new pictures? Anyone here been out to help or out to see the new place in person yet? Can't wait to see some pictures of the progress and to hear more if anyone near that area has anything to share. Remember Tim can still use your money and unlike our government he will not waste it! Since he is a registered Non-Profit donations are tax deductible so if you need a write-off you might want to consider sending PHOF a little money.
There is another thread since it opened with everything you are asking about.
Quoted from Calfdemon:There is another thread since it opened with everything you are asking about.
Thanks for letting me know! I have not been spending much time on Pinside these days so I don't typically do much as far as looking at new topics. Basically I just stop by once in a while to check my messages and to see if anyone has posted anything new in topics I was watching in the past. I'll have to check out that other post.
1 year later
Ramstein-miesenbach
Quoted from Fast400:Has anyone here looked at the PHOF IRS Form990? I was surprised!
Good or bad?
Quoted from Ericpinballfan:Good or bad?
I'll let you decide...maybe I'm reading it wrong. https://www.irs.gov/charities-and-nonprofits
Then just search for PHOF or 'Las Vegas Pinball Collectors Club'
Quoted from Ericpinballfan:Good or bad?
You'll find the "Las Vegas Pinball Collector Club" on pg 235 of the IRS site search. First search by State/City.
Here's the most recent (2019) form 990: https://docs.candid.org/990/260/260060884/260060884_2019_18106275_990.pdf
This is public information and is required by law to be made available for inspection.
It makes pretty good money but isn't donating any significant amount.
Quoted from SimpleSam:Here's the most recent (2019) form 990: https://docs.candid.org/990/260/260060884/260060884_2019_18106275_990.pdf
This is public information and is required by law to be made available for inspection.
It makes pretty good money but isn't donating any significant amount.
Unfortunately that is how I read it also...why was he asking for gofundme if he is earning enough to pay off his loan just in 2019 earnings?
He clearly was never running out of money...his earnings are very high yet from what I can see he hasn't donated much money....hmmm
I'm not an accounting expert. But when I read this I see two things:
Revenue less expenses was $2,693,736
Net assets are $7,670,528
Can anyone explain to me how they're making $2.6 million a year, and yet every time I hear about someone stopping in they report back that half the games are broken and out of service? Is that not enough money for a couple of full time techs?
Obviously there are a lot of assumptions going on here based on a single tax return. Tim said all along during the building phases of the new location that donations were going to be at a bare minimum.
That being said, PHOF will never see another dime from me for completely different reasons.
Quoted from PtownPin:He clearly was never running out of money...his earnings are very high yet from what I can see he hasn't donated much money....hmmm
I will never use the term con man, but what Tim did and how he did it to get the new location built and paid for goes beyond masterful.
Quoted from vdojaq:Obviously there are a lot of assumptions going on here based on a single tax return. Tim said all along during the building phases of the new location that donations were going to be at a bare minimum.
That being said, PHOF will never see another dime from me for completely different reasons.
Well its kinda simple math isn't it? I was always under the impression they gave away a lot of their profits to local charities (although I get u need to hold some back )? These are all reported on returns. Clearly that wasn't happening. It appears he wants to keep all his toys to himself and get others to flip the bill? Clearly he's old school as he still fills out his tax forms by hand...I haven't done that in 30 years
Quoted from Aurich:I'm not an accounting expert. But when I read this I see two things:
Revenue less expenses was $2,693,736
Net assets are $7,670,528
Can anyone explain to me how they're making $2.6 million a year, and yet every time I hear about someone stopping in they report back that half the games are broken and out of service? Is that not enough money for a couple of full time techs?
Crazy profit....I guess u can pull that off when u don't pay any employees and u own everything outright. I would have assumed he would have taken a lot of that profit and donated it to charities.
Quoted from PismoArcade:Wait...I always heard that most of the profits went to the Salvation Army.
I was never aware of exactly where they went, but I was under the impression most of the profit went to charities....per the return (unless I missed it or its not required to report) thats not the case.
Quoted from PismoArcade:Wait...I always heard that most of the profits went to the Salvation Army.
I believe they parted company a few years back. The SA let them use trucks. Tim was then donating to other charities then. According to news here.
LTG : )
Quoted from Aurich:I'm not an accounting expert. But when I read this I see two things:
Revenue less expenses was $2,693,736
Net assets are $7,670,528
Can anyone explain to me how they're making $2.6 million a year, and yet every time I hear about someone stopping in they report back that half the games are broken and out of service? Is that not enough money for a couple of full time techs?
Very simple, they changed locations, not procedures.
Quoted from LTG:I believe they parted company a few years back. The SA let them use trucks. Tim was then donating to other charities then. According to news here.
LTG : )
Good intel......I wonder why anyone would ever part ways with a charity ? Usually charities are very grateful for ANY support, and per his returns he should have A LOT of support....sounds like the PHOF might have been abusing the privilege by using their trucks? Who knows, but their profits/assets are crazy high
You guys are all making huge assumptions based off a 2019 return.
This does not account for 2020 and the Pandemic which essentially shut down vegas for many months and even upon reopening, business was highly constrained and slow for couple years. The numbers also believe would not account for the new venue and move expenses
Quoted from PanzerKraken:You guys are all making huge assumptions based off a 2019 return.
This does not account for 2020 and the Pandemic which essentially shut down vegas for many months and even upon reopening, business was highly constrained and slow for couple years. The numbers also believe would not account for the new venue and move expenses
True...it would be nice to compare to his 2020/2021 return
IIRC he mentioned some time back (prior to 2019?) they were scaling back on donations in order to fund the new location. This pissed off the Salvation Army as they had apparently built their budget around the (significant) donations.
Quoted from PanzerKraken:You guys are all making huge assumptions based off a 2019 return.
This does not account for 2020 and the Pandemic which essentially shut down vegas for many months and even upon reopening, business was highly constrained and slow for couple years. The numbers also believe would not account for the new venue and move expenses
His previous returns don't look much better...I'm still hoping there's something here that I'm not seeing. Looking at the numbers...
Quoted from joetechbob:IIRC he mentioned some time back (prior to 2019?) they were scaling back on donations in order to fund the new location. This pissed off the Salvation Army as they had apparently built their budget around the (significant) donations.
Also what I remember from before the building started. Tim posted open about how the new building was going to be funded and that donations would be limited.
Quoted from Elvishasleft:He doesnt need a PPP loan he needs a small biz loan from the SBA which they are in fact giving out pretty easily.
Issue there would be I doubt they have the financials to get approved for much or as a non profit maybe not eligible.
Would be worth looking into since the rates are low and its a 30 years term.
SBA loans are a rip-off. High interest
Quoted from Fast400:His previous returns don't look much better...I'm still hoping there's something here that I'm not seeing. Looking at the numbers...
Again, how is any of that relevant to his topic of discussion from 2021? This is very old financial info and there is a huge difference in accounting that would be taking place in the 2020-2021 period. Any business owner can tell you what it was like in those years and how crazy our financials looked at the time due to closures. And again not takes into account all the expenses that would have happened with the huge move that they undertook all of which centered around the pandemic. Looking at pre pandemic numbers is not helpful at all.
Businesses were shut down for long periods of time, it doesn't make them immune to expenses as we still have to pay for insurance, utilities, rent, paying any past debts, etc, all the while we were taking in zero revenue.
This is really really jumping on a nothing burger of info.
It all depends on what you get out of going there and dropping coin into his machines. I get to play some really nice examples of some classic pins when they are working, and Tim gets to keeps the doors open so that I can. How he does it, who profits, who looses, who cares? Don't like Tim? Then don't donate time or money or go play his machines. He doesn't really care. It's that simple really. It gives me something I love to do when visiting Vegas beside loose huge sums of cash and that's just for parking and food, not gambling.
Quoted from PanzerKraken:Again, how is any of that relevant to his topic of discussion from 2021? This is very old financial info and there is a huge difference in accounting that would be taking place in the 2020-2021 period. Any business owner can tell you what it was like in those years and how crazy our financials looked at the time due to closures. And again not takes into account all the expenses that would have happened with the huge move that they undertook all of which centered around the pandemic. Looking at pre pandemic numbers is not helpful at all.
Businesses were shut down for long periods of time, it doesn't make them immune to expenses as we still have to pay for insurance, utilities, rent, paying any past debts, etc, all the while we were taking in zero revenue.
This is really really jumping on a nothing burger of info.
The point is, he claims “not earning a dime” and asks for gofundme donations, yet his financial records appear to show a completely different picture. Am I missing something?
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