The organizer can pull it off. Mr. Drake does one of the most popular amateur USAC sanctioned road races in the country.
What would come as no surprise is if USAC makes up a reason to deny him race sanctioning.
Why do the proceeds need to go someplace special? The promoters are in it to make money for themselves, not some charity. Or, if you want to pretend proceeds from the event go to charity, the promoter charges a fee for the event that manages to soak up most of the profit, then everything after that goes to a charity.
Or, if you want to do it like Wonderboy, claim there's a benefit to charity and split the proceeds at the last minute.
Lots of ways around this concept of charity athletic events that don't really benefit a charity.