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re: Loyola Marymount to cut 6 sports in response to NIL
Posted on 1/27/24 at 11:51 am to meansonny
Posted on 1/27/24 at 11:51 am to meansonny
quote:
No one is writing off a donation to the collective.
Not sure why they are not if they can. To be honest someone would be a fool if they could write-off a donation to a collective if it is not for profit entity.
2
Posted on 1/27/24 at 12:14 pm to TideWarrior
quote:
No one is writing off a donation to the collective.
Ha Ha... That is exactly how the Alabama administrator who signed the Learfield contract for an on-campus center screwed over your fan base.
I'm a Georgia fan and I can legally write off some of my donation money by way of a 501(c)(3)donation.
I'm convinced that whoever it was in the Alabama administration that directly snubbed Saban's advice on the subject must have pocketed a fairly handsome kickback.
Posted on 1/27/24 at 2:11 pm to TideWarrior
quote:
quote:
No one is writing off a donation to the collective.
Not sure why they are not if they can. To be honest someone would be a fool if they could write-off a donation to a collective if it is not for profit entity.
No one is expensing a check to collectives because it is not deductible per the IRS.
Nonprofit status does not automatically grant donations as a tax deduction. Nonprofit status only dictates the governing rules of the institution (collective).
Collectives basically launder money. You can "remove profit" from the money laundering scheme but that does not force the IRS to recognize it as a charitable tax deduction contribution.
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