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re: Loyola Marymount to cut 6 sports in response to NIL
Posted on 1/27/24 at 3:48 pm to TideWarrior
Posted on 1/27/24 at 3:48 pm to TideWarrior
Do you have a link?
Because some memos are newer than others.
September 6, 2023
October 18, 2023
Essentially, if you have an active nonprofit which adds "collective" as a minority activity then it "may" continue to qualify for the tax deduction.
But there will be audits. And with the numbers running through these collectives ($2M+ annual), you are going to be hard pressed to find qualifying nonprofits where that amount of volume is going to be minimal activity.
"Financial council" to the athletes doesn't qualify as charitable work, unfortunately (I think that was Texas A&M's claim as a nonprofit benefit to the community).
Because some memos are newer than others.
September 6, 2023
October 18, 2023
Essentially, if you have an active nonprofit which adds "collective" as a minority activity then it "may" continue to qualify for the tax deduction.
But there will be audits. And with the numbers running through these collectives ($2M+ annual), you are going to be hard pressed to find qualifying nonprofits where that amount of volume is going to be minimal activity.
"Financial council" to the athletes doesn't qualify as charitable work, unfortunately (I think that was Texas A&M's claim as a nonprofit benefit to the community).
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