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Post by dadster81 on May 4, 2024 12:42:28 GMT -5
Ceharv - you got me thinking, and I should have done my homework (like Chuck does so well) before I posted. So here are a couple more answers to the tax issues
- Yes, there have been Collectives set up as Tax Exempt, making their donations tax deductible. The IRS realized this could be a problem, so in June 2023 they issued a memorandum that that they would deny any new NIL tax exempt applications, and may revoke existing ones. So that is good (IRS AM 2023-004 if you want to read it= it covers alot of tax issues in regards to this area) = if you want only the analysis - skip to page 8 of the memo.
- Unfortunately, by not revoking all NIL tax exempt status organizations, the groups or universities that already have approval will probably advertise that their donations are tax deductible = giving them a huge advantage against those NILs that did not "beat" the IRS cut off. For example, I get lucky and win a big lottery. I want to support Bona's NIL efforts by writing a big check. But I don't want to go out of pocket more than $500K. If our NIL is tax exempt, I can write a check in the $950K range - get a tax deduction, and be out of pocket $500K. Great!! If our group is not tax exempt, I can write a check for $500K. So the tax exempt NIL has $450K more to work with (yes, the range is probably 30-50% more depending on your tax status and state.
- the IRS saying they could revoke the pre existing NIL exempt status usually occurs if the organization is audited. With the IRS having a shortage of agents, probably not a high priority for the IRS. Their best way to handle this? Audit a couple of "big" NILs, and shut down their tax exempt status. Probably will result in a law suit (big NILs probably have attorney members that want good ole U to get the best players, and will defend their positions) but it might scare some other NILs.
- and yes, any compensation is taxable to the individual (basic answer to any income tax type question). Since the compensation is "earned" by signing autographs or something, it is most likely also subject to self employment tax. So say a BB player receives $10K, but after standard deduction, etc, does not have taxable income, they still need to pay self employment tax of over $1K or more.
- and yes, unionizing or making athletes employees can cause a bunch of HR issues, like medical and retirement plan enrollments, etc.
- Yes, it is a can or worms on a whole lot of levels.
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Post by letsgobonas on May 4, 2024 13:01:42 GMT -5
Assa's departure is a classic example of $$ over the program... East Carolina is 100% a step down from a basketball perspective given Bonaventure's recent run... ECU hasn't been to the Big Dance since 1993. However, with alumni such as Sandra Bullock and Vince McMahon, the Pirates undoubtedly have deep pockets... enrollment over 20K. Good luck to you Assa, but you have absolutely chosen the almighty dollar over basketball success. What was he paid at Bona…..and what is he now making at East Carolina? No idea obviously... these figures aren't made public... but given the legacy and history of East Carolina basketball, it has to be a financial decision. I don't know what Assa's situation is at all, so please don't quote me as having the facts. On another note, it is impressive to see Loyola-Chicago rack up so many solid recruits... they look to be a major player in the A-10 for years to come with how they've been loading up... I guess a recent Final Four run doesn't hurt either. |
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Post by skeller6 on May 4, 2024 20:12:35 GMT -5
We need to walk away from this total NIL corruption, and start concentrating on the our future...............playing millions to unproven college students is completely bogus in every single way........
There comes a time when we need to make a decision here........get lost with your money demands......no suckers live here...........
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Post by Hermit on May 4, 2024 21:01:14 GMT -5
We need to walk away from this total NIL corruption, and start concentrating on the our future...............playing millions to unproven college students is completely bogus in every single way........ There comes a time when we need to make a decision here........get lost with your money demands......no suckers live here........... Welcome to Division 111 |
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Post by skeller6 on May 5, 2024 5:01:53 GMT -5
We need to walk away from this total NIL corruption, and start concentrating on the our future...............playing millions to unproven college students is completely bogus in every single way........ There comes a time when we need to make a decision here........get lost with your money demands......no suckers live here........... Welcome to Division 111 So be it...............instead use the millions wasted on NIL donations on all Bona sports programs. Besides the IRS will eventually pull the plug on NIL scam anyway, making "donations" to this corruption non tax deductible............ |
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Post by thesocalkid on May 5, 2024 6:58:37 GMT -5
It would be a nice if the SBU students and the NIL go and visited out into the local Community.
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Post by kccgold on May 5, 2024 7:16:23 GMT -5
It’s time to stop bitching about the portal our best players will yet again be from the portal this season
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Post by Sipowicz on May 5, 2024 13:16:05 GMT -5
Former VMI guard and BONA target whom may or may not have visited, has committed to Indiana State.
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Post by coach on May 5, 2024 22:23:01 GMT -5
It’s time to stop bitching about the portal our best players will yet again be from the portal this season That's because you don't have any other options b/c of the dumb portal. |
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Post by NILsucks on May 6, 2024 1:27:18 GMT -5
The team/school may not have any other options but you do and that would be to wash your hands of the whole mess. You support it, you condone it, it's as simple as that. Sadly, that is the only other option fans have.
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Post by coach on May 6, 2024 3:29:23 GMT -5
The team/school may not have any other options but you do and that would be to wash your hands of the whole mess. You support it, you condone it, it's as simple as that. Sadly, that is the only other option fans have. NO SHIT! I don't support the portal or condone it. The best part of being a fan of Bona basketball was watching players develop for 4 years. The portal makes college basketball uninteresting. That being said, complaints about it will continue until the college basketball MESS gets resolved. My gosh. You think st Bonaventure and other small schools can keep up with players being able to transfer every year?  ? It's not even good for the players. Transferring 3 times in 4 years isn't helping them get an education and most likely is not helping them develop. However, I do understand as a fan that the only option is to deal with it. LOL. Holy hell |
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Post by bonnieswin on May 6, 2024 4:15:38 GMT -5
The team/school may not have any other options but you do and that would be to wash your hands of the whole mess. You support it, you condone it, it's as simple as that. Sadly, that is the only other option fans have. NO SHIT! I don't support the portal or condone it. The best part of being a fan of Bona basketball was watching players develop for 4 years. The portal makes college basketball uninteresting. That being said, complaints about it will continue until the college basketball MESS gets resolved. My gosh. You think st Bonaventure and other small schools can keep up with players being able to transfer every year? ? It's not even good for the players. Transferring 3 times in 4 years isn't helping them get an education and most likely is not helping them develop. However, I do understand as a fan that the only option is to deal with it. LOL. Holy hell Coach- Perfectly stated. This isn't college basketball when players are getting paid a million to go to a school. What a joke. It's NOT college basketball, but there's no other option but to deal with what the system is right now. This has to change or the whole structure of what college basketball was will be destroyed. |
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Post by skeller6 on May 6, 2024 7:18:31 GMT -5
The team/school may not have any other options but you do and that would be to wash your hands of the whole mess. You support it, you condone it, it's as simple as that. Sadly, that is the only other option fans have. Totally agree, this is really the NCAA/NIL complete system of corruption. It is designed to bankrupt all mid major programs. Paying amateur athletes hundreds of thousands of dollars or millions for that matter is illegal, its payola. I will not give one penny to the NIL, all my funds will go to the BAF to benefit all Bona sports. I will not be a party to this disgraceful and immoral system. |
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Post by bigcat on May 6, 2024 11:42:11 GMT -5
Besides needing more donations to fund Bonas’ NIL, it has to be costing SBU athletics and other schools more money to recruit and host dozens more players each off-season. Or is it less expensive to pluck these kids from the portal?
There were many years prior to COVID/portal rules changes that we would only need to sign 2 or 3 incoming frosh and maybe a transfer. Now, holy crap, we have to find and fund nearly a compete new roster each off-season.
How do our coaches/recruiters manage their budget and time? Not to mention their stress levels.
The portal opens and closes in a matter of weeks. Maybe it’s cheaper than following prep players around the East coast and south. My opinion is that we don’t spend as much time chasing high school/AAU kids as in the past… and certainly not 2 years in advance.
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Post by Sipowicz on May 6, 2024 11:50:03 GMT -5
Besides needing more donations to fund Bonas’ NIL, it has to be costing SBU athletics and other schools more money to recruit and host dozens more players each off-season. Or is it less expensive to pluck these kids from the portal? There were many years prior to COVID/portal rules changes that we would only need to sign 2 or 3 incoming frosh and maybe a transfer. Now, holy crap, we have to find and fund nearly a compete new roster each off-season. How do our coaches/recruiters manage their budget and time? Not to mention their stress levels. The portal opens and closes in a matter of weeks. Maybe it’s cheaper than following prep players around the East coast and south. My opinion is that we don’t spend as much time chasing high school/AAU kids as in the past… and certainly not 2 years in advance. Thought the limit for “official” visits was still 12, the same number preNIL. |
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