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Fc NIl collectives not tax deductible?? The IRS says no Linkage

PSUJam

PSUJam

Heisman
Oct 7, 2021
12,032
21,927
113
TAX-DEDUCTIBLE DONATIONS
CAN I MAKE A TAX-DEDUCTIBLE DONATION?
Yes. Happy Valley United has a partnership with the BPS Foundation, a 501c3 nonprofit, that allows supporters to earn a tax-deduction for their gift.

HOW ARE TAX-DEDUCTIBLE DONATIONS USED?
Tax-deductible donations made to Happy Valley United allow student-athletes to create meaningful partnerships and support charitable causes in the local community. Donors can select a charitable organization of their choice, for student-athletes to partner with. Donors have the opportunity to designate their tax-deductible donation to student-athletes in a specific sport at Penn State.

WHAT’S THE DIFFERENCE BETWEEN A TAX-DEDUCTIBLE DONATION AND BECOMING A MEMBER?
Becoming a member of Happy Valley United unlocks a number of benefits including exclusive merchandise, meet-and-greet opportunities with student-athletes, and more. These are considered “member-only” benefits. Tax-deductible donations are not eligible for these benefits.

IS HAPPY VALLEY UNITED AFFILIATED WITH PENN STATE UNIVERSITY?
Happy Valley United is an independent corporation that is not affiliated with Penn State University.
 
BobPSU92

BobPSU92

Heisman
Aug 22, 2001
41,041
30,114
113
PSUJam said:
TAX-DEDUCTIBLE DONATIONS
CAN I MAKE A TAX-DEDUCTIBLE DONATION?
Yes. Happy Valley United has a partnership with the BPS Foundation, a 501c3 nonprofit, that allows supporters to earn a tax-deduction for their gift.

HOW ARE TAX-DEDUCTIBLE DONATIONS USED?
Tax-deductible donations made to Happy Valley United allow student-athletes to create meaningful partnerships and support charitable causes in the local community. Donors can select a charitable organization of their choice, for student-athletes to partner with. Donors have the opportunity to designate their tax-deductible donation to student-athletes in a specific sport at Penn State.

WHAT’S THE DIFFERENCE BETWEEN A TAX-DEDUCTIBLE DONATION AND BECOMING A MEMBER?
Becoming a member of Happy Valley United unlocks a number of benefits including exclusive merchandise, meet-and-greet opportunities with student-athletes, and more. These are considered “member-only” benefits. Tax-deductible donations are not eligible for these benefits.

IS HAPPY VALLEY UNITED AFFILIATED WITH PENN STATE UNIVERSITY?
Happy Valley United is an independent corporation that is not affiliated with Penn State University.
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I would believe Mauti before the I.R.S.
 
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Bob78

Bob78

All-Conference
Jul 5, 2001
1,642
3,779
113
With the higher personal deductible threshold, my guess is this is likely a moot point for many (most?) donors to an NIL. But maybe not to the biggest donors.
Someone will correct me if I'm guessing wrong here.
 
P

PSUFTG

All-Conference
Nov 1, 2021
1,744
2,794
113
EricStratton-RushChairman said:
This will serve as a great lesson for the spoiled college kids of today... introduce them to the Mr. FICA
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FWIW, the IRS memorandum has nothing to do with FICA-attachment to the Stud-Athlete's money. That exists regardless of this memorandum's subject, as payment for services rendered (supposedly).

The memorandum deals with deductibility of contributions to the NIL.
 
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razpsu

razpsu

Heisman
Jan 13, 2004
12,502
11,813
113
Every athlete that gets nil money,is their actual nil being used for advertising or are they just getting money
 
GrimReaper

GrimReaper

All-American
Oct 12, 2021
6,419
8,873
113
razpsu said:
Every athlete that gets nil money,is their actual nil being used for advertising or are they just getting money
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That's a very good question. I can't answer it, but, guess what, the IRS is paying attention.
 
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