Jerry on Msgr. Joseph Reilly
- Thread starter Halldan1
- Start date
So they have even trying to interview Reilly for close to a year (since he was named last April) and the university has denied all requests. Insane.
How is the University President going to focus on rebuilding the Men's Basketball Program while dealing with this?What a mess.
Even if Monsignor Reilly is a 100% in the clear, at a certain point you would think he would just step aside. Politico is out for blood and they are not letting this go.
Even if this report comes back with nothing of substance this dark cloud will hover over him.
Even if this report comes back with nothing of substance this dark cloud will hover over him.
That should be his or any president's main focus???
What a disaster. I prefer the Nyre vs. Marino battle royale better than this. Disgusting.
On another note, there are numerous posts referencing Kurtz and being our whale. Ever wonder why he wants no part in this? I have no source to say it’s related, but I wouldn’t if I were him.
The charitable entity status is an interesting question. From what I understand, the prior Collectives that gained 501c3 status will most likely remain allowing charitable contributions to those collectives for now and deductions for the donors. For newly formed collectives, charitable status is not happening.
Funding players NIL should never be tax deductible as charitable giving. It's ridiculous frankly and the players have to report it as income. This will change in the future IMO, but for now it seems some older existing collectives can still receive charitable donations.
I'd like to hear Mike Walsh's take on this if what I am saying is accurate.
Mostly All donations to Pirate Blue are tax deductible. I suspect that when you donate to PB, regardless if the motivation is to pay players, it will be a tax deductible donation to benefit the University and its students.
Schools use donations that are tax deductible to fund scholarships for students.
All of this is making Nyre's lawyers very happy. Paints a picture of a pattern of behavior by the BOR in how they handle problems at the school. Ignore, deny, delay, then when pressure mounts hire a law firm to investigate only to do whatever they want regardless.
I don’t think that’s correct. The IRS isn’t going to allow a what I’ll call a fake charity to exist. Whether the entity was created in the past, present or future your purpose cannot be to pay college athletes. Everything I read on it says expectations are those organizations are going to be looked at closer.
That’s exactly what I’m saying but the IRS has in fact given many early colllectives charity status. They should be looked at closer.
My understanding is the charity status they were given can be challenged by the IRS and if the funds were used for a non charitable purpose, which they were, the IRS can charge tax on those amounts and wipe out the donations by the donors.
It would be a double whammy based on results if you paid for this year, took a charitable deduction, then had to pay tax on the amount you gave because the IRS said you gave to a scam charity.
My mistake I was responding to Seton 75 post. Did not intend to quote your post.
There has been too much misinformation here about the collectives. Most did not and will not receive tax exempt status. The contributions to such entities therefore would not be tax deductible as charitable contributions, but could be deductible as a business expense assuming it meets the ordinary and necessary citeria of section 162(a).
Check out the IRS CCM on the link for some further insight on the IRS position.
tax.thomsonreuters.com
Check out the IRS CCM on the link for some further insight on the IRS position.
NIL Collectives Blocked by IRS From Claiming Tax-Exempt Status
The IRS has become stricter in disallowing applications for tax-exempt status filed by organizations created to facilitate name, image, and likeness (NIL) opportunities between student-athletes and their universities.
tax.thomsonreuters.com
Gannett must have been subsidized by the Biden administration also. Insane is right.
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