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.
Pirate Blue isn’t a collective. I was speaking about collectives.
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.
The Bergen Record
This full replica of our printed product provides you the newspaper as you know and love it from the convenience of the web.
therecord-nj.newsmemory.com
Talk about misinformation, most did receive 501c3 status. The IRS went on over a year before coming up with an answer on this. So anyone who created a non profit like Hall Hands on Deck in that time received it. And there were a lot of them within that year because people didn't want to be behind the 8-ball. It's only been recently they've been rejecting them.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.
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.
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Wrong again. Even one of the first ones formed like RU did not receive 501(c)3 status. And it takes awhile to receive a determination. Knights of the Raritan even says specifically that contributions to them are not tax deductible as charitable contributions. Your post is almost as misinformed as your post on reasonable compensation. The players are not employees of C or S corporations where reasonable compensation typically applies.
NIL collectives that have received tax-exempt status from the IRS under Section 501(c)(3) have qualified for exempt status due to these relationships with partnered charities. Their exempt purpose, as required under Section 501(c)(3), is typically promoting and supporting other 501(c)(3) charitable organizations.Oct 18, 2023
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Council of Foundations disagrees with you. There are many 501c3 collectives out there. And as far as the bolding. Who is giving to an NIL knowing that a giant chunk of the money is going elsewhere and not the players.
Considerations for Working With 501(c)(3) NIL Collectives
More than 120 “NIL collectives” have been established in the U.S., many of them as tax-exempt 501(c)(3) nonprofit organizations, to raise funds and enter into agreements that compensate student-athletes at specific higher-education institutions in exchange for using the student-athlete's name...
It is still going to the players even if they partner with a 501(c)3. And if not the booster giving through his business is still getting a tax deduction for their business.Council of Foundations disagrees with you. There are many 501c3 collectives out there. And as far as the bolding. Who is giving to an NIL knowing that a giant chunk of the money is going elsewhere and not the players.
Considerations for Working With 501(c)(3) NIL Collectives
More than 120 “NIL collectives” have been established in the U.S., many of them as tax-exempt 501(c)(3) nonprofit organizations, to raise funds and enter into agreements that compensate student-athletes at specific higher-education institutions in exchange for using the student-athlete's name...cof.org
they’ll lose their tax exempt status if they partner with the American Heart Association and no money goes the AHA. Business yes they will get their business deductions if they qualify.
Not necessarily. The players still get paid for say making appearances at Shriners childrens hospital or giving signed jerseys to make a wish foundation kids and the collective could still be operating under their tax exemption (including 501c3) without money going to the partner 501c3.
Good luck with that. You sign your name to that scam. I’ll be betting your purpose to be a promotional service for Shriners is not a charitable purpose in the eyes of the IRS. Best of luck. Hope orange is your color.
Dude it is already being done. For instance Crimson Collective benefits local charities by having the NIL athletes make appearances to raise the brand awareness of the charity and to promote increased donations to the charity. Many collectives are not partnered with charities and say there is no charity element to any contribution to them, but will continue particularly for the businesses that make contributions and can direct the contributions to benefit their businesses. The Texas A&M, BPS etc with no charity purposes already shut down.
Crimson is organization that raised over 5 million and spent less than 2.5 mil on the players. So yeah if people want to give to a charity and know that the majority of their money isn’t going to the players that fine. But That’s apples and oranges to what we were talking about. If they paid 4.5 million to players I’d be betting the IRS will scrutinize them big time.
My favorite part of the 501c3 I am sure the world knowing what players are making over 100k. Cole Bishop making 675K and the next highest paid player making 190k is good for team morale. It’s one thing when hearing what elite players make but one average guy making 75k learning another average guy is making 125k is going to piss some people off eventually.
Forget apples and oranges you go off on a tangent on everything. Collectives including charitable, business,trade and membership organizations are still going to exist and operate as tax exempt for NIL.
