Texas-A&M-NIL-shutdown-by-IRS
The decision to shut down the 12th Man+ Fund came after the IRS released a memo on June 9, which told NIL collectives their function doesn't fit within the confines of tax-exempt status. The 12th Man+ Fund attempted to reward donors with athletic department points and tax benefits in exchange for donations to provide NIL compensation to athletes.
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Boy this might cause the NCAA to bring a world of hurt on Texas A&M - Corpus Christi
I am wondering how IRS + NIL might affect The Hokie Way's structure.
I think (not an attorney etc etc), the A&M one was almost functioning basically like Triumph does, which is the problem. The Hokie Way isn't in my understanding directly paying any players - they support the non profit efforts and partnerships that triumph helps put together for our student athletes, so the contributions someone give to Hokie Way are actually going to supporting non profits, but help our NIL efforts by establishing a 3rd party non profit that helps actually support an outside org. This allows triumph to focus on the athlete promotion, and less on the partnership org part.
There have been a few podcasts where they addressed this. One happened right after that memo. The Hokie Way isn't a collective, and doesn't have contracts with athletes. Collectives were the target of the IRS memo. Hokie way actually issued rfp's to non profits, and selected non profits to work with. They take requests from the ones they selected, and reach out to Triumph to schedule athletes. They weren't clear on how the payment works. But, my take on it was that Hokie Way pays Triumph, who pays athletes.
Supposedly, Hokie Way is still ok as a non profit and donations are tax deductible. Triumph is not. So, anyone trying to write off donations to triumph would be an issue.
"The Hokie Way isn't a collective"
Thank God. I'd hate to have these folks running around here.
Thanks for explaining that. I knew they used Triumph as a middleman, but didn't realize that removed them from IRS' domain.
Jim Petrine and Sam somebody have been the ones doing most of the guest spots on podcasts. They might be willing to pop in here. They seemed to act like their goal was to engage as much as they could to increase understanding and engagement.
Goes into it here https://youtube.com/watch?v=uSFK6V0zPJ8&feature=share8
Oh man... it's one thing for aTm to mess with the integrity of the game with drugs, improper benefits, etc etc, and nobody cares, but touch the Gov's money? I got three words - Lack of institutional control.
FTFY
Fairly certain that's the joke.
Can we stop with this? I think/hope that by now we all understand that amateurism is and always has been a sham, and ncaa sports aren't some morally superior league (quite the opposite in fact)
It's what the schools that don't win hang their hat on to make themselves feel better about getting ass whipped.
It's a sham now. Maybe it wasn't a sham when I was in school, but they did a hell of lot better of a job of making it look like an amateur sport. It's a business, and as I have come to terms with it my level or interest has waned significantly. I now have more interest in watching HS football than I do college.
Well, I mean, higher education in general is a business now. So...
Having spent more years inside of the education-industrial complex then I care to admit to before escaping (err, I mean transitioning out of) academic bench science, I'll say that higher education has, in general, been a business since at least the 1980s.
It was always a sham. The media just towed the party line until 15ish years ago.
Amen. Bill Self paid players 6 figures openly, got caught, etc.- BEFORE NIL. What happened to him? nothing. You don't think he still basically has a pro team on the court?