Have any of y’all made donations to this collective? It’s supposedly registered as a 501c3 so the donations, in theory, can be deductible. Working in the financial industry has me a bit worried about this set up since I think the IRS has said they don’t think these collectives being set up as a 501 are legit. Would be a travesty to be audited over a 10k donation. Thanks in advance.
Friends of UNLV Collective
- Thread starter Vegas_Sooner21
- Start date
NIL does not seem to be the type of thing that will be able to be tax deductible. It is not a donation to a university, but an individual. I mean McDonalds does not get to write off paying high school kids minimal wage, just because they are college kids.
I thought I read somewhere recently that NIL money is not tax deductible, but I could be wrong.
Money to a university lost its tax “deductibility” in 2019 if the donation is made for the sole purpose to give you the right to purchase tickets; I.e. RAF donation
The FriendsofUNLV is a tax deductible organization for purpose of donating. It says so on their website FriendsOfUNILV.com. The separate and distinct organization of NILClub.com does not indicate that they are on their website.
Again, they are two separate groups. The NILClub is managed by individual teams and their players. The FriendsOfUNILV is actually managed by their organization which is a 501 c3. So your contributions are tax deductible.
IRS: Some nonprofit NIL groups may not qualify
The IRS in a memo said it has determined that the main purpose of many tax-exempt NIL collectives is to pay players instead of supporting charitable works, which would jeopardize the status of those collectives and their donations.
Funds raised by Friends of UNILV are managed and distributed by Blueprint Sports. Both are very solid groups. However, if tax deductibility is desired, donations must be made directly to BPS Foundation, which has obtained 501(c)(3) status. You can check this out on the Blueprint website.
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