A new NIL Wrestling Fundraiser
- Thread starter wngarbarini
- Start date
as much as i luv RU.. I will NOT vote against my conscience
Folks
No one likes NIL but it is the current world in which we live. Therefore we must participate to stay competitive. Send me your email and I will have Scott email you his general letter on NIL. My email is wngarbarini@verizon.net
No one likes NIL but it is the current world in which we live. Therefore we must participate to stay competitive. Send me your email and I will have Scott email you his general letter on NIL. My email is wngarbarini@verizon.net
You're right. I don't like it either. And as usual, the intended purpose has expanded beyond fairness for athletes to something of a competitive advantage to the already successful and wealthy programs. I fully expect the current situation to be reviewed and, hopefully, revised to limit excesses. In the meantime, Goodale faces a vexing quandary. We fans call for better recruiting and competitiveness while the system works against the program. Goodale has no choice but to go full steam ahead with fundraising. We fans cannot provide the amount of money required, so wealthy benefactors must be found. I've often said that nothing will change until something changes. I'm hoping this is some of the change that is needed, and I wish Goodale great success.
From the athlete's perspective, college is no longer a four- or five-year commitment. It's now a series of one year deals. Figure out what's best for you and hopefully still graduate from somewhere. As a fan reading all of this, I am adjusting my thinking to the same time frame. It looks like we will put out a competitive lineup next year. I will root for my team and enjoy it. I will also decide annually if and where to donate to. It's a new world but the same B1G wrestling grind. Go RU. $$$$
It's my understanding that the 50 donors at $5000 each is a initiative that the coaching staff has set for itself. It is not intended to alienate the everyday fan. A quick infusion of money is needed so Rutgers can attract high level wrestlers. Nothing would be worse than making financial commitments and not being able to deliver. As a club the SKWC will still rely on the everyday fan for smaller donations that can be used as part of the NIL campaign.
I've been reading this site for a long time, recently have done research to better understand how the SKWC and NIL Collectives work together. Now, I have more questions than answers. I am a long time New Jersey wrestling fan, season ticket holder, support to the Pin Pool and Golf Outing and have made contributions to the Knights of the Raritan and the Knight Society Collectives. I have some financial knowledge. But, am not an expert. This is my first post and likely my last.
The SKWC is a non profit that supports coaches who are not paid by Rutgers and resident athletes. I looked at SKWC website. It lists Buxton and Mytch as staff plus Pagano, Rivera, Silva, and Bagakov as athletes. It has also been said that Lawson works out with our wrestlers. The website may be out of date as Leonardis is listed as an assistant coach and in a different location as Executive Director. Pollard is listed as Director of Operations and Kiss as the recruiting coordinator. I am not sure who is on staff and who isn't.
I asked a friend who is connected to the program who heads up the SKWC. I was told that the co-presidents resigned and my friend doesn't know who is in charge. I remember reading on this forum that the SKWC has around $700,000. Someone else said it is in an endowment and only the earnings can be touched.
I tried to look for the SKWC tax forms on line and found the 2018 filing. It indicated revenue of $436,00. If we need $250,000 a year for NIL, does this mean that we need to raise over $680,000 a year? Has spending increased since 2018? As charities are required to disclose finances, can someone from the SKWC post the most recent tax report on this forum. This will help to better understand where the money goes and what we need.
When I contributed to the KTR Collective, my contributions were not tax-deductible. Are the contributions to the SKWC NIL tax deductible? If yes, how does the SKWC ensure that our contributions that go to athletes are tax deductible? Is there a limit to the amount one can give a wrestler and still be tax deductible?
As you can see, I am really perplexed and trying to get a better understanding about what is happening.
The SKWC is a non profit that supports coaches who are not paid by Rutgers and resident athletes. I looked at SKWC website. It lists Buxton and Mytch as staff plus Pagano, Rivera, Silva, and Bagakov as athletes. It has also been said that Lawson works out with our wrestlers. The website may be out of date as Leonardis is listed as an assistant coach and in a different location as Executive Director. Pollard is listed as Director of Operations and Kiss as the recruiting coordinator. I am not sure who is on staff and who isn't.
I asked a friend who is connected to the program who heads up the SKWC. I was told that the co-presidents resigned and my friend doesn't know who is in charge. I remember reading on this forum that the SKWC has around $700,000. Someone else said it is in an endowment and only the earnings can be touched.
I tried to look for the SKWC tax forms on line and found the 2018 filing. It indicated revenue of $436,00. If we need $250,000 a year for NIL, does this mean that we need to raise over $680,000 a year? Has spending increased since 2018? As charities are required to disclose finances, can someone from the SKWC post the most recent tax report on this forum. This will help to better understand where the money goes and what we need.
When I contributed to the KTR Collective, my contributions were not tax-deductible. Are the contributions to the SKWC NIL tax deductible? If yes, how does the SKWC ensure that our contributions that go to athletes are tax deductible? Is there a limit to the amount one can give a wrestler and still be tax deductible?
As you can see, I am really perplexed and trying to get a better understanding about what is happening.
Is there an SKWC NIL fund? I thought SKWC was, like you said, only to hire resident athletes, coaches, etc. I thought NIL to actually pay recruits was the Knights of the Raritan fund. Very confusing.
It appears that the coach's initiative to find $5000 donors would have to fall under the SKWC. If not who would you write the check to?
SKWC is a 501 C3 so all contributions are tax deductible. I don’t think KOR is a 501 C3 so therefore not tax deductible.
I wouldn't think KOR is 501(c)(3) because NIL transactions are business transactions which are taxable in nature.
Would SKWC loose its Tax Exempt 501(c)(3) Status if it transacted in distributing NIL funds to athletes?
I’m no expert but I think you are correct. If a car dealer pays the club to have someone do an ad how would that be charitable? Being paid to work at a wrestling clinic might be ok but it’s a fine line that has to be walked
https://www.taxpayeradvocate.irs.gov/get-help/general/nil/nil-collectives/
IRS Advocate has a high level description of the tax treatment of NIL Collectives which is what Bill is referencing and trying to start for wrestling program. Depending upon structure of NIL Entity it can be either a for profit or non profit 501(c)(3).
What Coach Goodale is advocating and starting with new NIL initiative has been run through Compliance and approved by them. The athletic administrators are on board with this as well. Donations to the SKWC are tax deductible and will be compartmentalized into resident athletes, coaches and NIL. I hope that clears things up a bit.
What Coach Goodale is advocating and starting with the new NIL initiative has been run through Compliance and approved by them. The athletic administrators are on board with approval as well. Donations to the SKWC are tax deductible snd will be compartmentalized into resident athletes, coaches and NIL. I hope that clears things up a bit.
Something I never considered about NIL money. If you bring in an athlete for 50K and his schooling costs 30K he only walks away with 20K.
NIL is on top of whatever scholarship $ they are already receiving (if any)
With only 9.9 scholarships it would be rough to take a percentage away from current team members to give it to an NIL recipient.
There needs to be some limit to these NIL deals ! I said from the bigining this is bad for college sports!Espicially the second and third tier sports in regards to revenue.
Does NCAA not see this as a problem? There will only be 8 schools in wrestling competing for a national championship every year! When an NIL is given in dollar amount, is that for one year or dollar amount each year
Does NCAA not see this as a problem? There will only be 8 schools in wrestling competing for a national championship every year! When an NIL is given in dollar amount, is that for one year or dollar amount each year
Once the NCAA fumbled the ball and lost in the Supreme Court battle there's nothing they can do. The Supreme court decreed you cannot interfere with their earning potential in any way shape or form. If you do you, you will be found liable by law and face lawsuits.
So, the only way out of this mess now, is an act of Congress or a Players Union. But in the world of me first, good luck getting these young boys to agree to give up theirs for the greater good.
Cannon on his visit to RU today
The NCAA can curtain the transfer ability of these athletes which would be a step in the right direction in my opinion. If people/teams want to by their success, all the power to them. Suriano bolted RU for Michigan to chase the almighty $$. So much for his "loyalty" and "repping his home state". The act of Congress stepping in would be welcome if it reeled in the absurdity.
And then you just impeded with their earning potential and opened yourself to a lawsuit. Right or wrong reprecussions be damned the Supreme Court put all the power into 18 to 22yr. old's hands. Which is why the NCAA is trying to thread the line on transfers. I believe they're trying to go back to one free transfer after that you have to sit a year. Which might curb some of this, well that is till the first lawsuit.
When one wants to participate in anything of substance, there are rules. If you dont like the rules, don't participate. Easy peasy. Let the Supreme Court decide if they can earn money, but the NCAA should be able to govern how athletes participate in their league. It should be simple but people shake in their boots when anything is challenged.
New IRS Ruling effective June 9, 2023. . The IRS rules NIL as non Charitable Entities. This will probably impact Scarlet Night wrestling NIL. NILs are now no longer 501(c)(3) tax exempt entities.
https://www.journalofaccountancy.co...e-nil-collectives-further-exempt-purpose.html
https://www.irs.gov/pub/lanoa/am-2023-004-508v.pdf
I think so, but tax law and rulings are always catching up to industry. There are always new business transactions that the current law and legislators never anticipated.
There is no justification for RTCs to pay current wrestlers. The SKWC has consistently said its goal is to hire resident athletes to workout with our guys. I donated because the coaches said getting resident athletes was their top priority. I hope they use my donations for this purpose.
We got a very good one coming in Monday for a visit that would make you thrilled
Pat Downey?
(Actually, he did very well his first stint at the RTC)
That’s unfortunate.
With the NCAA allowing teams to add a 4th coach, hopefully we secure a big man coach who has AA credentials. We have the opportunity to hire a coach who can help our big men. We have a number of really good upper weights and a big man coach will help these kids become All Americans.
