Rutgers NIL collective launches ambitious fundraising campaign with endorsement from Greg Schiano, other coaches
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I have a question
I have a question. Are donations to this NIL program tax deductible like donations to the University for an individual & / or a business? Thanks
Most of court club money goes to bball team student managers. Those guys do a ton of work with little reward/recognition. Of course you could also just donate to rfund and specify bball managers. I donate to tkr but there are other worthy causes for those not interested in 'paying players'.
We have a 501c3 tax deductible arm, but that entity has not yet received tax exemption status from the IRS. Donations to the KTR are not tax deductible as of now. In the future, there will be an arm where one could contribute that would receive tax deductibility (assuming it's approved by the IRS).
Is it likely an NIL group existing to pay college kids for appearances can be tax exempt? Seems like a stretch, no?
Absolutely you can. Plenty of 501c3s set up to do it - the IRS has granted status to quite a few. That said... there's a lot more compliance around it. All works need to be charitable. There are guest appearances, work events etc where individuals can be paid.
general information below...
https://www.perlmanandperlman.com/seeking-tax-exemption-name-image-likeness-collective-nil-know/
How are NIL Collectives Structured?
NIL collectives are entities that are structurally independent of a school, yet fund NIL opportunities for the school’s student-athletes. They are typically founded by well-known alumni and supporters of the school. Collectives generate and pool revenue raised through contributions from a wide variety of sources, including boosters, businesses, fans and more. They use these funds to create opportunities for student-athletes to leverage their NIL in exchange for compensation.
While a number of NIL collectives have been formed as for-profit entities,[3] in a growing number of cases, they have been formed as nonprofits. Numerous nonprofit collectives have, in turn, sought and obtained 501(c)(3) public charity status from the IRS, which potentially allows donors to receive a tax-deduction for their contribution to the collective.[4]
Tax-exempt collectives typically use student-athletes as independent contractors to help further their charitable mission. For example, some provide in-kind contributions of a student-athlete’s services to other charities, including speaking, appearances and other public relations services that help expand the charities’ reach and visibility in their communities. The student-athlete is paid by the tax-exempt collective to provide the services, while the other charities receive these services on a pro bono basis.
Thank you. I wasn't trying to be vague or obtuse in my response above. Many celebrities and other folk get paid to visit charitable events/hospitals/etc. That is what I meant by 'works need to be charitable'... I.e., you could pay a kid to go work at a soup kitchen or visiting patients in a hospital if that kid has value. There's lots of restrictions on this, and caps/reasonableness. But the above is much better at describing it than I am.
Just a quick update.
After the first day we are 10 percent towards our million dollar goal.
Thanks so much to all who joined and/or made a one-time investment. Also to all the members who upped their membership levels.
Lots more to raise.
Jon
After the first day we are 10 percent towards our million dollar goal.
Thanks so much to all who joined and/or made a one-time investment. Also to all the members who upped their membership levels.
Lots more to raise.
Jon
Jon,
Thanks for all you are doing. We need to give our coaches a chance. It’s easy to be a naysayer and assume Rutgers is in a horrible position. This is not true. There are a number of schools that are off the charts but due to your efforts Rutgers is actually ahead of many.
In one day we raised $50k. It’s been published that Penn State has raised $100k a few weeks into their $2 million match. There are a number of big schools that don’t even have a website yet - see UNC.
Hop on board. The time is now.
Thanks for all you are doing. We need to give our coaches a chance. It’s easy to be a naysayer and assume Rutgers is in a horrible position. This is not true. There are a number of schools that are off the charts but due to your efforts Rutgers is actually ahead of many.
In one day we raised $50k. It’s been published that Penn State has raised $100k a few weeks into their $2 million match. There are a number of big schools that don’t even have a website yet - see UNC.
Hop on board. The time is now.
Day 3! Let’s keep the momentum going. If everyone here gets one or two friends to join over the next 30 days, it would help us close out this goal!
Speaking of UNC, their QB was supposedly offered 5 million in NIL money to transfer after his OC left. Narduzzi says that he knows what schools offered but isn't naming names.
And right on schedule, the Rutgers University Foundation sent out emails begging for last minute donations for tax year 2022 today.
| Animal Aliance (Food and cash) |
| Jimena's charity |
| Compassion |
| church |
| Red Cross - wash dc only |
| Sal Army |
| Wounded Warrior |
| Gary Sinise Foundation |
| Special Olympics |
| St. Jude |
| ASPCA |
| Trenton Soup Kitchen |
| Amwell Valley Rescue |
| 11th Hour recue |
| EATS Histroical Society |
| Star 99.1 |
| Jimmy V Foundation for Canser Research |
| WXPN |
| Carrier Clinic #1 |
| Rutgers Buld Fund/BB |
| Rutgers Student Athlete Scholarship Fund |
| Carrier Clinic #2 |
| Walk of Hope |
| Shiners of Phl |
| Scarlet R |
| united way |
| boy scouts (Popcorn) |
| agility course materials |
| World Kitch |
| Various Go Fund Me |
| Rutgers University Foundation |
| out of pocket |
| arbor day foundation |
| oh and let me add even $ for College kids to play sports (which I am doing already but need to give them more). |
You obviously missed this part:
"Depending on their membership commitment, Knights of The Raritan members are eligible to receive exclusive interview content, access to supporter events and student-athlete meet-and-greet sessions, raffle entry for autographed memorabilia and Knights of The Raritan apparel."
Now that you're aware of these great benefits surely you can swing $100/month instead of 50?
asking or questioning?
XPN is great radio station associated with U of Penn and Star 99 is a Christian Radio Station based in Somerset. You can tell who's been in the car last depending on which station is on the radio.
LOL.
I assumed the unlabeled list was a list of things NIL money is based on. Radio stations being charity seemed wrong to me.
ETA: Oh, This was your list of donations??
I just gave. Thank you to those putting up the match and those contributing.
Apparel was definitely cool, but I haven't been able to attend either of the member events. If I'm able to attend member events it would be more worthwhile. Again, I'm happy to support and not pulling my donation. I just don't really get any benefit from it at this point. Lastly, before you tell me how to spend my money, $50/month is more than many people are doing. It's like pulling teeth to even get people to commit to $10/month.
Good progress has continued to be made over the last day or so. Long way to go still to completing the match. But we are close to 20% there. Need everyone to keep pushing and reaching out to friends, colleagues, and anyone who hasn't really followed what we are trying to achieve. We appreciate everyone's contributions and efforts to help us in reaching new members!
Successful organizations know their top priorities and focus on them. Will all the NIL matching funds be directed to only football or only football and basketball?
If not, I am concerned we will not be effective.
As a contributor to KOR, I believe that by allowing donors to spread money among various sports, will have adverse impact. When football excels, all programs benefit. donations to the University increase, the quality of applicants increase, recruiting in all sports gets better, and the Rutgers image and profile significantly improves.
When non-revenue sports such as lacrosse, soccer, rowing, or wrestling excel, it excites their relatively small fan base. Giving these programs NIL money is nice. But it has limited impact. We are not rich enough to direct any of our limited NIL funds to non-revenue sports.
Other NIL programs focus on football and basketball. Then when football wins, the increased University revenues are directed to the non-revenue sports. That's how the Learfield Directors' Cup is won. Other major universities follow this approach and are highly successful. It seems nice to give donors the choice on how to direct their funds. But, it is of little benefit, dilutes the impact of our limited NIL money, and may adversely impact Rutgers athletics. It could work for wealthy Universities. But not us.
I don't understand why the Collective provides unlimited choice for one's NIL donations. Does the Collective believe that by providing choice Rutgers athletics will be better off compared to focusing on donations for football and basketball? Which approach do you believe will best serve Rutgers Athletics?
Where is the NIL match money going?
If not, I am concerned we will not be effective.
As a contributor to KOR, I believe that by allowing donors to spread money among various sports, will have adverse impact. When football excels, all programs benefit. donations to the University increase, the quality of applicants increase, recruiting in all sports gets better, and the Rutgers image and profile significantly improves.
When non-revenue sports such as lacrosse, soccer, rowing, or wrestling excel, it excites their relatively small fan base. Giving these programs NIL money is nice. But it has limited impact. We are not rich enough to direct any of our limited NIL funds to non-revenue sports.
Other NIL programs focus on football and basketball. Then when football wins, the increased University revenues are directed to the non-revenue sports. That's how the Learfield Directors' Cup is won. Other major universities follow this approach and are highly successful. It seems nice to give donors the choice on how to direct their funds. But, it is of little benefit, dilutes the impact of our limited NIL money, and may adversely impact Rutgers athletics. It could work for wealthy Universities. But not us.
I don't understand why the Collective provides unlimited choice for one's NIL donations. Does the Collective believe that by providing choice Rutgers athletics will be better off compared to focusing on donations for football and basketball? Which approach do you believe will best serve Rutgers Athletics?
Where is the NIL match money going?
Your question implies the guys running the NIL are dumb.
without knowing I’ll bet you a ton of money the majority of the cash is going to football and men’s basketball. The option to earmark funds for a specific sport allows those who wouldn’t participate under the above reality, contribute.
The match goes to Football. Though we are working on another potential match that would be in addition to the football match at the same time (same 30 days), and which would go to a different sport.
KTR is for all sports. We are not single sport focused. We believe in supporting all student athletes at Rutgers, which is best serving Rutgers Athletics. The fans can elect to put their money where they'd like - it's their option. And Football is the #1 sport selected, followed CLOSELY by all sports, and then MBB. And the fans we've spoken to, and the school for that matter, prefer it to be this way - where fans have the option and a full menu of sports.
All Sports give us the discretion to steer it where we, the board, see best based on our discussions with the school. It's the #2 pool being selected by members.
BUMP they are matching whatever you donate. Please give whatever you can.
Bump this is it right here the most important thread for every Rutgers fan. There are big donores willing to match whatever you give. This is the opportunity to have something more than just an opinion 10 bucks a month becomes 240 bucks. Let’s go Ladies and Gents!!!
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