Daily News | Does IRS memo on tax deductions for NIL collective donations have local ramifications?
Steven M. Falk / Staff PhotographerAn IRS memo written in May, made public in early June, got noticed pretty quickly around the local college sports landscape.The memo was written to address “whether developing paid name, image, and likeness opportunities for collegiate student-athletes furthers an exempt purpose …”The gist of it, can these new NIL collectives set up as nonprofits offer tax deductions to donors? La Salle and Temple both had such 501s.
“There was definitely a group [of donors] at La Salle who prepared in anticipation of not having the write-off,” said Greg Webster, a former La Salle player himself. “That probably represented 75 percent.”“I’m speculating,” Webster said. “I think the other 25 percent care [about getting a write-off] and it will impact how much we raise.”
“From our perspective, we’re actively looking to fulfill our mission,” Carl said. He described that mission: “Partnerships with national nonprofits on campaigns to fulfill the passions of our student-athletes. As you can imagine, there are a lot of charitable missions that can be fulfilled around the North Philadelphia area — all over Philadelphia — and we feel that our student-athletes are the best to fulfill those initiatives.
Wilcoxson said the nonprofit collectives will have to pass a test on how they were set up, “for public benefit and incidental private benefit. … This is not a new test. You always have been able to pay contractors and vendors and employees of your nonprofit a reasonable compensation. … It has to be necessary to what you’re trying to accomplish.”
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