cheeseman Posted December 21, 2017 Share Posted December 21, 2017 Just got and email from the AD about how the new tax legislation just passed will impact donations to the athletic department. They are offering to accept next year's donations this year. This is going to reverberate through out all universities. Quote Link to comment Share on other sites More sharing options...
Slu let the dogs out? Posted December 21, 2017 Share Posted December 21, 2017 1 minute ago, cheeseman said: Just got and email from the AD about how the new tax legislation just passed will impact donations to the athletic department. They are offering to accept next year's donations this year. This is going to reverberate through out all universities. I will not donate to SLU for a few reasons. The way they have handled this situation has forced me to add one more reason to that list. Uphill battle for SLU if they ever want money out of me. Quote Link to comment Share on other sites More sharing options...
RiseAndGrind Posted December 21, 2017 Share Posted December 21, 2017 Donations???? Ha Quote Link to comment Share on other sites More sharing options...
JMM28 Posted December 21, 2017 Share Posted December 21, 2017 The tax deduction for "donation" towards seats is going away. So anyone in the blue, gold, or red sections at Chaifetz gets no tax break for the $2500, $400, or $150 "donation" portion of their season tickets next year. Quote Link to comment Share on other sites More sharing options...
TheChosenOne Posted December 21, 2017 Share Posted December 21, 2017 Now is the time to pump $ into those donor-advised funds. Quote Link to comment Share on other sites More sharing options...
wgstl Posted December 21, 2017 Share Posted December 21, 2017 This could be ideal timing. Quote Link to comment Share on other sites More sharing options...
Box and Won Posted December 21, 2017 Share Posted December 21, 2017 23 minutes ago, TheChosenOne said: Now is the time to pump $ into those donor-advised funds. Quote Link to comment Share on other sites More sharing options...
Billboy1 Posted December 21, 2017 Share Posted December 21, 2017 Better hope a decision is reached before 2018. Quote Link to comment Share on other sites More sharing options...
3star_recruit Posted December 21, 2017 Share Posted December 21, 2017 Karma is a b*tch. Quote Link to comment Share on other sites More sharing options...
cheeseman Posted December 21, 2017 Author Share Posted December 21, 2017 My point for this thread was not SLU exclusively but that this will impact every university in a negative way. Quote Link to comment Share on other sites More sharing options...
Westy03 Posted December 21, 2017 Share Posted December 21, 2017 3 minutes ago, cheeseman said: My point for this thread was not SLU exclusively but that this will impact every university in a negative way. It will impact all NFPs in a negative way Quote Link to comment Share on other sites More sharing options...
slufan13 Posted December 21, 2017 Share Posted December 21, 2017 I understand they had to say something now. But the timing for the athletic department really sucks. As someone said a few weeks ago. I'll decide on a donation when you decide on a punishment. Quote Link to comment Share on other sites More sharing options...
JMM28 Posted December 21, 2017 Share Posted December 21, 2017 https://www.cnbc.com/2017/12/20/tax-reform-smacks-down-excessive-nonprofit-executive-pay-commentary.html https://www.usatoday.com/story/sports/ncaaf/2017/12/20/college-sports-impact-new-tax-bill-millions/968741001/ There will also be a "luxury tax" on non profit employees making over $1,000,000 a year. Most hard hit - college coaches. 21% Quote Link to comment Share on other sites More sharing options...
ARon Posted December 22, 2017 Share Posted December 22, 2017 5 hours ago, JMM28 said: https://www.cnbc.com/2017/12/20/tax-reform-smacks-down-excessive-nonprofit-executive-pay-commentary.html https://www.usatoday.com/story/sports/ncaaf/2017/12/20/college-sports-impact-new-tax-bill-millions/968741001/ There will also be a "luxury tax" on non profit employees making over $1,000,000 a year. Most hard hit - college coaches. 21% I’m sure there will be many tears shed over that. Quote Link to comment Share on other sites More sharing options...
AnkielBreakers Posted December 22, 2017 Share Posted December 22, 2017 1 majerus mojo likes this Quote Link to comment Share on other sites More sharing options...
cheeseman Posted December 22, 2017 Author Share Posted December 22, 2017 11 hours ago, AnkielBreakers said: It really is a two-for for the administration, they lock you in 1) in prior to the tax hike, and 2) before the next vague sexual allegations kick out at least two of the top 3 projected scorers. Smart move! Your are right the GOP in Washington planned this just for SLU. This type of communication went out probably at all universities. Quote Link to comment Share on other sites More sharing options...
kshoe Posted December 22, 2017 Share Posted December 22, 2017 I have certainly benefited from the tax deduction on SLU Athletic donations in the past, but this was one of the worst loopholes in the old tax code and I'm glad its gone. In no way shape or form should donations to big-time D1 athletics be tax deductible and the fact schools would make such donations a requirement for seat purchases is abusive. While SLU did this on a small scale, try buying football season tickets to an LSU game without making a significant tax deductible donation. HoosierPal and BigMouthBilliken like this Quote Link to comment Share on other sites More sharing options...
cheeseman Posted December 22, 2017 Author Share Posted December 22, 2017 54 minutes ago, kshoe said: I have certainly benefited from the tax deduction on SLU Athletic donations in the past, but this was one of the worst loopholes in the old tax code and I'm glad its gone. In no way shape or form should donations to big-time D1 athletics be tax deductible and the fact schools would make such donations a requirement for seat purchases is abusive. While SLU did this on a small scale, try buying football season tickets to an LSU game without making a significant tax deductible donation. Any donation to a charitable organization for any reason has always been tax deductible. Plenty of loopholes did not get closed - the question is why this one? Quote Link to comment Share on other sites More sharing options...
Old guy Posted December 22, 2017 Share Posted December 22, 2017 I do not know about the tax deductibility of donations to charitable organizations under the new law. However I have been reading (Harvard and Yale are all flustered by this) that there is a new tax of 1.4% of school endowment earnings. This applies only to schools with endowments over the following calculation $500 ,000 X 1 active full time student. SLU with about 12,000 enrollment would need to have an endowment of over $6 B to get hit by the new tax. I think Mizzou will also be untouched by the new tax, I do not know about Wash U. Quote Link to comment Share on other sites More sharing options...
willie Posted December 22, 2017 Share Posted December 22, 2017 25 minutes ago, Old guy said: I do not know about the tax deductibility of donations to charitable organizations under the new law. However I have been reading (Harvard and Yale are all flustered by this) that there is a new tax of 1.4% of school endowment earnings. This applies only to schools with endowments over the following calculation $500 ,000 X 1 active full time student. SLU with about 12,000 enrollment would need to have an endowment of over $6 B to get hit by the new tax. I think Mizzou will also be untouched by the new tax, I do not know about Wash U. Are you sure this survived? I thought this was pulled in the final version, but I'm not sure. Quote Link to comment Share on other sites More sharing options...
kshoe Posted December 22, 2017 Share Posted December 22, 2017 1 hour ago, cheeseman said: Any donation to a charitable organization for any reason has always been tax deductible. Plenty of loopholes did not get closed - the question is why this one? Because Division 1 athletics should not be considered a charity. Red Cross, American Cancer Society, Herbert Hoover Boys Clubs, those are charities. The University of Alabama boosters club, which then funnels that money to Nick Saban's salary and stadium improvements should not be a charity. Bobby Metzinger likes this Quote Link to comment Share on other sites More sharing options...
Old guy Posted December 22, 2017 Share Posted December 22, 2017 6 minutes ago, willie said: Are you sure this survived? I thought this was pulled in the final version, but I'm not sure. Harvard and Yale are pretty upset about this so I would think it did survive. Do I know for sure, nope I have not read the text of the law and do not expect to do so. Quote Link to comment Share on other sites More sharing options...
DeSmetBilliken Posted December 22, 2017 Share Posted December 22, 2017 1 hour ago, cheeseman said: Any donation to a charitable organization for any reason has always been tax deductible. Plenty of loopholes did not get closed - the question is why this one? I don't know precisely why, but kshoe's explanation gives a pretty good reason. Whether or not this was the exact impetus, the requirement to make a "donation" in order to purchase season tickets isn't really a charitable donation. Instead, it's a fee called a donation. Quote Link to comment Share on other sites More sharing options...
brianstl Posted December 22, 2017 Share Posted December 22, 2017 3 minutes ago, kshoe said: Because Division 1 athletics should not be considered a charity. Red Cross, American Cancer Society, Herbert Hoover Boys Clubs, those are charities. The University of Alabama boosters club, which then funnels that money to Nick Saban's salary and stadium improvements should not be a charity. Non profit status has turned in to a way for some people too make a lot of money over the past couple of decades. Quote Link to comment Share on other sites More sharing options...
brianstl Posted December 22, 2017 Share Posted December 22, 2017 The dollar value of Harvard's endowment is equal to the GDP of Serbia. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.