Who on this message board, is gonna pony up for the 1WYO collective?

[McPeachy]

Official youtube solicitation:

 

[ragtimejoe1]

I'm waiting for the big split based on revenue sharing. I predict we'll end up in a situation where tv and conference money dries up but nil will also be less influential. We'll lose the best players to the portal forever now but nil will become less significant.

 

[Bryoming]

I've got a monthly donation that goes to them automatically. I'm not going to give anything additional at this time.

 

[sandiegopoke]

I'll send $307

 

[ragtimejoe1]

In all seriousness, I've thought about it. What's the level of transparency with this group? Do they show all the accounting to those that donate? Who gets paid and how much? Are the organizers/administrators paid?

 

[Bryoming]

In all seriousness, I've thought about it. What's the level of transparency with this group? Do they show all the accounting to those that donate? Who gets paid and how much? Are the organizers/administrators paid?

Opaque. From their website:

How do you use my contribution?​

1WYO keeps operating costs to a minimum. That being said, expenses will be incurred to ensure the organization functions properly and efficiently. Our board will strive to maximize your donations impact on strengthening, promoting, and otherwise supporting our charitable partners.

 

[ragtimejoe1]

Opaque. From their website:

How do you use my contribution?​

1WYO keeps operating costs to a minimum. That being said, expenses will be incurred to ensure the organization functions properly and efficiently. Our board will strive to maximize your donations impact on strengthening, promoting, and otherwise supporting our charitable partners.

Hmm, I imagine there is very little oversight on this group. Out of the 307 dollars, it's possible 306.99 goes to administration and the "maximized" donation is 0.01 to the student athletes. Also no info on how they choose which athletes get paid and how much.

I don't think it's for me.

 

[OrediggerPoke]

$0.00 from me. I will continue to ‘empower’ my fundamental disagreement with this athlete pay structure and ‘rally’ around causes that are truly worth charitable donations (such as donations to facilities on campus, donations to the families of the swimmers for funeral costs for the unimaginable tragedy, etc…)

 

[bladerunnr]

I've given twice to 1Wyo. You can direct your contribution to any athletic program you want to. I gave the area code contribution to the track program. I also made a general contribution without directing the money. These athletes are ambassadors for the school. If they excel, it brings publicity to the school. So, with some reservations, I'm on board.

 

[laxwyo]

I gave when they first started. Debating now. I

 

[McPeachy]

Devils advocate a bit here...

So, if you are like many, and have to pick & chose where your donation dollars go every year, do you go with paying athletes to stay & play at WYO, or do you continue to donate to causes dear to you - whatever they may be, that are truly non-profit and survive on your donation?

 

[OrediggerPoke]

Devils advocate a bit here...

So, if you are like many, and have to pick & chose where your donation dollars go every year, do you go with paying athletes to stay & play at WYO, or do you continue to donate to causes dear to you - whatever they may be, that are truly non-profit and survive on your donation?

My position is probably pretty clear. While athletes should be awarded with scholarships and reasonable stipends for their efforts (and lost work opportunities) during their collegiate career, I don’t find donating a bunch of money to a select few of them so that they can buy real nice cars as a respectable use of my donation dollars.

It brings me joy to pick out 5-10 unknown kids every year to buy them nice Christmas presents that their parents otherwise could not afford. It brings me joy to know that animals are being rescued, elderly are being provided food and kids are receiving great after school opportunities with my donation dollars. It brings me no joy to see a 20 year old college athlete spending 1000s at the club of donated dollars because they happened to be a good cover corner.

Good luck to those that find this is a good use of their personal money. That is absolutely their prerogative. However, I also foresee a huge IRS crackdown coming on charitable deductions for NIL purposes; so those that donate in this capacity ought to be wary when filling out their tax returns IMO.

 

[ragtimejoe1]

I don't donate to pro player salaries. CFB now has revenue sharing and other compensation for athletes. I saw something floated about a new site working like go fund me with escrow. Basically fans can put money in to try to lure athletes. If he/she chooses another school the money is returned. The athlete can look at the account and once signs, plays, or whatever the conditions of the escrow are, the funds are transferred to his/her account. Work around for title ix, I suppose.

Are the rumors of Oregon unlimited NIL true? It's getting crazy. If WYO ends up in a level that NIL matters (which I doubt happens), then my donations will go strictly to academic programs and I'll view athletics as another professional league that should operate accordingly.

 

[bladerunnr]

My position is probably pretty clear. While athletes should be awarded with scholarships and reasonable stipends for their efforts (and lost work opportunities) during their collegiate career, I don’t find donating a bunch of money to a select few of them so that they can buy real nice cars as a respectable use of my donation dollars.

It brings me joy to pick out 5-10 unknown kids every year to buy them nice Christmas presents that their parents otherwise could not afford. It brings me joy to know that animals are being rescued, elderly are being provided food and kids are receiving great after school opportunities with my donation dollars. It brings me no joy to see a 20 year old college athlete spending 1000s at the club of donated dollars because they happened to be a good cover corner.

Good luck to those that find this is a good use of their personal money. That is absolutely their prerogative. However, I also foresee a huge IRS crackdown coming on charitable deductions for NIL purposes; so those that donate in this capacity ought to be wary when filling out their tax returns IMO.

As an ex CPA, the odds are very low that anyone can deduct their NIL contributions. A single person or a married couple must have enough deductions to itemize. Due to low interest rates and Wyoming having no state income tax, almost no one has enough deductions to itemize any longer. Moreover, I don't see a crackdown coming. Money donated to general scholarship funds or funds donated for new university buildings are deductible. Giving golf scholarships to rich country club kids is no different than NIL.

 

[OrediggerPoke]

As an ex CPA, the odds are very low that anyone can deduct their NIL contributions. A single person or a married couple must have enough deductions to itemize. Due to low interest rates and Wyoming having no state income tax, almost no one has enough deductions to itemize any longer. Moreover, I don't see a crackdown coming. Money donated to general scholarship funds or funds donated for new university buildings are deductible. Giving golf scholarships to rich country club kids is no different than NIL.

Umm pretty much every person who 1WYO has contacted personally itemizes. These people own an array of complex assets. I’ve itemized every year.

But from 1WYO’s own FAQ:
‘1WYO applied for 501(c)(3) starts with the IRS. If the status is approved, then donations will be tax deductible. Currently, the IRS has questioned the tax deductible status of contributions to NIL collectives.”

 

[bladerunnr]

Umm pretty much every person who 1WYO has contacted personally itemizes. These people own an array of complex assets. I’ve itemized every year.

But from 1WYO’s own FAQ:
‘1WYO applied for 501(c)(3) starts with the IRS. If the status is approved, then donations will be tax deductible. Currently, the IRS has questioned the tax deductible status of contributions to NIL collectives.”

So you're talking about people with hundreds of thousands if not millions in income. And probably they don't live in Wyoming. The recipients of NIL have to report it as income. If the contributions turn out to be non deductible, then we might see contributors setting up sham employment opportunities like they did in old days.

 

[OrediggerPoke]

So you're talking about people with hundreds of thousands if not millions in income. And probably they don't live in Wyoming. The recipients of NIL have to report it as income. If the contributions turn out to be non deductible, then we might see contributors setting up sham employment opportunities like they did in old days.

Yes - I don’t believe 1WYO has individually contacted people that don’t have significant wealth. This public campaign is the first campaign to target the ‘common’ person that I am aware of.

The collective system is a complete sham right now. The setup is typically this: The collective ‘partners’ with local charities (including boys and girls club). The collective then pays the charities a sum of money under the agreement that the real charity will then issue the check to the player in the form of a ‘charitable marketing deal.’ It is my understanding that the charity distributes well over 90% of the dollars it received to the athletes but that under this guise the collective can be considered a 501(c)(3) and the donation a ‘charitable’ donation when it is merely a method of funneling dollars to the players through an intermediary. In exchange the players agree to make a few marketing appearances at the charity (ie remember Ike’s appearance at Boys and Girls Club a few days before he announced his departure?).

 

[bladerunnr]

Yes - I don’t believe 1WYO has individually contacted people that don’t have significant wealth. This public campaign is the first campaign to target the ‘common’ person that I am aware of.

The collective system is a complete sham right now. The setup is typically this: The collective ‘partners’ with local charities (including boys and girls club). The collective then pays the charities a sum of money under the agreement that the real charity will then issue the check to the player in the form of a ‘charitable marketing deal.’ It is my understanding that the charity distributes well over 90% of the dollars it received to the athletes but that under this guise the collective can be considered a 501(c)(3) and the donation a ‘charitable’ donation when it is merely a method of funneling dollars to the players through an intermediary. In exchange the players agree to make a few marketing appearances at the charity (ie remember Ike’s appearance at Boys and Girls Club a few days before he announced his departure?).

There have been some prominent college track and field athletes get NIL deals directly from Nike and Adidas. I'm wondering if these deals will start going to basketball players as well. I have a hard time believing these collectives are going to survive long term. If money goes to a player who plays poorly or leaves anyway, the donations are going to dry up fast.

 

[OrediggerPoke]

There have been some prominent college track and field athletes get NIL deals directly from Nike and Adidas. I'm wondering if these deals will start going to basketball players as well. I have a hard time believing these collectives are going to survive long term. If money goes to a player who plays poorly or leaves anyway, the donations are going to dry up fast.

I absolutely support a college athlete’s ability to profit off their likeness in a traditional marketing deal with a company looking to sell more product on the basis of the athlete’s sponsorship and endorsement.

Absent regulation or collective bargaining agreements, I don’t personally see NIL collectives drying up due to rabid fanbases (such as Ohio State) hoping to buy championships. It’s just not anything I will ever support and my guess is something that a good chunk of Wyoming folks aren’t willing to support either.

 

[laxwyo]

My position is probably pretty clear. While athletes should be awarded with scholarships and reasonable stipends for their efforts (and lost work opportunities) during their collegiate career, I don’t find donating a bunch of money to a select few of them so that they can buy real nice cars as a respectable use of my donation dollars.

It brings me joy to pick out 5-10 unknown kids every year to buy them nice Christmas presents that their parents otherwise could not afford. It brings me joy to know that animals are being rescued, elderly are being provided food and kids are receiving great after school opportunities with my donation dollars. It brings me no joy to see a 20 year old college athlete spending 1000s at the club of donated dollars because they happened to be a good cover corner.

Good luck to those that find this is a good use of their personal money. That is absolutely their prerogative. However, I also foresee a huge IRS crackdown coming on charitable deductions for NIL purposes; so those that donate in this capacity ought to be wary when filling out their tax returns IMO.

I think buying kids gifts directly, as you have done, is a way better use of dollars than donating any money to non profits. Most non profits are started so that rich people's worthless kids can get a cushy job doing nothing or are money laundering/bribery outfits. It can be both and then it's called The Clinton Foundation.