Lifetime Cardinal - Printable Version
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Lifetime Cardinal - BobK - 02-18-2025
https://www.stanfordfbc.org/
Click on the green line under Tara on Lifetime Cardinal to learn more and donate. We are about 1/3 towards our goal. That was before Sunday’s post game
Presentation and discussion. Thank you
RE: Lifetime Cardinal - Card10Fan - 02-18-2025
(02-18-2025, 09:41 AM)BobK Wrote: https://www.stanfordfbc.org/
Click on the green line under Tara on Lifetime Cardinal to learn more and donate. We are about 1/3 towards our goal. That was before Sunday’s post game
Presentation and discussion. Thank you
Will donate again! Glad to see the fundraising is off to a good start. 1.5Mil seems like a manageable goal.
When it's mentioned that football raised 4Mil in December alone..what's the football target dollar amount? I heard the men's budget is above $2M but is low for the ACC, and that Kyle would rather build talent than play the Portal but to expect that the men's team we will try to bring in one or two players this spring.
RE: Lifetime Cardinal - BobK - 02-18-2025
You might have missed this news but for all the donation is now tax deductible
RE: Lifetime Cardinal - BostonCard - 02-18-2025
(02-18-2025, 06:55 PM)BobK Wrote: You might have missed this news but for all the donation is now tax deductible
Has the IRS issued an updated guidance? Their memorandum from 2003 stated that collectives did not qualify as 501©(3)'s and therefore donations to them were not tax deductible.
https://www.irs.gov/pub/lanoa/am-2023-004-508v.pdf
Here's the TL;DR
Quote:CONCLUSION
An organization that develops paid NIL opportunities for student-athletes will, in many
cases, be operating for a substantial nonexempt purpose—serving the private interests
of student-athletes—which is more than incidental to any exempt purpose furthered by
the activity.
I would consult your own tax expert.
BC
RE: Lifetime Cardinal - 82lsju - 02-18-2025
(02-18-2025, 07:36 PM)BostonCard Wrote:(02-18-2025, 06:55 PM)BobK Wrote: You might have missed this news but for all the donation is now tax deductible
Has the IRS issued an updated guidance? Their memorandum from 2003 stated that collectives did not qualify as 501©(3)'s and therefore donations to them were not tax deductible.
https://www.irs.gov/pub/lanoa/am-2023-004-508v.pdf
Here's the TL;DR
Quote:CONCLUSION
An organization that develops paid NIL opportunities for student-athletes will, in many
cases, be operating for a substantial nonexempt purpose—serving the private interests
of student-athletes—which is more than incidental to any exempt purpose furthered by
the activity.
I would consult your own tax expert.
BC
the UT collective says they are an approved tax expempt org
Quote:The Texas One Fund has been granted tax-exempt status as an organization under the Internal Revenue Code Section 501©(3) and continues to operate under its IRS approval. However, we encourage donors to consult a tax professional regarding the tax deductibility of donations to Texas One Fund. IRS approval is linked below. Please note that Texas One Fund is the successor entity of Horns with Heart, Inc. in conjunction with the merger of other nonprofits. Any nonprofit contributions may also be made to Horns with Heart, Inc. which can be received and credited to Texas One Fund, Inc.
https://www.texasonefund.org/resources
but wink wink nudge nudge the NIL money is used for
Quote:Donations are used to compensate student-athletes for their work with nonprofit partners. Contributions will also be used to support Texas One Fund operations and administration. Our operating costs are kept to a minimum, and include things like compliance and donor software, marketing, events, content creation, legal, accounting, programming, and more.
RE: Lifetime Cardinal - SkiBum80 - 02-19-2025
(02-18-2025, 06:55 PM)BobK Wrote: You might have missed this news but for all the donation is now tax deductible
I hope so. However, I don't find any 501c3 statement on their website.
And for my prior donations I never got a receipt saying it was 501c3.
(and of course there's the test of whether I received tangible benefits, which of course not, as I only get to pat myself on the back when someone like Maxime continues to wear Cardinal red.)
So I have not to date counted on it being tax deductible.
Any clarification would be welcome.
RE: Lifetime Cardinal - BobK - 02-19-2025
Same here on my donations ski bum
Card 10 what info did you get back.
Thanks ski bum my contributions were prior to the tax deductible news so great point
RE: Lifetime Cardinal - doubledub - 02-19-2025
(02-19-2025, 02:55 PM)BobK Wrote: Same here on my donations ski bum
Card 10 what info did you get back.
Thanks ski bum my contributions were prior to the tax deductible news so great point
My accountant tells me they are not tax deductible - the money is going to pay people's salaries.
RE: Lifetime Cardinal - crackpot - 02-19-2025
At Sunday's meeting Lifetime Cardinal Kate (as opposed to HC Kate) said as of December they had formed a 501©(3) and donations to that entity are tax deductible. You could really feel the energy in the room change on that announcement.
RE: Lifetime Cardinal - BobK - 02-19-2025
Thanks crackpot
However grest questions. Stanford hired Malia Bates a couple of months ago Best for anyone is to contact her.
https://gostanford.com/staff/malia-bates
RE: Lifetime Cardinal - TonyLima - 02-21-2025
Question. Who gets Stanford’s frequent flyer miles?
RE: Lifetime Cardinal - fullmetal - 02-22-2025
Stanford probably pays the airline directly from a bank account and everyone splits the cost savings of not having to deal with transaction fees and the margin required to subsidize a loyalty program. I thought Stanford had one air travel vendor for all the ACC travel, no? Or does each team book their own charters?
RE: Lifetime Cardinal - 82lsju - 02-22-2025
(02-22-2025, 12:26 AM)fullmetal Wrote: Stanford probably pays the airline directly from a bank account and everyone splits the cost savings of not having to deal with transaction fees and the margin required to subsidize a loyalty program. I thought Stanford had one air travel vendor for all the ACC travel, no? Or does each team book their own charters?
I'm pretty sure that most teams other than football, MBB, and WBB are not taking charter flights...
And I have worked for companies that did central billing on flights and used my frequent flyer number so I got the miles. One employer tried to keep the miles and employees said fine, we'll only travel M-F during normal business hours, the policy changed. Of course even if the players got the 25k-30k frequent flyer miles a year they are probably on more than one airline so its not like they will be getting many free trips (maybe they can upgrade class of service on a flight or two a year).....
RE: Lifetime Cardinal - Treebound - 02-23-2025
A few points as I was on campus for parents weekend:
1) I have heard from the leadership of Lifetime Cardinal that it is now a legit 501 3c
2) Other teams have had charter flights to the east coast, but it's rare. That said, it saved the athletes significant time on multi game trips. Baseball should be interesting given their schedule and their great start!
3) Andrew Luck and Sam are doing a fantastic job of getting the word out around fundraising. With rosters and the accompanying scholarships growing for most sports, there is a ton of fundraising going on for endowed scholarships.
4) Raising $13 -$18M for NIL is likely what is needed to compete in this new world
5) This whole thing likely winds up going towards a collective bargaining agreement - it's the wild west right now.
RE: Lifetime Cardinal - 82lsju - 02-23-2025
(02-23-2025, 08:32 PM)Treebound Wrote: A few points as I was on campus for parents weekend:
1) I have heard from the leadership of Lifetime Cardinal that it is now a legit 501 3c
2) Other teams have had charter flights to the east coast, but it's rare. That said, it saved the athletes significant time on multi game trips. Baseball should be interesting given their schedule and their great start!
3) Andrew Luck and Sam are doing a fantastic job of getting the word out around fundraising. With rosters and the accompanying scholarships growing for most sports, there is a ton of fundraising going on for endowed scholarships.
4) Raising $13 -$18M for NIL is likely what is needed to compete in this new world
5) This whole thing likely winds up going towards a collective bargaining agreement - it's the wild west right now.
interesting data points, one observation and one question
- my SWAG at the cost of an endowed scholarship today is ~$1.6m (~$80K payout at 5%, but maybe in the new world order that can shrink and become what's paid on need based aid for the individual or maybe the average price for all students instead of a full price scholarship since the University says not many pay full price and based on typical family income levels and assets for those with family incomes <$100K and <$150K, many pay much less than full price).
-is the $13m-$18m in NIL just for football? Seems low for all sports, and $13m-$18m seems maybe ok at the high end for football based on what some others have reported as needed at other Universities (~$20m/year) to be competitive
RE: Lifetime Cardinal - Treebound - 02-23-2025
(02-23-2025, 09:06 PM)82lsju Wrote:(02-23-2025, 08:32 PM)Treebound Wrote: A few points as I was on campus for parents weekend:
1) I have heard from the leadership of Lifetime Cardinal that it is now a legit 501 3c
2) Other teams have had charter flights to the east coast, but it's rare. That said, it saved the athletes significant time on multi game trips. Baseball should be interesting given their schedule and their great start!
3) Andrew Luck and Sam are doing a fantastic job of getting the word out around fundraising. With rosters and the accompanying scholarships growing for most sports, there is a ton of fundraising going on for endowed scholarships.
4) Raising $13 -$18M for NIL is likely what is needed to compete in this new world
5) This whole thing likely winds up going towards a collective bargaining agreement - it's the wild west right now.
interesting data points, one observation and one question
- my SWAG at the cost of an endowed scholarship today is ~$1.6m (~$80K payout at 5%, but maybe in the new world order that can shrink and become what's paid on need based aid for the individual or maybe the average price for all students instead of a full price scholarship since the University says not many pay full price and based on typical family income levels and assets for those with family incomes <$100K and <$150K, many pay much less than full price).
-is the $13m-$18m in NIL just for football? Seems low for all sports, and $13m-$18m seems maybe ok at the high end for football based on what some others have reported as needed at other Universities (~$20m/year) to be competitive
82, I think that number is just for football...for now. I would hope that with Duke giving $8M to their new quarterback, that our more well off alums can help get us to the $20M number you mention. NIL is going to really tilt the football world (along with some other sports) to one of the haves and have nots.