[82lsju]

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

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

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

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.

[82lsju]

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

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

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

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.