The unofficial online home for fans of the Old Dominion University Monarchs. Part of Collegiate Sports Nation (CSN).

link: https://x.com/ODUMonarchists/status/1738...42495?s=20

Any word on how many members are in the collective at this point? I know the goal was 3000. Are we close? Far away?

Any word on when they will publicly disclose an accounting of income and expenditures, corporate structure documents, or even a code of ethics? Any plans to file for nonprofit status?

No eh? Oh well, fans should keep contributing no questions asked. No refunds!

(12-22-2023 07:08 PM)ODU2017 Wrote:  Any word on when they will publicly disclose an accounting of income and expenditures, corporate structure documents, or even a code of ethics? Any plans to file for nonprofit status?

No eh? Oh well, fans should keep contributing no questions asked. No refunds!

EXACTLY !!! Transparency is the key !!!!

Private business

(12-23-2023 06:36 AM)Stat Geek Wrote:  Private business

That suggests they are a for profit.

The IRS released a memo last summer that collective “donations” would no longer receive a tax deduction after 2023. So they didn’t have much choice on whether they’d be a for profit or non profit.

Also, the FAQ on the collectives website covers this very topic.

I agree the collective will need to be as financially transparent as a nonprofit to raise money longterm. It’s a little unfair to expect that until they’ve operated long enough to have financial activity enough to report on. They’ve set the bar at 15% “overhead,” which would be very reasonable to me - as long as I could see an independent audit annually. I have to imagine that will happen.

(12-23-2023 06:36 AM)Stat Geek Wrote:  Private business

Nope...wrong,
The IRS chief counsel’s conclusion that nonprofit organizations created to pool donations and develop paid name, image, and likeness (NIL) opportunities for student-athletes may not qualify for tax-exempt status if they operate primarily to compensate student-athletes, rather than for a charitable cause.

Many NIL collectives are tax-exempt 501©(3) organizations
The IRS chief counsel memo concludes that many tax-exempt NIL collectives primarily exist to pay the student-athletes and any charitable work is incidental
Though the memo does not revoke tax-exempt status, tax-exempt NIL collectives can expect greater scrutiny in the future

(12-25-2023 08:00 PM)Mr.BigBlue Wrote:  

(12-23-2023 06:36 AM)Stat Geek Wrote:  Private business

Nope...wrong,
The IRS chief counsel’s conclusion that nonprofit organizations created to pool donations and develop paid name, image, and likeness (NIL) opportunities for student-athletes may not qualify for tax-exempt status if they operate primarily to compensate student-athletes, rather than for a charitable cause.

Many NIL collectives are tax-exempt 501©(3) organizations
The IRS chief counsel memo concludes that many tax-exempt NIL collectives primarily exist to pay the student-athletes and any charitable work is incidental
Though the memo does not revoke tax-exempt status, tax-exempt NIL collectives can expect greater scrutiny in the future

As their website clearly states and as I have said countless times, they aren’t a non-profit.

It’s also funny to me the same people that realize we need collective dollars are the same ones who say “I won’t give unless they tell me where every dollar is spent”, which is a standard you don’t hold any other business to including ODAF.

And this is an organization funded almost completely by a few individuals.

(12-25-2023 08:00 PM)Mr.BigBlue Wrote:  

(12-23-2023 06:36 AM)Stat Geek Wrote:  Private business

Nope...wrong,
The IRS chief counsel’s conclusion that nonprofit organizations created to pool donations and develop paid name, image, and likeness (NIL) opportunities for student-athletes may not qualify for tax-exempt status if they operate primarily to compensate student-athletes, rather than for a charitable cause.

Many NIL collectives are tax-exempt 501©(3) organizations
The IRS chief counsel memo concludes that many tax-exempt NIL collectives primarily exist to pay the student-athletes and any charitable work is incidental
Though the memo does not revoke tax-exempt status, tax-exempt NIL collectives can expect greater scrutiny in the future

Please tell me what im wrong about

Can someone explain to me what FSU just got in trouble for with their collective and how it’s any different than what anyone else is doing?

(01-11-2024 10:56 PM)ODUCoach Wrote:  Can someone explain to me what FSU just got in trouble for with their collective and how it’s any different than what anyone else is doing?

They got in trouble for raising too much of a stink about being left out of the playoff. Only plausible explanation considering that everybody is blatantly breaking every rule and they are the only ones to get in trouble.... For a coach driving a player to meet with a NIL rep.

Meanwhile the president of the NCAA is out there giving Michigan a public vote of confidence regarding the legitimacy of their title when their coach was suspended for half the season for 2 separate cheating situations. Makes it pretty clear why FSU feels that staying in the ACC is an existential threat.

(12-25-2023 09:23 PM)Monarchist13 Wrote:  

(12-25-2023 08:00 PM)Mr.BigBlue Wrote:  

(12-23-2023 06:36 AM)Stat Geek Wrote:  Private business

Nope...wrong,
The IRS chief counsel’s conclusion that nonprofit organizations created to pool donations and develop paid name, image, and likeness (NIL) opportunities for student-athletes may not qualify for tax-exempt status if they operate primarily to compensate student-athletes, rather than for a charitable cause.

Many NIL collectives are tax-exempt 501©(3) organizations
The IRS chief counsel memo concludes that many tax-exempt NIL collectives primarily exist to pay the student-athletes and any charitable work is incidental
Though the memo does not revoke tax-exempt status, tax-exempt NIL collectives can expect greater scrutiny in the future

As their website clearly states and as I have said countless times, they aren’t a non-profit.

It’s also funny to me the same people that realize we need collective dollars are the same ones who say “I won’t give unless they tell me where every dollar is spent”, which is a standard you don’t hold any other business to including ODAF.

And this is an organization funded almost completely by a few individuals.

I know that ODU has to start something, however when I attended games to was student fees, ODAF donations & wealthy contributors. My question is where will it stop. Average people can afford but so much.