The Tech Way

HurricaneJacket

HurricaneJacket

Helluva Engineer
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thetechway said:
Can you provide more context on what you're asking?
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So my company can provide matching contributions to charitable organizations (say St. Jude's or the Shriners) and I was wondering if the Tech Way will be set up to be eligible for that kind of matching contribution (e.g. I donate $10/mo and my company matches to bring the total up to $20/mo)
 
leatherneckjacket

leatherneckjacket

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HurricaneJacket said:
So my company can provide matching contributions to charitable organizations (say St. Jude's or the Shriners) and I was wondering if the Tech Way will be set up to be eligible for that kind of matching contribution (e.g. I donate $10/mo and my company matches to bring the total up to $20/mo)
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This is not a charity. Rather, it is a business entity to facilitate the flows of funds to student athletes for NIL.
 
Augusta_Jacket

Augusta_Jacket

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leatherneckjacket said:
This is not a charity. Rather, it is a business entity to facilitate the flows of funds to student athletes for NIL.
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Correct. From the FAQ section of their website:

"The Tech Way is not a 501c3 tax exempt entity. As such, contributions to The Tech Way are not tax deductible as a charitable donation.

A business may direct that payments for the NIL activations by the student athletes be used to promote the business and/or market the business’ products and services. To learn more, contact us at [email protected]. Under these circumstances a business may be able to deduct these payments and/or payments for a membership to The Tech Way as a business expense. Of course, a business seeking a tax deduction for such payments should consult with it’s tax advisor prior to taking any such deduction.

Nothing in this communication is intended to constitute legal or tax advice."
 
bhoffman123

bhoffman123

Jolly Good Fellow
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103
@thetechway - It would be cool if there was an option for donations structured like Patreon. Fans could sponsor, subscribe and donate to their favorite players. Additionally, they could donate/sponsor recruiting buckets. If fans think we need a better OL they could contribute to the OL bucket which could be used to offer NIL money to OL recruits. In this way Fans feel like they have a way to influence the direction of tech with small donations that go directly to where they see opportunities. It will also disproportionally reward our stud players making it harder for them to walk away from that money.
When a sponsored player leaves GT (graduation or transfer). Subscriptions would be reassigned to the recruiting NIL bucket until reassigned by the fan.
 
UgaBlows

UgaBlows

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I mean i would feel alot better about drinking $10 beers if the money went to acquire/retain talent
 

GT33

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2,276
UgaBlows said:
GT athletics dept. should let our NIL collective take over all the alcohol sales for all games, all sports
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Just think how much having a table of $5 shots would have generated before, at halftime and at the end of the unc game. Parents load up the old Bizzcard, Tommy and Suzie are slamming shots at McCammish instead of bellying up to the buffet at Brittain. Mom’s reloading their cards worrying about her poor kid starving. Dad’s paying whatever to keep Mom happy. Win, win, win, win.
 
Tommy_Taylor_1972

Tommy_Taylor_1972

GT Athlete
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227
The recent NCAA rules of governing NIL activity looks to me like they are trying to have more transparency in both schools and athletes knowing the NIL valuation of a student and to assist the student regarding NIL, after they are enrolled. With the recent recruiting violation cases being investigated by the NCAA, they are clamping down on NIL for recruitment. The link https://www.ncaa.org/news/2024/1/10...es-nil-disclosure-and-transparency-rules.aspx describes the decisions made in a Jan 10 NCAA committee meeting. Tech is in its third NIL now
Augusta_Jacket said:
Correct. From the FAQ section of their website:

"The Tech Way is not a 501c3 tax exempt entity. As such, contributions to The Tech Way are not tax deductible as a charitable donation.

A business may direct that payments for the NIL activations by the student athletes be used to promote the business and/or market the business’ products and services. To learn more, contact us at [email protected]. Under these circumstances a business may be able to deduct these payments and/or payments for a membership to The Tech Way as a business expense. Of course, a business seeking a tax deduction for such payments should consult with it’s tax advisor prior to taking any such deduction.

Nothing in this communication is intended to constitute legal or tax advice."
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The NIL "for-profit" company for which The Tech Way serves as a collective and collects contributions from school fans and alumni, is SANIL (Student Athlete NIL), as mentioned in the email address by Augusta Jacket. SANIL does all the business stuff for our collective, like finding deals and cutting contracts between businesses and athletes. 85% of their revenue goes to the student athletes, according to their website https://studentathletenil.com/ . They are one of the two leading NIL companies that serve NCAA college collectives. the other being Blueprint, who is a 501(c)(3) company. Blueprint is recognized as such because they have within their company a charitable organization that meets IRS rules justified by allowing athletes to earn money talking to other charitable organizations such as police and fire departments or boy scouts. As well, there are a few interdependent collectives throughout the country. A good comparison between SANIL and Blueprint NILs can be read at https://www.sportico.com/leagues/co...t-sports-nil-collective-nonprofit-1234761748/ . It mentions IRS's concerns for NIL non-profits as doing charity work. The NCAA D1 committee in their January 2024 meeting approved most of the recommendations of the July 2023 D1 committee meeting on NIL governance. https://www.ncaa.org/news/2023/10/3...to-boost-student-athlete-nil-protections.aspx

The Tech Way is the third collective for Georgia Tech. The first two were independents collectives and it was published that the last one donated the last of their collections of over $10,000 to the Alexander Tharpe fund before they closed shop.
 
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