UNC Fires Mack Brown

[NattyBumppo'sRevenge]

NIL funding is not tax deductible. I’d be wary of filing your taxes that way.

I’m gonna have it withdrawn from my paycheck pre-tax since I’m employed by the Bank of Appalachian State Athletics

[Bootsy]

Look.... UNC has Bill Belichik as a coach and MIKE LOMBARDI as their GM ... They are creating a true mini-nfl team. I wouldn't be surprised if some of the old Patriots gang comes back. I have to say BB and Lombardi is a dynamic duo.

I mean, Vrabel’s available…if anyone wants to make the phone call.

[Saint3333]

NIL funding is not tax deductible. I’d be wary of filing your taxes that way.

I’m gonna have it withdrawn from my paycheck pre-tax since I’m employed by the Bank of Appalachian State Athletics

I’m more of a Roth guy.

[appst89]

NIL funding is not tax deductible. I’d be wary of filing your taxes that way.

The CPA firm of Dewey, Fleesum and Howe will be happy to file your taxes in that manner. And they will also handle the sale of all your assets to pay the tax bill.

[pop5app]

You have one of the greatest coaches of all time coaching your college football team...... I mean....I'd be excited. UNC is trying to become relevant in football. Can't blame them for trying.

Right now, everyone is trying to be relevant in football, but some are spending more than others. UNC-Ch is trying a novel approach. App is as trying something new as well.

They just fired a geriatric has been who’s only real success was with one of the greatest players of all time at their level. What’s novel about that?

Seems to me you could be talking about Belichick. Only good with Brady.

[AppSt94]

Once App brings NIL inside, and it’s in the works, it will be tax deductible and it will earn YC points.

Explain this please in detail.

1) how tax deductible??
2) means players would be employees and that aint happened yet.

This is something you've been told by a YC employee that has no clue and if DG is telling this, he's putting your money places and telling you its going to NIL -- I'd bet my paycheck on it. there is fishy sh*t going on in that building these days.

Revenue Sharing is on its way, this will make G5 schools cut other sports or they become non scholarship. This is separate from NIL

What I was told on Monday, by a YC employee was that once the House settlement kicks in sometime in June/July that NIL was going in house. I was told that it is part of the YC and would be tax deductible and the money donated would go towards one’s priority points.

Could the YC employee have been speaking out of turn? Possibly. Could they have been misspoken/misleading? Also possible. I’m just stating what I was told. I would hope that I was not sold a false bill of goods.

Also, I received an email from AppState Athletics introducing Coach Loggains. At the bottom of the email was a link to support the Football Support Fund. The fund is to support NIL/scholarship enhancement and more.

[Saint3333]

Those folks also told you the eastside tower was fully funded and Clark wasn't getting fired after the JMU game.

I believe the part about being counted towards YC points (makes sense), but very skeptical that NIL "donations" would be tax deductible. That is something I'd consult your tax accountant, and one not located on Jack Branch Dr.

They are likely confusing NIL payments with other forms of support for the program.

[AppSt94]

If the money is given to a 501(c) then its tax deductible. The collectives aren’t 501(c).

[appst89]

If the money is given to a 501(c) then its tax deductible. The collectives aren’t 501(c).

That depends on whether you are deemed to have received anything of value.

[bcoach]

If the money is given to a 501(c) then its tax deductible. The collectives aren’t 501(c).

That depends on whether you are deemed to have received anything of value.

Yes there were/are some that received 501(c) and that is what the IRS is after.

[BallantyneApp]

You have one of the greatest coaches of all time coaching your college football team...... I mean....I'd be excited. UNC is trying to become relevant in football. Can't blame them for trying.

Right now, everyone is trying to be relevant in football, but some are spending more than others. UNC-Ch is trying a novel approach. App is as trying something new as well.

They just fired a geriatric has been who’s only real success was with one of the greatest players of all time at their level. What’s novel about that?

Seems to me you could be talking about Belichick. Only good with Brady.

Why yes, it does look like it could be interpreted that way.

I wish them the worst of luck

[DenverOfTheEast]

Once App brings NIL inside, and it’s in the works, it will be tax deductible and it will earn YC points.

Explain this please in detail.

1) how tax deductible??
2) means players would be employees and that aint happened yet.

This is something you've been told by a YC employee that has no clue and if DG is telling this, he's putting your money places and telling you its going to NIL -- I'd bet my paycheck on it. there is fishy sh*t going on in that building these days.

Revenue Sharing is on its way, this will make G5 schools cut other sports or they become non scholarship. This is separate from NIL

What I was told on Monday, by a YC employee was that once the House settlement kicks in sometime in June/July that NIL was going in house. I was told that it is part of the YC and would be tax deductible and the money donated would go towards one’s priority points.

Could the YC employee have been speaking out of turn? Possibly. Could they have been misspoken/misleading? Also possible. I’m just stating what I was told. I would hope that I was not sold a false bill of goods.

Also, I received an email from AppState Athletics introducing Coach Loggains. At the bottom of the email was a link to support the Football Support Fund. The fund is to support NIL/scholarship enhancement and more.

IMG_2280.jpeg

TIGMA - MAF - YC - 3333 Collective ---- I mean how many funds or clubs or initials can one G5 athletic department have... and how many from teachers college can afford to give to all of them and give your tithe at the local Methodist or Baptist church...🤯

[kornegaylw]

I don't LOVE Josh Pate b/c he's a P4 homer but he is rational talks a bit about the G5 and when he does its respectable...hes not the SEC lacky that Paul Finebaum is and he does seem to be well connected...

I think his take here is really good and he sheds a tiny bit of light into what might have happened amongst the powers at be in Chapel Hill....You never wish bad on anybody but you do wish some people to fail LOLOLOL

[BambooRdApp]

Interesting, if true

Bill Belichick’s North Carolina buyout drops from $10M to $1M after June 1st, 2025, which would allow him to take an NFL job before coaching a single game.

[NewApp]

Once App brings NIL inside, and it’s in the works, it will be tax deductible and it will earn YC points.

Explain this please in detail.

1) how tax deductible??
2) means players would be employees and that aint happened yet.

This is something you've been told by a YC employee that has no clue and if DG is telling this, he's putting your money places and telling you its going to NIL -- I'd bet my paycheck on it. there is fishy sh*t going on in that building these days.

Revenue Sharing is on its way, this will make G5 schools cut other sports or they become non scholarship. This is separate from NIL

What I was told on Monday, by a YC employee was that once the House settlement kicks in sometime in June/July that NIL was going in house. I was told that it is part of the YC and would be tax deductible and the money donated would go towards one’s priority points.

Could the YC employee have been speaking out of turn? Possibly. Could they have been misspoken/misleading? Also possible. I’m just stating what I was told. I would hope that I was not sold a false bill of goods.

Also, I received an email from AppState Athletics introducing Coach Loggains. At the bottom of the email was a link to support the Football Support Fund. The fund is to support NIL/scholarship enhancement and more.

IMG_2280.jpeg

TIGMA - MAF - YC - 3333 Collective ---- I mean how many funds or clubs or initials can one G5 athletic department have... and how many from teachers college can afford to give to all of them and give your tithe at the local Methodist or Baptist church...🤯

Or Presbyterian.

[kornegaylw]

Interesting, if true

Bill Belichick’s North Carolina buyout drops from $10M to $1M after June 1st, 2025, which would allow him to take an NFL job before coaching a single game.

I can't decide who is more desperate at this point...BB to get back into the NFL or UNC for relevance

[AppDawg]

Once App brings NIL inside, and it’s in the works, it will be tax deductible and it will earn YC points.

Less minimum giving requirements to buy season tickets.

The per seat/section minimum giving requirement directly reduces the ability to claim tax deduction $1 for $1.

Saw email today from Athletics stating the “Tax Deductibility” of contributions to the “Mountaineer Football Fund” for “NIL/Scholarship Enhancements”…

As a CPA, this raises a lot of questions for me. But wanted to acknowledge confirmation of AppSt94’s post of what was shared with him.

[AppSt94]

Once App brings NIL inside, and it’s in the works, it will be tax deductible and it will earn YC points.

Less minimum giving requirements to buy season tickets.

The per seat/section minimum giving requirement directly reduces the ability to claim tax deduction $1 for $1.

Saw email today from Athletics stating the “Tax Deductibility” of contributions to the “Mountaineer Football Fund” for “NIL/Scholarship Enhancements”…

As a CPA, this raises a lot of questions for me. But wanted to acknowledge confirmation of AppSt94’s post of what was shared with him.

I can understand that. As someone who deals with compliance to anti money laundering regulations, I like the in house model more so than the collectives.

[BurkeGrad]

As previously stated be careful with your tax deductions especially when it comes to large $$s. The tax law changed several years before NIL and the collectives when you couldn’t claim all of your annual contribution to the YC if you received something of value in return. Now it’s even more complicated so consult your tax accountant/CPA or find one well versed in the tax implications of contributing to college athletic accounts. Things may or may not change this year depending on the outcome of the House vs NCAA.

[mike87]

As previously stated be careful with your tax deductions especially when it comes to large $$s. The tax law changed several years before NIL and the collectives when you couldn’t claim all of your annual contribution to the YC if you received something of value in return. Now it’s even more complicated so consult your tax accountant/CPA or find one well versed in the tax implications of contributing to college athletic accounts. Things may or may not change this year depending on the outcome of the House vs NCAA.

I didn't receive anything of value this year.