IdaGriz01
Well-known member
Tax deduction that benefits sports programs might go away.
I assume that FCS programs -- including Montana? -- have something along these lines … but the numbers are much different for “big-boy” sports. And it’s those numbers that are mind-boggling. Quite naturally, college prez’s and ADs are up in arms about it. Here’s the ESPN article: http://www.espn.com/college-sports/...ge-administrators-worry-funding-new-tax-plan
Some key quotes:
When we donate to “Food for the Poor” or a church or an alumni scholarship fund, the recipient is required to provide a statement that the donation was “free and clear” -- we did not receive any service or other tangible benefit in return for the donation. If a magazine/newsletter we get from an organization -- like the Smithsonian -- has a “fair market value,” that amount gets deduced from our tax-deductible donation. (It gets messy sometimes, which is why we pay an accountant to keep track of things.)
So I’m sorry, but this should never have been an allowed deduction. Yes, I know you can donate to these funds without "exercising your right" to buy the tickets -- but that's just accounting BS to get around the intent and letter of the law. So if it hurts your “giving” income, figure out some other way to boost honest, true donations.
I assume that FCS programs -- including Montana? -- have something along these lines … but the numbers are much different for “big-boy” sports. And it’s those numbers that are mind-boggling. Quite naturally, college prez’s and ADs are up in arms about it. Here’s the ESPN article: http://www.espn.com/college-sports/...ge-administrators-worry-funding-new-tax-plan
Some key quotes:
[Bold-face emphasis is mine.]Darren Rovell said:
When we donate to “Food for the Poor” or a church or an alumni scholarship fund, the recipient is required to provide a statement that the donation was “free and clear” -- we did not receive any service or other tangible benefit in return for the donation. If a magazine/newsletter we get from an organization -- like the Smithsonian -- has a “fair market value,” that amount gets deduced from our tax-deductible donation. (It gets messy sometimes, which is why we pay an accountant to keep track of things.)
So I’m sorry, but this should never have been an allowed deduction. Yes, I know you can donate to these funds without "exercising your right" to buy the tickets -- but that's just accounting BS to get around the intent and letter of the law. So if it hurts your “giving” income, figure out some other way to boost honest, true donations.
