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Name, Image, & Likeness (NIL) at tOSU

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Maybe someone called a truce between the two foundations? Anyone opine how one 'makes money' on a foundation? If it's a taxable entity, then there has to be a profit motive? Maybe 80% of every dollar goes to payola, and they keep 20% for themselves? Dunno, just a thought. PS, may not be the proper place, but if tOSU is sifting through for a right OT, maybe want to shell out some big bucks? Reasoning is that if Air Nolan gets the nod as a starter, might be a good idea to strengthen that position, as Air is a lefty.....and the right is his blind side. Just sayin'
 
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heisman said:
Just an FYI…1870 is a for profit business, while The Foundation is non-profit. The board of 1870 is three dudes no one knows and has no apparent connection with OSU athletics. The board of The Foundation is Urban Meyer, Troy Smith, Santonio Holmes, Cardale Jones, JT Barrett, Terry McLaurin, Mike Conley, Evan Turner, D’Angelo Russell, Ronnie Stokes, and the Schottenstein family.
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The not for profits are a little risky. In order to be a NFP they have to be spending their money for the common good. Collecting money from doners, those doners using it as a write off, and then giving it to football players who then post some tweets or do some other minor thing is a very risky proposition. I wouldn’t be surprised if the IRS started going after the NFP collectives in the coming years. Hundreds of millions of dollars of donations are being written off every year. 1870 is playing it safe.
 
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calibuck said:
Maybe someone called a truce between the two foundations? Anyone opine how one 'makes money' on a foundation? If it's a taxable entity, then there has to be a profit motive? Maybe 80% of every dollar goes to payola, and they keep 20% for themselves? Dunno, just a thought. PS, may not be the proper place, but if tOSU is sifting through for a right OT, maybe want to shell out some big bucks? Reasoning is that if Air Nolan gets the not as a starter, might be a good idea to strengthen that position, as Air is a lefty.....and the right is his blind side. Just sayin'
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You don’t have to make a profit if you’re a for profit company. They could be operating at a loss (very unlikely), but in all likelihood they are paying their staff quite well and then making sure that no income is actually being made. The downside is that no one really knows how much they are skimming.
 
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TampaBuckeyes said:
The not for profits are a little risky. In order to be a NFP they have to be spending their money for the common good. Collecting money from doners, those doners using it as a write off, and then giving it to football players who then post some tweets or do some other minor thing is a very risky proposition. I wouldn’t be surprised if the IRS started going after the NFP collectives in the coming years. Hundreds of millions of dollars of donations are being written off every year. 1870 is playing it safe.
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Surprising comment/opinion with that username. Don't these whackos own half your damn city? :lol:

1706061038464.jpeg
 
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TampaBuckeyes said:
The not for profits are a little risky. In order to be a NFP they have to be spending their money for the common good. Collecting money from doners, those doners using it as a write off, and then giving it to football players who then post some tweets or do some other minor thing is a very risky proposition. I wouldn’t be surprised if the IRS started going after the NFP collectives in the coming years. Hundreds of millions of dollars of donations are being written off every year. 1870 is playing it safe.
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The NFL is a non-profit.
I don't think it's that risky.
One of the nice things about the non-profit is that we will know exactly how much they spend on overhead.
 
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kujirakira said:
The NFL is a non-profit.
I don't think it's that risky.
One of the nice things about the non-profit is that we will know exactly how much they spend on overhead.
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Correct. Once you are granted tax-exempt status, it's really tough to take it away. The Obama administration tried it and it blew up in their face.
 
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heisman said:
Correct. Once you are granted tax-exempt status, it's really tough to take it away. The Obama administration tried it and it blew up in their face.
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Had no idea the nfl was not for profit. That is insane but I guess there are a lot of hairy NFPs out there. I remember hearing this last summer that the IRS was going to stop giving nonprofit status to collectives unless they proved their charitable intentions. So more of less just put a plug in it.
https://www.espn.com/college-sports...profit-nil-collectives-not-qualify-tax-exempt
 
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TampaBuckeyes said:
Had no idea the nfl was not for profit. That is insane but I guess there are a lot of hairy NFPs out there. I remember hearing this last summer that the IRS was going to stop giving nonprofit status to collectives unless they proved their charitable intentions. So more of less just put a plug in it.
https://www.espn.com/college-sports...profit-nil-collectives-not-qualify-tax-exempt
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The NFL is no longer a NFP because people can't understand the concept of what the NFL is, and it made them look bad, so they changed for the optics.

It makes sense that they were, though. The NFL isn't making money, the individual teams are. The NFL is just the entity that represents all of the owners interests, kind of like a trade organization. The only money the NFL keeps from things like TV contracts is for operating expenses. Everything else passes on to the teams. There's literally no way for them to make a profit.
 
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TampaBuckeyes said:
Had no idea the nfl was not for profit. That is insane but I guess there are a lot of hairy NFPs out there. I remember hearing this last summer that the IRS was going to stop giving nonprofit status to collectives unless they proved their charitable intentions. So more of less just put a plug in it.
https://www.espn.com/college-sports...profit-nil-collectives-not-qualify-tax-exempt
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A bit tongue in cheek here, but these collectives are literally giving the money to amateur student athletes who are banned from working while on scholarship. It absolutely lines up quite well with IRS rules on non-profits.
 
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