Mike Repole Piece

Yes it is great that Mr. Repole is stepping up but there is no reason why those reading this post should not support the efforts of, and contribute what they are able to contribute to Storm Marketing.
 
otis said:
Yes it is great that Mr. Repole is stepping up but there is no reason why those reading this post should not support the efforts of, and contribute what they are able to contribute to Storm Marketing.
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Otis would you happen to know if Storm Marketing is a IRS qualified charitable organization? Just wondering if a payment to them is tax deductible.
 
Knight said:
Not.
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So it's not a "donation", the way you'd make a donation to St Jude, etc.

I'm gonna venture a guess that Mike Repole, being the genius businessman that he is, has figured out a way to either make his NIL contribution a tax deduction, or create a for-profit NIL business.
 
monte said:
So it's not a "donation", the way you'd make a donation to St Jude, etc.

I'm gonna venture a guess that Mike Repole, being the genius businessman that he is, has figured out a way to either make his NIL contribution a tax deduction, or create a for-profit NIL business.
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The only way at present to make any NIL funds tax deductible for either SJU NIL collective is for a business to contract with a player thru a collective for services rendered that conform with NCAA NIL rules. Many SJU NIL supporters are coming from corporate entities.

For individuals to make their NIL payments tax deductible, a NIL collective needs to have received IRS designation as a section 501c3 charitable organization. However, any collective receiving that designation must actually be engaged in a charitable endeavor and any compensation received by the athlete can be subject to the IRS reviewing whether this is fair compensation for the oarticular charitable purpose of an entity.

There have been some collectives nationwide who had applied for chaitable status but were upon IRS audit determined to have no legitimate charitable purposs, or that the compensation paid to an athlete unreasonably high for that charitable purpose. It looked for a while that NIL collectives vould not have be allowed to pursue charitable status.

The IRS has since decided to permit NIL collectives to file for 501c3 status, but that they also comply with rules for a charitable entity, and ve subject to audit.

NIL collectives are paying close attention to this and are trying to make sure that if they go this route, they stay in full compliance.

As you may know, Storm marketing is owned and operated by a group of SJU law school graduates. They formed Storm Marketing to support SJU athletics. Flattop has the same purpose and are also owned by SJU alumni. One partner has a strong resume in charitable giving and all partners are highly respected members of our community (as are the Storm guys)

I've always maintained that for NIL to gsin the broadest support from individuals, the chaitable route is the way to go. Should Storm go that route I'm confident that as attorneys they will stay well within acceptable IRS boundaries to msintain that status and make sure all contributions are tax deductible.

Any soecific questions as to plans should be addressed directly to Storm, Flattop, or Matt A.

As Otis, Rick, and others on here have maintained, we simply cannot field a successful basketball program without strong NIL support. Individual dupport, in the aggregate, is the difference between going after 4 and 5 star recruits as opposed to 3 stars.

Considering the hopeless dumpster fire that DePaul and Georgetown have been, each of those schools have vastly different future trajectories. GT will have tremendous NIL support but it remains to be seen if DePaul will be able to become competitive.

It's really up to their alums as To whether DePaul ponies up, as it is with ours and all other BET school alums.
 
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monte said:
Otis would you happen to know if Storm Marketing is a IRS qualified charitable organization? Just wondering if a payment to them is tax deductible.
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To my knowledge the IRS has revoked or is in the process of revoking the tax deductibility status of all 3rd party NILs.

I am on the Board of Directors of an NIL that supports an ACC school. We retained a very competent CPA/ attorney firm that in the summer of 2022 opined that our entity would achieve tax deductibility status only to be told during the summer of 2023 that the IRS was denying/ revoking that status to similar entities. That IRS position essentially put our NIL entity out of business, although the entity still holds a balance pending any claims by the IRS. My understanding is that this scenario holds true with most independent NILs with the schools now playing a more active part in the administration of less arm's length entities (ie. see StJ's position with Matt, Villanova's position with Baker Dunleavy, etc.).

Note: how did I get involved with the NIL of a school I hardly root for? Prior to retirement I had some former clients who are heavy hitters for that particular ACC school who likely needed some free legal guidance and invited me to join their Board. Because of my interest in college basketball, I agreed believing the experience could be interesting. It was interesting while it lasted.

In my opinion anyone's frustration regarding the confused state of college basketball should be directed against the feckless NCAA.
 
Is this guy really stepping up? I’ve heard conflicting things about his donations and what he leads people to believe. Not telling anybody what to do with their money, but don’t take credit for something without it being done first
 
Has Fierceness running in Florida Derby today. I will put a couple of shekels on him to make it interesting. 6:42 pm EST post.
 
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