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re: Old Recruiting Thread: RIP insiders
Posted on 8/10/23 at 7:04 pm to plaric
Posted on 8/10/23 at 7:04 pm to plaric
FEDS shut their NIL down
quote:
Texas A&M has shut down the controversial 12 Man+ Fund after reviewing directives from the IRS. The fund, which attempted to bring name, image and likeness (NIL) collective efforts in-house, put the 501(c)(3) status of the 12th Man Foundation at risk.
2
Posted on 8/10/23 at 7:06 pm to MrAUTigers
There’s so much misinformation going around in this.
They didn’t shut their NIL down. They shutdown their collectives attempt to pay athletes directly for representing the collective itself.
It would be like OTV paying athletes for appearing in the OTV podcast. As far as I am aware, NIL money can only be awarded for representing non-collective businesses, such as a marketing ad for Guthrie’s or a commercial for Yellawood, etc.
If this shuts down the 12th Man Foundation, they’ll have a Gig Em Foundation up and running the very next day with the same amount of support that they were receiving beforehand.
They didn’t shut their NIL down. They shutdown their collectives attempt to pay athletes directly for representing the collective itself.
It would be like OTV paying athletes for appearing in the OTV podcast. As far as I am aware, NIL money can only be awarded for representing non-collective businesses, such as a marketing ad for Guthrie’s or a commercial for Yellawood, etc.
If this shuts down the 12th Man Foundation, they’ll have a Gig Em Foundation up and running the very next day with the same amount of support that they were receiving beforehand.
This post was edited on 8/10/23 at 7:08 pm
Posted on 8/10/23 at 7:07 pm to MrAUTigers
They’ll just start a new entity and roll the funds into that. Based off that wording it sounds like they were funneling donations through a 501(c)(3) to get donors tax write offs.
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