I’d like to donate via my Schwab charitable foundation. Do I just donate to UC Berkeley generally and specify the sport and NIL in the purpose or are there distinct entities and tax IDs?
The collective is not a 501(C)(3) so unfortunately you cannot donate using your DAF. The IRS’s General Counsel issued a memo last May making it very clear that the IRS does not believe that gifts to NIL collectives could qualify under the quantitative or qualitative tests applicable to 501(C)(3). Some collectives have ignored that advice and essentially dared the IRS to follow through - exposing their donors to audit risk in our opinion. We aren’t going to do that. Gifts to the California Legends should be viewed in the same way as political donations. Both can help you support the cause you believe in, but you can’t get a tax deduction for either one.
I donated to MBB and WBB twice (1st donation at the start of the campaign, and a second one upon hearing the news that Michelle is returning to the team for her 5th season).
I also plan to make a second donation to the MBB after hearing about the matching donation by a very generous Cal donor
I hope others will join me and contribute what they can ... all donations matter, and the donation site also tracks the number of donations given, which is cool to see how many we can achieve in this campaign
I’d like to donate via my Schwab charitable foundation. Do I just donate to UC Berkeley generally and specify the sport and NIL in the purpose or are there distinct entities and tax IDs?
The collective is not a 501(C)(3) so unfortunately you cannot donate using your DAF. The IRS’s General Counsel issued a memo last May making it very clear that the IRS does not believe that gifts to NIL collectives could qualify under the quantitative or qualitative tests applicable to 501(C)(3). Some collectives have ignored that advice and essentially dared the IRS to follow through - exposing their donors to audit risk in our opinion. We aren’t going to do that. Gifts to the California Legends should be viewed in the same way as political donations. Both can help you support the cause you believe in, but you can’t get a tax deduction for either one.
I donated to MBB and WBB twice (1st donation at the start of the campaign, and a second one upon hearing the news that Michelle is returning to the team for her 5th season).
I also plan to make a second donation to the MBB after hearing about the matching donation by a very generous Cal donor
I hope others will join me and contribute what they can ... all donations matter, and the donation site also tracks the number of donations given, which is cool to see how many we can achieve in this campaign
Meanwhile, I saw a report today that FedEx is giving Univ. of Memphis $5 million per year for five years for NIL.
They can buy all the fishing gear at the Bass Pro Pyramid they want now!
True story - one of my nephews was on the bass fishing team at Cal Poly Humboldt (Humboldt State at the time).
Thanks for the support guys. Very much appreciated. Go Bears!