Fake News....
Illinois Hoops Recruiting Thread
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Fake News..........LOL
They literally are. Look it up.
They might be a crappy one, but they are one.
Non-profits perform a societal good and don't pay taxes, it doesn't mean every non-profit is a charity and loses money, some make a lot of money
I'm not arguing the definition of non-profit.
For those who want to dig into the minutiae if the Illinois athletic budget (FY 2022): https://s3.us-east-2.amazonaws.com/...FY22_NCAA_Report.pdf?timestamp=20230118060228
A few things that I found interesting. Our women's basketball program made money. Donor contributions for the women's program exceeded those for football. There were nearly $7 million tax dollars funneled into the athletic programs. Salaries for administration and support staff exceed those for coaches collectively. Debt service is nearly $15.5 million. Ticket sales for basketball are significantly higher than for football. Sports camp revenues for gymnastics exceed those for football and basketball combined. Total equivalent scholarships for male athletes exceed those for females by 60. We're still making severance payments for coaches in five different sports. Overall, the athletic dept. finished $16.6 million in the black.
Fixed for you. Many are blatant tax dodges and taxpayer money laundering schemes. JMO of course.
To be non-profit status for IRS purposes they also need to spend a minimum amount of their assets per year. Not sure how that works in the case of the NCAA.
Joel Goodson
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a grifter's dream come true
just to be clear, I am NOT saying this applies to all non-profits. but some folks are making out like bandits, even at a fair portion of the good ones
Thanks, I won't argue against that, there are good and bad actors everywhere. Can I ask what the bad non-profit man did to you ?
Check out the compensation section of their Form 990, I think they've got that part of it dialed in.
My apologies, I misunderstood your intent when you bolded NCAA are all raking in billions of dollars in revenue and profits and then wrote in reply that they're a non-profit...What were you arguing?
I was wrong the first time but this time I'll guess that they only brought in $1.1B of revenue last year and distributed $657M to Div I members so billions is obviously an exaggeration
Nothing personally, just years and years of observation and research.
Uhh.... I was arguing the thing I bolded in my reply/argument.
Oh I know what they claim to be.....by definition they're a non for profit organization....but if you think they are legitimately showing a zero ($0) balance at the end of their fiscal year making them a non-profit organization.... then I've got some ocean front property in Arizona that I'll sell you....Ncaa schools are basically share holders
Quit bringing politics into this discussion Joel.
That's a common misperception. Not for profits can generate profits and the successful ones do so.
The NFL WAS also a non profit. They were technically a tax exempt trade organization that’s profits went to its members who were then taxed.
The NFL relinquished its 501c3 status a few years back. Possibly to avoid having to publish commissioner’s salary. It is no longer tax exempt.
The NFL is also technically a non-profit. You really want to argue that the NFL doesn't make profits through?
Are any of us?
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