fanofallthatisjmu
Water Engineer
Posts: 41
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I Root For: JMU
Location:
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Another hurdle - tax code
There has been much discussion on the lack of a strategic vision, reporting structure, the lack of alumni giving, etc. It is up to each person to determine where they stand on those issues. However, there is another potential hurdle that I have not seen discussed. Currently, the gift to the Duke Club, if you accept the benefits (parking, right to buy tickets, etc) is 80% deductible. It is essentially compulsory if you want to buy tickets. As of Jan 1, 2016 that deduction will be removed.
Personally I give a higher amount to the Duke Club then the benefits I want and utilize. If the entire amount becomes ineligible for tax deduction I will immediately be dropping support to the level needed only. The difference will go to the academic side where it is 100% deductible.
Hopefully the university and Duke Club are coming up with new solutions because this could dramatically affect contributions.
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02-16-2015 08:40 AM |
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JMU2004
Heisman
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I Root For: DUKES
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RE: Another hurdle - tax code
Just another example of the stupidity exhibited by the leaders of our country.
By reducing donations to AD's, schools will just need to find another way to fund athletics.
Thanks OTAXama
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02-16-2015 08:48 AM |
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DolleyMadison
1st String
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RE: Another hurdle - tax code
Huh??? I think no one is talking about it because there is nothing to talk about.
Deductions are not going away. The president has been calling for this for years but it has yet to be put into law or come close to being put into law.
Fear not. Gifts to the Duke Club will still be tax deductible.
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02-16-2015 09:51 AM |
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jmu007
All American
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RE: Another hurdle - tax code
FOATI, is what you're talking about already on the books or is it a proposal? I could ask the resident CPA tonight, but am too impatient :)
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02-16-2015 09:56 AM |
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JMU2004
Heisman
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I Root For: DUKES
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RE: Another hurdle - tax code
(02-16-2015 09:56 AM)jmu007 Wrote: FOATI, is what you're talking about already on the books or is it a proposal? I could ask the resident CPA tonight, but am too impatient :)
It is proposed. Not law, but I wouldn't be surprised to see reduced % deductions.
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02-16-2015 09:59 AM |
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DolleyMadison
1st String
Posts: 1,479
Joined: Apr 2013
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I Root For: JMU Dukes
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RE: Another hurdle - tax code
http://businessofcollegesports.com/2015/...athletics/
This is what he is talking about. It's part of a new proposal. It was also a proposal a few years ago too.
Once this thing gets any sort of traction in the House and Senate, then we can start to panic. For now, we have enough issues to worry about at JMU. No need to create new ones that don't exist.
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02-16-2015 09:59 AM |
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jmu007
All American
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RE: Another hurdle - tax code
Thanks!
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02-16-2015 10:03 AM |
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NH/JMU Saxkow
1st String
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RE: Another hurdle - tax code
Did you seriously just imply that there will be actually negotiating in Washington? I don't think you have anything to worry about because I don't see ANYTHING getting passed for a while.
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02-16-2015 05:58 PM |
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