NJ congressman investigating potential tax code violations in paying huge sums of money to coaches

[itsgr82bag8r]

Brian Kelly May be the first domino, but this will be interesting to watch and will affect every school involved in the P5. IMO, it’s long past time to reign back the outrageous money being thrown around.


A New Jersey congressman wants to know if Brian Kelly's LSU contract violates tax code

 

[Fun N' Stun]

This will end up going nowhere. Football makes these universities a lot of money (except for Miami where they raid the university for money to pay for football). Just look at the TV deals these conferences have. A lot of money is coming in. Also football pays for every other sport and brings in a lot of money to the local economy from games.

Tax exempt doesn't mean you can't pay a lot. The NFL is tax exempt yet pays its commissioner 20 million a year. The ceos of red cross and salvation army are getting paid a lot also.


Also the players now get stipends and earn endorsements plus they still get free college. The top players, which generate the revenue, get paid a lot through the NIL.

 

[alcoholica]

Sounds like a lefty trying to cause division between coaches and players. Go after Goodwill and people like that.

 

[78]

You have three seconds to read the entire story after the initial pop up.

 

[Thick&ThinG8r]

Our UAA is separate from the university it self, but I'm not sure if its tax exempt. My guess would be it's not.

 

[itsgr82bag8r]

I thought it sounded more like a jilted ND fan who doesn’t hesitate to abuse his position to further his personal grievances…..

 

[fischerwood]

If you want to kill the snake, you cut off it's head. Is the head even identifiable in these cases? There is so much money to be made with these deals, I'm afraid the train has left the station...go Gators...

 

[deuce]

Burn it all down and start over....

 

[Pablos Tunnel]

Here is the jist of it.

“Undoubtedly, most of the activities undertaken by LSU further the university’s exempt purposes,” Pascrell said in his letter to Tate. “However, recent reports about compensation that LSU will pay its current and former football coaches have raised significant concerns about whether the university is operating consistent with its tax-exempt status.”

Could they lose their tax exempt status?

He also wants answers to 25 questions designed to ascertain if all this money and upgraded facilities benefit all students and advance the University mission.

Here is the letter to USC & LSU. Pascrell Probes Whether Colossal College Coaching Contracts Consistent with Tax Code
I could see this getting traction. Especially as the economy and free money starts drying up.

 

[kepler]

it will go nowhere. if someone were seriously questioning compliance with their 501c status the IRS would conduct that audit. this is a congressman trying to get his name heard. that said congress could enact changes to the tax exempt code but we know how likely that is.

 

[rogdochar]

He looking into academic exemptions extended to football players.? Accidental arson - burn it down.

 

[PastyStoole]

Whoa boy, I can just hear the LSU fans' reaction to a Congressman from New Jersey, who looks like Bernie Sanders to them, poking his nose around in their beloved football team. I'm sure it reminds them of the "agitators" who used to come down there during the 1960s.

 

[SwampChomp]

NFL not tax exempt. They gave up their "not for profit tax exempt" status in 2015.

NFL ends tax exempt status after 73 years: 3 things to know

 

[aka]

Well, yeah, the pendulum needs to swing back the other way. But, do you really want to trust someone from NJ?

 

[Gator By Marriage]

This particular Congressman is like 84 or so. If I were LSU et al, I’d play stall ball.