Tax Deductibility of certain Contributions to Spider Club denied by new Tax law

[32counter]

March 2018 SPIDER CLUB HOMEPAGE spiderclub@richmond.edu

Notice of Spider Club Annual Fund ChangesCLICK HERE for Frequently Asked Questions

Thank you for your continued investment as a Spider Club member. Your financial support provides our student-athletes with opportunities to succeed in the classroom, excel in competition, and serve in the community.

As you may already be aware, the Tax Cuts and Jobs Act has been signed into law. Prior to its passage, donations made in exchange for Spider Club benefits were 80% deductible under federal tax law. Under the new federal tax law, charitable contributions made after December 31, 2017, which qualify donors for priority seating for athletic events are no longer deductible. This change could have significant impact on our Spider Club membership.

In an effort to appropriately steward your generous donations to Spider Club we have created two new fund designations allowing you to direct your contributions in a manner that best meets your goals. Because we are in the middle of the University’s giving year, these designations will be used to direct all monies received from January 1, 2018 – June 30, 2018. During this period, all donations previously directed to the Spider Club Annual Fund (SAF) must be directed to one of the fund designations detailed below.

• Spider Club Benefits (not tax-deductible) - fund designation that qualifies the giver to any and all tangible Spider Club benefits, including Spider Points, the right to purchase priority season tickets for athletics events, and other tangible benefits and is therefore NOT tax deductible.
• Spider Club Gift (all benefits declined) - fund designation which is tax-deductible to the extent allowed by law but which bestows no tangible benefits for donors with the exception of the Spider Club Window decal. Please consult your tax advisor about the deductibility of your gifts.

Please note, per-seat donations and all giving requirements for football and basketball season tickets will still be required for the 2018-19 athletic season. For more information, including a list of frequently asked questions, please visit our website at www.SpiderClubUR.com or contact the Spider Club Office at 804-289-8759. As a reminder, all gifts to any of our Sport Specific Funds and Capital Campaigns are tax deductible to the extent allowed by law, and do not qualify the donor for tangible benefits or priority seating.

We are continuing to assess the impact of the tax laws and considering our plans for future years. Your contributions are vitally important to the success of our athletic programs. We will update you as we learn more about how these changes may affect our Spider Club members. Please consult your tax advisor to discuss the impact of tax law changes on your personal situation.

As a Spider Club member, your support allows us to maintain our competitive advantage compared to our peer institutions. Thank you for your commitment to the University of Richmond, our student-athletes, and coaches.

Go Spiders!

Jasmonn Coleman
Assistant Director of Athletics, Development

 

[32counter]

Value of Season tix for Blue seats at Football games and priority seating placement for B-ball negatively impacted.

UR Endowment gets hammered and now this.

 

[WebSpinner]

the sky is most definitely falling. how many on here really worry about deducting their contributions to the athletic dept? it is nice but not the reason one gives or should not be.

 

[32counter]

the sky is most definitely falling. how many on here really worry about deducting their contributions to the athletic dept? it is nice but not the reason one gives or should not be.

How much do you give?I have deducted 5 figures for my Spider Club seats every year.You obviously don’t have a clue.Show me your wallet.How much do you give or are you writing this from the peanut gallery?

UR is small potatoes compared to other schools for this type of PSL voided deduction.USC,Notre Dame,Michigan with 100,000 seats all P5/G5 all have recurring PSLs for certain seat placements based on contribution levels.

Being in love with UR is one thing,being able to minimize taxes is another,much more important prerogative.Wake up.

Only the big hitters like Spinner arent concerned because they have assistants that write their checks.Maybe there are other tax vehicles to utilize which would be allowable.Maybe the big hitters among us can share in this secret.

http://www.newsobserver.com/news/po...ns-blogs/under-the-dome/article190121014.html

https://www.forbes.com/sites/chriss...st-top-college-athletic-departments-millions/


http://pilotonline.com/sports/colum...cle_6c44b8d6-3a02-578d-bda4-c4e2647df7f4.html

 

[spider fan]

While receiving a tax deduction is a motivation for making gifts to religious entities, charities, and non-profits it is not the only reason that people choose to give. Changes to the tax laws recently enacted will have an effect on such giving. It will take time to measure the impact.

 

[urfan1]

While receiving a tax deduction is a motivation for making gifts to religious entities, charities, and non-profits it is not the only reason that people choose to give. Changes to the tax laws recently enacted will have an effect on such giving. It will take time to measure the impact.

my sentiments also

 

[Ferrum Spider]

While receiving a tax deduction is a motivation for making gifts to religious entities, charities, and non-profits it is not the only reason that people choose to give. Changes to the tax laws recently enacted will have an effect on such giving. It will take time to measure the impact.

I agree on your last sentence, but I think its safe to say its alright to look ahead and see this could have an extremely negative impact in regards to contributions. I don't write my donation off but I could see the expensive corporate ticket sales possibly take a hit because its all about that bottom line with. Hopefully with this coorporate welfare giveaway passed a few months back with what they are getting, they will have the extra money to spend on it. Im not betting the ranch on it.

 

[KWeaver]

Nonprofits around the country are pretty glum about this act. I agree that people shouldn't just give for their tax deductions, but I am finding that people are not nearly as generous as you would hope. They are indeed motivated by the tax deduction.

 

[urfan1]

I am seeing the same with organizations of which I am familiar -- it appears Universities were particularly changed. I'm not sure how it will fall out, but I do know things are changing. One group I work with has been discussing the hiring of a grant writer. So instead of donations we will be looking more for government money.

 

[KE Spider]

More government money? We are verging on broke, with a huge national debt and currently collecting $0.75 for every $1.00 spent. Clearly, this is unsustainable, but neither party appears to give a damn. A pox on both.

This country needs a third party focused on solving problems rather the rash of partisan BS we get from the Dems and Repubs.

 

[Ferrum Spider]

More government money? We are verging on broke, with a huge national debt and currently collecting $0.75 for every $1.00 spent. Clearly, this is unsustainable, but neither party appears to give a damn. A pox on both.

This country needs a third party focused on solving problems rather the rash of partisan BS we get from the Dems and Repubs.

What are your thoughts on independents? I get you need coalitions to pass comprehensive legislation and all but you remove a lot of blind ideology. We have plenty of other parties that suck too that arent in power. Parties will always be loyal to one thing first.

 

[KE Spider]

The system works best through compromise. The Dems are marching farther and farther left and the Repubs keep marching right. Each would rather spite the other than do what is right for the citizens. I'm advocating for a centrist party devoted to solving pressing problems. I believe there is an appetite for this. Folks are sick of the partisan silliness that substitutes for leadership.

 

[urfan1]

we need term limits, I believe it would cut down on the hold the parties have n their members

 

[KE Spider]

Fan, I disagree. Periodic elections already provide the citizens an opportunity to limit the tenure of politicians. We should make better use of it.

Term limits would empower unelected bureaucrats to have outsize impact on public policy. We (I'm one) do know the policy nuts and bolts, pluses and minuses, far better, but we should not be the "decider" (George Bush parlance). The shorter a politicians tenure and most don't know sh** when first elected, the more dependent they are upon us (and the whispers of special interests groups!).



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[urfan1]

Fan, I disagree. Periodic elections already provide the citizens an opportunity to limit the tenure of politicians. We should make better use of it.

Term limits would empower unelected bureaucrats to have outsize impact on public policy. We (I'm one) do know the policy nuts and bolts, pluses and minuses, far better, but we should not be the "decider" (George Bush parlance). The shorter a politicians tenure and most don't know sh** when first elected, the more dependent they are upon us (and the whispers of special interests groups!).



.

KE I used to be right with you, and you bring clear concerns. I have changed to the other side. The parties mandate adherence to policy (look at the voting records) if you disagree you get "primaried" or no "plum appointments. They require that each politician raise money, not just for themselves but for the party. I do agree that we need to pull back the authority of the "bureaucrats" to write, administer, enforce, and adjudicate their policies. I blame the legislative branch for shirking their duty on this one. If all of the politicians operate on a shorter term they will be forced to listen to those that have more knowledge of a particular subject. Yes, that may include special interests, but do you really think they don't have great influence now? But as you say they will be more willing to listen to "us". And if politicians are not so adherent to the party and more to principle we would not be facing the violent swings of public policy we presently face. Like Trump or not, I believe he is the public response to Obama, I am very concerned about what may be the public response to Trump. I only hope and pray the "middle" takes control and ignores both parties. Which party will truly see this and capture the middle.

 

[Eight Legger]

Not sure what the answer is. I don't think it is having people entrenched in office forever, and I don't think it is electing a slew of new representatives who have no substantive training or experience in government. It has to be somewhere in the middle, but unfortunately there is not much middle ground in this country anymore.

What about a six-year term and then you're done? Gives newbies a year or two to get up to speed and 4 or 5 years to be very proficient at the job, means they aren't always running for re-election the second they are elected the first time and (in theory) they can focus on what they were sent there to do, instead of listening to special interests.

 

[WebSpinner]

get rid of the seniority system where a representative from iowa who has 12 years in office has more power and say than my new representative from texas or va, that should not be. get rid of the advantages which already elected reps have over folks who are new to the process. if you are against term limits then we should level the playing ground so that a new person has as much chance as an incumbent. also, because our legislators make laws and regs which impact entities, said victims should have the right to have their say, be heard, before idiots who do not know a quarter from a nickel ruin their lives or businesses. we have to have special interests because these legislators can nuke others. keep the legislators away from certain areas and you dry of special interest, that won't happen so we have to live with people attempting protect what they have through lobbying.

maybe, just maybe, our government(s) need to do less, much less, stay out of our lives and then it won't matter who is in power.

laugh when i see the words corporate welfare. it is OUR MONEY, not THEIR money and an individual or company being able to keep more of their money is not welfare, it is just the way it should be. creating a better environment, culture for business is not bad or evil, it is the way it should be. why punish, handcuff, put up barriers for our business, that is small-,minded and mean-spirited.

32, we may differ politically but you are a SPID and i don't want you shooting yourself in the foot as you go about your life. what you say about me above is completely false and wrong so suggest that you not make assumptions based on knowing nothing whatsoever about another, either keep it to yourself or find out some facts before you do sound off. little i does the same thing, knows nothing about me but goes ahead and makes assumptions, not too smart. by the way, tis funny that you dems who hate tax cuts are always looking to reduce what you pay in whatever way you can. instead of whining, complaining about taxes being cut, in other words being able to keep more of your money, just send in all you can for the cause of a bloated goverment.