What is the process - or who is our NIL GM? | Page 4 | Syracusefan.com

What is the process - or who is our NIL GM?

Mark Wheeler from Compliance is the point person for NIL issues at Syracuse and is very helpful navigating the waters. He, nor anyone from the University can be directly involved with brokering deals. This includes any coaches giving explicit instruction that we need to find $xxxx for player Y, though I am sure this information has informal channels to get out.
Weitsman does not contribute through the 315Foundation to my knowledge. Certainly not in his offers to recruits. The 315 Foundation collects donations earmarked to specific teams and funds initiatives for players to provide a service to a 501c charity. I believe they can direct this solicitation to individual players or blanket to teams.
Commercial deals or those not supporting a charity are NOT run through the two main collectives. Any business, or individual, can request access to a portal and once approved, can offer transactions to individual players. That is the approach we use with the SyraCRUZ tailgate and with our guest athletes. At onetime I was told by a player that SU wanted all commercial transactions to go through the portal. That service aggregates annual earnings into a single 1099 for each athlete and provides relevant compliance reporting to the University.
I am sure there are other cases where the formal process is skirted but that is obviously not preferred.
I am confused about something. Why a 1099 for each athlete? Or is the 1099 to the donor for the contribution to the athlete? Are the athletes expected to pay income tax on this? I thought it is under a charitable donation. And for a donor there is no taxable profit...
 
I am confused about something. Why a 1099 for each athlete? Or is the 1099 to the donor for the contribution to the athlete? Are the athletes expected to pay income tax on this? I thought it is under a charitable donation. And for a donor there is no taxable profit...
They pay taxes.
 
I am confused about something. Why a 1099 for each athlete? Or is the 1099 to the donor for the contribution to the athlete? Are the athletes expected to pay income tax on this? I thought it is under a charitable donation. And for a donor there is no taxable profit...
Athletes definitely are expected to pay income tax on NIL Proceeds. The donation is tax deductible and the Foundation pays no taxes, but payment for services rendered is considered to be taxable as I understand it.
 

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