2018 tax law and impact on college sports, donate today?

[buffaholic]

I logged into my buff tickets account to pay my 2018 mandatory donation today, and see that I could also take care of 2019 and 2020 donations as well. These deductions would appear to be going away.

See article.

 

[buffaholic]

Here's another article on Forbes. CFB may have to pay their coaches less in the future....

 

[buffaholic]

I found an email from the AD:

IMPORTANT UPDATE: Federal Tax Reform and Your Athletic Donations

Dear , The United States Congress has voted on, and officially passed, a federal taxreform bill which is expected to be signed into law by the President early next year. The new law would likely be effective January 1, 2018. The final version of the tax legislation includes a section that eliminates the 80% tax deductibility of seating-related contributions to college athletic programs. This means all CU Athletics seating related contributions received after December 31, 2017will not be considered tax deductible*. We are in the process of rigorously reviewing best business practices in light of this significant change, and will make every effort to make the best decisions we can with the information we have at this time. As we work to determine how this change will affect our season ticket pricing structure, we want to offer you the opportunity to pre-pay your seating contributions through the 2020 season before the 2017 calendar year ends. If you choose to do this option, we will apply your contribution toward your overall ticket cost for each year that you pay ahead. Future seating contributions are subject to change and you may be responsible for any differences. We will share our final 2018 pricing structure early next year. We encourage you to work with your tax professional to determine if pre-paying your annual seating contributions is an option and if it would benefit you for this tax year. The Buff Club is here to address any concerns you may have and to help facilitate your annual contributions before the end of the 2017 calendar year. You can reach us at (303) 492-2200 or buffclub@colorado.edu. Thank you again for your continued support of our nearly 350 student-athletes. We wish you and yours the very best this holiday season. Go Buffs! Sincerely, Ben Broussard Associate Athletic Director Development Rick George Athletic Director * As always, we encourage you to consult with your tax professional regarding your contributions to CU Athletics and any potential changes to the IRS taxcode.

[TBODY] [/TBODY]

 

[buffaholic]

I'm bumping this because if you are like me, you have to make a donation to the AD for your season tickets (both basketball and football), that is still 80% deductible as a charitable donation (assuming you itemize) in 2017. That deduction is no longer valid in 2018 and forward. You can prepay 2018, 2019, and 2020 thru my online account at cubuffs.com, and that will show up as a tax year 2017 contribution. I highly recommend Buff Season ticket holders do this.

Now, as an aside, CU and other schools are definitely going to see lower donations in the future. Big time.
And.... we will see if CU can manage taking money in advance!

 

[buffgal]

CU took my money when I paid for three years. My account now shows 2018, 2019 and 2020 as paid. I realize the mandatory donation amount has not officially been determined but something is better than nothing.

 

[AeroBuff99]

I got my 2018 done, but to do 2019 and 2020 is a bit too much outlay at this point. The biggest hit that schools will take is from corporate matching contributions as most companies only match tax deductible contributions. I estimate schools will probably see a 30% decline in contributions and could see a significant decline in club and suite sales. I think the mandatory minimum model will be altered in order to make the majority of contributions deductible once again. Probably alter the required contribution to buy seats to some lower per seat amount and then start assigning seats based on total giving.

 

[DBT]

I got my 2018 done, but to do 2019 and 2020 is a bit too much outlay at this point. The biggest hit that schools will take is from corporate matching contributions as most companies only match tax deductible contributions. I estimate schools will probably see a 30% decline in contributions and could see a significant decline in club and suite sales. I think the mandatory minimum model will be altered in order to make the majority of contributions deductible once again. Probably alter the required contribution to buy seats to some lower per seat amount and then start assigning seats based on total giving.

Yeah, at my age I’m only taking it one year at a time, haha.

 

[gobuffs58]

i donated for both football and hoops for next 3 years... nice one year writeoff but after that any kind of non deductable seat donations will be painfull

 

[DeNiro]

Did my football over the next 3 years as well tonight.