CANESVILLE Twitter Space

[PBJFanatic]

Why are these ******* idiot clout chasers stating this **** on a public podcast for everybody to hear?

Do money launderers run to WSVN and yell “Hey look at me FBI and IRS!”?

Literally lol at every body liking this post.

What?

 

[Fluffhead]

Yeah, there are a bunch of things that can trip you up on non-profits. I did more work on non-profits earlier in my career, but @wspcane and I have discussed that the Regs continue to evolve.

@scrantoncane

There are three basic issues that I am seeing, four if you lump the NCAA in.

1) In order to create a 501c3, the charitable class has to be sufficiently broad and undefined. It is why people can't set up a charity if their family member has a health issue. The Texas A&M football team would more likely than not (should not) fail this test. If they set it up for all A&M athletes it would probably satisfy it. However, they would also need to operate it consistent with this. In no way should this get 501(c)(3) status, but the IRS is also so backlogged that it will take some time to sort out.
2) What TOC said is spot on. If too much support is concentrated by too few donors, it will be a private foundation. That has its own set of rules when it comes to deductibility and who you give to. To be honest, I have purposefully stayed away from these so I don't know the full issues it can bring, but know you want to be a public charity and not a PF.
3) What you said about reasonable compensation is totally spot on, but my guess is that they will not want the students to be employees, but rather beneficiaries. I don't know. It is weird. And stupid.

Truthfully, as some one who has spent a career in 501c3 consulting and taxes, it is ****ing me off as a gross abuse of the system. There are plenty of large charities that are not much better (a certain cancer awareness one that gives virtually nothing to research), but this was and is such clear nonsense. Pay the players, take a business deduction, and call it a day. It is better than you were getting when you were handing over literal bags of cash under the table.

Which brings me to my final point, the NCAA, why I hope they go after the wrong school, and why I am laughing at people who are worried about the Ruiz family being too open. Their charitable status is based off of amateur athletics. On what planet are FBS football players and D1 basketball players amateurs. You have Texas A&M boosters literally breaking out these NIL deals into contracts that are paid over four years to keep the player there. How is that different that a pro contract with a team in terms of whether they are amateur athletes? I don't know if or when the IRS looks into this, but it will happen at some point, either through this litigation, or ****ing off a school associated with the wrong congressperson, if the big schools don't break out the revenue sports before then. They are playing Russian roulette if they try to get aggressive.

 

[TheOriginalCane]

And right on time...

You want to see some sheer insanity? Read this article. Remember the days when UM would send us "booster" rules and guidelines?

Caleb Williams Has Received A $1 Million Transfer Offer

Oklahoma quarterback and 2021 breakout Caleb Williams entered his name in the transfer portal earlier this week, quickly making him one of the most sought

thespun.com

 

[scrantoncane]

@scrantoncane

There are three basic issues that I am seeing, four if you lump the NCAA in.

1) In order to create a 501c3, the charitable class has to be sufficiently broad and undefined. It is why people can't set up a charity if their family member has a health issue. The Texas A&M football team would more likely than not (should not) fail this test. If they set it up for all A&M athletes it would probably satisfy it. However, they would also need to operate it consistent with this. In no way should this get 501(c)(3) status, but the IRS is also so backlogged that it will take some time to sort out.
2) What TOC said is spot on. If too much support is concentrated by too few donors, it will be a private foundation. That has its own set of rules when it comes to deductibility and who you give to. To be honest, I have purposefully stayed away from these so I don't know the full issues it can bring, but know you want to be a public charity and not a PF.
3) What you said about reasonable compensation is totally spot on, but my guess is that they will not want the students to be employees, but rather beneficiaries. I don't know. It is weird. And stupid.

Truthfully, as some one who has spent a career in 501c3 consulting and taxes, it is ****ing me off as a gross abuse of the system. There are plenty of large charities that are not much better (a certain cancer awareness one that gives virtually nothing to research), but this was and is such clear nonsense. Pay the players, take a business deduction, and call it a day. It is better than you were getting when you were handing over literal bags of cash under the table.

Which brings me to my final point, the NCAA, why I hope they go after the wrong school, and why I am laughing at people who are worried about the Ruiz family being too open. Their charitable status is based off of amateur athletics. On what planet are FBS football players and D1 basketball players amateurs. You have Texas A&M boosters literally breaking out these NIL deals into contracts that are paid over four years to keep the player there. How is that different that a pro contract with a team in terms of whether they are amateur athletes? I don't know if or when the IRS looks into this, but it will happen at some point, either through this litigation, or ****ing off a school associated with the wrong congressperson, if the big schools don't break out the revenue sports before then. They are playing Russian roulette if they try to get aggressive.

The beneficiary angle is interesting & something I hadn’t considered.

As to your last paragraph, my guess would be that uncompensated players will sue. Think, backups at Akron.

I’m not familiar with any of the prior litigation regarding amateurism, but my guess is that the recent Supreme Court decision probably gives them standing that they previously didn’t enjoy.

I haven’t looked at Title IX since law school, & I don’t really even follow this stuff in the news, so I’m just shooting from the hip. Are they employees? Eh, I don’t think so. Next thing you know, youth league soccer teams will be trying to unionize and sue the team sponsor. But something has to, and will, give.

 

[Fluffhead]

The beneficiary angle is interesting & something I hadn’t considered.

As to your last paragraph, my guess would be that uncompensated players will sue. Think, backups at Akron.

I’m not familiar with any of the prior litigation regarding amateurism, but my guess is that the recent Supreme Court decision probably gives them standing that they previously didn’t enjoy.

I haven’t looked at Title IX since law school, & I don’t really even follow this stuff in the news, so I’m just shooting from the hip. Are they employees? Eh, I don’t think so. Next thing you know, youth league soccer teams will be trying to unionize and sue the team sponsor. But something has to, and will, give.

I have no idea. I truthfully don’t think anyone does. It is such a cluster. You have a Supreme Court decision, 50 state laws, a toothless NCAA, and a bunch of 18-21 year olds making a bunch of money that they now need to make sure they are withholding and paying taxes on. What could go wrong?

 

[kryptonite]

I just think they’ll do what they’ve always done. Pick fights they can’t lose with schools they don’t like. That’s us. So even when we haven’t done anything, they’ve proven they can and will “investigate” us for years even if there’s nothing wrong. So we can talk all the sh*t we want, but we’re still at their mercy should they decide they feel like messing with us about non-NIL stuff.

Bags won’t stop - they’ll increase - with lawful means of delivery. Their teeth are limited. They can’t do a thing against laws of the land. They supersede the NCAA. The NCAA cannot take away a lawful right. They’ll get destroyed in court. They’re afraid of that fight - believe me - as they know it will undermine their feared authority even more. They need to bust people on violations of dead periods, which is within their control.

 

[TheOriginalCane]

I have no idea. I truthfully don’t think anyone does. It is such a cluster. You have a Supreme Court decision, 50 state laws, a toothless NCAA, and a bunch of 18-21 year olds making a bunch of money that they now need to make sure they are withholding and paying taxes on. What could go wrong?

You know what's going on with me (a bit). Last couple of days, I found out that my new employer purchased a company last year, and that this new entity has been COLLECTING, but not paying, sales tax for the last five months. Multiple jurisdictions. And the numbers are sizable...

What could go wrong?

If you don't see me posting for the next couple of months, just say a prayer for me and remember that I'll be back...

 

[OriginalCanesCanesCanes]

I just think they’ll do what they’ve always done. Pick fights they can’t lose with schools they don’t like. That’s us. So even when we haven’t done anything, they’ve proven they can and will “investigate” us for years even if there’s nothing wrong. So we can talk all the sh*t we want, but we’re still at their mercy should they decide they feel like messing with us about non-NIL stuff.

Except this time, if it happens to us, we will start fighting back at the very beginning. Instead of the last time, when we finally grew a pair at the end of the process, after the NCAA’s malfeasance was revealed. As long as we are doing nothing different than the other schools, the NCAA can literally go fūck themselves.

 

[GhostRecon_Cane]

Appreciate you for listening & providing us with a good rundown, because Jah knows I couldn’t listen to a Spaces for longer than a minute or two before I check out. Can’t listen to Spaces or Podcasts unless it’s mentally stimulating, I hate listening to people shoot the sh*t with no flow of conversation or salient points to make lol

And I see the Universe is gonna try force me to invest in paying attention to Cormani McClain’s recruitment lol.

Don’t torture me God, my heart can’t take it...

No problem brother lol.

 

[kryptonite]

Except this time, if it happens to us, we will start fighting back at the very beginning. Instead of the last time, when we finally grew a pair at the end of the process, after the NCAA’s malfeasance was revealed. As long as we are doing nothing different than the other schools, the NCAA can literally go fūck themselves.

I don't think our response to the last fiasco was on us. It's unpopular now, but donna did a decent job with that. There's literally no precedent for anyone fighting back against the NCAA and winning, what we were able to get out of that was the best-case scenario. And even then, we took a recruiting hit for years as that sh*t dragged on. The NCAA has ruled with an iron fist for a long long time. What I find funny is that everyone thinks that's somehow changed all of a sudden. Sure, it looks like we may be headed there, but it's far from too late for the NCAA to tie us up in knots for years if they so choose. I think everyone's optimism is a bit premature. You can bet the NCAA isn't toothless yet, and they won't go down without a fight.

 

[OriginalCanesCanesCanes]

I don't think our response to the last fiasco was on us. It's unpopular now, but donna did a decent job with that. There's literally no precedent for anyone fighting back against the NCAA and winning, what we were able to get out of that was the best-case scenario. And even then, we took a recruiting hit for years as that sh*t dragged on. The NCAA has ruled with an iron fist for a long long time. What I find funny is that everyone thinks that's somehow changed all of a sudden. Sure, it looks like we may be headed there, but it's far from too late for the NCAA to tie us up in knots for years if they so choose. I think everyone's optimism is a bit premature. You can bet the NCAA isn't toothless yet, and they won't go down without a fight.

I’d like to see them ding us for the same exact thing that other schools are doing - and it can be easily proven. That’s where I think we go to the mats with lawyers.

Just look at it from a big picture perspective.

If what we’re doing is no different than what everyone else is doing, how they can’t touch us?

I don’t see how they can just selectively single out a school that is doing the same thing everyone else is.

 

[KANE]

Everybody has been saying Tropical Park since before they tore down the OB

This!

 

[Bunker Mentality]

Fake insiders getting mad at fake insiders. You love to see it.

 

[kryptonite]

I’d like to see them ding us for the same exact thing that other schools are doing - and it can be easily proven. That’s where I think we go to the mats with lawyers.

Just look at it from a big picture perspective.

If what we’re doing is no different than what everyone else is doing, how they can’t touch us?

I don’t see how they can just selectively single out a school that is doing the same thing everyone else is.

Again, it’s not all about NIL. All the other rules didn’t cease to exist. And you know how finicky those recruiting rules can be. And you also know they can just investigate for a few years then find nothing, but in the meantime you suffer.

 

[OriginalCanesCanesCanes]

Again, it’s not all about NIL. All the other rules didn’t cease to exist. And you know how finicky those recruiting rules can be. And you also know they can just investigate for a few years then find nothing, but in the meantime you suffer.

I’m focusing on the NIL because that’s how schools like Miami can level the playing field versus schools that blatantly pay salaries like Alabama

 

[kryptonite]

I’m focusing on the NIL because that’s how schools like Miami can level the playing field versus schools that blatantly pay salaries like Alabama

I know, and I agree. I just think it’s premature to assume there’s no danger form the ncaa.

 

[MidnightCane]

The SPAC hasn't happened yet.

If that SPAC falls through…This will be Ruiz

 

[Ajcane8]

If that SPAC falls through…This will be Ruiz

I mean, he’s still a billionaire. Just your run of the mill everyday yacht fleet having-island owning-Bugatti driving billionaire. Not the mercenary army wielding-mars colonizing billionaire that he might become. Even if the 20+ billion spac valuation isn’t perfectly kosher, I still think the Ruiz clan might be able to lift a few couch cushions and find some millions to help their nourishing mother.

 

[ssvir]

“Ruiz favorite location is Tropical Park because there is already a small stadium there and it can continue to be used for the community in terms of SFla high school football with plenty land for a new stadium. Early renderings of said stadium look like “a modernized Orange Bowl with a retractable roof” - these were Ruiz’s words.”

Imagine Miami turning down a free, state of the art Orange Bowl stadium because Broward fans don’t want to travel to Miami.

Not the point.

Instead of a $500M stadium investment have him put 1/2 that into a trust, invest it, then dole out $15-25M a year for NIL deals.

Which would be better for recruiting? Player gets $25-250k a year depending on talent/marketability or getting to play in a stadium closer to campus?

 

[MidnightCane]

I mean, he’s still a billionaire. Just your run of the mill everyday yacht fleet having-island owning-Bugatti driving billionaire. Not the mercenary army wielding-mars colonizing billionaire that he might become. Even if the 20+ billion spac valuation isn’t perfectly kosher, I still think the Ruiz clan might be able to lift a few couch cushions and find some millions to help their nourishing mother.

Yes. But can he still build us