Replies: 20
| visibility 1
|
Varsity [217]
TigerPulse: 100%
Posts: 245
Joined: 4/9/04
|
IPTAY and the new tax laws
Feb 22, 2018, 3:09 PM
|
|
Anybody here got any insight into what IPTAY may be considering for seat equity levels or status levels going forward, since a ton of donor contributions are about to dry up due to no more (or very few) employers that are willing to match donations for no tax deduction?
Think they'll do anything? Or do they leave everything as-is and just let the process "thin the herd" of donors eligible for higher tiers and better seats?
|
|
|
|
Mascot [22]
TigerPulse: 51%
Posts: 35
Joined: 8/19/13
|
Re: IPTAY and the new tax laws
Feb 22, 2018, 3:10 PM
|
|
An employer matching a donation to IPTAY? Where do you work that would be amazing.
|
|
|
|
|
1st Rounder [618]
TigerPulse: 87%
Posts: 879
Joined: 7/9/15
|
Re: IPTAY and the new tax laws
Feb 22, 2018, 3:13 PM
|
|
He must work for Clemson....
|
|
|
|
|
Team Captain [480]
TigerPulse: 100%
Posts: 582
Joined: 11/20/17
|
Re: IPTAY and the new tax laws
Feb 22, 2018, 4:06 PM
|
|
Pssh, Clemson employees only get a $160 credit, IF they already have football season tickets.
|
|
|
|
|
All-TigerNet [13282]
TigerPulse: 100%
Posts: 10012
Joined: 5/11/99
|
It's a tax advantage that's existed, but no longer...
Feb 22, 2018, 3:17 PM
[ in reply to Re: IPTAY and the new tax laws ] |
|
If you owned your own business, you could "match" a donation to an athletic department, and write that off as a business expense.
For example. If you wanted to donate to IPTAY at, say 10K, you could personally write a check for 5K, and write another 5K check from your business, all under your name. Then, you're business could write off the 5K.
|
|
|
|
|
Varsity [217]
TigerPulse: 100%
Posts: 245
Joined: 4/9/04
|
Re: It's a tax advantage that's existed, but no longer...
Feb 22, 2018, 3:35 PM
|
|
Not just business owners. Many large corporations offered this benefit. My employer would match every dollar. Their cutoff was a $15k match.
|
|
|
|
|
Rock Defender [73]
TigerPulse: 100%
Posts: 77
Joined: 9/23/12
|
Re: IPTAY and the new tax laws
Feb 22, 2018, 3:18 PM
[ in reply to Re: IPTAY and the new tax laws ] |
|
Some employers do match donations such as Bridgestone/Firestone in Aiken if you donate 800 they match it and you actually go in at 1600 level in your name
|
|
|
|
|
Varsity [217]
TigerPulse: 100%
Posts: 245
Joined: 4/9/04
|
Re: IPTAY and the new tax laws
Feb 22, 2018, 3:28 PM
[ in reply to Re: IPTAY and the new tax laws ] |
|
An employer matching a donation to IPTAY? Where do you work that would be amazing.
A whole bunch of companies big and small did this. Until this year's new tax law that squashes the tax deduction, my employer would match dollar for dollar up to $15k. This is having a significant impact on college athletics departments everywhere.
So, for the TONS of people taking advantage of this program and donating a certain amount to keep their parking status, they will now be on the hook for double.
|
|
|
|
|
All-In [30934]
TigerPulse: 100%
Posts: 34557
Joined: 6/22/03
|
I've never any1 who had matching booster
Feb 22, 2018, 3:33 PM
|
|
Fund contibrutions.
Mine would match to certain organizations like united way, but never to a booster club.
|
|
|
|
|
Varsity [217]
TigerPulse: 100%
Posts: 245
Joined: 4/9/04
|
Re: I've never any1 who had matching booster
Feb 22, 2018, 3:41 PM
|
|
IPTAY is (was) a 503c scholarship fund. They lose the tax deductibilty due to extending seat rights. This is going to be a huge deal for athletic departments everywhere. There's a ton of folks that were taking advantage of these programs. IPTAY contacted all donors who used these programs with a survey late last year.
|
|
|
|
|
1st Rounder [626]
TigerPulse: 98%
Posts: 1750
Joined: 9/2/03
|
Re: IPTAY and the new tax laws
Mar 5, 2018, 1:26 PM
[ in reply to Re: IPTAY and the new tax laws ] |
|
My wife's employer matches IPTAY donation. Well, did, we will see if they still do it.
|
|
|
|
|
All-In [30934]
TigerPulse: 100%
Posts: 34557
Joined: 6/22/03
|
I doubt they will do anything
Feb 22, 2018, 3:12 PM
|
|
They are riding high. There is already a shortage of seats and parking spots.
Many people choose their donation level based soley on parking. I guy may only need champion to keep his good seats but he donates at Riggs to get better parking.
I dare say no1 chooses a donation level based off tax right offs, or very few.
|
|
|
|
|
Varsity [217]
TigerPulse: 100%
Posts: 245
Joined: 4/9/04
|
Re: I doubt they will do anything
Feb 22, 2018, 3:48 PM
|
|
You're right that not many individuals consider the marginal tax write-off benefit. But businesses do, and are no longer matching as of this year. So that individual using an employer's match will now have to potentially double his or her donation to keep their preferred parking and/or seat equity level.
|
|
|
|
|
CU Medallion [60261]
TigerPulse: 100%
Posts: 42576
Joined: 11/30/98
|
wow, talk about a first-world problem***
Feb 22, 2018, 4:02 PM
|
|
|
|
|
|
|
Varsity [217]
TigerPulse: 100%
Posts: 245
Joined: 4/9/04
|
Re: wow, talk about a first-world problem***
Feb 22, 2018, 4:22 PM
|
|
Yep, and I can see why it is being squashed - the ticket/parking benefit to an individual was essentially partially subsidized by taxpayers.
Was just wondering if anyone here "in the know" with IPTAY had any insight as to what this might change. If anything, I see a benefit to the folks that did not use an employer matching program due to some attrition from folks in higher tiers who did take advantage of this setup but who will now choose not to pick up the difference (double their donation) to hang on to their seat equity and/or parking status.
|
|
|
|
|
110%er [6692]
TigerPulse: 100%
Posts: 11164
Joined: 10/14/07
|
Re: wow, talk about a first-world problem***
Feb 22, 2018, 4:26 PM
|
|
I think IPTAY will be fine. If you were giving $15k and getting it matched, but now only do $15k you're still in the second to the highest tier of IPTAY giving.
|
|
|
|
|
Varsity [217]
TigerPulse: 100%
Posts: 245
Joined: 4/9/04
|
Re: wow, talk about a first-world problem***
Feb 22, 2018, 8:32 PM
|
|
Didn't say that was my donation. Just saying that was the limit on my company's match, for those fortunate enough to be able to afford it. A lot of folks apparently unaware this benefit even existed. My company alone has hundreds of employees that took advantage of this setup, in amounts far less than the max. A whole lot of donation money is going bye-bye.
|
|
|
|
|
Varsity [217]
TigerPulse: 100%
Posts: 245
Joined: 4/9/04
|
Re: wow, talk about a first-world problem***
Feb 22, 2018, 8:40 PM
[ in reply to Re: wow, talk about a first-world problem*** ] |
|
Never said I was donating $15k, just pointing out this was my company's upper limit... some here didn't even know this setup existed. And it is apparently a very big deal that it is going away. My company alone had hundreds of folks taking advantage of this and not all will be doubling their donation now that this is gone.
|
|
|
|
|
110%er [5375]
TigerPulse: 100%
Posts: 4039
Joined: 9/26/00
|
The "waiting list"
Feb 22, 2018, 4:30 PM
|
|
Lower level seats are a minimum of $10,500 pear year. And it's oversold. There are people paying at that level (the Heisman Level) who are still sitting in the upper deck because of points and years of giving ahead of them. If you want a shot at lower level seats, you have to give at the higher Riggs Level - $25,000 per year - to jump any of those Heisman Level donors.
BUT... As long as ANYONE at ANY level pays an IPTAY fee at or higher than the seat equity plan, your same seats are guaranteed every year.
In short, it's very hard to improve your current seats at any level of giving, and there are plenty of people willing to make up the loss that MIGHT be associated with the new tax laws.
|
|
|
|
|
Varsity [217]
TigerPulse: 100%
Posts: 245
Joined: 4/9/04
|
|
|
|
|
Mascot [21]
TigerPulse: 93%
Posts: 51
Joined: 8/4/15
|
Re: IPTAY and the new tax laws
Mar 5, 2018, 12:56 PM
|
|
I've been donating to IPTAY for the last 4 years and my company has always matched but this year it stopped because of the tax laws. I was at the $2,400 Howard level with 2 seats in the upper deck. So I was essentially paying 600% above seat equity. My parking was in lot 10 which I am pleased with. In order for me to keep my parking I have to pay an extra $200. I will plan on doing that this year but next year I guess I'll start paying the minimum seat equity and park at the Y Beach.
|
|
|
|
Replies: 20
| visibility 1
|
|
|