Announcement

Collapse
No announcement yet.

UCATS tax incentive gone ?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • UCATS tax incentive gone ?

    I’m going to let everyone read this for themselves and stay out of the politics of it but if this goes through as written UCATS will take a big hit from this.

    http://www.newsobserver.com/news/pol...182403556.html
    Brent Wyrick
    92 Final Four Front Row
    @LobotC2DFW

  • #2
    In a word, this tax bill & aspects of it "SUCK."

    Comment


    • #3
      Everybody complains about how complicated our US tax system is, and say it needs to be made simpler. How can it become simpler if all these niche deductions remain in place? I'd rather have more disposable income to do with as I wish than to have to spend money just to get a deduction.

      Comment


      • #4
        It's to early to conclude on any of this. It becomes a tradeoff between deductions and rates. Until all the dust settles way to early to tell. These things have a life of their own.

        Comment


        • #5
          I find it interesting how many people want some sort of change in policy for our government, but as soon as that change effects your bottom line, it's the worst thing in the world. Yeah, it might hurt your deduction, but is also helps if you don't normally itemize these things on your taxes. By not itemizing, you will save more in taxes under this plan. Unless you are really rich...

          Comment


          • #6
            I'm not so much concerned about myself. I posted this because of the trickle down effect on the Athletic Dept and the University as a whole.

            I'm just saying some, not all, donors may be reluctant to give to UCATS and buy season tickets are less likely to do so if you can't write a portion of it off. If that in turn causes a slow down in UCATS being able to fund the Dept, Scholarships, Teams etc. That's a net negative for all our fans in the long run. If you have less money to spend in the sports rat race, the product will eventually go downhill unless you're lucky and hit the jackpot continously on coaches and their ability to recruit.

            I'm sure someone out there is thinking, well, athletics is not supposed the focus of a university anyway. That person would be correct. However, as I've pointed out to the professor's union head a while back, that ship sailed long ago. Unless the FBI or Govt. take apart the whole system, this is the system we currently have.

            It's not just about sports. I donate to other interests within UC other than UCATS. If this portion of the tax reform bill remains in effect, it may crash personal donations from alumni for all of the Foundation's funds. That's bad for UC.
            Brent Wyrick
            92 Final Four Front Row
            @LobotC2DFW

            Comment


            • #7
              Works likes it actually worse than I thought.

              https://www.usatoday.com/story/sport...ing/830583001/
              Brent Wyrick
              92 Final Four Front Row
              @LobotC2DFW

              Comment


              • #8
                Well, just got this from UCATS.

                In an effort to assist you with your contributions to the University of Cincinnati we want to make you aware of the proposed tax bill legislation and the potential impact it will have on future priority seating gifts within UCATS (i.e. ticket related giving). If the bill is passed prior to December 31, the proposed changes will likely take effect January 1, 2018. To take advantage of the current tax law, we encourage you to consider the following prior to year-end:
                • If you have an annual pledge with respect to football or men’s basketball priority seating you may want to complete your pledge in the 2017 tax year to preserve the current tax benefits associated with your gift. The proposed legislation could eliminate the tax deductibility of such gifts. These gifts will be receipted by the UC Foundation in 2017; however, priority points will not be credited to your UCATS account until 2018 and therefore will not impact your priority ranking for the Fifth Third Arena Seat Selection process.
                • You may also consider making payment on any multi-year capital gift or endowment pledge this year, rather than next year or in future years. Changing tax rates may decrease the tax benefits of your charitable deduction in future years.
                • Please note any prepayment is non-refundable. However, we can reallocate funds in the event your prepayment is greater than your future priority seating gift requirement.

                To make a gift:
                • Call the UCATS Office at 513-556-4884 between the hours of 8:30 AM – 5:00 PM by Friday, December 22nd or between the hours of 11:00 AM – 1:00 PM from December 27th through December 29th.
                • Checks can be mailed to the UCATS Office (PO Box 210021 Cincinnati, OH 45221) and must be post-marked by December 31st, 2017.
                • Stock or wire transfers should be completed by Friday December 29th at 5:00 PM. Please call the UCATS Office for instructions.


                We encourage you to consult your tax advisor to determine whether this opportunity is of value to you.
                Brent Wyrick
                92 Final Four Front Row
                @LobotC2DFW

                Comment


                • #9
                  Originally posted by Lobot View Post
                  Works likes it actually worse than I thought.
                  https://www.usatoday.com/story/sport...ing/830583001/

                  No, it's not good for college athletics https://www.usatoday.com/story/sport...ons/968741001/ -with bonus quote from Mike Bohn.

                  But, going with the overall theme of the bill, pro sports will be fine as the tax-exempt bonds for stadiums are preserved https://www.wsj.com/articles/gop-is-...aul-1513376474
                  McMicken College of Arts & Sciences 1999

                  Comment


                  • #10
                    One thing that I didn't pick up on first read is that the UCATS letter that was sent out above is only concerned with the donations related to seat fees. Doesn't say anything about other donations to specific sports funds. At least not yet. I haven't been able to determine if the bill affects general giving to the university. I've been told that it does but haven't seen specifics. If anyone has a link to the bill, please post it if you find it before me.
                    Brent Wyrick
                    92 Final Four Front Row
                    @LobotC2DFW

                    Comment


                    • #11
                      OK so I received a letter from UCATS and the tax deduction for the UCATS fee required to purchase season tickets is gone.

                      Here's the highlights of the letter:
                      • The 80-percent deduction for priority seating gifts (i.e. ticket-related giving) has been eliminated. Therefore, annual per-seat donations required for season tickets are no longer considered a charitable gift.
                      • Priority seating gifts are no longer eligible for charitable matching gift programs.
                      • Donor-advised funds, charitable gift funds and payments from IRAs or private foundations cannot be used to pay for priority seating gifts. However, they can support any 100% deductible fund, including:
                        • UCATS General Fund (annual student-athlete scholarships)
                        • Fifth Third Arena or other capital projects
                        • Scholarship Endowments
                        • Women’s Excellence Fund



                      I think the gist of this is that if you're buying season tickets exclusively as a write-off you'd be better off tax wise rerouting that money to the UCATS general fund where you can still claim a deduction on the donation. I wonder how much this will affect season ticket sales for this coming year. Renewals start on Monday
                      Brent Wyrick
                      92 Final Four Front Row
                      @LobotC2DFW

                      Comment

                      Responsive Ad Widget

                      Collapse
                      Working...
                      X