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Amid NCAA Transfer Portal, Questions Arise About NIL Collective Taxes

12/19/2022

Just over a year ago, the NCAA announced its new NIL (name, image, likeness) policy, allowing college athletes to receive compensation for the use of their face, name, or other identifying features for the first time.

Credit: Tim Warner/Getty Images

Now, with the NCAA transfer portal in full swing, questions have arisen about how NIL collectives will be treated under the United States tax code.

These collectives, as explained by one recent article, are "typically organized and designed as charitable organizations...[freeing up] additional funds from boosters and alums to players, providing that players contribute some time to the collective’s charitable work."

Numerous schools in Power Five conferences have started these collectives, already generating tens of millions of dollars to support NIL activities for student athletes.

The University of Texas's Horns With Heart organization, for example, is guaranteeing scholarships of $50,000 to each offensive lineman on the Texas Longhorns football team. This nonprofit is funded by the Clark Field Collective, and has over $10 million in its reserves alone.

Indiana University's Hoosiers For Good has followed a similar 501(c)(3) model.

Credit: Carly Mackler/Getty Images

In addition, states like Tennessee and Alabama have repealed their NIL laws, allowing coaches and university officials to work directly with NIL collectives. This effectively removes any fundraising red tape.

Florida, Kentucky and Virginia are among other major college sports states attempting to pass similar legislation in the near future.

But what does all of this mean for donors' tax bills?

In many cases, seemingly, donating to an NIL collective will lead to a major tax break. The aforementioned article noted, for instance, that all donations made to Hoosiers For Good are now tax deductible.

It is intriguing, though, that only some NIL collectives have filed for -- and been granted -- tax-exempt status. Others are classified as for-profit organizations. At this time, since these organizations are so new, one of the biggest questions for taxpayers is whether or not they will be able to maintain their 501(c)(3) status after an IRS audit.

The Internal Revenue Service simply hasn't had time to audit NIL collectives since their inception.

Credit: Ed Zurga/Getty Images

The tax agency reserves the right to revoke any tax-exempt organization's status if it is found to be operating outside of the charitable parameters set forth in its application.

The future of NIL collectives is still in flux, and it is highly likely that the IRS will issue regulatory notices in the future.

Have you donated to an NIL collective for your favorite college team?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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