We Will Collective contributor numbers

[BCClone]

I know exactly what they do. If I give to the AD I know how much building projects costs and how much coaches get paid. I know where my money goes.

And if we don't donate we still buy tickets and merch. With a collective, as a private entity, they're paying athletes but rely on donations to do so.

Again, I know exactly what's going on. I'm simply saying peel back the layers of it and at its core it's a private entity relying on other people's money to pay a salary to their "employees". It's a middleman.

Then don’t donate to it, but wanting something that will completely throw the major sports into a mess is not supporting ISU. I take it you have never donates to private charities before. I’ve been on both sides of them, and they are private for very good reasons.

 

[Die4Cy]

It will continue to improve. The people who experienced the most athletic success as students at ISU are still in the demographic of those least able to donate. The people who appear to be in that position now are the people who came up in the Criner/Walden era and just don't have the same connection to sports at ISU to be a broad base of supporters.

That sounds like an excuse, but ISU went 20 years without a winning season in football, that's a huge swath of alumni who never got the connection to football that many of the rest of us did. And sustained success in football and basketball is an incredibly recent thing here.

 

[Mr.G.Spot]

So a salary. A wage.

Why should I pay a private entity to pay someone? Their employer should pay them...

Great question. Our NIL is a true charity. The recipients of money have to do something charitable to maintain our charitable status. A lot of Nils are not charities; hence the donations to them are not tax deductible and the recipients don't have to do charity work.

The IRS loves these non-charitable NILs. These individuals will have taxable income and the payments going into these Nils will not be a charitable donation. The government loves these because their tax receipts went up because you have crazy people, that give money to an entity, that's going to distribute money to people that do nothing but play for their favorite school and it creates tax receipts for the State and US Treasury.

The first weekend the Supreme Court overruled the NCAA, an nil was created at the University of Texas that raised $10 million for nothing other than offensive lineman. $10 million dollars will earn approximately $500,000 a year. Divide that into 12 scholarship players that are on the offensive line and these scholarship players are getting room, board, tuition, and a taxable income stream of $45,000/yr. from the nil for just being a scholarship offensive lineman at UT.

To my knowledge, WeWill, is a true 501c3. Payments into WeWill are tax deductible and any payments that we will make to any athlete or entity will be taxable to that recipient. Some players will create an LLC for their own income stream. That player, or their LLC, will then have to pay all related taxes on any money received to state and federal governments.

Even though a WeWill recipient of dollars have to do charity work, they still owe taxes to the state and federal government on dollars received. The recipients of WeWill's money are not grantees or acting as another charitable entity like the United Way. The United Way, a 501c3, distributes money to many other 501c3s. On the form 990, which is public information, a true charitable Foundation only has two list the top salary employees of that entity and not who they give payments to.

Sorry for the long-winded answer. It's hard to start and stop on this topic and truly depict what is going on. Brent Blum can confirm, deny, and obviously get into more details if he feels the need to.

 

[BCClone]

It will continue to improve. The people who experienced the most athletic success as students at ISU are still in the demographic of those least able to donate. The people who appear to be in that position now are the people who came up in the Criner/Walden era and just don't have the same connection to sports at ISU to be a broad base of supporters.

That sounds like an excuse, but ISU went 20 years without a winning season in football, that's a huge swath of alumni who never got the connection to football that many of the rest of us did. And sustained success in football and basketball is an incredibly recent thing here.

While i agree with most of what you said, please don't exaggerate like that. That was Iowa that did that, not us.

 

[brentblum]

Great question. Our NIL is a true charity. The recipients of money have to do something charitable to maintain our charitable status. A lot of Nils are not charities; hence the donations to them are not tax deductible and the recipients don't have to do charity work.

The IRS loves these non-charitable NILs. These individuals will have taxable income and the payments going into these Nils will not be a charitable donation. The government loves these because their tax receipts went up because you have crazy people, that give money to an entity, that's going to distribute money to people that do nothing but play for their favorite school and it creates tax receipts for the State and US Treasury.

The first weekend the Supreme Court overruled the NCAA, an nil was created at the University of Texas that raised $10 million for nothing other than offensive lineman. $10 million dollars will earn approximately $500,000 a year. Divide that into 12 scholarship players that are on the offensive line and these scholarship players are getting room, board, tuition, and a taxable income stream of $45,000/yr. from the nil for just being a scholarship offensive lineman at UT.

To my knowledge, WeWill, is a true 501c3. Payments into WeWill are tax deductible and any payments that we will make to any athlete or entity will be taxable to that recipient. Some players will create an LLC for their own income stream. That player, or their LLC, will then have to pay all related taxes on any money received to state and federal governments.

Even though a WeWill recipient of dollars have to do charity work, they still owe taxes to the state and federal government on dollars received. The recipients of WeWill's money are not grantees or acting as another charitable entity like the United Way. The United Way, a 501c3, distributes money to many other 501c3s. On the form 990, which is public information, a true charitable Foundation only has two list the top salary employees of that entity and not who they give payments to.

Sorry for the long-winded answer. It's hard to start and stop on this topic and truly depict what is going on. Brent Blum can confirm, deny, and obviously get into more details if he feels the need to.

This is actually spot on.

 

[TrailCy]

Then don’t donate to it, but wanting something that will completely throw the major sports into a mess is not supporting ISU. I take it you have never donates to private charities before. I’ve been on both sides of them, and they are private for very good reasons.

If you read my previous posts you'll know I mentioned we donate to several and they always publish where their funds go. Always.

Let me be clear, I am not criticizing the people who run or donate to these things. I am looking at it from a incredibly basic perspective...

You're saying Joe Smith donates to a non-profit and that non-profit turns around and gives taxable income to students, and because it's taxable income the payments are confidential. What other non-profits exist whose sole purpose is to give cash to people directly yet not tell you how much or where donor money goes.

 

[cycloneworld]

This isn't aimed at just you, but I get tired of people knocking how much money Iowa State fans donate to athletics.

For the 22-23 year per Sportico' s College financial summary

Sportico’s Intercollegiate Finance Database

Sportico is maintaining an interactive, real-time database that tracks the official balance sheets of public FBS university athletic departments.

www.sportico.com

Iowa State had about $116 million of total revenue for athletics, with over $29 million from donations.

Kansas State had a just over $102 million of revenue and donations around $25 million.

If you are going to pitch the old thesis that Iowa State does a terrible job raising donations, please use something more current. I think it has almost 10 years since our donation levels were $12 million. These numbers don't even count the donations for the facilities.

Over half of the $90 million Stark building came from private donations as an example.

Bloom has indicated that over 6,000 fans have given some gift to We Will. That number is pretty close to the number of donors to the National Cyclone Club.

Maybe this will stop the constant narrative that Iowa State is so poor and we have a terrible donation base.

The narrative around how far We Will is behind everyone else also gets tiring. We don’t know that since everything is so opaque from total donations to spending and we don’t know what other collectives have.

 

[BCClone]

If you read my previous posts you'll know I mentioned we donate to several and they always publish where their funds go. Always.

Let me be clear, I am not criticizing the people who run or donate to these things. I am looking at it from a incredibly basic perspective...

You're saying Joe Smith donates to a non-profit and that non-profit turns around and gives taxable income to students, and because it's taxable income the payments are confidential. What other non-profits exist whose sole purpose is to give cash to people directly yet not tell you how much or where donor money goes.

So every private non profit you donate to sends you a list of everyones' salaries? Thankfully the medium sized one (roughly 540 employees) that I worked at, didn't receive donations from you otherwise all our salaries would have been published in the paper.

 

[BCClone]

If people don't like not knowing where every penny goes, don't donate to it. It is pretty simple. Give your money to the Cyclone club. Then again, I've never received notification of what they spend on random transportation, entertainment expenses, and other random things.

 

[Cyched]

So every private non profit you donate to sends you a list of everyones' salaries? Thankfully the medium sized one (roughly 540 employees) that I worked at, didn't receive donations from you otherwise all our salaries would have been published in the paper.

Every charitable donation I've made, I've never received anything beyond the tax receipt. I don't really care who is donating and how much.

Charities do make their financial statements available showing how much $$ went to salaries, research, etc. etc.

 

[chadly82]

Because he doesn't care about ISU athletics enough to donate $2 million to directly pay a bunch of 20 year olds. Like I said, he isn't T Boone Pickens or one of these billionaires who is obsessed with their favorite college sports programs.

If you want to play semantics with my use of "could", go for it. The point was clear. Assuming Albaugh is going to fork over millions of dollars every year for our NIL fund is a huge assumption. An NIL fund is not the same as donating to academic programs or athletic facilities with your name on it.

Which is exactly why a lot of former athletes don’t want to donate to NIL. I agree with them as well. I donate….a little but I will def buy pizza and beer to help as well. Other than that I struggle with the idea of fans paying as much as they do at this point hoping it pays off for a year at a time.

 

[BCClone]

Every charitable donation I've made, I've never received anything beyond the tax receipt. I don't really care who is donating and how much.

Charities do make their financial statements available showing how much $$ went to salaries, research, etc. etc.

He doesn't want how much is was paid in total, he wants to know how much each received.

 

[Cyched]

He doesn't want how much is was paid in total, he wants to know how much each received.

Yeah and as a WW donor I don't really care how much Player A is receiving compared to Player B.

I do agree with the concerns over sharing even a modest breakdown given the no rules environment. If competition is after a player they could "reverse engineer" how much an ISU player is making and try for the offer they can't refuse. Can't wait until this phase is over.

 

[TrailCy]

So every private non profit you donate to sends you a list of everyones' salaries? Thankfully the medium sized one (roughly 540 employees) that I worked at, didn't receive donations from you otherwise all our salaries would have been published in the paper.

So now you're saying Iowa State students are employees of We Will?

 

[BCClone]

So now you're saying Iowa State students are employees of We Will?

UUUhhhhhhh..........Either you have not been paying attention one bit at all or you just had an epiphany; because that is exactly how WeWill is set up. Congratulations, you now understand the working of WeWill.

 

[TrailCy]

He doesn't want how much is was paid in total, he wants to know how much each received.

No, if like to know how much the football team got. Or the basketball team, etc.

Someone earlier said they know how much each Texas lineman were getting from their NIL. Obviously that NIL didn't keep it a secret.

How about this basic question:

How much has WW received and how much has it given out to players in aghregate? Two simple numbers. No names, just numbers. If a nonprofit can't even share how much they've fundraised or spent ... That seems incredibly unusual.

 

[Cyclone Pfan]

No, if like to know how much the football team got. Or the basketball team, etc.

Someone earlier said they know how much each Texas lineman were getting from their NIL. Obviously that NIL didn't keep it a secret.

How about this basic question:

How much has WW received and how much has it given out to players? Two simple numbers. No names, just numbers. If a nonprofit can't even share how much they've fundraised or spent ... That seems incredibly unusual.

We Will Collective Incorporated - Nonprofit Explorer - ProPublica

Since 2013, the IRS has released data culled from millions of nonprofit tax filings. Use this database to find organizations and see details like their executive compensation, revenue and expenses, as well as download tax filings going back as far as 2001.

projects.propublica.org

Can we now stop the trolling?

 

[TrailCy]

We Will Collective Incorporated - Nonprofit Explorer - ProPublica

Since 2013, the IRS has released data culled from millions of nonprofit tax filings. Use this database to find organizations and see details like their executive compensation, revenue and expenses, as well as download tax filings going back as far as 2001.

projects.propublica.org

Can we now stop the trolling?

This is helpful, thank you.

 

[Mr.G.Spot]

No, if like to know how much the football team got. Or the basketball team, etc.

Someone earlier said they know how much each Texas lineman were getting from their NIL. Obviously that NIL didn't keep it a secret.

How about this basic question:

How much has WW received and how much has it given out to players in aghregate? Two simple numbers. No names, just numbers. If a nonprofit can't even share how much they've fundraised or spent ... That seems incredibly unusual.

They will have to. It is called form 990. It gives totals, but it does not give details. However, it will give the salaries of the top employees. As I understand it, Brent Blum receives nothing from WeWill. His salary is paid privately by other people. 99% of our proceeds of WeWill goes to the players. There's no rent, overhead, or employees. That being said, I am sure there are some legal and accounting expenses to keep WeWill in compliance and to file its form 990.

 

[Mr.G.Spot]

No, if like to know how much the football team got. Or the basketball team, etc.

Someone earlier said they know how much each Texas lineman were getting from their NIL. Obviously that NIL didn't keep it a secret.

How about this basic question:

How much has WW received and how much has it given out to players in aghregate? Two simple numbers. No names, just numbers. If a nonprofit can't even share how much they've fundraised or spent ... That seems incredibly unusual.

I was the person that talked about the NIL for the University of Texas offensive lineman. They are not a charity and they went public with all their data and information as part of their strategy. How they are doing it really has nothing to do with how WeWill is trying to do it. Stop conflating the two.