Maybe the big push will be to make more worthwhile "perks" available as donation level increases. If the AD is looking for more $25,000 donors, then I assume there will be more perks made available.
It will be interesting to see what the changes will bring.
There are a couple of categories via ISU Foundation (building fund, scholarship fund etc) that are 100% deductible. You don't get an Cyclone Club membership for these and don't count as contributions for tickets, these fall into the same category as non-athletic department donations. I used to get Cyclone Club membership levels annually for contributions to these funds but that stopped in 2018 (?). Didn't matter to me since I don't buy season tickets as an out of stater. Allows me to contribute and still deduct as charity.
Ordinary and necessary costs you incur in running your business can be deducted from your income, which reduces the amount of tax that you will owe. Marketing, sales and employee engagement are necessary costs fpr most businesses
Not deductible. Entertainment expenses. Tickets are basically the same as a golf course membership. The drinks and meals? Maybe deductible. The cost of tickets or green fees are not deductible.
Ordinary and necessary costs you incur in running your business can be deducted from your income, which reduces the amount of tax that you will owe. Marketing, sales and employee engagement are necessary costs fpr most businesses
Examples of Nondeductible Entertainment
Entertainment events.
Generally, you can't deduct any expense for an entertainment event. This includes expenses for entertaining guests at nightclubs; at social, athletic, and sporting clubs; at theaters; at sporting events; on yachts; or on hunting, fishing, vacation, and similar trips. Entertainment facilities.
Generally, you can’t deduct any expense for the use of an entertainment facility. This includes expenses for depreciation and operating costs such as rent, utilities, maintenance, and protection.
An entertainment facility is any property you own, rent, or use for entertainment. Examples include a yacht, hunting lodge, fishing camp, swimming pool, tennis court, bowling alley, car, airplane, apartment, hotel suite, or home in a vacation resort. Club dues and membership fees.
You can’t deduct dues (including initiation fees) for membership in any club organized for business, pleasure, recreation, or other social purposes.
This rule applies to any membership organization if one of its principal purposes is either:
To conduct entertainment activities for members or their guests; or
To provide members or their guests with access to entertainment facilities, discussed later.
The purposes and activities of a club, not its name, will determine whether or not you can deduct the dues. You can’t deduct dues paid to:
Country clubs,
Golf and athletic clubs,
Airline clubs,
Hotel clubs, and
Clubs operated to provide meals under circumstances generally considered to be conducive to business discussions.
Gift or entertainment.
Any item that might be considered either a gift or entertainment generally will be considered entertainment. However, if you give a customer packaged food or beverages that you intend the customer to use at a later date, treat it as a gift.
Examples of Nondeductible Entertainment
Entertainment events.
Generally, you can't deduct any expense for an entertainment event. This includes expenses for entertaining guests at nightclubs; at social, athletic, and sporting clubs; at theaters; at sporting events; on yachts; or on hunting, fishing, vacation, and similar trips. Entertainment facilities.
Generally, you can’t deduct any expense for the use of an entertainment facility. This includes expenses for depreciation and operating costs such as rent, utilities, maintenance, and protection.
An entertainment facility is any property you own, rent, or use for entertainment. Examples include a yacht, hunting lodge, fishing camp, swimming pool, tennis court, bowling alley, car, airplane, apartment, hotel suite, or home in a vacation resort. Club dues and membership fees.
You can’t deduct dues (including initiation fees) for membership in any club organized for business, pleasure, recreation, or other social purposes.
This rule applies to any membership organization if one of its principal purposes is either:
To conduct entertainment activities for members or their guests; or
To provide members or their guests with access to entertainment facilities, discussed later.
The purposes and activities of a club, not its name, will determine whether or not you can deduct the dues. You can’t deduct dues paid to:
Country clubs,
Golf and athletic clubs,
Airline clubs,
Hotel clubs, and
Clubs operated to provide meals under circumstances generally considered to be conducive to business discussions.
Gift or entertainment.
Any item that might be considered either a gift or entertainment generally will be considered entertainment. However, if you give a customer packaged food or beverages that you intend the customer to use at a later date, treat it as a gift.
I'm guessing we get a new $25K+ level. Directors moves to $15K-$24,999. Victory goes $7500-$14,999. Captains $4K-$7499. Gold $1K-$4K
You'll have to give $15K plus to get Johnny's tickets.
Iowa economy just grew by 7.7% last quarter, BLOWING AWAY our peers in the region. Leading that charge was the AG economy. Stock market has been GREAT. I bet the Cyclone Club is getting VERY busy with 2021 tax planning season and gifts are on the rise. A couple more football wins would REALLY help though
There are a couple of categories via ISU Foundation (building fund, scholarship fund etc) that are 100% deductible. You don't get an Cyclone Club membership for these and don't count as contributions for tickets, these fall into the same category as non-athletic department donations. I used to get Cyclone Club membership levels annually for contributions to these funds but that stopped in 2018 (?). Didn't matter to me since I don't buy season tickets as an out of stater. Allows me to contribute and still deduct as charity.
If you want to directly help the football team and receive a deduction, consider giving an additional donation to the Cyclone Gridiron Club.https://www.cyclonegridironclub.com(You also receive 5 priority points per year for doing this)
If you want to directly help the football team and receive a deduction, consider giving an additional donation to the Cyclone Gridiron Club.https://www.cyclonegridironclub.com(You also receive 5 priority points per year for doing this)
Here is what I am reading into re-indexing (asking for more $). Here are the benefits:
1) Matt Campbell and staff stays for a long time.
2) Parking lots get resurfaced.
3) Other facilities get upgraded.
4) Wrestling brings home a natty.
5) Annual beatdown of Hoks in all sports.
This. Although, to me, #1 is atop the list and nothing else is really close. Would never happen but Id love for Campbell to openly say he’s staying for a decade and that we all need to donate more to take this team into the top levels of CFB. I bet we’d see the money roll in.
This. Although, to me, #1 is atop the list and nothing else is really close. Would never happen but Id love for Campbell to openly say he’s staying for a decade and that we all need to donate more to take this team into the top levels of CFB. I bet we’d see the money roll in.
Sometimes the money needs to roll in before number 1 happens. Until we get in the upper half of the big12 in donations to the athletic department there will be no coach that does what u are saying.
We are great fans, but we need to start writing checks. Time to step up. The time to give has never been so important when u look 5-20 years down the road.
Step up, write checks and help Jamie and the university try to control our destiny. Otherwise, quit complaining about Jamie and the university.
I assume that number is getting smaller but do you know how many of those there were and/or are now? Are those tickets for the original buyers only or can they be passed to family members?
IMO too many people don’t realize it’s out there, what it does or how inexpensive it is to help out. We found out about it when a board member sat next to my husband on a plane and suggested we contribute.
