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MEAN GREEN CLUB TAX INFO

greenjoe

By greenjoe
in Mean Green Football

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greenjoe Grand Master

greenjoe

Posted
Posted

I got a note from the Athletic Department regarding changes to the 80% tax deduction on Mean Green Club membership.  If the new tax bill passes, membership to the Mean Green Club will no longer be tax deductible at the rate of 80% as in the past.  This change ONLY affects donations that are tied to ticket purchases.  For example, I must make a Mean Green Club donation in order to purchase season tickets.  I currently am able to deduct 80% of that gift.  If I don't have season tickets and just want to send the Athletic Department some money or if I'm a member of the MGC and DO NOT purchase tickets, I can still get the 80% deduction. 

The solution, at least in the short term is to make your next year's MGC donation before December 31.  Then, when season tickets come due, you'll only owe the amount of tickets and no further MGC donation. 

This couldn't come at a worse time but here we are.  If there is any solace to be had here, other schools are in the same boat. 

Merry Christmas Mean Green Club members. 

GO MEAN GREEN

MDH Rising Star

MDH

Posted
Posted

Just an added tidbit - many fewer individuals will be itemizing under the new tax  package, so keep that in mind. You may need to load charitable donations (every other year) for your itemized deductions to exceed the new, higher standard deduction.

keith Veteran

keith

Posted
Posted

Or just sever the link between Mean Green Club donations and season ticket purchases.  If you want season tickets, buy season tickets.  Don't make people "donate" to the Mean Green Club.  If you want to make a charitable donation to UNT athletics (Mean Green Club), make a donation, but don't tie it to season ticket purchases.

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meangreenJW Enthusiast

meangreenJW

Posted
Posted
30 minutes ago, keith said:

Or just sever the link between Mean Green Club donations and season ticket purchases.  If you want season tickets, buy season tickets.  Don't make people "donate" to the Mean Green Club.  If you want to make a charitable donation to UNT athletics (Mean Green Club), make a donation, but don't tie it to season ticket purchases.

This may end up happening across the country. There has been several stories on this and it effects literally every major D1 University. It probably effects the bigger schools more because they have a much larger number of seats tied to donations and much higher demand for those seats, thus much larger donation requirements. Basically, the way I understand it tax laws allowed athletic departments to put "part of the ticket cost" into a required donation. Reality is the total price is probably what the market bears but by putting a substantial piece into required donation, the purchaser (us) received some tax benefit. It will be interesting to see how this effects schools across the country. I think you'll see donors and total donations decline. At a school like UT-Austin if they raise $25 million in a year, probably half of that is through the required donations for seats, suites and parking. Given their attendance has been falling, this can't help.

Cerebus Experienced

Cerebus

Posted
Posted
1 hour ago, keith said:

Or just sever the link between Mean Green Club donations and season ticket purchases.  If you want season tickets, buy season tickets.  Don't make people "donate" to the Mean Green Club.  If you want to make a charitable donation to UNT athletics (Mean Green Club), make a donation, but don't tie it to season ticket purchases.

If you cut access to perks as part of the MGC donations they would plummet.  Vast majority of people give for the perks, not the write off.

It's not like cutting the incentive would make those that give for the write off more likely to give.  In fact, it would just make everyone less likely to give.  

SteaminWillieBeamin Mentor

SteaminWillieBeamin

Posted
Posted

I bump up my donations with direct what I can write off in mind. I justify an extra X amount because I know I may see Y back in April. 

It may seem silly, but that is what it is. Incentive drives the right behaviors. 

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