Being Investigated Again

[nikkoum]

Did a keyword search and didnt see anything come up. Sorry if this has been discussed. If so please delete.

Miami, Michigan Coaches’ Pay Spurs Lawmaker’s Demand for Inquiry

A senior House Democrat is expanding his inquiry into whether the compensation packages for college football coaches run afoul of laws for tax-exempt organizations, seeking details about contracts from the University of Miami and Michigan State University.

www.bloomberg.com

LSU, Miami, MSU Coaches’ Pay Spurs Lawmaker’s Inquiry

Rep. Bill Pascrell (D-N.J.) has launched an investigation into three schools — LSU, Michigan State, and Miami —- over whether they still deserve tax-exempt status.

frontofficesports.com

 

[scrantoncane]

No teeth to that.

As we’ve said in other threads (@TheOriginalCane), the salary of a non-profit employee must be reasonable in regards to the position, work performed, etc.

Miami paid market price for Mario. End of story. Nothing to see here.

 

[nikkoum]

Would agree. But you know... outrage! pitchforks! rules! (make a name for yourself)

 

[BS85]

Man people REALLY hate Miami, it's ******* comical how much backlash Miami gets for literally anything

 

[Canefam]

Nothing to see. Now, let's back to finding a DC and OC... ;-)

 

[TC@ne]

Can someone explain to me how we are similar to MSU/LSU? Are they not state schools?

 

[OrangeBowlMagic]

Man people REALLY hate Miami, it's ******* comical how much backlash Miami gets for literally anything

Always, bubba. It’s why we are who we are. Wouldn’t want it any other way.

 

[swampcougar1]

Did a keyword search and didnt see anything come up. Sorry if this has been discussed. If so please delete.

Miami, Michigan Coaches’ Pay Spurs Lawmaker’s Demand for Inquiry

A senior House Democrat is expanding his inquiry into whether the compensation packages for college football coaches run afoul of laws for tax-exempt organizations, seeking details about contracts from the University of Miami and Michigan State University.

www.bloomberg.com

LSU, Miami, MSU Coaches’ Pay Spurs Lawmaker’s Inquiry

Rep. Bill Pascrell (D-N.J.) has launched an investigation into three schools — LSU, Michigan State, and Miami —- over whether they still deserve tax-exempt status.

frontofficesports.com

Why just these 3? Has no basis whatsoever. Hard to prove fair market value is not what the market is willing to pay. This is a waste of tax players dollars. That is what needs to be investigated

 

[Cribby]

Miami is a private school. A politician sticking his nose anywhere like this is ironic, as they’re all paid off by Pharma, Tech and oil companies. On top of insider trading and all their other sleazy behaviors. This is the definition of rich.

 

[TheOriginalCane]

Did a keyword search and didnt see anything come up. Sorry if this has been discussed. If so please delete.

Miami, Michigan Coaches’ Pay Spurs Lawmaker’s Demand for Inquiry

A senior House Democrat is expanding his inquiry into whether the compensation packages for college football coaches run afoul of laws for tax-exempt organizations, seeking details about contracts from the University of Miami and Michigan State University.

www.bloomberg.com

LSU, Miami, MSU Coaches’ Pay Spurs Lawmaker’s Inquiry

Rep. Bill Pascrell (D-N.J.) has launched an investigation into three schools — LSU, Michigan State, and Miami —- over whether they still deserve tax-exempt status.

frontofficesports.com

The legislator guy is dopey. He found a few headlines and decided to make a few for himself.

UM is private. So, you know, not much in the way of "taxpayer funding". LSU and MSU are public. There are state laws regulating the salaries at state schools, at a bare minimum.

I guess he only read the MSU headline and missed the part where 2 MSU alums contributed most of the money for Mel's salary.

Where was this guy when fellow non-profit "the NCAA" was paying Emmert millions to, literally, not pass legislation on NIL or transfers?

Oh, and hey, the NFL is also a "not-for-profit", and Goodell is being paid nearly $40 million. PER YEAR.

 

[nikkoum]

I chalk it up to exceptional marketing. We have the best logo. Makes for a better cover photo.

 

[scrantoncane]

Would agree. But you know... outrage! pitchforks! rules! (make a name for yourself)

They can “investigate,” but this isn’t going anywhere. No chance.

 

[blushrts]

Where is this guy on LSU raiding funding from a children's hospital for football?

 

[BS85]

Surely Bama was investiged for this? Georgia?

 

[nikkoum]

I think the route he is playing is tax breaks and subsidies in general. Regardless of private/public status. Hes hijacking the outrage on everything else message and leveraging it here for headlines.

 

[simplycanes]

It's probably certain UM academics, who are still frothing over this deal, appealing to these political types.

 

[GirthQuake]

**** bro can they let our program breathe

 

[TheOriginalCane]

I think the route he is playing is tax breaks and subsidies in general. Regardless of private/public status. Hes hijacking the outrage on everything else message and leveraging it here for headlines.

I'm curious as to what the "tax breaks" and "subsidies" are, in general.

Is it a "tax break" for a not-for-profit to not pay income taxes, or is that tax POLICY? Look, it's a "tax break" when oil companies get special tax treatment that is not accorded to other types of energy companies, but I hardly think it is a "tax break" to not collect income taxes from ALL of the not-for-profit entities. Which most US universities have been since their founding dates.

This guy is a nut trying to make headlines.

 

[scrantoncane]

To

Miami is a private school. A politician sticking his nose anywhere like this is ironic, as they’re all paid off by Pharma, Tech and oil companies. On top of insider trading and all their other sleazy behaviors. This is the definition of rich.

To be fair, it has nothing to do with being a private school - it has everything to do with being a 501c3 as recognized by the IRS (which most states then follow suit).

But the point remains the same - this is a guy looking to grab a headline, probably at the request of some disgruntled donor/fan.

I’m not an expert on 501c3 law, but if all other salaries at UM are in line with the rest of the market, and so is Mario’s, then there is nothing to see here.

To clarify why: the premise is a 501c3 is an entity that is exempt from paying most taxes (income, real estate, etc). If you don’t meet all the statutory requirements, you lose your tax exempt status. Those requirements include paying fair value for everything. In this case, that means Mario’s salary. The non-profit status must be for a public use, and must directly serve the interest of the non-profit.

For example, in my hometown, there is a fight over a local university that owns a bunch of land that they are not currently using for educational purposes, yet they still have tax exempt status and aren’t paying real estate taxes on that land. The county is taking them to court, because only land that is being used for the charitable purpose is exempt from tax.

The limits on salary, in particular, are meant to stop abuse - paying tax-exempt huge salaries for doing nothing except taking donations and giving them to the directors.

Sorry if jumbled, typing from my phone.

 

[Baba Yaga]

Some salty mother ****ers about Miami coming back up.