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  • 1.  Gift from a fantasy league

    Posted 07-31-2024 10:48 AM

    We were recently contacted by an individual about making a gift from their fantasy league to our foundation. They would like to ensure that we know the gift is from the league, not the individual, as the members of the league are all part of a group that we have worked with in the past to create a fund restricted to supporting a specific area of campus they champion. Thankfully they are reaching out to us proactively to ask best how to do this to accomplish this appropriately. How should we advise them on how to make this gift? I think we'd prefer for them to send a check, but would the check need to be from the fantasy league itself instead of the individual in order to properly attribute this to the league? Has anyone else run into this before?



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    Marie Loson
    SUNY Potsdam
    losonme@potsdam.edu
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  • 2.  RE: Gift from a fantasy league

    Posted 07-31-2024 10:50 AM

    Please unsubscribe me.

     

    Sue Mastrario

    Executive Assistant to the President

    Abraham Baldwin Agricultural College

    ABAC 1, 2802 Moore Hwy.

    Tifton, GA 31793

    229-391-5050

     






  • 3.  RE: Gift from a fantasy league

    Posted 07-31-2024 11:09 AM
    As with most charitable gifts, the check would need to be drawn on the legal donor's account.

    I've never seen a gift from a fantasy league. But I guess it is possible. Those who participate in a league and "win" money from participating are issued either a W2-G or 1099-MISC and must pay taxes on those winnings.

    Given the way you have described this situation, I would be careful. It could be that the individual wants to avoid those taxes by having the gift made from the league.

    I'd have a chat with Counsel to ensure you handle the receipt precisely right!

    John

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987






  • 4.  RE: Gift from a fantasy league

    Posted 08-01-2024 08:57 AM

    I believe the gift in question would be coming from league fees that each member pays, not the winnings received by any of the members. The group intentionally increased their league fee so that they could make a gift to their fund from the fees pooled together.



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    Marie Loson
    SUNY Potsdam
    losonme@potsdam.edu
    ------------------------------

    Original Message


  • 5.  RE: Gift from a fantasy league

    Posted 07-31-2024 11:56 AM
    This is similar to situations where some individual has gathered funds from friends and neighbors and then writes a check. You would generally not provide a tax receipt, and you would record the donation under a 'various donors' record, soft-crediting your donor. 

    If the donors each want a tax credit for each of them, but still want 'the league' to pay, they should consider using a service like daffy.org to set up a very low-cost DAF ($36/yr) for their league. 


    Thank you,
    Isaac Shalev
    Data Strategy Expert
    Sage70, Inc.
    (917) 859-0151
    isaac@sage70.com

    Schedule a 30-minute consultation now:






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