501©(3) NIL Collectives: Important Considerations About The Benefits and the Dangers: Authored by Mit Winter and Ben Tompkins, of Kennyhertz Perry
Kennyhertz Perry attorneys, Mit Winter and Ben Tompkins, wrote an article for LEAD1 Association focusing on the legal aspects of Name, Image, and Likeness collectives. NIL collectives are formed when groups of boosters create and facilitate NIL opportunities for a specific school’s athletes. These collectives are choosing to organize as nonprofit organizations, such as 501©(3).
“While organizing as a 501(c)(3) can make it easier for a collective to raise funds (and therefore increase the availability of NIL opportunities for a school’s athletes), this brings potentially large risks for both the collective and its donors. As a result, it is imperative that a collective that wants to obtain 501(c)(3) status gives careful consideration to applying for tax exempt status and, if 501(c)(3) status is obtained, to operating in a manner that will allow it to maintain that tax exempt status.”
To read this article in full, access the LEAD1 NIL Institutional Report here: https://lead1association.com/lead1-name-image-likeness-nil-institutional-report-issue-7/
More About Kennyhertz Perry’s Collegiate Sports Practice Group
The need for an attorney experienced in collegiate athletics has never been higher. From assistance with compliance, eligibility, scholarship, and transfer issues, to advice and representation relating to the newly emerging name, image, and likeness laws and legislation, universities, conferences, coaches, and college athletes often need an attorney to advocate on their behalf and to assist and advise on these types of issues.
The team at Kennyhertz Perry is uniquely suited to guide universities and college athletes through all of these types of issues with respect to the multitude of rules and laws set forth by the National Collegiate Athletic Association (NCAA), National Junior College Athletic Association (NJCAA), National Association of Intercollegiate Athletics (NAIA), and the National Federation of High School Athletic Associations (NFHSAA).
The attorneys at Kennyhertz Perry all have years of experience advocating for clients in high stakes matters and advising them on related issues. In addition, and most importantly, attorney Mit Winter is a former Division I scholarship basketball player with extensive experience working on collegiate athletics legal matters. Mit has first-hand experience in understanding the pressures and demands faced by college athletes both on and off the field, and has represented a number of sports-related clients in his practice, including the Big 12 Conference, Conference USA, and the NCAA.
Mit is widely regarded as an expert in collegiate sports law and frequently writes on these legal issues. He is also the founder and chairman of the Kansas City Metropolitan Bar Association’s Sports and Entertainment Law Committee and serves as a Regional Captain in the states of Kansas and Missouri for the Sports Lawyers Association’s (“SLA”) Outreach Committee.
Kennyhertz Perry’s college sports practice provides representation to those who are seeking an attorney with expertise to advise them on the myriad legal and compliance concerns prevalent in college athletics today. To learn more about the firm, visit kennyhertzperry.com.
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