BleedGopher
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per Joe:
The new tax bill awaiting President Donald Trumps signature would add a tax to nonprofit organizations with employees making more than $1 million per year, meaning the Gophers likely have a new bill coming for football coach P.J. Fleck (whose salary averages $3.5 million) and mens basketball coach Richard Pitino ($1.7 million).
This excise tax on those two salaries would cost the Gophers $672,000 per year.
Gophers officials on Thursday were working to grasp the full impact of the federal tax bill, one day after the House gave final approval, with Trump expected to sign it into law.
The impact right now is to be determined, but there will be an impact, said Jake Ricker, the Gophers director of strategic communications. Its a challenge thats going to face every school in a Power Five conference.
The University of Minnesota and other nonprofit organizations would pay a 21 percent excise tax on annual compensation above $1 million for the five highest-paid employees. At Minnesota, the only two athletic department employees making more than $1 million are Fleck and Pitino.
Michigans excise tax, for comparison, will be about $1.75 million per year, with football coach Jim Harbaugh ($7 million salary) and mens basketball coach John Beilein ($3.37 million). Iowas tax will be about $911,000 for Kirk Ferentz and Fran McCaffery, and Wisconsins will be about $620,000 for Paul Chryst and Greg Gard.
I dont think this is going to impact coaches salaries, said Tom McMillen, president of the LEAD1 Association, a organization that represents athletic directors. I think schools are going to start cutting things that arent core to the business, and that could mean cutting from Olympic sports.
http://www.startribune.com/trump-s-...ophers-millions-in-taxes-donations/465781063/
Go Gophers!!
The new tax bill awaiting President Donald Trumps signature would add a tax to nonprofit organizations with employees making more than $1 million per year, meaning the Gophers likely have a new bill coming for football coach P.J. Fleck (whose salary averages $3.5 million) and mens basketball coach Richard Pitino ($1.7 million).
This excise tax on those two salaries would cost the Gophers $672,000 per year.
Gophers officials on Thursday were working to grasp the full impact of the federal tax bill, one day after the House gave final approval, with Trump expected to sign it into law.
The impact right now is to be determined, but there will be an impact, said Jake Ricker, the Gophers director of strategic communications. Its a challenge thats going to face every school in a Power Five conference.
The University of Minnesota and other nonprofit organizations would pay a 21 percent excise tax on annual compensation above $1 million for the five highest-paid employees. At Minnesota, the only two athletic department employees making more than $1 million are Fleck and Pitino.
Michigans excise tax, for comparison, will be about $1.75 million per year, with football coach Jim Harbaugh ($7 million salary) and mens basketball coach John Beilein ($3.37 million). Iowas tax will be about $911,000 for Kirk Ferentz and Fran McCaffery, and Wisconsins will be about $620,000 for Paul Chryst and Greg Gard.
I dont think this is going to impact coaches salaries, said Tom McMillen, president of the LEAD1 Association, a organization that represents athletic directors. I think schools are going to start cutting things that arent core to the business, and that could mean cutting from Olympic sports.
http://www.startribune.com/trump-s-...ophers-millions-in-taxes-donations/465781063/
Go Gophers!!