Giving $$

[mattuga]

I don't need the media to tout my giving but how does a multi millionaire athlete get headline credit for $1mil donation by actually only giving $10k? If this is a big gift for a millionaire athlete and we tout this I don't understand it.

https://www.cbssports.com/nba/news/...cal-debt-for-people-in-atlanta-with-donation/

 

[dwhee87]

Sounds like a scam to me. I've heard of 'factoring' your receivables, but never heard of anyone selling them for $0.01 on the dollar. That also leaves $0.00 for admin costs, etc., so really, it's got to be less than a penny on the dollar.

Not buying it.

 

[georgia357]

The $10k that he gave was used to eliminate over $1mil in bills.

 

[mrs. hornet22]

He was at the Georgia vs Kentucky basketball game the other night.

 

[JustUs4All]

Hospitals and other medical businesses wind up with a lot debt that is not collectable. After making some attempt, they bundle it and sell it at a very steep discount in order to get something out of it. Anyone purchasing the debt will know that most of it is not collectable.

I would bet that the two ex-bill collectors have hit upon the idea of purchasing nearly worthless medical debt through a non profit [501(c)(3)] with the intent of cancelling it instead of collecting it. They then invite donees to make tax deductible contributions to the 501(c)(3) in support of their "charitable" effort. I would guess that the donations are not targeted at any particular debts as that might render the contributions non deductible.

The cynical side of me believes that the ex-bill collectors have probably already combed the debts and set aside any that they believe might be collectable. That side of me also believes that they plan to pay themselves or their families very high salaries for operating this venture.

 

[LTZ25]

When a super wealthy person donates millions to build a wing on a school the get to deduct that from their tax balance , so why get credit for it , that moneys belongs to the thieves in Washington .

 

[sinclair1]

A friends son is an up and coming actor. His publicist arranges everything in advance.
The deal was cut before he ever heard of it and just trust he comes out on the good side.
They are behind stuff like Jussie Smollet too.