Sanford Health/Summit League relationship

[MontanaRabbit]

Re: Sanford Health/Summit League relationship

I'm aware, but I'm wondering if the money to the Summit League/Augie etc. is coming from Sanford Health or Sanford himself. People keep complaining about the money coming from a non-profit, but I think that might be a misinformed observation.

If it's coming from T. Denny himself why not just donate it directly? Why funnel it through the health care system?

Couple this money trail with the fact that one of Augie's biggest cheerleaders to go D1 is the CEO of this health system (and makes north of $2 million/year) it's a red flag, IMO. Maybe nothing improper is happening but if you're not at least concerned I think you're naïve.

[filbert]

Re: Sanford Health/Summit League relationship

If it's coming from T. Denny himself why not just donate it directly? Why funnel it through the health care system?

Couple this money trail with the fact that one of Augie's biggest cheerleaders to go D1 is the CEO of this health system (and makes north of $2 million/year) it's a red flag, IMO. Maybe nothing improper is happening but if you're not at least concerned I think you're naïve.

If I had to hazard a guess, better tax treatment with the donation coming from Sanford Health vs. personal.

And I agree, some degree of concern is warranted. Not sure how much concern, but some definitely.

[Nidaros]

Re: Sanford Health/Summit League relationship

If I had to hazard a guess, better tax treatment with the donation coming from Sanford Health vs. personal.

And I agree, some degree of concern is warranted. Not sure how much concern, but some definitely.

I do know this that anyone under current regulations can set up a private foundation, which I am very certain the old Sioux Valley Hospital set up long before Kelby and Denny came on the Sioux Falls scene. With Denny contributions, there was a name change. I don’t have knowledge of why a non-profit would set something like this except to funnel contributions received. There is a legit concern about influence and power. If not Denny who then would step forward? The Fishbacks are wealthy, but are not in Denny’s league. The Sanford League sounds okay to me or even the NCC would work.

[Nidaros]

Re: Sanford Health/Summit League relationship

SDSU has its share of extremely generous donors. Nine donors have given SDSU over $10,000,000 of which three have given over $20,000,000 to the University as a whole. A significant portion but certainly not all has been in support of athletics.

Dale Larsen no doubt it one of them. In 1964 or so, just before I enlisted in the US Navy, he was getting started in manufacturing. They were then working out of a garage and a few of his first workers hung out at Jims Tap as I did myself. They had good things to say about their boss as I recall, and his operation expanded over the years. Dale has been very generous to SDSU over those good years and yes he loves basketball, but seems to have concept of the big picture of a growing Brookings and SDSU.

[CappinHard]

Re: Sanford Health/Summit League relationship

If it's coming from T. Denny himself why not just donate it directly? Why funnel it through the health care system?

Couple this money trail with the fact that one of Augie's biggest cheerleaders to go D1 is the CEO of this health system (and makes north of $2 million/year) it's a red flag, IMO. Maybe nothing improper is happening but if you're not at least concerned I think you're naïve.

They're trying to build a brand in Sanford Health. They want it to be on the same level as Mayo. The more they can attach their name to doing some good, the better for them. I'm concerned, but at the same time I think it's inevitable that Augie joins anyway. Tbh, look at the state of the Summit League right now. Beggars can't be choosers. So, might as well squeeze the berry while there's still juice (or maybe a lemon is a better analogy for some, lol).

[Nidaros]

Re: Sanford Health/Summit League relationship

If I had to hazard a guess, better tax treatment with the donation coming from Sanford Health vs. personal.

And I agree, some degree of concern is warranted. Not sure how much concern, but some definitely.

The more I think about this, tax treatment is a major consideration for Sir Dennis. the Sanford Foundation is with out a doubt a 501(c)3 organization which makes any contribution to that foundation a charitable contribution. More bang for the buck and works real well on April 15th. I said before and will say it again, we are fortunate to have T Denny Sanford living in and associated with the state of South Dakota. Does anyone know if Nebraska gets this much in gifts from Warren Buffett? Probably not, Warren still wants to make more money.

[Nidaros]

Re: Sanford Health/Summit League relationship

They're trying to build a brand in Sanford Health. They want it to be on the same level as Mayo. The more they can attach their name to doing some good, the better for them. I'm concerned, but at the same time I think it's inevitable that Augie joins anyway. Tbh, look at the state of the Summit League right now. Beggars can't be choosers. So, might as well squeeze the berry while there's still juice (or maybe a lemon is a better analogy for some, lol).

Good for them, Roger Maris Cancer Center in Fargo, from what opinions I have heard is not on the same level as Avera Prairie Cancer Center in Sioux Falls as far as treatment etc. I have dealt with both and I personally have a higher opinion of Avera. Mayo can do just about anything and for Sanford to catch up with them will take some doing and $$$$$. No doubt one of Kelby's goals. Welcome to Augustana University to D1 and the Sanford League opps I meant the Summit League.

[slosho]

Re: Sanford Health/Summit League relationship

If I had to hazard a guess, better tax treatment with the donation coming from Sanford Health vs. personal.

And I agree, some degree of concern is warranted. Not sure how much concern, but some definitely.

If T Denny donates to The health system it is a taxable write off. The system can then take their "Profit" use it as Donation/advertising and remain Not for Profit. It's a pretty simple formula. It's partially why healthcare keeps spending money. if they make too much money then they have a BIG tax bill that will come due.

[MontanaRabbit]

Re: Sanford Health/Summit League relationship

If T Denny donates to The health system it is a taxable write off. The system can then take their "Profit" use it as Donation/advertising and remain Not for Profit. It's a pretty simple formula. It's partially why healthcare keeps spending money. if they make too much money then they have a BIG tax bill that will come due.

So if T Denny donated directly to SDSU is it not a taxable write-off?

[MontanaRabbit]

Re: Sanford Health/Summit League relationship

They're trying to build a brand in Sanford Health. They want it to be on the same level as Mayo. The more they can attach their name to doing some good, the better for them. I'm concerned, but at the same time I think it's inevitable that Augie joins anyway. Tbh, look at the state of the Summit League right now. Beggars can't be choosers. So, might as well squeeze the berry while there's still juice (or maybe a lemon is a better analogy for some, lol).

There-in lies the problem. Non-profit healthcare systems shouldn’t be “competing”. This shouldn’t be about the best “brand” we can create. It should be about benefiting society in the best possible way and donating buckets of money to endowment scholarships isn’t the best use considering the current state of healthcare in America

[Rabbit74]

Re: Sanford Health/Summit League relationship

So if T Denny donated directly to SDSU is it not a taxable write-off?

Both Sanford and Sanford Health have made major donations to SDSU. Sanford's direct donations are tax deductible just like yours and mine are. In general, an individual can not designate specifically who is to benefit from a donation. For example I could not endow a scholarship and then limit eligibility for that scholarship to my own descendants. I don't know if someone can legally, i.e. retain tax benefits, if they donate to one non-profit with the stipulation that those funds would be for the benefit of another non profit. In any case, it would be adding what would seem to be an unnecessary step.

[Nidaros]

Re: Sanford Health/Summit League relationship

Both Sanford and Sanford Health have made major donations to SDSU. Sanford's direct donations are tax deductible just like yours and mine are. In general, an individual can not designate specifically who is to benefit from a donation. For example I could not endow a scholarship and then limit eligibility for that scholarship to my own descendants. I don't know if someone can legally, i.e. retain tax benefits, if they donate to one non-profit with the stipulation that those funds would be for the benefit of another non profit. In any case, it would be adding what would seem to be an unnecessary step.

I agree with your comments. There are what they call private foundations which all our current and former US presidents have and are often in the news and that is as far as I go with that. I understand that Carson Wentz has set one of these up with the big money he received his first year. The private foundations themselves have to have a separate and independent board of directors who then distribute donations received. I understand that Carson contributed to his private foundation, which no doubt is a 501c3 IRS tax exempt status and his board, which he controls being he is president, then distributes what he contributed to his private foundation and what the organization raised in funds. He has several religious activities that his private foundation funds. Here is a link to his foundation: https://www.ao1foundation.org/ I think with T Denny his situation is much more complex and control? I think he knows how his money is being spent. I think also he has control and no doubt listens to his tax advisers. I am just a former tax preparer and this is a complex topic. I know in applying for grants from private foundations, they often ask how your use of the grant will benefit their members and associates. I found that out in applying for a grant to fix up a senior center. The private foundations do not just give money away. They too want some control.

[CappinHard]

Re: Sanford Health/Summit League relationship

There-in lies the problem. Non-profit healthcare systems shouldn’t be “competing”. This shouldn’t be about the best “brand” we can create. It should be about benefiting society in the best possible way and donating buckets of money to endowment scholarships isn’t the best use considering the current state of healthcare in America

I have to disagree with you here. Everyone is competing, whether non profit or for profit. If you're a non profit and you stop competing, you will cease to exist eventually. Also, again... The hospital isn't really the one donating that money, it's coming from Denny, Kelby, or both.

[slosho]

Re: Sanford Health/Summit League relationship

So if T Denny donated directly to SDSU is it not a taxable write-off?

There you go making sense again.

[goon]

Re: Sanford Health/Summit League relationship

There you go making sense again.

Are there limits to tax benefits to what or how much you give....asking for a friend.