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re: Can somebody explain the OLOL issue?
Posted on 3/14/19 at 2:14 pm to makinskrilla
Posted on 3/14/19 at 2:14 pm to makinskrilla
As a 45 year resident, I wouldn’t expect anything different than what we’re experiencing.
0
Posted on 3/14/19 at 2:16 pm to tigerfan88
quote:
The worst of the rumors is LSU boosters used OLOL foundation as a way to pay players and recruits. They donate to the foundation and get a tax break. The president of the foundation takes the money out and distributed it, in some way, to recruits, players, etc. Its been going on for decades, but the President, Funes, got sloppy and arrested. Now he may be snitching, plus Deloitte got called in to do an audit that’s might be revealing.
If this is the case it’s a really f’ing stupid way to pay players just to get a tax break
Posted on 3/14/19 at 2:18 pm to lsursb
quote:
Exactly. Why not just donate to the LSU Foundation directly? The LSU Foundation makes a big deal of stating their funds are "private" funds. Can someone explain why they would need to have gone trough OLOL.
The whole point is to hide where the money went.
Posted on 3/14/19 at 2:22 pm to LSUJML
quote:
If this is the case it’s a really f’ing stupid way to pay players just to get a tax break
If this involves tax breaks, people are going to jail.
Posted on 3/14/19 at 2:25 pm to Tigerbait357
(no message)
This post was edited on 10/1/20 at 9:18 am
Posted on 3/14/19 at 2:27 pm to Tigerbait357
quote:
Speculation is that money being donated to the foundation was being funneled to student athletes. Boosters were instructed to donate to the foundation. So basically boosters were donating money to the "foundation," receiving tax breaks because of it, and then it was going to student athletes.
If true, wasn't some of that money to the foundation being used for the children's hospital? This will not end well and I sure as hell hope LSU football is not a part of this.
Posted on 3/14/19 at 2:34 pm to Skillet
quote:
If true, wasn't some of that money to the foundation being used for the children's hospital? This will not end well and I sure as hell hope LSU football is not a part of this.
Yes- the majority of the money raised by OLOL Foundation ivernhe oast several years was earmarked specifically for the Children’s Hospital. That was almost 100% of the focus of the foundation. At least on the books. Apparently off the books is a different story.
I am not sold on the story that Funes was funneling money to LSU athletics under the table. However, if it is true, then a couple things I am trying to put in the right place-
1. OLOL is the “Official Healthcare Provider of LSU Sports.” What role, if any, does hat arrangement play. And are we about to see a scrubbing of OLOL from all things LSU sports related.
2. I hesitate to even mention this. Shaw has been a huge supporter of the Children’s Hospital and as such has worked closely with the Foundation. Is there any connection there?
Again- just thoughts I am having as I try to wrap my mind around this.
Posted on 3/14/19 at 2:36 pm to Skillet
quote:
This will not end well and I sure as hell hope LSU football is not a part of this.
Dude if these dots connect it is gonna level LSU athletics, BR and the state of Louisiana.
Posted on 3/14/19 at 2:42 pm to makinskrilla
If this is true and has been going on for several years...the worst part is we don't have a single national championship to show for it and we still couldn't keep recruits from going to Bama. At least Bama has multiple trophies.
Posted on 3/14/19 at 2:43 pm to lsursb
Bama is untouchable.
Posted on 3/14/19 at 3:05 pm to lsursb
quote:
Exactly. Why not just donate to the LSU Foundation directly? The LSU Foundation makes a big deal of stating their funds are "private" funds. Can someone explain why they would need to have gone trough OLOL.
Because you don't donate to LSU to have them pay players/recruits. Neither LSU, nor the LSU Foundation is going to directly pay players. That is a clear and obvious NCAA violation. No school is that stupid.
You run the money through a non-profit, such as a church, or in this case (as assumed) the OLOL Foundation. The money is never truly donated to OLOL for OLOL to use. It's just the conduit. The Foundation then pays others for various things (events, services, etc) and the money paid eventually makes its way to the players.
No one is "taking" or "stealing" any money from OLOL. It was never meant for OLOL in the first place. You're just using its tax-exempt status to funnel it to the players down the line rather than have a booster show up personally to a recruit's/player's house with a stack of cash.
Many times you see it where a booster "donates" money to a church (tax exempt). The Pastor, deacon, whomever (after taking his cut, of course) gets it to the family. Or someone has some other tax-exempt entity (LLC, Foundation, etc) that takes "donations" and funnels it out.
This post was edited on 3/14/19 at 3:09 pm
Posted on 3/14/19 at 3:07 pm to Alt26
U smart
Posted on 3/14/19 at 3:09 pm to Alt26
quote:
Alt26
It's the modern bagman.
Posted on 3/14/19 at 3:11 pm to GeauxTime9
quote:
quote:
Bjorn Cyborg
I think it was myself and you that were shitting on the whole OLOL rumor in the bball recruiting thread.
Kinda feel dumb that the rumor possibly has some legs.
I accept your apologize. Bagdad Bjorn is still in the spider hole.
Posted on 3/14/19 at 3:28 pm to King of New Orleans
Does the firing of Mike McBride have anything to do with all this?
Posted on 3/14/19 at 3:44 pm to BR Tiger
So why does a hospital need donations? Is it preordained that new hospitals will lose money?
Posted on 3/14/19 at 3:47 pm to tigerfan88
quote:
Its been going on for decades
If this is true and I'm a booster.....I want my God damn money back because the ROI is abysmal.
Posted on 3/14/19 at 3:49 pm to Rock the Casbah
This is bigger than WW. Suspend all the donors and let WW coach. Do not let OLOL admit any patients over the weekend.
Posted on 3/14/19 at 3:51 pm to PiscesTiger
So where are these revelations? Day is almost over
Posted on 3/14/19 at 3:53 pm to Rock the Casbah
quote:
So why does a hospital need donations? Is it preordained that new hospitals will lose money?
With the shitty payer mix most of the hospitals have, they are losing money on medicaid patients.
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